证券代码：002011 证券简称：盾安环境 公告编号：2025-034 浙江盾安人工环境股份有限公司 第九届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）董事会会议通知的时间和方式 浙江盾安人工环境股份有限公司（以下简称"公司"）第九届董事会第二次会议 通知于 2025 年 7 月 25 日以电子邮件方式送达各位董事。 （二）召开董事会会议的时间、地点和方式 会议于 2025 年 7 月 28 日以通讯方式召开。 （三）董事会会议出席情况 （一）审议通过《关于长期激励计划第一期暨 2023 年限制性股票与股票期 权激励计划第一个解除限售期解除限售条件成就的议案》 具体内容详见公司于同日刊登于《证券时报》《证券日报》和巨潮资讯网上 的《关于 2023 年限制性股票与股票期权激励计划之限制性股票第一个解除限售 期解除限售条件成就的公告》（公告编号：2025-030）。 1 该议案已经公司董事会薪酬与考核委员会审核通过。 董事章周虎、李建军和冯忠波先生作为本激励计划的激励对象回避表决，其 他 6 名非关联董事 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, particularly highlighting the white goods segment as undervalued with high dividend yields and stable growth potential [5]. Core Insights - The report emphasizes the impact of government subsidies, with the third batch of 690 billion yuan allocated to support the consumption of old appliances, which is expected to stimulate demand in the home appliance market [4][11]. - The introduction of DJI's first robotic vacuum cleaner, ROMO, marks a significant entry into the market, indicating competitive dynamics in the home appliance sector [12]. - The report notes a general increase in sales volume across various appliance categories, with a particular focus on air conditioners and kitchen appliances, despite a decline in average selling prices [2][3][30][34][36]. Summary by Sections Air Conditioning Data - Online sales of air conditioners reached 9.18 million units in June 2025, a year-on-year increase of 27.9%, while offline sales were 1.032 million units, up 40.4% [2][30]. - The average online price decreased by 5.6% to 2,429 yuan per unit, and the offline average price fell by 2.5% to 4,031 yuan per unit [2][30]. Kitchen Appliance Data - Sales of range hoods increased, with online sales at 565,000 units (up 13.7%) and offline sales at 180,000 units (up 32.8%) in June 2025 [3][34]. - The average online price for range hoods decreased by 2.0% to 1,662 yuan, while the offline price increased by 4.8% to 4,674 yuan [3][34]. - Dishwasher sales also saw growth, with online sales at 192,000 units (up 8.9%) and offline sales at 49,000 units (up 24.3%) [3][36]. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with the sector index remaining flat while the CSI 300 rose by 1.7% [4][6]. - Key companies such as Marsman and Lek Electric showed significant gains, while others like Huaxiang and Supor faced declines [4][8]. Investment Highlights - The report identifies three main investment themes: 1. White goods benefiting from favorable real estate policies and government incentives [5]. 2. Export-oriented companies like Ousheng Electric and Dechang Co. that are seeing stable income growth [5]. 3. Core component manufacturers like Huaxiang and Sanhua Intelligent Control, which are expected to benefit from increased demand in the white goods sector [5].

7月14日，盾安环境连续4个交易日下跌，区间累计跌幅-2.28%。浙江盾安人工环境股份有限公司以"健康、舒适环境的引领者"为愿景,以"提升能效、优化环 境"为使命,多年来深耕制冷领域,主要业务涵盖零部件制造。 财报显示，景顺长城基金旗下2只基金进入盾安环境前十大股东。其中景顺长城能源基建混合A今年一季度不变，景顺长城竞争优势混合今年一季度新进。 其中，景顺长城能源基建混合A今年以来收益率2.19%，同类排名3572(总4561)，景顺长城竞争优势混合今年以来收益率4.09%，同类排名3077(总4561)。 景顺长城能源基建混合A、景顺长城竞争优势混合基金经理分别为邹立虎、刘苏。 简历显示，邹立虎先生:中国国籍,硕士研究生,曾任华联期货研究员、平安期货研究员、中信期货研究员。2015年6月加入国投瑞银基金管理有限公司量化投 资部,2015年12月9日至2017年9月13日期间担任国投瑞银白银期货证券投资基金(LOF)的基金经理助理,2017年3月6日至2017年9月13日期间担任国投瑞银中证 上游资源产业指数证券投资基金(LOF)的基金经理助理。2017年9月至2021年8月担任国投瑞银白银期货证券投资基金( ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the white goods sector as undervalued with high dividend yields and stable growth potential [4][5]. Core Insights - The report identifies three main investment themes: 1. **White Goods**: The reversal of real estate policies is expected to boost the white goods sector, with a projected domestic production increase of 8% in the upcoming months. The report recommends stocks like Hisense Home Appliances, Midea, Haier, and Gree [5]. 2. **Exports**: Companies like Ousheng Electric and Dechang Co. are highlighted for their stable profit growth driven by large customer orders and recovering overseas demand [5]. 3. **Core Components**: The report emphasizes the unexpected demand for core components in the white goods sector, recommending companies such as Huaxiang Co., Shun'an Environment, and Sanhua Intelligent Control for their competitive advantages and growth prospects [5]. Summary by Sections A. Clean Appliances Data - In June 2025, online sales of sweeping machines reached 352,300 units, up 34.11% year-on-year, with sales revenue of 576 million yuan, an increase of 44.07%. The average price rose by 7.43% to 1,634.50 yuan per unit [4][31]. - For washing machines, sales were 257,400 units, up 32.43% year-on-year, with revenue of 411 million yuan, a 20.31% increase. The average price decreased by 9.15% to 1,598.10 yuan per unit [4][31]. B. Personal Care Data - In June 2025, hair dryer sales fell by 28.23% to 918,300 units, but revenue increased by 1.57% to 30.5 million yuan, with an average price rise of 41.52% to 332.0 yuan per unit [5][39]. - Electric shaver sales decreased by 1.81% to 1,140,900 units, while revenue grew by 5.76% to 25 million yuan, with an average price increase of 7.68% to 218.7 yuan per unit [5][39]. C. Industry Dynamics - The home appliance sector underperformed compared to the CSI 300 index, with a 0.3% decline in the home appliance index while the CSI 300 rose by 0.8% [6][7]. - The announcement of a 50% tariff on copper imports by the U.S. is expected to impact the industry, as copper is a key material for many appliances [6][13]. D. Material Prices - As of July 11, 2025, copper prices were 78,730 yuan per ton, down 1.19% year-on-year, while aluminum prices rose by 3.25% to 20,785 yuan per ton [16][20].

Summary of the Conference Call for Shun'an Environment Company Overview - The company is Shun'an Environment, which operates in the HVAC (Heating, Ventilation, and Air Conditioning) and intelligent equipment sectors. Key Points and Arguments 1. **Growth Strategy and Performance** The company achieved double-digit growth in April and May through strategic adjustments and internal product restructuring, although the smart devices segment continues to decline due to market conditions. The energy storage projects are expected to contribute to revenue in the second half of the year, and the refrigeration equipment segment is anticipated to gain momentum [2][3][4]. 2. **Refrigeration Parts Business** The refrigeration parts business is expected to see a month-on-month increase starting in June, benefiting from improved forecast data for three major valve components. The old-for-new policy is primarily driving demand in the stock market, with minimal incremental demand [2][6][7]. 3. **Daitong Xinchuan's Performance** Daitong Xinchuan faced delays in some testing projects in the first half of the year but is expected to start small-scale production in July. The annual target remains breakeven, with confidence in the water valve batch projects for the second half of the year [2][8]. 4. **Robot Taxi Project** The Robot Taxi project is progressing well, with 10 vehicles deployed in the U.S. The collaboration with Tesla is ongoing, with plans for mass production next year [2][9]. 5. **Profit Distribution and Incentive Plans** The company expects to turn its undistributed profits positive this year and has a strong intention to distribute dividends. A new incentive plan will be introduced, covering performance targets for 2025, 2026, and an additional year [2][10]. 6. **Commercial Business Growth** The introduction of a new leader in the commercial business has positively impacted performance, with the commercial parts unit maintaining over 30% revenue growth. The commercial business's profitability is higher than that of household parts, contributing positively to profit improvement [2][10][11]. 7. **Market Focus and Global Strategy** The company is shifting focus to emerging markets like India and Thailand, with overseas growth significantly outpacing domestic growth. As of May 2025, overseas growth exceeded 20%, while domestic growth was only a slight double-digit increase [4][16]. 8. **Financial Performance and Margin Trends** The first quarter saw a decline in gross margin due to reduced orders for high-margin products. Future gross margin trends will depend on the recovery of the refrigeration equipment segment, which has high fixed costs and marketing expenses [4][17]. 9. **Cost Control and Profitability Goals** The company is implementing cost control measures, particularly in management expenses, with a target of 15% annual profit growth through equity incentives. The goal is to steadily improve net profit margins [4][19]. 10. **Annual Guidance for Business Segments** The company expects a 10% growth in the refrigeration parts segment, flat performance in the equipment segment, and over 50% growth in the automotive segment for the year [4][20]. 11. **Impact of Impairment Treatment** The company has largely resolved significant impairment issues since the end of 2024, leading to a more stable financial report for 2025 without major fluctuations [4][21]. 12. **Assessment Criteria from Gree** Gree focuses on non-related party revenue for assessment, with an emphasis on product quality under the new leadership [4][22]. Additional Important Information - The company is facing a challenging market environment for smart devices, which may impact overall performance [2][3]. - The old-for-new policy is crucial for driving demand in a sluggish real estate market, particularly for air conditioning systems [2][7]. - The commercial business unit's growth is expected to continue, with a focus on increasing market share in high-margin product categories [2][12].

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Viewpoints - The company has been deeply engaged in the refrigeration valve industry for over 30 years and is a global leader in this field. The downstream demand for refrigeration components is showing a marginal improvement, and the increasing penetration of variable frequency air conditioners is expected to drive demand for high-priced valves, leading to stable revenue growth for the company. Additionally, the company is actively expanding into the thermal management business for electric vehicles, leveraging its technological advantages to capture market share [3][6][9]. Summary by Sections Company Overview - The company is a global leader in the refrigeration components industry, with a market share of 38.2% for shut-off valves, 45.0% for four-way valves, and 32.5% for electronic expansion valves projected for 2025-2027. The company has faced challenges in the past due to aggressive diversification and financial difficulties of its former controlling shareholder, but has since stabilized its operations under the ownership of Gree Electric Appliances [6][7][9]. Competitive Position and Market Outlook - The company maintains a leading position in the refrigeration valve market due to high entry barriers and strong customer relationships. The demand for household air conditioning is improving, and the company is well-positioned to benefit from this trend. The forecasted market shares for the company in various valve segments are expected to increase steadily from 2025 to 2027 [7][8]. New Growth Opportunities - The global electric vehicle market is experiencing significant growth, with a CAGR of 48.8% from 2014 to 2024. The complexity of thermal management systems in electric vehicles is expected to create substantial demand for valves, which the company is well-equipped to meet. The company has already established a competitive edge in large-diameter valves and aims to secure first-tier supplier opportunities with major manufacturers [8][9]. Financial Projections - The company is projected to achieve net profits of 1.178 billion, 1.339 billion, and 1.521 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.02, 8.82, and 7.76 [9].

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of Zhejiang Shun'an Artificial Environment Co., Ltd. was convened and conducted in accordance with relevant Chinese laws and regulations, as well as the company's articles of association [2][3][16]. Group 1: Meeting Procedures - The notice for the annual general meeting was published on May 30, 2025, in compliance with the regulations, with a 20-day notice period before the meeting [5][6]. - The meeting utilized a combination of on-site and online voting methods, with the on-site meeting held on June 19, 2025 [4][5]. Group 2: Voting Participation - A total of 8 shareholders participated in the on-site voting, representing 410,353,939 shares, which is 38.5151% of the total voting shares [6]. - The combined results from on-site and online voting showed 158 participants representing 595,340,090 shares, accounting for 55.8776% of the total voting shares [6]. Group 3: Voting Results - The voting process was conducted using cumulative voting for various proposals, with significant support for candidates, achieving over 96% approval in multiple instances [7][8][9]. - Specific voting results indicated that for one candidate, the votes totaled 627,528,352 shares, representing 105.4067% of the total voting shares, with 91.7932% support from minority investors [7]. - The overall voting results confirmed that all proposed resolutions were passed, with approval rates consistently above 99% for several ordinary resolutions [10][11][12][13][14][15].

Meeting Details - The shareholder meeting of Zhejiang Shun'an Artificial Environment Co., Ltd. was held on June 19, 2025, at 15:00 [1] - A total of 158 shareholders attended, representing 595,340,090 shares, which is 55.8776% of the total voting shares [1] - The meeting combined on-site voting and online voting, with online voting available from 9:15 to 15:00 on the same day [1] Voting Participation - 8 shareholders attended the meeting in person, representing voting rights for 579,137 shares [2] - 150 shareholders participated via online voting, representing 184,986,151 shares, which is 17.3625% of the total voting shares [2] - Among the small shareholders, 156 participated, with 7 attending in person and 149 voting online [2] Election Results - The meeting adopted a cumulative voting system for the election of the ninth board of directors [3] - Non-independent directors elected include Fang Xiangjian, Zhang Zhouhu, Li Jianjun, Feng Zhongbo, and Zhang Xiuping [3] - Independent directors elected include Liu Jinping, Hu Jiewu, and Yan Hong [4] Voting Outcomes - Total votes in favor of the non-independent directors were 627,528,352 shares, accounting for a significant majority of the votes cast [2] - The voting results for independent directors showed 586,475,647 shares in favor, representing a high approval rate [4] - The overall voting results indicated that 99.9088% of the votes were in favor of the proposals presented during the meeting [5][6] Legal Compliance - The legal opinion from Shanghai Fangda Law Firm confirmed that the meeting's procedures complied with relevant laws and regulations [10]

证券代码：002011 证券简称：盾安环境 公告编号：2025-028 浙江盾安人工环境股份有限公司 关于选举职工代表董事的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 根据《中华人民共和国公司法》（以下简称《公司法》）和《浙江盾安人 工环境股份有限公司章程》（以下简称《公司章程》）等相关规定，浙江盾安 人工环境股份有限公司（以下简称"公司"）职工代表大会于 2025 年 6 月 19 日召开会议并形成决议。经公司工会提名，与会职工代表选举金国林先生为公 司第九届董事会职工代表董事（简历详见附件），任期自本次职工代表大会选 举之日起至公司第九届董事会任期届满之日止。 金国林先生符合《公司法》《公司章程》等规定的董事任职资格和条件。 金国林先生当选公司职工代表董事后，公司董事会中兼任公司高级管理人员以 及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关 法律法规及《公司章程》的规定。 浙江盾安人工环境股份有限公司董事会 二〇二五年六月二十日 1 附件： 金国林先生，本科学历。现任浙江盾安人工环境股份有限公司内控部部长。 2001 年 9 ...

浙江盾安人工环境股份有限公司 2024年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开 （1）时间 证券代码：002011 证券简称：盾安环境 公告编号：2025-027 ①现场会议召开时间为：2025 年 6 月 19 日（星期四）下午 15:00。 ②网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 6 月 19 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券 交易所互联网投票系统进行网络投票的具体时间为：2025 年 6 月 19 日 9:15-15:00。 （2）现场会议召开地点：浙江省诸暨市店口镇解放路 288 号公司会议室 （3）会议召开方式：本次股东大会采取现场投票和网络投票相结合的方式。 （4）会议召集人：公司董事会 （5）现场会议主持人：董事长方祥建先生 （6）本次股东大会会议的召集、召开程序符合《中 ...