浙江苏泊尔股份有限公司 浙江苏泊尔股份有限公司 董事会关于独立董事独立性情况的专项意见 根据《上市公司独立董事管理办法》、《深圳证券交易所股票上市规则》、《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》等要求，浙江苏泊尔股份有限 公司（以下简称"公司"）董事会对公司在任独立董事陈俊先生、Hervé MACHENAUD 先 生、Jean-Michel PIVETEAU 先生的独立性情况进行评估并出具如下专项意见： 经核查独立董事陈俊先生、Hervé MACHENAUD 先生、Jean-Michel PIVETEAU 先生的 任职经历以及签署的相关自查文件，上述人员未在公司担任除独立董事以外的任何职务，也 未在公司主要股东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能 妨碍其进行独立客观判断的关系。因此，公司独立董事符合《上市公司独立董事管理办法》、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规 及公司《独立董事工作制度》、《公司章程》中对独立董事独立性的相关要求。 浙江苏泊尔股份有限公司董事会 二〇二五年三月二十七日 ...

浙江苏泊尔股份有限公司 浙江苏泊尔股份有限公司 独立董事 2024 年度述职报告 浙江苏泊尔股份有限公司全体股东： 本人作为浙江苏泊尔股份有限公司（以下简称"公司"）第八届董事会的独立董事，根据 《公司法》、《证券法》、《上市公司独立董事管理办法》、《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》有关法律、法规的规定及《公司章程》、《公司独立 董事工作制度》的规定，在任职期间忠实履行了独立董事的职责，积极出席了公司 2024 年度 的相关会议，仔细审核了董事会中审议的相关重点事项，维护了公司及中小股东的合法权益， 谨慎、认真、勤勉地行使了公司所赋予的权利。本人现将 2024 年度履职情况述职如下： 一、 基本情况 本人 Jean-Michel PIVETEAU，工商管理博士、政治科学硕士。担任 CFI 金融咨询公司高 级顾问、法国美兴集团中国公司监事会主席、法国 BAOBAB 监事会副主席、法国对外贸易 顾问委员会董事会成员。历任法国巴黎银行董事长中国顾问、法国巴黎银行中国高级顾问、 法国巴黎银行行长（亚洲及中东地区多国）。 本人不在公司担任除独立董事以外的任何职务，也未在公司主要股 ...

浙江苏泊尔股份有限公司 浙江苏泊尔股份有限公司 独立董事 2024 年度述职报告 浙江苏泊尔股份有限公司全体股东： 本人作为浙江苏泊尔股份有限公司（以下简称"公司"）第八届董事会的独立董事，根据 《公司法》、《证券法》、《上市公司独立董事管理办法》、《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》有关法律、法规的规定及《公司章程》、《公司独立 董事工作制度》的规定，在任职期间忠实履行了独立董事的职责，积极出席了公司 2024 年度 的相关会议，仔细审核了董事会中审议的相关重点事项，维护了公司及中小股东的合法权益， 谨慎、认真、勤勉地行使了公司所赋予的权利。本人现将 2024 年度履职情况述职如下： 一、 基本情况 本人 Hervé MACHENAUD，毕业于巴黎综合理工大学。担任宏马咨询服务（北京）有限 责任公司总裁，历任法国电力集团中国总代表、法国电力集团执行副总裁、集团工程设计与 发电部 DPI 总经理兼亚太区总经理。 本人不在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何职务， 与公司以及主要股东之间不存在利害关系或其他可能妨碍本人进行独立客观判断的关系。 2 ...

独立董事 2024 年度述职报告 浙江苏泊尔股份有限公司全体股东： 本人作为浙江苏泊尔股份有限公司（以下简称"公司"）第八届董事会的独立董事，根据 《公司法》、《证券法》、《上市公司独立董事管理办法》、《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》有关法律、法规的规定及《公司章程》、《公司独立 董事工作制度》的规定，在任职期间忠实履行了独立董事的职责，积极出席了公司 2024 年度 的相关会议，仔细审核了董事会中审议的相关重点事项，维护了公司及中小股东的合法权益， 谨慎、认真、勤勉地行使了公司所赋予的权利。本人现将 2024 年度履职情况述职如下： 一、 基本情况 本人陈俊，厦门大学会计学博士，浙江大学工商管理（会计学）博士后。担任浙江大学 管理学院财务与会计学系主任、教授、博士生导师，浙江大学财务与会计研究所所长、浙江 大学全球创业研究中心副主任、浙江大学全球浙商研究院上市公司研究中心主任、浙江省总 会计师协会副会长，上市公司独立董事。 浙江苏泊尔股份有限公司 浙江苏泊尔股份有限公司 本人不在公司担任除独立董事以外的任何职务，也未在公司主要股东公司担任任何职务， 与公司以及主要股 ...

Financial Performance - The company's operating revenue for 2024 reached ¥22,427,337,986.38, representing a 5.27% increase compared to ¥21,303,948,642.66 in 2023[20] - The net profit attributable to shareholders for 2024 was ¥2,244,444,529.35, up by 2.97% from ¥2,179,798,147.27 in 2023[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥2,064,698,793.08, reflecting a 3.52% increase from ¥1,994,465,695.85 in 2023[20] - The net cash flow from operating activities increased by 26.96% to ¥2,583,502,138.20 in 2024, compared to ¥2,034,909,336.20 in 2023[20] - The basic earnings per share for 2024 were ¥2.820, a 3.71% increase from ¥2.719 in 2023[20] - The diluted earnings per share for 2024 were ¥2.819, up by 3.68% from ¥2.719 in 2023[20] - The weighted average return on equity increased to 37.27% in 2024, up by 2.65 percentage points from 34.62% in 2023[20] - Total assets at the end of 2024 were ¥13,265,856,724.52, a 1.21% increase from ¥13,106,703,607.00 at the end of 2023[20] - The net assets attributable to shareholders at the end of 2024 were ¥6,424,414,343.69, reflecting a 1.25% increase from ¥6,345,333,020.11 at the end of 2023[20] Revenue Breakdown - The cookware segment generated revenue of ¥6,836,158,028.21, a year-on-year increase of 12.88%, while the appliance segment achieved revenue of ¥15,300,420,337.16, up 2.25%[35] - Domestic sales for the year reached ¥14,757,349,421.40, a slight decline of 1.20%, whereas foreign trade revenue was ¥7,410,670,975.50, reflecting a growth of 21.28%[35] - Revenue from cookware increased by 12.88% to ¥6,836,158,028.21, accounting for 30.48% of total revenue[44] - Revenue from electrical appliances grew by 2.25% to ¥15,300,420,337.16, making up 68.22% of total revenue[44] Market Position and Innovation - The company maintained its leading position in the kitchen appliance market, achieving the highest market share in both online and offline channels for kitchen small appliances in 2024[30] - The company’s innovative product design led to multiple awards, including the iF Design Award for several products in 2024, enhancing its brand reputation[33] - The company plans to launch the "Titanium Iron Non-Stick Frying Pan" with patented technology in 2024, enhancing its product innovation strategy[36] - The company is set to introduce the "Rotating Flame Pot Steam IH Rice Cooker" in 2024, featuring four advanced cooking technologies[37] Cash Flow and Investments - Operating cash inflow totaled ¥26.97 billion, representing a year-on-year increase of 19.52%[58] - The net cash flow from investment activities improved significantly, with a year-on-year growth of 97.89%[58] - The net increase in cash and cash equivalents was ¥163.37 million, a significant increase of 116.50% year-on-year[59] Research and Development - Research and development expenses increased by 8.90% to ¥469,662,999.96, reflecting the company's commitment to innovation[55] - The total R&D investment increased by 8.90% to approximately ¥469.66 million compared to the previous year[57] - The company maintained a stable R&D personnel structure, with a total of 1,405 R&D staff, a 2.41% increase from the previous year[56] Corporate Governance - The company has established a strategic committee, audit committee, and compensation and assessment committee to enhance governance and decision-making processes[88] - The company has maintained independence from its controlling shareholder in terms of operations, assets, and financial matters[87] - The company has implemented a "Quality and Return Dual Improvement" action plan, although details on its disclosure were not provided[84] Environmental Responsibility - The company is committed to fulfilling its ecological and environmental responsibilities, following strict environmental management practices[157] - The company invested a total of 31.44 million yuan in environmental governance and protection during the reporting period, with an environmental protection tax payment of 77,800 yuan[160] - The company achieved a reduction of 8,250 tons in carbon emissions through 82 carbon reduction projects implemented during the reporting period[161] Social Responsibility - The company has donated approximately 40 million yuan to improve educational conditions in rural areas, establishing 29 Supor primary schools in remote regions by the end of the reporting period[163] - In 2024, the company plans to donate no less than 3 million yuan over three years to support the "Hope Project: Future Life Home" initiative, benefiting 50 urban and rural schools[164] - The company has provided educational resources worth 3.39 million yuan to improve rural education, covering 30,000 rural students[167] Employee Engagement and Training - The total training hours for employees in 2024 reached 299,437.5 hours, with 36,188.4 hours online and 263,249.1 hours offline[120] - The company has implemented a performance-linked compensation system, providing competitive salaries and benefits to attract and retain talent[118] - The total number of employees at the end of the reporting period was 11,298, with 6,884 in production, 1,505 in sales, and 1,933 in technical roles[116][117] Related Party Transactions - The total amount of related party transactions was 15,404.34万元, accounting for 1.05% of similar transactions[179] - The procurement of finished products from Wuhan Anzai Kitchen Co., Ltd. was conducted at an agreed price, with no approved transaction amount exceeding the limit[179] - The total amount for procurement of finished products from Groupe SEB was 28.99万元, which is 0.00% of similar transactions[179]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's revenue for 2024 is projected to be 22.4 billion yuan, reflecting a year-on-year increase of 3.0%, while the operating income is expected to reach 224.3 billion yuan, up 5.3% year-on-year [1][3]. - External sales are driven by the replenishment demand from the controlling shareholder SEB Group, leading to significant growth in external sales revenue, which is expected to reach 74.6 billion yuan in 2025, a 4.4% increase from 2024 [2][3]. - Domestic sales are facing stagnation in the industry, with a slight decline expected in 2024, but the company maintains its leading position through cost reduction and efficiency improvement [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 224.3 billion yuan, a 5.3% increase year-on-year, and a net profit attributable to shareholders of 22.4 billion yuan, up 3.0% year-on-year [1]. - The fourth quarter of 2024 saw an operating income of 59.1 billion yuan, a slight decline of 0.4% year-on-year, and a net profit of 8.1 billion yuan, down 0.7% year-on-year [1]. Sales and Market Position - External sales are significantly boosted by SEB Group's replenishment orders, with actual transactions between the company and SEB reaching 71.4 billion yuan in 2024, a 20.3% increase from 2023 [2]. - The domestic market is expected to see a slight decline in sales, with a retail sales drop of 0.8% in the small kitchen appliance sector, but the company continues to innovate and expand its product offerings [2]. Profitability and Valuation - The report adjusts the net profit forecasts for 2024-2026 to 22.4 billion, 23.6 billion, and 25.4 billion yuan respectively, reflecting a downward revision of 5%, 8%, and 9% [3]. - The current price-to-earnings (P/E) ratios are projected at 19, 18, and 17 for the years 2024, 2025, and 2026 respectively [3][4].

点击注册小程序 特别申明： 公司外销收入主要来自于控股股东SEB集团代工订单，受欧美市场去库存影响，SEB补库需求拉动公司外 销收入大幅增长，公司公告显示2024年公司与控股股东SEB集团关联交易实际发生71.4亿元人民币，较 2023年双方关联交易实际发生金额+20.3%，2025年预计进一步同比增长+4.4%至74.6亿元人民币。SEB全 球市场认可度较高，随着SEB在全球市场份额的拓展，预计公司外销业务稳步扩张。 内销面临行业停滞，公司维持龙头地位 2024年公司内销预计略微下滑，据奥维云网全渠道推总数据，2024年厨小家电零售额同比-0.8%，零售量 同比+1.2%，消费需求疲软，各品牌竞争激烈，且2024年国补对公司主营厨小家电产品覆盖率低，导致公 司内销短期承压。公司维持稳健经营，积极降本增效，线上、线下核心品类份额持续增长，同时公司持续 加大研发投入，推出智能炒菜机、家用咖啡机等新品类，以产品创新激发需求释放，保障厨小行业领先地 位。 风险提示： SEB订单不及预期，原材料价格上涨，国内市场竞争加剧。 发布日期： 2025-03-01 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光 ...

浙江苏泊尔股份有限公司 证券代码：002032 证券简称：苏泊尔 公告编号：2025-013 浙江苏泊尔股份有限公司 关于公司董事辞职的公告 浙江苏泊尔股份有限公司董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 二〇二五年三月一日 浙江苏泊尔股份有限公司（以下简称"公司"或"本公司"或"苏泊尔"）董事会收到公司非独 立董事Delphine SEGURA VAYLET女士提交的书面辞职报告，Delphine SEGURA VAYLET女士因个人 原因申请辞去公司第八届董事会董事职务及薪酬与考核委员会委员职务，辞职后不再担任公司任何职 务。截止本公告披露日，Delphine SEGURA VAYLET女士未持有公司股份。 1 Delphine SEGURA VAYLET女士的辞职未导致公司董事会成员低于法定最低人数，不会影响公司 董事会正常运作，其辞职报告自送达董事会之日起生效。鉴于《公司章程》规定的董事会董事人数为 9名，公司董事会将按照相关规定尽快完成董事补选工作。 公司董事会对Delphine SEGURA VAYLET女士担任公司董事期间为公司发展 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to achieve a total revenue of 224.3 billion yuan in 2024, representing a year-on-year growth of 5.3%. The net profit attributable to the parent company is projected to be 22.4 billion yuan, with a growth of 3.0% [7] - The company has shown resilience in the domestic market despite a weak consumption environment, with a slight decline in domestic sales revenue. However, it has managed to increase market share in core categories through continuous innovation and strong channel competitiveness [7] - The company is benefiting from a significant increase in orders from its main client, SEB, leading to good growth in export revenue. The implementation of the "old-for-new" policy is expected to further boost sales in 2025 [7] Financial Data and Profit Forecast - Total revenue and profit forecasts for the company are as follows: - 2023: Total revenue of 21,304 million yuan, net profit of 2,180 million yuan - 2024E: Total revenue of 22,427 million yuan, net profit of 2,244 million yuan - 2025E: Total revenue of 23,939 million yuan, net profit of 2,380 million yuan - 2026E: Total revenue of 25,600 million yuan, net profit of 2,479 million yuan [6][8] - The company’s gross margin is expected to stabilize around 26% from 2024 to 2026, with a return on equity (ROE) projected to increase from 35.0% in 2024 to 37.3% in 2026 [6][8]

Group 1: Company Performance and Strategy - In 2024, the company launched differentiated mid-to-high-end products, enhancing market competitiveness with innovations like high-end rice cookers and titanium non-coated frying pans [2] - The company maintained stable gross margins through continuous innovation and strong channel advantages, despite a competitive market environment [2] - The company aims to sustain product innovation by leveraging its technological advantages and addressing diverse consumer needs [2] Group 2: Sales and Marketing Channels - Online sales channels, including traditional e-commerce platforms like Tmall, JD.com, and Pinduoduo, remain stable and contribute significantly to sales [3][4] - Social e-commerce platforms such as Douyin, Kuaishou, and video accounts are experiencing rapid growth and contributing incremental sales [4] Group 3: Supply Chain and Cost Management - The company has manufacturing bases in multiple locations, including Yuhuan, Hangzhou, Shaoxing, Wuhan, and Ho Chi Minh City, and has implemented automation upgrades and scale effects to reduce supply chain costs [2] - Future industrial development will focus on cost reduction and efficiency improvement projects to enhance product quality and supply chain management [2] Group 4: Future Outlook - The growth of the company's export business in 2025 will depend on organic growth from major export clients, leveraging manufacturing scale and responsiveness to provide competitively priced products [4] - The updated "trade-in" policy for 2025, which includes rice cookers among other appliances, is expected to have a positive impact on the company [4]