Investment Rating - The investment rating for Supor (002032.SZ) is "Outperform the Market" [5] Core Views - Supor's 2025 performance shows stable revenue growth with a slight decline in profit due to increased expenses. The company achieved a revenue of 22.77 billion yuan, a year-on-year increase of 1.5%, while net profit decreased by 6.6% to 2.1 billion yuan [1][3] - The company maintains a strong market position in domestic sales, with a 2.7% growth in the Chinese market, supported by innovation and competitive channel advantages [1] - External sales faced slight pressure, with a decrease in orders from major clients, leading to a minor decline in external revenue. The company is expected to benefit from SEB's mid-term goal of returning to a 5% annual growth rate [2][3] Summary by Sections Financial Performance - In 2025, Supor's revenue is projected at 22.77 billion yuan, with a net profit of 2.1 billion yuan, reflecting a decline in profit margins due to increased marketing and R&D expenses [3][4] - The company's gross profit margin has slightly improved, while the net profit margin decreased by 0.8 percentage points to 9.2% [3][4] Sales Performance - Domestic sales showed resilience with a 2.7% growth in 2025, while external sales were impacted by a decrease in orders, particularly in North America and South America [2][3] - The company expects to maintain stable growth in domestic sales through innovation and strong market presence [1][2] Profit Forecast - The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 2.1 billion, 2.25 billion, and 2.37 billion yuan respectively, reflecting a growth rate of -7%, +8%, and +5% [3][4]

Core Viewpoint - The company has announced the achievement of the conditions for the second unlock period of the restricted stock incentive plan, allowing for the release of 29,625 shares for two individuals who were previously granted restricted stock but had their awards deferred [1][10]. Group 1: Overview of the Restricted Stock Incentive Plan - The 2022 Restricted Stock Incentive Plan was approved by the company's board and supervisory board on August 30, 2022 [2]. - The supervisory board confirmed that the individuals included in the incentive plan met all legal and regulatory requirements [2]. - The first temporary stockholders' meeting approved the incentive plan and its management measures on September 21, 2022 [2]. Group 2: Implementation and Progress of the Incentive Plan - On October 12, 2022, the board approved the grant of 1,253,500 shares of restricted stock to 288 individuals, with the grant date set for October 12, 2022 [3]. - The completion of the grant was announced on November 11, 2022, with the shares registered to the recipients on November 10, 2022 [3]. - On January 31, 2023, the board approved the grant of 79,000 shares to two individuals whose awards were deferred, with the grant date set for February 1, 2023 [4]. Group 3: Unlocking Conditions and Results - The second unlock period for the deferred awards was set to last 36 months from the completion of the grant registration, with the conditions for unlocking being met as of February 24, 2026 [10][11]. - The total number of shares eligible for release in this period is 29,625, representing 0.0037% of the company's total equity and 2.2477% of the total granted shares after excluding those that were repurchased due to employee departures [11]. - The board confirmed that the conditions for unlocking the shares had been met, and the release of shares was in accordance with the performance assessment of the respective business units [12]. Group 4: Legal and Compliance Verification - The company's remuneration and assessment committee verified that the unlocking conditions were met and that the individuals qualified under relevant regulations [12]. - Legal opinions from a law firm confirmed that the unlocking of shares complied with applicable regulations and that the process followed was legitimate and effective [12].

浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）依照《公司法》和 《公司章程》的有关规定于 2026 年 2 月 26 日召开了 2026 年度董事会薪酬与考核委员会第一次会 议。经与会成员认真审议，会议全票表决通过了《关于 2022 年限制性股票激励计划暂缓授予部分 第二个解除限售期解除限售条件成就的议案》。公司董事会薪酬与考核委员会对上述事项发表如下 审查意见： 浙江苏泊尔股份有限公司董事会薪酬与考核委员会 关于公司股权激励计划相关事项的审查意见 浙江苏泊尔股份有限公司董事会薪酬与考核委员会 1 公司董事会薪酬与考核委员会对公司 2022 年限制性股票激励计划暂缓授予部分第二个解除限 售期解除限售条件成就情况以及激励对象名单进行了核查，认为：本次可解除限售的激励对象资格 符合《上市公司股权激励管理办法》《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》 及公司《2022 年限制性股票激励计划》等的相关规定，在考核年度内绩效考核均合格且符合公司及 所在业务单元业绩考核指标等其他解除限售条件，可解除限售的激励对象的资格合法、有效。 浙江苏泊尔股份有限公司董事会 二〇二六年二月二十六 ...

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：2026-004 浙江苏泊尔股份有限公司 关于 2022 年限制性股票激励计划暂缓授予部分第二个解除限售期 解除限售条件成就的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性陈述或者重 大遗漏。 特别提示： 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）《浙江苏泊尔股份有限 公司2022年限制性股票激励计划（草案）》（以下简称"2022年限制性股票激励计划"）暂缓授予部 分第二个解除限售期解除限售条件已成就，根据2022年限制性股票激励计划的相关规定，本次为2 名暂缓授予的激励对象共计29,625股限制性股票进行解除限售。 本次限制性股票在相关部门办理完解除限售手续后，公司将在股票上市流通前发布相关提示性 公告，敬请投资者注意。 一、限制性股票激励计划简述及实施情况 1、2022 年 8 月 30 日，公司第七届董事会第十四次会议及第七届监事会第十三次会议审议通 过了《关于<浙江苏泊尔股份有限公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》。公 司监事会对激励对象名单进行 ...

股票激励计划解除限售之法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关于浙江苏泊尔股份有限公司 2022 年限制性股票激励计划暂缓授予部分第二个解 除限售期解除限售事项 之法律意见书 致：浙江苏泊尔股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江苏泊尔股份有限公 司（以下简称"苏泊尔"）的委托，为其实施 2022 年限制性股票激励计划事项提 供法律服务，本所根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股权激励管理办法》等有关法律、法规及规范性文件的规定，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，遵照中国证券监督管理委员会的 要求，就苏泊尔 2022 年限制性股票激励计划限制性股票解除限售事项（"本次 解除限售"）出具本法律意见书。 第一部分 引 言 一、律师声明的事项 本法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则，本所愿意 依法承担相应的法律责任。 本法律意见书仅限本次解除限售之目的而使用，非经本所事先书面许可，不 得被用于其他任何目的。 1 股票激励计划解除限售之法律意见书 国浩律师（杭州）事务所 本所同意将本法律意见书作为苏泊尔本次 ...

浙江苏泊尔股份有限公司 鉴于 2022 年限制性股票激励计划暂缓授予部分第二个解除限售期解除限售条件已成就，根据激 励计划相关规定为本次 2 名激励对象共计 29,625 股限制性股票进行解除限售。 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。 证券代码：002032 证券简称：苏泊尔 公告编号：2026-003 浙江苏泊尔股份有限公司 第八届董事会第二十次会议决议公告 经董事投票表决，以 9 票同意、0 票反对、0 票弃权、0 票回避的表决结果予以审议通过。 《关于 2022 年限制性股票激励计划暂缓授予部分第二个解除限售期解除限售条件成就的公告》 详见 2026 年 2 月 27 日《证券时报》、《中国证券报》、《证券日报》和巨潮资讯网 http://www.cninfo.com.cn。 本议案已经公司薪酬与考核委员会和独立董事专门会议审议通过。 浙江苏泊尔股份有限公司（以下简称"公司"、"本公司"或"苏泊尔"）第八届董事会第二十 次会议通知已于 2026 年 2 月 13 日以电子邮件形式发出，会议于 2026 年 2 月 26 日以通讯表决的方 式召 ...

Group 1 - The company Supor announced that its 8th Board of Directors' 20th meeting was held on February 26, 2026, via telecommunication voting [1] - The meeting reviewed the proposal regarding the deferral of certain conditions for the second unlock period of the 2022 restricted stock incentive plan [1] Group 2 - Over 100,000 people overwhelmed the servers to watch 8 real estate companies compete for a "racecourse," resulting in 243 rounds of bidding over 9 hours, with a total transaction value of 23.6 billion yuan [1] - A new land price record was set in Guangzhou, with a floor price of 85,000 yuan per square meter [1]

Core Viewpoint - The report indicates that Supor's performance in 2025 is expected to show a year-on-year decline of 6.6% in net profit attributable to shareholders, primarily due to pressure on export business and increased expenses [1] Group 1: Performance Overview - The company's performance in 2025 is below expectations, with domestic sales outperforming exports [1] - For 2026, the company is expected to demonstrate resilience, particularly in domestic sales despite the reduction of national subsidies for small appliances [1] Group 2: Future Outlook - The company plans to sell goods worth 7.28 billion yuan to its affiliate SEB Group in 2026, which is anticipated to achieve a single-digit steady increase compared to the actual level in 2025 [1] - The current stock price corresponds to a P/E ratio of 16.3x for 2026 and 15.6x for 2027 [1] Group 3: Rating and Target Price - The rating is maintained at "outperform the industry," with a target price adjustment down by 9% to 60.45 yuan, considering profit forecast adjustments and cross-year valuation switching [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [3]. Core Insights - The company's revenue for 2025 is projected to be 227.72 billion yuan, with a year-on-year growth rate of 1.5%. However, the net profit attributable to shareholders is expected to decline by 6.6% to 20.97 billion yuan [6][4]. - The company has shown stable growth in domestic sales, driven by continuous innovation and strong channel advantages, while international sales have been slightly impacted by trade tensions and tariffs [6][4]. - The company is focusing on product innovation to meet changing consumer trends, launching competitive products such as infrared stainless steel rice cookers and portable coffee machines [6][4]. Financial Data and Profit Forecast - Total revenue (in million yuan) is forecasted as follows: 2024: 22,427; 2025: 22,772; 2026: 23,924; 2027: 25,008, with corresponding growth rates of 5.3%, 1.5%, 5.1%, and 4.5% [2]. - Net profit (in million yuan) is projected to be: 2025: 20,970; 2026: 22,260; 2027: 23,830, with year-on-year changes of -6.6%, +6.1%, and +7.1% respectively [2]. - The company’s gross margin is expected to improve slightly, with a forecast of 24.6% for 2026 [2]. Market Position and Competitive Landscape - The company maintains a leading market share in key product categories, both online and offline, despite a challenging domestic market environment [6][4]. - The report highlights the company's strategic focus on enhancing its online channel transformation while consolidating its position in traditional e-commerce platforms [6][4].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3] Core Insights - The company's revenue is in line with expectations, but profits are slightly below expectations due to external factors affecting sales and increased competition in the domestic market [6] - Domestic sales show stable growth, while international sales are slightly impacted by the global trade situation [6] - The company has adjusted its profit forecasts for 2025-2027, reflecting a decrease in expected profits due to external tariffs and market conditions [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 22,772 million yuan, with a year-on-year growth rate of 1.5% [2] - Net profit attributable to the parent company is expected to be 2,097 million yuan in 2025, a decrease of 6.6% year-on-year [2] - The company anticipates a gross margin of 23.7% for 2025, with a return on equity (ROE) of 33.4% [2] Sales and Market Performance - The company achieved a total revenue of 58.74 million yuan in Q4, a slight decline of 0.7% year-on-year, with net profit of 7.31 million yuan, down 10% year-on-year [6] - The company continues to innovate and expand its product offerings, successfully launching competitive products in response to changing consumer trends [6] - The company maintains a leading market share in core categories, both online and offline, despite a challenging market environment [6] Future Outlook - The company has provided guidance for 2026, expecting sales to SEB Group to reach approximately 28.89 million yuan for cookware, 43.49 million yuan for electrical appliances, and 0.42 million yuan for rubber and plastic products [6] - The company is focusing on enhancing its online channel strategy while solidifying its position in traditional e-commerce platforms [6] - The adjusted profit forecasts for 2025-2027 are 20.97 million yuan, 22.26 million yuan, and 23.83 million yuan respectively, with corresponding PE ratios of 17, 16, and 15 [6]