上海君澜律师事务所 关于罗莱生活科技股份有限公司 2024 年第二次临时股东大会的法律意见书 致：罗莱生活科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》、《上市公司股东大会规则》（以下简称"《股东大会规 则》"）等法律、法规、规章、规范性文件及《罗莱生活科技股份有限公司章 程》（以下简称"《公司章程》"）的规定，上海君澜律师事务所（以下简称 "本所"）接受罗莱生活科技股份有限公司（以下简称"公司"）的委托，指 派本所律师对公司2024年第二次临时股东大会（以下简称"本次股东大会"） 进行见证，并就本次股东大会的召集、召开程序及表决程序、表决结果等事项 出具本法律意见书。 本法律意见书仅供本次股东大会之目的使用。本所律师同意将本法律意见 书随公司本次股东大会其他信息披露资料一并公告。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对 本次股东大会所涉及的有关事项和相关文件进行了必要的核查和验证，现出具 法律意见如下： 一、 本次股东大会的召集、召开程序 1.1 本次股东大会由公司董事会召集。 公司董事会于 2024 年 11 月 8 日召开第 ...

罗莱生活科技股份有限公司 2024 年限制性股票与股票期权激励计划 证券简称：罗莱生活 证券代码：002293 罗莱生活科技股份有限公司 2024 年限制性股票与股票期权激励计划 二〇二四年十一月 1 罗莱生活科技股份有限公司 2024 年限制性股票与股票期权激励计划 声 明 本公司及董事会、监事会全体成员保证本激励计划及其摘要内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 特别提示 一、《罗莱生活科技股份有限公司 2024 年限制性股票与股票期权激励计划 （草案）》由罗莱生活科技股份有限公司（以下简称"罗莱生活""公司"或"本 公司"）依据《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》《深圳证券交易所上市公司自律监管指南第 1 号——业务办 理》和其他有关法律、行政法规、规范性文件，以及《公司章程》等有关规定制 订。 二、罗莱生活 2024 年限制性股票与股票期权激励计划（以下简称"本激励 计划"）包括限制性股票激励计划和股票期权激励计划两部分。限制性股票和股 票期权激励计划涉及的标的股票来源为公司向激励对象定向发行的本公司人民 币 A 股普通股股票。 三、本 ...

关于2024年限制性股票与股票期权激励计划 证券代码：002293 证券简称：罗莱生活 公告编号：2024-060 罗莱生活科技股份有限公司监事会 授予激励对象名单的公示情况说明及核查意见 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 罗莱生活科技股份有限公司（以下简称"公司"）于 2024 年 11 月 8 日召开 第六届董事会第十一次（（临时）会议和第六届监事会第十次（（临时）会议，审议 通过了《关于<公司 2024 年限制性股票与股票期权激励计划（草案）>及其摘要 的议案》等相关议案，具体内容详见 2024 年 11 月 9 日公司在巨潮资讯网 （www.cninfo.com.cn）披露的（《罗莱生活科技股份有限公司 2024 年限制性股票 与股票期权激励计划（草案）》（以下简称"（《激励计划（草案）》"）等相关公告。 根据《上市公司股权激励管理办法》（以下简称"（《管理办法》"）和《公司章程》 等相关规定，公司对 2024 年限制性股票与股票期权激励计划（以下简称"本次 激励计划"）拟授予的激励对象名单在公司内部进行公示。 公司监事会结合公示情况对 ...

| 序号 | 事项 | 是否存在该事项 | 备注 | | --- | --- | --- | --- | | | | （是/否/不适用） | | | 25 | 以同行业可比公司相关指标作为对照依 | 否 | 同行业可参考公司为 | | | 据的，选取的对照公司是否不少于 3 家 | | 富安娜、水星家纺 | 更正后： | 序号 | 事项 | 是否存在该事项 | 备注 | | --- | --- | --- | --- | | | | （是/否/不适用） | | | 25 | 以同行业可比公司相关指标作为对照依 | 不适用 | | | | 据的，选取的对照公司是否不少于 家 3 | | | 证券代码：002293 证券简称：罗莱生活 公告编号：2024-059 罗莱生活科技股份有限公司补充更正公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 罗莱生活科技股份有限公司（以下简称"公司"）于 2024 年 11 月 9 日在巨 潮资讯网（www.cninfo.com.cn）和《证券时报》披露了公司《2024 年限制性股 票与股票期权激励计划（（草案）》等相关公 ...

| | （7）激励对象获授权益、行使权益的条件。拟分次授出或者 | 是 | | --- | --- | --- | | | 行使权益的，应当披露激励对象每次获授或者行使权益的条 | | | | 件；对设立条件所涉及的指标定义、计算标准等的说明；约定 | | | | 授予权益、行使权益条件未成就时，相关权益不得递延至下期； | | | | 如激励对象包括董事和高管，应当披露激励对象行使权益的绩 | | | | 效考核指标；披露激励对象行使权益的绩效考核指标的，应充 | | | | 分披露所设定指标的科学性和合理性；公司同时实行多期股权 | | | | 激励计划的，后期激励计划公司业绩指标如低于前期激励计 | | | | 划，应当充分说明原因及合理性 | | | | （8）公司授予权益及激励对象行使权益的程序；当中，应明 | 是 | | | 确上市公司不得授出限制性股票以及激励对象不得行使权益 | | | | 的期间 | | | | （9）股权激励计划所涉及的权益数量、行权价格的调整方法 | 是 | | | 和程序（例如实施利润分配、配股等方案时的调整方法） | | | | （10）股权激励会计处理方法，限制性股 ...

公司报告 | 季报点评 基本数据 A 股总股本(百万股) 830.98 流通 A 股股本(百万股) 826.76 A 股总市值(百万元) 6,265.61 流通 A 股市值(百万元) 6,233.80 每股净资产(元) 4.80 资产负债率(%) 36.38 一年内最高/最低(元) 10.24/6.12 罗莱生活（002293） 证券研究报告 2024 年 11 月 12 日 投资评级 行业 纺织服饰/服装家纺 6 个月评级 买入（维持评级） 当前价格 7.54 元 目标价格 元 发布限制性股票+股票期权双重激励 公司发布三季报 公司 24Q3 收入 11 亿同减 16%，归母净利润 1 亿同减 22%，扣非后归母净 利 1 亿元，同减 23%； 公司 241-Q3 收入 32 亿同减 15%，归母净利润 2.6 亿同减 37%，扣非后归 母净利 2.4 亿元，同减 38%； 24Q1-3 公司毛利率 45.9%同增约 1.2pct，净利率 8.2%同减 2.9pct。 公司发布股权激励计划 本激励计划拟授予激励对象的权益总计 2337.5 万份，约占截至 2024 年 11 月 9 日公司股本总额的 2.8 ...

Investment Rating - The report upgrades the investment rating for 罗莱生活 (002293) from "Outperform" to "Buy" [3][4][5] Core Views - The company has launched a new incentive plan, indicating confidence in the recovery of its domestic home textile business, signaling a potential turning point in 2025 [3][4] - The third quarter results show a narrowing decline in net profit, suggesting that the profit margin may have reached its bottom [3][4] - The introduction of consumer subsidies for home textile products in Shanghai is expected to boost retail performance for leading brands [3][4] Summary by Sections Market Data - Closing price as of November 8, 2024, is 7.22 yuan, with a one-year high of 10.24 yuan and a low of 6.12 yuan [1] - The company has a market capitalization of 5,969 million yuan and a dividend yield of 8.31% [1] Financial Performance - For the first three quarters of 2024, the company reported revenue of 3,201 million yuan, a year-on-year decline of 14.7% [4][6] - The net profit attributable to shareholders for the same period was 262 million yuan, down 37.1% year-on-year [4][6] - The gross margin for the first three quarters was 45.9%, reflecting a slight increase of 1.2 percentage points year-on-year [4][6] Future Projections - The report forecasts net profits of 402 million yuan for 2024, with expected growth rates of 30.1% and 15.1% for 2025 and 2026, respectively [4][6] - The projected revenue for 2025 is 5,091 million yuan, indicating a recovery trend [4][6] Incentive Plan Details - The new incentive plan involves granting a total of 23.375 million shares, representing 2.81% of the total share capital, with specific performance targets set for the years 2025 to 2027 [3][4] - The plan aims to align the interests of management and key personnel with the company's long-term growth objectives [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has introduced a new stock incentive plan, targeting a revenue and net profit growth of 5% year-on-year for 2025, 10.25% for 2026, and 15.76% for 2027, based on 2024 data [2][4]. - Despite a challenging consumer environment, the incentive plan is expected to enhance employee motivation and reflects the company's confidence in long-term stable growth [2]. - The company is a leader in the domestic home textile industry, but faces pressure on fundamentals due to fluctuations in domestic and international consumption environments [4]. Financial Performance Summary - For Q3 2024, the company's revenue decreased by 15.6% year-on-year to 1.096 billion yuan, and net profit fell by 21.7% to 103 million yuan. Cumulatively, revenue for the first three quarters declined by 14.7% to 3.2 billion yuan, with net profit down 37.1% to 260 million yuan [3]. - The company expects a revenue decline of 13% and a net profit decline of 31% for the full year 2024 [3]. - Inventory management has improved, with inventory down 17.2% year-on-year to 1.2 billion yuan, and inventory turnover days reduced by 2 days to 198 days [3]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 4.638 billion yuan, 4.900 billion yuan, and 5.225 billion yuan, respectively, with corresponding net profits of 393 million yuan, 476 million yuan, and 535 million yuan [5][4]. - The report indicates a projected P/E ratio of 15 times for 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 8.4, up from the previous target of CNY 8.25 [4] Core Views - The company's 2024-2026 EPS forecasts have been revised downward to CNY 0.48/0.56/0.64 due to weak consumer demand impacting terminal sales [2] - The company's position as a leader in the home textile industry remains solid, and it is expected to achieve a higher-than-industry-average PE ratio of 15x for 2025 [2] - The company has launched a 2024 equity incentive plan, covering 148 key personnel, including vice presidents, CFO, and board secretary, with a total grant of 2.8% of the total shares [2] - The company's performance targets for 2025-2027 are set at a revenue or non-GAAP net profit growth rate of no less than 5%/10.25%/15.76% compared to 2024 [2] - The company's fundamentals are expected to bottom out and recover, with significant profit recovery anticipated in 2025, driven by promotional policies and improving US business [2] - The company is expected to maintain high dividend payouts, with a projected 2024 dividend yield of around 6% [2] Financial Summary - Revenue for 2022 was CNY 5,314 million, with a year-on-year decrease of 7.7%, and is expected to decline by 12.6% in 2024 before recovering to CNY 5,268 million by 2026 [1] - Net profit attributable to the parent company was CNY 581 million in 2022, with a year-on-year decrease of 18.6%, and is expected to decline by 30.6% in 2024 before recovering to CNY 532 million by 2026 [1] - EPS for 2022 was CNY 0.70, expected to drop to CNY 0.48 in 2024 before recovering to CNY 0.64 by 2026 [1] - ROE was 13.9% in 2022, expected to drop to 9.8% in 2024 before recovering to 13.9% by 2026 [1] - The current PE ratio is 10.33, expected to rise to 15.09 in 2024 before declining to 11.28 by 2026 [1] Industry and Market Position - The company operates in the textile and apparel industry, classified under the consumer discretionary sector [3] - The company's market cap is CNY 6,000 million, with a total of 831 million shares outstanding, of which 827 million are A-shares [5] - The company's 52-week stock price range is CNY 6.17-10.12 [5] Financial Ratios and Valuation - The company's net asset value per share is CNY 4.80, with a PB ratio of 1.5 [6] - The company's net debt ratio is -39.20%, indicating a strong financial position [6] - The company's ROIC is expected to improve from 7.8% in 2024 to 11.4% by 2026 [9] - The company's EV/EBITDA is expected to decline from 8.91 in 2024 to 6.92 by 2026 [9] Historical Performance and Trends - The company's stock price has declined by 21% over the past 12 months, underperforming the index by 32% [7] - The company's revenue for Q1-Q3 2024 decreased by 15% year-on-year, primarily due to inventory reduction in the franchise channel and losses in overseas furniture business [2] - The company has been actively optimizing its overseas business and controlling costs, with a 0.4 percentage point decrease in the expense ratio and a 17% reduction in inventory in Q3 2024 [2] Dividend Policy - The company paid an interim dividend of CNY 166 million in 2024, with a payout ratio of approximately 105% [2] - The company has a history of high dividend payouts, with payout ratios of 141%/88%/58% in 2021-2023, and is expected to continue this trend [2]

证券简称：罗莱生活 证券代码：002293 广发证券股份有限公司 关于 罗莱生活科技股份有限公司 2024 年限制性股票与股票期权激励计划（草案） 之 独立财务顾问报告 二〇二四年十一月 1 一、释义 以下词语如无特殊说明，在本文中具有如下含义： | 本公司、公司、上市公司、 | 指 | 罗莱生活科技股份有限公司 | | --- | --- | --- | | 罗莱生活 | | | | 独立财务顾问 | 指 | 广发证券股份有限公司 | | 独立财务顾问报告 | | 广发证券股份有限公司关于罗莱生活科技股份有限 年限制性股票与股票期权激励计划（草案） | | | 指 | 公司 2024 | | | | 之独立财务顾问报告 | | 本激励计划 | 指 | 罗莱生活科技股份有限公司 年限制性股票与股 2024 | | | | 票期权激励计划（草案） | | 限制性股票 | 指 | 激励对象按照本激励计划规定的条件，获得的转让等 | | | | 部分权利受到限制的本公司股票 | | 股票期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的 | | | | 条件购买本公司一定数量股票的权利 | | 激励对象 ...