杭州巨星科技股份有限公司 独立董事（签字）： 王刚： 陈智敏: 施虹： 二○二五年四月十八日 第六届董事会第三次独立董事专门会议的审核意见 根据《中华人民共和国公司法》、《上市公司独立董事管理办法》、《上市公 司治理准则》等相关法律法规、规范性文件以及《杭州巨星科技股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，杭州巨星科技股份有限公司 （以下简称"公司"）的独立董事于 2025 年 4 月 18 日召开了第六届董事会第 三次独立董事专门会议，在认真审阅了拟提交第六届董事会第十二次会议的相 关议案后，发表如下审核意见： （以下无正文） （本页无正文，专为《杭州巨星科技股份有限公司第六届董事会第三次独立 董事专门会议的审核意见》之签字页） 一、关于 2025 年度日常关联交易的审核意见 经审阅，我们认为：公司与关联方发生的关联交易是按照"公平自愿，互 惠互利"的原则进行的，均系公司正常生产经营和业务发展所需，交易价格按 市场价格确定，定价公允，没有违反公开、公平、公正的原则，关联董事回避 表决，决策程序合法有效，不存在损害公司和中小股东的利益的行为。我们同 意将上述议案提交公司董事会审议。 ...

杭州巨星科技股份有限公司 2024 年度独立董事述职报告 （王刚） 本人作为杭州巨星科技股份有限公司（以下简称"公司"）的独立董事， 2024年度本人能够严格按照《公司法》、《证券法》、《上市公司独立董事管理办 法》、《公司章程》及公司《独立董事工作制度》、《独立董事年报工作规程》等 相关法律法规、规范性文件和公司制度的规定，恪尽职守，勤勉尽责，认真履 行独立董事职责，为维护公司整体利益、公司全体股东尤其是中小股东的利益 而努力工作。 现将本人在 2024 年度履行独立董事职责情况述职如下： 一、 独立董事的基本情况 （一）工作履历、专业背景及兼职情况 本人王刚，男，1975年10月出生，中国国籍，无境外永久居留权；硕士学 历，中欧国际工商学院EMBA，中共党员，注册会计师、高级经济师。1997年 参加工作，历任浙江省海宁市地方税务局稽查员，上海荣正投资咨询有限公司 研发总监，上海海隆软件股份有限公司董事会秘书、人力资源部长、总经理助 理，杭州老板家电厨卫有限公司董事会秘书。现任公司独立董事，杭州诺邦无 纺股份有限公司董事，杭州老板电器股份有限公司董事、董事会秘书，杭州福 斯达深冷装备股份有限公司董事，德地氏 ...

二〇二五年四月二十二日 经核查独立董事王刚、陈智敏、施虹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，不存在影响独立董事独立性的情况，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》中对独立董事独立性的相关要求。 杭州巨星科技股份有限公司董事会 关于独立董事独立性自查情况的专项意见 杭州巨星科技股份有限公司董事会 根据中国证券监督管理委员会《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，杭州巨星科技股份有限公司（以下简称"公 司"）董事会就公司在任独立董事王刚、陈智敏、施虹的独立性情况进行评估 并出具如下专项意见： ...

杭州巨星科技股份有限公司 2024 年度独立董事述职报告 （施虹） 本人作为杭州巨星科技股份有限公司（以下简称"公司"）的独立董事， 2024年度本人能够严格按照《公司法》、《证券法》、《上市公司独立董事管理办 法》、《公司章程》及公司《独立董事工作制度》、《独立董事年报工作规程》等 相关法律法规、规范性文件和公司制度的规定，恪尽职守，勤勉尽责，认真履 行独立董事职责，为维护公司整体利益、公司全体股东尤其是中小股东的利益 而努力工作。 现将本人在 2024 年度履行独立董事职责情况述职如下： 一、 独立董事的基本情况 （一）工作履历、专业背景及兼职情况 本人施虹，女，1963年7月出生，中华人民共和国国籍，无境外永久居留 权，硕士学历，副教授。曾任上海海事大学海洋科学与工程学院环境工程实验 室主任，2005年9月至2018年7月任上海海事大学海洋科学与工程学院环境工程 教研室副教授。现任公司独立董事。 （二）不存在影响独立性的情况说明 2024年度，本人严格遵守《公司法》、《上市公司独立董事管理办法》等法 律法规以及《公司章程》对于独立董事任职要求的相关规定，继续保持独立 性。除在公司担任独立董事职务外，本人 ...

Financial Performance - The company's operating revenue for 2024 reached ¥14,795,453,293.25, representing a 35.37% increase compared to ¥10,929,992,802.32 in 2023[19] - Net profit attributable to shareholders for 2024 was ¥2,303,624,287.24, a 36.18% increase from ¥1,691,612,756.79 in 2023[19] - The basic earnings per share for 2024 was ¥1.9286, up 36.18% from ¥1.4162 in 2023[19] - The total assets at the end of 2024 amounted to ¥23,104,639,375.15, reflecting a 17.38% increase from ¥19,683,797,271.17 at the end of 2023[19] - The cash flow from operating activities for 2024 was ¥1,740,214,109.88, down 18.14% from ¥2,125,854,925.65 in 2023[19] - The company reported a weighted average return on equity of 14.53% for 2024, an increase of 2.64% from 11.89% in 2023[19] - The net profit after deducting non-recurring gains and losses for 2024 was ¥2,304,107,114.56, a 35.74% increase from ¥1,697,490,987.11 in 2023[19] - The company’s net assets attributable to shareholders at the end of 2024 were ¥16,402,655,855.37, a 10.47% increase from ¥14,847,980,075.62 at the end of 2023[19] Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the year[5] Research and Development - The company invested 366 million yuan in R&D, resulting in the design of 1,937 new products during the reporting period[34] - Research and development expenses rose by 13.52% to 366,158,892.23 CNY, driven by increased investment in R&D projects[50] - The number of R&D personnel decreased by 0.45% to 1,100 in 2024, down from 1,105 in 2023[64] - The proportion of R&D personnel to total staff decreased from 10.23% in 2023 to 8.31% in 2024[64] Market Expansion and Sales - The company is expanding its manufacturing capacity in Southeast Asia and exploring production solutions in Mexico, Singapore, and Malaysia[34] - The company expanded its DTC (Direct To Customer) business, enhancing customer engagement and feedback for product innovation[38] - The Americas region generated CNY 9,386,789,108.12 in revenue, accounting for 63.44% of total revenue, with a growth of 34.70% year-on-year[42] - The company is focusing on expanding its product categories and enhancing its brand presence in non-US markets, particularly in Southeast Asia and the Belt and Road regions[39] Product Development and Innovation - The company’s innovative product development includes a series of 20V cordless lithium battery power tools, which received positive market feedback[34] - The company successfully launched a new series of 20V lithium battery tools, marking a significant breakthrough in the power tools market[40] - The company completed several new product developments, including a walnut wood dual-color installation hammer and various new specifications for tools, aimed at increasing product diversity and meeting customer demand[51] Operational Efficiency - The total operating cost for tools and hardware in 2024 was 10,013,591,820.11 CNY, a 34.90% increase from 7,423,231,250.13 CNY in 2023, maintaining a cost structure where 99.55% of costs were attributed to this segment[47] - Sales expenses increased by 14.52% to 974,899,236.57 CNY in 2024, primarily due to higher personnel salaries, advertising, and office expenses[50] - The company aims to reduce operational costs by 10% through improved supply chain management[121] Cash Flow and Investments - The company's operating cash inflow increased by 29.65% to ¥15.35 billion in 2024, compared to ¥11.84 billion in 2023[66] - Investment cash inflow surged by 1,317.38% to ¥3.89 billion in 2024, compared to ¥0.27 billion in 2023[66] - The net cash flow from financing activities increased by 129.06% to ¥357.90 million in 2024, compared to a net outflow of ¥1.23 billion in 2023, driven by increased financing[67] Corporate Governance - The board of directors consists of nine members, including three independent directors, ensuring compliance with governance regulations[106] - The company has a dedicated supervisory board that monitors major transactions and financial conditions to protect shareholder interests[107] - The company adheres to strict information disclosure practices, ensuring transparency and timely communication with investors[108] Shareholder Engagement - The participation rate in the 2024 first extraordinary general meeting was 48.80%[112] - The participation rate in the 2023 annual general meeting was 46.59%[112] - The company has established a three-year shareholder return plan (2024-2026) approved at the annual general meeting on May 31, 2024, considering profitability and shareholder returns[138] Environmental and Social Responsibility - The company has implemented various measures to reduce carbon emissions, including the establishment of energy management guidelines and the promotion of green products[149] - The company has not faced any administrative penalties due to environmental issues during the reporting period[149] Risk Management - The company has established risk management measures to address market, liquidity, credit, operational, and legal risks related to foreign exchange transactions[82] - The company closely monitors exchange rate fluctuations to manage risks associated with foreign exchange transactions[82] Strategic Acquisitions - The company completed the acquisition of 100% equity in TESA Measurement Systems for a total investment of CNY 271.633 million[75] - The company has ongoing non-equity investments, including a project for an annual production capacity of 1 million sets of new energy power tools, with a total investment of CNY 24.03 million[76] Employee Development - The company conducted a total of 205 training sessions in 2024, with 5,418 participants and a cumulative total of 12,246 hours of training[137] - The average employee salary for 2024 is higher than the provincial average salary in Zhejiang, with a comprehensive salary adjustment completed once a year and three quarterly adjustments[137] Future Outlook - The company provided a future outlook with a revenue guidance of 2,900 million for the upcoming quarter, reflecting a growth strategy[115] - New product development initiatives are underway, focusing on enhancing product offerings to capture market share[115] - The company is planning market expansion efforts, targeting new geographical regions to increase its customer base[115]

Core Insights - Ruiyuan Fund disclosed its Q1 2025 report, showing significant adjustments in its portfolio with notable reductions in major holdings like China Mobile and Tencent Holdings compared to Q4 2024 [1][2] Fund Performance - Ruiyuan Growth Value Fund, managed by Fu Pengbo and Zhu Lin, reported net asset growth rates of 2.45% and 2.35% for its A and C shares, underperforming the benchmark by 0.16 and 0.26 percentage points respectively [2] - Ruiyuan Balanced Value Fund, managed by Zhao Feng, achieved a net asset growth of 5.79%, with Tencent Holdings as the largest holding at 9.51% [3][4] - Ruiyuan Stable Configuration Fund, managed by Rao Gang, outperformed its benchmark with growth rates of 3.01% and 2.94% for its A and C shares, respectively [5] Portfolio Adjustments - Ruiyuan Growth Value Fund increased its holdings in Shenghong Technology by 13.12 million shares, while reducing positions in major stocks like CATL and China Mobile [2][5] - Ruiyuan Stable Configuration Fund significantly reduced its stake in China Mobile by over 43%, holding 4.1 million shares at the end of Q1 2025 [5] - Ruiyuan Balanced Value Fund added new positions in stocks like Focus Media, while exiting from China Pacific Insurance [3][4] Market Outlook - The fund managers expressed optimism about the macroeconomic environment, anticipating government measures to stimulate domestic demand and economic growth [6][7] - They noted that the real estate market's downward trend is stabilizing, with signs of recovery in first-tier cities [7]

Core Viewpoint - The report reveals significant adjustments in the holdings of five funds managed by Ruiyuan Fund, with notable reductions in major stocks such as China Mobile, Tencent Holdings, and Xiaomi Group compared to the end of last year. However, fund managers remain optimistic about certain sectors, anticipating a positive shift in the macroeconomic environment that could support further stock market growth [1][2][4]. Group 1: Fund Performance and Adjustments - Ruiyuan Fund's three prominent managers, Fu Pengbo, Rao Gang, and Zhao Feng, have made substantial changes to their portfolios in Q1 2025, with only Ruiyuan Growth Value outperforming its benchmark [2]. - Fu Pengbo's Ruiyuan Growth Value A and C recorded net asset growth rates of 2.45% and 2.35%, respectively, underperforming their benchmarks by 0.16 and 0.26 percentage points. The fund maintained a high position and increased allocations in the Hang Seng Technology sector, medical device leaders, and the chip sector [2][3]. - Rao Gang's Ruiyuan Steady Configuration Two-Year Fund significantly reduced its holdings in China Mobile by over 43% and also decreased its positions in Tencent Holdings and Xiaomi Group by 20% and 13.91%, respectively. The fund increased its stake in CATL by nearly 10% and initiated a position in Alibaba [3][4]. - Zhao Feng's Ruiyuan Balanced Value Three-Year Fund showed strong performance with net asset growth rates of 5.79% and 5.71%, outperforming benchmarks by 3.74 and 3.66 percentage points. Zhao Feng also reduced holdings in major stocks but to a lesser extent than his peers, while significantly increasing positions in cyclical and financial stocks like Shanxi Fenjiu and China Pacific Insurance [3][4]. Group 2: Market Outlook and Investment Opportunities - The overall fund sizes have decreased, but there is a focus on emerging investment opportunities, particularly in consumer stocks. The Ruiyuan Fund managers are paying close attention to this sector [4]. - Fu Pengbo highlighted the potential for a new round of domestic consumption stimulus policies, which could positively impact the consumer sector this year [4][5]. - Rao Gang noted that while short-term tariff increases may negatively affect exports, they also present an opportunity for structural adjustments in the domestic economy, with consumption expected to play a crucial role in economic growth [4][5]. Group 3: Key Holdings and Changes - Major stock holdings across the funds include Tencent Holdings, China Mobile, and Xiaomi Group, with significant reductions in their positions. For instance, Ruiyuan Growth Value saw a 20.57% decrease in China Mobile and a 26.25% decrease in Giant Star Technology [2][3][6]. - Ruiyuan Steady Configuration Two-Year Fund's top holdings included Tencent Holdings, China Mobile, and CATL, with notable reductions in their positions [3][9]. - Ruiyuan Balanced Value Three-Year Fund's key holdings featured Tencent Holdings and Alibaba, with a focus on increasing positions in Shanxi Fenjiu and China Pacific Insurance [3][10].

Group 1 - The core point of the news is that Juxing Technology has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -9.27% [1] - Juxing Technology, established in 1993, is recognized as a leading global tool enterprise [1] - The fund Ruiyuan Growth Value Mixed A, managed by Ruiyuan Fund, is among the top ten shareholders of Juxing Technology and has reduced its holdings in the last quarter of the previous year [1] Group 2 - The Ruiyuan Growth Value Mixed A fund has a year-to-date return of -6.33%, ranking 4090 out of 4559 in its category [1] - The fund's performance over different periods shows a near-term drop of -12.35% in the last month, while the average for its category is -7.13% [2] - The fund is managed by Fu Pengbo and Zhu Lin, both of whom have extensive experience in the investment industry [3][4]

Summary of Conference Call Notes Industry and Company Involved - The discussion primarily revolves around the **robotics sector** and **export chain** companies, with specific mentions of **Chunfeng Power**, **Juxing Technology**, and **Honghua Shuke**. Core Points and Arguments 1. **Export Chain Adjustment**: The export chain has experienced a price adjustment since February 11, attributed to two main factors: - Trump's additional 10% tariffs on China, which the market has reacted to - Potential further tariffs from other countries on China, causing market concern [1] 2. **Company Performance**: - **Chunfeng Power** is projected to achieve a net profit of approximately **1.8 billion** in 2025, with a PE ratio of around **15 times**, indicating a safe investment opportunity [2] - **Juxing Technology** is expected to reach a net profit of about **3 billion** in 2025, with a PE ratio slightly above **11 times**, also considered a strong investment [2] 3. **Market Sentiment**: The overall sentiment in the export sector is influenced by domestic demand and capital flow from other sectors, leading to significant adjustments in stock prices [1] 4. **Honghua Shuke's Position**: Despite market skepticism regarding the digital printing industry's penetration rate, it is believed that the industry is still in a growth phase, with strong order and sales performance [4] 5. **Robotics Sector Rotation**: The robotics sector is experiencing rapid rotation, moving from initial focus areas to broader industry chains, with notable interest in **Zhiyuan Chain** and **Xiaomi Chain** [5] 6. **Upcoming Catalysts**: Anticipated product launches from **Zhiyuan** and **Xiaomi** are expected to drive market interest, with specific companies like **Hanwei Technology** and **Hengli Pressure** highlighted as potential beneficiaries [6] Other Important but Overlooked Content - The discussion emphasizes the importance of tracking monthly order situations for various companies within the export chain, indicating a proactive approach to monitoring market dynamics [6] - The mention of **Anhui Heli** and **Hangcha** as companies with some exposure to robotics, suggesting a broader interest in the sector beyond the main highlighted companies [4]