证券代码：002508 证券简称：老板电器 公告编号：2025-048 杭州老板电器股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、重要提示 2、会议召开时间： 现场会议时间：2025 年 9 月 12 日下午 14:00 开始 网络投票时间：2025 年 9 月 12 日 其中，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 9 月 12 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年 9 月 12 日上午 9:15 至下午 15:00 期间的任意时间。 3、会议召开方式： 1、本次股东大会召开期间没有增加、否决或变更议案的情况发生。 2、本次股东大会采取现场投票、网络投票相结合的方式。 二、召开会议基本情况 1、会议召集人：公司董事会 本次股东大会采取现场投票与网络投票相结合的方式。本次股东大会将通过 深圳证券交易所交易系统和互联网投票系统向公司股东提供网络形式的投票平 台 ...

Market Overview - The kitchen and bathroom appliance sector increased by 0.49% on September 11, with Mars leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance: - Mars (300894) closed at 13.53, up 1.65% with a trading volume of 51,900 shares and a turnover of 69.21 million yuan [1] - Sunrise Oriental (603366) closed at 10.01, up 1.42% with a trading volume of 207,900 shares and a turnover of 206 million yuan [1] - Other notable stocks include: - Vatti (002035) at 6.51, up 1.24% - Wanhe Electric (002543) at 11.88, up 0.42% - Boss Electric (002508) at 20.27, down 0.05% [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 15.57 million yuan from institutional investors, while retail investors saw a net inflow of 8.15 million yuan [1] - Detailed capital flow for key stocks: - Mars (300894) had a net inflow of 6.38 million yuan from institutional investors, but a net outflow from retail investors [2] - Sunrise Oriental (603366) also saw a net inflow from institutional investors of 6.23 million yuan, with retail investors showing a net outflow [2] - Vatti (002035) had a net inflow of 4.57 million yuan from institutional investors, while retail investors had a slight net inflow [2]

Group 1 - A total of 22 A-shares are undergoing equity registration today according to Wind data [1] - Ganyuan Food, Boss Electric, and Qianjiang Motorcycle have the highest dividend payouts, distributing 5.80 yuan, 5.00 yuan, and 5.00 yuan per 10 shares respectively [1] - ST Jinke is increasing its share capital by issuing 10 additional shares for every 10 shares held [1]

Core Insights - Zhejiang Province's Economic and Information Technology Department announced the first batch of typical cases of AI empowering the manufacturing industry for 2025, with Boss Electric (002508) being selected for its "Shishen" model that enhances the entire cooking chain [1] - This recognition follows Boss Electric's previous accolades, including being named a typical case for AI-enabled new industrialization by the Ministry of Industry and Information Technology and being part of the first national pilot project for high-quality data set construction in the kitchen appliance industry [1] - The company's "vertical large model + scenario intelligent body" AI application paradigm has become a benchmark for both Zhejiang Province and the nation, providing a replicable path for intelligent transformation in the industry [1] Company Innovations - Boss Electric has developed a comprehensive cooking solution centered around the "Shishen" large model, leveraging 46 years of accumulated cooking data [2] - The AI cooking model integrates natural language processing, knowledge graphs, and personalized recommendation algorithms, enabling functions such as meal planning, recipe teaching, cooking guidance, and product inquiries [2] - As of now, the "Shishen" model has served 5.4 million users, with 386,000 active users and a satisfaction rate of 92%, contributing to a digital kitchen appliance sales revenue exceeding 3 billion yuan, a year-on-year increase of 57.2% [2] AI Empowerment in Operations - On the enterprise side, Boss Electric has developed four intelligent agents: an AI R&D assistant, AI customer service, AI technician, and AI supply chain optimizer, enhancing various operational aspects [2] - The AI R&D assistant integrates knowledge retrieval and semantic understanding to build a standard R&D database, while AI customer service and technician roles utilize natural language processing for customer inquiries and fault diagnosis [2] - The supply chain and production processes have also been AI-enabled, employing self-tuning algorithms for 90-day demand forecasting and inventory optimization, alongside real-time data collection from equipment sensors for predictive maintenance [2] Industry Impact - The innovative practices of Boss Electric in AI empowerment are expected to serve as a reference model for other manufacturing enterprises undergoing intelligent transformation, accelerating the formation of new productive forces and promoting high-quality industrial development [3]

Group 1 - The kitchen and bathroom appliance sector experienced a decline of 0.65% on September 10, with Yitian Intelligent leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Individual stock performance in the kitchen and bathroom appliance sector varied, with Zhejiang Meida showing a slight increase of 0.59% and Yitian Intelligent declining by 1.92% [1] Group 2 - The kitchen and bathroom appliance sector saw a net outflow of 21.18 million yuan from main funds, while retail investors contributed a net inflow of 24.41 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors withdrawing capital while retail investors increased their positions [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company has shown stable operations, with Q2 2025 revenue growth turning positive compared to Q1 2025. Profitability has improved year-on-year due to channel structure optimization and internal cost reduction efforts. The company announced a mid-term dividend for 2025, with a total dividend amounting to 472 million yuan, representing 66% of its performance, indicating a high dividend yield. Looking ahead, the company is expected to continue its growth through deepening its core business, expanding new product categories, and exploring new channels and markets [4][15]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 4.608 billion yuan, a year-on-year decrease of 2.58%. The net profit attributable to shareholders was 712 million yuan, down 6.28% year-on-year, while the net profit excluding non-recurring items was 642 million yuan, a decrease of 2.40% year-on-year. In Q2 2025, revenue reached 2.531 billion yuan, an increase of 1.57% year-on-year, with a net profit of 372 million yuan, up 2.96% year-on-year [12][21]. Revenue Growth and Product Performance - The revenue growth in Q2 2025 was driven by the retail channel benefiting from national subsidies, while the e-commerce channel saw a positive growth rate due to promotional activities. The engineering channel's growth may still fluctuate due to pressures in the real estate market. The main products, such as range hoods and gas stoves, experienced slight revenue declines, while new product categories like dishwashers and integrated machines showed growth, with significant volume increase in the new cabinet category [13][20]. Profitability and Cost Management - The gross profit margin in Q2 2025 increased by 1.26 percentage points year-on-year, primarily due to a decrease in the proportion of the engineering channel and internal cost reduction efforts. The company’s operating cash flow in Q2 2025 saw a significant year-on-year increase, indicating good profit quality [14][19]. Shareholder Returns - The company has been actively optimizing its inventory turnover efficiency, with inventory turnover days reduced to below 100 days by H1 2025. The high dividend payout ratio reflects the company's commitment to shareholder returns, and it is expected to maintain a high dividend yield moving forward [14][15]. Future Outlook - The company is expected to maintain steady growth through its core business development, new product launches, and expansion into new markets and channels. The projected net profit attributable to shareholders for 2025-2027 is estimated at 1.596 billion, 1.673 billion, and 1.755 billion yuan, respectively, with corresponding P/E ratios of 12.0, 11.5, and 10.9 times [15][16].

Investment Rating - The investment rating for the company is "Accumulate" [5][18]. Core Views - The report highlights that new product categories and channel strategies are expected to contribute incremental growth, with a high interim dividend payout ratio and the cabinet business opening new growth opportunities [2][11]. Financial Summary - The company's projected revenue for 2025 is 11,681 million, reflecting a growth of 4.2% from 2024 [4]. - The net profit attributable to the parent company for 2025 is estimated at 1,710 million, with an increase of 8.4% compared to 2024 [4]. - Earnings per share (EPS) for 2025 is projected to be 1.81, with a growth rate of 8% [11]. - The company plans to distribute a dividend of 0.5 per share, totaling 4.72 million, resulting in a dividend payout ratio of 66% and a current dividend yield of 2.5% [11]. Business Performance - In the first half of 2025, the company achieved a revenue of 46.08 billion, a decrease of 2.58% year-on-year, with a net profit of 7.12 billion, down 6.28% year-on-year [11]. - The retail channel benefited from policies like "old-for-new" exchanges, showing an increase of 8.9% year-on-year [11]. - The emerging product categories, such as dishwashers and integrated machines, continued to show high growth rates of 6.03% and 6.27% respectively [11]. - The cabinet business contributed 102 million in revenue, marking a new growth area for the company [11]. Market Data - The company's market capitalization is 18,776 million, with a total share capital of 945 million [6]. - The stock price has ranged between 17.71 and 24.36 over the past 52 weeks [6]. Valuation - The target price for the company's stock is set at 27.15 [5][11]. - The company is valued at a price-to-earnings (P/E) ratio of 10.93 for 2025 [4].

Group 1 - The company announced a cash dividend distribution plan for the first half of 2025, proposing a payout of 5 RMB per 10 shares to all shareholders [2] - The record date for the dividend distribution is set for September 11, 2025, while the ex-dividend date is September 12, 2025 [2]

证券代码：002508 证券简称：老板电器 公告编号：2025-047 杭州老板电器股份有限公司 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、误导性陈述或重大遗漏。 杭州老板电器股份有限公司（以下简称"公司"）2025年中期权益分派方案 已获2025年8月27日召开的公司第六届董事会第十七次会议和第六届监事会第十 六次会议审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 为基数，向全体股东每 10 股派 5.00 元人民币现金(含税)，预计派发的现金红 利总额为 472,469,458.00 元。若在分配方案实施前公司总股本发生变化的， 将按照"分配比例不变，调整分配总额"的原则相应调整。 会第十六次会议审议通过的方案一致。 六、咨询方式 本公司 2025 年中期权益分派方案实际为：以公司现有总股本 944,938,916 股为基数，向全体股东每 10 股派 5.00 元人民币现金（含税；扣税后，通过深股 通持有股份的香港市场投资者、QFII、RQFII 以及持有首发前限售股的个人和证 券投资基金每 10 股派 4.50 元；持有首发后限售股、股权激励限 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-047 杭州老板电器股份有限公司 2025 年中期权益分派实施公告 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、误导性陈述或重大遗漏。 杭州老板电器股份有限公司（以下简称"公司"）2025年中期权益分派方案 已获2025年8月27日召开的公司第六届董事会第十七次会议和第六届监事会第十 六次会议审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2025 年中期权益分派方案为：以公司现有总股本 944,938,916 股 为基数，向全体股东每 10 股派 5.00 元人民币现金(含税)，预计派发的现金红 利总额为 472,469,458.00 元。若在分配方案实施前公司总股本发生变化的， 将按照"分配比例不变，调整分配总额"的原则相应调整。 2、自分配方案披露至实施期间公司总股本未发生变化。 3、本次实施的分配方案与公司第六届董事会第十七次会议和第六届监事 会第十六次会议审议通过的方案一致。 二、权益分派方案 本公司 2025 年中期权益分派方案实际为：以公司现有总股本 944,938 ...