Core Viewpoint - The establishment of Hainan Boss Intelligent Technology Co., Ltd. by Boss Electric indicates a strategic move into the artificial intelligence sector, with a focus on various AI-related businesses [1] Group 1: Company Overview - Hainan Boss Intelligent Technology Co., Ltd. has been registered with a capital of 200 million yuan [1] - The company is wholly owned by Boss Electric (002508) [1] Group 2: Business Scope - The business scope of the new company includes sales of artificial intelligence hardware [1] - It also encompasses the development of artificial intelligence application software and foundational software [1] - Additionally, the company is involved in general software development [1]

Group 1 - A new company, Hainan Boss Intelligent Technology Co., Ltd., has been established with a registered capital of 200 million yuan [1] - The business scope of the new company includes sales of artificial intelligence hardware, development of artificial intelligence application software, development of artificial intelligence basic software, and software development [1] - The company is wholly owned by Boss Electric (002508) [1]

Core Viewpoint - The financial performance and trading activity of Boss Electric Appliances indicate a mixed outlook, with a slight increase in stock price but a decline in revenue and net profit year-on-year [1][2]. Group 1: Financial Performance - For the first half of 2025, Boss Electric Appliances reported a revenue of 4.608 billion yuan, a year-on-year decrease of 2.58% [2]. - The net profit attributable to shareholders for the same period was 712 million yuan, reflecting a year-on-year decline of 6.28% [2]. - Cumulatively, the company has distributed 6.847 billion yuan in dividends since its A-share listing, with 2.833 billion yuan distributed over the last three years [3]. Group 2: Trading Activity - On September 24, Boss Electric Appliances' stock price increased by 0.10%, with a trading volume of 113 million yuan [1]. - The financing buy-in amount for the company on the same day was 7.5751 million yuan, while the financing repayment was 6.5918 million yuan, resulting in a net financing buy-in of 983,300 yuan [1]. - As of September 24, the total balance of margin trading for Boss Electric Appliances was 225 million yuan, with the financing balance accounting for 1.23% of the circulating market value [1]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Boss Electric Appliances was 61,600, an increase of 45.19% compared to the previous period [2]. - The average circulating shares per shareholder were 15,149 shares, which is a decrease of 31.12% from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 90.8893 million shares, a decrease of 27.0985 million shares from the previous period [3].

Company Overview - Boss Electric, established on November 7, 2000, and listed on November 23, 2010, is located in Yuhang District, Hangzhou, Zhejiang Province. The company specializes in the research, production, and sales of kitchen appliances, including range hoods, gas stoves, dishwashers, and food processors [1][2]. Financial Performance - For the first half of 2025, Boss Electric reported a 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% compared to the previous year [2]. - Since its A-share listing, Boss Electric has distributed a total of 6.847 billion yuan in dividends, with 2.833 billion yuan distributed over the last three years [3]. Stock Performance - As of September 23, Boss Electric's stock price was 18.83 yuan per share, reflecting a year-to-date decline of 7.83%. Over the past five trading days, the stock fell by 3.78%, and over the last 20 days, it decreased by 4.61%, while it saw a slight increase of 2.17% over the past 60 days [1]. - The company experienced a net outflow of 22.8599 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Information - As of June 30, 2025, Boss Electric had 61,600 shareholders, an increase of 45.19% from the previous period. The average number of circulating shares per shareholder was 15,149, a decrease of 31.12% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 90.8893 million shares, which is a decrease of 27.0985 million shares from the previous period [3].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][61]. Core Views - The home appliance sector shows resilience in domestic sales driven by promotional policies for high-end air conditioning units, while exports face challenges due to tariffs and market conditions [16][22]. - The overall performance of the home appliance industry is expected to stabilize as companies expand overseas sales channels and enhance brand influence [22][12]. Summary by Sections 1. Investment Recommendations - Key recommendations include major players such as Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart, and Hisense Home Appliances for white goods; Boss Electric for kitchen appliances; and Bear Electric, Roborock, and Ecovacs for small appliances [4][12]. 2. Research Tracking and Investment Thoughts - August air conditioning production and sales exceeded expectations, with domestic sales up 1.2% and total production at 12.881 million units, a 9.4% increase year-on-year [17]. - Home appliance exports in August decreased by 6.2% year-on-year, with air conditioning exports down 23.7%, while refrigerator exports increased by 4.4% [19][22]. - The U.S. home appliance retail sales grew by 2.6% in August, despite rising inventory levels due to tariff concerns [33]. 3. Key Data Tracking - The home appliance sector achieved a relative return of +2.04% this week, outperforming the broader market [36]. - Raw material prices showed a slight decrease, with copper and aluminum prices down by 0.9% and 0.4% respectively [39]. - Shipping indices for routes to the U.S. West Coast and East Coast increased by 6.37% and 4.14% respectively, while the European route saw a decrease of 4.31% [46]. 4. Company Announcements and Industry Dynamics - Haier Smart Home plans to grant up to 4.05 million restricted shares to 149 employees, with performance targets set for revenue and net profit growth [54]. - The industry faces challenges in the post-subsidy era, requiring companies to adapt strategies to regional market conditions [57].

Market Overview - On September 19, the kitchen and bathroom appliance sector declined by 0.11% compared to the previous trading day, with Zhejiang Meida leading the decline [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed mixed performance, with Boss Electric rising by 0.87% to a closing price of 19.69, while Zhejiang Meida fell by 3.55% to 7.60 [1] - The trading volume and turnover for Boss Electric were 95,400 shares and 186 million yuan, respectively [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 41.39 million yuan from institutional investors, while retail investors saw a net inflow of 45.43 million yuan [1] - Detailed capital flow data indicates that stocks like Boss Electric and Vatti experienced varying levels of net inflow and outflow from different investor categories [2]

Core Points - The company announced an adjustment to the exercise price of its 2025 stock option incentive plan to 16.58 yuan per share [2] Summary by Category Company Announcement - The company held the 18th meeting of the 6th Board of Directors and the 17th meeting of the 6th Supervisory Board on September 18, 2025, to review and approve the adjustment of the exercise price [2]

Core Viewpoint - The company announced an adjustment to the exercise price of its 2024 stock option incentive plan to 16.92 yuan per share, as approved in meetings held on September 18, 2025 [1] Summary by Relevant Sections - **Company Announcement** - The company held the 18th meeting of the 6th Board of Directors and the 17th meeting of the 6th Supervisory Board on September 18, 2025, to review and approve the adjustment of the exercise price for the 2024 stock option incentive plan [1]

Core Points - Zhejiang Jingheng Law Firm issued a legal opinion regarding the adjustment of the exercise prices for the stock option incentive plan of Hangzhou Robam Appliances Co., Ltd. for the years 2023 to 2025 [1] - The adjustments to the exercise prices are compliant with regulations and have received the necessary approvals and authorizations [1] Summary by Year - For 2023, the exercise price was adjusted from 20.01 CNY per share to 19.51 CNY per share [1] - For 2024, the exercise price was adjusted from 17.42 CNY per share to 16.92 CNY per share [1] - For 2025, the exercise price was adjusted from 17.08 CNY per share to 16.58 CNY per share [1] Reason for Adjustment - The adjustments were made due to a mid-year equity distribution in 2025, which involves a cash distribution of 5 CNY (including tax) for every 10 shares [1] Compliance and Disclosure - The law firm confirmed that the adjustments to the exercise prices for the three-year incentive plan are compliant, and the company is required to fulfill its information disclosure obligations [1]

Group 1 - The company, Boss Electric, announced on September 18 that its sixth board meeting was held to discuss the adjustment of the stock option incentive plan for 2023 [1] - The meeting was conducted through on-site voting [1] - The agenda included the proposal to adjust the exercise price of the stock option incentive plan [1]