Market Overview - On September 18, the kitchen and bathroom appliance sector declined by 1.4%, with Aopu Technology leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed mixed performance, with notable declines in Aopu Technology (-3.45%) and Mars Man (-3.20%) [1] - Yichu Xiangneng and Zhejiang Meida were among the few gainers, with increases of 1.93% and 1.29% respectively [1] Trading Volume and Capital Flow - The total trading volume for the kitchen and bathroom appliance sector was significant, with Yichu Xiangneng recording a volume of 70,500 shares and a transaction value of 407 million yuan [1] - The sector experienced a net outflow of 1.5892 million yuan from institutional investors and 22.1891 million yuan from retail investors, while retail investors saw a net inflow of 2.37784 million yuan [1] Capital Flow Analysis - Aopu Technology had a net outflow of 1.4698 million yuan from institutional investors, while retail investors contributed a net inflow of 217.54 million yuan [2] - The overall capital flow indicates a cautious sentiment among institutional investors, with significant outflows from several key stocks in the sector [2]

证券代码：002508 证券简称：老板电器 公告编号：2025-053 杭州老板电器股份有限公司 关于调整 2025 年股票期权激励计划行权价格的公告 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。 杭州老板电器股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日分别 召开第六届董事会第十八次会议和第六届监事会第十七次会议审议通过了《关 于调整 2025 年股票期权激励计划行权价格的议案》，公司 2025 年股票期权激 励计划行权价格调整为 16.58 元/股。现将有关情况公告如下： 一、本次激励计划已履行的相关审批程序 1、2025 年 4 月 28 日，公司召开第六届董事会第十三次会议，审议通过 了《公司 2025 年股票期权激励计划（草案）及其摘要的议案》《公司 2025 年股票期权激励计划实施考核管理办法的议案》《关于提请股东大会授权董 事会办理股权激励相关事宜议案》等议案。 同日，公司召开第六届监事会第十二次会议，审议通过了《关于公司 2025 年股票期权激励计划（草案）及其摘要的议案》《关于公司 2025 年股 票期权激励计划实施考核 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-051 杭州老板电器股份有限公司 关于调整 2023 年股票期权激励计划行权价格的公告 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。 杭州老板电器股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日分别 召开第六届董事会第十八次会议和第六届监事会第十七次会议审议通过了《关 于调整 2023 年股票期权激励计划行权价格的议案》，公司 2023 年股票期权激 励计划行权价格调整为 19.51 元/股。现将有关情况公告如下： 一、本次激励计划已履行的相关审批程序 1、2023年4月25日，公司召开第五届董事会第十四次会议，审议通过了 《关于公司2023年股票期权激励计划（草案）及其摘要的议案》等相关议案， 独立董事对公司股票期权激励计划相关事项发表了同意的独立意见。公司第五 届监事会第十四次会议审议通过上述相关议案并发表同意意见。公司于2023年4 月26日披露了上述事项。 2、2023年4月26日至2023年5月8日，公司通过内部张贴将股票期权激励计 划激励对象姓名及职务予以公示。20 ...

同日，公司召开第六届监事会第五次会议，审议通过了《关于公司2024年 股票期权激励计划（草案）及其摘要的议案》《关于公司2024年股票期权激励 计划实施考核管理办法的议案》《关于核实公司2024年股票期权激励计划授予 激励对象名单的议案》等议案，并发表同意意见。公司于2024年4月25日披露了 上述事项。 关于调整 2024 年股票期权激励计划行权价格的公告 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。 杭州老板电器股份有限公司（以下简称"公司"）于 2025 年 9 月 18 日分别 召开第六届董事会第十八次会议和第六届监事会第十七次会议审议通过了《关 于调整 2024 年股票期权激励计划行权价格的议案》，公司 2024 年股票期权激 励计划行权价格调整为 16.92 元/股。现将有关情况公告如下： 一、本次激励计划已履行的相关审批程序 1、2024年4月24日，公司召开第六届董事会第五次会议，审议通过了《关 于公司2024年股票期权激励计划（草案）及其摘要的议案》《关于公司2024年 股票期权激励计划实施考核管理办法的议案》《关于提请股东大会授权董事会 ...

2023年股票期权激励计划、2024年股票期权激励计划、 浙江京衡律师事务所 关于 杭州老板电器股份有限公司 2025年股票期权激励计划相关事项调整的 法律意见书 二〇二五年九月 地址：浙江省杭州市杭大路黄龙世纪广场C区九层 邮编：310007 电话：0571-28006970 传真：0571-87901646 浙江京衡律师事务所 法律意见书 浙江京衡律师事务所 关于杭州老板电器股份有限公司 2023 年股票期权激励计划、2024 年股票期权激励计划、 2025 年股票期权激励计划相关事项调整的 法律意见书 致：杭州老板电器股份有限公司 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》（以下简称"《证券法》"）、中国证券监督管理委员会（以下 简称"中国证监会"）《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等有关法律、法规和规范性文件及《杭州老板电器股份有限公司章程》（以下简 称"《公司章程》"）、《杭州老板电器股份有限公司2023年股票期权激励计划 （草案）》（以下简称"《2023年激励计划（草案）》"）、《杭州老板电器股 份有限公司2024年股票期权激励计划（ ...

证券代码：002508 证券简称：老板电器 公告编号：2025-050 经审核，公司监事会认为：根据《上市公司股权激励管理办法》及《2024 年股票期权激励计划（草案）》相关规定，公司本次调整 2024 年股票期权激 励计划行权价格事项符合有关规定，不存在损害股东利益的情况。监事会同意 本次调整 2024 年股票期权激励计划行权价格。 三、审议通过了《关于调整 2025 年股票期权激励计划行权价格的议案》 。 杭州老板电器股份有限公司（以下简称"公司"或"老板电器"）第六届监事 会第十七次会议通知于 2025 年 9 月 8 日以专人送达方式发出，会议于 2025 年 9 月 18 日以现场表决的方式召开。会议应出席监事 5 人，实际出席监事 5 人。 本次会议的召开符合《中华人民共和国公司法》、《杭州老板电器股份有限公 司章程》等有关法律、法规的规定。经与会监事审议并表决通过了以下议案： 一、审议通过了《关于调整 2023 年股票期权激励计划行权价格的议案》 。 表决情况：同意 5 票，反对 0 票，弃权 0 票；表决结果：通过。 经审核，公司监事会认为：根据《上市公司股权激励管理办法》及《2023 年股票 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-049 杭州老板电器股份有限公司 第六届董事会第十八次会议决议公告 本公司及董事会全体成员保证公司公告内容的真实、准确和完整，并对公告 中的虚假记载、误导性陈述或者重大遗漏承担责任。 杭州老板电器股份有限公司（以下简称"公司"或"老板电器"）第六届董事 会第十八次会议通知于 2025 年 9 月 8 日以专人送达、电子邮件方式发出，会 议于 2025 年 9 月 18 日以现场表决的方式召开。应参加表决董事 9 人，实际表 决董事 9 人。会议由任建华先生主持。会议召集、召开及表决程序符合《中华 人民共和国公司法》及《杭州老板电器股份有限公司章程》的有关规定。 全体董事经审议通过了以下议案： 一、审议通过了《关于调整 2023 年股票期权激励计划行权价格的议案》。 表决情况：同意 9 票，反对 0 票，弃权 0 票；表决结果：通过。 《关于调整 2023 年股票期权激励计划行权价格的公告》详见公司指定信 息披露网站巨潮资讯网（www.cninfo.com.cn）与公司指定信息披露媒体《证 券时报》、《中国证券报》、《证券日报》与《上海证券报》。 ...

Group 1 - Suning.com and Robam Appliances have launched a joint promotion for the fourth quarter, featuring over ten new smart kitchen appliances from Robam available at Suning.com stores [1][3] - The collaboration aims to enhance the shopping experience by upgrading store images and creating a digital kitchen appliance workshop, focusing on quality products and user experience [1][3] - The promotion includes various consumer benefits such as renovation subsidies and free cleaning services, alongside nationwide culinary tasting events [1][6] Group 2 - Consumer preferences in kitchen appliances are shifting from cost-effectiveness to quality experiences, with AI and ultra-thin designs becoming key factors in purchasing decisions [3] - The new product lineup includes AI digital kitchen appliances and ultra-thin range hoods, designed to meet diverse cooking needs with features like voice control and extensive recipe databases [3][5] - The flagship stores at Suning.com will provide an immersive shopping experience, showcasing the latest products through events like product launches and live streaming [3][5] Group 3 - The kitchen appliance market is now in a phase of deep cultivation, focusing on user engagement and market expansion through diverse store formats and community services [6] - The partnership will implement a one-stop service covering pre-sale kitchen renovation design, in-store reception, and post-sale appliance maintenance to enhance customer confidence [6] - During the peak shopping seasons, promotional offers include up to 2000 yuan in renovation subsidies and bundled gifts with purchases of digital kitchen appliances [6]

Market Overview - The kitchen and bathroom appliance sector increased by 1.1% on September 17, with Zhejiang Meida leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Zhejiang Meida (002677) closed at 7.78, with a significant increase of 10.04% and a trading volume of 692,600 shares, amounting to 531 million yuan [1] - Other notable performers include: - Boss Electric (002508) at 20.00, up 2.20% with a trading volume of 103,400 shares, totaling 206 million yuan [1] - Mars Man (300894) at 13.74, up 1.78% with a trading volume of 87,600 shares, totaling 121 million yuan [1] - Aopu Technology (603551) at 12.74, up 1.68% with a trading volume of 24,500 shares, totaling approximately 31 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net inflow of 37.96 million yuan from institutional investors, while retail investors experienced a net outflow of 63.89 million yuan [1] - Detailed capital flow for key stocks includes: - Zhejiang Meida had a net inflow of 32.17 million yuan from institutional investors, but a net outflow of 48.50 million yuan from retail investors [2] - Mars Man recorded a net inflow of 14.55 million yuan from institutional investors, with a net outflow of 17.49 million yuan from retail investors [2] - Boss Electric had a net inflow of 6.60 million yuan from institutional investors, with a net outflow of 832,110 yuan from retail investors [2]

Core Insights - The home appliance retail sector in China showed a positive growth trend in August, with offline sales improving and online sales remaining stable despite entering a low season [1][2] - Home appliance exports faced challenges, with a year-on-year decline of 6% in August, but companies are showing confidence in overseas expansion [1][3] - Domestic appliance manufacturers showcased new products at the IFA exhibition in Berlin, indicating strong intentions to penetrate international markets [1][4] Retail Performance - In August, the total retail sales of consumer goods in China grew by 3.4% year-on-year, with cumulative growth of 4.6% [2] - The retail sales of home appliances and audio-visual equipment increased by 14.3% year-on-year, with cumulative growth of 28.4% [2] - The growth of offline retail was boosted by the arrival of the third batch of national subsidy funds, while online sales of essential items saw a slowdown [2] Export Trends - In August, the export value of home appliances reached 60.37 billion yuan, a year-on-year decrease of 6.3%, with a dollar value of 8.43 billion USD, also down by 6.6% [3] - The average export price decreased by 3.2% to 20.9 USD per unit [3] - The decline in exports has narrowed slightly due to easing tariff policies, and companies are accelerating overseas production capacity [3] Product Launches and Market Strategy - The IFA exhibition featured major Chinese appliance brands like Midea, Haier, and TCL, showcasing innovative products and emphasizing their commitment to international markets [4] - Midea's exhibition theme was "Master Your Home," highlighting smart home appliances, while Haier introduced its latest AI technology [4] - Stone Technology launched its first all-terrain robotic lawn mower, indicating diversification into new product categories [4] Investment Recommendations - Recommended stocks include Midea Group, Bear Electric, and Stone Technology for their strong market positions and product offerings [1][4]