浙江京街律师事务所 关于 杭州老板电器股份有限公司 注销2023年股票期权激励计划部分股票期权和 调整2025年股票期权激励计划行权价格 相关事项的 法律意见书 二〇二五年六月 地址：浙江省杭州市杭大路黄龙世纪广场C区九层 邮编：310007 传真: 0571-87901646 电话: 0571-28006970 浙江京衡律师事务所 法律意见书 浙江京衛律师事务所 关于杭州老板电器股份有限公司 注销 2023 年股票期权激励计划部分股票期权和 公司已向本所律师作出承诺,保证其向本所提供的所有文件资料及所作出的 所有陈述和说明均是完整、真实和有效的,且一切足以影响本法律意见书的事实 和文件均已向本所披露,无任何隐瞒或重大遗漏;保证其提供的文件资料中的所 有签字及印章均是真实的. 文件的副本、复印件或扫描件均与原件相符. 本法律意见书所评述的事项,仅限于本法律意见书出具之日以前已发生或存 在的事实;并且仅就与本次注销、本次调整有关的法律问题,根据本所律师对我 国现行有效的法律、法规和规范性文件的理解发表意见。 本所同意将本法律意见书作为公司本次注销、本次调整的必备文件之一，随 其他材料一起上报或公告,作为公开披露 ...

由于公司2023年股票期权激励计划12名激励对象因个人原因离职，已不符合 激励条件，公司董事会决定对其已授予但尚未行权的股票期权进行注销。该事项 符合公司2023年股票期权激励计划以及有关法律、法规的相关规定，履行的程序 合法有效。同意公司注销其已获授但尚未行权的股票期权110,400份；由于2023年 股票期权激励计划第一个行权期已于2025年6月19日结束，因激励计划第一个行 权期已届满，公司拟对已到期未行权的合计57,800份股票期权进行注销；由于 2023年度个人考核结果为C，未达行权条件，同意公司注销12人已获授但尚未行 权的股票期权36,000份；由于公司2023年股票期权激励计划股票期权第二个行权 期行权条件未达成，其已获授但尚未行权的股票期权不得行权，公司董事会决定 对其进行注销。该事项符合公司2023年股票期权激励计划以及有关法律、法规的 相关规定，履行的程序合法有效。同意公司注销激励对象持有的第二个行权期已 获授但不具备行权条件的1,527,000份股票期权。 杭州老板电器股份有限公司 杭州老板电器股份有限公司（以下简称"公司"） 第六届监事会第十五次会 议于2025年6月30日在公司四楼 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-036 一、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》 。 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》（以下简 称"《管理办法》"）及《2025 年股票期权激励计划（草案）》相关规定， 公司本次调整 2025 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 2025 年股票期权激励计划行权价 格。 二、审议通过了《关于注销 2023 年股票期权激励计划部分股票期权的议 案》。 表决情况：同意 5 票，反对 0 票，弃权 0 票；表决结果：通过。 经审核公司本次拟注销部分股票期权涉及的激励对象名单和股份数量后， 监事会认为：公司本次因激励对象离职而注销股票期权事项、激励计划第一个 行权期届满，到期未行权而注销股票期权事项及本次激励计划第二个行权期公 司层面业绩考核未达标而注销股票期权事项符合《管理办法》《2023 年股票 期权激励计划（草案）》《2023 年股票期权激励计划实施考核管理办法》等 的有 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-035 杭州老板电器股份有限公司 第六届董事会第十六次会议决议公告 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 会第十六次会议通知于 2025 年 6 月 20 日以专人送达、电子邮件方式发出，会 议于 2025 年 6 月 30 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 2025 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。 2025 年 7 月 1 日 《关于调整 2025 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》、 ...

Group 1: Core Competitiveness and Market Adaptation - The company's core competitiveness lies in its dynamic adaptability to market changes, emphasizing a "healthy operation over scale expansion" philosophy [2] - The organization fosters a culture of empowerment to stimulate team autonomy, transitioning from a focus on product specialization to a multi-brand strategy to address market segmentation [2][3] - Management's primary responsibility is to keenly sense environmental changes and unify strategic direction [2] Group 2: Channel Strategy Transformation - The company is shifting from a channel-driven approach to a dual-driven strategy focusing on products and brands [3] - Previously reliant on real estate dividends for deep channel coverage, the company is now enhancing product innovation and brand building to stimulate demand [3] Group 3: Resource Allocation between R&D and Marketing - Product development is essential for consumer communication, requiring balanced investment in both R&D and marketing [4] - Effective marketing is crucial for converting high-quality products into sales, while a strong product foundation supports brand sentiment [4] Group 4: Internationalization Strategy - The company identifies three key opportunities for globalization: scale support for resource investment, supply chain optimization to reduce manufacturing costs, and a shift from recruiting distributors to establishing direct subsidiaries [5] - A dual approach of "self-built + acquisition" is being pursued to establish direct operations in Southeast Asia and North America while seeking acquisitions that complement the main business [5] Group 5: Multi-Brand Strategy and High-End Positioning - The "Boss" and "Mingqi" brands are distinctly positioned, with "Boss" focusing on high-end specialty stores and "Mingqi" targeting lower-tier market distribution [6] - Differentiated product design and channel strategies are employed to prevent cognitive conflicts between the two brands [6] Group 6: Competitive Advantages Against Comprehensive Appliance Brands - The company maintains three competitive advantages: comprehensive coverage of kitchen appliance product lines, cost advantages from self-built supply chains, and a deep understanding of cooking scenarios [7] - The company’s terminal stores enhance consumer recognition through "professional experience zones," reinforcing its image as a technology leader [7] Group 7: Balancing Growth and Profitability - The company emphasizes dynamic adjustments in operations, focusing on scale growth during transformation phases and optimizing profit quality during stabilization [7] - Current efforts are directed towards creating new demand in existing markets, moving away from reliance on real estate dividends and adopting user operation models from fast-moving consumer goods companies [7]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - Domestic appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making second-quarter demand promising [2] - The national subsidy policy is confirmed to continue, with a total of 300 billion yuan allocated for supporting the replacement of old appliances, ensuring sustained demand [6] - The market is witnessing a shift towards new consumption trends, with brands actively targeting younger demographics and innovating product offerings to capture new growth opportunities [6] Summary by Sections Investment Recommendations and Targets - Focus on quality white goods leaders benefiting from domestic policy continuation and overseas expansion, such as Midea Group (000333, not rated), Haier Smart Home (600690, Buy), and Hisense Home Appliances (000921, not rated) [2] - Attention to companies with potential in mature overseas markets and short-term supply chain advantages, including Hisense Visual (600060, Overweight) and Ousheng Electric (301187, Buy) [2] - Highlighting small appliance companies that may benefit from national subsidies and long-term demand for new appliance categories, such as Roborock Technology (688169, Buy) and Bear Electric (002959, Overweight) [2] - Monitoring kitchen appliance companies that are adjusting strategies and may expand overseas, including Boss Electric (002508, Buy) and Vatti Corporation (002035, not rated) [2] Market Dynamics - Recent retail data shows significant year-on-year growth in online sales for major appliance categories, indicating resilience in demand despite concerns over subsidy reductions [6] - The market is adapting to new consumer preferences, with brands leveraging innovative marketing strategies to engage younger consumers and explore new product categories [6]

Core Viewpoint - The "trade-in" policy has boosted retail sales in the home appliance sector, yet the company Boss Electric has reported disappointing first-quarter results for 2025, indicating a decline in revenue and profit despite a slight increase in gross margin [1][3]. Financial Performance - In Q1 2025, Boss Electric achieved total revenue of 2.076 billion yuan, a year-on-year decrease of 7.2% [1]. - The net profit attributable to shareholders was approximately 340 million yuan, down nearly 15% year-on-year [1]. - The company experienced a cash outflow of about 187 million yuan from operating activities, contrasting with a cash inflow of 54.89 million yuan in the same period of 2024 [1]. - The gross margin increased by 2.08 percentage points to 52.7%, but the net profit margin fell by 1.49 percentage points compared to Q1 2024 [1]. Market Dynamics - The sales of core products, particularly range hoods and gas stoves, have not met expectations, contributing to the negative growth in Q1 2025 [7]. - Despite the overall market for range hoods and gas stoves showing growth rates of 12.1% and 11.7% respectively from January to April 2025, Boss Electric's performance diverged from these trends [7]. - The company has heavily relied on the real estate sector for its sales, with a significant portion of revenue coming from engineering channels [8]. Product Structure - Boss Electric's product structure is heavily skewed towards a few key categories, with range hoods and gas stoves accounting for 73.4% of total revenue in 2024 [3]. - The revenue from other products like dishwashers and integrated stoves is significantly lower, indicating a lack of diversification [3]. Cash Flow and Receivables - The company's accounts receivable have been increasing, reaching 1.782 billion yuan in Q1 2025, which is 5.3 times the net profit for the same period [9]. - The accounts receivable turnover days exceeded 80 days, marking a 34% increase compared to the end of 2024 [9]. Corporate Governance and Incentives - Despite financial struggles, the company has maintained high dividend payouts, distributing a total of 1.416 billion yuan in cash dividends in 2024, which accounted for 103.9% of net profit [12]. - Executive compensation has been rising, with significant increases in salaries for top management, raising concerns about alignment with company performance [12][13]. - The stock option exercise price has been lowered, indicating a potential dilution of shareholder value [13].

Core Viewpoint - The company has completed the registration of its 2025 stock option incentive plan, which aims to motivate and retain key personnel by aligning their interests with those of shareholders and the company [1][2][9] Group 1: Incentive Plan Approval and Structure - The stock option incentive plan was approved by the company's board and the sixth supervisory board meeting, with the plan's details disclosed on April 29, 2025 [2] - The plan includes a total of 606 million stock options granted to 370 incentive targets, representing 0.64% of the company's current share capital [3][6] - The stock options have a validity period of 48 months from the grant date, with a waiting period of 12, 24, and 36 months for different tranches [3][4] Group 2: Performance and Vesting Conditions - The performance assessment for the stock options is based on net asset return rates and revenue growth compared to industry averages for the years 2025 to 2027 [5][6] - The first tranche allows for 30% of options to be exercised after 12 months, the second tranche allows for another 30% after 24 months, and the final 40% can be exercised after 36 months [4][5] Group 3: Financial Impact and Accounting - The company will account for the stock options as per the relevant accounting standards, adjusting the expected number of exercisable options based on performance metrics and the number of eligible participants [7][8] - The fair value of the stock options was calculated using the Black-Scholes model, with the stock price at 20.01 yuan per share on the grant date [8] Group 4: Strategic Importance - The implementation of this incentive plan is expected to enhance the company's long-term incentive mechanisms, attract and retain talent, and align the interests of shareholders, the company, and management [9]

证券代码：002508 证券简称：老板电器 公告编号：2025-034 杭州老板电器股份有限公司 2025 年股票期权激励计划授予登记完成的公告 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。 重要内容提示： 1、本次股票期权股票来源：公司向激励对象定向发行公司A股普通股。 2、本次股票期权的授予日：2025年5月23日。 3、本次股票期权的授予登记人数：370 人。 4、本次股票期权的授予登记数量：606 万份，约占公司当前股本总额的 0.64%。 5、本次股票期权自授予日起12个月后满足行权条件的，激励对象可以分3期申请 行权，有效期为48个月。 6、行权价格：本次股票期权行权价格为17.58元/份。 7、本次期权简称：老板JLC5，期权代码：037498。 根据中国证监会《上市公司股权激励管理办法》（以下简称"《管理办法》"）、深 圳证券交易所、中国证券登记结算有限责任公司深圳分公司有关规则的规定，杭州老 板电器股份有限公司（以下简称"公司"）于近日完成了本激励计划股票期权授予登记工 作，有关具体情况公告如下： 一、本激励计划的决策程序和批准情况 1、2 ...

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Insights - Domestic home appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making the second quarter demand promising. Changes in national subsidy methods are expected to have limited disruption [3][8]. - The online retail performance in May was strong, with significant year-on-year growth in various categories, including a 31.7% increase in TV sales and a 46.0% increase in air conditioning sales [8]. - The report highlights the potential for emerging markets in exports, while concerns regarding exports to the U.S. due to global capacity layout are deemed manageable. The reshaping of the global supply chain presents new opportunities [3][8]. Summary by Sections Domestic Market Performance - In May, online retail sales for home appliances showed impressive growth, with air conditioning sales up 46.0% year-on-year and cumulative growth of 26.9% from January to May [8]. - The average price of air conditioning units decreased slightly by 0.7% in May, but the report predicts that price declines are nearing an end as the peak season approaches [8]. Policy and Subsidy Impact - The report discusses changes in national subsidy methods, suggesting that the new approach will likely alleviate price competition among mid-to-low-end brands. The expected shift to a dual-channel distribution for subsidies is anticipated to maintain consumer spending [8]. Investment Recommendations - The report recommends focusing on quality white goods leaders that benefit from domestic policy continuation and are actively expanding overseas, such as Midea Group and Haier Smart Home [3]. - It also suggests monitoring companies that are likely to benefit from the reshaping of market shares in mature overseas markets, such as Hisense Visual Technology and Ousheng Electric [3].