Core Viewpoints - The home appliance industry is expected to outperform the market, driven by strong retail demand and favorable policies such as the old-for-new replacement program [6][14][18] - The online retail performance of major home appliance categories has accelerated since May, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth [2][19] - The production of white goods in June saw a year-on-year increase of 7.3%, with air conditioner domestic sales experiencing a notable growth of 29.3% [3][37] Market Performance - The online retail sales of air conditioners, refrigerators, and washing machines increased by 25.4%, -3.5%, and 9.4% respectively in the first 21 weeks of 2025 compared to the same period in 2024 [2][19] - Offline retail sales maintained a growth rate of over 10%, indicating robust market demand [2][19] - The home appliance sector achieved a relative return of +1.65% in May, outperforming the Shanghai Composite Index [46] Production and Sales Data - In June, the total production of white goods reached 35.15 million units, with air conditioner production increasing by 11.5% year-on-year [3][37] - The production of air conditioners for domestic sales was 20.5 million units, reflecting a growth of 29.3% compared to the previous year [3][37] - The production of refrigerators and washing machines showed stable performance, with year-on-year growth of 3.6% and flat production respectively [3][37] Company Recommendations - Key companies recommended for investment include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Technology, and Hisense Home Appliances, all rated as outperforming the market [5][14][64] - In the small appliance sector, Stone Technology and Bear Electric are highlighted for their strong overseas growth and product expansion [14][17] - The kitchen appliance sector recommends Boss Electric, which is expected to maintain stable growth due to its strong market position [14][17]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6] Core Insights - The home appliance sector is experiencing accelerated revenue growth, with a combined revenue growth rate of nearly 15% in Q1 2024. The white goods segment shows the best performance, benefiting from domestic subsidy policies and strong export demand [12][13] - The handheld smart imaging device industry, where the company operates, has a market size exceeding 40 billion, with a compound annual growth rate of 14.3% from 2017 to 2023, and is expected to surpass 40 billion in 2024 [2][33] - The company, Ying Shi Innovation, has become a leader in the global consumer-grade panoramic camera market with a market share of 67.2% in 2023, and is also among the top three in the action camera sector [1][40] Summary by Sections Investment Rating - The report rates the home appliance industry as "Outperform" [6] Company Overview - Ying Shi Innovation, established in 2015, focuses on the research, production, and sales of smart imaging devices, including consumer-grade panoramic cameras and action cameras. The company achieved a revenue of 55.7 billion in 2024, representing a year-on-year growth of 53.3% [1][18] - The company has a strong competitive advantage due to its advanced technology, product innovation, and comprehensive marketing system [3][42] Financial Performance - The company is projected to achieve a net profit of 9.9 billion in 2024, with a year-on-year increase of 19.9%, and a compound annual growth rate of 106.5% from 2017 to 2024 [1][18] - The revenue from consumer-grade imaging devices is expected to reach 47.9 billion in 2024, accounting for 86.6% of total revenue [20] Market Dynamics - The global handheld smart imaging device market has grown from 164.3 billion in 2017 to 364.7 billion in 2023, with a forecasted growth to over 400 billion in 2024 [2][33] - The market for action cameras reached 7.18 billion in 2022, while the global aerial drone market was valued at 4.85 billion [2][34] Competitive Landscape - The global consumer-grade panoramic camera market is concentrated, with Ying Shi Innovation holding a 67.2% market share, followed by Ricoh and GoPro [2][40] - In the professional-grade panoramic camera market, Ying Shi Innovation leads with a 61.4% market share [40] Strategic Initiatives - The company plans to expand its product range and enhance its marketing and channel coverage, particularly in new markets such as Europe [3][42] - The company has a diversified ownership structure, with a strong and experienced management team [28][31]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 5.00 RMB per 10 shares for all shareholders, totaling approximately 472.47 million RMB in cash dividends [1][2]. Summary by Sections Profit Distribution Plan - The company has a total share capital of 944,938,916 shares and will distribute a cash dividend of 5.00 RMB per 10 shares, resulting in a total cash dividend of 472,469,458.00 RMB [1][2]. Dividend Taxation - The cash dividend distribution will be subject to different tax rates based on the type of shares held. For Hong Kong market investors, the cash dividend will be 4.50 RMB per 10 shares after tax. The company will not withhold individual income tax at the time of distribution, but it will be calculated based on the holding period when the shares are sold [1][2]. Key Dates - The record date for the dividend distribution is set for June 3, 2025, and the ex-dividend date is June 4, 2025 [2]. Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians on the ex-dividend date [2]. Distribution Recipients - The recipients of the dividend will be all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the close of trading on June 3, 2025 [2]. Contact Information - For inquiries, the company has provided a contact address and phone number for shareholders [2].

证券代码：002508 证券简称：老板电器 公告编号：2025-029 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 2024 年年度权益分派实施公告 杭州老板电器股份有限公司（以下简称"公司"）2024年年度权益分派方案 已获2025年5月19日召开的2024年年度股东大会审议通过，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 2024 年年度股东大会审议通过的 2024 年度利润分配方案为：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，将按照每股分配比例不变的原则相应调整。 2、本次实施的方案与公司股东大会审议通过的分配方案及其调整原则一 致。 3、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、权益分派方案 本公司 2024 年年度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 ...

Core Viewpoint - The independent financial advisor report indicates that the stock option incentive plan for 2025 at Boss Electric has received necessary approvals and is in compliance with relevant regulations and company policies [5][8]. Group 1: Incentive Plan Overview - The 2025 stock option incentive plan includes proposals for the authorization and approval of the plan, as well as the management measures for its implementation [3][4]. - The plan aims to incentivize core technical and business personnel, with a total of 608,000 stock options allocated, representing 0.64% of the company's current share capital [6]. Group 2: Approval and Compliance - The report confirms that the stock option grant has been approved by the board and aligns with the conditions set forth in the 2024 annual shareholders' meeting [7]. - The grant date for the stock options is set for May 23, 2025, which complies with the stipulated regulations [7]. Group 3: Financial Impact and Conditions - The financial advisor emphasizes the importance of accurately reflecting the impact of the stock option incentive plan on the company's financial status and operating results, adhering to accounting standards [8]. - The report states that the conditions for granting stock options have been met, and there are no circumstances that would harm the interests of the company or its shareholders [8].

Core Viewpoint - The company has approved a stock option incentive plan, granting 6.08 million stock options to 372 eligible participants, effective from May 23, 2025, as part of its 2025 stock option incentive plan [1][2][3] Summary by Sections Stock Option Incentive Plan Approval - The company held meetings on May 23, 2025, where the stock option incentive plan was approved by the board and supervisory committee [1][2] - The plan was previously disclosed on April 29, 2025, and included the names and positions of the incentive recipients [2] Details of the Stock Option Grant - A total of 6.08 million stock options will be granted, representing 0.64% of the company's current total share capital [3][8] - The plan excludes independent directors, supervisors, and shareholders holding more than 5% of the company's shares [8] Vesting and Exercise Conditions - The stock options have a maximum validity of 48 months from the grant date, with a waiting period of 12, 24, and 36 months for different tranches [4][5] - The exercise periods are divided into three phases: 30% after 12 months, 30% after 24 months, and 40% after 36 months [5] Performance Assessment Criteria - The performance assessment for the stock options will be based on net asset return rates and revenue growth compared to industry averages for the years 2025 to 2027 [6][7] - If the company fails to meet the performance targets, the stock options for that year will be canceled [6] Financial Implications - The funds raised from the stock option exercise will be used to supplement the company's working capital [8] - The company will not provide any financial assistance for the exercise of stock options, and all taxes will be withheld as per regulations [8] Legal and Compliance - The plan has received necessary approvals and complies with relevant laws and regulations, ensuring no conflicts with shareholder interests [11][12]

Group 1 - The company has conducted a review of the candidates for the 2025 stock option incentive plan, ensuring compliance with relevant laws and regulations [1][2] - The review confirmed that the proposed candidates do not fall under any disqualifying conditions as outlined in the regulations [2] - The grant date for the stock option incentive plan is set for May 23, 2025 [2]

杭州老板电器股份有限公司 董事会薪酬与考核委员会关于2025年股票 期权激励计划激励对象名单的核查意见 （授予日） 杭州老板电器股份有限公司（以下简称"公司"）董事会薪酬与考核委员会根 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》"）、《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、法规及规范性文件和《杭州老板电器股份有限公 司章程》（以下简称"《公司章程》"）的规定，对拟获授股票期权的激励对象进 行审核，发表核查意见如下： 1、拟获授权益的激励对象为在公司任职的中层管理人员及核心技术（业务） 骨干，均与公司有聘任关系。 2、拟获授权益的激励对象不存在《管理办法》规定的不得成为激励对象的情 形： （2）最近12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采 取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 3、拟获授权益的激励对象符 ...

杭州老板电器股份有限公司 监事会关于2025年股票期权激励计划激励 对象名单的核查意见（授予日） 杭州老板电器股份有限公司（以下简称"公司"）监事会根据《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》"）、《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、法规及规范性文件和《杭州老板电器股份有限公司章程》（以下简称 "《公司章程》"）的规定，对拟获授股票期权的激励对象进行审核，发表核查意 见如下： 1、拟获授权益的激励对象为在公司任职的中层管理人员及核心技术（业务） 骨干，均与公司有聘任关系。 2、拟获授权益的激励对象不存在《管理办法》规定的不得成为激励对象的情 形： （1）最近12 个月内被证券交易所认定为不适当人选； （2）最近12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处罚或者采 取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 3、拟 ...

| 一、 激励对象获授的股票期权分配情况 | | --- | | | | 获授的股 | 占授予股 | 占本激励计划 | | --- | --- | --- | --- | --- | | 姓名 职务 | | 票期权数 | 票期权总 | 公告日股本总 | | | 量（万份） | | 数的比例 | 额的比例 | | 中层管理人员及核心技术（业务）骨干（372 | 人） | 608.00 | 100.00% | 0.64% | | 合计 | | 608.00 | 100.00% | 0.64% | 注：1、本计划激励对象不包括独立董事、监事及单独或合计持有公司 5%以上股份的股东或实际控制 人及其配偶、父母、子女。 2、上述合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 二、中层管理人员及核心技术（业务）骨干 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 黄丽娟 | 中层管理人员/核心技术（业务）骨干 | | 2 | 卜天娇 | 中层管理人员/核心技术（业务）骨干 | | 3 | 施冬玉 | 中层管理人员/核心技术（业务）骨干 | | 4 | 黎明 | ...