证券代码：002508 证券简称：老板电器 公告编号：2025-024 杭州老板电器股份有限公司 关于 2025 年股票期权激励计划内幕信息 知情人及激励对象买卖公司股票情况的自查报告 本公司及董事会全体成员保证公告的内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 2025 年 4月 28日，杭州老板电器股份有限公司（以下简称"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）》（以 下简称 "《激励计划》"）及其摘要，并于 2025 年4 月29日首次公开披露。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）《深圳证 券交易所上市公司自律监管指南第 1 号—业务办理》（以下简称"《自律监管指南第 1 号》"）等有关法律、法规及规范性文件的相关规定，经向中国证券登记结算有限 责任公司深圳分公司查询， 公司对本次激励计划内幕信息知情人及激励对象在激励 计划首次公开披露前 6 个月内（即 2024 年10月28日至2025 年4月28日）买卖公司股 票的情况进行自查，具体情况如下： 一、核查的范围与程序 1 间，内幕信息知情人不存在买卖公司股 ...

浙江京街律师事务所 关于杭州老板电器股份有限公司 2024 年年度股东大会的 法律意见书 中国 · 杭州 · 杭大路黄龙世纪广场 C 区九层 9F.C Area Of Huanglong Century Plaza.Hangda Road .Hangzhou.China 电话(Tel):(0571)28006970 传真(Fax):(0571)87901646 浙江京衡律师事务所 关于杭州老板电器股份有限公司 2024 年年度股东大会的 法律意见书 致:杭州老板电器股份有限公司 浙江京衡律师事务所(以下简称"本所")接受杭州老板电器股份有限公司 (以下简称"公司")的委托,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")《上市公司股东大会规则》(以 下简称"《股东大会规则》"）等法律、行政法规、规范性文件及现行有效的《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,指派律 师出席公司于 2025年 5 月 19 日召开的 2024年年度股东大会（以下简称"本次 股东大会"），并就 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-025 杭州老板电器股份有限公司 2024 年度股东大会决议公告 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 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 2、会议召开时间： 现场会议时间：2025 年 5 月 19 日下午 14:00 开始 网络投票时间：2025 年 5 月 19 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 5 月 19 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 5 月 19 日上午 9:15 至下午 15:00 期间的任意时间。 3、会议召开方式： 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,公司股 ...

Core Viewpoint - Hangzhou Robam Appliances Co., Ltd. has announced the approval and public disclosure of its 2025 Stock Option Incentive Plan, including the list of incentive targets, which has been verified by the Supervisory Board [1][6][10]. Group 1: 2025 Stock Option Incentive Plan - The 2025 Stock Option Incentive Plan was approved by the company's board on April 28, 2025, and the names and positions of the incentive targets were publicly disclosed internally [1][2]. - The public disclosure period was from April 29, 2025, to May 8, 2025, and the company provided various feedback channels for employees [2][3]. - No objections or negative feedback were received by the Supervisory Board by the end of the public disclosure period [4]. - The Supervisory Board verified the eligibility of the incentive targets, confirming that all listed individuals met the necessary conditions outlined in relevant regulations [5][6]. - The incentive targets are all middle management and core technical personnel currently employed by the company or its subsidiaries [7]. Group 2: Stock Option Cancellation Announcements - The company announced the cancellation of 1,720,000 stock options from the 2022 Stock Option Incentive Plan due to nine incentive targets leaving the company [10][12]. - The cancellation was in accordance with the plan's provisions, which state that unexercised options are forfeited upon termination of employment [10][11]. - Additionally, 1,840,000 stock options from the 2024 Stock Option Incentive Plan were also canceled due to 13 incentive targets not meeting performance conditions [15][17]. - The performance target for the 2024 plan was not achieved, leading to the cancellation of options that were not eligible for exercise [16][17].

证券代码：002508 证券简称：老板电器 公告编号：2025-021 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 激励对象名单的审核意见及公示情况说明 本公司及监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、公司对激励对象的公示情况 1、公示内容：2025 年股票期权激励计划激励对象的姓名和职务。 2、公示时间：2025 年 4 月 29 日至 2025 年 5 月 8 日。 3、公示方式：公司内部张贴 4、反馈方式：在公示期限内，公司员工可通过电话、邮件及当面反馈等方式向监事 会进行反馈，公司监事会对相关反馈进行记录。 5、公示结果：截至 2025 年5 月8日公示期满，公司监事会未收到任何异议或不良反映， 无反馈记录。 二、监事会核查方式 公司监事会核查了本次拟激励对象的名单、身份证件、拟激励对象与公司签订的劳动 合同（或聘用合同）、拟激励对象在公司担任的职务及任职文件等。 1 三、核查意见 根据《管理办法》《自律监管指南第 1 号》的有关规定，公司对拟激励对象名单及职 务的公示情况结合监事会的核查结果，监事会发表核查意见如下： 20 ...

注销完成的公告 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。 证券代码：002508 证券简称：老板电器 公告编号：2025-022 杭州老板电器股份有限公司 关于 2022 年股票期权激励计划部分股票期权 杭州老板电器股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开了第六届董事会第十三次会议和第六届监事会第十二次会议，审议通过了 《关于注销 2022 年股票期权激励计划部分股票期权的议案》。具体情况如下： 1、根据《2022年股票期权激励计划（草案）》（以下简称"《激励计划 （草案）》"）的规定，激励对象因辞职、公司裁员而离职、合同到期不再续 约，自情况发生之日，其已获授但尚未行权的股票期权不得行权，由公司注销。 公司2022年股票期权激励计划的9名激励对象因离职已不符合激励条件，公 司将注销上述9名激励对象已获授但尚未行权的合计48,000份股票期权。 根据《激励计划（草案）》《考核管理办法》的相关规定，若公司业绩考 核未达到上述行权条件，所有激励对象对应考核当年计划行权的股票期权均不 得行权，由公司注销。 2、根据《激励计划（草 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-023 杭州老板电器股份有限公司 关于 2024 年股票期权激励计划部分股票期权 2、根据《激励计划（草案）》和《2024 年股票期权激励计划实施考核管 理办法》（以下简称"《考核管理办法》"）的相关规定，公司授予的股票期 权行权考核年度为 2024-2026 年三个会计年度，每个会计年度考核一次。公司 2024 年股票期权激励计划股票期权第一个行权期业绩考核目标如下： | 行权期 | 对应考核年度 | 以公司2023年营业收入为基数，对应考核 年度的营业收入复合增长率（A） | | | --- | --- | --- | --- | | | | 目标值 | 触发值 | | | | (Am) | (An) | | 第一个行权期 | 2024 | 10% | 5% | 公司层面考核目标完成情况对应不同的行权比例，具体如下： | | | 注销完成的公告 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。 杭州老板电器股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开了第六届董事会第十 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In 2024, the company achieved revenue of 11.213 billion yuan, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 1.577 billion yuan, a year-on-year decline of 8.97% [2][4]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 59.88% for 2024, an increase of 5.4 percentage points from the previous year [4]. - The company is rolling out an equity incentive plan for 2025, indicating confidence in its growth trajectory [10]. Financial Performance Summary - For 2024Q4, the company reported revenue of 3.817 billion yuan, a year-on-year increase of 16.78%, and a net profit of 375 million yuan, a year-on-year increase of 4.28% [2][4]. - In 2025Q1, the company experienced a revenue decline of 7.20% year-on-year, with net profit decreasing by 14.66% [2][4]. - The gross profit margin for 2024 was down by 1.00 percentage points, while the operating profit decreased by 14.57% year-on-year [10]. Revenue Breakdown - The revenue from key product categories in 2024 showed varied performance: range hoods, gas stoves, dishwashers, and integrated machines saw increases of 2.51%, 3.96%, 4.22%, and 2.40% respectively, while the disinfection cabinet category saw a decline of 22.14% [10]. - The company’s revenue growth in 2024Q4 was significantly driven by government subsidies, particularly in the C-end channel [10]. Future Projections - The company forecasts net profits of 1.662 billion yuan, 1.747 billion yuan, and 1.847 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 11.23, 10.68, and 10.10 [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown resilience in operations despite pressure from the real estate sector, with expectations for further demand release through trade-in programs [1]. - The company has adjusted its profit forecasts downward, anticipating net profits of 1.64 billion, 1.75 billion, and 1.83 billion for 2025, 2026, and 2027 respectively, with growth rates of +4%, +6%, and +5% [4][5]. Financial Performance Summary - In 2024, the company achieved revenue of 11.21 billion, a slight increase of 0.1%, and a net profit of 1.58 billion, a decrease of 9.0%. The first quarter of 2025 saw revenue of 2.08 billion, down 7.2%, and a net profit of 340 million, down 14.7% [1][5]. - The company plans to distribute a cash dividend of 5 yuan for every 10 shares, resulting in a total cash dividend rate of 59.9% [1]. - The company's gross margin for 2024 was 49.7%, a decrease of 1.0 percentage points year-on-year, with a recovery noted in Q1 2025, where the gross margin increased by 2.1 percentage points to 52.7% [3][4]. Product Category Performance - The main product categories, such as range hoods and gas stoves, have shown stable growth, with retail demand for range hoods increasing by 14.9% and gas stoves by 15.7% in 2024 [2]. - The company’s revenue from its sub-brand, Mingqi, grew by 26.3% to 570 million in 2024, indicating a successful strategy to target practical and youthful consumer needs [3]. Sales Channel Performance - The company’s agency sales revenue grew by 21.2% to 3.54 billion in 2024, benefiting from government subsidies, while direct sales revenue decreased by 3.2% to 5.68 billion [2].

Core Insights - The company is experiencing its most severe downturn since its IPO 13 years ago, with Q1 2025 revenue growth slowing to 2.1% and net profit declining by 8.3% [1] - The traditional kitchen appliance sector is facing significant challenges due to the decline in real estate benefits, increasing consumer segmentation, and competition from emerging product categories [1] Financial Performance - In 2024, the company reported total revenue of 11.26 billion, a year-on-year increase of 2.8%, while net profit fell by 8.2% to 1.28 billion [2] - The core revenue sources, range hoods and gas stoves, contributed 68.3% of total revenue, but their growth rates slowed to 1.2% and 0.7% respectively [2] - In Q1 2025, revenue was 2.15 billion, a decrease of 5.3%, and net profit was 230 million, down 18.6%, marking the largest quarterly decline since 2010 [3] Market Dynamics - The offline market for range hoods saw a retail sales decline of 3.1% in 2024, with the company's market share dropping to 28.7% as competitors like Fotile gained ground [2] - Emerging product categories like dishwashers and integrated stoves accounted for 23.5% of revenue, but their growth rate fell sharply from 41.3% in 2023 to 18.7% in 2024 [3] - The integrated stove segment, which was expected to perform well, only grew by 9.6%, significantly below the industry average of 32.4% [3] Cost and Profitability Challenges - The overall gross margin decreased by 2.1 percentage points to 49.3%, primarily due to rising raw material costs and the increased share of low-margin new products [3] - The company raised prices by 5.2% for range hoods to maintain profitability, but this led to a loss of market share in e-commerce channels [3] - Cash flow from operating activities was negative at -187 million in Q1 2025, reflecting increased promotional efforts and challenges in accounts receivable management [4] Strategic Positioning - The company is at a crossroads, facing market share erosion from competitors and struggling to adapt to new market dynamics [5] - Despite efforts to diversify into new product categories since 2018, the company has not achieved significant market penetration, particularly in dishwashers [5] - The management transition in March 2025, with the founder stepping down, raises questions about the company's strategic direction and ability to respond to market changes [6] Future Outlook - The company is undergoing a profound transformation, grappling with growth challenges and attempting significant strategic changes [7] - The ability to redefine its position in the smart, integrated, and scenario-based kitchen appliance market will be crucial for the company's future success [7]