Core Viewpoint - The recent achievement of Robam Appliances in winning the China Patent Gold Award for the second time highlights its exceptional innovation capabilities in the kitchen appliance industry, establishing a new benchmark for technological advancement [1][2]. Group 1: Award Significance - The China Patent Gold Award, co-issued by the National Intellectual Property Administration and the World Intellectual Property Organization, represents the highest level of patent innovation in China, often referred to as the "Oscar of the innovation world" due to its stringent evaluation standards and fierce competition [2]. - Robam Appliances' award-winning range hood features a design inspired by "polishing stone into jade" and employs the "source point close suction" technology, enhancing both aesthetic appeal and functionality, significantly improving smoke extraction efficiency and user experience [2]. Group 2: User-Centric Innovation - As a pioneer of domestic range hoods, Robam Appliances continuously innovates around user pain points, driving technological iterations and form innovations in the range hood category [3]. - The newly awarded range hood boasts an ultra-thin design with a depth of 18 cm, which not only saves space but also prevents user collisions; its curved smoke chamber design enhances smoke interception and extraction efficiency [3]. - The smart connectivity features allow for remote control, data monitoring, and automatic adjustment, enabling users to operate the device via mobile apps and voice assistants, thus achieving intelligent human-machine collaboration [3]. Group 3: Technological Investment - The dual award reflects Robam Appliances' significant investment in technology research and development, guided by a "technology + humanistic" development path [5]. - The company has established a top-tier global R&D matrix, including a national industrial design center and a recognized laboratory, with its innovation research institute in Hangzhou housing over a thousand engineers focused on various research dimensions [5]. - Over the past five years, Robam Appliances has applied for more than 5,000 patents, creating a formidable technological barrier [5].

Investment Rating - The report suggests a focus on the home appliance sector, indicating a strong certainty in domestic demand growth and potential for export growth in emerging markets [7][40]. Core Insights - The adjustment of national subsidy policies aims to optimize resource allocation and enhance fund efficiency, guiding the industry towards high-quality development [3][14]. - The subsidy model is shifting from a "universal" approach to "precise control," with a pilot "quota allocation" model in Jiangsu expected to become a national standard [3][16]. - The current funding disbursement mechanism may transition from a pre-allocation based on reimbursement ratios to a "total pre-allocation" system, improving cash flow for enterprises [3][16]. - Online supervision is being strengthened to reduce arbitrage opportunities, with regions like Guangdong and Shanghai tightening cross-regional subsidies [3][16]. - The price system is expected to stabilize, with leading brands likely to initiate structural price increases as subsidy limits are imposed, leading to a more rational competitive environment [3][17]. Market and Sector Tracking - The Shanghai and Shenzhen 300 Index increased by 0.88%, while the Shenwan Home Appliance Index decreased by 1.4% [4][18]. - Key stock performers included Springlight Technology (+28.64%), Beilingsong (+21.17%), and Hesheng New Materials (+15.81%), while Midea Group (-4.25%), Hisense Visual (-3.98%), and Boss Electric (-3.74%) saw declines [4][18]. - Raw material prices showed a mixed trend, with copper prices up by 1.45% and aluminum prices down by 0.80% during the week [21][23]. Real Estate Data Tracking - In April 2025, the cumulative area of new residential construction was 131,639.8 thousand square meters, down 22.6% year-on-year [5][32]. - The cumulative area of residential construction was 4,319,367.5 thousand square meters, down 10.1% year-on-year [5][32]. Investment Recommendations - The report recommends focusing on three main lines: 1) Capitalizing on domestic demand and subsidy policies, particularly in the white goods sector [7][40]. 2) Investing in the black goods sector, which continues to show structural upgrade logic [7][40]. 3) Targeting the cleaning appliance segment, which remains promising in terms of growth [7][40].

Core Viewpoint - The kitchen and bathroom appliance market is experiencing significant differentiation, with varying performance among companies due to the downturn in the real estate sector and changing consumer preferences [2][3][4]. Group 1: Market Performance - Companies focused on integrated stoves, such as Mars and Zhejiang Meida, have seen substantial declines in performance, with Mars reporting a 35.7% drop in revenue to 1.38 billion yuan in 2024 and a 95.5% decrease in net profit [3][4]. - Zhejiang Meida's revenue in Q1 2025 fell by 63.97% to approximately 98.36 million yuan, with net profit dropping by about 90% [3][4]. - The overall retail sales of integrated stoves in China decreased by 30.6% in 2024, with Q4 experiencing a 35.3% decline [3][4]. Group 2: Challenges Faced - The decline in demand for new home renovations, consumer confidence issues, and intensified competition are the primary challenges for integrated stove companies [4]. - Companies are adjusting strategies, with Mars exploring new growth areas such as dishwashers and enhancing brand strategy [4]. Group 3: Traditional Appliance Companies - Traditional kitchen appliance leaders like Vatti and Boss Electric have maintained relatively stable performance, with Vatti achieving a revenue increase of 2.23% to 6.372 billion yuan in 2024 [5][6]. - Boss Electric reported a slight revenue increase of 0.1% to 11.212 billion yuan, although net profit decreased by 8.97% [6][7]. - Both companies benefited from the "old-for-new" appliance policy, which supported their sales channels [7]. Group 4: Product Strategy and Innovation - Vatti is focusing on high-end product development, launching new products like the "Time Capsule" series and investing in R&D, with expenses reaching approximately 263 million yuan in 2024 [7][8]. - Boss Electric faced challenges in expanding new product categories, with sales of integrated stoves and other products declining [8]. - The market share of Vatti's ultra-thin range hood reached 37.17%, maintaining the top position in the online market [10]. Group 5: Future Outlook - The kitchen and bathroom appliance industry is in a deep adjustment phase, with potential for marginal improvement in the second half of 2025 due to supportive policies and market recovery [9][10]. - The continuation of the "old-for-new" policy is expected to be a significant driver for the kitchen appliance market in 2025, with related product categories showing positive growth [10][11]. - The competitive landscape is likely to shift, with market concentration increasing as leading companies adapt to changing consumer trends and focus on innovation [11].

证券代码：002508 证券简称：老板电器 公告编号：2025-032 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 十四次会议，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》。 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 6 月 4 日分别召 开第六届董事会第十五次会议和第六届监事会第十四次会议审议通过了《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 20.01 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 《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。 划激励对象姓名及职务予以公示。2023年5月9日，公司监事会发表了《监事会 关于2023年股票期权激励计划激 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-033 杭州老板电器股份有限公司 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 6 月 4 日分别召 开第六届董事会第十五次会议和第六届监事会第十四次会议审议通过了《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 17.42 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 办理股权激励相关事宜的议案》等议案。 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》《 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-032 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。 3、2023年5月18日，公司召开2022年年度股东大会，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，本计划获 得公司2022年年度股东大会批准，董事会被授权确定股票期权授予日，在激励 对象符合条件时向其授予股票期权并办理授予股票期权所必需的全部事宜。 4、2023年6月20日，公司第五届董事会第十五次会议和第五届监事会第十 五次会议审议通过了《关于向激励对象授予股票期权的议案》。监事会对授予 的激励对象名单再次进行了核实并发表了同意的意见，公司独立董事对此发表 1 了独立意见。 杭州老板电器股份有限公司（以下简称"公司"）于 2025 年 6 月 4 日分别召 开第六届董事会第十五次会议和第六届监事会第十四次会议审议通过了《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 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-031 杭州老板电器股份有限公司 第六届监事会第十四次会议决议公告 本公司及监事会全体成员保证信息披露内容真实、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（以下简称"公司"或"老板电器"）第六届监事 会第十四次会议通知于 2025 年 5 月 24 日以专人送达方式发出，会议于 2025 年 6 月 4 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： 特此公告。 杭州老板电器股份有限公司监事会 2025 年 6 月 5 日 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 年股票期权激励计划（草案）》相关规定，公司本次调整 2023 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 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-030 一、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》。 表决情况：同意 9 票，反对 0 票，弃权 0 票；表决结果：通过。 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 会第十四次会议通知于 2025 年 5 月 24 日以专人送达、电子邮件方式发出，会 议于 2025 年 6 月 4 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》。 本议案已经公司董事会薪酬与考核委 ...

Core Viewpoint - The company Boss Electric has successfully developed a gas stove that can withstand extreme conditions, showcasing its innovative "safety high firepower" technology, which aims to enhance cooking safety and efficiency in the kitchen [1][11][19]. Group 1: Product Innovation - Boss Electric's gas stove completed extreme challenges, including continuous burning for 24 hours in low oxygen and low temperature conditions, demonstrating its reliability and safety [1][16]. - The "safety high firepower" technology is based on the sixth generation 3D rapid fire technology, which enhances gas combustion efficiency and safety [11][12]. - The design incorporates a wind tunnel principle, allowing for better mixing of gas and air, resulting in a more stable and powerful flame [12][14]. Group 2: Market Demand and Trends - There is a growing demand for gas stoves that prioritize safety, high firepower, and energy efficiency, especially among older populations and families with children [11][18]. - The gas stove market is expected to see significant upgrades as consumers seek better performance and safety features, driven by the aging population and increased safety awareness [18][19]. - The overall market for gas appliances is projected to grow, with the gas water heater retail sales expected to reach 29.6 billion yuan in 2024, reflecting an 8.8% increase [18]. Group 3: Industry Leadership - Boss Electric has played a pivotal role in setting industry standards, including the national standards for gas stove energy efficiency [19]. - The company's innovations are expected to elevate the perception of gas stoves from mere accessories to essential kitchen appliances, enhancing their market position [19]. - Continuous technological innovation is essential for the sustainable development of the gas appliance industry, aligning with user needs and societal demands [21].

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].