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].

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].

Core Viewpoint - The company has adjusted the exercise price of its 2023 stock option incentive plan to 20.01 yuan per share following the approval of relevant meetings and procedures [1][2][3]. Group 1: Approval Process - The adjustment of the exercise price was approved during the sixth board meeting and the sixth supervisory board meeting held on June 4, 2025 [1]. - The independent directors and the supervisory board provided their consent regarding the stock option incentive plan [2][5]. - The plan was initially approved by the 2022 annual general meeting of shareholders, allowing the board to determine the grant date for stock options [2]. Group 2: Adjustment Details - The total share capital of the company is 944,938,916 shares, and a cash dividend of 5.00 yuan per 10 shares was declared, with the record date on June 3, 2025, and the ex-dividend date on June 4, 2025 [3]. - The adjustment formula for the exercise price is defined as P = P0 - V, where P0 is the original exercise price, V is the dividend per share, and P is the adjusted exercise price [3]. - After the adjustment, the exercise price was calculated as 20.51 yuan - 0.5 yuan = 20.01 yuan per share [3]. Group 3: Impact of Adjustment - The adjustment of the exercise price is not expected to have a substantial impact on the company's financial status or operational results [4]. - The management team remains committed to creating value for shareholders despite the adjustment [4]. Group 4: Supervisory Board Opinion - The supervisory board confirmed that the adjustment complies with relevant regulations and does not harm shareholder interests [5]. - Necessary approvals and authorizations for the adjustment of the exercise prices for both the 2023 and 2024 stock option incentive plans have been obtained [5].

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 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。 特此公告。 杭州老板电器股份有限公司监事会 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，不存在损害股东利益的情况。监事会同意 本次调整 2023 年股票期权激励计划行权价格。 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 5 票，反对 0 票，弃权 0 票；表决结果：通过。 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 ...

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 ...