杭州老板电器股份有限公司 2025年股票期权激励计划实施考核管理办法 为保证杭州老板电器股份有限公司（以下简称"公司"）2025 年股票期权激 励计划（以下简称"本激励计划"）的顺利实施，形成良好均衡的价值分配体系， 激励公司任职的中层管理人员及核心技术（业务）骨干诚信勤勉地开展工作， 确保公司发展战略和经营目标的实现，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司股权激励管理办法》等有关法律、法规、规范 性文件和《杭州老板电器股份有限公司章程》等的规定，结合公司实际情况， 特制订本办法。 一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证公司 股权激励计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保公 司发展战略和经营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象 的业绩进行评价，以实现股权激励计划与激励对象工作业绩、贡献紧密结合， 从而提高公司整体业绩，实现公司与全体股东利益最大化。 三、考核范围 1、公司层面业绩考核要求 本激励计划股票期权的行权考核年度为 2025—2027 年三个会计年度，每 个会计年度 ...

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - In Q1 2025, the home appliance export continued to show double-digit growth, with a notable recovery in export growth in March despite the impact of US tariffs. The export volume maintained a high growth rate of +20%, while the average export price in RMB showed a year-on-year decline of -5% [1][12][16] - The global manufacturing PMI averaged 49.9% in Q1 2025, indicating resilience in international market demand, with exports to over 170 countries and regions achieving growth [1][16] - The North American channel replenishment is expected to support the improvement of domestic home appliance companies' export data [2][25] Summary by Sections Export Data - In March 2025, the domestic home appliance export value was 642 billion RMB, up 14% year-on-year, and 9 billion USD, up 13% year-on-year. In Q1 2025, the export value was 1736 billion RMB, up 10% year-on-year, and 242 billion USD, up 9% year-on-year [1][12] Category Performance - In Q1 2025, major categories such as white goods, kitchen appliances, small appliances, and color TVs maintained positive growth, with white goods leading at a growth rate of 23% [2][20] - In the US, white goods export growth reached 15%, while in Latin America, white goods and small appliances saw impressive growth rates of 46% and 18% respectively [2][22] Inventory and Orders - US durable goods inventory has been declining since Q3 2021, with a year-on-year decrease of about 5% as of Q4 2024, indicating a relatively low inventory level [2][25] Market Trends - The home appliance sector showed a positive performance in the stock market, with the home appliance index rising by 1.89% during the week of April 21-25, 2025 [3][29] - The report suggests that the upcoming peak season for air conditioning and the 618 shopping festival in May will further strengthen retail sales [3][4] Investment Recommendations - Recommended stocks include major appliances like Midea Group, Gree Electric, Haier Smart Home, and Hisense Home Appliances, as well as small appliances like Supor and Feike Electric [4]

在国内厨电行业的版图中， 老板电器 曾是当之无愧的王者。 1979年，在改革开放的春风中，老板电器的前身余杭县博陆红星五金厂创立，初始的它只是一家仅有5 名工人、靠着4000 元资金和简单工具起步的作坊式小厂，生产纺织机下柱、下柱箍等配件，当年盈利 仅2万元。谁也没想到，这个小小的工厂日后会成长为厨电行业的巨头。 危机初现：业绩下滑的警示灯 然而，市场风云变幻，曾经辉煌的老板电器如今也面临着严峻的挑战，"中年危机"的阴影悄然笼罩。从 2024年的财报数据中，我们便能清晰地看到这一危机的端倪。 2024年三季报显示，老板电器营业总收入为73.96亿元，较去年同报告期减少5.38亿元，同比下降 6.78%；归母净利润为12.02亿元，较去年同报告期减少1.71亿元，同比下降 12.44%。单季度数据同样不 容乐观，2024年第三季度，公司单季度主营收入26.66亿元，同比下降11.07%；单季度归母净利润4.43 亿元，同比下降 18.49%。不仅如此，公司的毛利率也出现了下滑，最新毛利率为50.43%，较去年同季 度减少1.60个百分点，净利率也有所下降，盈利能力面临考验。 在市场份额方面，老板电器也不再像以往 ...

Core Insights - The article discusses the launch of the new AI cooking model "Shishen" by Boss Electric, which aligns with the Chinese government's initiative to promote "AI + consumption" [1][2] - The cooking sector is identified as a high-frequency, essential area with significant potential for AI applications, driven by increasing consumer demand for convenience, health, and personalized cooking experiences [1] Group 1: Company Initiatives - Boss Electric is actively responding to national policies by implementing vertical AI models in the complex cooking domain, aiming to explore a new high-growth consumption track [1] - The "Shishen" model integrates a knowledge base of 2TB, combining public and private data along with 46 years of cooking expertise from Boss Electric, and is designed to assist users in recipe recommendations and meal planning [1][2] Group 2: Product Features - The "Shishen" model not only aids in cooking but also enhances cultural and emotional experiences by sharing culinary stories and nutritional knowledge, adapting recommendations based on cultural contexts [2] - The product leverages Boss Electric's extensive data on Chinese cooking and user behavior, allowing it to control multiple kitchen appliances for more complex cooking tasks [2] Group 3: Industry Perspective - The development of "Shishen" is seen as a significant leap from "single-point intelligence" to "scene intelligence," contributing to the growth of AI in food-related consumption [2] - The integration of vertical AI models with real cooking scenarios is expected to solidify the foundation for hardware implementation in the cooking industry [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1]. Core Views - The company is expected to benefit from national subsidy policies and a recovery in the real estate market, leading to improved business performance [1]. - The 2024 kitchen appliance industry is projected to see double-digit growth due to national subsidies, with retail sales of range hoods and gas stoves expected to grow by 15% and 16% respectively [1]. - The company is positioned to take advantage of the extended national subsidy policies in 2025, which are anticipated to support its performance [1]. Summary by Sections Financial Data and Valuation - The company's total revenue for 2022 was 10,272 million, with a projected increase to 12,148 million in 2025, reflecting an 8% growth [6]. - The net profit attributable to the parent company is expected to rise from 1,572 million in 2022 to 1,866 million in 2025, marking a 9% increase [6]. - The company's PE ratio is projected to decrease from 14.3 in 2022 to 12.1 in 2025, indicating a low valuation relative to historical levels [6]. Market Performance - The company's stock has shown a 30% increase over the past six months, outperforming the market [3]. - The report highlights a significant recovery in the real estate market, with major cities experiencing double-digit growth in housing transactions, which is expected to positively impact demand for large kitchen appliances [1]. Dividend Policy - The company has increased its dividend payout ratio from approximately 30% to over 50%, with a projected dividend of 1 yuan per share for 2024, resulting in a dividend yield of about 4.3% [1].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [6][11][12]. Core Insights - The home appliance sector is experiencing a recovery driven by government subsidy policies, with offline retail sales of major appliances showing significant growth in early 2025. Online demand for small kitchen appliances has also rebounded [1][2][16]. - In January and February 2025, the total retail sales of home appliances increased by 1.4% online and 10.2% offline year-on-year, with offline sales benefiting from the "old-for-new" subsidy policy [2][17]. - The export value of home appliances in the first two months of 2025 grew by 8% year-on-year, continuing a positive growth trend despite a high base from the previous year [3][26]. Summary by Sections Retail Performance - Offline retail sales of major appliances showed strong growth, with specific categories like air conditioners, refrigerators, and washing machines increasing by 21.4%, 5.5%, and 13.1% respectively in early 2025. Online sales for these categories varied, with some experiencing declines [2][17]. - The small kitchen appliance segment saw a notable recovery in online sales, with January showing a decline of 12.9% and February rebounding by 27.3% [2][17]. Export Trends - The export volume of home appliances reached 6.9 billion units in the first two months of 2025, marking a 9.4% increase year-on-year. The export value in RMB was 1093.9 billion, reflecting a 7.6% increase [3][26]. Company Performance - iRobot reported a significant revenue decline of 44.1% in Q4 2024, facing challenges in major markets such as the US and Europe. The company's gross margin also decreased, indicating pressure on profitability [4][31]. Market Data Tracking - The home appliance sector achieved a relative return of +0.28% this week, outperforming the broader market [5][36]. - Raw material prices for copper and aluminum increased by 1.5% and 0.2% respectively, while cold-rolled steel prices rose by 2.0% [5][37]. Investment Recommendations - The report recommends several companies within the home appliance sector, including Midea Group, Haier Smart Home, TCL Smart Home, and Gree Electric, all rated as "Outperform the Market" [6][12][50].

Core Insights - Suning.com Retail Cloud collaborates with Boss Electric to enhance retail transformation and drive sales through the "315 National Home Renewal" promotion, achieving over 25 million in sales during the event [1] - The partnership focuses on high-end, suite-based, and customized consumption trends, launching several AI kitchen appliance products and optimizing product structures [1][2] - Sales of Boss Electric's integrated kitchen machines, gas stoves, and Mingqi kitchen appliance sets have seen significant year-on-year growth, with increases of 314%, 162%, and 226% respectively since the start of the promotion [1] Group 1 - The collaboration aims to accelerate the replacement of kitchen appliances in county areas, planning to conduct 1,000 replacement promotion events by 2025 [2] - The promotion includes various incentives such as gifts for in-store visits and discounts for prepayments and bulk purchases, with potential savings of up to 50% through national subsidies [2] - The partnership will enhance user experience in stores by upgrading display areas and providing immersive kitchen experiences for consumers [2] Group 2 - Suning.com Retail Cloud will continue to deepen its cooperation with Boss Electric, focusing on four key capabilities: scene integration, product iteration, service fulfillment, and digital operation [2] - The goal is to improve retail efficiency and user experience, making high-quality and affordable new appliances accessible to residents in county towns [2]

Investment Rating - The report maintains a "Recommended" rating for the company [2][55]. Core Viewpoints - The company is expected to benefit from government consumption stimulus and a recovery in the real estate market, gradually emerging from a low point [4]. - The company has a solid long-term value and is currently at a valuation bottom, with a stable cash flow despite recent impairments in its engineering and decoration business [4][13]. - The kitchen appliance market is projected to improve in 2024, driven by government subsidies, with significant growth expected in retail sales of kitchen appliances [4][44]. Company Overview - The company has experienced a significant adjustment in market value over the past few years, with a CAGR of 28% in revenue from 2010 to 2017, which decreased to 8% from 2017 to 2023 [4][7]. - The company's net profit CAGR dropped from 41% (2010-2017) to 3% (2017-2023), with expectations of continued pressure on performance in 2024 [4][7]. - The company is focusing on enhancing its retail business as the market for roughcast houses increases, which is expected to support future retail demand [4][44]. Financial Performance - The company achieved a revenue of 73.96 billion yuan in the first three quarters of 2024, a year-on-year decline of 6.78%, with a net profit of 12.02 billion yuan, down 12.44% year-on-year [19]. - The projected revenue for 2024 is 112.65 billion yuan, with a slight growth rate of 0.56%, and net profit is expected to be 16.12 billion yuan [55][56]. - The company’s EPS is forecasted to be 1.71 yuan in 2024, with a gradual increase to 2.00 yuan by 2026 [55][56]. Market Dynamics - The government has shifted its real estate policy to promote stability and recovery, which is expected to positively impact the kitchen appliance sector [4][46]. - The kitchen appliance market is anticipated to see a retail sales increase of 16.4% in 2024, driven by government subsidies and a recovering real estate market [4][44]. - The report highlights that the company is well-positioned to capitalize on the expected market recovery and government support for consumer spending [4][55].

Investment Rating - The report maintains a "Recommended" rating for the company [2][55]. Core Viewpoints - The company is expected to benefit from government consumption stimulus and a recovery in the real estate market, gradually emerging from a low point [4]. - The company has a strong long-term value and is currently at a low valuation level, with a stable cash flow despite recent challenges in its engineering and decoration business [4][13]. - The kitchen appliance market is projected to improve in 2024, driven by national subsidies, with significant growth expected in retail sales of kitchen appliances [4][44]. Company Overview - The company has experienced a significant adjustment in market value over the past few years, with a notable decline in revenue growth rates from a CAGR of 28% (2010-2017) to 8% (2017-2023) [4][7]. - The company's net profit has also decreased, with a CAGR of 41% (2010-2017) dropping to 3% (2017-2023) [4][7]. - The company is focusing on enhancing its retail business in response to the increasing demand for unfinished housing, which is expected to support future retail market growth [4][44]. Financial Performance - The company is projected to achieve a net profit of 1.61 billion yuan in 2024, with an expected EPS of 1.71 yuan [55]. - Revenue for 2024 is estimated at 112.65 billion yuan, reflecting a slight increase from the previous year [55]. - The company’s gross margin is expected to be around 48.52% in 2024, with a net margin of 14.31% [55]. Market Conditions - The real estate policy is expected to continue improving, providing a solid foundation for the gradual recovery of the kitchen appliance industry [4][46]. - The government has announced a 3 billion yuan special bond to support consumption upgrades, which is anticipated to significantly benefit the kitchen appliance sector [4][31]. - The overall retail sales of kitchen appliances are projected to grow significantly in 2024, with specific categories like range hoods and gas stoves expected to see substantial increases in sales [4][44].

Investment Rating - The report ranks the company at 64 in the market value wind rating [2] Core Insights - The company has failed to create a second growth curve to offset the decline in its core business [1] - Revenue for the first three quarters of 2024 was 26.7 billion, a year-on-year decrease of 6.78% [4] - The company has a strong cash position with 9 billion in cash and a total market value of 20 billion [2][36] Revenue and Profitability - The company's operating income for the first three quarters was 26.66 billion, down 11.07% year-on-year, with a net profit attributable to shareholders of 4.43 billion, down 18.49% [5] - The return on equity (ROE) has declined from 21.2% in 2020 to 15.3% in 2021 [4] - The gross margin for the kitchen appliance segment was 48.28% in the first half of 2024, with key products like range hoods and gas stoves maintaining margins above 50% [16][43] Product Performance - The main revenue contributors, range hoods and gas stoves, still show growth, but other categories like integrated stoves and ovens have seen declines [9][10] - The integrated stove category grew by 20.58% year-on-year, while the dishwasher segment increased by 27.94% [10][9] - In 2024, almost all product categories are expected to experience negative growth [11] Market Position and Strategy - The company is heavily reliant on its main products, which account for 70% of revenue, and has not diversified sufficiently [7] - The company has a strong brand presence, particularly in the high-end market, with a market share of 27% in kitchen appliance packages [46] - The company plans to adopt a dual-brand strategy to target both high-end and low-end markets [46] Financial Health - The company has minimal debt, with only 90 million in short-term loans, and a total of 89.2 billion in cash and cash equivalents [36] - Since its IPO, the company has returned 5.9 billion to shareholders through dividends, with a payout ratio of 54% in 2023 [40] Challenges and Opportunities - The company faces significant challenges due to its dependence on the real estate market, which affects its revenue and profit margins [14][16] - Despite the downturn, there are potential benefits from new policies aimed at stimulating consumption and equipment upgrades [53]