杭州老板电器股份有限公司 独立董事 2024 年度述职报告 （一）出席董事会、股东大会情况 2024 年度，本人共出席董事会 8 次、股东大会 2 次，均亲自出席会议，不 存在缺席或委托出席会议的情况。 - 1 - 报告期内，本人本着谨慎客观的原则，以勤勉尽责的态度，认真审阅会议议 案以及相关的背景材料，积极参与各议案的讨论，最大限度发挥本人专业知识和 工作经验的优势，充分发表合理的意见和建议，独立、客观、谨慎地行使表决权。 报告期内，本人对董事会审议的各项议案无异议。 （二）董事会各专门委员会工作情况 公司董事会设立了审计委员会、薪酬与考核委员会、提名委员会以及战略委 员会四个专门委员会，本人为公司第六届董事会审计委员会主任委员，提名委员 会委员。2024 年度公司董事会专门委员会召开会议 8 次，其中 4 次审计委员会 会议本人均按时出席相关会议，未有缺席会议的情况。 作为杭州老板电器股份有限公司（以下简称"公司"）的独立董事，2024 年 本人严格按照《公司法》、《证券法》、《上市公司独立董事管理办法》等有关法律、 法规、规范性文件及《公司章程》、《独立董事工作制度》的规定和要求，忠实履 行职责，及时出 ...

杭州老板电器股份有限公司董事会 关于 2024 年度独立董事独立性情况的专项意见 董事会 2025 年 4 月 28 日 经核查独立董事陈元志、俞列明、程志勇的任职经历以及签署的相关自查 文件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股 东公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨 碍其进行独立客观判断的关系，因此，公司独立董事符合《上市公司独立董事 管理办法》、《深圳证券交易所上市公司自律监管指引第 1 号--主板上市公司规 范运作》中对独立董事独立性的相关要求。 杭州老板电器股份有限公司 根据《上市公司独立董事管理办法》、《深圳证券交易所股票上市规则》、 《深圳证券交易所上市公司自律监管指引第 1 号--主板上市公司规范运作》等 要求，杭州老板电器股份有限公司(以下简称"公司")董事会，就公司在任独 立董事陈元志、俞列明、程志勇的独立性情况进行评估并出具如下专项意见: ...

杭州老板电器股份有限公司 独立董事 2024 年度述职报告 作为杭州老板电器股份有限公司（以下简称"公司"）的独立董事，2024 年本人严格按照《公司法》、《证券法》、《上市公司独立董事管理办法》等有 关法律、法规、规范性文件及《公司章程》、《独立董事工作制度》的规定和要 求，忠实履行职责，及时出席相关会议，认真审议董事会各项议案，对公司重大 事项发表独立意见，充分发挥了独立董事及各专业委员会的作用，切实维护了公 司整体利益和全体股东尤其是中小股东的合法权益。现将 2024 年的工作情况简 要汇报如下： 一、本人基本情况 （一）个人履历：本人陈元志 1977 年 11 月出生，汉族，中共党员，中国国 籍，无境外永久居留权，上海财经大学管理学博士，中国浦东干部学院教授，清 华大学技术创新研究中心兼职研究员，华东师范大学兼职教授，中国软科学研究 会常务理事,中国企业管理研究会常务理事，上海市科技专家库专家。 （二）独立性自查情况：报告期内，本人对自身履职的独立性进行了自查， 认为本人均符合独立性要求，能够独立、公正地履行职责，未受上市公司及其主 要股东、实际控制人等单位或者个人的影响，符合《上市公司独立董事管理办 ...

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]