杭州老板电器股份有限公司 董事会 2024 年 10 月 29 日 证券代码：002508 证券简称：老板电器 公告编号：2024-066 杭州老板电器股份有限公司 关于聘任证券事务代表的公告 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。 杭州老板电器股份有限公司（以下简称"公司"）于2024年10月28日召开第 六届董事会第十一次会议，审议通过了《关于聘任公司证券事务代表的议案》， 聘任陈孝丰先生为公司证券事务代表，聘期自董事会审议通过之日起，任期与本 届董事会一致。 陈孝丰先生于2024年4月取得深圳证券交易所《董事会秘书资格证明》，符 合《中华人民共和国公司法》、《深圳证券交易所股票上市规则》等法律法规的 规定。 陈孝丰先生未持有公司股票，与公司控股股东及实际控制人、董事、监事、 高级管理人员及其他持有5%以上股份的其他股东无关联关系，未受过中国证券监 督 管理委员会及其他相关部门的处罚，不存在《中华人民共和国公司法》、《杭 州老板电器股份有限公司章程》等规定的不得担任公司证券事务代表的情形。 特此公告。 附件：公司新任证券事务代表简历 陈孝丰，男，汉 ...

Financial Performance - The company's revenue for Q3 2024 was ¥2,666,415,701.28, representing a decrease of 11.07% compared to the same period last year[2]. - Net profit attributable to shareholders was ¥442,820,994.37, down 18.49% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥416,751,314.41, a decline of 22.34% compared to the previous year[2]. - Basic earnings per share were ¥0.47, down 18.07% from the same period last year[2]. - The net profit for Q3 2024 was CNY 1,185,704,513.72, a decrease of 12.9% compared to CNY 1,361,919,203.75 in Q3 2023[12]. - The total comprehensive income for the period was CNY 1,185,536,866.54, compared to CNY 1,361,919,203.75 in Q3 2023, marking a decline of approximately 12.9%[13]. - The operating profit for the quarter was CNY 1,410,227,513.57, down from CNY 1,617,362,943.08 in Q3 2023, reflecting a decrease of approximately 12.8%[12]. - The company’s total profit for the period was CNY 1,403,313,319.73, a decrease of 13.1% from CNY 1,614,766,631.56 in the same quarter last year[12]. Cash Flow and Assets - The operating cash flow net amount for the year-to-date was ¥525,768,857.38, reflecting a significant decrease of 62.30%[2]. - The company reported a significant decrease in cash flow from operating activities, primarily due to reduced collections and increased payments to suppliers[5]. - Cash and cash equivalents decreased from CNY 1,985,050,745.11 to CNY 1,187,511,979.38, a decrease of about 40.2%[8]. - The cash flow from operating activities generated a net amount of CNY 525,768,857.38, significantly lower than CNY 1,394,577,576.86 in Q3 2023[14]. - The cash flow from investing activities showed a net inflow of CNY 97,017,348.45, a recovery from a net outflow of CNY -624,301,350.06 in the previous year[15]. - The company’s total assets decreased to CNY 1,074,368,978.70 in cash and cash equivalents at the end of the period, down from CNY 5,538,691,858.57 in Q3 2023[15]. Assets and Liabilities - Total assets at the end of the reporting period were ¥15,811,645,443.39, a decrease of 5.77% from the end of the previous year[2]. - Total current assets decreased from CNY 11,586,516,752.94 to CNY 8,396,945,503.83, a decline of approximately 27.5%[8]. - Total non-current liabilities totaled CNY 154,065,228.57, down from CNY 175,707,612.65, indicating improved financial stability[10]. - The total liabilities decreased to CNY 4,919,953,908.57 from CNY 6,148,935,267.79, reflecting a reduction in overall debt[10]. - The equity attributable to shareholders increased to CNY 10,800,542,004.48 from CNY 10,522,938,731.68, showing growth in shareholder value[10]. Shareholder Information - The number of common shareholders at the end of the reporting period was 55,834[7]. - The largest shareholder, Hangzhou Boss Industrial Group Co., Ltd., holds 49.94% of the shares[7]. - The company has not reported any changes in the top 10 shareholders due to securities lending activities[8]. Operational Insights - Total operating revenue for the third quarter was CNY 7,395,769,773.08, a decrease of 6.75% compared to CNY 7,933,319,563.87 in the same period last year[11]. - Total operating costs amounted to CNY 6,146,967,386.74, down from CNY 6,498,916,320.12, reflecting a cost reduction strategy[11]. - Research and development expenses were CNY 276,355,597.58, slightly decreased from CNY 279,326,363.45, indicating continued investment in innovation[11]. - The company reported a government subsidy of ¥10,037,822.62 during the reporting period, contributing positively to its financial performance[3]. Strategic Outlook - The company is focusing on market expansion and new product development as part of its strategic initiatives[11]. - Future guidance indicates a cautious outlook due to market conditions, with emphasis on cost control and efficiency improvements[11]. - There are no significant new strategies or product developments mentioned in the provided data[8].

证券代码：002508 证券简称：老板电器 公告编号：2024-062 杭州老板电器股份有限公司 刘宇先生近三年未受到任何刑事处罚，未因执业行为受到证监会及其派出机 构、行业主管部门等的行政处罚或监督管理措施，未因执业行为受到证券交易所、 行业协会等自律组织的自律监管措施、纪律处分。 三、其他说明 本次签字会计师更换所涉相关工作将有序交接，变更事项不会对公司 2024 年度财务报表的审计工作产生影响。 关于更换签字会计师的公告 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。 杭州老板电器股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开 第六届董事会第五次会议、第六届监事会第五次会议，审议通过了《关于续聘公 司 2024 年度审计机构的议案》。同意续聘信永中和会计师事务所（特殊普通合伙） （以下简称"信永中和"）为公司 2024 年度审计机构，签字会计师为季晟、王青， 聘期一年。上述议案已于 2024 年 5 月 16 日经公司 2023 年度股东大会审议通过。 一、签字会计师变更情况 近期公司收到信永中和《关于变更杭州老板电器股份有限公司 ...

杭州老板电器股份有限公司 关于"质量回报双提升"行动方案的公告 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。 为深入贯彻中央政治局会议提出的"要活跃资本市场、提振投资者信心" 及国务院常务会议指出的"要大力提升上市公司质量和投资价值，要采取更加 有力有效措施，着力稳市场稳信心"的指导思想，落实党的二十大、二十届三 中全会和中央金融工作会议精神，杭州老板电器股份有限公司（以下简称"公 司"）结合发展战略及经营规划，为了维护公司全体股东利益，增强投资者信 心，助力公司高质量发展，特制定"质量回报双提升"行动方案，具体举措如 下： 证券代码：002508 证券简称：老板电器 公告编号：2024-061 此外，公司始终高度关注向投资者传递多元化的内在价值。至今共主动披 露《社会责任报告》9份、ESG报告3份。 三、维护股东权益，彰显长期价值 公司自2010年上市以来每年保持稳定分红，始终将广大投资者的利益放在 首位。2023年12月公司发布回报股东特别分红方案，并于次月完成分派实施。 随着新"国九条"的发布，公司随即响应号召将特别分红固化，并于2024年4月 底发布 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company, Boss Electric, reported a revenue of 4.729 billion yuan for the first half of 2024, a year-on-year decrease of 4.16%, and a net profit attributable to shareholders of 759 million yuan, down 8.48% year-on-year. The second quarter of 2024 saw a revenue of 2.492 billion yuan, a decline of 9.63% year-on-year, with a net profit of 361 million yuan, down 18.15% year-on-year [6][9] - The company maintains a leading market share in its core product categories, with offline retail market shares of 32% for range hoods, 31% for gas stoves, 27% for integrated steam ovens, and 18% for dishwashers. The online retail market shares for smoke and stove packages and kitchen appliance packages are 28% and 27%, respectively [6][9] - Despite short-term pressures from the real estate market, the company is expected to maintain its market position and return to growth in the long term, with projected EPS of 1.70, 1.84, and 1.99 yuan per share for 2024-2026 [6][9] Financial Summary - For 2023, the company is projected to have a total revenue of 11.202 billion yuan, with a net profit of 1.733 billion yuan. The EPS is expected to be 1.84 yuan, with a gross margin of 50.7% [7][9] - The company’s gross margin is projected to be 50.3% in 2024, with a net profit margin of 15.0% [9][10] - The company’s asset-liability ratio is expected to decrease from 36.6% in 2023 to 29.9% in 2026, indicating improved financial stability [10]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company maintains a leading position in traditional categories, but its Q2 performance faced pressure due to market conditions [5] - The company is optimistic about its medium to long-term development despite the overall industry downturn [5] Financial Performance - In H1 2024, the company achieved operating revenue of 4.73 billion yuan, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million yuan, down 8.5% year-on-year [4][5] - Q2 2024 results showed operating revenue of 2.49 billion yuan, a decline of 9.6%, and a net profit of 360 million yuan, down 18.2% year-on-year [4][5] Product Performance - The first product category, including range hoods and gas stoves, generated revenues of 2.26 billion yuan and 1.17 billion yuan, respectively, with declines of 2.85% and 1.17% year-on-year [5] - The second product category, including integrated machines and steam ovens, saw revenues of 282 million yuan, 28 million yuan, and 26 million yuan, with declines of 11.24%, 18.47%, and 23.48% respectively [5] - The third product category, including dishwashers and water purifiers, achieved revenues of 318 million yuan, 15 million yuan, and 110 million yuan, with a growth of 14.84% for water heaters, while dishwashers and water purifiers declined by 4.01% and 23.59% respectively [5] Market Position - The company remains competitive in traditional product categories, with retail sales in the kitchen appliance sector showing slight growth in retail channels, up 6.4% and 7.8% for range hoods and gas stoves respectively [5] - The engineering channel revenue has significantly declined, primarily due to weak new home sales, with a year-on-year decrease of 21.7% [5] Profitability and Cash Flow - The company's gross margin for H1 2024 was 48.9%, down 3.1 percentage points year-on-year, with Q2 gross margin at 47.3%, down 2.4 percentage points [5] - Operating cash flow for H1 2024 was 410 million yuan, a decrease of 56.9% year-on-year, attributed to slower payment collection [5] Earnings Forecast and Valuation - The net profit forecasts for 2024-2026 have been adjusted to 1.59 billion yuan, 1.65 billion yuan, and 1.72 billion yuan, reflecting decreases of 16.05%, 21.02%, and 23.45% from previous estimates [5] - The current stock price corresponds to P/E ratios of 11, 10, and 10 for the respective years [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Views - The company maintains a strong position in core categories, with the brand "Boss" leading in market share, while the new brand "Mingqi" shows rapid revenue growth, indicating resilience in operations [5]. - Despite a temporary decline in revenue due to market conditions, the company is expected to recover with a projected increase in net profit over the next three years [5]. Financial Performance Summary - In H1 2024, the company achieved revenue of 4.73 billion yuan, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of 760 million yuan, down 8.5% [5]. - For Q2 2024, revenue was 2.49 billion yuan, a decline of 9.6%, with a net profit of 360 million yuan, down 18.2% [5]. - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 1.69 billion, 1.83 billion, and 1.95 billion yuan respectively [5]. Market Position and Brand Performance - The traditional product categories continue to lead in market share, with the "Boss" brand holding a retail market share of 31.9% for range hoods and 31.3% for gas stoves [5]. - The new brand "Mingqi" generated revenue of 229 million yuan in H1 2024, reflecting a year-on-year growth of 40.5% [5]. Profitability and Cost Structure - The gross margin for H1 2024 was 48.9%, a decrease of 3.1 percentage points compared to the previous year [5]. - The operating expense ratio was 31.4%, down 2.4 percentage points, leading to a net profit margin of 16.1% [5]. Financial Projections - Revenue projections for 2024-2026 are 11.03 billion, 11.67 billion, and 12.40 billion yuan, with corresponding net profits of 1.69 billion, 1.83 billion, and 1.95 billion yuan [6][7]. - The expected EPS for 2024-2026 is 1.79, 1.94, and 2.07 yuan, with P/E ratios of 10.4, 9.6, and 9.0 respectively [6][7].

证券代码：002508 证券简称：老板电器 公告编号：2024-060 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。 杭州老板电器股份有限公司（以下简称"公司"）于 2024 年 8 月 30 日分别 召开第六届董事会第十次会议和第六届监事会第十次会议审议通过了《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 20.51 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、2023年4月25日，公司召开第五届董事会第十四次会议，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， 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。 2、2023年4月26日至2023年5月8日，公司通过内部张贴将股票期权激励计 划激励对象姓名及职务予以公示。2023 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12] Core Views - The company experienced operational pressure in Q2 2024, with a revenue decline of 9.6% year-on-year to 2.49 billion, and a net profit drop of 18.2% to 360 million [1] - The company is expected to benefit from the gradual implementation of the national replacement policy for old appliances, which may stimulate demand for kitchen appliances [1] - The company is actively promoting dual-brand development, with its sub-brand "Mingqi" achieving a revenue growth of 40.5% to 230 million in H1 2024 [1] Financial Performance Summary - In H1 2024, the company achieved a revenue of 4.73 billion, down 4.2% year-on-year, and a net profit of 760 million, down 8.5% [1] - The company's main product categories showed relative stability, with a 2.9% decline in range hoods to 2.26 billion and a 1.2% decline in gas stoves to 1.17 billion [1] - Emerging product categories faced more pressure, with significant declines in revenue for integrated machines, steam ovens, and ovens [1] - The gross profit margin in Q2 was 47.3%, down 2.4 percentage points year-on-year, influenced by raw material costs and the rising proportion of Mingqi's revenue [1] Profit Forecast and Valuation - The profit forecast for the company has been revised down, with expected net profits of 1.70 billion, 1.79 billion, and 1.88 billion for 2024, 2025, and 2026 respectively, reflecting a growth rate of -2%, +6%, and +5% [1][12] - The diluted EPS is projected to be 1.79, 1.89, and 1.98 for the years 2024, 2025, and 2026, with corresponding PE ratios of 10, 10, and 9 [1][12]

证券代码：002508 证券简称：老板电器 公告编号：2024-059 杭州老板电器股份有限公司 2024 年中期权益分派实施公告 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。 杭州老板电器股份有限公司（以下简称"公司"）2024年中期权益分派方案 已获2024年8月26日召开的公司第六届董事会第九次会议和第六届监事会第九次 会议审议通过，现将权益分派事宜公告如下： 一、股东大会审议通过利润分配方案情况 1、公司 2024 年中期权益分派方案为：以公司现有总股本 944,127,316 股 为基数，向全体股东每 10 股派 5.00 元人民币现金(含税)，预计派发的现金红 利总额为 472,063,658.00 元。若在分配方案实施前公司总股本发生变化的， 将按照"分配比例不变，调整分配总额"的原则相应调整。 2、公司 2023 年股票期权激励计划正处于自主行权期间，因本次权益分派 需要，公司股票期权自主行权在权益分派业务申请期间（2024 年 8 月 28 日至 2024 年 9 月 5 日）暂停行权。 3、自分配方案披露至实施期间公司总股本未发生变化。 ...