证券代码：002508 证券简称：老板电器 公告编号：2025-021 杭州老板电器股份有限公司 监事会关于 2025 年股票期权激励计划 激励对象名单的审核意见及公示情况说明 本公司及监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。 一、公司对激励对象的公示情况 1、公示内容：2025 年股票期权激励计划激励对象的姓名和职务。 2、公示时间：2025 年 4 月 29 日至 2025 年 5 月 8 日。 3、公示方式：公司内部张贴 4、反馈方式：在公示期限内，公司员工可通过电话、邮件及当面反馈等方式向监事 会进行反馈，公司监事会对相关反馈进行记录。 5、公示结果：截至 2025 年5 月8日公示期满，公司监事会未收到任何异议或不良反映， 无反馈记录。 二、监事会核查方式 公司监事会核查了本次拟激励对象的名单、身份证件、拟激励对象与公司签订的劳动 合同（或聘用合同）、拟激励对象在公司担任的职务及任职文件等。 1 三、核查意见 根据《管理办法》《自律监管指南第 1 号》的有关规定，公司对拟激励对象名单及职 务的公示情况结合监事会的核查结果，监事会发表核查意见如下： 20 ...

证券代码：002508 证券简称：老板电器 公告编号：2025-023 杭州老板电器股份有限公司 关于 2024 年股票期权激励计划部分股票期权 2、根据《激励计划（草案）》和《2024 年股票期权激励计划实施考核管 理办法》（以下简称"《考核管理办法》"）的相关规定，公司授予的股票期 权行权考核年度为 2024-2026 年三个会计年度，每个会计年度考核一次。公司 2024 年股票期权激励计划股票期权第一个行权期业绩考核目标如下： | 行权期 | 对应考核年度 | 以公司2023年营业收入为基数，对应考核 年度的营业收入复合增长率（A） | | | --- | --- | --- | --- | | | | 目标值 | 触发值 | | | | (Am) | (An) | | 第一个行权期 | 2024 | 10% | 5% | 公司层面考核目标完成情况对应不同的行权比例，具体如下： | | | 注销完成的公告 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。 杭州老板电器股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开了第六届董事会第十 ...

注销完成的公告 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。 证券代码：002508 证券简称：老板电器 公告编号：2025-022 杭州老板电器股份有限公司 关于 2022 年股票期权激励计划部分股票期权 杭州老板电器股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召 开了第六届董事会第十三次会议和第六届监事会第十二次会议，审议通过了 《关于注销 2022 年股票期权激励计划部分股票期权的议案》。具体情况如下： 1、根据《2022年股票期权激励计划（草案）》（以下简称"《激励计划 （草案）》"）的规定，激励对象因辞职、公司裁员而离职、合同到期不再续 约，自情况发生之日，其已获授但尚未行权的股票期权不得行权，由公司注销。 公司2022年股票期权激励计划的9名激励对象因离职已不符合激励条件，公 司将注销上述9名激励对象已获授但尚未行权的合计48,000份股票期权。 根据《激励计划（草案）》《考核管理办法》的相关规定，若公司业绩考 核未达到上述行权条件，所有激励对象对应考核当年计划行权的股票期权均不 得行权，由公司注销。 2、根据《激励计划（草 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In 2024, the company achieved revenue of 11.213 billion yuan, a year-on-year increase of 0.10%, and a net profit attributable to shareholders of 1.577 billion yuan, a year-on-year decline of 8.97% [2][4]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares (including tax), resulting in a dividend payout ratio of 59.88% for 2024, an increase of 5.4 percentage points from the previous year [4]. - The company is rolling out an equity incentive plan for 2025, indicating confidence in its growth trajectory [10]. Financial Performance Summary - For 2024Q4, the company reported revenue of 3.817 billion yuan, a year-on-year increase of 16.78%, and a net profit of 375 million yuan, a year-on-year increase of 4.28% [2][4]. - In 2025Q1, the company experienced a revenue decline of 7.20% year-on-year, with net profit decreasing by 14.66% [2][4]. - The gross profit margin for 2024 was down by 1.00 percentage points, while the operating profit decreased by 14.57% year-on-year [10]. Revenue Breakdown - The revenue from key product categories in 2024 showed varied performance: range hoods, gas stoves, dishwashers, and integrated machines saw increases of 2.51%, 3.96%, 4.22%, and 2.40% respectively, while the disinfection cabinet category saw a decline of 22.14% [10]. - The company’s revenue growth in 2024Q4 was significantly driven by government subsidies, particularly in the C-end channel [10]. Future Projections - The company forecasts net profits of 1.662 billion yuan, 1.747 billion yuan, and 1.847 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 11.23, 10.68, and 10.10 [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown resilience in operations despite pressure from the real estate sector, with expectations for further demand release through trade-in programs [1]. - The company has adjusted its profit forecasts downward, anticipating net profits of 1.64 billion, 1.75 billion, and 1.83 billion for 2025, 2026, and 2027 respectively, with growth rates of +4%, +6%, and +5% [4][5]. Financial Performance Summary - In 2024, the company achieved revenue of 11.21 billion, a slight increase of 0.1%, and a net profit of 1.58 billion, a decrease of 9.0%. The first quarter of 2025 saw revenue of 2.08 billion, down 7.2%, and a net profit of 340 million, down 14.7% [1][5]. - The company plans to distribute a cash dividend of 5 yuan for every 10 shares, resulting in a total cash dividend rate of 59.9% [1]. - The company's gross margin for 2024 was 49.7%, a decrease of 1.0 percentage points year-on-year, with a recovery noted in Q1 2025, where the gross margin increased by 2.1 percentage points to 52.7% [3][4]. Product Category Performance - The main product categories, such as range hoods and gas stoves, have shown stable growth, with retail demand for range hoods increasing by 14.9% and gas stoves by 15.7% in 2024 [2]. - The company’s revenue from its sub-brand, Mingqi, grew by 26.3% to 570 million in 2024, indicating a successful strategy to target practical and youthful consumer needs [3]. Sales Channel Performance - The company’s agency sales revenue grew by 21.2% to 3.54 billion in 2024, benefiting from government subsidies, while direct sales revenue decreased by 3.2% to 5.68 billion [2].

Core Insights - The company is experiencing its most severe downturn since its IPO 13 years ago, with Q1 2025 revenue growth slowing to 2.1% and net profit declining by 8.3% [1] - The traditional kitchen appliance sector is facing significant challenges due to the decline in real estate benefits, increasing consumer segmentation, and competition from emerging product categories [1] Financial Performance - In 2024, the company reported total revenue of 11.26 billion, a year-on-year increase of 2.8%, while net profit fell by 8.2% to 1.28 billion [2] - The core revenue sources, range hoods and gas stoves, contributed 68.3% of total revenue, but their growth rates slowed to 1.2% and 0.7% respectively [2] - In Q1 2025, revenue was 2.15 billion, a decrease of 5.3%, and net profit was 230 million, down 18.6%, marking the largest quarterly decline since 2010 [3] Market Dynamics - The offline market for range hoods saw a retail sales decline of 3.1% in 2024, with the company's market share dropping to 28.7% as competitors like Fotile gained ground [2] - Emerging product categories like dishwashers and integrated stoves accounted for 23.5% of revenue, but their growth rate fell sharply from 41.3% in 2023 to 18.7% in 2024 [3] - The integrated stove segment, which was expected to perform well, only grew by 9.6%, significantly below the industry average of 32.4% [3] Cost and Profitability Challenges - The overall gross margin decreased by 2.1 percentage points to 49.3%, primarily due to rising raw material costs and the increased share of low-margin new products [3] - The company raised prices by 5.2% for range hoods to maintain profitability, but this led to a loss of market share in e-commerce channels [3] - Cash flow from operating activities was negative at -187 million in Q1 2025, reflecting increased promotional efforts and challenges in accounts receivable management [4] Strategic Positioning - The company is at a crossroads, facing market share erosion from competitors and struggling to adapt to new market dynamics [5] - Despite efforts to diversify into new product categories since 2018, the company has not achieved significant market penetration, particularly in dishwashers [5] - The management transition in March 2025, with the founder stepping down, raises questions about the company's strategic direction and ability to respond to market changes [6] Future Outlook - The company is undergoing a profound transformation, grappling with growth challenges and attempting significant strategic changes [7] - The ability to redefine its position in the smart, integrated, and scenario-based kitchen appliance market will be crucial for the company's future success [7]

Investment Rating - The report highlights a "Buy" rating for seven selected stocks within the property value chain, indicating a positive outlook for these companies as they are well-positioned to benefit from recovering housing upgrade needs and building renovation demand [3][34]. Core Insights - The property value chain is expected to see a significant shift towards domestic demand, driven by potential policy support aimed at mitigating external uncertainties. This shift is projected to create a total addressable market (TAM) of Rmb5.7 trillion by 2035, representing a 70% increase compared to 2024 [3][34]. - The report anticipates an average 5% compound annual growth rate (CAGR) in topline revenue for the property value chain companies through 2035, with a notable improvement in profitability and dividend yields due to operational efficiencies and disciplined capital expenditures [5][34]. Summary by Sections Property Value Chain Stocks - The report identifies seven stocks (CRL, Yuhong, BNBM, Kinlong, Robam, KE, and Greentown Service) as beneficiaries of domestic stimulus, all rated as "Buy" [3][34][18]. Executive Summary - The property construction value chain, which constitutes approximately 30% of China's GDP, has faced challenges due to the downturn. However, potential policy support for domestic demand is expected to accelerate housing upgrades and boost secondary market transactions [29][34]. Implications for the Value Chain - The report outlines three main implications for the value chain: a decline in demand for building products, a consolidation of the developer industry, and a significant shift towards secondary market transactions, which are projected to account for 66% of total housing transactions by 2035 [31][32][51]. Housing Market Outlook - By 2035, housing demand is expected to be 40% below peak levels, with a significant portion coming from Tier-1 and Tier-2 cities. The secondary market is projected to overtake the primary market in terms of transaction volume and value [42][51]. Renovation Demand - Renovation demand is anticipated to nearly double by 2035, contributing approximately 60% of total construction gross floor area (GFA), which will help offset the decline in new builds [54][36].

Group 1 - The core viewpoint of the news is that Hangzhou Robam Appliances Co., Ltd. has applied for a patent for a method and device for measuring aerosol particle concentration, indicating its focus on innovation in environmental monitoring technology [1] - The patent application was filed on January 2025, and the publication number is CN119901641A, showcasing the company's ongoing research and development efforts [1] - The patented method utilizes light transmission to achieve high-precision and real-time measurement of aerosol particle concentration, which simplifies measurement procedures and has broad application prospects in environmental monitoring and industrial emission monitoring [1] Group 2 - Hangzhou Robam Appliances Co., Ltd. was established in 2000 and is primarily engaged in the manufacturing of electrical machinery and equipment, with a registered capital of approximately 949 million RMB [2] - The company has made investments in 22 enterprises and has participated in 319 bidding projects, indicating its active role in the industry [2] - The company holds a significant number of intellectual property rights, including 5000 patents and 402 trademark registrations, reflecting its strong focus on innovation and brand protection [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced pressure on its performance in Q1 2025, but there is optimism regarding the potential improvement driven by the "old-for-new" policy [4] - In 2024, the company achieved revenue of 11.21 billion yuan (up 0.1% year-on-year) and a net profit attributable to shareholders of 1.58 billion yuan (down 9.0%) [4] - For Q1 2025, the company reported revenue of 2.08 billion yuan (down 7.2%) and a net profit of 340 million yuan (down 14.7%) [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.69 billion, 1.80 billion, and 1.92 billion yuan respectively, with corresponding EPS of 1.78, 1.91, and 2.03 yuan [4] Financial Performance Summary - In 2024, the company’s gross margin was 49.7%, a decrease of 1.0 percentage points year-on-year [6] - The net profit margin for Q1 2025 was 16.2%, a decrease of 1.5 percentage points year-on-year [6] - The company’s revenue for 2025 is projected to be 11.64 billion yuan, with a year-on-year growth of 3.8% [8] - The projected P/E ratios for 2025, 2026, and 2027 are 11.0, 10.3, and 9.6 respectively [8] Market Position and Product Performance - The company maintains a strong position in traditional categories, with year-on-year growth in range hoods and gas stoves of 2.51% and 3.96% respectively [5] - The new product categories, such as dishwashers and integrated products, showed significant growth, with revenues increasing by 4.22% and 5.47% respectively in 2024 [5] - The company’s main brand leads the high-end market, while its sub-brand, Mingqi, reported a revenue increase of 26% in 2024 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 faced pressure, but the "old-for-new" policy is expected to drive improvement [4] - In 2024, the company achieved revenue of 11.21 billion yuan (YoY +0.1%) and a net profit attributable to shareholders of 1.58 billion yuan (YoY -9.0%) [4] - For Q1 2025, the company reported revenue of 2.08 billion yuan (YoY -7.2%) and a net profit of 340 million yuan (YoY -14.7%) [4] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 1.69 billion, 1.80 billion, and 1.92 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 11.0, 10.3, and 9.6 for 2025-2027 [4] - The "old-for-new" policy is anticipated to significantly boost the kitchen appliance market, benefiting leading brands [4] Financial Summary - In 2024, the company's gross margin was 49.7% (down 1.0 percentage points), with a net margin of 14.1% [6] - For Q1 2025, the gross margin improved to 52.7% (up 2.1 percentage points), while the net margin was 16.2% [6] - The company’s revenue is projected to grow to 11.64 billion yuan in 2025, with a YoY growth of 3.8% [8] - The net profit attributable to shareholders is expected to reach 1.68 billion yuan in 2025, reflecting a YoY increase of 6.9% [8] - The company’s ROE is projected to decline from 13.8% in 2024 to 13.0% in 2025 [8] Sales Channels and Product Performance - The retail channel has effectively driven sales, while the engineering channel has seen a gradual narrowing of its drag on performance [5] - Traditional product categories have shown stable growth, with the company maintaining the top market share in range hoods and gas stoves [5] - New product categories, such as dishwashers and water heaters, have benefited significantly from government subsidies [5] - The company’s embedded dishwashers achieved a market share of 16.01% offline and 7.26% online in 2024 [5]