证券代码：002508 证券简称：老板电器 公告编号：2025-047 杭州老板电器股份有限公司 2025 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"）2025年中期权益分派方案 已获2025年8月27日召开的公司第六届董事会第十七次会议和第六届监事会第十 六次会议审议通过，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 2025 年中期权益分派方案为：以公司现有总股本 944,938,916 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 472,469,458.00 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、自分配方案披露至实施期间公司总股本未发生变化。 3、本次实施的分配方案与公司第六届董事会第十七次会议和第六届监事 会第十六次会议审议通过的方案一致。 二、权益分派方案 本公司 2025 年中期权益分派方案实际为：以公司现有总股本 944,938 ...

Core Insights - The visit by JD Group's management team to Boss Electric signifies a deepening collaboration and exploration of innovation and service upgrades in the kitchen appliance industry [1][8] Group 1: Company Collaboration - Boss Electric has successfully partnered with JD Group for 12 years, becoming one of the leading brands in the home appliance sector [5] - The collaboration has led to the launch of several bestselling products, such as the Light Shadow M2 range hood and the Sky Mirror dishwasher, addressing cooking pain points with advanced technology [5][6] - Both companies are committed to leveraging technological innovation and quality service to meet diverse cooking needs and enhance consumer experiences [8] Group 2: Technological Innovation - Boss Electric's Global Culinary Arts Center showcases over 300 artifacts, illustrating the evolution of cooking technology from ancient times to modern smart appliances [3] - The AI cooking model "Shishen" integrates a vast knowledge base and can provide personalized cooking recommendations and health plans based on user data [4] - The Light Shadow M2 range hood has won the "JD Lightning New Product Annual Gold Award" and set a Guinness World Record, highlighting Boss Electric's technological leadership [6] Group 3: Market Performance - The Black Wing series has achieved over 200,000 units sold on JD's platform, ranking first in the high-end dual-suction category [5] - Boss Electric's products have received multiple accolades from JD, reflecting strong market performance and consumer satisfaction [6] Group 4: Industry Trends - Discussions between Boss Electric and JD focused on industry trends, technological innovation, and supply chain collaboration, establishing a strategic consensus for future cooperation [8] - The partnership aims to drive innovation in the kitchen appliance sector, enhancing the overall consumer experience through advanced products and services [8]

Group 1 - The kitchen and bathroom appliance sector increased by 1.05% on September 5, with Aopu Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Aopu Technology's closing price was 12.47, with a rise of 1.71%, and a trading volume of 17,600 lots, amounting to 21.61 million yuan [1] Group 2 - The main funds in the kitchen and bathroom appliance sector experienced a net outflow of 13.30 million yuan, while retail funds saw a net outflow of 7.38 million yuan [1] - Aopu Technology had a net inflow of 5.14 million yuan from retail investors, despite a net outflow of 4.17 million yuan from speculative funds [2] - Zhejiang Meida experienced a significant net outflow of 8.66 million yuan from main funds, while retail investors contributed a net inflow of 6.93 million yuan [2]

Core Viewpoint - The company, Boss Electric, reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its core product categories and overall market performance [2][3][4]. Group 1: Revenue and Profit Decline - In the first half of 2025, Boss Electric's revenue was 4.608 billion, a year-on-year decrease of 2.58%, while the net profit attributable to shareholders was 712 million, down 6.28%, marking two consecutive years of profit decline [2][3]. - The company's reliance on its core products, particularly range hoods and gas stoves, has led to significant revenue pressure, with these categories contributing over 70% of total revenue [4][3]. Group 2: Product Performance - The revenue from range hoods and gas stoves was 2.205 billion and 1.156 billion respectively, showing declines of 2.36% and 1.11% year-on-year [4]. - Emerging product categories such as integrated stoves, steam ovens, and others have not compensated for the decline in core products, contributing less than 30% to total revenue [4]. - Specific product categories like steam ovens and integrated stoves saw substantial declines, with year-on-year drops of 44.18% and 45.24% respectively [4]. Group 3: Channel Challenges - Boss Electric's three main sales channels—offline retail, online e-commerce, and renovation projects—are all facing challenges, particularly in the renovation market, which has seen a significant downturn [6][7]. - The company's market share in the renovation channel has decreased, dropping from first to second place, with a current market share of 24% [6]. - In the offline market, the brand's market share for range hoods fell to 31.2%, a decline of 0.7 percentage points year-on-year [7]. Group 4: Multi-Brand Strategy Issues - The company is pursuing a multi-brand strategy to cater to diverse consumer needs, but it faces challenges in brand positioning and market perception [9][10]. - The main brand, "Boss," is struggling to maintain its high-end image, with sales expenses significantly outpacing research and development investments, which decreased by 10.9% [10]. - The sub-brand "Mingqi" has not gained traction in the market, lacking distinct features and effective pricing strategies, leading to limited support for overall company performance [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first half of 2025, the company achieved operating revenue of 4.608 billion yuan, a year-on-year decline of 2.58%. The net profit attributable to shareholders was 712 million yuan, down 6.28% year-on-year. The net profit after deducting non-recurring gains and losses was 642 million yuan, a decrease of 2.40% year-on-year. In the second quarter of 2025, the company reported revenue of 2.531 billion yuan, a year-on-year increase of 1.57%, and a net profit of 372 million yuan, up 2.96% year-on-year [2][4][10] - The company plans to distribute a cash dividend of 5 yuan (including tax) for every 10 shares, totaling 472 million yuan, which accounts for 66.39% of the adjusted net profit attributable to shareholders [2][4] - The overall gross margin for the first half of 2025 was 50.43%, an increase of 1.55 percentage points year-on-year, primarily due to effective supply chain management and cost control, leading to a 5.54% year-on-year decrease in operating costs [10] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 4.608 billion yuan, a decline of 2.58% year-on-year. The net profit attributable to shareholders was 712 million yuan, down 6.28% year-on-year. The net profit after deducting non-recurring items was 642 million yuan, a decrease of 2.40% year-on-year. In Q2 2025, revenue was 2.531 billion yuan, up 1.57% year-on-year, and net profit was 372 million yuan, an increase of 2.96% year-on-year [2][4][10] Product and Market Analysis - The main products, range hoods and gas stoves, contributed 47.86% and 25.10% of revenue, respectively, with slight year-on-year declines of 2.36% and 1.11%. New categories like dishwashers and integrated stoves showed strong growth, with revenue increases of 6.03% and 6.27% [10] - The East China region accounted for the highest revenue share at 46.63%, but saw a year-on-year decline of 9.17%. In contrast, the Northwest region experienced a revenue growth of 22.16%, and overseas markets grew by 52.12% [10] Strategic Initiatives - The company is focusing on enhancing retail channel operations and user experience, while also promoting trade-in activities to tap into the existing market amid a challenging new housing market. The e-commerce channel is being strengthened through user insights and content innovation [10] - The company is also expanding its global presence and brand internationalization [10] Profitability and Cost Management - The overall gross margin improved to 50.43%, up 1.55 percentage points year-on-year, driven by effective cost management. The gross margin for range hoods was 53.41%, an increase of 2.62 percentage points, while gas stoves saw a gross margin of 55.06%, up 2.06 percentage points [10] - Operating profit for the first half of 2025 was 700 million yuan, a year-on-year increase of 1.32% [10] Future Outlook - The company is expected to continue exploring new product directions and leveraging its channel resources to capture additional market opportunities. Projected net profits for 2025-2027 are 1.662 billion, 1.747 billion, and 1.847 billion yuan, with corresponding P/E ratios of 11.49, 10.93, and 10.33 [10]

Group 1 - The kitchen and bathroom appliance sector experienced a slight decline of 0.14% on September 2, with Mars Man leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Among the individual stocks in the kitchen and bathroom appliance sector, Rising Sun Oriental saw the highest increase of 5.75%, closing at 11.95 [1] Group 2 - The net inflow of main funds in the kitchen and bathroom appliance sector was 46.88 million yuan, while retail funds saw a net inflow of 38.06 million yuan [2] - However, there was a net outflow of 84.94 million yuan from speculative funds [2] - The overall trading volume and turnover for the sector were significant, with Rising Sun Oriental achieving a turnover of 1.444 billion yuan [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance met expectations, with a revenue of 4.608 billion yuan in H1 2025, down 2.58% year-on-year, and a net profit attributable to shareholders of 712 million yuan, down 6.28% year-on-year [6] - The "old-for-new" policy continues to be reinforced, with strong growth in traditional kitchen appliance categories, particularly in the range hood and gas stove markets [6] - The company's profitability remains stable, with a gross margin of 50.43% in H1 2025, an increase of 1.55 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, totaling approximately 472.47 million yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.786 billion yuan, with a year-on-year growth rate of 5.1% [5] - The net profit attributable to shareholders is expected to be 1.679 billion yuan in 2025, reflecting a year-on-year increase of 6.4% [5] - The earnings per share (EPS) is projected to be 1.78 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 [5] - The company is expected to achieve net profits of 1.782 billion yuan and 1.879 billion yuan in 2026 and 2027, respectively, with corresponding year-on-year growth rates of 6.1% and 5.5% [5]

Group 1 - The core viewpoint of the news highlights the integration of artificial intelligence (AI) in various industries, particularly in Hangzhou's Linping district, showcasing successful applications and innovations in sectors like healthcare and kitchen appliances [1][2][3][4]. - Hangzhou Deshi Biotechnology Co., Ltd. developed the iMedImage™ model, which has been recognized in the "2025 Digital Health Innovation Application Cases," demonstrating the potential of AI in the biomedical field [1]. - Boss Electric, a leading kitchen appliance manufacturer, launched the AI cooking assistant "ROKI," which enhances user interaction and transforms traditional kitchen appliances into smart devices [2]. Group 2 - Linping district is focusing on building a modern industrial system that integrates smart manufacturing and AI, aiming to enhance the competitive edge of local enterprises [3][4]. - The district has set ambitious goals, including the establishment of an AI industry innovation center and the development of a city-level AI industrial ecosystem, with a target of achieving a 10% growth in the AI industry scale [3]. - Companies like Xio Elevator are leading the way in smart manufacturing, with their "super factory" showcasing advanced production capabilities and AI integration for safety monitoring [6]. Group 3 - Linping is actively promoting the "AI + New Manufacturing" initiative, aiming for over 20% AI penetration across the entire design-supply-production chain in key enterprises [4]. - The district is also focusing on digital transformation for manufacturing enterprises, encouraging tailored solutions to enhance the coverage of digital upgrades [4][7]. - A comprehensive assessment of AI applications in local enterprises revealed the use of technologies such as visual inspection and data mining, with applications in product design and quality control [7].

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]

Core Viewpoint - The AI wave is driving the kitchen appliance industry into a new growth cycle, with the company leading through technological product innovation and business model transformation, aiming to create a more comprehensive cooking ecosystem to activate new growth momentum in the industry [1] Group 1: Performance and Market Position - In the first half of 2025, the company achieved revenue of 4.608 billion yuan and a net profit of 712 million yuan, demonstrating strong operational resilience despite a challenging market environment [4] - The company’s market share in key product categories remains strong, with the combined sales of its range of kitchen appliances leading the domestic market, including a 31.28% share in range hoods and 38.2% in integrated stoves [4] - The company is focusing on user core needs and product innovation to maintain its leading position in the kitchen appliance industry [4][5] Group 2: Digital Transformation and User Engagement - The company is transitioning from a "kitchen appliance expert" to a "cooking partner," with digital kitchen appliance sales growing by 56.26% year-on-year in the first half of 2025 [6] - The company has developed a comprehensive cooking ecosystem that includes major and minor kitchen appliances, kitchen cleaning products, and commercial kitchen equipment, enhancing the user experience through digital services [6][9] - The company’s app and mini-program have over 5.4 million users, with features that address health concerns and enhance user engagement [6][9] Group 3: Expansion into Commercial and Overseas Markets - The company is expanding into the commercial kitchen market, which has a low concentration and a market size in the hundreds of billions, with a 70% increase in new customers in the first half of 2025 [10] - The company is also accelerating its overseas market expansion, establishing a subsidiary in Indonesia and creating a new partnership model for global operations [10] - The establishment of a culinary cultural research institute and a global culinary arts center reflects the company's commitment to culinary culture and aims to attract over 100,000 visitors annually [10] Group 4: Industry Trends and Future Outlook - The kitchen scene's digital transformation is an irreversible trend, and the company's multi-dimensional layout in technology research, ecosystem construction, and market expansion provides a reference for industry upgrades [12] - The integration of AI technology with cooking scenarios is expected to lead to a new value reconstruction in the kitchen appliance industry, with the company’s focus on user needs and balancing innovation with service quality being crucial for its market position [12]