证券代码：002508 证券简称：老板电器 公告编号：2025-062 杭州老板电器股份有限公司 2025 年第二次临时股东大会决议公告 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。 一、重要提示 1、本次股东大会召开期间没有增加、否决或变更议案的情况发生。 2、本次股东大会采取现场投票、网络投票相结合的方式。 二、召开会议基本情况 1、会议召集人：公司董事会 2、会议召开时间： 现场会议时间：2025 年 12 月 22 日下午 14:00 开始 网络投票时间：2025 年 12 月 22 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 12 月 22 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年 12 月 22 日上午 9:15 至下午 15:00 期间的任意时间。 1、出席的总体情况 参加本次股东大会表决的股东共计 190 名，所代表股份数为 580,841,756 股，占公司股份总数的 61.4687%。除股东代 ...

Group 1 - The kitchen and bathroom appliance sector experienced a decline of 0.74% on December 22, with Aopu Technology leading the drop [1] - The Shanghai Composite Index closed at 3917.36, up 0.69%, while the Shenzhen Component Index closed at 13332.73, up 1.47% [1] - Key stocks in the kitchen and bathroom appliance sector showed mixed performance, with Yitian Intelligent rising by 1.96% to 33.24 and Aopu Technology falling by 2.33% to 11.76 [1] Group 2 - The kitchen and bathroom appliance sector saw a net outflow of 11.488 million yuan from main funds, while retail funds experienced a net outflow of 33.8585 million yuan [1] - Notable net inflows from speculative funds included 45.3465 million yuan, indicating a shift in investor sentiment [1] - Individual stock fund flows revealed that Boss Electric had a main fund net inflow of 13.0374 million yuan, while Aopu Technology had a net outflow of 4.6709 million yuan [2]

Core Viewpoint - The stock price of Boss Electric has experienced a decline, with a drop of 4.89% year-to-date and a decrease of 2.02% on December 22, 2023, indicating potential challenges in the company's market performance [1][2]. Company Overview - Boss Electric, established on November 7, 2000, and listed on November 23, 2010, is located in Yuhang District, Hangzhou, Zhejiang Province. The company specializes in the research, production, and sales of kitchen electrical appliances, including range hoods, gas stoves, dishwashers, and food processors [2]. - The revenue composition of Boss Electric includes: range hoods (47.86%), gas stoves (25.10%), dishwashers (7.33%), integrated machines (6.51%), sterilizers (2.64%), and other kitchen appliances [2]. Financial Performance - As of September 30, 2023, Boss Electric reported a revenue of 7.312 billion yuan for the first nine months of 2023, reflecting a year-on-year decrease of 1.14%. The net profit attributable to shareholders was 1.157 billion yuan, down 3.73% year-on-year [3]. - The company has distributed a total of 6.847 billion yuan in dividends since its A-share listing, with 2.833 billion yuan distributed over the past three years [4]. Shareholder Information - As of September 30, 2023, the number of shareholders for Boss Electric was 56,300, a decrease of 8.62% from the previous period. The average circulating shares per person increased by 9.43% to 16,577 shares [3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 63.4905 million shares, a reduction of 27.3989 million shares from the previous period. ICBC Value Selection Mixed A (019085) is the third-largest shareholder, with 14.3928 million shares as a new entrant [4].

21世纪经济报道 吴立洋 上海报道 消费市场潮起潮落、日新月异，唯有坚守长期主义的企业，方能穿越市场周期，实现可持续发展。而这 种坚守背后离不开品牌对品质的执着、对用户的敬畏与对创新的追求。 例如，中国厨房的核心需求依次经历了从公共区域转向私人空间、房地产黄金时代的新房装配、回归日 常生活体验的三个阶段，而老板电器则根据这些需求分别提供能够大幅减少油烟的大吸力烟机、厨房电 器四件套解决方案、陪伴厨房生活的AI烹饪伙伴，三类核心产品与服务。 童晶菁指出，在穿越周期的过程中，企业最大的风险不是外部的巨变，而是自身核心能力和用户核心需 求的脱节。 科技+人文的路径，被概括为老板电器提供生长的"双翼"。 在科技领域，科技的深度需要回归到对生活的细微洞察。据介绍，老板电器公司要求全员必须持有厨师 证上岗。 12月17日，大消费行业"年度风向标"级别的会议——21世纪经济报道2025"新消费大会"于上海落地，汇 聚了来自众多消费品牌、知名投资机构和券商以及平台等各领域的上百位嘉宾。 会上，老板电器（002508）首席数字及营销官童晶菁以《跨越周期，消费品牌的长期主义》为题发表了 主旨演讲。 "很多时候大家会有一个疑问，厨 ...

Core Insights - The consumer market is dynamic, and only companies that adhere to long-termism can navigate market cycles and achieve sustainable development [2] - The 21st Century Economic Report's 2025 New Consumption Conference gathered numerous consumer brands, investment institutions, and brokers, highlighting the importance of brand quality, user respect, and innovation [2] Group 1: Company Strategy - Boss Electric's Chief Digital and Marketing Officer, Tong Jingqing, emphasized the importance of long-termism in consumer brands, stating that understanding consumer aspirations for a better life is crucial for overcoming market cycles [3] - Boss Electric has been a leader in the kitchen appliance sector since 1979, adapting to market changes over 46 years by focusing on core areas, technological and cultural innovation, and shifting from product management to user relationship management [3][4] Group 2: Market Adaptation - The company’s approach to the kitchen and cooking sector is summarized as "lasting innovation," which involves redefining business boundaries in response to changing consumer needs [4] - Boss Electric has identified three core product categories based on evolving kitchen demands: high-suction range hoods, kitchen appliance sets, and AI cooking partners [4] Group 3: Innovation and User Engagement - The greatest risk for companies is not external changes but the disconnection between core capabilities and user needs [5] - Boss Electric integrates technology and humanistic insights, requiring all employees to hold a chef's certificate to better understand user experiences and challenges [5][6] - The establishment of a Culinary Humanities Research Institute and a global culinary arts center reflects the company's commitment to deepening user engagement and co-creation [6] Group 4: User Relationship Management - In the digital age, the focus should be on building deep relationships with users rather than merely managing traffic [6][7] - Boss Electric utilizes a Customer Data Platform (CDP) to analyze user data and create a community for sharing, enhancing user engagement and satisfaction [7] - This transformation from a one-way service model to a two-way nurturing relationship creates a competitive advantage that is difficult for rivals to replicate [7]

Investment Rating - The report rates the home appliance industry as "Positive" for investment, marking it as the first recommendation for 2026 [3]. Core Insights - The report emphasizes that leading companies with strong product capabilities, channel efficiency, cost control, and brand premium are positioned to gain market share during a challenging domestic demand environment. The industry is shifting from "incremental competition" to "stock integration" [4]. - It highlights that while short-term revenue growth may be difficult to expect, leading companies are likely to maintain profit growth due to improved efficiency and cost reduction. A stabilization in demand could lead to a new golden era for these companies [4]. - The report suggests focusing on three main investment themes: companies benefiting from domestic market consolidation, those redefining products for overseas markets, and quality dividend stocks with low valuations [4]. Summary by Sections 1. Market Performance and Fundamentals - The home appliance sector underperformed the CSI 300 index in 2025, with a growth rate of 9.7%, lagging behind the index by 7.8 percentage points, primarily due to external tariffs and domestic policy fluctuations [9]. - The report notes that the home appliance sector's valuation remains low compared to other consumer sectors, with a PE ratio of 14.7X as of November 30, 2025, reflecting the industry's mature phase and pressures from declining domestic real estate demand [19][20]. 2. Main Line One: Opportunities in Market Consolidation - The report identifies opportunities in the smart projection market, where domestic consolidation is occurring, and leading companies are gaining market share. The market is expected to improve as consumer demand recovers [61]. - In the kitchen appliance sector, leading companies are showing resilience in performance despite weak demand, with market shares increasing as smaller competitors exit the market [76]. 3. Main Line Two: Redefining Products for Export Markets - The report discusses the growth potential in the robotic vacuum cleaner market, which is expected to see double-digit growth in the overseas market from 2024 to 2029, driven by product innovation [86]. - It also highlights the potential for growth in the lawn mower robot market, particularly in Europe, where the penetration rate is expected to rise significantly [104]. 4. Main Line Three: Quality Dividend Stocks - The report suggests that companies like Midea Group and Haier Smart Home are positioned well due to their stable cash flows and increasing dividend payouts, making them attractive for long-term investment [85].

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 0.21% on December 17, with 日出东方 leading the losses [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] Stock Performance - 亿田智能 (300911) closed at 33.26, with an increase of 1.56% and a trading volume of 37,400 shares, totaling a transaction value of 124 million yuan [1] - 火星人 (300894) closed at 11.28, up 0.53%, with a trading volume of 43,500 shares and a transaction value of 48.31 million yuan [1] - 来学股份 (002035) closed at 6.12, up 0.33%, with a trading volume of 64,600 shares and a transaction value of 39.32 million yuan [1] - 浙江美大 (002677) closed at 7.30, up 0.14%, with a trading volume of 55,000 shares and a transaction value of 39.86 million yuan [1] - 万和电气 (002543) closed at 9.85, up 0.10%, with a trading volume of 55,100 shares and a transaction value of 53.91 million yuan [1] - 老板电器 (002508) closed at 19.81, down 0.30%, with a trading volume of 54,300 shares and a transaction value of 107 million yuan [1] - 奥普科技 (603551) closed at 11.97, down 0.33%, with a trading volume of 35,400 shares and a transaction value of 42.09 million yuan [1] - 帅丰电器 (605336) closed at 14.16, down 1.19%, with a trading volume of 19,600 shares and a transaction value of 27.74 million yuan [1] - 日出东方 (603366) closed at 9.91, down 1.88%, with a trading volume of 348,800 shares and a transaction value of 34.5 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 22.85 million yuan from institutional investors, while retail investors experienced a net inflow of 15.13 million yuan [1] - The detailed capital flow for individual stocks indicates varying levels of net inflow and outflow among different companies [2] - For instance, 老板电器 (002508) had a net inflow of 6.01 million yuan from institutional investors, while it faced a net outflow of 3.18 million yuan from retail investors [2] - Conversely, 日出东方 (603366) experienced a net outflow of 8.52 million yuan from institutional investors, but a net inflow of 15.03 million yuan from retail investors [2]

Group 1 - The kitchen and bathroom appliance sector increased by 0.24% on December 15, with Sunrise Oriental leading the gains [1] - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index closed at 13112.09, down 1.1% [1] - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Sunrise Oriental rising by 1.97% to a closing price of 9.84 [1] Group 2 - The net inflow of main funds in the kitchen and bathroom appliance sector was 6.71 million yuan, while retail investors saw a net outflow of 19.33 million yuan [1] - Detailed fund flow data indicates that Sunrise Oriental had a main fund net inflow of 19.36 million yuan, while retail investors had a net outflow of 17.91 million yuan [2] - Other notable stocks included Wanhe Electric with a main fund net inflow of 11.20 million yuan and a retail net outflow of 9.21 million yuan [2]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of December 12, 2025 [1][4]. - The stock with the highest daily increase is Changbao Co., Ltd. (002478.SZ) with a daily rise of 10.04% and a year-to-date increase of 64.21% [1][4]. - Other notable performers include Jiufeng Energy (605090.SH) with a daily increase of 9.99% and a year-to-date increase of 38.54%, and Jianlin Home (603408.SH) with a daily increase of 9.98% and a year-to-date increase of 22.34% [1][4]. Group 2 - The dividend yields for the top stocks range from 1.43% to 7.67%, with Yongxin Co., Ltd. (002014.SZ) offering the highest yield at 7.67% [1][4]. - The data indicates that several companies, such as Tianshan Aluminum (002532.SZ) and De Ye Co., Ltd. (605117.SH), have shown significant year-to-date increases of 79.46% and 57.02%, respectively [1][4]. - The overall performance of the index reflects a diverse range of industries, including energy, home appliances, and aluminum production, showcasing potential investment opportunities [1][4].

Group 1 - The kitchen and bathroom appliance sector increased by 0.15% on December 12, with Boss Electric leading the gains [1] - The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1] - Boss Electric's stock price rose by 1.44% to 19.75, with a trading volume of 102,300 shares and a transaction value of 200 million yuan [1] Group 2 - The kitchen and bathroom appliance sector experienced a net outflow of 43.33 million yuan from institutional investors and 22.36 million yuan from retail investors, while individual investors saw a net inflow of 65.69 million yuan [1] - Boss Electric had a net inflow of 14.01 million yuan from institutional investors, accounting for 7.00% of its total trading volume [2] - The stock of Vatti Corporation saw a net outflow of 22.33 million yuan from institutional investors, representing 9.72% of its total trading volume [2]