Core Viewpoint - The kitchen and bathroom appliance sector experienced a slight increase of 0.15% on July 29, with Mars Man leading the gains. The Shanghai Composite Index rose by 0.33%, while the Shenzhen Component Index increased by 0.64% [1][2]. Group 1: Market Performance - The closing price of Mars Man was 14.88, with a rise of 2.34% and a trading volume of 174,800 shares, amounting to a transaction value of 258 million yuan [1]. - Yitian Intelligent closed at 52.90, up by 1.83%, with a trading volume of 54,000 shares and a transaction value of 285 million yuan [1]. - Wanhe Electric's closing price remained unchanged at 11.82, with a trading volume of 48,500 shares and a transaction value of 56.67 million yuan [1]. - Other companies such as Laixue Co., Sunrise Oriental, and Boss Electric showed slight declines in their stock prices [1]. Group 2: Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 31.14 million yuan from institutional investors and a net outflow of 7.46 million yuan from retail investors, while individual investors contributed a net inflow of 38.61 million yuan [2].

证券代码：002543 证券简称：万和电气 公告编号：2025-034 广东万和新电气股份有限公司 关于收到基金分配款的公告 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。 一、对外投资情况 广东万和新电气股份有限公司（以下简称"公司"或"万和电气"）分别于 2017 年 9 月 8 日、2017 年 9 月 25 日召开董事会三届十五次会议及 2017 年第一次 临时股东大会，审议并通过了《关于拟投资参股前海股权投资基金（有限合伙） 的议案》，同意公司使用自有资金不超过人民币 15 亿元投资参股前海股权投资 基金（有限合伙）（以下简称"前海母基金"），成为其有限合伙人。截至本公 告披露日，公司对前海母基金已实缴出资人民币 15 亿元。具体内容详见公司分 别于 2017 年 9 月 9 日、2017 年 9 月 26 日在信息披露媒体《证券日报》《中国证 券 报 》 《 上 海 证 券 报 》 《 证 券 时 报 》 及 信 息 披 露 网 站 巨 潮 资 讯 网 http://www.cninfo.com.cn 上披露的《广东万和新电气股份有限公司董事会三届 ...

Investment Rating - The report gives an "Overweight" rating for the home appliance industry, indicating an expectation for the industry to outperform the overall market [3][12]. Core Insights - The "old-for-new" policy has significantly stimulated the home appliance market, with an expanded subsidy range leading to notable demand increases across various categories [3]. - In the first half of 2025, major kitchen appliance categories such as range hoods and gas stoves experienced double-digit growth, while dishwashers showed signs of recovery [3]. - The report highlights specific companies within the kitchen appliance sector, recommending Midea Group, Gree Electric, and Vatti Corporation due to their strong market positions [3]. Summary by Sections Old-for-New Policy Impact - The 2024 "old-for-new" policy has expanded to include eight categories, significantly boosting demand, with range hoods achieving retail sales of 36.2 billion yuan, a 14.9% year-on-year increase [3]. - The government plans to allocate 300 billion yuan in special bonds to support the "old-for-new" initiative, enhancing market activation [3]. Sales Performance - In H1 2025, range hoods sold 778,000 units, up 36% year-on-year, with sales revenue reaching 3.48 billion yuan, a 44% increase [3]. - Gas stoves saw sales of 768,000 units, a 25% increase, with revenue of 1.76 billion yuan, up 41% [3]. - Dishwashers, newly included in the subsidy list, showed a recovery with offline sales of 180,000 units, a 28% increase, and online sales of 602,000 units, a 9% increase [3]. Investment Recommendations - The report suggests focusing on companies with solid positions in traditional categories, specifically recommending Boss Electric, Vatti Corporation, and Wanhe Electric for their leading market shares in water heaters [3].

Core Insights - The conference held on July 9, organized by the China Light Industry Federation, focused on the theme "Focusing on 'New' Power to Lead New Consumption," gathering over 300 representatives from leading enterprises and experts to outline a high-quality development blueprint for the light industry [1] - Guangdong Vanward Group Co., Ltd. was awarded three national honors: "Top Ten Enterprises in China's Light Industry Hardware Products," "Top 200 Enterprises in China's Light Industry," and "Top 100 Science and Technology Enterprises in China's Light Industry," reflecting its strong comprehensive strength and technological innovation achievements [1][3] Industry Overview - The China Light Industry Federation is a national, comprehensive industrial organization with service and management functions, and its annual rankings are highly authoritative and influential in the industry, serving as important benchmarks for evaluating the vitality of light industry enterprises in China [3] - The rankings for "Top Ten Enterprises in China's Light Industry Hardware Products" and "Top 200 Enterprises in China's Light Industry" assess companies based on comprehensive strength, requiring balanced development and strong market vitality, while the "Top 100 Science and Technology Enterprises" focuses on innovation capabilities, evaluating indicators such as revenue, R&D investment, and patent numbers [3] Company Performance - Vanward Group's simultaneous selection for the three prestigious lists demonstrates its robust competitive strength and leadership in technological innovation amid a complex economic environment [5] - The company has been advancing a product strategy centered on "high-end and green," achieving significant breakthroughs in ultra-low temperature heat pumps, noise reduction in combustion, high-altitude combustion technology, and hydrogen energy, including the establishment of national hydrogen energy standards and obtaining the first domestic BSI certification for hydrogen energy stoves [5] - The company has enhanced operational quality and profitability through deep digital transformation and lean management across the entire value chain, improving R&D efficiency, manufacturing levels, channel expansion, and service responsiveness [5] Global Expansion and Future Outlook - Vanward Group is accelerating its global layout with production bases in Thailand and Egypt, effectively supporting its international market business development [7] - The company is building a high-value user ecosystem through brand development and ESG practices, achieving substantial emission reductions through initiatives like distributed photovoltaic applications and energy-saving renovations [7] - Looking ahead, Vanward Group will continue to deepen its four strategic pillars: product-driven, efficiency growth, digital upgrade, and global operations, focusing on emerging fields such as hydrogen energy and heat pumps, while enhancing global capacity coordination and brand value [8]

Group 1 - The first meeting of the sixth Supervisory Board of Guangdong Vanward New Electric Co., Ltd. was held on July 4, 2025, with all three supervisors present, and the meeting was legally convened [1] - The meeting approved the election of Mr. Huang Ping as the chairman of the sixth Supervisory Board for a term of three years, consistent with the term of the board [1][2]

Group 1 - The legal opinion letter is issued by Beijing Zhonglun (Guangzhou) Law Firm regarding the 2025 first extraordinary general meeting of Guangdong Vanward New Electric Co., Ltd. [1][2] - The law firm confirms that the meeting was convened in accordance with the relevant laws, regulations, and the company's articles of association [3][10] - The meeting was held on July 4, 2025, with a total of 32 shareholders (or their agents) participating, representing 569,573,651 shares, which is 76.8122% of the total voting shares [6][10] Group 2 - The meeting was convened by the fifth board of directors of Vanward Electric, which was deemed qualified to call the meeting [5][10] - The voting process included both on-site and online voting, with the results being combined and verified [6][10] - The meeting approved several resolutions, including the election of four non-independent directors and three independent directors, with significant support from the attending shareholders [7][8][9]

Core Viewpoint - Guangdong Vanward New Electric Co., Ltd. has completed the re-election of its board of directors and supervisory board, along with the appointment of senior management, internal audit head, and securities affairs representative, ensuring compliance with relevant regulations and maintaining corporate governance standards [1][2][3][4]. Group 1: Board of Directors - The sixth board of directors consists of 7 members, including 4 non-independent directors and 3 independent directors, with a term of three years starting from the approval date of the shareholders' meeting [1][2]. - The chairman is Mr. Yu Cong Louie Lu, and the vice-chairman is Mr. Lu Chulong, with other members including Mr. Lu Yufan and Mr. Ye Wenbin as non-independent directors, and Mr. Chen Zhijian, Ms. Li Guang, and Ms. Chu Dazhi as independent directors [1][2]. Group 2: Specialized Committees - The sixth board has established four specialized committees: Strategy and Development Management, Audit, Nomination, and Compensation and Assessment, each with designated conveners [2]. - The Strategy and Development Management Committee is led by Mr. Yu Cong Louie Lu, while the Audit Committee is chaired by Mr. Chen Zhijian [2]. Group 3: Supervisory Board - The sixth supervisory board comprises 3 members, including 1 employee representative and 2 non-employee representatives, with a term of three years [2][3]. - The chairman of the supervisory board is Mr. Huang Ping, and the employee representative is Mr. Zhou Baojiang [3]. Group 4: Senior Management Appointments - The board has appointed several senior management personnel, including Mr. Lai Yuwen as President, Mr. Yang Songwen as Vice President, and Mr. Lu Yufan as Vice President and Board Secretary [4]. - The term for these appointments is also three years, aligning with the board's term [4]. Group 5: Departure of Senior Management - Mr. Lu Chupeng has resigned from his position as Vice President effective July 4, 2025, and will not hold any position in the company or its subsidiaries thereafter [5]. - Mr. Lu Chupeng holds a total of 40,990,950 shares directly and additional shares indirectly, amounting to 11.1361% of the company's total share capital [5].

广东万和新电气股份有限公司 关于董事会、监事会完成换届暨聘任高级管理人员、内部审 计负责人及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。 广东万和新电气股份有限公司（以下简称"公司"或"万和电气"）于 2025 年 7 月 4 日召开了 2025 年第一次临时股东会、董事会六届一次会议及六届一次 监事会会议，选举出公司第六届董事会、第六届监事会成员，审议通过了选举公 司第六届董事会董事长、副董事长、董事会各专门委员会成员及第六届监事会主 席，并聘任相关高级管理人员、内部审计负责人及证券事务代表。现将有关情况 公告如下： 一、第六届董事会成员组成情况 证券代码：002543 证券简称：万和电气 公告编号：2025-033 公司第六届董事会由 7 名董事组成，其中非独立董事 4 名，独立董事 3 名， 成员如下： 非独立董事：YU CONG LOUIE LU 先生（董事长）、卢楚隆先生（副董事长）、 卢宇凡先生、叶汶斌先生 独立董事：陈志坚先生、李光女士、初大智女士 上述董事会成员的任期自公司 2025 年第一次临时股东会审议通过之日起三 年 ...

特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会没有涉及变更以往股东会已通过的决议的情形。 一、会议召开情况 证券代码：002543 证券简称：万和电气 公告编号：2025-030 广东万和新电气股份有限公司 2025 年第一次临时股东会决议公告 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。 1、本次股东会召开的时间： （1）现场会议召开时间：2025 年 7 月 4 日（星期五）下午 14:00 （2）网络投票时间：2025 年 7 月 4 日；其中： ①通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 7 月 4 日上 午 9:15 至 9:25、9:30 至 11:30，下午 13:00-15:00； ②通过互联网投票系统投票的时间为：2025 年 7 月 4 日 09:15-15:00。 2、本次股东会召开的地点：广东省佛山市顺德高新区（容桂）建业中路 13 号公司总部大楼一楼 1 号会议室 3、本次股东会表决方式：现场表决与网络投票相结合的方式 4、本次股东会召集人：公司第五届董事会 5、本次股东会现场会议主持人：董事长 ...

二、监事会会议审议情况 证券代码：002543 证券简称：万和电气 公告编号：2025-032 广东万和新电气股份有限公司 六届一次监事会会议决议公告 本公司及全体监事保证公告内容真实、准确和完整，并对公告中的虚假记 载、误导性陈述或者重大遗漏承担责任。 一、监事会会议召开情况 广东万和新电气股份有限公司（以下简称"公司"或"万和电气"）六届一 次监事会会议于 2025 年 7 月 4 日下午在公司会议室以现场表决和通讯表决相结 合的方式召开，会议于 2025 年 6 月 24 日以书面和电子邮件方式向全体监事进行 了通知。会议应出席监事 3 人，实出席监事 3 人，由监事黄平先生主持，公司董 事会秘书卢宇凡先生列席了本次会议。本次会议的召集、召开符合《公司法》等 有关法律、行政法规、部门规章和《公司章程》等规范性文件的规定，会议决议 合法有效。 经与会监事认真审议，以现场表决和通讯表决相结合的方式表决了本次会议 的全部议案，通过了如下决议： 1、以赞成 3 票、反对 0 票、弃权 0 票审议通过了《关于选举第六届监事会 主席的议案》 选举黄平先生为公司第六届监事会主席，任期三年，与第六届监事会任期一 致。 ...