浙江天册律师事务所 关于 浙江美大实业股份有限公司 致：浙江美大实业股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江美大实业股份有限公司（以 下简称"浙江美大"或"公司"）的委托，指派本所律师金臻、赵航参加公司 2024 年第一次临时股东大会，并根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）和《上市公司 股东大会规则》（以下简称"《股东大会规则》"）等法律、法规和其他有关规范 性文件的要求及《浙江美大实业股份有限公司章程》（以下简称"《公司章程》"） 《浙江美大实业股份有限公司股东大会议事规则》（以下简称"《议事规则》"） 的规定出具本法律意见书。 2024 年第一次临时股东大会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于浙江美大实业股份有限公司 2024 年第一次临时股东大会的 法律意见书 编号：TCYJS2024H2099 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人 ...

浙江美大实业股份有限公司 舆情管理制度 浙江美大实业股份有限公司 舆情管理制度 第一章 总则 第一条 为提高浙江美大实业股份有限公司（以下简称"公司"或"本公司"） 应对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对 公司股票价格、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合 法权益，根据《深圳证券交易所股票上市规则》等相关法律法规、规范性文件和 《公司章程》的相关规定，结合公司实际情况制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众、投资者投资取向，造成股价异常波动的信 息； （四）其他涉及上市公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第三条 公司舆情应对坚持依法应对、主动引导、统一指挥、注重实效的总体原 则，有效引导内部舆论和社会舆论，避免和消除可能对公司造成的各种负面影响， 切实维护公司的利益和形象。 第二章 舆情管理的组织体系及工作职责 第四条 公司舆情管理实行统一领导、统一组织、快速反应 ...

证券代码：002677 证券简称：浙江美大 编号：2024-026 浙江美大实业股份有限公司 本次补选完成后，公司董事会中兼任公司高级管理人员以及由职工代表担任 的董事人数总计未超过公司董事总数的二分之一。 夏兰女士任职资格已经公司第五届董事会提名委员会审核同意，夏兰个人简 历及相关具体内容详见公司同日披露的《关于补选公司第五届董事会非独立董事 的公告》（公告编号：2024-027）。 本议案尚需提交 2024 年第一次临时股东大会审议。 关于第五届董事会第九次会议决议的公告 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、董事会会议召开情况 浙江美大实业股份有限公司（以下简称"公司"）第五届董事会第九次会 议（以下简称"会议"）通知于 20240 年 12 月 7 日以专人送达方式发出，会议 于 2024 年 12 月 12 日在浙江省海宁市浙江美大实业股份有限公司会议室召开。 会议应到董事 8 人，实到董事 8 人。会议由董事长王培飞先生主持，公司监事、 高管人员列席本次会议。本次会议的召集、召开以及参与表决董事人数符合《中 华人民共和国公司法》、《公 ...

证券代码：002677 证券简称：浙江美大 编号：2024-027 浙江美大实业股份有限公司 关于补选公司第五届董事会非独立董事的公告 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。 浙江美大实业股份有限公司（以下简称"公司"）原董事钟传良先生已申请辞去 公司第五届董事会非独立董事和董事会薪酬与考核委员会委员职务。具体内容详见 公司 2024 年 12 月 5 日在证券时报、巨潮资讯网上披露的《关于董事兼常务副总经 理辞职的公告》（公告编号：2024-025）。 鉴于上述情况，为保证公司董事会的规范运作，根据《公司法》、《证券法》等 法律法规和《公司章程》的有关规定，公司于 2024 年 12 月 12 日召开了第五届董事 会第九次会议，审议通过了《关于补选公司非独立董事的议案》，董事会同意提名夏 兰女士为公司第五届董事会非独立董事候选人（夏兰女士简历见附件），并同意夏兰 女士经股东大会选举为董事后将同时担任第五届董事会薪酬与考核委员会委员。任 期自公司股东大会审议通过之日起至第五届董事会届满之日止。 本次选举非独立董事事项需提交公司股东大会审议，本次董事补选 ...

证券代码：002677 证券简称：浙江美大 公告编号：2024-028 浙江美大实业股份有限公司 关于召开2024年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江美大实业股份有限公司（以下简称"公司"） 第五届董事会第九次会议 审议通过了《关于提请召开 2024年第一次临时股东大会的议案》，决定于2024 年12月30日（星期一）召开公司2024年第一次临时股东大会，现将本次会议的有 关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024年第一次临时股东大会 2、股东大会召集人：公司董事会 3、会议召开的合法性、合规性：本次股东大会会议召开符合有关法律、行 政法规、部门规章、规范性文件、交易所业务规则和《公司章程》等的规定。 4、会议召开的日期、时间： （1）现场会议召开时间：2024 年 12 月 30 日（星期一）14:00； （2）网络投票时间：2024 年 12 月 30 日（星期一），其中通过深圳证券交 易所交易系统进行网络投票的时间为 2024 年 12 月 30 日 9:15-9:25，9:30—11 ...

浙江美大实业股份有限公司（以下简称"公司"）董事会于近日收到董事兼常 务副总经理钟传良先生递交的书面辞职报告，因身体原因申请辞去公司第五届董 事会董事、常务副总经理及董事会薪酬与考核委员会委员职务。辞职后，钟传良 先生将不在公司及控股子公司担任其他职务。 根据《公司法》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》和《公司章程》等有关规定，钟传良先生的辞职未导致公司董 事会成员人数低于法定最低人数，不影响公司董事会的正常运行和公司的正常经 营活动，其辞职报告自送达董事会之日起生效。公司将根据《公司法》、《公司章 程》等有关规定，尽快完成董事及董事会薪酬与考核委员会委员的补选工作。 截至本公告披露之日，钟传良先生持有公司股份 22,185,508 股，其辞职后 将继续遵守中国证监会和深圳证券交易所关于上市公司股东及董事、监事、高级 管理人员股份变动等相关规定。 公司董事会对钟传良先生在任职期间为公司的发展所作出的贡献表示衷心的 感谢！ 证券代码：002677 证券简称：浙江美大 编号：2024-025 浙江美大实业股份有限公司 关于董事兼常务副总经理辞职的公告 本公司及董事会全体成 ...

Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [5] Core Views - The company is experiencing revenue pressure due to a sluggish real estate market, with a significant year-on-year decline in revenue and net profit for Q1-Q3 2024 [1] - The company is actively adjusting its business strategy to cope with market changes, including launching new products and optimizing sales channels, which may lead to a recovery in Q4 2024 [1] - The company is positioned as a leading brand in the integrated stove category, benefiting from its extensive online and offline marketing network [2] Financial Performance Summary - For Q1-Q3 2024, the company reported revenue of 654 million yuan, down 48.16% year-on-year, and a net profit of 107 million yuan, down 70.67% year-on-year [1] - In Q3 2024, the company achieved revenue of 195 million yuan, a decrease of 60.18% year-on-year, with a net profit of 904 thousand yuan, down 93.78% year-on-year [1] - The overall gross margin for Q3 2024 was 40.8%, a decline of 7.5 percentage points year-on-year, reflecting ongoing pressure from weak demand [2] - The company’s net profit margin for Q3 2024 was 4.6%, down 25.1 percentage points year-on-year [2] Financial Forecast - Revenue projections for 2024-2026 are 1.02 billion yuan, 1.07 billion yuan, and 1.13 billion yuan, respectively, with corresponding net profits of 127.83 million yuan, 156.79 million yuan, and 190.93 million yuan [4][7] - The expected P/E ratios for 2024-2026 are 36.64x, 29.87x, and 24.53x, respectively [4][9] Market Position - The company is recognized as a pioneer and leading brand in the integrated stove market, maintaining a competitive edge in sales scale, brand awareness, and market share [2] - The company is expected to benefit from supportive policies in the real estate sector and the appliance replacement market, which may aid in revenue and profit recovery [2]

Financial Performance - The company's operating revenue for Q3 2024 was ¥194,705,560.94, a decrease of 60.18% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥9,038,411.80, down 93.78% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥8,898,317.18, reflecting a 93.85% decline compared to the previous year[2] - The company reported a 48.16% decline in total operating revenue for the year-to-date, amounting to ¥653,824,046.04[5] - Total operating revenue for Q3 2024 was CNY 653.82 million, a decrease of 48% compared to CNY 1.26 billion in the same period last year[12] - Net profit for Q3 2024 was CNY 104.87 million, a decline of 71% compared to CNY 363.45 million in Q3 2023[13] - The company reported a total comprehensive income of CNY 101.98 million for Q3 2024, significantly lower than CNY 363.25 million in the same period last year[14] Cash Flow - The cash flow from operating activities for the year-to-date was ¥20,164,191.76, a significant drop of 95.67% compared to the same period last year[6] - The net cash flow from operating activities for the current period is ¥20,164,191.76, a significant decrease of 95.67% compared to ¥465,277,185.08 in the previous period[15] - Total cash inflow from operating activities is ¥735,019,936.98, down 47.16% from ¥1,388,041,030.49 in the previous period[15] - Cash outflow from operating activities amounts to ¥714,855,745.22, a decrease of 22.53% compared to ¥922,763,845.41 in the previous period[15] - The ending balance of cash and cash equivalents is ¥825,300,272.88, down from ¥1,113,500,502.96 in the previous period[16] - The company reported a decrease in cash inflow from operating activities primarily due to reduced sales revenue[15] Assets and Liabilities - Total assets as of September 30, 2024, were ¥1,831,555,411.02, down 21.48% from the end of the previous year[2] - The company's equity attributable to shareholders decreased to ¥1,647,732,506.17, an 18.77% decline from the previous year-end[2] - The company’s total current assets as of September 30, 2024, is 931,207,449.10 CNY, down from 1,386,369,852.71 CNY at the beginning of the period[10] - Total liabilities decreased to 161,478,548.85 CNY from 281,189,978.39 CNY[10] - Total liabilities decreased to CNY 181.56 billion from CNY 304.13 billion year-over-year, reflecting a reduction of 40.3%[11] - Total equity attributable to shareholders decreased to CNY 1.65 billion from CNY 2.03 billion, a decline of 19%[11] Shareholder Information - The total number of common shareholders at the end of the reporting period is 71,964[7] - The largest shareholder, Xia Zhisheng, holds 21.20% of the shares, amounting to 136,980,500 shares[7] - The company has no preferred shareholders or significant changes in the top ten shareholders due to margin trading[8] Research and Development - Research and development expenses for the year-to-date were ¥25,685,021.86, down 37.09% compared to the same period last year[5] - Research and development expenses for Q3 2024 were CNY 25.69 million, down 37.1% from CNY 40.83 million in the previous year[12] Other Financial Metrics - The basic earnings per share for Q3 2024 was ¥0.01, a decrease of 95.65% year-on-year[2] - Earnings per share for Q3 2024 were CNY 0.17, down from CNY 0.56 in the same quarter last year[14] - Other income for Q3 2024 was CNY 9.28 million, a decrease of 48.9% compared to CNY 18.20 million in Q3 2023[13] - Deferred income decreased to CNY 19.30 million from CNY 20.75 million year-over-year, a decline of 7%[11] - The company reported a decrease in long-term equity investments to 102,897,522.12 CNY from 104,092,848.17 CNY[10]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 8.40 [1][6]. Core Insights - The company faced significant pressure in H1 2024, with revenue and net profit declining by 40.56% and 55.26% year-on-year, respectively, primarily due to the downturn in the real estate sector [1][2]. - The integrated stove industry is expected to continue facing challenges, leading to a downward adjustment in the company's EPS forecasts for 2024-2026 [1][14]. - The company is actively adjusting its marketing strategies and expanding its distribution channels to mitigate the impact of the market downturn [2][4]. Financial Performance - In H1 2024, the company achieved revenue of RMB 459 million and a net profit of RMB 97.56 million, with Q2 figures showing a more severe decline of 57.09% in revenue and 82.62% in net profit [1][2]. - The gross margin decreased to 44.32% in H1 2024, down from 46.76% in H1 2023, while the net profit margin also saw a decline [3][10]. - The company’s operating expenses increased, with the expense ratio rising by 5.20 percentage points year-on-year in H1 2024 [3][10]. Market Strategy - The company is focusing on expanding its market presence and enhancing its product offerings to capture market share despite the industry downturn [4][5]. - It has over 1,900 high-quality primary distributors and more than 4,700 marketing terminals, indicating a robust distribution network [2][4]. Earnings Forecast - The revenue forecast for 2024 is adjusted to RMB 945.15 million, reflecting a 43.49% decline, with a gradual recovery expected in subsequent years [5][14]. - The net profit forecast for 2024 is set at RMB 266.65 million, with a compound annual growth rate projected for 2024-2026 [5][14].

Investment Rating - The report maintains a "Recommend" rating for Zhejiang Meida (002677) with a target price of 8 CNY [1] Core Views - Revenue declined significantly due to industry-wide downturn, with H1 2024 revenue down 40.6% YoY to 460 million CNY [1] - Net profit dropped 55.3% YoY to 98 million CNY in H1 2024, with Q2 net profit plunging 82.6% YoY to 20 million CNY [1] - The company's performance was mainly dragged down by the sluggish real estate market and intensified competition [1] - Gross margin in Q2 2024 decreased by 4.99 percentage points to 41.63% due to increased proportion of low-price products [1] - The company maintains strong offline channel advantages with 1,900+ first-tier dealers and 4,700+ marketing terminals [1] Financial Performance - Integrated stove revenue accounted for 423 million CNY in H1 2024, down 39.53% YoY [1] - Cabinet revenue was 10 million CNY, down 37.17% YoY [1] - Other products (including embedded products, integrated sinks, and water heaters) generated 26 million CNY, down 54.05% YoY [1] - Sales/management/R&D/financial expense ratios in Q2 2024 were 19.0%/8.9%/4.2%/-4.9% respectively [1] - Net profit margin in Q2 2024 was 10.34%, down 16.73 percentage points YoY [1] Industry Analysis - Integrated stove industry retail volume and value decreased by 15.2% and 18.2% respectively in H1 2024 [1] - The kitchen appliance industry faces challenges from real estate market downturn and consumption downgrade [1] - Integration and intelligence remain long-term trends in the kitchen appliance industry [1] Future Outlook - The company is expanding its product matrix to include integrated smart kitchen products and whole-house customization [1] - EPS forecasts for 2024-2026 are adjusted to 0.47/0.52/0.58 CNY, with corresponding PE ratios of 15/13/12 times [1] - The company's offline channel advantages and brand strength are expected to support long-term development [1] Financial Projections - 2024E revenue is projected at 1,174 million CNY, down 29.8% YoY [2] - 2024E net profit is forecasted at 303 million CNY, down 34.7% YoY [2] - Gross margin is expected to recover from 42.8% in 2024E to 45.7% in 2026E [6] - ROE is projected to improve from 15.7% in 2024E to 17.6% in 2026E [6]