关于广东新宝电器股份有限公司 控股股东增持股份的 专项核查意见 国枫律证字[2025]AN102-1 号 GRANDWAY 北京国枫律师事务所 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编： 100005 电话（Tel）: 010-88004488/66090088 传真（Fax): 010-66090016 北京国枫律师事务所 关于广东新宝电器股份有限公司 控股股东增持股份的 专项核查意见 国枫律证字[2025] AN102-1号 致: 广东新宝电器股份有限公司 北京国枫律师事务所接受广东新宝电器股份有限公司（以下称"新宝股份" 或"公司")的委托,就其控股股东广东东菱凯琴集团有限公司(以下称"东菱 集团"或"增持人"）于 2025年 4 月 11 日至 2025 年 6 月 23 日期间增持公司股 份(以下称"本次增持")相关事宜出具本专项核查意见。 对于本专项核查意见的出具,本所特作如下声明: 2. 本所及本所律师系根据本专项核查意见出具日以前已经发生或者存在的事 实和中国现行有效的法律、法规、规章及规范性文件发表专项核查意见;本 ...

广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"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 陈述或者重大遗漏。 特别提示： 1、根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳证券 交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司回购证券 账户中股份不享有参与利润分配的权利。公司董事会及股东大会审议 2024 年年 度利润分配方案时，公司回购专户持股 6,356,700 股，利润分配的股本基数为公 司当时总股本811,875,780股扣除公司回购专户所持6,356,700股后的805,519,080 股。 2、公司本次实际现金分红总额=实际参与分配的总股本×分配比例，即 362,483,586.00 元=805,519,080 股×0.45 元/股。因公司已回购股份不参与分红，本 次现金分红实施前后公司总股本保持不变，本次分红派息实施后除权除息价格计 算时，每股现金红利应以 0.4464766 元/股计算（每股现金红利=现金分红总额/总 股本，即 0.4464766 元/股=362,483,586.00 元÷811,875,7 ...

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6] Core Insights - The home appliance sector is experiencing accelerated revenue growth, with a combined revenue growth rate of nearly 15% in Q1 2024. The white goods segment shows the best performance, benefiting from domestic subsidy policies and strong export demand [12][13] - The handheld smart imaging device industry, where the company operates, has a market size exceeding 40 billion, with a compound annual growth rate of 14.3% from 2017 to 2023, and is expected to surpass 40 billion in 2024 [2][33] - The company, Ying Shi Innovation, has become a leader in the global consumer-grade panoramic camera market with a market share of 67.2% in 2023, and is also among the top three in the action camera sector [1][40] Summary by Sections Investment Rating - The report rates the home appliance industry as "Outperform" [6] Company Overview - Ying Shi Innovation, established in 2015, focuses on the research, production, and sales of smart imaging devices, including consumer-grade panoramic cameras and action cameras. The company achieved a revenue of 55.7 billion in 2024, representing a year-on-year growth of 53.3% [1][18] - The company has a strong competitive advantage due to its advanced technology, product innovation, and comprehensive marketing system [3][42] Financial Performance - The company is projected to achieve a net profit of 9.9 billion in 2024, with a year-on-year increase of 19.9%, and a compound annual growth rate of 106.5% from 2017 to 2024 [1][18] - The revenue from consumer-grade imaging devices is expected to reach 47.9 billion in 2024, accounting for 86.6% of total revenue [20] Market Dynamics - The global handheld smart imaging device market has grown from 164.3 billion in 2017 to 364.7 billion in 2023, with a forecasted growth to over 400 billion in 2024 [2][33] - The market for action cameras reached 7.18 billion in 2022, while the global aerial drone market was valued at 4.85 billion [2][34] Competitive Landscape - The global consumer-grade panoramic camera market is concentrated, with Ying Shi Innovation holding a 67.2% market share, followed by Ricoh and GoPro [2][40] - In the professional-grade panoramic camera market, Ying Shi Innovation leads with a 61.4% market share [40] Strategic Initiatives - The company plans to expand its product range and enhance its marketing and channel coverage, particularly in new markets such as Europe [3][42] - The company has a diversified ownership structure, with a strong and experienced management team [28][31]

Investment Rating - The report maintains a "Recommendation" rating for the small home appliance industry, anticipating a recovery driven by government subsidies in Q2 [2][51]. Core Insights - The 2025 government subsidy policy has been extended, covering additional small home appliance categories, which is expected to accelerate market recovery [11][12]. - The policy is driving an increase in average prices within the kitchen small appliance sector, indicating an upward trend in industry prosperity [15]. - The valuation levels of the sector are currently low, suggesting a potential turning point in Q2 [39][42]. Summary by Sections 1. Government Subsidy Policy Extension - The 2025 government subsidy policy has expanded to include microwave ovens, water purifiers, dishwashers, and rice cookers, with some regions extending to more small appliance categories [11][12]. - The subsidy encourages the purchase of high-efficiency products, with a 20% subsidy for first-level energy efficiency products, promoting a shift towards higher-end and energy-saving products [11][12]. 2. Price Increase Driven by Policy - The government subsidy has significantly stimulated the sales growth of kitchen small appliances, with a 12% sales growth observed in Q4 2024 and a continuation of this trend into Q1 2025 [15]. - In Q1 2025, the kitchen small appliance sector recorded sales of 8.83 billion, with a year-on-year increase of 6%, while the average price rose by 14% [15][18]. 3. Low Valuation Levels and Potential Recovery - Companies like Xinbao, Supor, and Bear are currently at historical low valuation percentiles, indicating potential for recovery as the market conditions improve [39][42]. - As of May 16, 2025, the static valuation levels for Xinbao, Bear, and Supor were 11.4, 25.9, and 19.9 times, respectively, which are considered low [42].

Meeting Information - The shareholder meeting of Guangdong Xinbao Electric Co., Ltd. is scheduled for May 22, 2025, at 2:15 PM, with online voting available on the same day [2] - The meeting will be held at the company's office building, third floor conference room [2] Attendance - A total of 153 shareholders and their proxies attended the meeting, representing 539,446,364 shares, which is 66.9688% of the total voting shares [2] - Among the attendees, 149 were small shareholders, representing 32,885,946 shares, or 4.0826% of the total voting shares [3] Voting Results - The proposals were approved with significant majority votes, with 572,115,365 shares in favor, accounting for 99.9679% of the valid votes cast [3][4] - Small shareholders voted in favor with 32,702,201 shares, representing 0.3772% of the small shareholders' valid votes [4][6] Legal Opinion - The legal opinion provided confirms that the meeting procedures complied with relevant laws, regulations, and the company's articles of association, ensuring the legality and validity of the meeting and voting results [6][7]

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东新宝电器股份有限公司 2024 年年度股东大会的 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东资格、 网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执业规 则》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责， 1 遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述 或者重大遗漏，并承担相应法律责任； 法律意见书 国枫律股字[2025]A0274 号 致：广东新宝电器股份有限公司（ ...

证券代码：002705 证券简称：新宝股份 公告编码：（2025）038 号 广东新宝电器股份有限公司 2、 会议时间： 2024 年年度股东大会决议公告 广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"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 陈述或者重大遗漏。 特别提示： 1、 2024 年年度股东大会（以下简称"本次股东大会"）未出现否决提案的 情形； 2、 本次股东大会未涉及变更以往股东大会已通过决议的情形。 一、 会议召开情况 1、 会议召集人：公司董事会 出席本次股东大会表决的股东及股东代理人中，中小股东共 149 人，代表有 表决权的股份数为 32,885,946 股，占公司有表决权股份总数的 4.0826%。 （1） 现场会议召开时间：2025 年 5 月 22 日下午 2 点 15 分 （2） 网络投票时间：2025 年 5 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 5 月 22 日 9:15-9:25，9:30-11:30 和 13:00- 15:00；通过深圳证券交易所互联网投票系统进行 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [4][6][57]. Core Views - The home appliance retail demand in China accelerated in April, with online and offline sales increasing approximately 20% year-on-year. The 618 shopping festival started earlier this year, extending the promotional period [1][18]. - The export value of home appliances in April slightly decreased by 2% due to the impact of U.S. tariffs, but categories like air conditioners and washing machines continued to show strong growth [2][22]. - The 618 shopping festival has simplified rules and started earlier, with major platforms like Tmall and JD.com adjusting their promotional strategies to enhance consumer engagement [3][33]. Summary by Sections Retail Demand Growth - In April, the online and offline retail sales of home appliances grew by 21.8% and 18.6% year-on-year, respectively. Cumulatively, from January to April, the growth was 9.1% and 14.8% [1][18]. - The growth in retail volume and price was significant, driven by national subsidy policies, with online and offline retail volumes increasing by 6.5% and 10.8% year-on-year in April [1][18]. Export Performance - The export value of home appliances in April saw a year-on-year decline of 1.7%, marking the first drop since the recovery began in 2023, primarily due to U.S. tariffs. However, the impact was relatively limited [2][22]. - Categories with lower reliance on U.S. markets, such as air conditioners and washing machines, experienced growth, with air conditioner exports increasing by 11.9% and washing machines by 9.6% [2][22]. 618 Shopping Festival - The 618 shopping festival commenced on May 13, with a longer promotional period and simplified rules. Tmall reintroduced pre-sale options, while JD.com added a new shopping season to enhance consumer participation [3][33]. - The promotional strategies focus on straightforward discounts, eliminating complex conditions to encourage consumer spending [3][33]. Key Company Recommendations - Recommended companies in the white goods sector include Gree Electric Appliances, Midea Group, Haier Smart Home, TCL, and Hisense. For kitchen appliances, Boss Electric is recommended, while for small appliances, Bear Electric, Roborock, and Xinbao are highlighted [4][14][57].

Market Performance - The market rebounded last week, with the China Securities Xinhua National Brand Index rising by 0.94% to 1666.03 points [1] - The Shanghai Composite Index increased by 0.76%, the Shenzhen Component Index by 0.52%, the ChiNext Index by 1.38%, and the CSI 300 Index by 1.12% [1] Strong Stock Performances - Notable strong performers in the brand index included BGI Genomics, which rose by 17.27%, and Yiling Pharmaceutical, which increased by 9.81% [1] - Other significant gainers included Stone Technology and Marubi Biological, which rose by 7.18% and 6.79%, respectively [1] Year-to-Date Stock Gains - Since the beginning of 2025, Marubi Biological has surged by 60.82%, leading the gains, followed by Shanghai Jahwa with a 46.72% increase and BGI Genomics with a 34.45% rise [2] - Other stocks with notable increases include Anji Technology, Xintai, and Weir Shares, each rising over 20% [2] Market Outlook - Institutions expect the market to refocus on domestic economic fundamentals, with a positive policy response anticipated [2][3] - The current market is viewed as being in a high cost-performance range, with significant policy support expected to stabilize the economy and market [2] Economic Data Focus - Attention is drawn to upcoming economic data, particularly export performance and the sustainability of the export supply chain recovery [3] - The prevailing market conditions are supported by policy measures and liquidity easing, which are expected to bolster the stability of the domestic economy and capital markets [3]

Meeting Overview - The company will hold the 2024 Annual General Meeting (AGM) on May 22, 2025, at 2:15 PM [1] - The meeting will utilize a combination of on-site and online voting methods [2] - Online voting will be available through the Shenzhen Stock Exchange trading system and the internet voting system [2] Voting Procedures - Shareholders can choose either on-site voting or online voting, but not both [2] - All shareholders registered by the cut-off date of May 16, 2025, are entitled to attend and vote [2] - Proxy voting is allowed, and the proxy does not need to be a shareholder [2] Agenda Items - The meeting will review various proposals, including the allocation of surplus reserves and profit distribution for 2024 [8] - Independent directors will report on their work for the year 2024 during the AGM [2][3] Registration and Participation - Registration for participation requires specific documentation depending on whether the shareholder is an individual or a corporate entity [4] - Remote shareholders can register via mail or fax, with a deadline of May 21, 2025, at 5:30 PM [4] Contact Information - The company has provided contact details for inquiries related to the AGM [5]