Group 1 - The core point of the article is that Xing Shuai Er (SZ 002860) held its 23rd meeting of the 5th board of directors on September 5, 2025, to discuss the election of directors responsible for company affairs [1] - For the first half of 2025, the revenue composition of Xing Shuai Er is as follows: 48.44% from the photovoltaic industry, 36.09% from the white goods industry, 9.78% from the motor industry, and 5.69% from other industries [1] - As of the time of reporting, Xing Shuai Er has a market capitalization of 4.7 billion yuan [1]

Group 1 - The board of directors of Hangzhou Xingshuai Electric Co., Ltd. held its 23rd meeting of the 5th session on September 5, 2025, with all 7 directors present, confirming the meeting's legality and effectiveness [1] - The board approved the election of Mr. Lou Yongwei as the representative director to execute company affairs, with a unanimous vote of 7 in favor, 0 against, and 0 abstentions [1] - The term for the newly elected representative director will last until the end of the current board's term [1] Group 2 - The board also approved the election of members and the convener of the audit committee, with a unanimous vote of 7 in favor, 0 against, and 0 abstentions [2] - The audit committee will consist of independent directors Mr. Luo Guoliang, Mr. Zeng Ronghui, and Mr. Li Xinggen, with Mr. Luo serving as the convener and being a professional accountant [2] - The term for the audit committee members will also last until the end of the current board's term [2]

| 专利名称 | 专利号 | | | 申请日 | | | 有效期 | | 证书号 | | 专利权人 | 专利类型 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 针插式起动热 保护器的 PTC 芯片组件装配 设备与方法 | ZL202510695515.6 | 2025 | 年 | 05 月 | 28 日 | 20 | 年 | 第 | 8203043 | 号 | 星帅尔 | 发明专利 | | 一种弹簧片加 工冲孔设备及 应用于温控器 | ZL202510820040.9 | 2025 | 年 | 06 月 | 19 日 | 20 | 年 | 第 | 8178825 | 号 | 新都安 | 发明专利 | | 的弹簧片 一种基于光线 追踪的调节式 | ZL202310157980.5 | 2023 | 年 | 02 月 | 23 日 | 20 | 年 | 第 | 8206226 | 号 | 富乐新能 源 | | | 太阳能发电板 | | | | | | | | | | | | 发明专利 | 杭州 ...

上海市锦天城律师事务所 关于杭州星帅尔电器股份有限公司 2025 年第二次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于杭州星帅尔电器股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：杭州星帅尔电器股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受杭州星帅尔电器股份有 限公司（以下简称"公司"）委托，就公司召开 2025 年第二次临时股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称"《公司法》"）《上市公司股东会规则》等法律、法规、规章和其他规范性文 件以及《杭州星帅尔电器股份有限公司章程》（以下简称"《公司章程》"）的有 关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会 ...

股票代码：002860 股票简称：星帅尔 公告编号：2025-101 杭州星帅尔电器股份有限公司 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。 2、本次股东大会采取现场投票、网络投票相结合的方式。 二、会议召开的基本情况 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9月5日（星期五）13:00 网络投票时间：2025年9月5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9月5日的交易时 间，即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投票 的具体时间为：2025年9月5日9:15-15:00。 3、会议召开方式： 本次股东大会采取现场投票与网络投票相结合的方式。本次股东大会将通过深圳证券交易 所交易系统和互联网投票系统向公司股东提供网络形式的投票平台，公司股东可以在网络投票 时间内通过上述系统对本次股东大会审议事项进行投票表决。 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。 4、参 ...

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。 股票代码：002860 股票简称：星帅尔 公告编号：2025-102 杭州星帅尔电器股份有限公司 第五届董事会第二十三次会议决议公告 经与会董事审议，会议以举手表决的方式表决通过如下议案： 一、董事会会议召开情况 杭州星帅尔电器股份有限公司（以下简称"公司"）第五届董事会第二十三次会议于2025 年9月2日以书面方式发出通知，并于2025年9月5日以现场方式召开。会议应出席董事7名，实 际出席董事7名。本次会议由董事长楼勇伟先生召集和主持，公司董事会秘书及高管列席会议。 本次会议的召开符合《公司法》、《公司章程》及有关法律、行政法规的要求，会议合法、 有效。 根据《公司法》《公司章程》的规定，董事会同意选举公司董事长楼勇伟先生为代表公司 执行公司事务的董事，并担任公司法定代表人，任期自本次董事会审议通过之日起至第五届董 事会任期届满之日止。本次选举后，公司法定代表人未发生变更。 （二）审议通过《关于选举审计委员会成员及召集人的议案》 表决情况：7 票赞成，0 票反对，0 票弃权。 （一）审议通过《关于选举代表公司 ...

Core Viewpoint - The stock of Xing Shuai Er has shown a year-to-date increase of 33.86%, but has recently experienced a decline in the last five and twenty trading days, indicating potential volatility in its performance [2]. Company Overview - Xing Shuai Er Electric Co., Ltd. is located in Fuyang District, Hangzhou, Zhejiang Province, and was established on May 15, 2002, with its listing date on April 12, 2017 [2]. - The company specializes in the research, production, and sales of various types of thermal protectors for refrigeration compressors, starters, sealed terminal blocks, temperature controllers for small appliances, and small to medium-sized motors [2]. - The revenue composition of the company includes: 48.44% from solar photovoltaic components, 34.62% from compressors and small appliance components, 9.78% from motors for food waste disposers, electric vehicles, and clean water pumps, 5.69% from other sources, and 1.47% from optical communication and sensor components [2]. Financial Performance - As of June 30, the number of shareholders for Xing Shuai Er was 18,800, a decrease of 7.51% from the previous period, with an average of 18,561 circulating shares per shareholder, an increase of 10.20% [3]. - For the first half of 2025, the company achieved a revenue of 1.132 billion yuan, representing a year-on-year growth of 8.59%, and a net profit attributable to shareholders of 122 million yuan, reflecting a year-on-year increase of 31.79% [3]. Shareholder and Dividend Information - Since its A-share listing, Xing Shuai Er has distributed a total of 225 million yuan in dividends, with 96.91 million yuan distributed over the past three years [4]. - As of June 30, 2025, the top ten circulating shareholders included several new institutional investors, such as Guotai Junan Eagle Growth Flexible Allocation Mixed Fund and Huafu Technology Momentum Mixed A Fund, indicating growing institutional interest [4].

Core Insights - The company reported its 2025 H1 financial results, showing revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.132 billion, 122 million, and 110 million yuan respectively, with year-on-year growth of 8.59%, 31.79%, and 25.96% [1] - In Q2 2025, the company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 629 million, 57 million, and 51 million yuan respectively, reflecting year-on-year growth of 8.76%, 45.25%, and 38.74% [1] Revenue Breakdown - By industry, the company's 2025 H1 revenue from white goods, motors, photovoltaics, and other sectors was 409 million, 111 million, 549 million, and 64 million yuan, with year-on-year changes of -9.20%, +16.95%, +14.74%, and +222.06% respectively [1] - By product, revenue from compressors and small appliance components, optical communication and sensor components, motors for food waste disposers, electric vehicles, and clean water pumps, solar photovoltaic components, and other businesses was 392 million, 17 million, 111 million, 549 million, and 64 million yuan, with year-on-year changes of -9.89%, +10.95%, +16.95%, +14.74%, and +222.06% respectively [1] - By region, domestic and overseas revenue for 2025 H1 was 1.1 billion and 32 million yuan, with year-on-year changes of +9.97% and -24.20% respectively [1] Gross Margin Analysis - The company's gross margin for 2025 H1 was 17.36%, a decrease of 0.29 percentage points year-on-year, while Q2 2025 gross margin was 14.99%, down 0.42 percentage points year-on-year [2] - By industry, the gross margins for white goods, motors, and photovoltaics were 35.10%, 10.78%, and 5.92%, with year-on-year increases of 1.80, 1.73, and 1.03 percentage points respectively [2] - By product, the gross margins for compressors and small appliance components, motors for food waste disposers, electric vehicles, and clean water pumps, and solar photovoltaic components were 36.67%, 10.78%, and 5.92%, with year-on-year increases of 2.29, 1.73, and 1.03 percentage points respectively [2] - By region, the gross margins for domestic and overseas operations were 16.30% and 53.89%, with year-on-year changes of -0.13 and +7.20 percentage points respectively [2] Expense Ratios - The company's expense ratios for sales, management, R&D, and financial expenses for 2025 H1 were 0.58%, 2.90%, 2.22%, and 0.56%, with year-on-year changes of -0.33, -1.39, -0.56, and -0.11 percentage points respectively [3] Profitability Metrics - The net profit margin attributable to shareholders for 2025 H1 was 10.75%, an increase of 1.89 percentage points year-on-year, while Q2 2025 net profit margin was 9.12%, up 2.29 percentage points year-on-year [4] - The company is expected to achieve net profits attributable to shareholders of 240 million, 280 million, and 320 million yuan for 2025-2027, with corresponding PE ratios of 21.1, 18.1, and 15.4 times [4]

Core Points - The stock price of Xing Shuai Er closed at 13.99 yuan on August 21, 2025, down 0.65 yuan or 4.44% from the previous trading day [1] - The company reported a revenue of 1.132 billion yuan for the first half of 2025, an increase of 8.59% year-on-year, and a net profit of 122 million yuan, up 31.79% year-on-year [1] - The business composition shows that the photovoltaic industry accounts for 48.44%, the white goods industry for 36.09%, and the motor industry for 9.78% [1] Financial Performance - The opening price on August 21 was 14.75 yuan, with a highest price of 14.75 yuan and a lowest price of 13.95 yuan [1] - The trading volume was 244,550 hands, with a total transaction amount of 346 million yuan [1] Corporate Governance - On August 21, the company announced that it and its subsidiaries had not provided guarantees to external units, and there were no overdue guarantee amounts or litigation-related guarantee amounts [1] - The company received several institutional investors for research, with participation from the board secretary and vice president, Lu Qunfeng [1] Capital Flow - On August 21, the net outflow of main funds was 64.08 million yuan, accounting for 1.31% of the circulating market value [1] - Over the past five days, the net outflow of main funds was 44.32 million yuan, representing 0.91% of the circulating market value [1]

Core Viewpoint - The company, Xing Shuai Er (002860), announced that neither it nor its subsidiaries have provided guarantees to entities outside the consolidated financial statements, indicating a stable financial position without contingent liabilities [1] Summary by Categories Company Guarantees - The company and its subsidiaries have not provided any guarantees to external entities [1] - There are no overdue guarantee amounts or guarantee amounts involved in litigation [1] - The company does not have any guarantee amounts that it is required to pay due to adverse court judgments [1]