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 2024 年年度股东大会的 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 2024 年年度股东大会的 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 2024 年年度股东大会（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》）《上市公司股东大会规则》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，对本次股东大会所涉及的相关事 项进行了 ...

国投证券股份有限公司（ 以下简称"国投证券"、"保荐人"）作为杭州星帅尔 电器股份有限公司（ 以下简称"星帅尔"、"公司"）向不特定对象发行可转换公司 债券的保荐人，根据《证券发行上市保荐业务管理办法》《可转换公司债券管理 办法》《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》 《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《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》等相关 法律法规及规范性文件的要求，对星帅尔关于部分募投项目终止并将节余募集资 金永久补充流动资金的事项进行了审慎核查，核查情况如下： 国投证券股份有限公司 关于杭州星帅尔电器股份有限公司 部分募投项目终止并将节余募集资金 永久补充流动资金的核查意见 一、募集资金基本情况 (一)实际募集资金金额、资金到账时间 公司经中国证券监督管理委员（《关于核准杭州星帅尔电器股份有限公司公开 发行可转换公司债券的批复》(证监许可[2023]10 号)核准，由主承销商国投证券 股份有限公司通过深圳证券交易所系统采用优先配售和公开发行方式，向社会公 开发行了面值总额 46,290.00 万元 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 503,051,977.96, representing an increase of 8.37% compared to CNY 464,186,185.61 in the same period last year[5] - Net profit attributable to shareholders was CNY 64,299,470.61, up 21.73% from CNY 52,820,520.25 year-on-year[5] - Basic earnings per share increased to CNY 0.21, reflecting a growth of 23.53% from CNY 0.17 in the same quarter last year[5] - Operating profit for the current period was ¥75,439,615.22, compared to ¥58,694,259.19 in the previous period, indicating a growth of 28.5%[21] - The net profit for the current period is 65,300,963.18, an increase of 21.4% compared to 53,816,393.88 in the previous period[22] - The net profit attributable to the parent company is 64,299,470.61, up from 52,820,520.25, reflecting a growth of 21.7%[22] - The total comprehensive income for the current period is 65,300,963.18, compared to 53,816,393.88, marking an increase of 21.4%[22] Cash Flow and Investments - The net cash flow from operating activities improved significantly, with a net outflow of CNY -17,806,112.70, a reduction of 85.56% compared to CNY -123,309,575.59 in the previous year[5] - Cash inflow from investment activities totaled 1,476,855,351.25, significantly higher than 148,509,573.76 in the previous period[25] - The net cash flow from investment activities is 313,045,120.37, compared to -3,329,001.96 in the previous period, indicating a positive turnaround[25] - The company received 15,886,966.21 in tax refunds, a significant increase from 1,613,327.35 in the previous period[25] - The company paid 64,310,025.82 in employee compensation, down from 76,592,832.98, reflecting a decrease of 16.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,590,782,067.94, a 1.44% increase from CNY 3,539,901,873.00 at the end of the previous year[5] - Current assets totaled ¥2,794,886,335.54, slightly up from ¥2,738,710,810.81, showing an increase of 2.1%[20] - The total liabilities decreased to ¥1,332,173,075.11 from ¥1,674,915,745.97, a decline of 20.5%[20] - The company reported a decrease in short-term borrowings to ¥198,990,000.00 from ¥308,990,000.00, a reduction of 35.7%[20] Shareholder Information - The company reported a total of 20,367 common shareholders at the end of the reporting period[10] - The company’s major shareholder, Chen Lijuan, holds 85,552,673 shares, representing a significant portion of the total shares[12] - The total number of shares held by the top 10 unrestricted shareholders includes significant stakes from private equity funds managed by Jiangsu Zhaoxin[12] - The company has not disclosed any changes in the shareholding structure of the top 10 shareholders due to securities lending activities[13] - The company has not identified any related party relationships among the other shareholders beyond the known connections[12] Management and Expenses - Management expenses decreased by 44.89% year-on-year, mainly due to the absence of equity incentive expenses and high management costs from the previous year's subsidiary establishment[8] - Research and development expenses rose to ¥13,524,631.72 from ¥10,859,928.18, an increase of 24.5%[21] Convertible Bonds and Repurchase Plans - The company plans to redeem all outstanding "Xing Shuai Zuan 2" convertible bonds on April 10, 2025, with a total redemption amount of RMB 884,310.87[14] - The company has approved a share repurchase plan with a total amount not less than RMB 50 million and not exceeding RMB 100 million, targeting a repurchase price of up to RMB 15 per share[15] - The expected number of shares to be repurchased is approximately 3,333,333 to 6,666,667 shares, representing about 1.09% to 2.18% of the company's total share capital[15] - As of March 31, 2025, the company has issued a total of 8,807 convertible bonds that remain unconverted[14] - The company’s stock price has remained above 130% of the conversion price for 15 consecutive trading days, triggering the conditional redemption clause for the convertible bonds[14] - The company’s board of directors has made a decision to exercise the early redemption right for the convertible bonds based on current market conditions[14] Tax and Receivables - The company experienced a 66.60% increase in taxes payable, attributed to higher sales revenue and profits leading to increased corporate income tax and VAT[8] - The company reported a significant increase in receivables financing, which surged by 569.93% compared to the beginning of the year, primarily due to the receipt of bank acceptance bills[8]

Core Viewpoints - The report anticipates potential positive factors for the A-share market in the next month, including domestic growth stabilization and possible negotiations on US-China tariffs, which may drive market rebounds [4][10] - The report suggests that the current tariff shock is a significant black swan event, but due to its occurrence at the beginning of a bull market, the impact on market valuation may have already been completed [11] - The report recommends a value-oriented investment strategy, focusing on sectors that can provide both offensive and defensive opportunities, such as banks, steel, construction, and consumer sectors [12] Stock Recommendations - The report lists the "Top Ten Gold Stocks" for May 2025, which includes companies from various sectors such as food and beverage, home appliances, banking, power utilities, computing, media, electronics, new consumption, and energy [3][13] - Specific stocks highlighted include: - Wanchen Group (300972.SZ) in the food and beverage sector, with a projected EPS growth from -0.46 in 2023 to 6.67 in 2025 [3][14] - Xing Shuai Er (002860.SZ) in home appliances, with a projected EPS growth from 0.56 in 2023 to 0.73 in 2025 [3][18] - Qingdao Bank (002948.SZ) in banking, with a projected EPS growth from 0.61 in 2023 to 1.04 in 2025 [3][21] - New Energy (601918.SH) in power utilities, with a projected EPS growth from 0.81 in 2023 to 1.06 in 2025 [3][25] - Zhaoyi Information (688258.SH) in computing, with a projected EPS growth from 0.46 in 2023 to 0.81 in 2025 [3][29] - Tencent Holdings (0700.HK) in media, with a projected EPS growth from 11.89 in 2023 to 23.67 in 2025 [3][34] - Lens Technology (300433.SZ) in electronics, with a projected EPS growth from 0.61 in 2023 to 1.39 in 2025 [3][38] - Blukoo (0325.HK) in new consumption, with a projected EPS growth from -1.38 in 2023 to 5.53 in 2025 [3][41] - Yanzhou Coal Mining (600188.SH) in energy, with a projected EPS growth from 2.01 in 2023 to 1.39 in 2025 [3][45] - Xianhe Co., Ltd. (603733.SH) in new consumption, with a projected EPS growth from 0.94 in 2023 to 2.54 in 2025 [3][46] Industry Insights - The food and beverage sector, represented by Wanchen Group, is expected to strengthen its competitive position with a significant increase in store numbers and a focus on the snack retail market [14][15] - The home appliance sector, represented by Xing Shuai Er, is experiencing stable growth in white goods, driven by national subsidy policies [18][19] - The banking sector, represented by Qingdao Bank, shows strong loan growth and improved asset quality, with a focus on manufacturing and green loans [21][22] - The power utility sector, represented by New Energy, is expected to benefit from rising coal demand and improved cost management [25][26] - The computing sector, represented by Zhaoyi Information, is positioned for growth with its unique low-code development platform, SnapDevelop, which has a strong market potential [29][30] - The media sector, represented by Tencent Holdings, is seeing robust growth in its gaming and advertising businesses, with significant contributions from its social media platforms [34][35] - The electronics sector, represented by Lens Technology, is benefiting from the growth of the smartphone market and strong partnerships with major clients [38][39] - The new consumption sector, represented by Blukoo, is leveraging its IP commercialization strategy to drive growth and expand its market presence [41][42] - The energy sector, represented by Yanzhou Coal Mining, is focused on increasing coal production and improving cost efficiency amid fluctuating coal prices [45][46]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 星帅尔(002860) 投资评级 上次评级 [Table_Author] 罗岸阳 家电行业首席分析师 执业编号：S1500520070002 邮 箱：luoanyang@cindasc.com [Table_OtherReport] 星帅尔：Q3 业绩再超预期，增收降本 释放弹性 星帅尔：半年度收入翻倍增长，光伏 盈利能力显著提升 星帅尔：Q2 业绩超预期高增，持续深 化光储布局 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 白电主业经营稳健，年报减值计提充分 [Table_ReportDate] 2025 年 04 月 28 日 相关研究 [Table_Finance] ➢ 白电主业经营稳健，收入及盈利能力双增：24 年公司白电业务（包括 冰箱压缩机配件等）实现收入 8.48 亿元，同比增长 21.04%；毛利率 34.07%，同比增长 1.91pct。在家电国补政策带 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the context suggests a positive outlook based on performance metrics and future projections [1]. Core Insights - The company reported a revenue of 2.077 billion yuan in 2024, a decrease of 27.84% year-on-year, with a net profit attributable to the parent company of 144 million yuan, down 29.03% year-on-year [1]. - The white goods segment showed stable operations with a revenue increase of 21.04% in 2024, reaching 848 million yuan, and a gross margin of 34.07%, up 1.91 percentage points year-on-year [4]. - The photovoltaic segment faced challenges, with a revenue decline of 50.56% in 2024, totaling 974 million yuan, and a gross margin of 5.01%, down 3.80 percentage points year-on-year [4]. - The company has made sufficient impairment provisions in its financial statements, with total credit and asset impairment losses of 42.53 million yuan in 2024, including a significant fixed asset impairment loss of 22.12 million yuan [4]. - Future revenue projections for 2025-2027 are estimated at 2.23 billion, 2.47 billion, and 2.73 billion yuan, respectively, with corresponding net profits of 232 million, 267 million, and 302 million yuan, indicating growth rates of 61.7%, 14.8%, and 13.1% [4]. Financial Summary - Total revenue for 2023 was 2.879 billion yuan, with a year-on-year growth rate of 47.7%. The projected revenue for 2025 is 2.226 billion yuan, reflecting a growth rate of 7.2% [3]. - The gross margin is expected to improve from 16.6% in 2024 to 19.4% in 2025, indicating enhanced profitability [3]. - The return on equity (ROE) is projected to increase from 7.9% in 2024 to 10.0% in 2025 [3]. - The earnings per share (EPS) is forecasted to rise from 0.40 yuan in 2024 to 0.64 yuan in 2025 [3].

智通财经APP获悉，4月28日共有27家上市公司的限售股解禁，解禁总市值约317亿元。 今日具体限售解禁股情况如下： | 股票简称 | 股票代码 | 限售股类型 | 解禁股数 | | --- | --- | --- | --- | | 时代新材 | 600458 | 股权激励限售流通 | 649.44万 | | 中航沈飞 | 600760 | 股权激励限售流通 | 361.77万 | | 中钢天源 | 002057 | 股权激励限售流通 | 424.38万 | | 万讯自控 | 300112 | 股权激励限售流通 | 171.15万 | | 新研股份 | 300159 | 股权激励限售流通 | 540万 | | 吉鑫科技 | 601218 | 股权激励限售流通 | 54.63万 | | 凯龙股份 | 002783 | 股权激励限售流通 | 9.74万 | | 东方精工 | 002611 | 股权激励限售流通 | 88万 | | 星帅尔 | 002860 | 股权激励限售流通 | 30.2万 | | 星光农机 | 603789 | 股权激励限售流通 | 513.57万 | | 口子窖 | 603589 | 股权 ...

股票代码：002860 股票简称：星帅尔 公告编号：2025-058 杭州星帅尔电器股份有限公司 关于控股股东、实际控制人及持股 5%以上股东股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 杭州星帅尔电器股份有限公司 董事会 1、本次股份解除质押基本情况 陈丽娟女士及星帅尔投资质押给国投证券股份有限公司的本公司 91,000,000 股股份，均 为公司 2023 年 6 月发行可转债进行的担保质押，因公司可转债已完成提前赎回并于 2025 年 4 月 18 日在深圳证券交易所摘牌，该质押担保义务已履行完毕，上述质押股份已于近日办理完 成了解除股份质押登记的相关手续。 | | 是否为控股股 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 东或第一大股 | 本次解除质押 | 占其所持股 | 占公司总股 | 质押 | 质押 | | 质权人 | | 名称 | 东及其一致行 | 数量（股） | 份比例（%） | 本比例（%） | 起始日 | ...

股票代码：002860 股票简称：星帅尔 公告编号：2025-057 杭州星帅尔电器股份有限公司 杭州星帅尔电器股份有限公司 董事会 2025 年 4 月 21 日 | 专利类型 | 专利名称 | 专利号 | | | 申请日 | | | | | 有效期 | | 证书号 | | 专利权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 一种接线端子 | | | | | | | | | | | | | | | 实用新型 | 可转换的起动 | ZL202420670459.1 | 2024 | 年 | 04 | 月 | 02 | 日 | 10 | 年 | 第 | 22726950 | 号 | 星帅尔 | | | 热保护器 | | | | | | | | | | | | | | | | 一种套装温控 | ZL202421332787.7 | 2024 | 年 | 06 | 月 | 12 | 日 | 10 | 年 | 第 | 22732277 | 号 | 新都安 | | 实 ...

股票代码：002860 股票简称：星帅尔 公告编号：2025-055 债券代码：127087 债券简称：星帅转 2 经中国证券监督管理委员会"证监许可[2023]10 号"核准，杭州星帅尔电器股份有限公 司（以下简称"公司"）于 2023 年 6 月 14 日向不特定对象发行了 462.90 万张可转换公司债券， 每张面值 100 元，发行总额 46,290.00 万元。本次可转债向公司原股东优先配售，原股东优先 配售之外的余额和原股东放弃优先配售后的部分，采用通过深圳证券交易所交易系统网上发行 的方式进行。认购不足 46,290.00 万元的余额由主承销商包销。 杭州星帅尔电器股份有限公司 关于"星帅转 2"赎回结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、"星帅转 2"基本情况 经深圳证券交易所"深证上〔2023〕593 号"文同意，公司 46,290.00 万元可转换公司债 券于2023年7月17日起在深圳证券交易所挂牌交易，债券简称"星帅转2"，债券代码"127087"。 （三）可转债转股期限 （一）可转债发行情况 根据相关法律法规 ...