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]

股票代码：002860 股票简称：星帅尔 公告编号：2025-100 杭州星帅尔电器股份有限公司 关于为子公司提供担保的进展公告 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、担保情况概述 1、本次担保基本情况 1、公司名称：杭州星帅尔光伏科技有限公司 2、公司类型：有限责任公司（非自然人投资或控股的法人独资） 7、经营范围：一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术 推广；电力电子元器件制造；电力电子元器件销售；电子元器件与机电组件设备制造；电子元 器件与机电组件设备销售；变压器、整流器和电感器制造；新型膜材料制造；货物进出口；光 伏设备及元器件制造；光伏设备及元器件销售（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）。许可项目：发电业务、输电业务、供（配）电业务（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以审批结果为准）。 8、股权结构： | 序号 | 股东姓名/名称 | 出资额（元） | 出资比例（%） | | --- | --- | --- | --- | | 1 | 杭州星帅尔电器股 ...

Group 1 - The company XingShuai announced an investor research meeting scheduled for August 21, 2025, at 8:30 AM, with participation from the company's board secretary and deputy general manager [2] - For the first half of 2025, the company's revenue composition 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 [2]

Group 1: Company Overview - Hangzhou Xingshuai Electric Co., Ltd. was listed on the Shenzhen Stock Exchange in April 2017 as a high-tech enterprise with strong innovation and independent R&D capabilities [2] - The company's main business includes the R&D, production, and sales of various types of thermal protectors, starters, sealed terminal blocks, temperature controllers for small appliances, and photovoltaic components [2] Group 2: Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 1.132 billion, a year-on-year increase of 8.59% [3] - The net profit attributable to shareholders in the same period was CNY 122 million, reflecting a year-on-year growth of 31.79% [3] - The growth in net profit was primarily driven by the home appliance and photovoltaic sectors, with a robust performance in the home appliance segment and a full order book in the photovoltaic business [3] Group 3: Future Strategy - The company plans to focus on the R&D of new motor products and projects, providing technical and financial support to its subsidiary Zhejiang Special Motor [3] - There is an emphasis on developing high-efficiency permanent magnet motors and servo motors to meet market demand and seek partnerships for collaboration [3] - The company is committed to exploring new business avenues while maintaining its core business development, including potential mergers and acquisitions to expand its growth [3]

（文章来源：证券日报） 证券日报网讯 8月20日晚间，星帅尔发布公告称，2025年半年度公司实现营业收入1，132，398，977.48 元，同比增长8.59%；归属于上市公司股东的净利润为121，680，254.34元，同比增长31.79%。 ...

2025年8月21日，星帅尔(002860.SZ)发布2025年中报。 公司营业总收入为11.32亿元。归母净利润为1.22亿元。经营活动现金净流入为9868.72万元。 公司最新资产负债率为37.45%，较上季度资产负债率增加0.35个百分点。 公司最新毛利率为17.36%，较上季度毛利率减少2.96个百分点，较去年同期毛利率减少0.29个百分点。最新ROE为5.49%。 公司摊薄每股收益为0.37元。 公司最新总资产周转率为0.32次。最新存货周转率为2.70次。 公司股东户数为1.88万户，前十大股东持股数量为1.54亿股，占总股本比例为42.83%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | l | 陈丽娟 | 23.7 | | 2 | 杭州富阳星帅尔股权投资有限公司 | 10.8 | | 3 | 钱凌 | 1.40 | | 4 | 张坚 | 1.36 | | 5 | 江苏兆信私募基金管理有限公司-兆信集合1号私募证券投资基金 | 1.33 | | 6 | 孙华民 | 1.02 | | 7 | 交通银行股份有限公司-国泰金鹰增长灵活配置混 ...