本次独立董事专门会议审议通过了如下议案： 1、审议通过《关于聘任公司总经理的议案》 青鸟消防股份有限公司 第五届董事会独立董事专门会议 2025 年第一次会议决议 一、独立董事专门会议召开情况 青鸟消防股份有限公司（以下简称"公司"）第五届董事会独立董事专门会议 2025 年第一次会议于 2025 年 5 月 13 日在北京市海淀区成府路 207 号北大青鸟 楼 A 座四层会议室以现场及通讯相结合的方式召开，应出席独立董事 3 人，实 际出席独立董事 3 人。本次会议由独立董事陈钟先生主持。本次会议的召集、召 开程序符合《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《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》及公司 《独立董事制度》等有关规定。 二、独立董事专门会议审议情况 表决结果：3 票同意、0 票反对、0 票弃权。 经审议，独立董事认为：康亚臻先生具备《公司法》等法律法规及《公司章 程》所规定的上市公司高级管理人员任职资格，具备履行高级管理人员职责所必 须的工作经验和专业知识；未受过中国证监会及其他有关部门的处罚和证券交易 所纪律处分；不存在因涉嫌犯罪被司法机关 ...

青鸟消防股份有限公司 证券代码：002960 证券简称：青鸟消防 公告编号：2025-033 青鸟消防股份有限公司 第五届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、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 青鸟消防股份有限公司（以下简称"公司"）于 2025 年 5 月 13 日召开 2024 年年度股东大会选举产生了第五届董事会非职工代表董事。公司非职工代表董事 蔡为民先生、倪金磊先生、郑重女士、康亚臻先生、丁慧平先生、陈钟先生、JESSE ZHIXI FANG 先生与公司职工代表大会选举产生的职工代表董事高俊艳女士共 同组成公司第五届董事会（第五届董事会成员简历详见附件）。任期自公司 2024 年年度股东大会审议通过之日起三年。 同日，公司第五届董事会第一次会议在北京市海淀区成府路 207 号北大青鸟 楼 A 座四层会议室以现场及通讯相结合的方式召开。本次会议于公司 2024 年年 度股东大会选举产生第五届董事会成员后以电子邮件形式通知全体董事。会议应 出席董事 8 人，实际出席董事 8 人，全体董事一致推举公司董事蔡为民先生主持 本次会议。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 14.00 CNY [2] Core Views - The company achieved a revenue of 4.923 billion CNY in 2024, a year-on-year increase of 0.98%, and a net profit of 353 million CNY, up 46.42% year-on-year [2] - The company is actively expanding into the fire safety robot sector and has seen steady growth in its industrial and commercial markets [2][7] - The report forecasts revenue growth for 2025 to 2027, estimating 5.182 billion CNY, 5.599 billion CNY, and 6.339 billion CNY respectively, with corresponding growth rates of 5.3%, 8.0%, and 13.2% [2][8] Financial Performance - In Q1 2025, the company reported a revenue of 883 million CNY, a year-on-year increase of 3.64%, and a net profit of 69 million CNY, up 12.37% year-on-year [2] - The company's gross margin is projected to be 37.63%, supported by vertical integration and scale advantages [7] - The company’s total assets are expected to grow from 8.887 billion CNY in 2024 to 11.596 billion CNY by 2027 [8] Market Expansion - The overseas business generated 703 million CNY in revenue in 2024, accounting for 14.27% of total revenue, with a year-on-year growth of 9.92% [7] - The company is enhancing its brand influence and market share through localized production and market development in North America and Europe [7] Product Development - The company is focusing on technological innovation in fire safety robots, integrating AI image analysis and intelligent control systems to enhance product capabilities [7] - The company’s traditional business segments are under pressure, but it is successfully navigating challenges through pricing strategies and supply chain optimization [7]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 14.00 CNY [2][8]. Core Views - The company has successfully expanded its industrial and industry sectors, actively laying out plans for fire-fighting robots. The revenue for 2024 is reported at 4.923 billion CNY, a slight decrease of 0.98% year-on-year, while the net profit attributable to shareholders is 353 million CNY, down 46.42% year-on-year [2][8]. - The company is experiencing pressure in traditional business demand due to a sluggish real estate market, but it has managed to maintain a steady market share through pricing strategies and supply chain optimization [2][8]. - The overseas market is steadily expanding, with revenue from international operations reaching 703 million CNY, accounting for 14.27% of total revenue, marking a year-on-year increase of 9.92% [2][8]. - The company is showing strong resilience and growth potential in the commercial and industrial sectors, particularly in new economic applications such as renewable energy and data centers [2][8]. Financial Summary - For 2024, the total revenue is projected to be 4.923 billion CNY, with a year-on-year growth rate of -1.0%. The net profit attributable to shareholders is expected to be 353 million CNY, with a growth rate of -46.4% [2][8]. - The company forecasts revenue growth for 2025-2027 at 5.3%, 8.0%, and 13.2%, respectively, with net profit growth rates of 45.0%, 10.8%, and 19.9% [2][8]. - The earnings per share (EPS) are projected to be 0.70 CNY, 0.77 CNY, and 0.92 CNY for the years 2025, 2026, and 2027, respectively [2][8].

Group 1: Macro Insights - The Federal Reserve maintained interest rates and emphasized increasing uncertainty, with market expectations for rate cuts in June and July at 20% and 80% respectively, and a total of three cuts expected for the year [4] - The current economic environment presents a dual challenge of stagnation versus inflation, with short-term liquidity crises and long-term recession concerns [4] Group 2: TMT Sector Analysis - The TMT sector shows high levels of crowding, suggesting a cautious approach as the market may continue to favor lower-performing sectors [5] - The industry rotation model indicates that cyclical sectors like non-ferrous metals, steel, food and beverage, and building materials are in a strong trend with low crowding, while TMT remains crowded [5] Group 3: Coal Industry Overview - As of Q1 2025, the coal industry is experiencing a significant downturn, with coal prices returning to levels seen in early 2021, and the average price of Q5500 coal at 657 RMB/ton, down 111 RMB/ton since the beginning of the year [14][15] - The total profit of large coal enterprises in Q1 2025 was 803.8 billion RMB, a year-on-year decrease of 47.7%, with over half of coal companies reporting losses [17] - Major coal companies like China Shenhua and Shaanxi Coal have substantial cash reserves, indicating strong dividend-paying capabilities despite the industry's challenges [7][9] Group 4: Media Sector Performance - The media sector showed a significant recovery in Q1 2025, with notable performances in gaming and cinema, and a positive outlook for the year [22] - The film industry, particularly, is expected to benefit from a strong lineup of releases, although some major films underperformed [26] Group 5: Home Appliance and Electric Vehicle Industry - The electric two-wheeler market is expected to see growth driven by brand and channel advantages, with a projected increase in demand primarily from replacement sales [22][23] - The home appliance sector is focusing on expanding smart product offerings and enhancing international market presence, with significant revenue growth reported in smart home products [28] Group 6: Medical and Biopharmaceutical Sector - Companies like Xinhua Medical and Anjisi are showing steady growth, with Xinhua Medical reporting a slight increase in revenue and profit, while Anjisi's revenue grew by 25.14% in 2024 [36][38] - The biopharmaceutical sector is focusing on diversifying revenue streams and expanding into international markets, with significant growth expected in the coming years [35][40] Group 7: Investment Recommendations - Key recommendations include investing in leading coal enterprises like China Shenhua and Zhongmei Energy, as well as companies showing potential for recovery like Qinfa [19][20] - In the media sector, companies with strong content pipelines and market positions are recommended for investment [26]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The implementation of new national standards for fire safety products starting May 1, 2025, is expected to enhance product performance and quality, providing competitive advantages for leading companies like Qingniao Fire [1] - The industrial fire safety business is experiencing rapid growth, driven by domestic substitution and emerging demand, with a projected revenue of approximately 510 million in 2024, representing a 46% year-on-year increase [2] - The company is advancing towards intelligent solutions in fire safety, leveraging its self-developed Zhu Huan series chips to enhance capabilities in fire safety robots and integrated communication solutions [3] - Due to lower-than-expected downstream demand, the company's profit forecasts have been adjusted, with expected revenues of 52.82 billion, 58.38 billion, and 65.54 billion for 2025, 2026, and 2027 respectively [3] Financial Summary - The company's revenue for 2023 was 4,972 million, with a projected revenue of 5,282 million for 2025, reflecting a growth rate of 7.3% [4] - The net profit attributable to the parent company for 2023 was 659 million, with an expected increase to 525 million in 2025, showing a year-on-year growth of 48.6% [4] - The latest diluted EPS is projected to be 0.71 in 2025, with a P/E ratio of 15.8 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The implementation of new national standards for fire safety products starting May 1, 2025, is expected to enhance product performance and quality, providing competitive advantages for leading companies like Qingniao Fire [1] - The industrial fire safety business is experiencing rapid growth, driven by domestic substitution and emerging demand, with a projected revenue of approximately 510 million in 2024, representing a 46% year-on-year increase [2] - The company is advancing towards intelligent solutions in fire safety, leveraging self-developed chips to enhance capabilities in fire safety robots and integrated communication solutions [3] - Revenue forecasts for 2025-2027 are adjusted to 5.282 billion, 5.838 billion, and 6.554 billion respectively, with net profits of 525 million, 613 million, and 695 million, reflecting a positive growth trajectory [3] Summary by Sections New National Standards - The new national standards for fire safety products will significantly improve product performance and quality, benefiting companies with technological reserves [1] - The standards surpass international benchmarks in several technical requirements, laying the groundwork for future smart fire safety developments [1] Industrial Fire Safety Growth - The industrial fire safety segment is projected to achieve 2.48 billion in revenue in 2024, with industrial alarm products contributing 1.2 billion, marking a 55.59% year-on-year growth [2] - The market remains fragmented, with opportunities for growth in both high-end and mid-to-low-end segments [2] Technological Advancements - The company is developing its own chip series, which will support advanced functionalities in fire safety robots, enhancing their operational capabilities in high-risk environments [3] - The integration of AI and communication technologies is expected to facilitate the deployment of fire safety robots in various challenging scenarios [3] Financial Projections - The company’s revenue and profit forecasts indicate a recovery and growth trend, with expected revenues increasing from 4.923 billion in 2024 to 6.554 billion in 2027 [4] - The projected net profit shows a significant rebound from 353 million in 2024 to 695 million in 2027, indicating strong operational resilience [4]

青鸟消防（002960.SZ） 短期业绩承压，工业与海外业务增长亮眼 2025 年 05 月 07 日 投资评级：买入（维持） 伐谋-中小盘信息更新 | 日期 | 2025/5/7 | | --- | --- | | 当前股价(元) | 11.29 | | 一年最高最低(元) | 15.38/8.76 | | 总市值(亿元) | 83.13 | | 流通市值(亿元) | 69.83 | | 总股本(亿股) | 7.36 | | 流通股本(亿股) | 6.19 | | 近 3 个月换手率(%) | 154.07 | 中小盘研究团队 ——中小盘信息更新 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 2025Q1 业绩短期承压，维持买入评级 公司发布 2025 年一季报，实现营收 8.83 亿元， ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Views - The company achieved a revenue of 883 million yuan in Q1 2025, a year-on-year decrease of 3.64%, and a net profit attributable to shareholders of 69 million yuan, down 12.37% year-on-year [5][10] - The decline in revenue is attributed to the impact of a decrease in domestic real estate completions, which affected the commercial and residential alarm business, while the industrial and overseas segments maintained high growth rates [10] - The company reported a gross margin of 37.63% in Q1 2025, a decrease of 3.60 percentage points year-on-year, but showed significant improvement in expense management, leading to a relatively stable net profit margin [10] Summary by Sections Financial Performance - In Q1 2025, the domestic commercial and residential alarm business generated 540 million yuan, a decline of 9.54% year-on-year, while the industrial alarm business grew by 52.30% to 125 million yuan [10] - The overseas market revenue reached 194 million yuan, an increase of 20.46% year-on-year, with established brands in Canada, France, Spain, and the UK [10] - The company’s operating cash flow showed a net outflow of 270 million yuan, with a cash collection ratio of 100.96%, up 17.74 percentage points year-on-year [10] Business Outlook - The company is expected to continue growth in the industrial and overseas sectors, with improvements anticipated in the domestic market as real estate stabilizes and new industry standards are implemented [10] - The company is actively engaged in chip research and development, with the third-generation chip already in mass production and plans for new products to enhance communication bandwidth [10]

Financial Performance - In Q1 2025, the company achieved total revenue of 883 million yuan, a decrease of 3.64% year-on-year; net profit attributable to shareholders was 68.94 million yuan, down 12.37% year-on-year; and net profit after deducting non-recurring items was 63.78 million yuan, a decline of 4.52% year-on-year [1][7]. Profitability - The company's gross margin was 37.63%, a decrease of 8.74 percentage points year-on-year; net profit margin was 8.33%, down 7.99 percentage points year-on-year, indicating challenges in cost control and profit conversion [2][7]. Expense Control - Total expenditure on selling, administrative, and financial expenses was 197 million yuan, accounting for 22.32% of revenue, a decrease of 7.26 percentage points year-on-year; despite the reduction in expense ratio, the overall expense level remains high [3][7]. Asset Quality - The company's accounts receivable reached 2.629 billion yuan, representing 744.77% of the latest annual net profit attributable to shareholders, significantly higher than normal levels, which may adversely affect future cash flow [4][7]. Cash Flow Situation - The operating cash flow per share was -0.37 yuan, a decrease of 20.21% year-on-year, indicating significant cash outflow pressure in operating activities [5][7]. Financing and Dividends - Since its listing, the company has raised a total of 2.827 billion yuan and distributed a total of 758 million yuan in dividends, resulting in a dividend-to-financing ratio of 0.27, indicating a certain level of financing capability in the capital market, but a relatively low dividend ratio [6][7]. Business Model - The company's performance primarily relies on research and marketing-driven strategies; investors should pay attention to the effectiveness of these drivers and their impact on the company's long-term development [7].