Core Viewpoint - The company has established a strong presence in the U.S. market, focusing on air-powered equipment and cleaning devices, with significant growth expected in new product categories and a recovery in revenue starting in 2024 [1][2][3]. Revenue Growth - The company experienced a doubling of revenue from 2019 to 2021 due to deepening cooperation with clients [1]. - Revenue stagnated in 2022-2023 due to high inventory levels in the U.S. tool industry, but is projected to grow by 45% in 2024, reaching 1.8 billion RMB [1]. - The company’s wet and dry vacuum cleaners are expected to generate 900 million RMB in revenue in 2024, accounting for over half of total revenue, with a 5-year CAGR of 30% [2]. Profitability - Gross margins are expected to recover from 2022 to 2024, driven by a shift towards higher-margin products and a decline in raw material costs [1]. - The gross margins for vacuum cleaners and air compressors are approximately 40% and 25%, respectively, with net profit margins increasing from 8.8% in 2021 to 14% in 2024 [1]. Competitive Advantages - The company has established strong channel barriers by partnering with major retailers like Walmart, Lowe's, and The Home Depot [2]. - It leads in R&D with advancements in silent air compressors, high-pressure air technology, and brushless motor technology, with R&D expenses reaching around 5% [2]. Product Development - The company has been developing service robots for over a decade, with the nursing robot market in China projected to grow at a CAGR of 15% over the next five years [3]. - The fifth generation of nursing robots is set to launch in 2024, with expectations of significant order growth in 2025 [3]. Recent Developments - An employee stock ownership plan was announced, linking revenue growth targets to executive performance [3]. - A new factory in Malaysia is expected to achieve an annual output value of around 2 billion RMB, enhancing overseas production capacity [3]. Future Projections - Revenue growth estimates for 2025-2027 are +41%, +27%, and +27%, respectively, with net profits projected at 350 million, 460 million, and 590 million RMB [3].

Investment Rating - The report gives a "Strong Buy" rating for the company, marking its first coverage [5]. Core Views - The company, Ousheng Electric, is a leading player in the air power equipment sector, focusing on air compressors and expanding into pneumatic tools and cleaning devices. The company has established a strong presence in the U.S. market over the past 15 years and is transitioning from an OEM to a solution provider [4][14]. - Revenue growth is expected to rebound significantly in 2024, with a projected increase of 45%, reaching 1.8 billion RMB, driven by new product categories and a recovery in inventory levels in the U.S. tool industry [4][27]. - The company has a robust competitive edge through established relationships with major retailers like Walmart and Lowe's, and it is enhancing its product offerings with high-margin products [4][51]. Summary by Sections Company Overview - Ousheng Electric specializes in air power equipment, including air compressors and wet/dry vacuum cleaners, and is also venturing into smart care robots. The company has developed core technologies since its establishment in 2009 and has seen significant growth in sales to major U.S. retailers since 2015 [4][14][19]. Revenue Performance - The company experienced a doubling of revenue before 2021, reaching 1.3 billion RMB. However, revenue stagnated in 2022-2023 due to high inventory levels in the U.S. tool industry. A recovery is anticipated in 2024, with revenue expected to grow by 45% [4][27]. Profitability Analysis - The gross margin is projected to recover from 2022 to 2024, primarily due to a shift towards higher-margin products and a decrease in raw material costs. The gross margins for vacuum cleaners and air compressors are approximately 40% and 25%, respectively, with net profit margins expected to rise from 8.8% in 2021 to 14% in 2024 [4][30]. Market Position and Competitive Advantage - Ousheng Electric is a leader in the North American air compressor market, with a strong focus on pneumatic tools. The company benefits from established relationships with major retailers and a commitment to R&D, with a research expense ratio of around 5% [4][51]. Product Categories and Growth Potential - The company has seen rapid growth in its wet/dry vacuum cleaner segment, with a significant portion of sales coming from brand authorization agreements. The revenue from this segment is expected to exceed 900 million RMB in 2024, accounting for over half of total revenue [4][27]. - The service robot segment is also poised for growth, with the market for elderly care robots in China projected to grow at a CAGR of around 15% over the next five years [4][30]. Future Outlook - The company anticipates continued revenue growth of 41%, 27%, and 27% for the years 2025 to 2027, respectively, with net profits expected to reach 346 million RMB in 2025 [4][5].

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Insights - Domestic home appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making the second quarter demand promising. Changes in national subsidy methods are expected to have limited disruption [3][8]. - The online retail performance in May was strong, with significant year-on-year growth in various categories, including a 31.7% increase in TV sales and a 46.0% increase in air conditioning sales [8]. - The report highlights the potential for emerging markets in exports, while concerns regarding exports to the U.S. due to global capacity layout are deemed manageable. The reshaping of the global supply chain presents new opportunities [3][8]. Summary by Sections Domestic Market Performance - In May, online retail sales for home appliances showed impressive growth, with air conditioning sales up 46.0% year-on-year and cumulative growth of 26.9% from January to May [8]. - The average price of air conditioning units decreased slightly by 0.7% in May, but the report predicts that price declines are nearing an end as the peak season approaches [8]. Policy and Subsidy Impact - The report discusses changes in national subsidy methods, suggesting that the new approach will likely alleviate price competition among mid-to-low-end brands. The expected shift to a dual-channel distribution for subsidies is anticipated to maintain consumer spending [8]. Investment Recommendations - The report recommends focusing on quality white goods leaders that benefit from domestic policy continuation and are actively expanding overseas, such as Midea Group and Haier Smart Home [3]. - It also suggests monitoring companies that are likely to benefit from the reshaping of market shares in mature overseas markets, such as Hisense Visual Technology and Ousheng Electric [3].

Core Viewpoint - The issuance of the "Notice" aims to accelerate the application and development of intelligent elderly care service robots in response to the increasing challenges of population aging through policy guidance and resource integration [3][4]. Summary by Relevant Sections Event - On June 9, 2025, the Ministry of Industry and Information Technology and the Ministry of Civil Affairs jointly released the "Notice on Conducting Pairing Attacks and Scene Application Pilot Work for Intelligent Elderly Care Service Robots" [2]. Main Content - The "Notice" emphasizes three main areas: 1. Establishing partnerships between enterprises and elderly care institutions to address five major needs, including disability care and emotional companionship, while overcoming shortcomings in safety and reliability. 2. Conducting scene application verification, requiring 200 households to validate home scenarios and deploying over 200 sets of equipment; for community/institution scenarios, covering more than 20 communities or elderly care institutions with at least 20 sets of equipment, with a verification period of no less than six months. 3. Improving standards and evaluation systems, requiring pilot units to jointly formulate standards for aging suitability and safety evaluation to enhance product reliability and intelligence [3][4]. Background - The aging process in China is deepening, with the population aged 60 and above expected to exceed 300 million by the end of 2024, accounting for 22% of the total population. There is a shortage of 5.5 million elderly care workers, particularly for disabled elderly care needs. The elderly care robot market has significant potential, but two core issues must be addressed: low public awareness and high product prices, along with insufficient intelligence [4]. - The silver economy is projected to reach approximately 7 trillion yuan in 2024, accounting for 6% of GDP, and is expected to grow to 30 trillion yuan by 2035, representing 10% of GDP. The domestic elderly care robot market is anticipated to exceed 30 billion yuan in 2024 and reach 50 billion yuan in 2025, with a compound annual growth rate of over 30% [4]. Investment Suggestions - The policy aims to bridge the gap between technology and commercialization, transitioning the elderly care robot industry from "concept innovation" to "scale application." The industry is recommended for attention, with specific stocks suggested for consideration [5][6].

Core Viewpoint - The recent policy announcement by the Ministry of Industry and Information Technology and the Ministry of Civil Affairs aims to promote the development of smart elderly care service robots, which is expected to significantly boost the industry and accelerate technology implementation and market penetration [1][2]. Industry Overview - China's aging population is accelerating, leading to a surge in demand for elderly care services, while resources remain scarce. The rapid development of AI technology presents new solutions for the elderly care industry, making the smart elderly care robot market a focal point [2]. - According to a report by Founder Securities, the market size of the smart elderly care robot industry is projected to reach approximately 7.9 billion yuan in 2024, with rehabilitation robots accounting for the largest share at 45%. Emotional companionship robots are expected to grow at a remarkable annual rate of 120%, with the market size potentially exceeding 50 billion yuan by 2025 [2]. Company Developments - Several listed companies are actively entering the smart elderly care robot sector. For instance, Xilong Health has indicated that smart rehabilitation assistive devices, including smart wheelchairs and exoskeleton robots, are key development areas, although no mature products have been launched yet [2]. - Ousheng Electric has gained a competitive edge with its new intelligent nursing robot, which can automatically sense and identify the status of disabled patients, significantly improving care efficiency and patient comfort [2]. - Medisdon Medical Technology has formed strategic partnerships to integrate medical information technology with elderly care robotics, aiming to create a comprehensive solution platform for smart elderly care [3]. Market Challenges - Despite the promising outlook for the smart elderly care robot industry, there are challenges such as the need for improved environmental perception and adaptability in complex settings, as well as high production costs due to expensive raw materials [5][6]. - The market is becoming increasingly competitive, with many companies entering the field, leading to potential homogenization of products. Some companies are rushing to launch products without mature technology, resulting in varying product quality [5][6]. - Companies must focus on continuous R&D investment, mastering core technologies, and optimizing cost control to succeed in this competitive landscape [6].

Core Insights - The Ministry of Industry and Information Technology (MIIT) and the Ministry of Civil Affairs are promoting pilot projects for elderly care robots, planning to deploy at least 200 units for family applications to address the increasing aging population and shortage of caregiving resources in China [1][3][7] Industry Overview - China's aging population is rapidly increasing, with 310 million people aged 60 and above, accounting for 22% of the total population. The number of people aged 65 and above is 220 million, representing 15.6% [3] - The demand for elderly care is surging due to declining marriage rates and a clear trend of fewer children, leading to a significant shortage of caregiving resources, with millions of caregiver vacancies and a lack of public nursing homes [3][4] Policy Support - National policies are increasingly supporting the application of smart robots in elderly care, as outlined in the "Smart Health and Elderly Care Industry Development Action Plan (2021-2025)," which identifies elderly care robots as a core direction for smart elderly care devices [3][4] - The "Opinions on Deepening the Reform and Development of Elderly Care Services" issued in January emphasizes the development of a comprehensive elderly care service network by 2029, with a focus on humanoid robots and AI technologies [3] Market Dynamics - The smart elderly care robot market in China has been rapidly expanding, reaching nearly 25 billion yuan in 2023, with projections suggesting it could reach a trillion yuan market by 2030 [5] - The penetration rates for health monitoring products are around 10%, while rehabilitation, nursing, and emotional support robots have a penetration rate of about 5% [5] Challenges and Opportunities - The industry faces challenges such as a significant gap in caregiving for disabled individuals, insufficient emotional companionship for elderly living alone, and a lack of service supply in lower-tier cities and rural areas [4][6] - The MIIT's recent initiative aims to address existing product shortcomings and validate applications in home, community, and institutional settings, with a focus on various caregiving scenarios [6][7]

苏州欧圣电气股份有限公司2025年员工持股计划管理办法（修订稿） 证券代码：301187 证券简称：欧圣电气 苏州欧圣电气股份有限公司 2025 年员工持股计划管理办法 （修订稿） 苏州欧圣电气股份有限公司 二零二五年六月 1 第二章 持股计划的制定 第二条 持股计划的基本原则 苏州欧圣电气股份有限公司2025年员工持股计划管理办法（修订稿） 第一章 总则 第一条 为规范苏州欧圣电气股份有限公司（以下简称"欧圣电气"或"公 司"）2025年员工持股计划（以下简称"持股计划"）的实施，根据《中华人 民共和国公司法》《中华人民共和国证券法》、中国证监会《关于上市公司实 施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《深圳证 券交易所上市公司自律监管指引第2号—创业板上市公司规范运作》（以下简称 "《自律监管指引第2号》"）等相关法律法规、规章和规范性文件以及《公司 章程》《苏州欧圣电气股份有限公司2025年员工持股计划（草案修订稿）》之 规定，特制定《苏州欧圣电气股份有限公司2025年员工持股计划管理办法（修 订稿）》（以下简称"本办法"）。 （一）依法合规原则 公司实施持股计划，严格按照法律、行政 ...

苏州欧圣电气股份有限公司2025年员工持股计划（草案修订稿） 证券代码：301187 证券简称：欧圣电气 苏州欧圣电气股份有限公司 2025年员工持股计划（草案修订稿） 苏州欧圣电气股份有限公司 二零二五年六月 苏州欧圣电气股份有限公司2025年员工持股计划（草案修订稿） 声明 本公司董事会及全体董事、监事保证本员工持股计划不存在虚假记载、误导 性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 苏州欧圣电气股份有限公司2025年员工持股计划（草案修订稿） 风险提示 一、苏州欧圣电气股份有限公司（以下简称"欧圣电气"或"公司"）2025 年员工持股计划（以下简称"本持股计划"）须经公司股东大会批准后方可实施， 本持股计划能否获得公司股东大会批准，存在不确定性； 二、有关本员工持股计划的具体参与人数、资金规模、股票规模、实施方案 等属初步结果，能否完成实施，存在不确定性； 三、若员工认购资金较低时，本持股计划存在不能成立的风险；若员工认购 份额不足，本持股计划存在低于预计规模的风险； 四、股票价格受宏观经济周期、国际/国内政治经济形势、公司经营业绩及 投资者心理等多种复杂因素影响。因此，股票交易 ...

根据《公司法》《证券法》《关于上市公司实施员工持股计划试点的指导 意见》等相关 法律、行政法规、规章、规范性文件和《2025年员工持股计划 (草案) 》的规定，结合苏州欧圣电气股份有限公司实际情况，为提高员工持股 计划管理效率，特修订《2025年员工持股计划(草案) 》。具体内容如下： 2025年6月6日 | | 1、（二）以下事项需要召开持有人会议进 行审议： | 1、（二）以下事项需要召开持有人会议进 | | --- | --- | --- | | | 1、选举、罢免管理委员会委员； 2、员工持股计划的变更、终止、存续 | 行审议： 1、选举、罢免管理委员会委员； | | | 期的延长； | 2、员工持股计划的变更、终止； | | 第 七 章 | 2、会议主持人应当当场宣布现场表决统计 | 2、会议主持人应当当场宣布现场表决统计 | | 员 | 结果。每项议案如经出席持有人会议的持 | 结果。每项议案如经出席持有人会议的持有 | | 工持股计划 | 有人所持1/2（含）以上份额同意后则视为 | 人所持超过1/2（不含）份额同意后则视为 | | 的管理模式 | 表决通过，特别约定需2/3（含）以上份额 | ...

国浩律师（上海）事务所 关于 苏州欧圣电气股份有限公司 2025 年员工持股计划（草案修订稿） 之 法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China T. +86 21 52341668 F. +86 21 52341670 E. grandallsh@grandall.com.cn W.www.grandall.com.cn 二〇二五年六月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于苏州欧圣电气股份有限公司 2025 年员工持股计划（草案修订稿） 之法律意见书 致：苏州欧圣电气股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受苏州欧圣电气股份有限 公司（以下简称"欧圣电气"或"公司"）的委托，担任公司设立苏州欧圣电气 股份有限公司 2025 年员工持股计划（以下简称"本次员工持股计划"）事项的专 项法律顾问。 本所律师依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 ...