苏州欧圣电气股份有限公司 证券代码： 301187 证券简称： 欧圣电气 公告编号： 2025-069 苏州欧圣电气股份有限公司 关于聘任会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、拟聘任的会计师事务所：致同会计师事务所（特殊普通合伙）（以下简称 "致同"）。 2、原聘任的会计师事务所：中兴华会计师事务所（特殊普通合伙）（以下简 称"中兴华"）。 3、聘任会计师事务所的原因：苏州欧圣电气股份有限公司（以下简称"公司"） 根据自身发展需求、整体审计工作需要及《国有企业、上市公司选聘会计师事务 所管理办法》的规定，经履行公司选聘程序，拟聘任致同会计师事务所为公司 2025 年度审计机构。 4、公司已就拟聘任会计师事务所的相关事宜与前后任会计师事务所进行了 沟通，前后任会计师事务所已明确知悉本次拟聘任事项并确认无异议。公司董事 会、审计委员会对本次拟聘任审计机构的事项均不存在异议，该事项尚需提交公 司股东会审议。 5、本次拟聘任会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（ ...

第三届董事会第二十三次会议决议公告 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。 一、董事会会议召开情况 苏州欧圣电气股份有限公司 证券代码： 301187 证券简称： 欧圣电气 公告编号： 2025-068 苏州欧圣电气股份有限公司 具体内容详见公司于同日刊登在巨潮资讯网（www.cninfo.com.cn）的相关公 告。 表决结果：7票同意，0票反对，0票弃权。 三、备查文件 1.第三届董事会第二十三次会议决议； 苏州欧圣电气股份有限公司 2.第三届董事会审计委员会第十七次会议决议； 苏州欧圣电气股份有限公司（以下简称"公司"）于2025年11月10日以通讯和 电子邮件方式向全体董事发出会议通知及会议材料。以现场结合通讯的方式于 2025年11月13日在公司会议室召开第三届董事会第二十三次会议并作出决议。本 次董事会会议应出席董事7人，实际出席董事7人，会议由公司董事长WEIDONG LU先生主持，公司全体高级管理人员列席了会议。本次会议符合《中华人民共 和国公司法》等相关法律法规以及《公司章程》等制度的规定。经各位董事认真 审议，会议形成了如下决议： ...

Summary of Key Points Core Viewpoint - On November 14, a total of 11 companies had their restricted shares unlocked, with a total unlock volume of 793 million shares, amounting to a market value of 17.873 billion yuan based on the latest closing price [1] Group 1: Unlock Volume and Market Value - Three companies had unlock volumes exceeding 10 million shares: China Merchants Port (5.77 billion shares), Ousheng Electric (1.89 billion shares), and Tiannai Technology (21.6743 million shares) [1] - In terms of unlock market value, three companies had values exceeding 100 million yuan: China Merchants Port (11.949 billion yuan), Ousheng Electric (4.593 billion yuan), and Tiannai Technology (1.191 billion yuan) [1] Group 2: Unlock Ratio - Two companies had an unlock ratio exceeding 10% of their total share capital: Ousheng Electric (73.99%) and China Merchants Port (23.24%), while Tiannai Technology had an unlock ratio of 5.91% [1]

Core Viewpoint - The company's Q3 performance was weak with a year-on-year decline of 82.5% in net profit attributable to the parent company, but this does not indicate a growth bottleneck. Short-term costs related to the transition of domestic capacity to Malaysia have impacted management expenses and operating costs, alongside factors like increased depreciation of fixed assets and decreased investment income. Future prospects include stable capacity and delivery under favorable tariff policies, a potential rebound in orders during the interest rate cut cycle, and growth opportunities in the elderly care robot sector [1][2][3]. Capacity Layout and Tariff Stability - The Malaysian factory is set to achieve large-scale production by May 2025, with a designed annual output value of 2 billion RMB, primarily serving the U.S. market. By October, it has met all U.S. order production needs, with further expansion potential available [2]. - The company also operates a factory in Suzhou, China (serving non-U.S. markets), a new base in Nantong (under construction for non-U.S. markets), and a warehouse center in the U.S. for logistics and maintenance [2]. - Recent U.S.-China tariff negotiations have led to the postponement of retaliatory tariffs and significant reductions in fentanyl tariffs, with tariffs on Southeast Asia also stabilizing. This is expected to alleviate shipping and production issues caused by tariffs in the coming year, leading to a recovery in profitability [2]. Market Share and Product Expansion - The company is expected to see order growth due to its strong R&D capabilities, with major clients concentrating orders for existing products like air compressors and vacuum cleaners. Additionally, the company has successfully entered new markets such as pneumatic tools and outdoor camping equipment, which have a market potential several times larger than existing businesses and align well with core competencies [2]. Elderly Care Robots as a Growth Driver - The company's elderly care robot product has reached technological maturity (now in its fifth generation) and has been included in the Ministry of Industry and Information Technology's promotion directory for intelligent elderly care service robots. It is the only selected enterprise in the subcategory of intelligent handling robots, indicating recognition from national authorities. The development of national intelligent elderly care demonstration projects is expected to significantly boost this business [3]. - With the rapid aging of the population in China and rising costs for caregivers, intelligent handling robots are anticipated to become essential products with a broad market outlook [3]. Profit Forecast - The company forecasts net profits attributable to the parent company of 216 million RMB, 288 million RMB, and 364 million RMB for 2025-2027, corresponding to current P/E ratios of 29x, 22x, and 17x, respectively, maintaining a "recommended" rating [3].

Core Viewpoint - The announcement from Ousheng Electric indicates the lifting of restrictions on a significant number of shares, which may impact the company's stock liquidity and market perception [1] Summary by Relevant Sections - **Shareholder Information** - A total of 4 shareholders are involved in the lifting of restrictions [1] - **Share Details** - The number of shares being released from restriction is 188,626,814 shares, which represents 73.99% of the company's total share capital post-issuance [1] - **Market Impact** - The shares will be available for trading starting from November 14, 2025, potentially affecting the stock's market dynamics [1]

Group 1 - The core point of the article is that Ousheng Electric (SZ 301187) announced that approximately 189 million restricted shares will be unlocked and listed for trading on November 14, 2025, which accounts for 73.99% of the company's total share capital [1] - For the year 2024, Ousheng Electric's revenue composition is entirely from the electrical machinery and equipment manufacturing industry, with a 100.0% share [1] - As of the report date, Ousheng Electric has a market capitalization of 6.2 billion yuan [1]

证券代码： 301187 证券简称： 欧圣电气 公告编号： 2025-067 苏州欧圣电气股份有限公司 首次公开发行前限售股上市流通的提示性公告 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。 特别提示： 1.本次解除限售的股份为苏州欧圣电气股份有限公司（以下简称"公司"）首 次公开发行前已发行股份。 2.本次解除限售的股东户数共计 4 户，解除限售的股份数量为 188,626,814 股，占公司发行后总股本的 73.99%。 3.本次解除限售股份上市流通日期为 2025 年 11 月 14 日（星期五）。 一、首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意苏州欧圣电气股份有限公司首次公开 发行股票注册的批复》（证监许可〔2022〕438号）核准，并经深圳证券交易所 同意，苏州欧圣电气股份有限公司（以下简称"公司"）首次公开发行人民币普通 股（A股）45,652,000股，其中43,299,272股于2022年4月22日起上市交易。 公司首次公开发行股票前总股本为136,955,661股，首次公开发行股票完成 后，公司总股本为182,607, ...

限售股上市流通的核查意见 中泰证券股份有限公司（以下简称"中泰证券"、"保荐机构"）作为苏州欧圣 电气股份有限公司（以下简称"欧圣电气"、"公司"）首次公开发行股票并在创业 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所 创业板股票上市规则》《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》等相关法律、法规及规范性文件，对欧圣电气首次公开发 行股票限售股份上市流通事项进行了核查，核查情况如下： 一、首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于同意苏州欧圣电气股份有限公司首次公开 发行股票注册的批复》（证监许可〔2022〕438 号）核准，并经深圳证券交易所同 意，苏州欧圣电气股份有限公司（以下简称"公司"）首次公开发行人民币普通股 （A 股）45,652,000 股，其中 43,299,272 股于 2022 年 4 月 22 日起上市交易。 公司首次公开发行股票前总股本为 136,955,661 股，首次公开发行股票完成 后，公司总股本为 182,607,661 股。其中无限售条件流通股为 43,299,272 股，占 发行后总股本的比例为 ...

Investment Rating - The report maintains a positive outlook on the home appliance industry, highlighting the potential for growth in the white goods sector due to low valuations, high dividends, and stable growth attributes [6]. Core Insights - The home appliance sector is experiencing a divergence between domestic and export sales, with exports generally outperforming domestic sales in the first three quarters of 2025. The domestic market is under pressure due to a sluggish real estate sector and the waning effects of policy support [5][12]. - The report identifies three main investment themes: the white goods sector, export-driven companies, and core component manufacturers, recommending specific companies within these categories for investment [6]. Summary by Sections Industry Performance - In September 2025, the air conditioning sector saw a total production of 10.57 million units, a year-on-year decrease of 13.5%, while total sales were 10.88 million units, down 10.2%. Domestic sales were 5.95 million units, down 2.5%, and exports were 4.94 million units, down 18.1% [4][33]. - The refrigerator sector reported a production of 8.72 million units, a slight year-on-year decrease of 0.5%, with total sales of 8.34 million units, a marginal increase of 0.12%. Domestic sales were 3.87 million units, down 7.35%, while exports rose to 4.47 million units, up 7.63% [4][39]. - The washing machine sector experienced a production of 9.05 million units, a year-on-year increase of 10.4%, with total sales of 8.85 million units, up 7.52%. Domestic sales were 4.06 million units, down 6.88%, while exports increased to 4.79 million units, up 23.76% [4][41]. Market Dynamics - The home appliance index underperformed compared to the CSI 300 index, with a decline of 0.5% against a 0.8% increase in the latter [5][7]. - The report notes that the overall supply chain market sentiment is higher than that of the complete machine market, with more than half of the industries maintaining year-on-year growth in the first three quarters of 2025 [12]. Key Company Developments - Midea's air conditioning factory in Thailand has been recognized as a "Supply Chain Resilience Lighthouse Factory" by the World Economic Forum, marking a significant achievement in the home appliance sector [5][13]. - The report recommends specific companies for investment based on their performance and market position, including Hisense, Midea, and Haier in the white goods sector, as well as companies like Ousheng Electric and Dechang Co. for their export capabilities [6].

Summary of Conference Call Records Industry and Company Overview - The conference call discusses the performance and outlook of the hand tools and electric tools industry, focusing on two companies: **Giant Star Technology** and **Ousheng Electric** [1][2][3]. Key Points and Arguments Giant Star Technology - **Market Position**: Giant Star Technology is a leading company in hand tools and electric tools, expanding revenue through acquisitions despite fluctuations due to tariffs and the pandemic [1][3]. - **Revenue Impact**: The company has experienced significant revenue volatility, particularly since 2018 due to U.S. tariffs and the pandemic, but has maintained double-digit profit growth due to investment income and government subsidies [2][3]. - **Production Capacity**: Currently, 73% of production capacity is in Southeast Asia, with only 20% in China. Future exports from China to the U.S. are expected to decline further to avoid high tariffs [1][8]. - **Market Demand**: Recent data indicates a 10% year-over-year decline in U.S. tool sales, but a recovery is anticipated as interest rates decrease and housing demand rebounds [11]. - **Strategic Response**: The company is diversifying its product offerings and strengthening distribution channels to adapt to market changes, while also transferring production capacity to Southeast Asia to mitigate tariff impacts [6][12]. Ousheng Electric - **Market Growth**: Ousheng Electric benefits from demand in the U.S. and emerging markets, with a new factory in Malaysia enhancing production capacity despite short-term performance challenges due to relocation [1][13]. - **Product Development**: The company has gained national endorsement for its elderly care robots, which are expected to benefit from an aging population and potential government subsidies [1][17]. - **Financial Performance**: Ousheng Electric reported a nearly 30% year-over-year decline in net profit for Q3 2025, contrasting with Giant Star's performance, which saw stock price increases prior to its mid-year report [2][15]. Additional Important Insights - **Tariff and Trade Relations**: The easing of U.S.-China trade relations and potential Federal Reserve easing policies are expected to positively impact the export sector, although the effects of previous tariffs and production relocations are still being felt [1][2]. - **Industry Characteristics**: The hand tools industry has a stable long-term growth rate of 5%-10%, driven by consistent consumer demand for home repair tools, which are considered essential [7]. - **Future Outlook**: Both companies are positioned for future growth, with Ousheng Electric's reliance on the U.S. market and Giant Star's diversified production strategy providing different but promising paths forward [16][17]. This summary encapsulates the key discussions from the conference call, highlighting the current state and future prospects of the companies and the industry as a whole.