广州市天河区珠江新城珠江西路 21 号 粤海金融中心 28 层 邮编：510627 电话：(86-20) 2805-9088 传真：(86-20) 2805-9099 北京市君合（广州）律师事务所 关于广东德尔玛科技股份有限公司 2024 年度股东大会的法律意见 致：广东德尔玛科技股份有限公司 北京市君合（广州）律师事务所（以下简称"本所"）接受广东德尔玛科技股份有 限公司（以下简称"公司"）的委托，指派本所经办律师出席了公司于 2025 年 5 月 16 日在广东省佛山市顺德区北滘镇龙汇路 4 号德尔玛 2 楼会议室召开的 2024 年度股东大 会（以下简称"本次股东大会"）的现场会议。现根据《中华人民共和国公司法》《中 华人民共和国证券法》《上市公司股东会规则》等中华人民共和国（以下简称"中国"， 包括中国香港特别行政区、中国澳门特别行政区及中国台湾地区，仅为本法律意见之目 的，特指中国大陆地区）现行法律、法规和规范性文件（以下简称"法律、法规"）以 及《广东德尔玛科技股份有限公司章程》（以下简称"公司章程"）、《广东德尔玛科 技股份有限公司股东大会议事规则》（以下简称"公司股东大会议事规则"）的有关规 ...

通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 16 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 5 月 16 日上午 9:15 至 15:00 的任意时间。 证券代码：301332 证券简称：德尔玛 公告编号：2025-024 广东德尔玛科技股份有限公司 2024年度股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更以往股东大会已通过决议的情况。 一、会议召开情况 1、现场会议召开时间：2025 年 5 月 16 日下午 14:30 2、网络投票时间： 3、会议的召开方式：现场表决与网络投票相结合的方式召开。 4、会议地点：广东省佛山市顺德区北滘镇龙汇路 4 号德尔玛 2 楼会议室。 5、会议召集人：广东德尔玛科技股份有限公司（以下简称"公司"）董事会 6、会议主持人：蔡铁强 7、本次股东大会的召集和召开符合《中华人民共和国公司法》《上市公司 ...

证券代码：301332 证券简称：德尔玛 编号：2025-002 广东德尔玛科技股份有限公司 机构活动记录表 投资者关系活 动类别 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 投资者网上提问 时间 2025 年 5 月 13 日 (周二) 下午 15:00~16:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） 采用网络远程的方式召开业绩说明会 上市公司接待 人员姓名 1、德尔玛董事长、总经理蔡铁强 2、德尔玛副总经理、财务总监孙斐 3、德尔玛副总经理、董事会秘书孙秀云 4、独立董事纪建斌 投资者关系活 动主要内容介 绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司 2024 年营业收入达到了 35.31 亿元，同比增长 了 11.98%，公司未来有没有信心继续保持这样的增长态势？ 您好，面对行业技术迭代及市场竞争的双重挑战，公司未 来将在产品长效创新、全球市场拓展、智造能力提升及组织运 营效率等方面 ...

丨证券研究报告丨 公司研究丨点评报告丨德尔玛（301332.SZ） [Table_Title] 外销持续深化、内销国补助力，经营性利润增长 亮眼 报告要点 [Table_Summary] 2024 年公司实现营业收入 35.31 亿元，同比增长 11.98%，实现归母净利润 1.42 亿元，同比增 长 30.95%，实现扣非归母净利润 1.30 亿元，同比增长 29.94%；其中，2024Q4 公司实现营业 收入 11.32 亿元，同比增长 28.24%，实现归母净利润 3841.47 万元，同比增长 333.24%，实 现扣非归母净利润 3456.93 万元，同比增长 272.43%。此外，2025Q1 公司实现营业收入 7.78 亿元，同比增长 8.61%，实现归母净利润 2362.32 万元，同比增长 1.15%，实现扣非归母净利 润 2085.97 万元，同比下滑 1.98%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 德尔玛（30133 ...

中国国际金融股份有限公司 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 | | | 限于防止关联方占用公司资源的制度、募集资金管 | 是 | | 理制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月 1 次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 0 次，已事前审阅相关议案及决议 | | （2）列席公司董事会次数 | 0 次，已事前审阅相关议案及决议 | | （3）列席公司监事会次数 | 0 次，已事前审阅相关议案及决议 | | 5.现场检查情况 | | | （1）现场检查次数 | ...

Summary of Delmar's Conference Call Company Overview - **Company**: Delmar - **Industry**: Home Appliances, Water Health, Personal Care Key Points and Arguments Financial Performance - In 2024, Delmar benefited from national subsidy policies, achieving nearly 30% revenue growth and doubling net profit, setting a new quarterly record [2][3] - Revenue for 2024 surpassed 3.5 billion yuan, with a net profit increase exceeding 30% [3] - The first quarter of 2025 continued the growth trend, driven by strategic market insights and effective execution [3] Business Segments - **Water Health**: - Achieved double-digit growth in 2024 and Q1 2025, with flagship countertop water purifiers solidifying market leadership [2][7] - The new product "New Ice Fun" added ice-making features, enhancing its appeal [2][7] - **Personal Care**: - Experienced mid-to-high-speed growth in 2024, but faced a decline in Q1 2025 due to adjustments in e-commerce channels [2][8] - OEM business saw double-digit growth in 2024 and rapid growth in Q1 2025, benefiting from brand popularity and deepened partnerships [2][9] Regional Performance - Domestic business grew approximately 10% in 2024, with the cleaning segment under pressure but other segments showing growth [4] - International business accounted for nearly 20% of revenue in 2024, with a 20% year-on-year increase [5] - Q1 2025 saw a slight decline in international business, but water health and massage products continued to grow [5] Product Strategy and Market Position - The cleaning business faced challenges, prompting a strategic review and new product planning for 2025, focusing on enhancing product value and consumer trust [6][23] - Delmar maintains a leading market share despite competition, driven by continuous product iteration and effective channel promotion [14] - The company plans to enhance its product line in the under-sink category, which has significant market potential [15] Market Trends and Challenges - The small appliance industry is seeing improved competition, but cost reductions are not solely due to this; they are also linked to product strength and effective marketing [12] - The water purification industry is attracting many brands, necessitating strong product capabilities to maintain market position [22] Future Outlook - Domestic market demand for cleaning appliances and water health products is expected to grow due to national subsidy policies [19] - The company is cautious about the impact of U.S. tariffs on its North American market strategy, focusing instead on strengthening its presence in Europe and Southeast Asia [20][21] - Delmar aims to optimize its overseas channel structure while enhancing resource allocation for better market penetration [21] Innovation and Technology - Delmar emphasizes user insights and experience in product development, aiming for a competitive edge through innovation [13] - The company plans to transition the production of its flagship product "New Ice Fun" to an in-house supply chain in the future [18] Conclusion - Delmar's strategic focus on innovation, market expansion, and effective resource allocation positions it well for continued growth in the competitive home appliance market [27]

Financial Performance - In 2024, the company achieved a total revenue of 3.531 billion CNY, representing a year-on-year growth of 11.98% [2] - The net profit attributable to the parent company for 2024 was 142 million CNY, an increase of 30.95% year-on-year [2] - In Q1 2025, the company reported a revenue of 778 million CNY, with a year-on-year growth of 8.61% [2] - The net profit attributable to the parent company in Q1 2025 was 24 million CNY, showing a year-on-year increase of 1.15% [2] Market Strategy - In 2024, overseas revenue accounted for 19.92%, primarily from Europe, the Middle East, and Southeast Asia [4] - The company plans to adopt a "multi-brand, multi-category, globalization" strategy, focusing on the "Derma" and "Philips" core brands [4] - Future product designs will be customized based on local demands and cultural values, enhancing brand image [4] Product Development - The company emphasizes consumer demand in product innovation, aiming for a cycle of "demand insight - product innovation - value delivery" [3] - There is a strong focus on enhancing the production capacity of core products with the establishment of a new smart manufacturing base in 2024 [6] - The small home appliance market presents numerous opportunities, especially in the domestic market, driven by ongoing government subsidies and structural upgrades [7] Consumer Trends - The shift in consumer demand is moving from basic functionality to product experience and scenario-based solutions [9] - The company will concentrate resources on key areas, enhancing product experience and adapting to consumer scenarios [9]

Investment Rating - The investment rating for the company is maintained at "Buy" [7] Core Views - The company reported a revenue of 3.531 billion RMB for 2024, representing a year-on-year increase of 11.98%, and a net profit attributable to the parent company of 142.38 million RMB, up 30.95% year-on-year [1][6] - The performance in 2024 was weaker than expected, primarily due to the underperformance of the cleaning appliance category, while the water health and personal care segments showed strong results [1][2] - The company is expected to benefit from policy incentives and the global brand strength of Philips, which will enhance product competitiveness through optimized supply chain and channel layouts [1][2] Revenue and Profitability - The cleaning appliance segment saw a revenue of 1.383 billion RMB in 2024, a slight decline of 0.45% year-on-year, underperforming the industry retail growth rate of 24.4% [2] - The water health segment achieved a revenue of 1.39 billion RMB, growing by 19.5% year-on-year, outperforming the industry [2] - The personal care segment reported a revenue of 730 million RMB, with a year-on-year increase of 27% [2] - The gross margin for 2024 was 30.6%, a decrease of 0.17 percentage points year-on-year, with the cleaning and water health segments experiencing notable margin pressures [3] Cost Management - The company successfully reduced its expense ratio by 1.01 percentage points year-on-year in 2024, primarily through digital cost-cutting measures [4] - The sales and management expense ratios decreased by 1.69 percentage points and 0.13 percentage points, respectively, while R&D expenses remained high [4] Earnings Forecast - The earnings forecast for 2025-2027 has been adjusted downwards due to weaker performance in cleaning appliances, with net profits projected at 165.07 million RMB, 176.52 million RMB, and 187.32 million RMB for 2025, 2026, and 2027, respectively [5][6] - The target price for the company is set at 11.16 RMB, based on a price-to-earnings ratio of 31 times for 2025 [5][8]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 11.16 [7][8]. Core Views - The company reported a revenue of RMB 3.531 billion for 2024, representing a year-on-year increase of 11.98%, and a net profit attributable to shareholders of RMB 142.38 million, up 30.95% year-on-year. The first quarter of 2025 saw a revenue increase of 8.6% year-on-year and a net profit increase of 1.15% year-on-year [1][2]. - The performance differentiation is primarily due to the underperformance of the cleaning appliance category, while the water health and personal care segments showed strong results. The company is expected to benefit from policy incentives and improved supply chain and channel strategies [1][2]. - The gross margin for 2024 is reported at 30.6%, a slight decrease of 0.17 percentage points year-on-year, with the cleaning and water health segments experiencing notable margin pressures [3]. - The company is actively pursuing management reforms to reduce operational costs, achieving a decrease in expense ratios in 2024 [4]. - Despite a downward revision of profit forecasts due to weak performance in cleaning appliances, the company is expected to benefit from replacement subsidies and overseas expansion opportunities [5]. Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 3.531 billion, with a growth rate of 11.98%. The net profit attributable to shareholders is expected to reach RMB 142.38 million, reflecting a 30.95% increase [6]. - The first quarter of 2025 shows a revenue increase of 8.6% year-on-year and a net profit increase of 1.15% [1][2]. Segment Performance - The cleaning appliance segment generated RMB 1.383 billion in revenue for 2024, a slight decline of 0.45% year-on-year, underperforming the industry average growth of 24.4% [2]. - The water health segment achieved a revenue of RMB 1.39 billion, up 19.5% year-on-year, while the personal care segment reached RMB 730 million, growing by 27% [2]. Cost Management - The company successfully reduced its expense ratio by 1.01 percentage points in 2024, with sales and management expenses decreasing by 1.69% and 0.13% respectively [4]. Profit Forecasts - The net profit forecasts for 2025, 2026, and 2027 are RMB 165.07 million, RMB 176.52 million, and RMB 187.32 million respectively, with corresponding EPS of RMB 0.36, RMB 0.38, and RMB 0.41 [5][6].

Core Insights - The company reported a revenue of 3.531 billion yuan for 2024, a year-on-year increase of 12%, and a net profit attributable to shareholders of 142 million yuan, up 31% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 778 million yuan, a 9% increase year-on-year, but the net profit attributable to shareholders was 24 million yuan, only a 1% increase year-on-year [1][2] Financial Performance - The company’s Q4 2024 revenue reached 1.132 billion yuan, a 28% year-on-year increase, with a net profit of 38 million yuan, up 333% year-on-year [2] - The gross profit margin for Q1 2025 was 30.38%, a decrease of 0.48 percentage points year-on-year, while the net profit margin was 2.95%, down 0.34 percentage points year-on-year [4] Brand and Product Focus - The company is focusing on its core brands, "Delmar" and "Philips," with the "Philips" brand showing double-digit growth in revenue, particularly in water health and personal care products [3] - The "Delmar" brand's revenue from home environment products was 1.383 billion yuan in 2024, a slight decline of 0.5% year-on-year, attributed to delays in new product launches [3] Market Strategy - The company is expanding its international market presence, with overseas sales increasing by 20.48% year-on-year in 2024 [3] - The company has implemented a trade-in policy that has positively impacted profitability in Q4 2024 [3][4] Profit Forecast - The company has slightly lowered its profit forecast, expecting net profits of 169 million yuan and 195 million yuan for 2025 and 2026, respectively, with a new forecast for 2027 at 222 million yuan [4]