Core Viewpoint - Delmar announced the replacement of its continuous supervision sponsor representative due to internal work adjustments at the sponsoring institution, China International Capital Corporation (CICC) [1] Group 1 - Delmar received a notice from CICC regarding the change of its continuous supervision sponsor representative [1] - The previous representative, Ms. Ding Ding, will no longer serve in this role [1] - Mr. Ni Yaoqing has been appointed to take over the responsibilities of continuous supervision [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Viewpoints - The company achieved operating revenue of 1.686 billion yuan in the first half of 2025, representing a year-on-year growth of 3.99%. The net profit attributable to the parent company was 69 million yuan, up 1.08% year-on-year, while the net profit excluding non-recurring items was 64 million yuan, down 1.11% year-on-year [5][10] - In Q2 2025, the company reported revenue of 908 million yuan, a year-on-year increase of 0.33%, and a net profit attributable to the parent company of 45 million yuan, up 1.04% year-on-year, with net profit excluding non-recurring items at 43 million yuan, down 0.68% year-on-year [5][10] - The company has optimized costs and improved operational efficiency, with a significant increase in operating profit by 44.30% year-on-year to 60 million yuan [10] Summary by Relevant Sections Financial Performance - The company reported a gross margin of 31.73%, a slight decrease of 0.38 percentage points year-on-year. The water health business had a gross margin of 39.61%, up 5.63 percentage points year-on-year, while the home environment business had a gross margin of 21.98%, down 5.51 percentage points year-on-year [10] - The sales expense ratio decreased by 1.38 percentage points to 17.95%, and the management expense ratio slightly decreased by 0.25 percentage points to 4.00% [10] Business Segments - The water health business (Philips brand) performed well, achieving revenue of 657 million yuan in the first half of 2025, a year-on-year increase of 13.67%. The home environment business (Deerma brand) maintained stable performance with revenue of 677 million yuan, up 3.30% year-on-year. The personal care health business (Philips brand) saw a decline, with revenue of 342 million yuan, down 9.21% year-on-year [10] - Domestic revenue reached 1.403 billion yuan, up 6.26% year-on-year, while overseas revenue was 282 million yuan, down 5.98% year-on-year due to channel adjustments in overseas markets [10] Future Outlook - The company aims to build a brand matrix around emerging home appliance categories, targeting different market segments and consumer needs, which is expected to support revenue growth. The projected net profit attributable to the parent company for 2025-2027 is 161 million, 175 million, and 194 million yuan, respectively, with corresponding P/E ratios of 30.92, 28.49, and 25.63 [10]

证券代码：301332 证券简称：德尔玛 公告编号：2025-042 广东德尔玛科技股份有限公司 关于更换持续督导保荐代表人的公告 2025 年 9 月 2 日 附件： 尼尧擎先生简历如下： 保荐代表人，硕士研究生，现任中国国际金融股份有限公司副总经理，曾主持或 参与的项目有：德尔玛首次公开发行 A 股股票并上市、中国移动首次公开发行 A 股股 票并上市、居然之家 A 股上市、铁建重工首次公开发行 A 股股票并上市、祥源文旅发 行股份购买资产、中国铁建市场化债转股等项目。 广东德尔玛科技股份有限公司（以下简称"公司"或"德尔玛"）于近日收到公 司首次公开发行股票并在创业板上市的保荐机构中国国际金融股份有限公司（以下简 称"中金公司"）出具的《中国国际金融股份有限公司关于更换广东德尔玛科技股份 有限公司持续督导保荐代表人的函》，获悉中金公司原委派的保荐代表人丁丁女士因 内部工作调动，不再继续担任公司持续督导保荐代表人。为保证公司持续督导工作的 有序进行，中金公司委派尼尧擎先生（简历见附件）接替丁丁女士担任公司持续督导 保荐代表人，继续履行持续督导职责。 本次保荐代表人更换后，负责公司持续督导工作的保荐代表人为马 ...

Core Points - The announcement details the first vesting results of the 2024 restricted stock incentive plan for Guangdong Derma Technology Co., Ltd, with a total of 914,365 shares vesting on August 29, 2025, representing 0.20% of the company's total share capital [1][20] - A total of 54 individuals are eligible for this vesting, which includes directors and senior management, with no lock-up period for the restricted shares [1][20] - The stock grant price has been adjusted to 4.35 yuan per share [20][24] Summary by Sections Incentive Plan Overview - The 2024 restricted stock incentive plan was approved in meetings held on July 12 and July 29, 2024, with a total of 3,322,600 shares granted, accounting for 0.90% of the company's total share capital at the time of the announcement [2][11] - The plan includes a reserved portion of 332,260 shares, which is 20% of the total proposed grant [2] Vesting Conditions - The vesting schedule is divided into three periods, with the first period allowing for 40% vesting after 12 months, the second period allowing for 30% after 24 months, and the third period allowing for 30% after 36 months [3][6] - The performance assessment for the vesting is based on company-level and individual-level metrics, with specific revenue and net profit growth targets set for the years 2024 to 2026 [4][5] Performance Targets - For the first vesting period in 2024, the targets are a 20% revenue growth and a 38% net profit growth compared to 2023 [4][16] - If the performance targets are not met, the shares will not vest and will be forfeited [6][18] Shareholder Meetings and Approvals - The necessary approvals for the incentive plan were obtained through board and supervisory meetings, with no objections raised during the internal public notice period [10][11] - The plan has been confirmed to comply with relevant regulations and has undergone the required auditing processes [27] Impact on Company Shares - The total number of shares will remain unchanged at 461,562,500 after the vesting, as the shares are sourced from the company's repurchased stock [24][26] - The vesting will not significantly impact the company's financial status or operational results [26]

广东德尔玛科技股份有限公司 关于 2024 年限制性股票激励计划首次授予部分第一个归属期 归属结果暨股份上市的公告 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。 证券代码：301332 证券简称：德尔玛 公告编号：2025-041 重要内容提示： 本次归属的限制性股票不设限售期，激励对象为董事、高级管理人员的按 照相关规定执行。 广东德尔玛科技股份有限公司（以下简称"公司"）于 2025 年 7 月 31 日召 开了第二届董事会第十一次会议及第二届监事会第十一次会议，审议通过了《关 于2024年限制性股票激励计划首次授予部分第一个归属期符合归属条件的议案》。 近日公司办理了2024年限制性股票激励计划首次授予部分第一个归属期股份登记 工作，现将有关事项说明如下： 一、本次激励计划实施情况概要 （一）激励计划简介 公司于2024 年 7 月 12 日和2024 年 7 月 29 日分别召开第二届董事会第四次会 议及 2024 年第二次临时股东大会，审议通过了《关于公司〈2024 年限制性股票激 励计划（草案）〉及其摘要的议案》等相关议案，公司 2024 年限制 ...

Group 1 - The small home appliance sector experienced a decline of 1.38% on September 1, with Ecovacs leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the small home appliance sector showed varied performance, with Xiaoxiong Electric rising by 5.76% to a closing price of 55.48 [1] Group 2 - Ecovacs saw a significant decline of 4.01%, closing at 93.00, with a trading volume of 97,900 shares and a turnover of 932 million yuan [2] - The small home appliance sector experienced a net outflow of 448 million yuan from main funds, while retail investors contributed a net inflow of 160 million yuan [2] - The trading data indicates that the sector is experiencing mixed investor sentiment, with some stocks like Xiaoxiong Electric performing well while others like Ecovacs are underperforming [2]

Market Overview - The small home appliance sector increased by 0.26% on August 29, with Ecovacs leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Performers - Ecovacs (603486) closed at 96.89, up 3.68% with a trading volume of 67,400 shares and a transaction value of 646 million [1] - Beiyikang (6610Z8) closed at 41.86, up 2.60% with a trading volume of 34,000 shares and a transaction value of 144 million [1] - Biyi Co. (603215) closed at 21.93, up 2.29% with a trading volume of 94,200 shares and a transaction value of 205 million [1] Underperformers - Fujia Co. (603219) closed at 19.32, down 8.17% with a trading volume of 206,000 shares and a transaction value of 407 million [2] - Xiaoxiong Electric (002959) closed at 52.46, down 3.58% with a trading volume of 76,800 shares [2] - Lek Electric (603355) closed at 23.08, down 3.35% with a trading volume of 68,400 shares and a transaction value of 158 million [2] Capital Flow - The small home appliance sector experienced a net outflow of 210 million from institutional investors, while retail investors saw a net inflow of 96.66 million [2] - The sector's capital flow indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors are more active [2] Detailed Capital Flow Analysis - Biyi Co. (603215) had a net inflow of 13.51 million from institutional investors, but a net outflow of 13.99 million from retail investors [3] - Ousheng Electric (301187) saw a net inflow of 11.66 million from institutional investors, with a net outflow of 15.37 million from retail investors [3] - Jiyang Co. (002403) experienced a net outflow of 2.40 million from institutional investors, while retail investors contributed a net inflow of 7.55 million [3]

Core Viewpoint - Delmar (301332) reported a moderate increase in revenue and net profit for the first half of 2025, with total revenue reaching 1.686 billion yuan, up 3.99% year-on-year, and net profit of 68.68 million yuan, up 1.08% year-on-year [1] Financial Summary - Total revenue for the second quarter of 2025 was 908 million yuan, reflecting a year-on-year increase of 0.33% - Net profit for the second quarter was 45.06 million yuan, showing a year-on-year increase of 1.04% [1] - The company's gross margin was 31.73%, down 1.18% year-on-year, while the net margin was 4.03%, down 1.88% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 362 million yuan, accounting for 21.48% of revenue, a decrease of 5.68% year-on-year [1] - Earnings per share remained unchanged at 0.15 yuan, while operating cash flow per share dropped significantly by 78.69% to 0.02 yuan [1] Accounts Receivable and Financial Health - Accounts receivable increased significantly, with a year-on-year growth of 35.27%, reaching 527 million yuan [1] - The company's interest-bearing debt surged by 566.65%, amounting to 37.46 million yuan [1] - The return on invested capital (ROIC) for the previous year was 4.18%, indicating weak capital returns, with a historical median ROIC of 14.41% since the company went public [1][2] Business Model and Future Outlook - The company's performance is primarily driven by research and marketing efforts, necessitating a thorough examination of these underlying drivers [2] - Analysts project that the company's performance for 2025 will reach 156 million yuan, with an average earnings per share forecast of 0.34 yuan [2]

Summary of Delmar's Conference Call Company Overview - **Company**: Delmar - **Industry**: Home Appliances and Health Products Key Points and Arguments Financial Performance - In the first half of 2025, Delmar achieved revenue of 1.686 billion yuan, a year-on-year increase of approximately 4% [3] - Net profit attributable to shareholders was 69 million yuan, indicating stable growth [3] - Domestic business grew by about 6%, driven by contributions from Philips water health and ODM businesses [3] Revenue Composition - Overseas revenue accounted for approximately 17%, showing a slight decline due to channel adjustments in the overseas market for cleaning appliances [2][3] - ODM business exhibited high double-digit growth, benefiting from brand popularity and collaboration with Mijia on kitchen appliances [5] Product Performance - Delmar's cleaning business faced pressure, leading to product and channel adjustments, with plans to launch new products [4] - Philips water health business saw double-digit growth, with the introduction of new ice-making products and cost reduction initiatives [2][4] - Philips personal care health experienced a slight decline due to domestic channel adjustments affecting Douyin revenue, while overseas markets grew rapidly [2] Margin Analysis - Delmar brand gross margin slightly decreased in the first half of 2025 [6] - Philips water health gross margin increased by approximately 5 percentage points due to new product launches [6] - Philips personal care health gross margin decreased by about 1 percentage point due to channel structure adjustments [6] Market Position and Strategy - Philips water purifier maintained its leading position in the domestic market, with continuous product iterations planned for at least three years [7] - Delmar maintained its number one market share from 2024 to 2025, responding to competition through product upgrades and cost reduction strategies [8][9] - The company aims to deepen existing channels in overseas markets and gradually enhance product strength [11] Future Outlook - The company plans to continue product adjustments and channel integration, focusing on enhancing product capabilities [10] - There is an expectation for increased demand for water health products as consumer health awareness rises [22] - The cleaning business is anticipated to grow in scale and sales volume, while personal care health may see declines in certain categories [22] Operational Challenges - Operating cash flow decreased year-on-year due to increased salary expenses, but no ongoing issues are anticipated [12] - Price competition in the domestic cleaning machine market has eased, but uncertainties remain regarding national subsidy policies [13] New Opportunities - Potential growth areas in the cleaning category include floor washing machines, mite removers, vacuum cleaners, and robotic vacuums [14] - The ODM business with Mijia is expected to continue its double-digit growth trajectory [19] Channel Performance - Online channels saw a decline due to proactive adjustments in distribution structure, while offline channels achieved double-digit growth [20] - The highest online sales share comes from JD.com, followed by Douyin and Taobao, with JD.com experiencing a decline due to adjustments in the distribution structure [20] Regional Performance - Differences in operating rates between Shanghai and Guangdong subsidiaries are attributed to adjustments during the restructuring process [25] Product Development - The massage product line from Philips saw fewer new launches in the first half of 2025, with a focus on enhancing user experience and product differentiation [27] Additional Important Insights - The company is not rushing to enter new markets but is focused on deepening existing market presence and expanding new channels [11] - The overall strategy emphasizes product upgrades and effective marketing to capture market share amidst competition [13][14]

Group 1 - The company held a performance briefing on August 28, 2025, reporting a revenue of 1.686 billion yuan for the first half of 2025, a year-on-year increase of 3.99%, and a net profit attributable to shareholders of 69 million yuan, up 1.08% year-on-year [1] Group 2 - The company discussed the reasons for fluctuations in gross margin, attributing it to channel strategy adjustments but maintaining overall stability through product innovation and cost optimization [2] - The company is expanding its overseas market presence with a "multi-brand, multi-category, globalization" strategy, focusing on both mature and emerging markets [2] - The domestic small appliance market is experiencing a slowdown in growth, but government support for industry upgrades is expected to stimulate demand in the long term [2] - The personal care and health product sector is evolving towards higher-end and scenario-based consumption, with the company focusing on product differentiation through functional upgrades and user experience [2] - In response to intensified competition in the water purification business, the company plans to innovate products based on consumer needs and strengthen intellectual property protection [2]