证券代码：301332 证券简称：德尔玛 公告编号：2025-025 广东德尔玛科技股份有限公司 2024年年度权益分派实施公告 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： 3、本次权益分派实施后，按公司总股本折算的每 10 股现金分红以及除权 除息参考价计算如下：按公司总股本折算的每 10 股现金分红（含税）=（现金 分红总额/总股本）*10=（68,750,690.70 元/461,562,500 股）*10=1.489520 元/股。 （保留到小数点后六位，最后一位直接截取，不四舍五入）。在保证本次权益 分派方案不变的前提下，本次权益分派实施后除权除息参考价=除权除息日前一 交易日收盘价-0.1489520 元/股。 公司 2024 年年度权益分派方案已获 2025 年 5 月 16 日召开的 2024 年度股 东大会审议通过，现将本次权益分派事宜公告如下： 一、股东大会审议通过的权益分派方案情况 公司 2024 年度股东大会审议通过的权益分派方案为：以实施利润分配时股 权登记日享有利润分配权的股份总数为基数，向全体股东每 10 股派发现 ...

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 ...

Financial Performance - In 2024, the company achieved a revenue of 3.531 billion CNY, representing a year-on-year growth of 11.98% [2] - The net profit for 2024 was 142 million CNY, with a year-on-year increase of 30.95%, indicating a higher growth rate compared to revenue [2][9] - The company plans to distribute a cash dividend of 1.5 CNY per 10 shares, amounting to approximately 68.75 million CNY, which is 48.29% of the net profit [4][10] Strategic Focus - The company aims to maintain growth through product innovation, global market expansion, and operational efficiency improvements [2][3] - Future strategies include focusing on core product categories and enhancing the product matrix based on consumer needs [3][7] - The company emphasizes a multi-brand and multi-category strategy, particularly around the "Derma" and "Philips" brands [5][10] Market Outlook - The small home appliance market is expected to grow due to rising consumer income and demand for high-quality, personalized products [4] - The company sees significant growth potential in the Chinese market, where per capita ownership of small appliances remains low compared to developed countries [4] Research and Development - R&D investment for 2024 increased by 25.54%, totaling 190 million CNY, focusing on cleaning, water health, and personal health products [7][12] - The company is adopting an Integrated Product Development (IPD) model to enhance R&D efficiency and product quality [8][12] Investor Relations and Market Management - The company is committed to improving investor relations through various communication channels and enhancing transparency [6][10] - It has implemented measures such as share buybacks and cash dividends to boost investment value and manage market perception [6][10] E-commerce Performance - In 2024, online sales generated 1.636 billion CNY, accounting for 46.34% of total revenue, with plans to expand online sales channels [9][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved a revenue of 3.531 billion yuan in 2024, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders reached 142 million yuan, up 30.95% year-on-year, and the net profit excluding non-recurring items was 130 million yuan, an increase of 29.94% year-on-year [2][5]. - In Q4 2024, the company reported a revenue of 1.132 billion yuan, a year-on-year increase of 28.24%, with a net profit of 38.41 million yuan, up 333.24% year-on-year [2][5]. - For Q1 2025, the company generated a revenue of 778 million yuan, reflecting an 8.61% year-on-year growth, while the net profit was 23.62 million yuan, a slight increase of 1.15% year-on-year [2][5]. Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was 3.531 billion yuan, with a net profit of 142 million yuan. The revenue growth was driven by a 20.42% increase in export sales and a 10.06% increase in domestic sales [10]. - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, with a payout ratio of 48.29%, an increase of approximately 5.84 percentage points from 2023 [5]. Cost and Efficiency - The gross margin for 2024 was 30.60%, a slight decrease of 0.16 percentage points year-on-year. The sales expense ratio improved, contributing to an 82.48% increase in operating profit [10]. - In Q1 2025, the operating profit saw a significant increase of 175.2%, despite a slight decline in gross margin [10]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 166 million yuan, 190 million yuan, and 215 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are estimated to be 27.87, 24.38, and 21.54 [10].

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]

西南证券股份有限公司龚梦泓近期对德尔玛（301332）进行研究并发布了研究报告《水健康增长良好，降 本增效成果明显》，给予德尔玛增持评级。 风险提示：原材料价格反弹、海外需求不及预期、汇率波动等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券赵哲研究员团队对该股研究较为深入，近三 年预测准确度均值为56.05%，其预测2025年度归属净利润为盈利2.02亿，根据现价换算的预测PE为 22.75。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年山德 | 研报数 覆盖时长 | | 2025 预测 | 2026 页测 | 2027 面测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-04-25 | 华泰证券 | 樊俊豪 | - | -- | 1 | 1.65亿 | 1.77亿 | 1.87 Z | 11.16 | | 2025-04-25 | 申万宏源 | 刘正 ...

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]