证券简称：蜂助手 证券代码：301382 2025 年限制性股票激励计划 授予相关事项 上海荣正企业咨询服务（集团）股份有限公司 关于 蜂助手股份有限公司 一、释义 本独立财务顾问报告中，除非文义载明，下列简称具有如下含义： | 蜂助手、本公司、公 | 指 | 蜂助手股份有限公司 | | --- | --- | --- | | 司、上市公司 | | | | 本激励计划、本次激 | | | | 励计划、《激励计划 | 指 | 《蜂助手股份有限公司 2025 年限制性股票激励计划（草案）》 | | （草案）》 | | | | | | 公司根据本激励计划规定的条件和价格，授予激励对象一定数量的 | | 第一类限制性股票 | 指 | 公司股票，该等股票设置一定期限的限售期，在达到本激励计划规 | | | | 定的解除限售条件后，方可解除限售流通 | | 第二类限制性股票 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归属条件后按约 | | | | 定比例分次获得并登记的本公司股票 | | 激励对象 | 指 | 按照本激励计划规定，获得限制性股票的公司董事、高级管理人员 | | | | 以及核心技术（业务）骨 ...

Core Insights - The company has developed core technologies in the cloud computing sector, including cloud operating systems (cloud OS), edge-cloud collaborative engines, intelligent scheduling engines for computing resources, and container virtualization [2] Market Expansion - The company is actively expanding its market presence by leveraging its core technologies [2] - In the consumer market (2C), the company has launched cloud phone products in collaboration with relevant enterprises, serving China Mobile [2] - In the business market (2B), the company has successfully introduced and applied mature products such as gaming cloud phones, marketing cloud phones, and cloud counters through industry channels [2]

证券代码：301382 证券简称：蜂助手 公告编号：2025-079 蜂助手股份有限公司 关于参加广东辖区 2025 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，蜂助手股份有限公司（以下简称"公司"） 将参加由广东证监局、广东上市公司协会联合举办的"向新提质 价值领航—— 2025 年广东辖区投资者集体接待日暨辖区上市公司中报业绩说明会"，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五） 15:30-17:00。届时公司董事长罗洪鹏先生、董事会秘书韦子军先生、财务总监邱 丽莹女士将在线就 2025 年半年度业绩、公司治理、发展战略、经营状况、股权 激励等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 蜂助手股份有限公司 董事会 2025 年 9 月 16 日 ...

格隆汇9月16日丨蜂助手(301382.SZ)在互动平台表示，公司业务暂不涉及数据要素领域和数据中心领 域。 ...

格隆汇9月16日丨蜂助手(301382.SZ)在互动平台表示，公司业务暂不涉及数据要素领域和数据中心领 域。 ...

Investment Rating - The report maintains a positive outlook on the long-term growth potential of Hailan Home as it plans to list in Hong Kong, which is expected to enhance its overseas market presence and strengthen its competitive edge [1][12][13]. Core Insights - Hailan Home's overseas expansion strategy has been active since 2017, with a focus on Southeast Asia, and the company aims to continue exploring new markets and channels [12][13]. - The report highlights the successful registration of recombinant type III humanized collagen protein as a pharmaceutical excipient by Jinbo Bio, marking a significant breakthrough in the application of collagen in innovative drug development [14][17]. - The retail performance of the apparel sector showed a year-on-year growth of 3.7% in July, although the growth rate decreased compared to June due to various factors including promotional effects and extreme weather [23][32]. Summary by Sections Hailan Home's Hong Kong Listing - Hailan Home announced its intention to issue shares and list on the Hong Kong Stock Exchange, which is expected to facilitate its overseas market expansion and enhance its long-term competitiveness [1][12]. - The company has opened 111 overseas stores as of mid-2025, generating a revenue of 206 million yuan, a 27.42% increase year-on-year [12][13]. Jinbo Bio's Pharmaceutical Advancements - Jinbo Bio's recombinant type III humanized collagen protein has received approval as a pharmaceutical excipient, allowing it to be used in various drug delivery systems, enhancing drug efficacy while reducing side effects [14][15][17]. - The company is positioned to leverage its first-mover advantage in the domestic market for pharmaceutical excipients, with significant growth potential in the peptide and protein drug sectors [17][18]. Apparel and Cosmetics Market Trends - The apparel retail sector experienced a 3.7% year-on-year growth in July, with a noted decline in growth rate due to promotional effects and weather conditions impacting consumer traffic [23][32]. - The cosmetics retail sector saw a recovery with a 4.5% year-on-year increase in July, reflecting a positive trend in consumer spending [32]. Investment Recommendations - The report recommends Hailan Home for its strong brand and potential for growth in the apparel sector, alongside Jinbo Bio for its innovative products in the beauty and healthcare segments [35].

Core Insights - The skincare and daily chemical industry in A-share listed companies has shown improvements in inventory levels as of the first half of 2025, with only 6 out of 14 selected companies experiencing an increase in inventory size [1][2] Inventory Size Analysis - Jinbo Biological had the largest year-on-year increase in inventory, reaching 153 million yuan, a growth of 116.79% compared to the first half of 2024 [1][2] - Kesheng Co. also saw significant growth, with inventory at 628 million yuan, up 40.87% year-on-year [1][2] - Other companies with notable inventory increases include Marubi Biological (35.91%), Chuang'er Biological (34.02%), and Jiaheng Home Care (31.39%) [2] Inventory Turnover Days - Among the 14 selected companies, only 5 had inventory turnover days below 90 days, indicating efficient inventory management [3] - Companies with inventory turnover days exceeding 180 days include Huaxi Biological (331.61 days), Jinbo Biological (280.81 days), Kesheng Co. (230.92 days), and Betaini (195.78 days) [3][4] - The overall inventory turnover efficiency has not improved, with 8 companies experiencing longer turnover days, particularly those exceeding 180 days [3] Year-on-Year Changes in Inventory Turnover Days - Huaxi Biological's turnover days increased by 13.34%, Jinbo Biological by 15.66%, Kesheng Co. by 115.83%, and Betaini by 0.54% [3][4] - Notably, the turnover days for LaFang Home Care decreased by 27.40%, and Shanghai Home Care by 15.74%, indicating some companies are managing their inventory more effectively [4]

Group 1 - The company is engaged in a comprehensive operation of digital goods, providing integrated services of "digital goods + technology + operation" while procuring traffic and phone fees from operators [2] - The company acts as an exclusive agent for WPS membership, Soda Music, and MaiduiDui membership through China Mobile channels, and has product collaborations with Mango TV and Youku [2] - In the Internet of Things (IoT) traffic operation and solution business, the company expands IoT customers through operator channels and sells 5G boxes, with indoor high-precision positioning solutions already applied in hospitals for navigation [2] Group 2 - The company collaborates with relevant enterprises to develop cloud phone products, serving China Mobile in the cloud terminal technology and computing power operation business [2] - The future application prospects of the company's cloud collaboration technology combined with robotics will be based on official announcements or publicly disclosed information [2]

Group 1 - The company announced the holding of its second extraordinary general meeting of shareholders for 2025 on September 9, 2025 [2] - The meeting approved multiple proposals, including the authorization for the board of directors to handle matters related to the 2025 restricted stock incentive plan [2]

北京大成（广州）律师事务所 关于蜂助手股份有限公司 2025 年第二次临时股东大会的 法律意见书 www.dentons.cn 广州市珠江新城珠江东路 6 号广州周大福金融中心 14 层、15 层 Tel.: 86 20 8527 7000/01 Fax: 86 20 8527 7002 北京大成（广州）律师事务所 关于蜂助手股份有限公司 2025 年第二次临时股东大会的法律意见书 致：蜂助手股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司 股东会规则（2025 年修订）》（以下简称"《股东会规则》"）等法律、法规和 其他有关规范性文件的要求，北京大成（广州）律师事务所（以下简称"本所"） 接受蜂助手股份有限公司（以下简称"公司"）的委托，指派律师参加公司 2025 年第二次临时股东大会（以下简称"本次股东大会"）。 本所假设： 1.提供予本所之文件中的所有签署、盖章及印章都是真实的，所有作为正本 提交给本所的文件都是真实、准确、完整的； 2.提供予本所之文件中所述的全部事实都是真实、准确、完整的； 3 ...