江西艾芬达暖通科技股份有限公司 章 程 2025 年 9 月 | | | 江西艾芬达暖通科技股份有限公司章程 第五条 公司住所：江西省上饶市上饶经济技术开发区兴业大道 97 号，邮政 编码：334100。 第六条 公司注册资本为人民币 8,667 万元。 第七条 公司为永久存续的股份有限公司。 第八条 公司董事长为公司的法定代表人。 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）和其他有关规定，制定本章程。 第二条 江西艾芬达暖通科技股份有限公司（以下简称"公司"）系依照《公 司法》和其他有关规定成立的股份有限公司。 公司系以发起设立方式由江西艾芬达卫浴有限公司整体变更设立的股份有 限公司；在上饶市市场监督管理局注册登记，取得营业执照，统一社会信用代码 为 91361100775896017B。 第三条 公司经深圳证券交易所审核并于 2025 年 6 月 11 日经中国证券监督 管理委员会（以下简称"中国证监会"）作出同意注册的决定，首次向社会公众 发行人民币普 ...

Core Insights - Aifenda, established on July 28, 2005, is set to be listed on the Shenzhen Stock Exchange on September 10, 2025, and is a leading exporter of electric towel racks with a comprehensive manufacturing and sales network globally [1] Group 1: Business Performance - In Q3 2025, Aifenda reported revenue of 805 million yuan, ranking 7th among 7 companies in the industry, with the industry leader, Arrow Home, generating 4.472 billion yuan [2] - The net profit for the same period was 96.41 million yuan, placing Aifenda 3rd in the industry, with the top performer, Jianlin Home, achieving a net profit of 349 million yuan [2] Group 2: Financial Ratios - Aifenda's debt-to-asset ratio stood at 28.29%, lower than the industry average of 33.64%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 26.70%, slightly above the industry average of 25.54%, and an increase from 26.13% in the same period last year [3] Group 3: Leadership and Shareholder Information - The chairman and general manager, Wu Jianbin, has a salary of 476,700 yuan for 2024 and has been in his position since October 2011 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 6.04% to 19,700, while the average number of circulating A-shares held per shareholder increased by 6.42% to 840.81 [5] Group 4: Market Position and Growth Potential - Aifenda specializes in electric towel racks, with a stable shareholding structure and strong financial performance, indicating significant growth potential in market penetration [5] - The company is expected to achieve net profits of 147 million, 172 million, and 197 million yuan from 2025 to 2027, reflecting year-on-year growth rates of 24.9%, 16.6%, and 14.7% respectively [5]

Market Overview - The home goods sector increased by 0.09% compared to the previous trading day, with Longzhu Technology leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers - Longzhu Technology (code: 920445) closed at 14.74, up 11.25% with a trading volume of 286,100 shares and a turnover of 428 million yuan [1] - Ruilite (code: 002790) closed at 9.04, up 9.98% with a trading volume of 146,600 shares and a turnover of 129 million yuan [1] - Taipeng Intelligent (code: 920132) closed at 22.01, up 6.23% with a trading volume of 20,000 shares and a turnover of 43.28 million yuan [1] Underperformers - Zhiou Technology (code: 301376) closed at 18.39, down 6.98% with a trading volume of 95,500 shares and a turnover of 177 million yuan [2] - Meizhi Gao (code: 920765) closed at 26.60, down 4.32% with a trading volume of 31,100 shares and a turnover of 82.09 million yuan [2] - ST Songfa (code: 603268) closed at 55.35, down 3.54% with a trading volume of 34,400 shares and a turnover of 193 million yuan [2] Capital Flow - The home goods sector experienced a net outflow of 322 million yuan from institutional investors, while retail investors saw a net inflow of 306 million yuan [2] - The top stocks by net inflow from retail investors included Ruilite and Tianzhen Co., with net inflows of 30 million yuan and 21.6 million yuan respectively [3] Detailed Capital Flow - Ruilite had a net inflow of 30 million yuan from institutional investors, but a net outflow of 20.17 million yuan from speculative funds [3] - Tianzhen Co. saw a net inflow of 21.68 million yuan from institutional investors, with a net outflow of 2.34 million yuan from retail investors [3] - The overall capital flow indicates a mixed sentiment among different investor types within the home goods sector [3]

- The report tracks the recent IPO market performance, focusing on the net gains from new stock listings across the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at the market average price on the first trading day, excluding lock-up restrictions[1][11][39] - The cumulative IPO net gains for A-class accounts with a scale of 2 billion reached 2.44%, while B-class accounts of the same scale achieved 2.19% as of October 24, 2025[11][39] - For larger accounts with a scale of 10 billion, the IPO net gains were significantly lower, with A-class accounts at 0.77% and B-class accounts at 0.70%[11][39] - The average first-day price increase for Sci-Tech Innovation Board stocks was 218.45%, while ChiNext stocks saw an average increase of 244.28%[1][16] - The report provides detailed calculations for theoretical IPO gains, using formulas such as: $ Full subscription quantity = Maximum subscription limit × Average offline subscription rate $ $ Full subscription gains = (First-day average price - IPO price) × Full subscription quantity $[35][39] - The highest full subscription gains among recent IPOs were achieved by United Power, Jindal Zhixin, and C Marco, with gains of 50.81, 12.58, and 11.03 million yuan respectively[35][38] - The report also includes monthly tracking of IPO gains for A-class accounts across different scales, showing a cumulative gain rate of 6.17% for 2 billion accounts since 2024, and 2.44% for 2025 alone[39][41] - Similar tracking for B-class accounts reveals a cumulative gain rate of 5.11% for 2 billion accounts since 2024, and 2.19% for 2025 alone[47][45] - The report highlights the IPO subscription process, including strategic placement, offline inquiry, and online pricing methods, with detailed statistics on subscription rates, oversubscription multiples, and effective subscription ratios for recent IPOs like Xi'an Yicai and Bibet[24][25]

Core Viewpoint - In the third quarter of 2025, Aifenda's net profit attributable to shareholders decreased by 13.19%, despite a revenue increase of 8.79% year-on-year, indicating potential challenges in maintaining profitability amidst growing sales [1][2]. Group 1: Financial Performance - In Q3 2025, Aifenda achieved revenue of approximately 300 million yuan, a year-on-year increase of 8.79%, while the net profit attributable to shareholders was 36.63 million yuan, down 13.19% [1]. - For the first three quarters of 2025, Aifenda reported total revenue of 805 million yuan, up 7.99% year-on-year, and a net profit of 96.41 million yuan, which represents an increase of 11.71% [1]. Group 2: Business Overview - Aifenda specializes in the research, design, production, and sales of HVAC home products and components, with a focus on towel racks and related accessories [1]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 10, 2025, raising approximately 546 million yuan for production line upgrades and working capital [1]. Group 3: Export Business - Aifenda's export business accounts for about 90% of its total revenue, primarily concentrated in Europe, especially the UK, which contributes over 60% of its sales [2]. - The company faces foreign exchange losses due to its export transactions being settled in USD, EUR, and GBP, with losses recorded at 8.35 million yuan, 11.45 million yuan, and 6.42 million yuan for the years 2022 to 2024, respectively [2].

Core Insights - Jiangxi Aifenda Heating Technology Co., Ltd. (Aifenda) reported its Q3 2025 financial results, showing a revenue of approximately 300 million yuan, an increase of 8.79% year-on-year, while net profit attributable to shareholders decreased by 13.19% to 36.63 million yuan [2] - For the first three quarters of the year, Aifenda achieved a revenue of 805 million yuan, up 7.99% year-on-year, and a net profit of 96.41 million yuan, an increase of 11.71% [2] Company Overview - Aifenda specializes in the research, design, production, and sales of heating and ventilation home products and components, with a focus on towel racks and related accessories [2] - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on September 10 this year [2] Financial Projections - According to the prospectus, Aifenda's projected revenues for 2022, 2023, and 2024 are 762 million yuan, 830 million yuan, and 1.05 billion yuan, respectively, primarily from towel racks and heating components [2] Fundraising and Investment - After its IPO, Aifenda raised approximately 546 million yuan, which will be used for upgrading automation production lines for towel racks and supplementing working capital [2] Export Market - Aifenda's export business accounts for about 90% of its total revenue, with a significant portion of sales concentrated in Europe, particularly the UK, which represents over 60% of its sales [3] - The company faces foreign exchange losses due to its export transactions being settled in USD, EUR, and GBP, with losses recorded at 8.35 million yuan, 11.45 million yuan, and 6.42 million yuan for the years 2022, 2023, and 2024, respectively [3] Market Risks - The primary consumer markets for Aifenda's towel racks are developed countries and regions such as Europe and the United States. A slowdown in real estate investment, declining second-hand home transactions, or reduced household income in these regions could negatively impact demand for Aifenda's products [3]

Group 1 - The report emphasizes the importance of tracking the "15th Five-Year Plan" and suggests a positive outlook, urging stakeholders to seize opportunities as they arise [6] - The macroeconomic environment is influenced by the anticipated interest rate cuts by the Federal Reserve, with expectations of three additional cuts in 2026 [6][7] - The coal industry is expected to experience upward price movements due to supply constraints and seasonal demand increases, particularly in thermal coal and coking coal [20][21] Group 2 - The C-REITs market is showing a mixed performance, with municipal water conservancy and data center sectors performing well, while other sectors are experiencing slight pullbacks [19] - The electric power sector in Guangdong is expected to see improved electricity prices due to upcoming trading mechanisms, with a focus on renewable energy sources [25] - The construction materials sector is currently facing weak fundamentals, with expectations for more supportive real estate policies to stimulate demand [27] Group 3 - The robotics sector is highlighted for its advancements in AI integration, with significant developments in training models that enhance operational efficiency [14] - The textile and apparel industry is witnessing a recovery in retail sales, with specific brands like Nike showing improved fundamentals and potential for growth [32][33] - The environmental sector is benefiting from new policies aimed at enhancing carbon trading and management, which are expected to create opportunities for companies involved in these areas [35]

Company Overview - The company specializes in electric towel warmers and has shown stable development over the past twenty years with a solid equity structure and an experienced management team [1] - Founded in 2005, the company has established a global manufacturing and sales network in the HVAC home sector, enhancing its market influence [1] - In H1 2025, the company's total revenue increased by 7.53% to 505 million yuan, while net profit attributable to shareholders rose by 35.53% to 60 million yuan, with stable expense ratios [1] Industry Insights - The penetration rate of electric towel warmers has significant room for growth, with the current market concentration being low [2] - The demand for HVAC home products in Europe and the US remains strong due to climate and urbanization factors, with a renovation demand in the existing market [2] - The penetration rate of electric towel warmers in heating radiators increased from 10.85% in 2012 to 13% in 2023, indicating potential for further growth [2] - China is a major exporter in the global HVAC home sector, with the market being highly fragmented, featuring established European companies, emerging manufacturers, and local Chinese firms [2] Product and Sales - The company focuses on bathroom towel warmers as its core product, with steady sales growth and stable pricing [3] - Export OEM accounts for 95% of sales in 2024, with OEM making up 97%, and the UK being the primary market, contributing over 60% of revenue in 2022 [3] - The company has established deep collaborations with leading overseas clients, which is expected to enhance sales proportions in the future [3] - The company has a comprehensive online and offline sales channel in the domestic market [3] - The company is enhancing its supply chain efficiency through increased capacity utilization and a strategy of intelligent transformation [3] Investment Outlook - The company is positioned as a leading global exporter of electric towel warmers, with significant advantages in intelligent manufacturing and deep partnerships with major clients [3] - The company is expected to achieve net profits attributable to shareholders of 147 million, 172 million, and 197 million yuan for 2025-2027, reflecting year-on-year growth of 24.9%, 16.6%, and 14.7% respectively [3]

Company Overview - The report rates the company as "Buy" for the first time, indicating a positive outlook for investment [5] - The company, Aifenda, specializes in electric towel racks and has a stable shareholding structure, experienced management team, and strong financial performance [1][12] - Aifenda has shown steady revenue growth, with total operating income increasing by 7.53% year-on-year to 505 million yuan in the first half of 2025, and net profit attributable to shareholders rising by 35.53% to 60 million yuan in the same period [1][22] Industry Analysis - The electric towel rack market has significant growth potential, with low penetration rates and a fragmented competitive landscape [2][33] - The demand for heating and ventilation products remains strong, particularly in Europe and the US, driven by climate and urbanization factors [2][28] - The market for electric towel racks has seen an increase in penetration from 10.85% in 2012 to 13% in 2023, indicating room for further growth [2] Core Competitiveness - Aifenda's strengths include a comprehensive R&D system, deep collaboration with leading European clients, and significant advantages in intelligent manufacturing [3][12] - The company primarily focuses on export OEM, with 95% of sales expected to come from exports in 2024, and the UK being a key market, accounting for over 60% of revenue in 2022 [3][12] - Aifenda is enhancing its supply chain efficiency through increased capacity utilization and a strategic shift towards intelligent manufacturing [3][12] Financial Performance - The company is projected to achieve net profits of 147 million yuan, 172 million yuan, and 197 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24.9%, 16.6%, and 14.7% [3][4] - Financial metrics indicate a stable growth trajectory, with operating income expected to rise from 830 million yuan in 2023 to 1.361 billion yuan in 2027 [4][22] - The company's net profit margin and return on equity are expected to remain robust, with net profit margins projected at 19.7% in 2023 and 14.5% in 2027 [11][22]

Core Points - Aifenda's stock price increased by 6.93% with a turnover rate of 47.07% and a trading volume of 476 million yuan, showing a price fluctuation of 11.50% [2] - Institutional investors net sold 2.42 million yuan, while brokerage seats collectively net bought 3.70 million yuan [2] - The stock was listed on the Shenzhen Stock Exchange due to its high turnover rate [2] Trading Data - The top five brokerage seats accounted for a total trading volume of 73.32 million yuan, with a buying amount of 37.30 million yuan and a selling amount of 36.02 million yuan, resulting in a net buying of 1.28 million yuan [2] - Among the brokerage seats, three institutional specialized seats were involved, with a total buying amount of 17.93 million yuan and a selling amount of 20.35 million yuan, leading to a net sell of 2.42 million yuan [2] Fund Flow - The stock experienced a net outflow of 2.50 million yuan from main funds, with a significant outflow of 3.51 million yuan from large orders, while smaller orders saw a net inflow of 1.00 million yuan [2] - Over the past five days, the main funds have seen a net outflow of 2.41 million yuan [2]