证券研究报告 | 年报点评报告 gszqdatemark 2025 03 30 年 月 日 美的集团（000333.SZ） 公司增长稳健，股东回报超预期 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 4090.84 亿 元，同比增长 9.47%；实现归母净利润 385.37 亿元，同比增长 14.29%。 其中，2024Q4 单季营业总收入为 887.34 亿元，同比增长 9.10%；归母净 利润为 68.38 亿元，同比增长 13.92%。 分红超预期，发布未来三年股东回报规划。2024 年现金分红预案为每 10 股派发现金 35 元（含税），分红比例 69.3%，同比大幅提升 7.67pct。 2025-2027 年每年实施两次现金分红，分红比例最低应达到 60%。 拟回购 A 股股份及将此前已回购股份注销，提升每股收益水平。拟回购 A 股股份，回购金额 50-100 亿元，回购价格不超过 100 元/股，回购数量占 公司总股本的 0.65%- 1.31%，将用于注销及实施股权激励，其中 70%及 以上将用于注销。此外，拟将剩余回购股份中的 1109 万股 A 股股份用途 变更为"用 ...

Core Viewpoint - Jiangsu Hengrui Medicine Co., Ltd. has achieved the conditions for unlocking part of the employee stock ownership plan for 2023, marking the completion of the first lock-up period [1][3]. Group 1: Employee Stock Ownership Plan Progress - The first lock-up period of the employee stock ownership plan has been completed, and the management committee will manage the rights of the holders based on the plan and market conditions [2][3]. - The company held a temporary shareholders' meeting on November 23, 2023, to approve the employee stock ownership plan [1]. Group 2: Lock-Up Period Details - The employee stock ownership plan involves three unlocking phases: 40% after 12 months, 30% after 24 months, and 30% after 36 months from the last stock transfer [2][3]. Group 3: Performance Assessment for Unlocking - The performance assessment for unlocking includes company-level indicators such as innovative drug sales revenue, the number of new molecular entity IND approvals, and the number of NDA applications accepted [3][4]. - The first unlocking conditions require innovative drug revenue to exceed 13 billion yuan, with at least 12 IND approvals and 6 NDA applications accepted for 100% unlocking [5]. Group 4: Individual Performance Indicators - Individual performance indicators will determine the final unlocking quantity based on the company's performance metrics, with varying unlocking ratios for different employee categories [5]. - A total of 1,050 holders meet the unlocking conditions, corresponding to 4.1605 million shares, which is 0.06% of the company's total share capital [5].

Core Points - The supervisory board of Midea Group held its fifth meeting on March 28, 2025, and all resolutions were passed unanimously with three votes in favor [1][2][3] Group 1: Supervisory Board Resolutions - The supervisory board approved the 2024 Annual Work Report, which will be submitted to the shareholders' meeting for review [1] - The 2024 Annual Financial Settlement Report was also approved and will be submitted to the shareholders' meeting [2] - The 2024 Annual Report and its summary were approved, with the supervisory board confirming that the report accurately reflects the company's situation [1][2] - The 2024 Profit Distribution Plan was approved, deemed beneficial for the company's stable development and in line with the company's articles of association [2] - The A-share holding plan for 2024 was approved, with the supervisory board affirming it aligns with relevant laws and does not harm shareholder interests [2][3] - The management measures for the 2025 A-share holding plan were approved, confirming compliance with regulations [3] - The proposal to provide guarantees for subsidiaries in 2025 was approved, seen as beneficial for the company's main business and financial structure [3][4] - The internal control evaluation report for 2024 was approved, indicating that the company has established effective internal control systems [4]

Core Viewpoint - The supervisory board of Cangge Mining Co., Ltd. has approved the company's second employee stock ownership plan, emphasizing its legality and alignment with relevant regulations [1][2][3] Group 1: Legal Compliance - The supervisory board reviewed the employee stock ownership plan in accordance with the "Guiding Opinions on the Implementation of Employee Stock Ownership Plans by Listed Companies" and other relevant regulations [2] - The plan was found to be legally valid and does not involve any prohibited circumstances as outlined in the regulations [2][3] - There are no forced participation or financial assistance arrangements for employees involved in the plan [2] Group 2: Benefits of the Plan - The implementation of the second employee stock ownership plan is expected to enhance the profit-sharing mechanism between workers and owners, improving corporate governance [3] - It aims to boost employee cohesion and company competitiveness, thereby motivating employees and retaining top management and key personnel [3] - The plan is positioned as a strategy for the sustainable development of the company [3] Group 3: Next Steps - The relevant matters of the employee stock ownership plan will be submitted for review at the company's 2024 annual general meeting [3]

Core Points - The company is implementing a 2025 Employee Stock Ownership Plan (ESOP) to enhance employee motivation and retain key talent [1][14] - The plan is designed to align employee interests with those of the company and its shareholders through performance-based incentives [14][24] Group 1: Plan Principles - The ESOP will adhere to legal compliance, voluntary participation, and risk-bearing principles [2][3] - Participation is limited to a maximum of 85 employees, including key personnel such as directors and senior management [2][3] Group 2: Funding and Stock Sources - The funding for the ESOP will come from employees' legal salaries and self-raised funds, with no financial assistance from the company [3][4] - The shares involved in the plan will be sourced from the company's repurchased A-shares, with a maximum of 1,477,792 shares allocated for the plan [4][7] Group 3: Pricing and Valuation - The share purchase price for the ESOP is set at 6.51 yuan per share, which is above the stipulated minimum pricing criteria [6][5] - The pricing mechanism aims to balance the incentive effect and the interests of existing shareholders [5][6] Group 4: Performance Assessment - The performance assessment for the ESOP will include both company-level and individual-level evaluations, with specific revenue growth targets set for the years 2025 to 2027 [11][12] - If the company fails to meet the performance targets, the corresponding shares will not be unlocked for participants [12][11] Group 5: Management and Governance - The ESOP will be managed by a committee that oversees daily operations and ensures compliance with relevant regulations [16][19] - The plan requires approval from the board of directors and shareholders before implementation, ensuring transparency and accountability [15][14] Group 6: Lock-up and Vesting Periods - The ESOP includes a lock-up period of 12, 24, and 36 months for different tranches of shares, with specific percentages of shares being unlocked at each interval [8][9] - The management committee will decide on the timing of share sales and distributions after the lock-up period ends [25][24] Group 7: Rights and Obligations of Participants - Participants in the ESOP will enjoy rights to dividends and other benefits but will waive voting rights associated with the shares held in the plan [20][24] - Participants are prohibited from transferring or using their shares as collateral during the lock-up period [24][23]

Core Viewpoint - The company plans to repurchase its shares to enhance investor confidence, maintain shareholder interests, and implement an employee stock ownership plan or equity incentive program [1][2][8] Summary by Sections Repurchase Plan Overview - The company intends to use a minimum of RMB 60 million and a maximum of RMB 90 million for the share repurchase, with an estimated repurchase quantity of approximately 1,285,714 shares, accounting for about 1.78% of the total share capital [1][4][7] Purpose of Share Repurchase - The repurchase aims to reflect confidence in the company's future development, enhance investor confidence, and align the interests of shareholders, the company, and employees [1][8] Compliance and Conditions - The repurchase plan complies with relevant regulations and does not require shareholder meeting approval [2][11] - The repurchase will be conducted through centralized bidding, with a maximum price of RMB 70.00 per share [3][4] Implementation Timeline - The repurchase period may be extended but cannot exceed the maximum duration set by regulatory authorities [2][4] Financial Impact - If the maximum repurchase amount of RMB 90 million is utilized, it would represent 4.82% of total assets and 11.28% of net assets attributable to shareholders, indicating a low impact on the company's financial health [8][12] Share Structure Post-Repurchase - The share structure will remain compliant with listing requirements, with public shareholding remaining above 25% after the repurchase [7][8] Management's Commitment - The management assures that the repurchase will not harm the company's debt servicing ability or ongoing operations, and it reflects a commitment to enhancing shareholder value [8][9] Loan Support for Repurchase - The company has secured a loan commitment of up to RMB 54 million from a financial institution to support the share repurchase, in addition to its own funds [12]

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 28 年 月 日 海尔智家（600690.SH） 经营稳健，发布 A 股回购计划 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 2859.81 亿 元，同比增长 4.29%；实现归母净利润 187.41 亿元，同比增长 12.92%。 其中，2024Q4 单季营业总收入为 830.1 亿元，同比增长 9.88%；归母净 利润为 35.87 亿元，同比增长 3.96%。 2024 年品类增速拆分：空调、冰箱、厨电、水家电、洗衣机收入分别同 比+7.44%、+1.96%、-1.15%、+4.93%、+2.87%。 盈利能力稳步提升，财务费率受利息支出影响。毛利率：2024 年/2024Q4 公司毛利率 27.80%/20.34%，2024 年毛利率可比口径下提升 0.3pct。其 中国内外毛利率均有提升。费率端：2024 年销售/管理/财务费率为 11.74%/4.23%/0.34%，可比口径下同比变动-0.2pct/-0.1pct/+0.2pct。其 中销售费用率国内优化，海外持平；财务费率恶化主要系海外加息导致利 ...

Investment Rating - The report maintains a "Buy" investment rating for Haier Smart Home [5] Core Views - Haier Smart Home reported a total revenue of 285.98 billion yuan for 2024, representing a year-on-year growth of 4.29%, and a net profit attributable to shareholders of 18.74 billion yuan, up 12.92% year-on-year [1] - The company has announced a share repurchase plan, intending to buy back shares worth 1 to 2 billion yuan at a price not exceeding 40 yuan per share, reflecting confidence in its future development [2] - The dividend payout ratio is set to increase from 45% in 2024 to 48% in 2025, indicating a commitment to returning value to shareholders [2] Financial Performance - In Q4 2024, the company achieved a revenue of 83.01 billion yuan, a year-on-year increase of 9.88%, with a net profit of 3.59 billion yuan, up 3.96% year-on-year [1] - The revenue growth rates for key product categories in 2024 were as follows: air conditioners +7.44%, refrigerators +1.96%, kitchen appliances -1.15%, water appliances +4.93%, and washing machines +2.87% [1] - The gross margin for 2024 was 27.80%, with a net margin of 6.85% [1] Cash Flow and Balance Sheet - The operating cash flow for Q4 2024 was 12.67 billion yuan, reflecting a year-on-year increase of 5.04%, with cash received from sales amounting to 97.32 billion yuan, up 34.67% [2] - As of Q4 2024, contract liabilities increased by 40.35% year-on-year and 207.82% quarter-on-quarter, while inventory rose by 8.91% year-on-year and 11.94% quarter-on-quarter [2] Earnings Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 21.08 billion yuan, 23.72 billion yuan, and 26.36 billion yuan respectively, with year-on-year growth rates of 12.5%, 12.5%, and 11.1% [2]

Core Viewpoint - The company has announced a share repurchase plan for part of its A-shares, aimed at implementing an employee stock ownership plan, with a total repurchase amount not exceeding 2 billion RMB and not less than 1 billion RMB, at a maximum price of 40 RMB per share [2][3][4]. Summary by Sections 1. Approval and Implementation Process - The board of directors approved the share repurchase plan on March 27, 2025, and the announcement was made on March 28, 2025 [2]. - The repurchase does not require shareholder approval as it falls within the board's authority [2]. 2. Main Content of the Repurchase Plan - The repurchase period is from March 28, 2025, to March 27, 2026 [2]. - The repurchase amount is set between 1 billion RMB and 2 billion RMB [3][5]. - The maximum repurchase price is capped at 40 RMB per share, with an estimated repurchase quantity of up to 50 million shares [2][3][4]. - The shares will be used for an employee stock ownership plan, and any unutilized shares after 36 months will be canceled [2][4]. 3. Purpose of the Repurchase - The repurchase is based on confidence in the company's future development and aims to enhance the governance structure and align the interests of management and shareholders [3][4]. 4. Repurchase Method - The shares will be repurchased through a centralized bidding method on the Shanghai Stock Exchange [3]. 5. Financial Impact - The repurchase amount, if at the upper limit of 2 billion RMB, would represent approximately 0.7% of the company's total assets and 1.8% of the net assets attributable to shareholders [7]. - The company’s total assets as of December 31, 2024, were 290.113 billion RMB, with cash and cash equivalents at 55.584 billion RMB [7]. 6. Shareholding Structure Post-Repurchase - The repurchase of up to 50 million shares would account for approximately 0.53% of the total share capital, while the lower limit of 25 million shares would represent about 0.27% [6][7]. 7. Management and Oversight - The management is authorized to handle all matters related to the repurchase, including setting up a dedicated securities account and determining the timing and pricing of the repurchase [10]. 8. Risk Factors - The company acknowledges potential risks, including the possibility of the stock price exceeding the repurchase price cap, which could hinder the implementation of the plan [11].

证券代码：301161 证券简称：唯万密封 公告编号：2025-011 上海唯万密封科技股份有限公司 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 上海唯万密封科技股份有限公司（以下简称"公司"）第二届监事会第十一 次会议于 2025 年 3 月 27 日在公司会议室以现场及通讯方式召开。本次会议通知 于 2025 年 3 月 21 日以邮件方式发出，会议应出席监事 3 人，实际出席监事 3 人 （其中监事仲建雨先生以通讯方式出席），会议由监事会主席章荣龙先生召集并 主持。本次会议的召集、召开符合法律、法规和《上海唯万密封科技股份有限公 司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 与会监事以记名投票表决方式，审议并通过了如下议案： （一）回避表决《关于 <公司第一期员工持股计划 草案="草案"> 及其摘要的议案》 经审议，监事会认为公司《公司第一期员工持股计划 (草案)》及其摘要的 内容符合《公司法》《证券法》《关于上市公司实施员工持股计划试点的指导意 见》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公 ...