上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 2025 年第一次临时股东大会的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址: 上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 传真: 021-20511999 电话:021-20511000 邮编: 200120 关于浙江大自然户外用品股份有限公司 2025年第一次临时股东大会的法律意见书 致:浙江大自然户外用品股份有限公司 上海市锦天城律师事务所(以下简称"本所")接受浙江大自然户外用品股 份有限公司(以下简称"公司")的委托,就公司召开 2025 年第一次临时股东 大会(以下简称"本次股东大会")的有关事宜,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》") 《上市公司股东大会规则》等相关法律、法规和规范性文件以及《浙江大自然户 外用品股份有限公司章程》（以下简称"《公司章程》")等内部规章制度的有 关规定,出具本法律意见书。 为出 ...

证券代码：605080 证券简称：浙江自然 公告编号：2025-006 浙江大自然户外用品股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 66 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 94,638,120 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 66.8475 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，经半数以上董事推举，由董事长夏永辉先生主持， 会议采用现场投票和网络投票相结合的表决方式。会议的召集、召开及表决方式 (一) 股东大会召开的时间：2025 年 2 月 20 日 (二) 股东大会召开的地点：浙江大自然户外用品股份有限公司会议室（浙江 省台州市天台县平桥镇下曹村） (三) 出席会议的普通股股东 ...

上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 2025 年第一次临时股东大会的 . 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址:上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话:021-20511000 传真: 021-20511999 邮编： 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 2025 年第一次临时股东大会的法律意见书 致:浙江大自然户外用品股份有限公司 上海市锦天城律师事务所(以下简称"本所")接受浙江大自然户外用品股 份有限公司(以下简称"公司")的委托,就公司召开 2025年第一次临时股东 大会(以下简称"本次股东大会")的有关事宜,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》") 《上市公司股东大会规则》等相关法律、法规和规范性文件以及《浙江大自然户 外用品股份有限公司章程》(以下简称"《公司章程》")等内部规章制度的有 关规定,出具本法律意见书。 为 ...

证券代码：605080 证券简称：浙江自然 公告编号：2025-005 浙江大自然户外用品股份有限公司 监事会关于公司2024年限制性股票激励计划 首次授予激励对象名单的公示情况说明及核查意见 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江大自然户外用品股份有限公司（以下简称"公司"）于2024年12月27日召 开了第三届董事会第四次会议、第三届监事会第四次会议，审议通过了《关于<浙 江自然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，并于 2024年12月31日在上海证券交易所网站（www.sse.com.cn）披露了相关公告。根据 《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定，公司 对2024年限制性股票激励计划授予激励对象名单在公司内部进行了公示，公司监事 会结合公示情况对拟激励对象进行了核查，相关公示情况及核查意见如下： 一、公示情况 1、公司于2024年12月31日在上海证券交易所网站（www.sse.com.cn）披露了 《浙江自然2024年限制性股票激励计划（草案） ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 39.00 CNY based on a 20x valuation for 2025 [3]. Core Insights - The company is positioned at the beginning of a new upward cycle, with expectations of overseas demand recovery driven by gradual USD easing and its competitive edge in fabric technology [1][2]. - The company has a strong market presence in the outdoor air mattress and cooler industry, leveraging its TPU fabric technology and tax advantages from overseas production [1][2]. - Short-term demand is supported by major clients like Decathlon returning to healthy inventory levels, while long-term growth is anticipated from expanding product categories [2][3]. Summary by Sections Company Overview - The company specializes in outdoor sports equipment manufacturing, with a revenue of 946 million CNY in 2022 and a projected growth trajectory [10]. - In the first three quarters of 2024, the company reported a revenue of 791 million CNY, reflecting a year-on-year growth of 17.74% [10]. Market Potential - The global outdoor products market is valued at approximately 200.2 billion USD in 2022, with a projected growth rate of 10.49% [16]. - The camping cooler market is expected to grow from 990 million USD in 2023 to 1.34 billion USD by 2030, while the SUP market is projected to grow from 4.4 billion CNY to 6.5 billion CNY in the same period [16][22]. Competitive Position - The company holds a leading position in the air mattress market, competing with brands like Therm-a-Rest and TRANGOWORD, and is expected to maintain a stable market structure [26]. - In the cooler segment, the company competes with brands like Ningbo Huasheng and K2 Coolers, benefiting from its TPU material advantages [28]. Growth Drivers - The company is in the fourth upward cycle of the outdoor manufacturing industry, with demand gradually recovering as major clients replenish inventories [35]. - The company’s production capacity is expanding, with significant increases expected in air mattresses and coolers, enhancing its growth potential [2][30]. Financial Projections - The company’s EPS is projected to grow from 1.31 CNY in 2024 to 2.68 CNY in 2026, with a compound annual growth rate (CAGR) of over 40% anticipated for revenue and earnings [3][6]. - The revenue is expected to reach 1.39 billion CNY in 2025, reflecting a growth rate of 40.61% [6].

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 174 million and 214 million RMB, representing an increase of 33.12% to 63.73% compared to the previous year's net profit of 130.68 million RMB [3]. - The estimated net profit after deducting non-recurring gains and losses for 2024 is projected to be between 154.6 million and 194.6 million RMB, an increase of 12.91% to 42.12% from the previous year's figure of 136.93 million RMB [4]. - The total profit for the previous year was 148.02 million RMB, with a net profit attributable to shareholders of 130.68 million RMB [5]. - The company achieved earnings per share of 0.92 RMB in the previous year [6]. - The performance forecast is based on preliminary estimates by the company's finance department and has not been audited by a registered accountant [8]. - The forecast data is preliminary and the final audited financial data will be disclosed in the official 2024 annual report [9]. - The performance forecast period is from January 1, 2024, to December 31, 2024 [4]. Factors Influencing Profit Increase - The primary reason for the profit increase is the company's efforts to maintain existing customers while actively expanding market share and optimizing product structure [7]. - There are no significant uncertainties affecting the accuracy of the performance forecast [8]. - The company has communicated with the accounting firm regarding the performance forecast, and there are no major discrepancies [4].

浙江大自然户外用品股份有限公司 2025年第一次临时股东大会会议须知 各位股东及股东代理人： 浙江大自然户外用品股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：605080 证券简称：浙江自然 浙江大自然户外用品股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年 2 月 | 2025 年第一次临时股东大会会议须知 | 3 | | --- | --- | | 2025 年第一次临时股东大会会议议程 | 5 | | 2025 年第一次临时股东大会会议议案 | 7 | | 《关于<浙江自然 2024 年限制性股票激励计划（草案）及其摘要>的议案》 | 7 | | 《关于<浙江自然 2024 年限制性股票激励计划实施考核管理办法>的议案》 | 8 | | 《关于提请股东大会授权董事会办理公司 2024 年限制性股票激励计划相关事宜的议案》 | | | 9 | | 浙江大自然户外用品股份有限公司 2025 年第一次临时股东大会会议资料 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利， 根据《公司法》、中国证监会《上市公司股东大会规则》和公司《股东大会议事规 则》等有 ...

Investment Rating - The report assigns a "Buy" rating for Zhejiang Natural (605080) based on optimistic growth prospects and effective overseas expansion strategies [1]. Core Views - The company has set ambitious revenue and net profit targets for 2025-2026, aiming for at least 1.389 billion and 2 billion CNY in revenue, and 275 million and 374 million CNY in net profit respectively [1]. - The recovery in the inflatable mattress industry, along with the expansion into new major clients, is expected to accelerate growth [1]. - The overseas production bases in Vietnam, Cambodia, and Morocco are entering a harvest phase, with expectations of improved profitability in the coming years [2]. Summary by Sections Revenue and Profit Targets - The company has established a revenue target of no less than 1.389 billion CNY for 2025 and 2 billion CNY for 2026, with net profit targets of at least 275 million CNY and 374 million CNY respectively [1]. Overseas Expansion - The overseas bases are primarily in Vietnam (focusing on water products), Cambodia (focusing on bags), and Morocco, all of which are expected to enhance the company's global supply chain share amid trade tensions [2]. - The Vietnam base is projected to break even in 2025, while the Cambodia base has already achieved profitability [2]. Product Performance - The inflatable mattress segment is showing signs of recovery, with exports valued at 1.47 billion CNY in 2022, 1.4 billion CNY in 2023, and an expected 1.52 billion CNY in 2024, reflecting a year-on-year growth of 16% [2]. - The company anticipates a significant acceleration in growth due to market demand recovery and increased penetration of TPU over PVC [2]. Financial Forecast - The company is expected to achieve net profits of 1.93 billion CNY, 2.76 billion CNY, and 3.83 billion CNY for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 22.1X, 15.5X, and 11.2X [3].

证券代码：605080 证券简称：浙江自然 公告编号：2025-001 浙江大自然户外用品股份有限公司 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司股票在2024年12月31日、2025年1月2日连续两个交易日内日收盘价格涨幅偏离 值累计超过20%，根据《上海证券交易所交易规则》的有关规定，属于股票价格异常波 动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自查，公司目前生产经营活动一切正常，外部环境没有发生重大变化。 （二）重大事项情况 1、股权激励事宜 ● 浙江大自然户外用品股份有限公司（以下简称"公司"）股票于2024年12月 31日、2025年1月2日连续两个交易日内收盘价格涨幅偏离值累计超过20%，根据《上 海证券交易所交易规则》的有关规定，属于股票交易异常波动情形。 ● 经公司自查并向控股股东及实际控制人核实，截至本公告披露日，公司控股 股东及实际控制人均不存在应披露而未披露的重大事项。 ● 公司敬请广大投资者注意二级市场交易风险，理性决策，审慎投资。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3][10]. Core Insights - The company has announced a stock incentive plan aimed at middle management and key personnel, reflecting confidence in its growth prospects for the next two years. The plan includes granting 1.2846 million restricted shares at a price of 10.62 CNY per share, which is about 0.91% of the total share capital [10]. - The company is expected to achieve significant revenue and net profit growth, with targets set for 2025 and 2026. The revenue targets are set at no less than 1.389 billion CNY and 2 billion CNY, respectively, with corresponding growth rates of at least 40% and 44% [10]. - The outdoor sports supply chain industry is experiencing rapid growth, with the company positioned to benefit from the increasing penetration of TPU products over PVC. The company has a leading advantage in manufacturing outdoor products using TPU materials [10]. Financial Summary - The company's projected revenue for 2025 is 1.391 billion CNY, with a growth rate of 40%. By 2026, revenue is expected to reach 1.967 billion CNY, with a growth rate of 41% [7]. - The net profit for 2025 is forecasted to be 275 million CNY, with a growth rate of 46%, and for 2026, it is expected to be 378 million CNY, with a growth rate of 37% [7]. - The diluted earnings per share are projected to be 1.95 CNY for 2025 and 2.67 CNY for 2026, with corresponding price-to-earnings ratios of 12.08 and 8.80 [7].