杭州巨星科技股份有限公司 2024 年度独立董事述职报告 （施虹） 本人作为杭州巨星科技股份有限公司（以下简称"公司"）的独立董事， 2024年度本人能够严格按照《公司法》、《证券法》、《上市公司独立董事管理办 法》、《公司章程》及公司《独立董事工作制度》、《独立董事年报工作规程》等 相关法律法规、规范性文件和公司制度的规定，恪尽职守，勤勉尽责，认真履 行独立董事职责，为维护公司整体利益、公司全体股东尤其是中小股东的利益 而努力工作。 现将本人在 2024 年度履行独立董事职责情况述职如下： 一、 独立董事的基本情况 （一）工作履历、专业背景及兼职情况 本人施虹，女，1963年7月出生，中华人民共和国国籍，无境外永久居留 权，硕士学历，副教授。曾任上海海事大学海洋科学与工程学院环境工程实验 室主任，2005年9月至2018年7月任上海海事大学海洋科学与工程学院环境工程 教研室副教授。现任公司独立董事。 （二）不存在影响独立性的情况说明 2024年度，本人严格遵守《公司法》、《上市公司独立董事管理办法》等法 律法规以及《公司章程》对于独立董事任职要求的相关规定，继续保持独立 性。除在公司担任独立董事职务外，本人 ...

杭州巨星科技股份有限公司 市值管理制度 （2025 年 4 月 21 日经公司第六届董事会第十二次会议审议通过） 第一章 总则 第一条 为切实推动杭州巨星科技股份有限公司（以下简称"公司"）提升 投资价值，增强投资者回报，进一步加强与规范公司的市值管理行为，维护公 司、投资者尤其是中小投资者及其他利益相关者的合法权益，根据《中华人民 共和国公司法》《中华人民共和国证券法》《国务院关于加强监管防范风险推动 资本市场高质量发展的若干意见》《上市公司信息披露管理办法》《上市公司监 管指引第 10 号——市值管理》《深圳证券交易所股票上市规则》《杭州巨星科技 股份有限公司》（以下简称"《公司章程》"）及其他有关法律法规，制定本制 度。 第二条 本制度所称市值管理，是指公司以提高公司质量为基础，为提升公 司投资价值和股东回报能力而实施的战略管理行为。 第二章 市值管理的目的与基本原则 第三章 市值管理的机构与职责 第五条 市值管理工作由公司董事会领导，公司经营管理层参与，董事会 秘书具体执行。公司证券部是市值管理工作的执行部门，公司各职能部门和各 子公司应当积极支持和配合，共同参与公司市值管理工作。 第六条 董事会应当 ...

杭州巨星科技股份有限公司 独立董事（签字）： 王刚： 陈智敏: 施虹： 二○二五年四月十八日 第六届董事会第三次独立董事专门会议的审核意见 根据《中华人民共和国公司法》、《上市公司独立董事管理办法》、《上市公 司治理准则》等相关法律法规、规范性文件以及《杭州巨星科技股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，杭州巨星科技股份有限公司 （以下简称"公司"）的独立董事于 2025 年 4 月 18 日召开了第六届董事会第 三次独立董事专门会议，在认真审阅了拟提交第六届董事会第十二次会议的相 关议案后，发表如下审核意见： （以下无正文） （本页无正文，专为《杭州巨星科技股份有限公司第六届董事会第三次独立 董事专门会议的审核意见》之签字页） 一、关于 2025 年度日常关联交易的审核意见 经审阅，我们认为：公司与关联方发生的关联交易是按照"公平自愿，互 惠互利"的原则进行的，均系公司正常生产经营和业务发展所需，交易价格按 市场价格确定，定价公允，没有违反公开、公平、公正的原则，关联董事回避 表决，决策程序合法有效，不存在损害公司和中小股东的利益的行为。我们同 意将上述议案提交公司董事会审议。 ...

二〇二五年四月二十二日 经核查独立董事王刚、陈智敏、施虹的任职经历以及签署的相关自查文 件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东 公司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍 其进行独立客观判断的关系，不存在影响独立董事独立性的情况，符合《上市 公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》中对独立董事独立性的相关要求。 杭州巨星科技股份有限公司董事会 关于独立董事独立性自查情况的专项意见 杭州巨星科技股份有限公司董事会 根据中国证券监督管理委员会《上市公司独立董事管理办法》、《深圳证券 交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等要求，杭州巨星科技股份有限公司（以下简称"公 司"）董事会就公司在任独立董事王刚、陈智敏、施虹的独立性情况进行评估 并出具如下专项意见： ...

杭州巨星科技股份有限公司 2024 年年度报告全文 杭州巨星科技股份有限公司 2024 年年度报告 2025-004 2025 年 4 月 1 杭州巨星科技股份有限公司 2024 年年度报告全文 2 杭州巨星科技股份有限公司 2024 年年度报告全文 2024 年年度报告 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别 和连带的法律责任。 公司负责人仇建平、主管会计工作负责人倪淑一及会计机构负责人（会 计主管人员）倪淑一声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。 本报告"第三节管理层讨论与分析（十一）公司未来发展的展望：可能 面对的风险"详述了公司未来可能面对的风险因素，敬请广大投资者注意。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 3 | 第一节 重要提示、目录和释义 | 3 ...

4月16日，巨星科技连续4个交易日下跌，区间累计跌幅-9.27%。杭州巨星科技股份有限公司成立于1993年,是全球领先的工具企业。 财报显示，睿远基金旗下睿远成长价值混合A为巨星科技前十大股东，去年四季度减持。今年以来收益率-6.33%，同类排名4090(总4559)。 | 阶段涨幅 李度涨幅 | 今年以来各阶段业绩及同类排名 年度涨幅 | | | | | --- | --- | --- | --- | --- | | | 近1周 近1月 | 近3月 | | 新功能:"小天 | | 阶段涨幅 | 7.04% -12.35% | -2.41% | | 型,智能问答 | | 同类平均0 | 5.91% -7.13% | 2.38% | | 准、专业的问 | | 沪深300 | 2.33% -5.83% | -0.73% | | | | 同类排名 3 | 1425 4632 4052 4623 3647 4566 380 | | | | | 四分位排名 > | | The Later | 图片来源:天天基金网 2025/4/16 | | 睿远成长价值混合A基金经理分别为傅鹏博、朱璘。 简历显示，傅鹏博先生:硕士,1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Viewpoints - The recent announcement of "reciprocal tariffs" by the Trump administration poses both challenges and opportunities for the company, which has strong global capabilities and can better withstand risks during tariff cycles [1][2] - The company has a clear path for managing tariff impacts, with a significant portion of its revenue coming from ODM business, where tariff costs are borne by customers. The company plans to mitigate costs through manufacturing efficiency and product innovation [1][2] - The company is expected to benefit from a favorable mid-term landscape, as its overseas production capabilities remain advantageous compared to local U.S. production, which faces higher costs [2][3] - The anticipated interest rate cuts in the U.S. are expected to boost demand in the real estate sector, positively impacting the tools industry [4] Summary by Sections Tariff Impact and Company Strategy - The company is positioned to manage the impact of the new tariffs effectively, with a focus on maintaining customer relationships and product pricing strategies [1][2] - The company has initiated price increases to cover the additional tariff costs, demonstrating its ability to pass on costs to consumers [1] Mid-term Industry Dynamics - The comparative advantage of non-U.S. production, particularly in Southeast Asia, remains significant despite the narrowing of tariff differentials [2] - The company is well-placed to capture market share due to its established global supply chain and production capabilities [3] Demand and Economic Outlook - Historical data suggests that the company and the industry have shown resilience during previous tariff impacts, with stable demand expected despite short-term challenges [4] - The expected reduction in interest rates is likely to enhance housing demand, further supporting the tools market [4] Financial Projections - The company is projected to see significant growth in net profit from 2024 to 2026, with estimates of 2.41 billion, 2.85 billion, and 3.49 billion respectively, reflecting year-on-year increases of 42.5%, 18.4%, and 22.2% [10] - The current market valuation indicates that the company is undervalued compared to its peers, with a projected P/E ratio of 13.6, 11.5, and 9.4 for the years 2024 to 2026 [10]

Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the impact of U.S. trade policies and tariffs on the manufacturing industry, specifically focusing on a company referred to as "巨星科技" (Star Technology) and its operations in the ODM (Original Design Manufacturer) and OBM (Original Brand Manufacturer) sectors. Core Points and Arguments 1. **U.S. Trade Policies**: The U.S. government's approach to tariffs is characterized as trade protectionism rather than true equality in trade, which is expected to lead to a decline in U.S. economic hegemony rather than a resurgence of manufacturing in the U.S. [2][3][4] 2. **Revenue Projections**: Star Technology anticipates a revenue of approximately $2 billion in 2024, with exports to the U.S. accounting for about $1.3 to $1.4 billion, representing 65% to 70% of total revenue. [3][4] 3. **Impact of Tariffs on ODM and OBM**: The ODM business is less affected by tariffs since customers bear the tariff costs, while the OBM segment faces significant challenges due to direct tariff payments to the U.S. government. [4][5] 4. **Current Tax Burden**: The effective tax burden for the company is reported to be around 79%, making it unsustainable for manufacturing in the U.S. [4][5] 5. **Vietnam's Competitive Advantage**: Vietnam's manufacturing sector is highlighted as having a competitive edge over China due to lower tariffs, despite recent increases. The tariff difference has decreased from 45% to 33%, but Vietnam remains competitive. [5][6] 6. **Lobbying Efforts**: The company is engaging in lobbying efforts with major U.S. retailers to address the negative impacts of global tariffs on manufacturing countries. [6][7] 7. **Price Adjustments**: The company plans to raise prices in response to tariffs, with a consensus among industry players to start price increases imminently. [19][20] 8. **Long-term Industry Outlook**: The company anticipates a challenging environment with rising prices and declining sales volumes, but believes that the demand for home maintenance will continue to grow, leading to opportunities for new product development. [16][17] 9. **Global Manufacturing Strategy**: The company is exploring manufacturing options in Southeast Asia, India, and North Africa, but faces challenges due to rising costs and tariffs in these regions. [25][26][27] 10. **U.S. Manufacturing Costs**: The cost of manufacturing in the U.S. is significantly higher (300% more) compared to other regions, which is unsustainable under current tariff conditions. [28][29] Other Important but Possibly Overlooked Content 1. **Historical Context**: The discussion references historical trade policies and their impacts, drawing parallels to past economic conditions and suggesting that current policies may lead to similar outcomes. [31][32] 2. **Consumer Impact**: There is concern about how rising prices will affect U.S. consumers, potentially leading to decreased demand and economic strain. [30][34] 3. **Market Dynamics**: The company emphasizes the interconnectedness of global trade and the potential for tariffs to disrupt supply chains, leading to increased costs and reduced competitiveness. [9][10][11] 4. **Future Projections**: The company expresses uncertainty about future demand and the need to adapt product offerings to meet changing market conditions. [36][37] This summary encapsulates the key points discussed during the conference call, highlighting the challenges and strategic responses of the company in light of evolving trade policies and market dynamics.

Group 1: Company Insights - Giant Star Technology anticipates industry-wide price increases and has already begun raising prices following tariff changes, with a focus on Southeast Asia for new production capacity due to its low-cost advantages [1] - Yangjie Technology is implementing cost control measures to offset short-term pressure on gross margins from price adjustments, with optimistic growth in automotive electronics and a focus on expanding its Vietnam factory [2] - Kidswant plans to open 30 franchise stores by March 2025, aiming for a total of 500, and is collaborating with various partners to enhance its product offerings and services in the maternal and infant industry [3] Group 2: Market Trends - The shift towards domestic alternatives in low-voltage power chips is expected to drive market growth in the coming years, despite strict verification cycles [2] - The collaboration between Kidswant and partners in the live-streaming and AI technology sectors aims to improve service quality and promote healthy industry development [3]