广东新宝电器股份有限公司 2024 年年度报告全文 广东新宝电器股份有限公司 2024 年年度报告 【2025 年 4 月】 1 广东新宝电器股份有限公司 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。 公司负责人郭建刚、主管会计工作负责人蒋演彪及会计机构负责人（会 计主管人员）黄秋香声明：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。 公司请投资者认真阅读本年度报告全文，并特别注意本报告第三节"十 一 、公司未来发展的展望"部分中"(三) 可能面临的风险和应对措施"。 公司经本次董事会审议通过的利润分配预案为：以公司现有总股本 811,875,780 股扣除公司回购专户所持 6,356,700 股之后的股本 805,519,080 股 为基数，向全体股东每 10 股派发现金红利 4.50 元（含税），送红股 0 股（含 税），不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 ...

广东新宝电器股份有限公司 2025 年第一季度报告 证券代码：002705 证券简称：新宝股份 公告编号：2025-017 广东新宝电器股份有限公司 2025 年第一季度报告 广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"本公司" ）及董事会 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、误导性陈述或者重大 遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季 度报告中财务信息的真实、准确、完整。 3.第一季度报告是否经审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减（%） | | 营业收入（元） | 3,834,157,927.13 | 3,474,157,547.22 | 10.36% | ...

证券代码：002705 证券简称：新宝股份 公告编码：（2025）015 号 广东新宝电器股份有限公司 关于控股股东增持公司股份进展的公告 公司控股股东广东东菱凯琴集团有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"本公司"）及 董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 陈述或者重大遗漏。 特别提示： 公司控股股东广东东菱凯琴集团有限公司（以下简称"东菱集团"）计划自 本增持计划公告披露之日（2025年4月10日）起六个月内增持公司股份，拟增 持金额不低于人民币3,000万元，不高于人民币5,000万元。 2025年4月11日，东菱集团在本增持计划内通过集中竞价交易方式首次增持 公司股份700,000股，占公司总股本的0.09%，成交金额9,385,610.00元。 公司于2025年4月10日披露了《关于控股股东增持公司股份计划的公告》 （公告编码：2025-014号），公司控股股东东菱集团计划自本增持计划公告披露 之日（2025年4月10日）起六个月内增持公司股份，拟增持金额 ...

证券代码：002705 证券简称：新宝股份 公告编码：（2025）014 号 广东新宝电器股份有限公司 关于控股股东增持公司股份计划的公告 公司控股股东广东东菱凯琴集团有限公司保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"本公司"） 及董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 导性陈述或者重大遗漏。 特别提示： 公司控股股东广东东菱凯琴集团有限公司（以下简称"东菱集团"）计划自 本增持计划公告披露之日起六个月内增持公司股份，拟增持金额不低于人民币 3,000万元，不高于人民币5,000万元。 广东新宝电器股份有限公司近日收到公司控股股东东菱集团的通知，基于对 公司未来发展前景的信心及对公司成长价值的认可，计划自本增持计划公告披露 之日起六个月内，根据中国证券监督管理委员会和深圳证券交易所的相关规定， 通过深圳证券交易所交易系统增持公司股份，现将有关情况公告如下： 一、计划增持主体的基本情况 2、计划增持主体已持有本公司股份的情况：截至本公告披露日，东菱集团 持有公司股份 350,934, ...

新宝股份（002705）公告，控股股东东菱集团计划自公告披露日起六个月内，增持公司股份，金额不低 于3000万元且不高于5000万元。东菱集团目前持有公司43.23%股份，合计持股65.87%。增持资金来源 为自有或自筹资金，增持计划不基于特定身份，不设价格区间，增持期间公司股票如停牌，增持期限可 顺延。 ...

Investment Rating - The report assigns a positive investment rating to the company, indicating that the stock is currently undervalued and has potential for growth [6]. Core Insights - The company has experienced multiple growth phases since its listing in 2014, but has been in a dormant phase from 2021 to 2024 due to market fluctuations [8][10]. - The company is a leader in the small home appliance supply chain, with significant production capabilities and a strong focus on international expansion and product category diversification [32][41]. - The brand "Mofei" has seen rapid growth, with revenue increasing from 115 million yuan in 2017 to 1.243 billion yuan in 2021, showcasing the effectiveness of its marketing strategies [9]. - The company is expected to recover its revenue and profit levels by 2024, surpassing previous highs due to the end of the inventory clearance cycle in the small appliance market [12][24]. Summary by Sections Market Data - The company's stock code is 002705.SZ, with a closing price of 16.45 yuan and a market capitalization of 132.94 billion yuan [1]. Financial Performance Forecast - Projected revenue for 2023 is 14.647 billion yuan, with a growth rate of 6.9%. By 2026, revenue is expected to reach 21.765 billion yuan, with a growth rate of 14.5% [5]. - The net profit attributable to the parent company is forecasted to grow from 977 million yuan in 2023 to 1.471 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of 18.5% [5]. Supply Chain and Production - The company is recognized as a small appliance supply chain leader, with a production capacity of 130 million units in 2023, significantly higher than competitors [32]. - The company has established four major production bases in China and is expanding its capacity in Indonesia to mitigate tariff risks [50][51]. Brand Strategy and Market Position - The company has developed a brand matrix strategy, with the Mofei brand emerging as a key player in the small appliance market, leveraging content marketing and product innovation [9][32]. - The company has diversified its product offerings beyond kitchen appliances, expanding into personal care, cleaning, and commercial appliances [58][60]. International Trade and Tariff Risks - The report highlights the impact of U.S. tariff policies on the company's export strategies, with a shift towards Southeast Asia for production to mitigate risks associated with U.S. tariffs [64][68]. - The company has established long-term partnerships with major global brands, enhancing its market presence in developed regions [40][43].

关于回购股份完成暨回购实施结果的公告 广东新宝电器股份有限公司（以下简称"新宝股份"、"公司"或"本公司"）及 董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 陈述或者重大遗漏。 证券代码：002705 证券简称：新宝股份 公告编码：（2025）013 号 广东新宝电器股份有限公司 公司于 2025 年 1 月 3 日召开第七届董事会第六次临时会议,审议通过了 《关于回购公司部分社会公众股份方案的议案》，同意公司拟使用人民币 8,000 万元—10,000 万元以集中竞价交易方式回购公司发行的部分人民币普通股（A 股）股票，用于实施公司股权激励计划及/或员工持股计划，资金来源为公司自 有资金或自筹资金，回购价格不超过人民币 22 元/股（含本数）；按回购金额及 回购股份全部以最高价 22 元/股回购进行测算，预计回购股份数量为 363.6364 万股—454.5455 万股，约占公司目前已发行总股本的 0.4479%—0.5599%，具体 回购股份的资金金额、回购股份数量、回购价格等将以回购期限届满或者回购 股份实施完毕时实际回购情况为准。本次回购股份的实施期限为自董事会审议 通过本次 ...

Investment Rating - The investment rating for the company is "Buy" [7][4] Core Insights - The company is expected to maintain steady growth due to its strong export capabilities and recent management changes, which may revitalize governance [4][14] - Revenue projections for 2025 and 2026 are estimated at 18.28 billion and 19.93 billion yuan, representing year-on-year growth of 8.7% and 9.0% respectively [4][14] - Net profit forecasts for the same years are 1.20 billion and 1.37 billion yuan, with year-on-year increases of 13.8% and 14.5% [4][14] Financial Performance Summary - In 2024, the company achieved a revenue of 16.82 billion yuan, a year-on-year increase of 14.84% [13] - Operating profit for 2024 was 1.33 billion yuan, up 1.39% year-on-year, while net profit attributable to the parent company was 1.05 billion yuan, reflecting a 7.47% increase [13] - The fourth quarter of 2024 saw revenue of 4.13 billion yuan, a 6.15% increase year-on-year, but operating profit decreased by 11.01% [13] Export and Domestic Sales Analysis - Export sales showed strong growth throughout 2024, with year-on-year increases of 31%, 24%, 20%, and 14% in each quarter respectively [13] - Domestic sales faced challenges, with year-on-year declines of 15% and 11% in Q3 and Q4 [13][14] Management Changes - The company underwent significant management changes in January 2024, marking the first presidential change in 13 years, which is expected to usher in a new phase for the company [14] Valuation Metrics - The current valuation multiples for 2025 and 2026 are projected at 10.8 and 9.4 times earnings respectively [4][14]

Group 1 - The company reported that the cycle for export orders is relatively short, and current visible orders indicate a sustained level of demand, with expectations for stable growth in export orders by 2025 [1] - The company maintains confidence in its domestic sales business, anticipating more aggressive efforts in new product launches and marketing investments for domestic brands by 2025, supported by domestic economic recovery and national consumption policies [1] - The company is closely monitoring the implementation and changes in the US tariff policy towards China, but current visible orders suggest minimal impact on the company [1] Group 2 - The company has expanded its production capacity in Indonesia to meet the demands of US clients [1]

Group 1: Financial Performance - In 2024, the total revenue reached 1,682,104.95 million CNY, a year-on-year increase of 14.84% [1] - Overseas revenue was 1,315,514.98 million CNY, growing by 21.68% compared to the previous year, indicating strong demand for small home appliances [1] - Domestic revenue was 366,589.97 million CNY, showing a decline of 4.42% year-on-year [1] - The total profit amounted to 132,815.78 million CNY, reflecting a growth of 1.60% [3] - Net profit attributable to shareholders was 105,013.69 million CNY, an increase of 7.47% year-on-year [3] Group 2: Market Outlook - The company expects stable growth in overseas orders for 2025, driven by a favorable external market environment [4] - Domestic sales are anticipated to improve with economic recovery and supportive consumption policies [4] - The company plans to enhance its marketing efforts and product launches for domestic brands in 2025 [4] Group 3: Research and Development - The establishment of the Electrical Research Institute aims to strengthen product innovation capabilities and expand into new product categories [5] - Future R&D expenditure is expected to increase in line with sales growth, focusing on key technological innovations [6] - The company will optimize the structure of R&D investments to enhance product profitability [6] Group 4: Strategic Responses - The company is monitoring the impact of U.S. tariffs on Chinese goods but currently sees minimal effects on its operations [9] - Production capacity has been established in Indonesia to meet U.S. customer demands, with ongoing expansions planned [9] - The company believes it can leverage its stronger risk management capabilities compared to smaller competitors to capture market share amid shifting production landscapes [9]