Xinbao Electrical Appliances expands business scope, revises compensation system

Guangdong Xinbao Electrical Appliances Holdings' board of directors approved amendments to its Articles of Association, expanding the company's business scope to include the manufacturing and sale of commercial, catering, and service-specific equipment, as well as powered and electric tools. These updates, along with the existing scope encompassing household appliance research, manufacturing, and sales, will be submitted for shareholder approval.

Additionally, the board approved the closure of the "Die-casting Small Home Appliances Construction Project" and reallocated its surplus funds totaling 2,535.69 million yuan. These funds will be transferred to the "Brand Marketing Management Center Construction Project," which will also see an increase in its total investment to 38,885.69 yuan. This decision, aimed at optimizing resource utilization without impacting ongoing projects or shareholder interests, does not require shareholder approval.

The company also approved a revised "Directors and Senior Management Compensation and Performance Appraisal Management System" set to be presented for shareholder review. This comprehensive update ensures alignment with current legal standards and strengthens the company's operational and financial transparency.