Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's new retail strategy is showing results, with a focus on international expansion and multi-channel distribution [4][3] - The financial performance for 2024 shows a decline in revenue and net profit, attributed to pressures in the real estate sector and increased costs from new initiatives [1][2] - The company is adjusting its profit forecasts for 2025-2027, expecting net profits of 2.3 billion, 2.5 billion, and 2.7 billion respectively [5][7] Financial Performance Summary - In Q1 2025, the company reported revenue of 5.87 billion, a year-on-year decrease of 8.4%, with a net profit of 0.35 billion, down 4.2% [1] - For the full year 2024, revenue was 34.75 billion, down 4.7%, and net profit was 1.99 billion, down 31.8% [1] - The gross profit margin for 2024 was 28.68%, a decrease of 0.90 percentage points year-on-year [1] Product Segment Performance - In 2024, overall cabinet revenue was 20.25 billion, down 9.3%, while overall wardrobe revenue increased by 1.4% to 10.59 billion [2] - In Q1 2025, overall cabinet revenue decreased by 17.2%, while overall wardrobe revenue increased by 8.3% [2] Channel and International Expansion - The company is implementing a new retail strategy to enhance dealer capabilities and expand its market presence [4] - International revenue for 2024 was 3.35 billion, an increase of 22.3% year-on-year, indicating successful international market penetration [3] Financial Projections - The company expects revenue growth rates of 5.20%, 8.48%, and 9.24% for the years 2025, 2026, and 2027 respectively [7] - The projected net profit for 2025 is 228.84 million, with a growth rate of 14.83% [7]

兴业证券股份有限公司 关于金牌厨柜家居科技股份有限公司 2023 年向不特定对象发行可转换公司债券 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行的任 何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 保荐机构 | 兴业证券股份有限公司 | | --- | --- | | 注册地址 | 福州市湖东路 号 268 | | 主要办公地址 | 福州市湖东路 268 号 | | 法定代表人 | 杨华辉 | | 联系人 | 黄熙 | 保荐总结报告书 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为金牌 厨柜家居科技股份有限公司（以下简称"金牌家居"、"公司"或"上市公司"） 2023 年向不特定对象发行可转换公司债券的保荐机构，根据《证券发行上市保 荐业务管理办法》、证券交易所监管规则等相关规定及兴业证券与金牌家居签署 的 ...

经中国证券监督管理委员会（简称"中国证监会"）《关于核准金牌厨柜家居科技股 份有限公司公开发行可转换公司债券的批复》（证监许可[2023]39 号）核准，金牌厨柜 家居科技股份有限公司（简称"金牌家居"或"公司"）于 2023 年 4 月 17 日向不特定 对象发行面值总额 77,000.00 万元的可转换公司债券，每张面值 100 元，共计 770 万张， 期限 6 年，募集资金总额为人民币 770,000,000.00 元，扣除发行费，募集资金净额共计 人民币 759,774,775.59 元。上述资金于 2023 年 4 月 21 日全部到位，由华兴会计师事务 所（特殊普通合伙）审验并出具了华兴验字[2023]23005110018 号《验证报告》。 兴业证券股份有限公司（简称"兴业证券"）担任金牌家居向不特定对象发行可转 换公司债券的保荐机构。根据《证券发行上市保荐业务管理办法》，由兴业证券完成持 续督导工作。根据《证券发行上市保荐业务管理办法》和《上海证券交易所上市公司自 律监管指引第 11 号——持续督导》，兴业证券出具本持续督导年度报告书。 一、持续督导工作内容 | 工作内容 | 督导情况 | ...

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个别及连带责任。 金牌厨柜家居科技股份有限公司（以下简称"公司"）于近日通 过电话会议交流形式接待了机构调研，现将主要情况公告如下： 一、调研基本情况 （一）调研时间：2025年4月29日、4月30日 | 证券代码：603180 | 证券简称：金牌家居 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：113670 | 债券简称：金 23 转债 | | 金牌厨柜家居科技股份有限公司 关于接待机构调研情况的公告 3、公司泰国基地建设进度，未来海外业务布局及展望？ （二）调研方式：电话会议交流 （三）调研机构名称（排名不分先后）：信达证券、长江证券、工 银瑞信、汇添富、农银汇理、平安资管、华安基金、华泰保兴、申万 菱信、富安达、建信基金、金鹰基金、中信资管、阳光资产、安信基 金、华泰柏瑞、海辰投资、鑫元基金、东方基金、前海人寿、德邦基 金、国联基金、华泰资产、中信期货资管、禾永投资投研、峰境基金、 兴华基金、东证融汇、招银理财、招商基金、中信自营、华夏基金 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on growth opportunities and strategic initiatives [1]. Core Viewpoints - The company is facing challenges in a competitive market and is implementing a "Four Horsemen" business development strategy to seek growth opportunities [2]. - The company reported a decline in revenue and net profit for 2024, with a revenue of 3.475 billion and a net profit of 199 million, reflecting a year-on-year decrease of 4.7% and 31.8% respectively [1][5]. - The company is optimizing its channels and exploring growth opportunities through various business segments, including retail, home decoration, refined decoration, and overseas markets [2]. Summary by Relevant Sections Revenue and Profitability - In 2024, the company achieved a total revenue of 34.75 billion (down 4.7% YoY) and a net profit of 1.99 billion (down 31.8% YoY) [1]. - For Q1 2025, the company reported a revenue of 5.87 billion (down 8.4% YoY) and a net profit of 0.35 billion (down 4.2% YoY) [1]. Business Strategy - The "Four Horsemen" strategy includes retail, home decoration, refined decoration, and overseas markets, aimed at finding growth opportunities amidst industry changes [2]. - The retail segment generated 17.56 billion in 2024, with a gross margin of 36.31% [2]. - The home decoration segment saw a growth of approximately 40% in 2024, while the overseas segment achieved a revenue of 3.35 billion (up 22.34% YoY) [2]. Financial Metrics - The company's gross margin for 2024 was 28.68%, with a net profit margin of 5.74% [3]. - The company maintained a cash dividend payout ratio of approximately 30.02% in 2024, distributing 0.60 billion in cash dividends [4][5]. - The projected net profits for 2025-2027 are estimated at 2.4 billion, 2.6 billion, and 2.8 billion respectively, with corresponding P/E ratios of 11.7X, 10.6X, and 9.8X [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on growth opportunities and strategic initiatives [1]. Core Viewpoints - The company is implementing a "Four-Horse Carriage" business development strategy to adapt to industry changes and seek growth opportunities [2]. - The company reported a decline in revenue and net profit for 2024, with a revenue of 34.75 billion and a net profit of 1.99 billion, reflecting a year-on-year decrease of 4.7% and 31.8% respectively [1][2]. - The company is focusing on optimizing channels and enhancing its retail, home decoration, and overseas business segments to drive growth [2]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 34.75 billion (down 4.7% YoY) and a net profit of 1.99 billion (down 31.8% YoY) [1]. - For Q1 2025, the company reported revenue of 5.87 billion (down 8.4% YoY) and a net profit of 0.35 billion (down 4.2% YoY) [1]. Business Strategy - The "Four-Horse Carriage" strategy includes retail, home decoration, precision decoration, and overseas markets, aiming to capture diverse customer needs [2]. - The retail segment generated 17.56 billion in 2024, with a gross margin of 36.31% [2]. - The home decoration segment saw a growth of approximately 40% in 2024, while the overseas segment achieved a revenue of 3.35 billion (up 22.34% YoY) [2]. Product Development - The company is advancing integrated development of kitchen cabinets, wardrobes, and wooden doors, achieving revenues of 20.25 billion, 10.59 billion, and 2.50 billion respectively in 2024 [3]. - The overall gross margin for 2024 was 28.68%, with a slight recovery in profit margins observed in Q1 2025 [3]. Cash Flow and Dividends - The company faced cash flow pressure in Q1 2025, with a negative operating cash flow of -4.16 billion [4]. - The cash dividend for 2024 was 0.60 billion, with a payout ratio of approximately 30.02% [5]. Profit Forecast - The company is projected to achieve net profits of 2.4 billion, 2.6 billion, and 2.8 billion for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 11.7X, 10.6X, and 9.8X [5].

证券代码：603180 证券简称：金牌家居 公告编号：2025-030 金牌厨柜家居科技股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 21 日 14 点 00 分 召开地点：厦门市同安工业集中区同安园集和路 190 号公司会议室 股东大会召开日期：2025年5月21日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 21 日 至2025 年 5 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易 ...

| 证券代码：603180 | 证券简称：金牌家居 | | 公告编号：2025-037 | | --- | --- | --- | --- | | 债券代码：113670 | 债券简称：金 转债 | 23 | | 金牌厨柜家居科技股份有限公司 关于第五届监事会第七次会议决议公告 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个别及连带责任。 一、监事会召开情况 （三）审议通过《关于 2024 年年度报告及其摘要的议案》 金牌厨柜家居科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日在公司会议室召开第五届监事会第七次会议。公司于召 开会议前依法通知了全体监事。本次会议应参与表决监事 3 名，实际 参与表决监事 3 名。会议参与表决人数及召集、召开程序符合《公司 法》和《公司章程》的有关规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于 2024 年度监事会工作报告的议案》 表决结果：3 票同意，0 票反对，0 票弃权。 本议案尚需提交公司 2024 年年度股东大会审议。 （二）审议通过《关于 20 ...

| 证券代码：603180 | 证券简称：金牌家居 | | | 公告编号：2025-036 | | --- | --- | --- | --- | --- | | 债券代码：113670 | 债券简称：金 | 23 | 转债 | | 金牌厨柜家居科技股份有限公司 关于第五届董事会第二十次会议决议公告 （三）审议通过《关于 2024 年度独立董事述职报告的议案》 表决结果：7 票同意，0 票反对，0 票弃权。 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个别及连带责任。 一、 董事会召开情况 金牌厨柜家居科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日在公司会议室召开第五届董事会第二十次会议。公司于 召开会议前依法通知了全体董事、监事和高级管理人员，会议通知的 时间及方式符合国家有关法律、法规及《公司章程》的规定。会议由 公司董事长温建怀先生召集并主持，应出席会议董事 7 名，实际出席 会议董事 7 名。本次会议的召集、召开程序符合《公司法》和 《公 司章程》的有关规定，会议决议合法、有效。 二、董事会会议审议情况 ...