出品：新浪财经上市公司研究院 作者：木予 据国家统计局数据显示，2024年新建商品房销售面积共97385万平方米，同比下降12.9%，新建商品房销售额共96750亿元，同比下降17.1%。其中，住宅销 售面积和销售额分别较2023年下降14.1%、17.6%。步入房地产后周期时代，新房市场家居消费持续疲软，二手房装修、存量房翻新、旧改房装修需求虽然 显著提升，但短期内难以弥补缺口。 截至4月30日，欧派家居、索菲亚、志邦家居、尚品宅配、金牌家居、好莱客、我乐家居（维权）、顶固集创和皮阿诺9家A股上市的定制家居公司均已发布 2024年业绩报告。 经营活动现金流净额总和降逾20% 金牌家居现金流降幅远超营收 受上游房地产行业低迷、消费信心不足及存量市场竞争加剧等多重不利因素影响，报告期内，九大公司经营活动现金流净额合计87.24亿元，较2023年整体 下降21.4%，接近八成公司经营活动现金流净额出现缩水。 值得关注的是，金牌家居2024年经营活动现金流净额较2023年骤降40.7%，远高于同期营收及净利润降幅。现金回收效率降低，或与房地产行业阶段性承 压，销售回款减少有关。报告期内，公司应收账款坏账损失以及其他 ...

Core Insights - The real estate market in China is experiencing a downturn, with new residential property sales area dropping by 12.9% and sales revenue decreasing by 17.1% in 2024 compared to 2023 [1] - The custom home furnishing industry is facing challenges due to the sluggish real estate market, leading to a significant decline in revenue for major companies [2][5] Group 1: Industry Performance - In 2024, the total revenue of nine major custom home furnishing companies fell to 47.195 billion yuan, a decrease of 15.2% year-on-year [1] - The top revenue-generating company, Oppein Home, reported 18.925 billion yuan, contributing approximately 40% of the total revenue [1] - The revenue decline was most pronounced for PIANO, which saw a 32.7% drop, while Gold Medal Home experienced the smallest decline of less than 5% [1][2] Group 2: Quarterly Performance - In Q1 2024, about two-thirds of custom home furnishing companies maintained revenue growth, with companies like Sophia and Gold Medal Home achieving over 10% year-on-year growth [2] - By Q2 and Q3, the impact of the real estate downturn became evident, with four companies reporting revenue declines exceeding 20% in Q2, and this proportion increased to 77.8% in Q3 [2] - In Q4, while some companies managed to stabilize their revenue through strategic adjustments, others, particularly smaller firms, continued to see worsening performance [2] Group 3: Product Segment Performance - In 2024, Oppein Home's cabinet revenue was 5.450 billion yuan, which was 2.3 times that of the second-ranked Zhijia Home, despite a year-on-year decline of 22.5% [5][7] - Gold Medal Home was the only company to report growth in wardrobe revenue, increasing by 1.4% to 1.059 billion yuan [5][6] - The overall performance in the wood door segment was mixed, with Gold Medal Home achieving a revenue increase of 1.8%, while Oppein Home's wood door revenue fell by 17.7% [6][7] Group 4: Sales Channels - The majority of custom home furnishing companies experienced a reduction in the number of stores, with Oppein Home having 7,813 stores, nearly double that of Zhijia Home [8] - Gold Medal Home had the smallest reduction in store count, with only 23 stores closed, but its direct sales revenue plummeted by 89.6% [8][10] - The large-scale business segment saw a general contraction, with only Gold Medal Home reporting an increase in revenue [9] Group 5: International Expansion - Several companies, including Oppein Home and Zhijia Home, have made significant strides in international markets, with overseas revenue increasing by nearly 37% on average [9] - Oppein Home's global sales network now covers 146 countries and regions, while Zhijia Home has expanded to 15 countries including Australia and the USA [9]

证券代码：603180 证券简称：金牌家居 金牌厨柜家居科技股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。 股东参加股东大会，应认真履行其法定权利和义务，不得侵犯其他股 东的权益，不得扰乱大会的正常秩序。 三、股东在大会上发言，应围绕本次股东大会所审议的议案，简 明扼要。主持人可安排公司董事、监事和高级管理人员等回答股东问 题。 金牌家居 2024 年年度股东大会 会议资料目录 | 一、金牌家居 | | 2024 年年度股东大会须知…………………………3 | | --- | --- | --- | | 二、金牌家居 | | 2024 年年度股东大会议程…………………………5 | | 三、金牌家居 | | 2024 年年度股东大会议案…………………………7 | | 议案 | 1：《关于 | 2024 年度董事会工作报告的议案》………………………7 | | 议案 | 2：《关于 | 2024 年度监事会工作报告的议案》………………………16 | | 议案 | 3：《关于 | 2024 年度独立董事述职报告的议案》……………………1 ...

金牌厨柜家居科技股份有限公司董事会 2025 年 5 月 13 日 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。 为进一步加强与投资者的互动交流，金牌厨柜家居科技股份有限 公司（以下简称"公司"）将参加由厦门证监局、厦门上市公司协会 与深圳市全景网络有限公司联合举办的"厦门辖区上市公司 2024 年 年报业绩说明会暨投资者网上集体接待日活动"，现将相关事项公告 如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载全 景路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 15 日（周 四） 15:40-17:00。届时公司部分董事、高管将在线就公司 2024 年度 业绩、公司治理、发展战略、经营情况等投资者关心的问题，与投资 者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告 | 证券代码：603180 | 证券简称：金牌家居 | | | 公告编号：2025-042 | | --- | --- | --- | - ...

重要内容提示： ● 金牌厨柜家居科技股份有限公司（以下简称"公司"）控股股 东厦门市建潘集团有限公司（以下简称"建潘集团"）持有公司股份 64,474,022 股，占公司总股本 41.80%，本次部分股票质押续期后，建 潘集团累计质押股票 27,399,282 股，占其所持有公司股数的 42.50%， 占公司总股本的 17.76%。 | 证券代码：603180 转债代码：113670 | 证券简称：金牌家居 转债简称：金 23 | | --- | --- | | | 转债 | | | 公告编号：2025-041 | 金牌厨柜家居科技股份有限公司 关于控股股东部分股票质押续期的公告 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个别及连带责任。 截至本公告日，公司控股股东及实际控制人累计质押股份情况如下： | | | | 本次质押 | 本次质押 | | | | 已质押股份情况 | | 未质押股份情况 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a continued downward trend in Q1 2025, although some product lines showed growth [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 3.475 billion, a year-on-year decrease of 4.68%, and a net profit of 199 million, down 31.76% [1]. - Q4 2024 revenue was 1.059 billion, a decline of 3.61%, with net profit at 80 million, down 36.61% [1]. - Q1 2025 revenue was 587 million, a decrease of 8.35%, while net profit was 35 million, down 4.16% [1]. Product Performance - In 2024, revenue from kitchen cabinets, wardrobes, and wooden doors was 2.025 billion, 1.059 billion, and 250 million respectively, with year-on-year changes of -9.30%, +1.41%, and +1.82% [2]. - In Q1 2025, kitchen cabinets, wardrobes, and wooden doors generated revenue of 322 million, 206 million, and 36 million, with year-on-year changes of -17.15%, +8.26%, and +43.92% [2]. Channel Performance - In 2024, revenue from distribution stores, direct sales, bulk business, and overseas markets was 1.756 billion, 10 million, 1.242 billion, and 335 million, with year-on-year changes of -6.62%, -89.59%, -2.64%, and +22.34% [2]. - In Q1 2025, revenue from distribution stores, bulk business, and overseas markets was 306 million, 187 million, and 74 million, with year-on-year changes of +7.17%, -20.21%, and -9.47% [2]. Strategic Focus - The company will continue to focus on the "four-horsepower" strategy, which includes retail, home decoration, refined decoration, and overseas markets, aiming to enhance R&D management and accelerate digital transformation [3]. - The home decoration channel is expected to achieve approximately 40% growth year-on-year in 2024 [3]. Profitability and Cost Management - The gross margin for 2024 was 28.68%, a decrease of 0.91 percentage points, while Q4 2024 gross margin was 31.81%, an increase of 0.65 percentage points [3]. - The company’s expense ratio for 2024 was 24.03%, an increase of 1.22 percentage points, with specific expense rates for sales, management, R&D, and financial expenses [4]. Investment Outlook - The company is expected to achieve revenues of 3.731 billion, 4.074 billion, and 4.345 billion from 2025 to 2027, with year-on-year growth rates of 7.36%, 9.22%, and 6.65% [5]. - The projected net profit for the same period is 217 million, 231 million, and 265 million, with corresponding growth rates of 8.87%, 6.30%, and 14.89% [5].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 24.33 CNY, maintaining the rating [5]. Core Views - The company has experienced a decline in revenue and net profit in 2024, with a revenue of 3.475 billion CNY, down 4.68% year-on-year, and a net profit of 199 million CNY, down 31.76% year-on-year. However, the company is focusing on upgrading its "four-horsepower" strategy, which includes retail, home decoration, refined decoration, and overseas markets [1][9]. - The company is actively expanding its overseas market presence, particularly in North America, Australia, and Southeast Asia, leading to a 22.34% increase in overseas revenue in 2024 [3]. - The company aims to enhance its home decoration channel, achieving approximately 40% growth in this segment in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.475 billion CNY, a decrease of 4.68% year-on-year, and a net profit of 199 million CNY, a decline of 31.76% year-on-year. The first quarter of 2025 saw a revenue of 587 million CNY, down 8.35% year-on-year, and a net profit of 35 million CNY, down 4.16% year-on-year [1][9]. - The gross profit margin for 2024 was 28.68%, a decrease of 0.91 percentage points year-on-year, while the first quarter of 2025 saw a gross profit margin of 29.96%, an increase of 1.95 percentage points year-on-year [4]. Product and Channel Performance - In 2024, the company achieved revenues of 2.025 billion CNY from kitchen cabinets, 1.059 billion CNY from wardrobes, and 250 million CNY from wooden doors, with respective year-on-year changes of -9.30%, +1.41%, and +1.82%. In Q1 2025, the revenues were 322 million CNY from kitchen cabinets, 206 million CNY from wardrobes, and 36 million CNY from wooden doors, with year-on-year changes of -17.15%, +8.26%, and +43.92% [2]. - The company’s revenue from distribution stores, direct sales, bulk business, and overseas markets in 2024 was 1.756 billion CNY, 10 million CNY, 1.242 billion CNY, and 335 million CNY, with year-on-year changes of -6.62%, -89.59%, -2.64%, and +22.34% respectively [3]. Future Outlook - The company is projected to achieve revenues of 3.731 billion CNY, 4.074 billion CNY, and 4.345 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.36%, 9.22%, and 6.65% [10]. - The expected net profit for 2025, 2026, and 2027 is 217 million CNY, 231 million CNY, and 265 million CNY, with respective growth rates of 8.87%, 6.30%, and 14.89% [10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company has shown signs of effectiveness in its new retail strategy, with revenue and profit figures reflecting the current market challenges [1]. - The company is undergoing a transition phase with its new retail and international strategies, which are currently in the investment stage, leading to increased fixed costs [1][4]. - The company has diversified its product offerings, with resilient growth in the wardrobe segment despite overall revenue declines in other categories [2][3]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 587 million yuan, a year-on-year decrease of 8.4%, and a net profit of 35 million yuan, down 4.2% [1]. - For the full year 2024, the company reported revenue of 3.475 billion yuan, a decline of 4.7%, and a net profit of 199 million yuan, down 31.8% [1]. - The gross profit margin for 2024 was 28.68%, a decrease of 0.90 percentage points year-on-year, while the net profit margin was 5.74%, down 2.28 percentage points [1]. Product Segment Performance - In 2024, the overall kitchen cabinet revenue was 2.025 billion yuan, down 9.3%, while the overall wardrobe revenue increased by 1.4% to 1.059 billion yuan [2]. - In Q1 2025, the kitchen cabinet revenue was 322 million yuan, a decrease of 17.2%, while the wardrobe revenue rose by 8.3% to 206 million yuan [2]. Channel and International Development - The company has implemented a new retail strategy, referred to as the "140 Strategy," focusing on enhancing dealer capabilities and expanding multi-channel marketing [4]. - The company has also accelerated its international development, establishing a manufacturing base in Thailand and satellite factories to enhance local service capabilities [4]. Financial Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 230 million yuan, 250 million yuan, and 270 million yuan respectively [5][7]. - The expected P/E ratios for 2025-2027 are projected to be 12.54, 11.41, and 10.45 respectively [7].

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 ...