Core Viewpoint - Jiangshan Oupai (603208) experienced a decline in stock price, closing at 15.53 yuan, down 7.61% from the previous week [1] Company Announcements - Jiangshan Oupai has released a guarantee of 40 million yuan for its wholly-owned subsidiary Oupai Decoration Company, which was previously guaranteed for 40 million yuan from CITIC Bank [1] - After the guarantee release, the actual guarantee balance for Oupai Decoration Company is 113 million yuan [1] - The company has signed two maximum guarantee contracts with CITIC Bank, with maximum principal amounts of 10 million yuan and 30 million yuan, signed on September 15, 2022, and June 26, 2023, respectively [1] - The 2024 annual general meeting approved a total guarantee amount not exceeding 3 billion yuan for subsidiaries applying for credit, with a proposed guarantee for Oupai Decoration Company not exceeding 400 million yuan [1] - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is 838.3 million yuan, accounting for 54.65% of the latest audited net assets [1]

| 证券代码：603208 证券简称：江山欧派 | 公告编号：2025-007 | | --- | --- | | 债券代码：113625 债券简称：江山转债 | | 江山欧派门业股份有限公司 关于解除部分为全资子公司欧派装饰公司担保的公告 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法律责任。 重要内容提示： ●被担保人名称及是否为上市公司关联人：江山欧派装饰工程有限公司（以 下简称"欧派装饰公司"），非上市公司关联人。 ●本次解除担保金额及已实际为其提供的担保余额：解除江山欧派门业股份 有限公司（以下简称"公司"）为欧派装饰公司向中信银行股份有限公司衢州分 行（以下简称"中信银行衢州分行"）申请授信业务提供的人民币4,000万元担 保。本次担保解除后，公司已实际为欧派装饰公司提供的担保余额为人民币 11,300万元。 ●本次担保是否有反担保：否。 ●对外担保逾期的累计数量：0。 一、担保情况概述 2022年9月15日，公司与中信银行衢州分行签署了编号为2022信银衢最高额 保证字第082330号的《最高额保证合同》（以下简称"本合 ...

家居业一周｜今年前两月家具零售额增长，北京华 著拟入主东易日盛 上一周，家居企业动态不断。国家统计局发布2025年1-2月消费市场数据，1-2月家具类零售总额同比增 长11.7%；算力公司北京华著拟入主东易日盛；第55届中国家博会（广州）召开；江山欧派股东拟减持 不超439.4万股。 1-2月家具类零售总额262亿元，同比增长11.7% 3月17日，国家统计局发布2025年1-2月消费市场数据显示，今年1-2月，社会消费品零售总额83731亿 元，同比增长4.0%。其中，家具类零售总额为262亿元，同比增长11.7%；建筑及装潢材料类零售总额 为246亿元，同比增长0.1%。国家统计局贸经司首席统计师袁彦表示，各地区积极推动消费品以旧换新 加力扩围，相关商品消费潜力较快释放。 算力公司北京华著拟入主东易日盛 第55届中国家博会（广州）召开 3月18日，第55届中国家博会（广州）于广州琶洲正式开幕。据介绍，第55届中国家博会（广州）于3月 18-21日、3月28-31日分两期在广州琶洲举办。本届家博会立足"设计引领、内外循环、全链协同"的展 会定位，围绕"设计向新力"的展会主题，打造"向专、向精、向质、向实"四 ...

| 证券代码：603208 | 证券简称：江山欧派 公告编号：2025-006 | | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | 江山欧派门业股份有限公司持股 5%以上股东减持股 份计划公告 本公司董事会、全体董事及相关股东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： 大股东持股的基本情况 截至本公告披露日，江山欧派门业股份有限公司（以下简称"公司"）大股 东吴水燕女士持有公司股份 17,576,000 股，占公司股份总数的 9.92%。上述股 份来源于公司首次公开发行前已取得的股份和资本公积金转增股本取得的股份。 减持计划的主要内容 因自身资金需求，吴水燕女士计划通过集中竞价、大宗交易方式减持其所持 有的公司股份，合计不超过 4,394,000 股，即不超过公司股份总数的 2.4801%， 减持价格根据减持时的市场价格确定，减持期间为自本公告披露之日起 15 个交 易日后的 3 个月内。其中： （1）若通过集中竞价交易方式减持，减持公司股份不超过 1,771,726 股（即 不超过公司股份总 ...

Summary of Jiangshan Oupai Conference Call Company Overview - Jiangshan Oupai is actively adjusting its business structure to reduce reliance on direct engineering channels, aiming to lower this dependency to below 15% to mitigate risks associated with the decline in the real estate decoration business and accounts receivable risks [2][4][27] - The company is focusing on expanding its cash payment business and enhancing its dealer channel structure, with a significant increase in brand usage fees from 70 million yuan in 2023 to approximately 120 million yuan in 2024 [2][8] Key Points and Arguments Business Strategy - Jiangshan Oupai plans to recruit over 10,000 dealers annually, particularly targeting home decoration companies to increase channel contribution [4][11][13] - The company is shifting its focus towards non-residential projects such as healthcare, hotels, and hospitals, which have shown significant growth over the past year [2][3][4][14] Financial Performance - The company expects traditional direct channels to decline further by 2025, while the agent channel is anticipated to grow, particularly in non-residential projects [3][4][10] - Jiangshan Oupai's overseas revenue slightly exceeded 100 million yuan in 2024, with positive order conditions boosting company confidence, although no large-scale expansions are planned in the short term [2][7][18] Cost Management - The company is committed to cost reduction and efficiency improvement through channel expansion, manufacturing cost optimization, and enhanced operational efficiency [2][21] - Jiangshan Oupai's production capacity utilization is currently around 80%, with new bases at 40-50%, and no significant increase in capacity is expected in 2025 [19][20] Market Trends - The overall market size for the industry has decreased from 160 billion yuan to over 120 billion yuan, indicating a significant decline, yet Jiangshan Oupai has maintained relative stability [22][23] - The company holds approximately 3% market share in the wooden door category, with a positive outlook for future growth despite industry challenges [22][23] Product Development - Jiangshan Oupai is expanding its product categories, including entry doors, copper doors, and bamboo doors, while also promoting cabinet products through online platforms and exhibitions [25] - The company is focusing on enhancing the recognition of its cabinet products, which are currently the second-largest category after doors [25] Additional Important Insights - The company is not planning significant capital expenditures in 2025 due to sufficient production capacity and aims to align expense investments with revenue changes [6][19] - Jiangshan Oupai is prioritizing the development of its export business, particularly in countries along the Belt and Road Initiative, with a focus on affordable housing projects [18] - The company is maintaining a stable dividend policy while considering overall cash flow and convertible bond obligations [26] Conclusion - Jiangshan Oupai is strategically repositioning itself to adapt to market changes, focusing on dealer and agent channels, expanding product offerings, and managing costs effectively to enhance profitability and market share in a challenging industry environment [27][28]

| 证券代码：603208 | 证券简称：江山欧派 公告编号：2025-005 | | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | 江山欧派门业股份有限公司 关于不向下修正"江山转债"转股价格的公告 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法律责任。 重要内容提示： 经中国证券监督管理委员会《关于核准江山欧派门业股份有限公司公开发行 可转换公司债券的批复》（证监许可[2021]1184 号）核准，公司于 2021 年 6 月 11 日向社会公开发行了 583 万张可转换公司债券，每张面值为人民币 100 元， 发行总额为人民币 5.83 亿元，期限 6 年（自 2021 年 6 月 11 日至 2027 年 6 月 10 日），债券票面利率为:第一年 0.40%、第二年 0.60%、第三年 1.00%、第四年 1.50%、第五年 2.50%、第六年 3.00%。 经上海证券交易所自律监管决定书[2021]272 号文同意，公司本次发行的 58,300 万元可转换公司债券于 2021 年 7 月 ...

Investment Rating - The investment rating for Jiangshan Oupai is "Accumulate" with a downward adjustment [4][6]. Core Viewpoints - The company is expected to face a revenue decline of approximately 20% in 2024, with projected revenue around 3 billion yuan [1]. - The net profit attributable to the parent company is forecasted to decrease by 69-79%, ranging from 0.8 to 1.2 billion yuan [1]. - The company has been experiencing a shift in revenue structure and a decrease in gross margin due to market downturns and longer accounts receivable aging [1]. - The market is undergoing consolidation, with market share increasingly concentrating among leading companies, enhancing their competitive advantages [2]. - Jiangshan Oupai has improved its market share in the wooden door segment from 0.67% in 2017 to 2.42% in 2023 [2]. Financial Data and Forecast - Revenue for 2024 is projected at 3.03 billion yuan, with a growth rate of -19% [5]. - EBITDA for 2024 is estimated at 349.66 million yuan, with a significant decrease from previous years [5]. - The net profit attributable to the parent company for 2024 is expected to be 111.86 million yuan, reflecting a 71.31% decline [5]. - Earnings per share (EPS) for 2024 is forecasted at 0.63 yuan, down from previous estimates [4][5]. - The company’s price-to-earnings ratio (P/E) for 2024 is projected at 28.95x [5]. Product and Delivery Advantages - Jiangshan Oupai has a professional design team that focuses on consumer preferences and market trends to develop aesthetically pleasing and practical products [3]. - The company emphasizes information technology throughout its operations, enhancing order management and delivery efficiency [3]. - There is a strategic push towards expanding overseas markets, with a focus on various door products [3].

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2025-003 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | 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： ●目前转股价格：20.03 元/股 ●转股时间：2021 年 12 月 20 日至 2027 年 6 月 10 日 ●相关风险提示：本次触发转股价格修正条件的期间从 2025 年 1 月 3 日起 算，截至 2025 年 1 月 20 日收盘，江山欧派门业股份有限公司（以下简称"公 司"）股票已有五个交易日的收盘价低于当期转股价的 90%（即 18.03 元/股）。 若公司股票收盘价在未来连续八个交易日内有五个交易日仍继续保持在当期转 股价格 20.03 元/股的 90%以下，将可能触发"江山转债"的转股价格修正条款。 一、可转债发行上市概况 江山欧派门业股份有限公司关于"江山转债" 预计满足转股价格修正条件的提示性公告 经中国证券监督管理委员会《关于核准江山欧派门业股份有限公司 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 80 million and 120 million CNY, a decrease of 26.99 million to 30.99 million CNY compared to the previous year's 389.93 million CNY, representing a decline of 69.22% to 79.48%[4]. - The projected net profit after deducting non-recurring gains and losses for 2024 is estimated to be between 50 million and 75 million CNY, down from 339.27 million CNY last year, indicating a reduction of 26.43 million to 28.93 million CNY, or a decrease of 77.89% to 85.26%[6]. - The company anticipates total operating revenue for 2024 to be approximately 3 billion CNY, reflecting a decline in revenue due to market downturns and changes in revenue structure[11]. Previous Year Performance - The company reported a total profit of 358.43 million CNY and a net profit attributable to shareholders of 389.93 million CNY for the previous year[9]. - The company’s earnings per share for the previous year was 2.22 CNY[10]. Factors Affecting Performance - The decline in performance is attributed to market downturns, longer accounts receivable aging, and a reduction in government subsidies compared to the previous year[11][13]. - The performance forecast data has not been audited by a registered accountant, but there are no significant uncertainties affecting the accuracy of the forecast[14]. - The company emphasizes that the forecast data is preliminary and the final audited financial data will be disclosed in the 2024 annual report[15].

Summary of Conference Call Company and Industry Overview - The conference call discusses a company involved in the real estate and construction industry, focusing on its business segments including direct sales, agency business, and receivables management [1][2][3]. Key Points and Arguments 1. **Market Outlook for 2025**: The company anticipates an improvement in overall market conditions compared to 2024, particularly in the real estate sector, although specific plans are not yet defined [1]. 2. **Direct Sales Business Decline**: There is a noticeable reduction in the company's direct sales operations, with a strategic shift towards increasing cash-based transactions [1]. 3. **Changes in Agency Business**: The agency business is experiencing significant changes, with a focus on collaborating with major state-owned enterprises and a reduction in smaller project engagements due to payment collection issues [2]. 4. **Focus on Non-Residential Projects**: The company is prioritizing non-residential projects, including hotels and elder care facilities, as part of its agency business strategy [2][4]. 5. **Growth in Hotel Sector**: The hotel segment is expected to expand, with a notable demand for renovations and new constructions, indicating a substantial market opportunity [4]. 6. **Agency Network Expansion**: The company aims to increase its network of agents, targeting around 1,000 agents, and is exploring regional coverage to identify areas with insufficient penetration [5][6]. 7. **Cash Flow Impact**: The shift towards agency and distribution channels is expected to enhance the company's cash flow, as these channels typically have longer payment terms [7]. 8. **Target for Direct Sales Reduction**: The company aims to reduce the proportion of direct sales to below 25% in the long term [7]. 9. **Dealer Performance**: Approximately 20,000 out of over 50,000 dealers placed orders, indicating a rapid increase in dealer numbers but variability in order consistency [8]. 10. **Collaboration with Small Renovation Companies**: The company is partnering directly with small renovation firms to streamline operations and reduce intermediary costs, enhancing profitability for both parties [9][10]. 11. **Market Consolidation**: The industry is witnessing a consolidation trend, with smaller firms struggling to survive, leading to a concentration of market share among larger players [12]. 12. **Market Size and Growth Potential**: The overall market size is estimated at over 100 billion, with significant growth potential in the agency business, particularly in the hotel and elder care sectors [12][13]. 13. **Export Business Development**: The export segment has shown positive growth, with a revenue of approximately 8 million in the first three quarters, and plans for further expansion in 2024 [17][18]. 14. **Service as a Competitive Advantage**: The company emphasizes the importance of service in the export market, aiming to establish local service companies to enhance customer satisfaction [18][19]. 15. **Product Pricing Strategy**: The company maintains stable pricing for its products, with minimal adjustments unless there are significant changes in raw material costs [20][21]. 16. **Receivables Management**: The company is focusing on improving its receivables management by collaborating only with high-quality partners to mitigate risks [22]. Other Important Insights - The company is actively exploring new business opportunities and partnerships to enhance its market position and operational efficiency [16]. - There is a strong emphasis on maintaining quality and service standards to differentiate from competitors in a crowded market [16][19].