| 证券代码：603208 | 证券简称：江山欧派 公告编号：2024-009 | | --- | --- | | 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 关于控股股东股份质押到期后继续质押的公告 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： ●江山欧派门业股份有限公司（以下简称"公司"）控股股东吴水根先生持有 公司股份5,162.95万股，占公司总股本的29.14%。本次股份质押到期办理继续质 押业务后，吴水根先生累计质押公司股份587.60万股，占其所持股份的11.38%， 占公司总股本的3.32%。 公司于2024年4月18日收到控股股东吴水根先生的通知，吴水根先生将其质 押给国泰君安证券股份有限公司（以下简称"国泰君安"）的全部股份到期后办 理了继续质押手续，具体情况如下： 一、股份继续质押的具体情况 2024年4月18日，吴水根先生将其质押给国泰君安的587.60万股无限售条件 流通股到期后办理了继续质押手续，将质押到期日由2024年4月18日延长至2024 年 ...

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-008 | | --- | --- | --- | | 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 关于召开 2023 年度暨 2024 年第一季度业绩说明会 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： 会议召开时间：2024 年 4 月 26 日（星期五）上午 10:00-11:00 会议召开地点： 上海证券 交易所上证路演中心（ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 总经理：王忠先生； 财务负责人：吴水燕女士； 投资者可于 2024 年 4 月 19 日（星期五）至 4 月 25 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过江山欧派门业股份 有限公司（以下简称"公司"）邮箱 Securities@oupaigroup.com 进行提问。公 司将在说明会上对投资者普遍关注的问题 ...

Company Overview - Jiangshan Oupai is a comprehensive enterprise engaged in design, research and development, production, sales, and service of wooden doors, with multiple production bases covering nearly 2,000 acres [4]. - The company focuses on solid wood composite doors and has expanded its product range to include windows, wall panels, cabinets, flooring, bathroom products, and hardware for integrated healthy home products [4]. Financial Performance - In 2023, Jiangshan Oupai achieved an operating income of approximately CNY 372 million, representing a year-on-year growth of about 16% [4]. - The expected net profit attributable to shareholders for 2023 is between CNY 35 million and CNY 45 million, marking a turnaround from losses in the previous year [4]. Market Position and Strategy - Jiangshan is located in a key area for the wooden door industry, recognized as "China's Capital of Wooden Doors" since 2008, benefiting from rich forestry resources and geographical advantages [4]. - The company positions its products around "health" and continuously enriches its offerings with environmentally friendly designs, high-quality products, and integrated sales solutions [5]. Production and Capacity Utilization - The production capacity utilization rate is high at the Jiangshan base, with gradual improvements at the Chongqing and Henan bases [5]. - The company leverages mechanized large-scale manufacturing to enhance inventory turnover and reduce production cycles [7]. Sales Channels and Customer Base - Jiangshan Oupai's sales channels include distributors, agents, and direct engineering channels, with a focus on major clients like Poly and Vanke [5]. - The company has expanded its distributor network across various regions, actively engaging in the housing decoration market [6]. Future Plans - The company aims to strengthen its direct engineering channel by targeting state-owned enterprises and reputable private enterprises for strategic partnerships [6]. - There are currently no plans for overseas factories [7].

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-006 | | --- | --- | --- | | 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 关于子公司河南欧派公司完成工商变更登记的公告 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。 江山欧派门业股份有限公司（以下简称"公司"）收到全资子公司河南欧派 门业有限责任公司（以下简称"河南欧派公司"）报告，河南欧派公司根据经营 发展需要，对其法定代表人进行变更：法定代表人由"冯毅"变更为"戴福良"， 具体变更内容请参照变更后的《营业执照》。本次工商变更登记手续完成后，河 南欧派公司仍为公司全资子公司。 目前，河南欧派公司已完成相关工商变更登记手续，并取得了兰考县市场监 督管理局换发的《营业执照》，变更后的《营业执照》具体内容如下： 统一社会信用代码：91410225MA40JKM10W 公司名称：河南欧派门业有限责任公司 类型：有限责任公司（自然人投资或控股的法人独资） 特此公告。 江山欧派门业股份有限公司 董 ...

Investment Rating - The investment rating for the company is "Accumulate" [2]. Core Views - The company has successfully turned a profit in 2023, with a planned dividend payout ratio of approximately 80% [5]. - The company is actively promoting the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative, focusing on core product development and enhancing shareholder returns [8]. - The company's revenue for 2023 is projected to be 37.28 billion yuan, representing a year-on-year growth of 16.2%, with a net profit of 4.00 billion yuan, marking a significant turnaround from losses [15]. Summary by Sections Company Basic Data - Latest closing price is 26.53 yuan, with a one-year high of 51.55 yuan and a low of 21.10 yuan [3]. - Current P/E ratio is -26.12, and the P/B ratio is 3.35 [3]. - Total shares outstanding are 1.77 billion, with a total market capitalization of 47.00 billion yuan [3]. Financial Performance - Revenue for 2022 was 32.09 billion yuan, with projections of 37.28 billion yuan for 2023, 42.97 billion yuan for 2024, and 49.20 billion yuan for 2025 [3]. - The net profit for 2022 was -2.98 billion yuan, with forecasts of 4.00 billion yuan for 2023, 4.83 billion yuan for 2024, and 5.60 billion yuan for 2025 [3]. - Earnings per share (EPS) is expected to be 2.25 yuan in 2023, 2.72 yuan in 2024, and 3.16 yuan in 2025 [3]. Revenue and Profit Growth - The company reported quarterly revenues of 6.82 billion yuan, 9.19 billion yuan, 11.03 billion yuan, and 10.23 billion yuan for Q1, Q2, Q3, and Q4 of 2023, respectively, with year-on-year growth rates of 38.98%, 17.92%, 17.06%, and 2.78% [8]. - The quarterly net profits for the same periods were 0.59 billion yuan, 0.83 billion yuan, 1.49 billion yuan, and 1.09 billion yuan, with significant year-on-year increases [8]. Channel Development - The company has made significant progress in channel adjustments, with revenue from the bulk channel reaching 18.38 billion yuan, a year-on-year increase of 28.15% [8]. - The number of franchisees has increased to 33,299, contributing to a 19.58% growth in revenue from the distribution channel [8]. Profit Forecast - The profit forecast for 2024 and 2025 is adjusted to 4.83 billion yuan and 5.60 billion yuan, respectively, with corresponding P/E ratios of 10 and 8 times based on the current market value [9].

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 35.23 CNY, down from a previous target of 35.76 CNY [2][11][20] Core Insights - The company's performance meets expectations, with significant profit improvement attributed to a reduction in credit impairment losses compared to the same period last year, alongside marketing reforms driving scale effects [11][20] - The company has maintained a high cash dividend payout ratio of approximately 80%, reflecting its commitment to shareholder returns [11][20] - Revenue for 2023 is projected to be 3.728 billion CNY, representing a 16.2% increase from the previous year, with a net profit forecast of 400 million CNY, recovering from a loss in 2022 [11][20] Financial Summary - Revenue (in million CNY): - 2021: 3,157 - 2022: 3,209 - 2023E: 3,728 - 2024E: 4,400 - 2025E: 5,104 [11][20] - Net Profit (in million CNY): - 2021: 257 - 2022: -299 - 2023E: 400 - 2024E: 480 - 2025E: 564 [11][20] - EPS (CNY): - 2021: 1.45 - 2022: -1.68 - 2023E: 2.26 - 2024E: 2.71 - 2025E: 3.18 [11][20] Profitability and Valuation Metrics - Operating Profit Margin (%): - 2021: 10.1% - 2022: -7.7% - 2023E: 13.2% - 2024E: 13.3% - 2025E: 13.6% [11][20] - Return on Equity (ROE) (%): - 2021: 13.9% - 2022: -21.1% - 2023E: 26.8% - 2024E: 30.1% - 2025E: 33.1% [11][20] - Price-to-Earnings Ratio (PE): - 2023E: 11.59 - 2024E: 9.68 - 2025E: 8.24 [11][20] Market Position and Strategy - The company is expanding its product categories and diversifying its distribution channels, focusing on engineering projects and various sectors such as schools and hospitals to enhance market share [11][20] - The company aims to leverage category synergy to improve its market presence and is actively developing agency and distribution channels to extend its reach into the consumer market [11][20]

证券代码：603208 证券简称：江山欧派 江山欧派投资者关系活动记录表（2024 年 02 月） 编号：2024-002 √特定对象调研 □分析师会议 投资者关系 □媒体采访 □业绩说明会 活动类别 □新闻发布会 □路演活动 √现场参观交流 √其他： 线下策略会、线上 交流 参与单位名 中欧基金、招商基金、天治基金、合煦智远基金、诺安基金、万家 基金、中邮基金、景顺长城基金、银华基金、前海联合基金、广发 称 基金、富国基金、国寿安保基金、民生加银基金、嘉实基金、华夏 基金、平安基金、兴证全球基金、国泰基金、华宝基金、长信基 金、财通基金、工银瑞信基金、国金基金、西部证券自营、财通证 券自营、中信建投证券自营、建信理财、招银理财、中银理财、花 ...

| 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-003 | | --- | --- | --- | | 债券代码：113625 | 债券简称：江山转债 | | ●目前转股价格：55.04 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 2024 年 1 月 29 日起 算，截至 2024 年 2 月 2 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 49.54 元/股）。若公司 股票收盘价在未来连续十五个交易日内有五个交易日仍继续保持在当期转股价 格 55.04 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 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 ...

Group 1: Company Overview - Jiangshan Oupai is a comprehensive enterprise engaged in design, research and development, production, sales, and service in the furniture manufacturing industry, specifically in door manufacturing [3] - The company has multiple production bases covering nearly 2,000 acres, focusing on solid wood composite doors and laminated doors, and has expanded into integrated healthy home products including windows, wall panels, cabinets, flooring, and bathroom fittings [3][4] - In 2023, the company achieved an operating income of approximately CNY 372 million, a year-on-year increase of about 16%, and expects a net profit attributable to shareholders of CNY 35 million to CNY 45 million, compared to a loss of CNY 29.85 million in the previous year [3][4] Group 2: Market Position and Competition - The wood door industry is projected to maintain an annual growth rate of 4-5%, with an industry output value expected to exceed CNY 190 billion by 2025 [4] - Jiangshan Oupai holds a market share of approximately 2% in the wood door industry, indicating significant growth potential [4] - The entry of other furniture companies into the wood door market has intensified competition, but Jiangshan Oupai maintains competitive advantages through brand strength, cost-effectiveness, production capacity, quick response times, and comprehensive service [4] Group 3: Product Development and Pricing Strategy - The company employs a professional design team to analyze market data and consumer feedback, ensuring that new products meet aesthetic and practical needs [5] - The pricing strategy for main product lines considers material costs, labor costs, and market conditions, with a focus on maintaining high product value [5] - Jiangshan Oupai's product range includes solid wood composite doors and laminated doors, with ongoing expansion into various home furnishing categories [5][6] Group 4: Financial Performance and Cash Flow - The net cash flow from operating activities for the first three quarters of 2021, 2022, and 2023 was CNY -282 million, CNY 271 million, and CNY 316 million respectively, indicating continuous improvement in cash flow [6][7] - The improvement in cash flow is attributed to optimized sales structure and increased proportion of cash collection [7] Group 5: Risk Management and Supply Chain - The company mitigates risks from raw material price fluctuations by maintaining long-term strategic partnerships with multiple suppliers and developing new materials to optimize supply chain costs [6] - A risk control mechanism for raw material prices has been established, allowing for timely adjustments based on market conditions [6] Group 6: Market Expansion and Distribution Channels - Jiangshan Oupai is actively expanding into overseas markets, including the Middle East, Southeast Asia, and North America, while enhancing customer development and brand promotion [9] - The company has a diverse distribution network, with active dealers primarily in Central, Eastern, and Southern China, gradually expanding to various retail and construction markets [7][8]

累计转股情况：截至 2023 年 12 月 31 日，累计有 456,000.00 元"江山 转债"已转换成江山欧派门业股份有限公司（以下简称"公司"）股份，因转股 形成的股份数量累计为 4,755 股（其中 4,711 股为新增股份，44 股为库存股）， 占可转债转股前公司已发行股份总额的 0.0045%。 未转股可转债情况：截至 2023 年 12 月 31 日，公司尚未转股的"江山转 债"金额为 582,544,000 元，占"江山转债"发行总量的 99.9218%。 | 证券代码：603208 | 证券简称：江山欧派 | 公告编号：2024-001 | | --- | --- | --- | | 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 关于可转债转股结果暨股份变动公告 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： 2、因公司实施 2021 年年度权益分派方案，"江山转债"的转股价格自 2022 年 7 月 6 日起调整为 73.53 元/股。具体内容详见公司于 ...