2025年1-6月，国内房地产市场继续承压。从投资端看，住宅投资3.58万亿元，同比下降10.4%。住宅新开工面积2.23亿平方米，同比下降19.6%。从竣工端看，住宅竣工面积1.63亿平方米 作为下游的家居行业不可避免地受到波及。不过自2024年第四季度开始，家电、家居等耐用消费品的以旧换新补贴政策开始有序实施，一定程度上延缓了整体下行节奏。根据国家统计局数据， 截至8月31日，A股6家卫浴制品（按申万三级行业分类）上市公司均已披露2025年半年报。据财报披露的数据统计，6家公司合计实现总营收100.76亿元，同比下降9.5%；归母净利润（含亏损 就收入规模而言，箭牌家居以28.37亿元居于榜首，比第二名建霖家居上半年营收约高出4.51亿元。瑞尔特前6个月实现9.20亿元营收排在最后，与2024年上半年相比显著下降19.5%。业绩公 就成本控制而言，卫浴制品公司上半年的营业成本随着业务收缩普遍走低，箭牌家居和建霖家居的成本同比下降幅度高于当期收入降幅。箭牌家居同样以20.01亿元成本位列第一，约为第二名建 卫浴制品公司营业成本占营业收入的比例保持在70%-75%之间，但海鸥住工营业成本占比高达87.1%。业 ...

出品：新浪财经上市公司研究院 就成本控制而言，卫浴制品公司上半年的营业成本随着业务收缩普遍走低，箭牌家居和建霖家居的成本同比下降幅度高于当期收入降幅。箭牌家居同样以 20.01亿元成本位列第一，约为第二名建霖家居的1.15倍。瑞尔特营业成本同比下降16.0%至6.81亿元，处于末位，其中水箱及配件、智能坐便器及盖板分别 较2024年上半年减少17.0%、20.0%。 卫浴制品公司营业成本占营业收入的比例保持在70%-75%之间，但海鸥住工营业成本占比高达87.1%。业绩公告显示，公司产品以出口为主，上半年由于地 缘政治局势紧张，关税政策和汇率波动风险加剧，其境外业务营业成本占营业总成本比例达64.0%。相较之下，松霖科技境外收入虽然占比也达到77.6%， 但多批次、小批量的采购特点，令其营业成本管控得当，约占当期总营收66.5%。 作者：木予 2025年1-6月，国内房地产市场继续承压。从投资端看，住宅投资3.58万亿元，同比下降10.4%。住宅新开工面积2.23亿平方米，同比下降19.6%。从竣工端 看，住宅竣工面积1.63亿平方米，下降15.5%。从销售端看，住宅销售面积下降3.7%。新建商品房销售额4. ...

Core Points - The 2025 list of the top 100 private enterprises in Hebei Province was released by the Hebei Federation of Industry and Commerce on September 9 [1] - The list includes various sectors, highlighting the diversity and strength of private enterprises in the region [6] Group 1: Top 100 Private Enterprises - The list features companies such as Yuhua Steel Co., Ltd., Tangshan Ganglu Steel Co., Ltd., and Jinko Solar Technology Co., Ltd. [2][3][4] - Notable mentions include Longcheng Automotive Co., Ltd. and Hebei Construction Group [4][6] Group 2: Manufacturing Sector - The top 100 private manufacturing enterprises include companies like Jingye Group Co., Ltd. and Hebei Xinhua United Metallurgical Holding Group [6][7] - The manufacturing sector showcases a strong representation of steel and automotive industries [6][20] Group 3: Service Sector - The top 100 private service enterprises feature Hebei Qianxihe Food Co., Ltd. and Xinlian Logistics Group [13][14] - This indicates a growing service industry alongside traditional manufacturing [13] Group 4: R&D Investment - The top 100 private enterprises in R&D investment include Changcheng Automotive Co., Ltd. and Shijiazhuang Yiling Pharmaceutical Co., Ltd. [20][26] - This highlights the emphasis on innovation and technology development within Hebei's private sector [20] Group 5: Patent Holdings - The top 100 private enterprises for invention patents are led by Changcheng Automotive Co., Ltd. and New Hope Liuhe Co., Ltd. [26][27] - This reflects the commitment to intellectual property and innovation among leading companies in Hebei [26]

2025年第二次临时股东会会议资料 惠达卫浴股份有限公司 2025年第二次临时股东会会议资料 二〇二五年九月 1 / 9 2025年第二次临时股东会会议资料 目录 | 一、2025年第二次临时股东会会议议程 | 3 | | --- | --- | | 二、2025年第二次临时股东会会议须知 | 5 | | 议案一：关于《增加经营范围暨修订<公司章程>》的议案 | 7 | 2 / 9 2025年第二次临时股东会会议资料 惠达卫浴股份有限公司 2025年第二次临时股东会会议议程 会议召集人：公司董事会 （三）会议出席及列席人员 1.2025年9月17日下午收市后，在中国证券登记结算有限责任公司上海分公 司登记在册的公司全体股东或其合法委托的代理人 2.公司董事和高级管理人员 一、会议召开的基本情况 （一）会议类型和届次 2025年第二次临时股东会 （二）会议召开时间、地点 现场会议时间：2025年9月23日下午14:30 现场会议地点：河北省唐山市丰南区黄各庄镇惠达路2号办公楼八楼会议室 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起始时间：通过交易系统投票平台的投票时间为2025年9月23日 9:1 ...

证券代码：603385 证券简称：惠达卫浴 公告编号：2025-037 惠达卫浴股份有限公司 关于参加 2025 年河北辖区上市公司投资者网上集体接待日 暨 2025 年半年报集体业绩说明会的公告 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。 为进一步加强与投资者的互动交流，惠达卫浴股份有限公司(以下简称"公 司")将参加由河北省上市公司协会与深圳市全景网络有限公司联合举办的"2025 年河北辖区上市公司投资者网上集体接待日暨 2025 年半年报集体业绩说明会活 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 9 月 15 日(周一)15:00-17:00。 届时公司董事、总经理王佳女士，董事、常务副总经理、董事会秘书张春玉 先生，财务总监刘俊燕女士将在线就公司业绩、公司治理、发展战略、经营状况 和可持续发展等投资者关心的问题，与投资者进行沟通 ...

2025年第二 次 临 时 股 东 会 会 议 资 料 惠达卫浴股份有限公司 2025年第二次临时股东会会议资料 二〇二五年九月 1 / 9 | | | | | | | | 2025年第二 | | --- | --- | --- | --- | --- | --- | --- | --- | | 次 临 东 | 时 | 股 | 会 | 会 | 议 | 资 | 料 | | | | | 目录 | | | | | | 一、2025年第二次临时股东会会议议程 | | | | | | | 3 | | 二、2025年第二次临时股东会会议须知 | | | | | 5 | | | 议案一：关于《增加经营范围暨修订<公司章程>》的议案 .................... 7 2 / 9 2 0 2 5 年 第 二 次 临 时 股 东 会 会 议 资 料 惠达卫浴股份有限公司 2025年第二次临时股东会会议议程 一、会议召开的基本情况 （一）会议类型和届次 2025年第二次临时股东会 （二）会议召开时间、地点 现场会议时间：2025年9月23日下午14:30 现场会议地点：河北省唐山市丰南区黄各庄镇惠达路2号办公楼八楼会议 ...

Core Viewpoint - The long-standing bathroom brand Huida Sanitary (603385.SH) is opting for a "radical" approach to divest its loss-making assets due to continuous losses over its 43-year history [1]. Group 1: Asset Divestiture - Huida Sanitary announced plans to publicly transfer 100% equity and related debts of its subsidiary, Guangxi Xingaosheng Thin Ceramic Co., Ltd. (广西新高盛), through a public listing [3]. - The equity will be transferred at a base price of 1 yuan, while the debts will be sold at nearly a 50% discount, raising market attention [3]. - Guangxi Xingaosheng has been consistently losing money, with a net loss of 29.31 million yuan in the first half of 2025 and a negative net asset of 154 million yuan, currently in a state of suspension [3]. Group 2: Financial Details - The assessment report from Walker (Beijing) International Asset Appraisal Co., Ltd. indicated that as of June 30, 2025, the book value of all shareholders' equity for Guangxi Xingaosheng was -154 million yuan, with an assessed value of -63.08 million yuan [3]. - The total debt owed to Guangxi Xingaosheng amounts to 269 million yuan, with Huida Sanitary's own debt at 138 million yuan, and the debts are listed at a base price of 144 million yuan [3]. Group 3: Strategic Intent - The company aims to adjust and optimize its industrial structure, integrate resources, reduce management costs, and enhance asset operational efficiency and quality through this divestiture [4]. - Huida Sanitary, established in 1997 and listed in 2017, has been facing stock price volatility, with a recent decline of 1.31% to 6.76 yuan on September 5 [4].

Core Viewpoint - The company Huida Sanitary Ware (603385.SH) is divesting its loss-making assets through a drastic "amputation" strategy to mitigate financial losses and operational risks amid a challenging market environment [1][8]. Group 1: Asset Disposal Details - Huida Sanitary Ware plans to publicly transfer 100% equity and related debts of its subsidiary Guangxi Xingaosheng Thin Ceramic Co., Ltd. for a nominal price of 1 yuan, with debts being offered at a 53.6% discount [4][5]. - The equity of Guangxi Xingaosheng has a negative book value of -154 million yuan, with an assessed value of -63.08 million yuan, indicating a 59.08% increase in assessed value despite being negative [4][5]. - The total debt owed to Guangxi Xingaosheng amounts to 269 million yuan, with the public offering price set at 144 million yuan [4][5]. Group 2: Financial Performance and Market Context - Guangxi Xingaosheng has been experiencing continuous losses, reporting a net loss of 34.89 million yuan in 2024 and 29.31 million yuan in the first half of 2025, leading to a negative net asset situation [5][6]. - The ceramic industry is under pressure due to a downturn in the real estate market, with a reported 12.18% decrease in ceramic tile production in 2024 and a significant drop in production capacity utilization [7]. - Huida Sanitary Ware's revenue for the first half of 2025 was 1.425 billion yuan, a decline of 9.94% year-on-year, with net profit dropping by 70.21% to 17.97 million yuan [7][8]. Group 3: Strategic Implications - The divestiture is aimed at optimizing the company's industrial structure, reducing management costs, and improving asset operational efficiency [6][8]. - The company acknowledges the uncertainty surrounding the transaction, including potential buyers and the final sale price, indicating challenges in finding a willing buyer for the distressed assets [8].

Core Viewpoint - The long-established bathroom brand Huida Sanitary Ware (603385.SH) is opting for a "self-mutilation" strategy by divesting its loss-making assets due to continuous losses over its 43-year history [2][3]. Group 1: Asset Disposal Details - Huida Sanitary Ware announced plans to publicly transfer 100% equity and related debts of its subsidiary, Guangxi Xingaosheng Thin Ceramic Co., Ltd. (广西新高盛), which has been consistently losing money [2][3]. - The asset disposal involves selling the equity for 1 yuan and the debts at a 50% discount, raising significant market attention [3][5]. - Guangxi Xingaosheng reported a net loss of 29.31 million yuan for the first half of 2025, with a net asset value of -154 million yuan, and is currently in a state of suspension [3][6]. Group 2: Financial Performance and Market Context - The ceramic industry is under pressure due to a downturn in the real estate market, leading to intensified competition and reduced profit margins [7]. - In 2024, the national ceramic tile production decreased by 12.18%, with a capacity utilization rate of less than 50% [7]. - Huida Sanitary Ware's revenue for the first half of 2025 was 1.425 billion yuan, a year-on-year decline of 9.94%, and net profit dropped by 70.21% to 17.97 million yuan [7][8]. Group 3: Strategic Implications - The company aims to optimize its industrial structure and improve asset operation efficiency through this asset sale [7][8]. - The transaction's success is uncertain, with potential challenges in finding a buyer for the loss-making assets, especially given Guangxi Xingaosheng's debt and operational status [8].

Core Viewpoint - The long-established bathroom brand Huida Sanitary (603385.SH) is divesting its loss-making assets through a drastic "amputation" strategy due to continuous losses, particularly focusing on the disposal of its subsidiary Guangxi Xingaosheng [1][5][9] Group 1: Asset Disposal Details - Huida Sanitary plans to publicly transfer 100% equity and related debts of Guangxi Xingaosheng, which has been incurring losses, with a net loss of 29.31 million yuan in the first half of 2025 and a negative net asset of 154 million yuan [1][6] - The equity will be sold for a nominal price of 1 yuan, while the total debt of 269 million yuan will be offered at a discounted price of 144 million yuan, representing only 53.6% of the total debt [6][8] - The decision to sell these assets is closely linked to Guangxi Xingaosheng's poor financial performance, with a net profit of -34.89 million yuan in 2024 and a significant debt burden [6][8] Group 2: Industry Context - The ceramic industry is facing significant challenges due to a downturn in the real estate market, leading to intensified competition and reduced profit margins [8] - National ceramic tile production decreased by 12.18% in 2024, with a capacity utilization rate of less than 50% [8] - Huida Sanitary's revenue for the first half of 2025 was 1.425 billion yuan, down 9.94% year-on-year, with net profit plummeting by 70.21% to 17.97 million yuan [8][9] Group 3: Future Considerations - The company aims to optimize its industrial structure and resource allocation through this asset sale, focusing on its core business [7][9] - There are uncertainties regarding the completion of the transaction, including potential buyers and pricing, which could pose challenges for the company [9]