惠达卫浴股份有限公司 关于变更审计项目合伙人的公告 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。 2025 年 4 月 28 日，惠达卫浴股份有限公司（以下简称"公司"或"本公司"） 第七届董事会第五次会议审议通过了《关于续聘公司 2025 年度审计机构的议案》， 同意公司续聘天职国际会计师事务所（特殊普通合伙）（以下简称"天职国际"） 为公司 2025 年度财务报告审计机构和内部控制审计机构，聘期一年。该议案已 经公司 2025 年 5 月 20 日召开的 2024 年年度股东大会审议通过，详见《关于续 聘公司 2025 年度审计机构的公告》（2025-007）及《2024 年年度股东大会决议 公告》（2025-021）。 近日，公司收到天职国际出具的《关于变更项目合伙人的告知函》，现将具 体情况公告如下： 一、本次审计项目合伙人变更情况 证券代码：603385 证券简称：惠达卫浴 公告编号：2026-001 项目合伙人：周春阳，2005 年成为注册会计师，2006 年开始从事上市公司 审计，2011 年开始在天职国际执业 ...

Core Insights - The article discusses how Huida Sanitary Ware is navigating the market landscape by focusing on value creation rather than price competition, aiming for a significant transformation in the industry by 2025 [1][9]. Group 1: Market Positioning and Strategy - Huida Sanitary Ware has positioned itself as a "health bathroom expert" and aims to achieve value enhancement through technological breakthroughs and industry standards leadership by 2025 [1][5]. - The company is shifting from a focus on single products to comprehensive bathroom solutions that cater to diverse consumer needs, emphasizing the integration of scenes, services, and ecosystems [1][9]. Group 2: Technological Innovations - The smart bathroom market is growing at over 20% annually, with Huida's flagship product being the smart toilet, which aligns with consumer demand for health care and convenience [2]. - In 2025, Huida will launch the "full waterway sterilization" technology, extending sterilization from localized points to the entire water supply chain, enhancing water safety management [2][5]. - The new flagship smart toilets, "Deep Shield S5 Pro" and "Deep Shield S6 Pro," incorporate advanced health protection features, addressing traditional hygiene concerns [2][5]. Group 3: Industry Standards and Certifications - Huida Sanitary Ware led the establishment of the "full waterway sterilization" group standard, marking a significant step in standardizing this technology within the industry [5][7]. - The company has applied for 100 new patents and received 107 new patent grants as of June 2025, showcasing its commitment to innovation [8]. Group 4: Targeting Aging Population and Renovation Market - With government policies promoting old-for-new exchanges and renovations, Huida is strategically focusing on the aging population's needs, creating a complete product ecosystem for elderly bathroom solutions [9][12]. - The company introduced a "3-day renovation plan" to address long renovation cycles and improve efficiency in upgrading old bathrooms [11][12]. Group 5: Brand Development and Social Responsibility - Huida emphasizes brand building as a key component of its growth strategy, launching initiatives to strengthen emotional connections with the public [14]. - The company has been recognized for its social responsibility efforts, including partnerships with welfare foundations to support rural schools [19]. Group 6: Comprehensive Bathroom Solutions - Huida is shifting its focus to "full bathroom solutions," integrating functionality, aesthetics, and emotional appeal to meet evolving consumer demands [21]. - The company has launched various bathroom suite styles at the 2025 Shanghai Kitchen and Bath Expo, catering to different consumer preferences and needs [21]. Group 7: International Expansion and Quality Assurance - Huida has established a strong international presence, with products certified by various global quality standards and available in over 100 countries [27]. - The company maintains a rigorous quality control process, ensuring high standards in production and earning recognition in international design competitions [25][31].

Core Viewpoint - The strategic partnership between Huida Sanitary Ware and the fashion media benchmark "Rayli" marks a significant step in the integration of aesthetics and functionality in the bathroom industry, aiming to create a new standard for cross-industry collaboration and value enhancement in the home furnishing sector [1][5]. Group 1: Strategic Collaboration - Huida Sanitary Ware and "Rayli" magazine have officially established a strategic partnership, highlighted by the "Scene Aesthetics New Perspective" forum featuring renowned artist Zhao Yazi [1][3]. - The collaboration focuses on Huida's four strategies: integration, intelligence, digitization, and ecology, emphasizing the brand's commitment to becoming a "health-oriented bathroom customization expert" [1][5]. Group 2: Aesthetic Innovation - The partnership aims to build an open "scene aesthetics system," with plans to introduce diverse thematic solutions beyond just Eastern styles, including urban beauty, pet-friendly designs, and smart health [5]. - The "Eastern Aesthetic Space," a product of this collaboration, showcases Huida's products integrated into a lifestyle context, moving beyond traditional product displays to create an immersive experience [6]. Group 3: Market Impact - The "Eastern Aesthetic Space" serves as a new way to engage customers, transforming the bathroom space into a personal aesthetic gallery that enhances emotional experiences and lifestyle narratives [6]. - This collaboration signifies a shift in the home furnishing industry from competition based on individual product functionality to a focus on overall scene experiences and emotional offerings [6].

Core Insights - The home furnishing industry is experiencing a shift from "scale expansion" to "value creation," particularly in the bathroom sector, which is a core category of home furnishings [1][3] - Huida Sanitary Ware presented its strategic vision at the 2026 National Dealer Conference, focusing on strategic elevation, aesthetic scenarios, and ecological integration [1][3] Strategic Elevation - The bathroom industry is undergoing unprecedented structural changes, with competition evolving from single products to integrated, scenario-based "whole bathroom solutions" due to policy changes and rising consumer expectations [3] - Future competition will focus on "professional depth, technological research and development, supply chain collaboration, and user experience," rather than mere scale expansion [5] Aesthetic Empowerment - Huida Sanitary Ware's collaboration with fashion media "Rayli" aims to redefine the value competition in the industry by launching the "Oriental Aesthetics" bathroom space scenario series [7][11] - The partnership will integrate Huida's product technology with Rayli's aesthetic design, creating a new bathroom experience that combines functionality, aesthetics, and emotional engagement [11] Intelligent Ecosystem Integration - Huida and Midea signed a strategic cooperation agreement to align with the trend of "home appliance integration" in the bathroom industry, leveraging Huida's customization capabilities and Midea's expertise in smart control and IoT technology [15][18] - This collaboration marks a significant milestone in Huida's transition from "smart products" to building an "intelligent ecosystem," aiming to provide a seamless and health-oriented living space for users [18][20] Industry Transformation - The shift from "scale expansion" to "value creation" is a profound change for the industry, with 2026 expected to be a pivotal year for Chinese companies transitioning from market followers to industry leaders [7] - Huida's proactive approach to change and its commitment to creating value for customers set a new benchmark for the industry, potentially leading to high-quality development across the bathroom sector [20]

Market Overview - The Shanghai Composite Index is at 3885.23 points, above the annual line, with a change of 0.23% [1] - The total trading volume of A-shares is 1,404.985 billion yuan [1] Stocks Breaking Annual Line - A total of 196 A-shares have surpassed the annual line today [1] - Notable stocks with significant deviation rates include: - Debi Group (11.48%) - Lite-On Optoelectronics (10.24%) - Xinlong Health (7.36%) [1] Stock Performance Details - Top performers with deviation rates: - Debi Group: 19.99% increase, latest price 22.51 yuan, deviation rate 11.48% [1] - Lite-On Optoelectronics: 12.94% increase, latest price 25.49 yuan, deviation rate 10.24% [1] - Xinlong Health: 10.06% increase, latest price 7.77 yuan, deviation rate 7.36% [1] - Other notable stocks with smaller deviation rates include: - GQY Vision: 13.54% increase, latest price 7.38 yuan, deviation rate 6.37% [1] - Phoenix Shipping: 6.29% increase, latest price 5.07 yuan, deviation rate 5.66% [1] Additional Stock Insights - Stocks with lower deviation rates that just crossed the annual line include: - Hanxin Technology: 7.99% increase, latest price 42.70 yuan, deviation rate 3.99% [1] - Jinjiang Online: 4.81% increase, latest price 15.92 yuan, deviation rate 3.89% [1] - The overall market shows a mix of strong performers and those just reaching the annual line, indicating varied investor sentiment [1][2]

证券日报网讯12月17日，惠达卫浴（603385）在互动平台回答投资者提问时表示，目前公司生产经营活 动正常开展，不存在任何应披露而未披露的重大不利事项。公司将通过多种举措，致力于提升企业价值 与股东回报。 ...

Core Insights - The company Huida has won the Science and Technology Progress Award from the China Building Materials Circulation Association for 2025, thanks to its integration of ESG principles into green technology [1] Group 1: ESG Integration - ESG has become a new standard for evaluating corporate excellence, focusing on environmental, social, and governance aspects [3] - Huida is leveraging advanced technology to address environmental challenges, particularly in waste management, and is committed to user health and industry standards [4] Group 2: Technological Advancements - Huida has developed an "internationally leading" solid waste resource recycling technology, significantly improving production efficiency and sustainability [4] - The company has introduced a unique process combining "classified recycling + non-flocculating" treatment, enhancing the stability of recycled materials and increasing product quality [4] Group 3: Environmental Impact - From June 2023 to December 2024, Huida produced 347.67 million eco-friendly ceramics and managed to recycle significant amounts of waste, including 6,082 tons of waste porcelain and 11,033 tons of waste mud [6] - The company's green manufacturing practices are yielding tangible economic benefits, demonstrating that environmental responsibility can lead to substantial value creation [6] Group 4: Global Reach - Huida's advanced technology has positioned it to successfully market its products in over 100 countries and regions, emphasizing the importance of "technology + quality" in its global strategy [8] - The company aims to continue enhancing its product offerings through technological innovation and a commitment to sustainability [8]

Group 1 - The company has been exporting products to several EU member countries, making Europe its second-largest export region [2] - The company's products have been exported to France, Italy, Poland, Netherlands, Belgium, Spain, and Portugal, among others [2] - Additionally, the company also exports to other significant European markets, including the UK [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with a year-over-year decrease of 10.71% in revenue and a shift from profit to loss in net profit [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.21 billion yuan and a net profit of 15 million yuan, with a year-over-year decline of 83.69% in net profit [1]. - In Q3 2025, the company reported revenue of 785 million yuan, with a net profit of -3 million yuan, reflecting a year-over-year decline of 12.09% [1]. Market Strategy - The company is facing pressure from weak downstream demand but is actively deepening its channel strategy to expand both domestic and international markets [2]. - Retail channel initiatives include the "thousand merchants, ten thousand stores" and "thousand counties, ten thousand towns" plans, which have improved the coverage rate in prefecture-level cities by 3% and county-level cities by 12% by mid-2025 [2]. - Online channel growth is supported by partnerships with major platforms like JD.com and Tmall, with revenue from emerging platforms like Douyin and Kuaishou exceeding 100% growth [2]. Profitability and Cost Structure - The company's gross margin for the first three quarters of 2025 was 25.1%, a decrease of 2.3 percentage points year-over-year, with asset impairment losses of 25.76 million yuan impacting net profit margins [2]. - In Q3 2025, the gross margin was 25.5%, down 2.2 percentage points year-over-year but up 2.1 percentage points quarter-over-quarter [2]. Investment Outlook - The company is accelerating product iteration and channel expansion, with expectations for operational improvement in the future [3]. - Projected net profits for 2025-2027 are 50 million yuan, 135 million yuan, and 171 million yuan, corresponding to PE ratios of 55, 21, and 16 times [3]. - A target price of 8.90 yuan per share is set based on a relative valuation method, maintaining a "strong buy" rating [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][13]. Core Views - The company reported a revenue of 2.21 billion yuan and a net profit attributable to shareholders of 15 million yuan for the first three quarters of 2025, reflecting a year-over-year decline of 10.71% and 83.69% respectively [2]. - The company is facing short-term pressure on its performance but is expected to see a turning point in operations in the future [2]. - The report anticipates that the company will achieve net profits of 50 million yuan, 135 million yuan, and 171 million yuan for the years 2025 to 2027, corresponding to PE ratios of 55, 21, and 16 respectively [2]. Financial Performance Summary - For Q3 2025, the company achieved revenue of 785 million yuan, with a net profit of -3 million yuan, indicating a year-over-year revenue decline of 12.09% [2]. - The gross margin for Q1-Q3 2025 was 25.1%, down 2.3 percentage points year-over-year [2]. - The company plans to accelerate product iteration and channel expansion to improve future operations [2]. Market Position and Strategy - The company is actively expanding its retail channels and has increased its coverage in lower-tier cities, with a 3% increase in city-level coverage and a 12% increase in county-level coverage by mid-2025 [2]. - Online sales through major platforms like JD and Tmall have seen significant growth, with revenue from emerging platforms like Douyin and Kuaishou exceeding 100% growth [2]. - The company is shifting its focus towards the hotel and public building sectors to adjust its customer structure [2].