Core Viewpoint - 惠达卫浴 (603385) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 1.425 billion yuan, a decrease of 9.94% year-on-year [1] - Net profit attributable to shareholders was 17.97 million yuan, down 70.21% year-on-year [1] - In Q2 2025, total revenue was 762 million yuan, a decline of 14.7% year-on-year, and net profit was 7.16 million yuan, down 77.6% [1] - Gross margin decreased to 24.91%, down 8.48% year-on-year, while net margin fell to 0.8%, a drop of 76.78% [1] - Total expenses (selling, administrative, and financial) amounted to 293 million yuan, accounting for 20.53% of revenue, an increase of 7.1% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 36.03% to 276 million yuan [1] - Accounts receivable remained relatively stable at 729 million yuan, a slight decrease of 0.53% [1] - Interest-bearing debt decreased significantly by 71.33% to 111 million yuan [1] - The ratio of accounts receivable to net profit reached 524.33%, indicating a high level of receivables relative to profit [4] Cash Flow Analysis - Operating cash flow per share was 0.02 yuan, down 65.16% year-on-year [1] - The net cash flow from operating activities decreased by 65.26%, attributed to reduced sales and net receipts from goods purchased [3] - The net cash flow from investing activities fell by 73.63%, due to a decrease in net recoveries from large deposits and time deposits [3] Business Model and Operational Insights - The company's performance is primarily driven by research and marketing efforts, which require careful examination of the underlying factors [4] - Historical data indicates that the company's return on invested capital (ROIC) has been weak, with a median ROIC of 6.93% since its listing [3] - The company has experienced cyclical performance, with a notable negative ROIC of -4.23% in 2023 [3]

Core Viewpoint - The company is facing challenges in revenue and net profit due to a complex macro environment and industry cycles, but it is committed to product innovation and channel optimization, demonstrating strategic determination and transformation resolve [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.425 billion yuan and a net profit attributable to shareholders of 17.97 million yuan, indicating a temporary decline in profits [2]. - As of the end of the reporting period, the net assets attributable to shareholders reached 3.756 billion yuan, showing a slight adjustment of 0.68% compared to the end of the previous year, maintaining stable asset quality [2]. - The company recorded non-operating income of 47.83 million yuan through effective financial asset management and credit impairment reversal, providing significant support for net profit [2]. Product Innovation and Technology - The company has made significant progress in product certification, with its smart toilet being the first to pass national 3C certification and the latest water efficiency standards, reinforcing its market entry foundation [3]. - In the first half of 2025, the company added 100 new patents, including 15 invention patents, bringing the total number of effective patents to 1,222 [3]. - The company is focusing on AI applications, smart control, and energy-saving technologies to enhance product customization capabilities and competitive advantage in the health bathroom segment [3]. Channel Optimization and Digital Transformation - Retail channels remain the core support, accounting for 56.49% of revenue, with e-commerce channels achieving a revenue of 148 million yuan, a year-on-year increase of 51.13% [4]. - The company is accelerating digital transformation with the launch of the "Huidah After-Sales Service System (HDCS)" for comprehensive customer service management [4]. - The company is also implementing strategic management models to enhance resource allocation accuracy and mitigate raw material price fluctuations [4]. Corporate Culture and Long-term Strategy - In July 2025, the company launched a new corporate culture system emphasizing the mission of "providing everyone with a beautiful bathroom life," reinforcing its customer-centric transformation direction [5].

Core Viewpoint - Huida Sanitary Ware (603385.SH) reported its 2025 semi-annual results, indicating a significant presence of institutional investors holding 36.36% of its total shares, although this represents a slight decline from the previous quarter [1] Group 1: Institutional Holdings - As of August 21, 2025, six institutional investors disclosed their holdings in Huida Sanitary Ware, totaling 138 million shares [1] - The total shareholding by institutional investors accounts for 36.36% of Huida Sanitary Ware's total equity [1] - Compared to the previous quarter, the institutional holding percentage decreased by 0.68 percentage points [1] Group 2: Public Fund Disclosure - During this reporting period, one public fund, specifically the招商量化精选股票发起式A, was not disclosed compared to the previous quarter [1]

Group 1 - The core viewpoint of the announcement is the approval of the 2025 semi-annual report and various governance documents by the board of directors of Huida Sanitary Ware Co., Ltd [4][6][10] - The board meeting was held on August 21, 2025, with all 9 directors present, ensuring compliance with legal and procedural requirements [3][5] - The resolutions passed included the approval of the semi-annual report, amendments to various internal management systems, and the establishment of better governance practices [4][6][10][12][14][16] Group 2 - The company emphasizes the accuracy and completeness of the report, with the board and management taking legal responsibility for its content [2] - The report is not audited, and there are no significant changes in the company's operational situation during the reporting period [1][1.3] - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [1][2.5]

证券代码：603385 证券简称：惠达卫浴 公告编号：2025-031 惠达卫浴股份有限公司 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。 一、董事会会议召开情况 惠达卫浴股份有限公司（以下简称"公司"）第七届董事会第七次会议于 的董事 9 名，实际出席会议董事 9 名，公司高级管理人员列席了本次会议。本次 董事会参与表决人数及召集、召开程序符合《公司法》《公司章程》的有关规定， 所作决议合法有效。 （一）审议通过《关于公司<2025 年半年度报告及其摘要>的议案》 具体内容详见公司同日披露的《2025 年半年度报告》及其摘要。 表决结果：9 票同意、0 票反对、0 票弃权。 （二）审议通过《关于修订 <防范控股股东及关联方资金占用管理制度> 的议 案》 具体内容详见公司同日披露的《防范控股股东及关联方资金占用管理制度》。 表决结果：9 票同意、0 票反对、0 票弃权。 （三）审议通过《关于修订 <总经理工作细则> 的议案》 具体内容详见公司同日披露的《总经理工作细则》。 表决结果：9 票同意、0 票反对、0 票弃权。 （四 ...

智通财经APP讯，惠达卫浴(603385.SH)发布2025年半年度报告，报告期内，公司实现营业收入14.25亿 元，同比下降9.94%。实现归属于上市公司股东的净利润1797.18万元，同比下降70.21%。归属于上市公 司股东的扣除非经常性损益净亏损2985.85万元。基本每股收益0.0472元。 ...

Core Insights - The company reported a revenue of 1.425 billion yuan for the first half of 2025, representing a year-on-year decline of 9.94% [1] - The net profit attributable to the parent company was 17.9718 million yuan, which reflects a significant year-on-year decrease of 70.21% [1] Financial Performance - Revenue for the first half of 2025: 1.425 billion yuan, down 9.94% year-on-year [1] - Net profit for the first half of 2025: 17.9718 million yuan, down 70.21% year-on-year [1]

Core Viewpoint - Huida Sanitary Ware announced the convening of its seventh board meeting on August 21, 2025, to review various proposals, including amendments to existing documents [2]. Revenue Composition - For the year 2024, Huida Sanitary Ware's revenue composition is as follows: - Non-metallic mineral products account for 72.83% - Metal products account for 14.15% - Furniture manufacturing accounts for 7.15% - Other businesses account for 4.93% - Additional business activities account for 0.93% [2].

惠达卫浴股份有限公司 董事会秘书制度 河北·唐山 二零二五年八月 惠达卫浴股份有限公司 董事会秘书制度 （2025 年 8 月修订） 第一章 总则 第一条 为进一步规范惠达卫浴股份有限公司（以下简称"公司"或者"本 公司"）董事会秘书的行为，完善公司法人治理结构，根据《中华人民共和国公 司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证 券法》"）《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》）和《惠达卫浴股份有限公 司章程》（以下简称"《公司章程》"），制订本制度。 第二条 公司设立董事会办公室，由董事会秘书分管。 第二章 任职资格 第三条 公司设董事会秘书一名，董事会秘书是公司的高级管理人员。董事 会秘书对公司和董事会负责，忠实、勤勉地履行职责。 第四条 董事会秘书应当具备履行职责所必需的财务、管理、法律等专业知 识，具备履行职责所必需的工作经验，具有良好的职业道德和个人品质，具有下 列情形之一的人士不得担任董事会秘书： 员、证券事务代表负责以公司名义办理信息披露、股票及其衍生品种变动管理等 事务。 第六条 董事会秘书 ...

惠达卫浴股份有限公司 重大信息内部报告制度 河北·唐山 二零二五年八月 惠达卫浴股份有限公司重大信息内部报告制度 （2025 年 8 月修订） 第一章 总则 第一条 为了保证惠达卫浴股份有限公司（以下简称"公司"）的重大信息 内部报告工作，保证公司内部重大信息的快速传递、归集和有效管理，及时、准 确、完整地披露信息，维护公司及投资者的合法权益，根据《中华人民共和国公 司法》（以下简称"《公司法》"）《中华人民共和国证券法》《上海证券交易 所股票上市规则》《上市公司信息披露管理办法》等法律、法规、规章、规范性 文件和《惠达卫浴股份有限公司章程》（以下简称"《公司章程》"）的规定， 结合公司具体情况，特制定《惠达卫浴股份有限公司重大信息内部报告制度》（以 下简称"本制度"）。 第二条 公司重大信息内部报告制度是指在出现、发生或即将发生影响社会 公众投资者投资取向，或对公司股票及衍生品种的交易价格产生较大影响的情形 或事件时，按照本制度规定负有报告义务的有关人员和单位（以下简称"信息报 告义务人"），应及时将有关重大信息通过董事会秘书向董事长、董事会报告的 信息传递制度。 第三条 本制度所称的信息报告义务人包括： ...