Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a stable performance with a revenue of 5.007 billion yuan in 2024, representing a year-on-year increase of 15.53%, and a net profit attributable to shareholders of 482 million yuan, up 13.44% year-on-year [1][5] - The company is a leading exporter in the kitchen and bathroom manufacturing sector, with a strong overseas production capacity and delivery capabilities, maintaining solid profit margins [4][5] Financial Performance Summary - In 2024, the revenue from kitchen and bathroom products was 3.197 billion yuan, an increase of 11.4% year-on-year, while the revenue from water purification products reached 738 million yuan, up 18.4% year-on-year [2] - The overall gross margin for 2024 was 25.96%, with a net profit margin of 9.63% [3] - The company plans to maintain high dividends, distributing a total of 326 million yuan in cash dividends in 2024, with a payout ratio of 67.6% [4] Long-term Outlook - The company is accelerating its overseas production layout, particularly in Thailand and Mexico, to mitigate the impact of tariffs and enhance market penetration [4] - Revenue projections for 2025 to 2027 are estimated at 5.362 billion yuan, 5.780 billion yuan, and 6.182 billion yuan, respectively, with corresponding net profits of 509 million yuan, 586 million yuan, and 645 million yuan [5][11]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Group 1 - Xiamen Jianlin Health Home Co., Ltd. has obtained a patent for a "nut structure and water inlet valve," with the authorization announcement number CN222811056U, applied on July 2024 [1] - The patent describes a nut structure that includes an upper body with a conical surface and a lower body with connecting pieces, allowing for quick installation and torque limitation to prevent damage [1] - The design enables the upper body to drive the lower body in synchronization and facilitates quick locking without excessive torque that could lead to damage [1] Group 2 - Xiamen Jianlin Health Home Co., Ltd. was established in 1990 and is primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of 447.573 million RMB and has made investments in 8 enterprises [2] - The company has participated in 63 bidding projects and holds 2,806 patent records along with 281 trademark records [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company has shown resilience in a complex external environment, achieving historical highs in revenue and net profit for the year 2024, with total revenue of 5.007 billion and net profit of 481.93 million, representing year-on-year growth of 15.5% and 13.4% respectively [1][5] - The company is actively expanding its production capacity in Thailand and Mexico, enhancing its global competitiveness and local supply chain capabilities [3] - The domestic market revenue reached 1.122 billion in 2024, with a year-on-year increase of 12.38%, primarily driven by brand clients and a focus on differentiated innovation [4] Financial Performance - In Q1 2025, the company reported revenue of 1.192 billion, a year-on-year increase of 3.4%, and a net profit of 123 million, up 0.5% year-on-year [1] - For the full year 2024, the gross profit margin was 25.90%, a slight decrease of 0.1 percentage points, while the net profit margin was 9.63%, down 0.2 percentage points [1] - The company distributed a total cash dividend of 326 million in 2024, with a dividend payout ratio of 68% [1] Product Segmentation - The revenue from kitchen and bathroom products in 2024 was 3.197 billion, up 11.4% year-on-year, with a volume and price increase of 7.8% and 3.4% respectively [2] - Water purification products generated 738 million in revenue, reflecting an 18.4% year-on-year increase, with volume and price growth of 10.5% and 7.2% respectively [2] - Other home products saw revenue of 764 million, a 25.6% increase year-on-year, with volume and price changes of 24.9% and 0.6% respectively [2] Market Strategy - The company is focusing on building brand clients domestically while maintaining growth in its ODM business, with plans for brand development [4] - The overseas market accounted for 77.47% of total revenue in 2024, amounting to 3.858 billion, with a year-on-year growth of 16.57% [3] - The company is enhancing its service network in the U.S. to strengthen customer loyalty and market share [3]

公司报告 | 年报点评报告 建霖家居（603408） 证券研究报告 积极推进泰国&墨西哥产能布局 公司发布 2024 年报及 2025 年一季报 25Q1 公司收入 11.92 亿元，同比+3.4%，归母净利润 1.23 亿元，同比+0.5%， 扣非归母净利润 1.07 亿元，同比-5.9%； 24Q4 公司收入 12.30 亿元，同比-1.1%，归母净利润 0.85 亿元，同比-36.7%， 扣非归母净利润 0.97 亿元，同比-20.6%； 24 年公司收入 50.07 亿元，同比+15.5%，归母净利润 4.82 亿元，同比+13.4%， 扣非归母净利润 4.65 亿元，同比+19.5%。 24 年公司毛利率 25.90%，同减 0.1pct；归母净利率 9.63%，同减 0.2pct。 在复杂的外部环境下，公司仍保持稳健前行、动能增强、进中提质的发展 态势，营收和净利润均创下历史新高。 24 年公司发放现金分红总额 3.26 亿，分红比例 68%。 分产品，①24 年厨卫产品收入 31.97 亿元，同比+11.4%，量/价分别同比 +7.8%/+3.4%，毛利率 25.80%，同比-0.33pct；② ...

审计报告 厦门建霖健康家居股份有限公司 容诚审字[2025]100Z2593 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9 - 122 | 审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2025]100Z2593 号 厦 ...

长江证券承销保荐有限公司 关于厦门建霖健康家居股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"）作为厦门建霖健康家居股 份有限公司（以下简称"建霖家居"、"上市公司"或"公司"）2020 年度首次公开发行 股票的保荐机构，根据《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》《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求（2022 年修订）》等相关规定的要求，对建霖家居 2024 年 度募集资金存放与实际使用情况进行了认真、审慎的核查，并发表独立意见如下： 一、 募集资金基本情况 经中国证券监督管理委员会证监许可[2020]967 号文《关于核准厦门建霖健康家 居股份有限公司首次公开发行股票的批复》的核准，并经上海证券交易所同意，公 司由主承销商长江证券承销保荐有限公司于 2020 年 7 月 20 日向社会公众公开发行 普通股（A 股）股票 4500 万股，每股面值 1 元，每股发行价人民币 15.53 元。公司 本次发行共募集资金 69,885.00 万元，扣除发行费用 63, ...

厦门建霖健康家居股份有限公司 容诚审字[2025]100Z2594 号 容诚会计师事务所(特殊普通合伙) 中国·北京 内部控制审计报告 容诚审字[2025]100Z2594 号 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 厦门建霖健康家居股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了厦门建霖健康家居股份有限公司（以下简称"建霖家居公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 内部控制审计报告 四、财务报告内部控制审计意见 我们认为，建霖家居公司于 2024 年 12 月 31 日按照《企业内部控制基本规范》 和相关规定在所有重大方面保持了有效的财务报告内部控制。 1 （此页无正文，为厦门建霖健康家居股份有限公司容诚审字[202 ...

Core Viewpoint - Jianlin Home Furnishing announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 5 yuan per 10 shares (including tax), amounting to a total cash payout of 223 million yuan, which represents 46.33% of the net profit, resulting in a dividend yield of 3.86% based on the average trading price for the year [2]. Company Summary - Jianlin Home Furnishing reported a revenue of 5.007 billion yuan for 2024, reflecting a year-on-year growth of 15.53%, and a net profit of 482 million yuan, which is a 13.44% increase compared to the previous year. The basic earnings per share stood at 1.09 yuan [2]. - This marks the seventh cash distribution since the company went public, with the previous distributions showing a consistent increase in cash payouts over the years [2]. Industry Summary - In the light industry manufacturing sector, 61 companies have announced their 2024 cash distribution plans. Jianlin Home Furnishing's cash payout of 223 million yuan ranks it among the top distributions in the industry, following Morning Glory Co., which announced a payout of 916 million yuan [3][4]. - The cash distribution ranking within the light industry shows that Jianlin Home Furnishing has a payout ratio of 46.33% of its net profit, which is competitive compared to other companies in the sector [4].

厦门建霖健康家居股份有限公司 2024 年度独立董事述职报告-毛海栋 本人作为厦门建霖健康家居股份有限公司（以下简称："建霖家居" 或"公司"）的独立董事，2024 年度，本人按照《公司法》《上市公司独 立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》等法律法规以及公司《章程》《独立董事工作细则》等规定，勤勉 尽责地履行独立董事的职责和义务，审慎认真地行使公司和股东所赋予的 权利，出席了公司相关会议，认真审议董事会各项议案，对相关重大事项 发表了公正、客观的独立意见，维护全体股东尤其是中小股东的合法权益， 较好地发挥了独立董事作用，对董事会的科学决策、规范运作以及公司发 展起到了积极作用，以下为本人在 2024 年度履行独立董事职责的具体情况： 一、 独立董事的基本情况 毛海栋，1983 年生，中国国籍，无境外永久居留权。毕业于清华大学， 民商法学博士研究生学历。现任厦门大学法学院助理教授、硕士研究生导 师、法与政治经济学研究中心主任。2009 年至 2010 年美国斯坦福大学法学 院访问学者；2012 年至 2014 年中信证券股份有限公司高级经理；2014 年 至 2016 ...