Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 1.164 billion yuan for the first three quarters of 2024, a year-on-year decline of 10.30%, with a net profit attributable to the parent company of 143 million yuan, down 6.08% year-on-year [4][6]. - The overall industry is under pressure, leading to a phase of revenue decline for the company. The revenue for Q1, Q2, and Q3 showed variations of +3.86%, -15.84%, and -16.85% respectively, indicating a continued drop in the third quarter due to insufficient consumer spending power and willingness [4][6]. - The company's gross profit margin for the first three quarters was 32.43%, an increase of 0.58 percentage points year-on-year, while the net profit margin increased by 0.55 percentage points to 12.24% [4][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.164 billion yuan, a decrease of 10.30% year-on-year, and a net profit of 143 million yuan, down 6.08% year-on-year. The adjusted net profit was 127 million yuan, a decline of 5.54% year-on-year [4]. - In Q3 alone, the company reported a revenue of 339 million yuan, a year-on-year decline of 16.85%, and a net profit of 31 million yuan, down 33.41% year-on-year [4]. Market Strategy - The company employs a differentiated brand positioning strategy with two brands: "Rongtai" focusing on mid-to-high-end massage chairs and "Momo Da" targeting entry-level products. This strategy allows the company to capture a broader market share [5]. - The company is enhancing its channel reform efforts, investing in terminal channel expansion, new product promotion, and store image upgrades. It has over 1,000 offline stores in China and is active on various e-commerce platforms [5]. Future Outlook - The company is positioned as a leader in the domestic massage chair market and a significant global manufacturer. It has a solid foundation in brand recognition and stable partnerships with overseas clients, which are expected to drive new customer growth as demand stabilizes [6]. - The projected net profits for 2024, 2025, and 2026 are 203 million yuan, 235 million yuan, and 276 million yuan respectively, with corresponding price-to-earnings ratios of 12.7, 11.0, and 9.3 [6].

2024 年三季度业绩交流会会议纪要 一、时间： 2024 年 10 月 30 日 | 序号 | 机构名称 | 人员姓名 | | --- | --- | --- | | 1 | 北京益安资本管理有限公司 | 葛运智 | | 2 | 方正富邦基金管理有限公司 | 姚轩杰 | | 3 | 国海富兰克林基金管理有限公司 | 张登科 | | 4 | 成都万象华成投资管理有限公司 | 刘子立 | | 5 | 恒安标准人寿保险有限公司 | 李元玮 | | 6 | 国投泰康信托有限公司 | 王之鑫 | | 7 | 西部利得基金管理有限公司 | 朱清乐 | | 8 | 北京腾辉盛华私募基金管理有限公司 | 蒋海 | | 9 | 农银理财有限责任公司 | 张晓东 | | 10 | 上海远策投资管理中心（有限合伙） | 郭迅 | | 11 | 长江证券（上海）资产管理有限公司 | 叶颂涛 | | 12 | 前海开源基金 | 曲羿铭 | 1 二、调研方式：电话会议 三、调研机构及人员： 股 票 代 码 ： 603579 股 票 简 称 ： 荣 泰 健 康 转债代码：113606 转债简称：荣泰转债 上海荣泰健康科技股份有限公司 | ...

股 票 代 码 ： 603579 股 票 简 称 ： 荣 泰 健 康 转债代码：113606 转债简称：荣泰转债 上海荣泰健康科技股份有限公司 2024 年三季度业绩交流会会议纪要 一、时间： 2024 年 10 月 30 日 | 序号 | 机构名称 | 人员姓名 | | --- | --- | --- | | 1 | 北京益安资本管理有限公司 | 葛运智 | | 2 | 方正富邦基金管理有限公司 | 姚轩杰 | | 3 | 国海富兰克林基金管理有限公司 | 张登科 | | 4 | 成都万象华成投资管理有限公司 | 刘子立 | | 5 | 恒安标准人寿保险有限公司 | 李元玮 | | 6 | 国投泰康信托有限公司 | 王之鑫 | | 7 | 西部利得基金管理有限公司 | 朱清乐 | | 8 | 北京腾辉盛华私募基金管理有限公司 | 蒋海 | | 9 | 农银理财有限责任公司 | 张晓东 | | 10 | 上海远策投资管理中心（有限合伙） | 郭迅 | | 11 | 长江证券（上海）资产管理有限公司 | 叶颂涛 | | 12 | 前海开源基金 | 曲羿铭 | 1 二、调研方式：电话会议 三、调研机构及人员： | ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 16.99 CNY for the next six months [9][10]. Core Views - The company is experiencing short-term pressure on its operations due to low domestic consumer sentiment and fluctuations in overseas sales. However, there is an expectation for gradual improvement in operations as consumer sentiment recovers [7][9]. - The company is actively optimizing its product strategy and expanding its overseas customer base, which is anticipated to lead to a rebound in revenue as consumer sentiment improves [7][9]. Financial Summary - **Revenue Forecast**: The company's revenue is projected to decline from 20.0 billion CNY in 2022 to 17.7 billion CNY in 2024, before recovering to 23.1 billion CNY by 2026 [3][18]. - **Net Profit**: Net profit is expected to remain stable at 2.0 billion CNY in 2024, increasing to 2.8 billion CNY by 2026 [4][18]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 1.13 CNY in 2024, rising to 1.56 CNY by 2026 [5][18]. - **Net Asset Value Per Share (BVPS)**: BVPS is projected to grow from 10.52 CNY in 2022 to 14.13 CNY in 2026 [6][18]. - **Profitability Metrics**: The net profit margin is expected to improve from 10.9% in 2023 to 12.0% in 2026, indicating a positive trend in profitability [14][18]. Cash Flow and Operational Efficiency - **Operating Cash Flow**: The company reported an improvement in operating cash flow, with a net cash flow of 0.3 billion CNY in Q3 2024, compared to -0.2 billion CNY in the same period last year [8]. - **Cost Management**: The company has strengthened its cost control measures, leading to a decrease in expense ratios, which is expected to enhance profitability as revenue scales up [8][9].

一、董事会会议召开情况 上海荣泰健康科技股份有限公司（以下简称"公司"）第四届董事会第十八 次会议于 2024 年 10 月 29 日上午 10 时在上海市青浦区徐泾镇高光路 169 弄虹 桥时代广场荣泰大厦公司会议室以现场加通讯表决方式召开。会议通知和材料已 于 2024 年 10 月 25 日以现场送达、电话或电子邮件等方式发出。本次会议由董 事长林光荣先生主持，会议应参加董事 9 人，实际参加董事 9 人。公司监事及部 分高级管理人员列席了会议。本次会议的召集、召开程序符合《中华人民共和国 公司法》等有关法律、法规、《上海荣泰健康科技股份有限公司章程》的规定， 会议决议合法、有效。 二、董事会会议审议情况 1、审议通过了《关于公司 2024 年第三季度报告的议案》 具体内容详见公司同日披露的《上海荣泰健康科技股份有限公司 2024 年第 三季度报告》。 | 证券代码：603579 | 证券简称：荣泰健康 | 公告编号：2024-075 | | --- | --- | --- | | 转债代码：113606 | 转债简称：荣泰转债 | | 上海荣泰健康科技股份有限公司 第四届董事会第十八次会议决议公告 本 ...

Financial Performance - Revenue for Q3 2024 was CNY 339,398,577.58, a decrease of 16.85% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 31,175,427.50, down 33.41% year-over-year[2] - Basic earnings per share for Q3 2024 was CNY 0.18, a decline of 33.33% compared to the same period last year[6] - Total operating revenue for the first three quarters of 2024 was CNY 1,164,316,596.07, a decrease of 10.3% compared to CNY 1,298,074,815.73 in the same period of 2023[16] - Net profit for the first three quarters of 2024 was CNY 142,791,783.02, a decrease of 6.3% from CNY 152,477,626.53 in the same period of 2023[18] - Earnings per share for the first three quarters of 2024 were CNY 0.82, compared to CNY 0.87 in the same period of 2023[19] Assets and Liabilities - Total assets at the end of Q3 2024 were CNY 3,409,413,597.91, representing a slight increase of 0.72% from the end of the previous year[4] - The company's total assets amounted to RMB 3,409,413,597.91, a slight increase from RMB 3,384,898,669.64 at the end of 2023[12][13] - The total liabilities increased to CNY 1,463,677,351.76 in Q3 2024 from CNY 1,411,896,901.04 in Q3 2023, reflecting a rise of 3.7%[18] - The total equity attributable to shareholders decreased to CNY 1,941,841,141.77 in Q3 2024 from CNY 1,968,889,002.67 in Q3 2023, a decline of 1.4%[18] Cash Flow - Cash flow from operating activities for the year-to-date period showed a net outflow of CNY 17,455,309.47, a significant decline of 111.99% compared to the previous year[6] - In the first three quarters of 2024, the cash inflow from operating activities totaled ¥1,330,058,902.62, a decrease of 5.4% compared to ¥1,406,930,823.36 in the same period of 2023[20] - The net cash outflow from operating activities was ¥17,455,309.47, contrasting with a net inflow of ¥145,614,894.49 in the first three quarters of 2023[21] - The total cash outflow from operating activities was ¥1,347,514,212.09, an increase of 6.8% from ¥1,261,315,928.87 in the same period of 2023[21] Investments and Financing - Cash inflow from investment activities reached ¥2,729,995,915.95, significantly up from ¥928,811,779.15 in the previous year, marking an increase of 194.0%[21] - The net cash outflow from investment activities was ¥3,413,303,587.89, compared to ¥1,013,042,756.20 in the same period last year, indicating a substantial increase in investment spending[21] - Cash inflow from financing activities amounted to ¥378,935,396.42, up from ¥149,133,100.12 in the previous year, reflecting a growth of 153.5%[21] - The net cash flow from financing activities was ¥131,630,988.42, a recovery from a net outflow of ¥369,269,914.53 in the same period of 2023[21] Shareholder Information - The company reported a total of 12,213 common shareholders at the end of the reporting period[7] - The company plans to increase its share capital by 30% through a capital reserve transfer, increasing the total shares to 179,377,241[4] - The company has a share repurchase account holding 4,298,679 shares, representing 2.40% of total shares as of the report date[10] Legal Matters - The company reported a legal case involving a claim for economic damages of RMB 99 million, with a court ruling requiring the company to pay RMB 5.1 million[11] - The company has taken legal action in response to a lawsuit and is actively defending against the claims made[11] Other Financial Metrics - The weighted average return on equity for Q3 2024 was 1.6%, a decrease of 0.83 percentage points year-over-year[4] - Non-recurring gains and losses for the current period amounted to CNY 5,652,581.20[5] - Research and development expenses for the first three quarters of 2024 were CNY 57,007,658.80, slightly down from CNY 59,424,399.03 in the same period of 2023[18] - The company reported a financial income of CNY 12,631,875.27 in Q3 2024, down from CNY 26,525,143.72 in Q3 2023[18] - Deferred income tax liabilities decreased to CNY 16,580,653.93 in Q3 2024 from CNY 19,550,558.11 in Q3 2023, a reduction of 15.4%[18] - The company's cash and cash equivalents decreased to RMB 807,660,357.48 from RMB 1,383,940,623.85, representing a decline of approximately 41.5%[12]

| | | 上海荣泰健康科技股份有限公司 第四届监事会第十四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 具体内容详见公司同日披露的《上海荣泰健康科技股份有限公司 2024 年第 三季度报告》。 表决结果：3 名赞成，占全体非关联监事人数的 100%；0 名弃权；0 名反对。 2、审议通过《关于公司 2024 年度对外借款相关事宜的议案》 根据公司经营发展的需要，结合公司发展现金需求与预测，公司 2024 年度 对外借款相关事宜安排如下： 借款银行：浙商银行股份有限公司上海分行 授信额度：综合授信贰亿元人民币 借款时间：自董事会审议通过之日起至 2024 年年度股东大会召开之日止 表决结果：3 名赞成，占全体非关联监事人数的 100%；0 名弃权；0 名反对。 特此公告。 上海荣泰健康科技股份有限公司监事会 上海荣泰健康科技股份有限公司（以下简称"公司"）第四届监事会第十四 次会议于 2024 年 10 月 29 日上午 11 时在上海市青浦区徐泾镇高光路 169 弄虹 桥时代广场荣泰 ...

| 证券代码：603579 | 证券简称：荣泰健康 | 公告编号： | 2024-074 | | --- | --- | --- | --- | | 转债代码：113606 | 转债简称：荣泰转债 | | | 上海荣泰健康科技股份有限公司 关于召开 2024 年第三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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 10 月 28 日(星期一) 至 11 月 01 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 Public@rotai.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 上海荣泰健康科技股份有限公司（以下简称"公司"）将于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024年第三季度经营成果、财务状况，公司计划于2024年11月04 ...

证券代码：603579 证券简称：荣泰健康 公告编号：2024-073 转债代码：113606 转债简称：荣泰转债 重要内容提示： 上海荣泰健康科技股份有限公司（以下简称"公司"）于 2020 年 10 月 30 日公开发行的可转换公司债券（以下简称"本期债券"或"荣泰转债"），将于 2024 年 10 月 30 日支付自 2023 年 10 月 29 日至 2024 年 10 月 29 日期间的利息。 根据《上海荣泰健康科技股份有限公司公开发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）及《上海荣泰健康科技股份有限公司公开发行可转 换公司债券上市公告书》（以下简称"《上市公告书》"）有关条款的规定，现 将有关事项公告如下： 一、本期债券基本情况 可转债付息债权登记日：2024 年 10 月 29 日 可转债除息日：2024 年 10 月 30 日 可转债付息日：2024 年 10 月 30 日 1、债券名称：上海荣泰健康科技股份有限公司可转换公司债券 2、债券代码：113606 3、债券简称：荣泰转债 4、债券类型：可转换为公司A股股票的可转换公司债券 5、发行总额：人民币60,000.00万 ...

| 证券代码：603579 | 证券简称：荣泰健康 | 公告编号：2024-072 | | --- | --- | --- | | 转债代码：113606 | 转债简称：荣泰转债 | | 法定代表人：林琪 注册资本：人民币 17738.1762 万元整 成立日期：2002 年 11 月 15 日 上海荣泰健康科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 上海荣泰健康科技股份有限公司（以下简称"公司"）于 2024 年 8 月 27 日及 2024 年 9 月 13 日分别召开第四届董事会第十七次会议和 2024 年第二次临时股东大会，审议 并通过了《关于变更注册资本及修订<公司章程>的议案》。公司对注册资本及《公司章 程》进行了变更、修订，并于近日完成了工商变更登记手续，取得了上海市市场监督管 理局换发的《营业执照》。具体情况如下： 名称：上海荣泰健康科技股份有限公司 统一社会信用代码：913100007449143662 类型：股份有限公司（上市、自然人投资或控股 ...