行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

Core Viewpoint - The company Yongyi Co., Ltd. (603600) is experiencing a mixed financial performance with a slight increase in revenue but a significant decline in net profit, indicating potential challenges ahead [1][2]. Financial Performance - As of January 29, 2026, the company's stock price is 12.11 CNY per share, with a total market capitalization of 4.002 billion CNY [1]. - For the first nine months of 2025, the company reported a revenue of 3.483 billion CNY, reflecting a year-on-year growth of 2.75% [1]. - The net profit attributable to shareholders for the same period is 191 million CNY, which represents a year-on-year decrease of 14.83% [1]. Business Operations - The company's business segments include ergonomic chairs, biodegradable packaging materials, and smart home products, with overseas revenue accounting for 75.93% of total revenue [2]. - The company is actively developing cross-border e-commerce and products within the Hongmeng ecosystem [2]. - As of September 30, 2025, the number of shareholders is 15,400, which is a decrease of 10.81% compared to the previous period [2]. Recent Events of Interest - Upcoming events of interest include the release of the 2025 annual financial report, which is typically disclosed a few months after the fiscal year ends, and progress in the company's biodegradable materials and smart home sectors [3].

证券代码：603600 证券简称：永艺股份 公告编号：2026-002 永艺家具股份有限公司 关于 2021 年事业合伙人持股计划 股票处置完毕暨终止的公告 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个别及连带责任。 重要内容提示： 本次事业合伙人持股计划草案披 露时间及公告名称 时间：2021 年 10 月 30 日 公告名称：《永艺家具股份有限公司 2021 年事业合伙人持股计划（草案）》 永艺家具股份有限公司（以下简称"公司"）2021 年事业合伙人持股计划 （以下简称"本事业合伙人持股计划"）所持股票已全部处置完毕。根据《关于 上市公司实施员工持股计划试点的指导意见》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》以及公司《2021 年事业合伙人持股计划（草案）》 等相关规定，现将相关事项说明如下： 一、2021 年事业合伙人持股计划基本情况 公司分别于 2021 年 10 月 29 日、2021 年 11 月 15 日召开公司第四届董事会 第六次会议和 2021 年第四次临时股东大会，审议通过了《关于公司 2 ...

Group 1 - The core point of the article is that Yongyi Co., Ltd. (603600.SH) announced the completion of the sale of 1.82 million shares held by its business partner stockholding plan, which represents 0.55% of the company's total share capital [1] Group 2 - The shares were sold through centralized bidding transactions, and all assets held by the plan are monetary assets [1]

Core Viewpoint - The article highlights the proactive measures taken by Anji County to support local furniture companies, particularly in facilitating urgent overseas operations and enhancing their competitiveness in international markets [1][2]. Group 1: Emergency Response Mechanism - Anji County initiated the "Chair Road Safety" emergency response mechanism to assist local companies facing urgent overseas orders, ensuring timely support for technical teams needing to travel abroad [1]. - The process for obtaining passports for 15 technical staff was expedited through collaboration with provincial and municipal public security agencies, allowing the team to board their flight on time [1]. Group 2: Integrated Service Model - A specialized police service window was established to integrate 14 cross-departmental services, including immigration, talent introduction, and legal consultation, into a streamlined "one-stop service" [2]. - A "convenience whitelist" was created for 196 key overseas companies, reducing the document processing time by an average of 60% through online pre-review and on-site verification [2]. Group 3: Ongoing Support and Risk Management - An emergency hotline operating 24/7 was set up to ensure precise responses to any unexpected situations, with over 200 companies served and exports exceeding 2.1 billion yuan [2]. - Regular updates on Vietnam's economic and legal policies are provided to overseas managers, serving as both a risk alert and an opportunity reference, enhancing their operational confidence [2].

Core Insights - Anji's green home furnishings industry has been recognized twice by national authorities, indicating its significant role in China's manufacturing landscape and its contribution to high-quality industrial development [1][3] Group 1: Industry Recognition - Anji Chair Industry has been included in the "2025 China Influential Industry Brand" and the Ministry of Industry and Information Technology's list of "2025 China Consumer Brands," highlighting its national importance [1] - The recognition reflects Anji's commitment to high-quality manufacturing and its role in promoting industrial strength in the region [1] Group 2: Industry Growth and Innovation - Anji's green home furnishings sector, along with health, equipment manufacturing, electronic information, and new materials, is experiencing robust growth, with a reported output value of 355.8 billion yuan in the first eleven months of 2025 [3][5] - Yongyi Co., a pioneer in technological innovation within the industry, has achieved significant sales, with the Flow550 series alone generating over 200 million yuan in revenue from 80,000 units sold in 2025 [3] Group 3: Emerging Industries - The bamboo industry in Anji is revitalizing with innovative products like lightweight, high-strength bamboo composite boards, which are expected to have a daily production capacity of 10,000 sheets upon full operation [5] - New industries are becoming key pillars of growth, with the equipment manufacturing and electronic information sectors seeing value increases of 40.5% and 42% year-on-year, respectively [6] Group 4: Talent and Collaboration - The influx of young tech talent is fostering innovation, with startups focusing on robotics and AI applications establishing operations in Anji [8] - The establishment of specialized parks and services for health and biotechnology industries has led to the creation of over 70 related projects, achieving an output value of 76.2 billion yuan in 2025 [6] Group 5: Industrial Synergy - The collaboration between industries is enhancing productivity, as seen with the integration of local suppliers for new manufacturing projects, which improves quality control and efficiency [9] - The establishment of a precision medical industry park has attracted nearly 20 upstream and downstream enterprises, with over 50% achieving industrialization [11]

Core Viewpoint - Yongyi Co., Ltd. has successfully passed the re-certification as a high-tech enterprise, following the expiration of its previous certificate [2] Group 1 - The announcement was made on January 9, indicating the company's compliance with the requirements set by the National High-tech Enterprise Recognition Management Work Leading Group Office [2] - The re-certification is part of the company's ongoing commitment to maintaining its status as a high-tech enterprise, which is crucial for its competitive positioning in the market [2]

Core Viewpoint - The company Yongyi Co., Ltd. has successfully passed the high-tech enterprise certification, allowing it to benefit from preferential tax policies for three consecutive years [1] Group 1: Certification Details - The company received the high-tech enterprise certification from the National High-tech Enterprise Recognition Management Work Leading Group Office, with certificate number GR202533007083, issued on December 19, 2025 [1] - This certification is a renewal following the expiration of the previous high-tech enterprise certificate [1] Group 2: Tax Benefits - Upon passing the high-tech enterprise certification, the company will enjoy relevant national preferential policies for three consecutive years (2025, 2026, and 2027), specifically a corporate income tax rate of 15% [1]

永艺家具股份有限公司 关于公司通过高新技术企业重新认定的公告 证券代码：603600 股票简称：永艺股份 公告编号：2026-001 永艺家具股份有限公司（以下简称"公司"）于近日从全国高新技术企业认 定管理工作领导小组办公室发布的《对浙江省认定机构 2025 年认定报备高新技 术企业进行备案的公告》获悉，公司通过了高新技术企业认定，证书编号为 GR202533007083，发证日期为 2025 年 12 月 19 日。 本次系公司原高新技术企业证书有效期满后进行的重新认定。根据《中华 人民共和国企业所得税法》等有关规定，公司自通过高新技术企业认定起连续三 年（2025 年、2026 年、2027 年）可享受国家关于高新技术企业的相关优惠政策， 即按 15%的税率缴纳企业所得税。 特此公告。 永艺家具股份有限公司董事会 2026 年 1 月 10 日 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个别及连带责任。 ...

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend safety margin assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend safety margin assets in the packaging and home furnishing sectors, benefiting from the appreciation of the RMB and the expected decrease in paper procurement costs [2][4]. - It identifies key companies in the packaging sector such as Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen, as well as home furnishing leaders like Kuka Home, Mousse, Oppein, and Sophia [2][4]. - The paper industry is expected to benefit from rising wood pulp prices and seasonal demand, with companies like Sun Paper, Nine Dragons Paper, and Bohui Paper being highlighted for their potential [2][4]. - The report also discusses the export sector, noting the impact of RMB appreciation and the importance of supply chain and brand expansion for companies like Jiangxin Home, Yongyi Co., Jiayi Co., and Zhongxin Co. [2][4]. Summary by Sections Packaging Sector - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas markets [5][6]. - Yongxin Co. is noted for its stable high dividend policy and strong performance in soft packaging and film business, with a dividend rate of 84% to 81% from 2020 to 2024 [5]. - Yutong Technology has expanded its global supply chain, enhancing its operational efficiency and increasing its dividend rate to 70% by 2025 [6]. - Huawang Technology is positioned well in the decorative paper market, with expectations of improved profitability due to limited new supply and rising demand [7]. - Meiyingsen is recognized for its strategic overseas expansion and high dividend yield, with a focus on emerging markets [8]. Home Furnishing Sector - The home furnishing industry is experiencing accelerated consolidation, with a positive outlook driven by supportive real estate policies and improving consumer confidence [9][10]. - Companies like Kuka Home and Sophia are expected to benefit from the increasing demand for home renovation and the implementation of "old-for-new" policies [10][23]. - The report highlights the importance of retail capabilities and supply chain improvements for companies to enhance their market share and profitability [23][24]. Paper Industry - The paper industry is anticipated to see a recovery in demand and pricing, supported by strong control over production by overseas pulp mills [11][13]. - Companies such as Sun Paper and Nine Dragons Paper are expected to benefit from the stabilization of pulp prices and improved supply-demand dynamics [11][13]. - The report notes that the industry has been at a low point for several years, but a mid-term recovery is expected as demand gradually increases [11][13]. Export Sector - The export sector is influenced by the global economic environment, with a focus on companies that are expanding their international presence and brand recognition [14][15]. - Jiangxin Home is noted for its innovative product offerings and strong growth in customer numbers, while Yongyi Co. is positioned to capitalize on the growing demand for ergonomic chairs [15][16]. - Jiayi Co. is recognized for its strategic expansion in the insulated cup market, while Zhongxin Co. is highlighted for its growth potential in the pulp molding sector [16][17]. Pet Products Sector - The pet products sector is experiencing robust growth, with companies like Yiyi Co. and Yuanfei Pet benefiting from strong export performance and brand development [18]. - Yiyi Co. is expected to see significant revenue growth due to its acquisition strategy and strong sales performance [18]. - Yuanfei Pet is noted for its rapid growth in the domestic market and expansion of its product offerings [18]. Light Industry Sector - The report emphasizes the importance of monitoring changes in the light industry, with companies like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements [19][20]. - Anfu Technology is expected to enhance its profitability through increased ownership in Nanfeng Battery and expansion into new business areas [19]. - Jianlin Home is transitioning towards smart robotics, leveraging its existing technology and market position [20].