浙江天册律师事务所 关于 永艺家具股份有限公司 2021 年事业合伙人持股计划部分股份 回购注销事项的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 对于本法律意见书的出具，本所特作如下声明： 1、本所依据《中华人民共和国证券法》《律师事务所从事证券法律业务管理 办法》等有关法律、行政法规和规范性文件的规定发表法律意见。 2、本所律师仅依据本法律意见书出具日以前已经发生或者存在的、与本次 持股计划相关的事实发表法律意见，并不对有关会计、审计、财务等专业事项发 表意见。本所律师在本法律意见书中引用有关的数据或结论时，并不意味着本所 律师对这些数据或结论的真实性和准确性作出任何明示或默示的保证。 法律意见书 浙江天册律师事务所 关于永艺家具股份有限公司 2021 年事业合伙人持股计划部分股份 回购注销事项的法律意见书 编号：TCYJS2025H1243 号 致：永艺家具股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》以及中国证券监 督管理委员会发布的《关于上市公司实施员工持股计划试点的指导意 ...

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Group 1: Core Insights - The report highlights the rise of emotional consumption in the IP derivative products sector, driven by the increasing willingness to pay for emotional value and the rapid spread of modern media [7][26][32] - The new tobacco trend is gaining momentum, with companies like Philip Morris International leading the transition towards a "smokeless future," indicating a global shift in the tobacco industry [8] - Innovations in supply and channel transformations are providing new opportunities for domestic brands in the personal care sector, with companies like Baiya and Dengkang leveraging differentiated products to enhance brand growth [9] Group 2: Industry Summaries - The home furnishing sector is expected to maintain a weak but stable state, with a focus on high-dividend investments in leading companies as supply gradually exits the market [10] - The paper industry is anticipated to see a gradual balance between supply and demand, with a potential recovery in the cycle as new supply pressures ease [11] - In the packaging industry, high-dividend stocks like Yutong Technology and Yongxin Co. are favored, with expectations of improved profitability in the metal packaging sector due to industry consolidation [12] Group 3: Electric Two-Wheelers and Exports - The electric two-wheeler market is projected to experience significant short-term growth, with companies like Yadi Holdings expected to see a net profit increase of over 55% in the first half of 2025 [13] - Despite uncertainties in tariff policies, there are opportunities for growth in the export sector, particularly for labor-intensive light industrial products that are unlikely to return to the U.S. market [14]

Key Points - The core point of the announcement is that Yongyi Holdings, the controlling shareholder of Yongyi Furniture Co., Ltd., has partially released and re-pledged its shares, affecting the overall shareholding structure and pledge status of the company [1] Group 1: Shareholding and Pledge Details - Yongyi Holdings holds 108,207,636 shares of Yongyi Furniture, accounting for 32.67% of the total share capital [1] - After the release and re-pledge, Yongyi Holdings has a total of 39,635,000 shares pledged, which represents 36.63% of its total holdings and 11.97% of the company's total share capital [1] - The specific details of the released shares include 5,550,000 shares, which is 5.13% of Yongyi Holdings' total shares and 1.68% of the company's total share capital [1] Group 2: Pledge and Release Timeline - The release of shares occurred on June 23, 2025, with the shares being used for subsequent pledging [1] - The pledge details indicate that the shares are not subject to any sale restrictions and are intended for financing purposes [1]

证券代码：603600 股票简称：永艺股份 公告编号：2025-027 永艺家具股份有限公司 关于控股股东部分股份解除质押及再质押的公告 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： 单位：股 | 股东名称 | 永艺控股 | | --- | --- | | 本次解质股份数量 | 5,550,000 | | 占其所持股份比例 | 5.13% | | 占公司总股本比例 | 1.68% | | 解质时间 | 2025 年 6 月 23 日 | | 持股数量 | 108,207,636 | 永艺家具股份有限公司（以下简称"公司"）控股股东永艺控股有限公司（以 下简称"永艺控股"）持有公司股份 108,207,636 股，占公司总股本的 32.67%， 本次解除质押及再次质押后，永艺控股累计质押公司股份 39,635,000 股， 占其持有公司股份总数的 36.63%，占公司总股本的 11.97%。 永艺控股及一致行动人安吉尚诚永盛股权投资管理有限公司（以下简称"尚 诚永盛"）、张加勇合计持有公司股份 175,7 ...

Industry Overview - The office chair industry in China is a major global production base, experiencing rapid growth and forming significant industrial clusters, particularly in the Anji region of Zhejiang [1][4] - In 2024, China's office chair production capacity is projected to reach 205 million units, with an output of approximately 176.84 million units, an export volume of 84.65 million units, and an import volume of 0.0948 million units [1][4][10] - The domestic demand for office chairs in 2024 is estimated at 92.28 million units, reflecting a year-on-year growth of 3.96% [6] Market Dynamics - The office chair market is expected to grow, driven by the increasing emphasis on comfortable office environments and the rise of digital workplaces [19] - The market size is projected to reach 25.33 billion yuan in 2024, with a year-on-year increase of 6.72% [6] - By 2025, domestic demand is expected to rise to 96.08 million units, with a market size of 27.02 billion yuan, indicating continued growth [6] Trade and Export - China has become the world's largest exporter of office chairs, with exports to over 200 countries and regions, including the US, EU, and Japan [10] - In 2024, office chair exports are expected to increase to 84.65 million units, a rise of 10.94 million units compared to the previous year, with an export value of 28.15 billion yuan [10] - However, the ongoing US-China trade tensions may impact export volumes in 2025 [10] Competitive Landscape - Major companies in the office chair industry include Henglin Home Furnishings, Yongyi Furniture, and Zhendong (China) [12][15] - Henglin Home Furnishings is recognized as a leading manufacturer and exporter, with a production output of approximately 9.98 million units in 2024 [15] - Yongyi Furniture, the first listed company in the Chinese chair industry, reported a production increase to 8.93 million units in 2024, reflecting a significant rise from the previous year [17] Future Trends - The office chair industry is expected to evolve towards health-oriented, environmentally friendly, diverse, and intelligent designs, supported by national policies [19] - The market outlook remains positive, with anticipated growth driven by economic recovery and increased consumer awareness of health and comfort in office settings [19]

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

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： 公司于 2025 年 5 月 23 日接到尚诚永盛通知，获悉其所持有公司的部分股份 办理了解除质押及再质押，具体事项如下： 证券代码：603600 股票简称：永艺股份 公告编号：2025-026 永艺家具股份有限公司 关于股东部分股份解除质押及再质押的公告 | 股东名 | 是否为 | 本次质押股 | 是否为限 售股（如 | 是否 | 质押起 | 质押到 | | 占其所 | 占公司 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | 控股股 | 数 | 是，注明 | 补充 | 始日 | 期日 | 质权人 | 持股份 | 总股本 | 资资金 | | | 东 | | 限售类 | 质押 | | | | 比例 | 比例 | 用途 | | | | | 型） | | | | | | | | | | | | | | | | 招商银 | | | 为永艺 | | 尚诚 ...

Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The home furnishing sector is experiencing marginal recovery, with a high dividend payout ratio. In 2024, the home goods sector is projected to generate revenue of CNY 246.58 billion, a year-on-year increase of 2.3%, while net profit attributable to shareholders is expected to decline by 13.6% to CNY 15.86 billion [4][14]. - The report highlights that domestic demand for home goods is under pressure, but government subsidies are expected to fill the demand gap. The sales of building materials and home goods are projected to decline by 3.9% year-on-year in 2024, but there are signs of improvement in early 2025 [5][26]. - The external sales performance is strong, with furniture exports showing a recovery since November 2023, driven by overseas retailers replenishing inventory. However, the report emphasizes the need to monitor changes in tariff policies, particularly from the U.S. [6][40]. Summary by Sections 1. Home Furnishing Sector 2024 Annual Report & Q1 2025 - The home goods sector is under operational pressure, with only Q1 showing growth due to a low base effect from previous public health events. The profit margin has been declining, reflecting increased competition [4][14]. - In Q1 2025, the sector's revenue increased by 3.9% year-on-year, and net profit rose by 10.6%, indicating a recovery trend [4][14]. 2. Domestic Sales - The report notes that the domestic home goods market is facing challenges, with a projected decline in sales. However, the introduction of government subsidies is expected to stimulate demand, particularly in key cities [5][34]. - The dividend payout ratio for leading companies in the sector has increased, with many companies offering dividend yields exceeding 3% [5][35]. 3. External Sales - The report indicates that external sales have been performing well, with all key export companies reporting revenue growth in Q1 2025. The recovery in exports is attributed to overseas retailers restocking [6][40]. - The report warns of uncertainties related to U.S. tariff policies, which could impact future export orders [6][40]. 4. Investment Recommendations - The report suggests focusing on leading companies with high dividend yields and strong market positions, such as Gujia Home, Sophia, and Zhibang Home, as they are expected to benefit from government subsidies and have resilient performance [5][39].

Core Points - The company announced a cash dividend of 0.30 yuan per share (including tax) for its A shares [1] - The total cash dividend distribution amounts to 99,363,951.00 yuan (including tax) based on a total share capital of 331,213,170 shares [2][3] Dividend Distribution Details - The record date for shareholders is May 29, 2025, with the last trading day on May 30, 2025, and the ex-dividend date also on May 30, 2025 [2][3] - The distribution will be managed by China Securities Depository and Clearing Corporation Limited Shanghai Branch, with cash dividends available for shareholders who have completed designated transactions [3] - The company will not issue bonus shares or increase capital through this profit distribution [3] Taxation Information - Individual shareholders holding shares for over one year will be exempt from personal income tax on dividends, while those holding for one month or less will be taxed at 20% [5][6] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.27 yuan per share [6] - Other institutional investors and corporate shareholders are responsible for their own tax payments, receiving a net dividend of 0.30 yuan per share [7]