Investment Rating - The report maintains a positive outlook on the paper industry, indicating a favorable investment rating for the sector [2]. Core Insights - The report emphasizes the ongoing improvement in supply-demand dynamics within the paper industry, projecting upward profitability in the medium to long term [2]. - Key investment opportunities are identified in sectors such as consumer goods, particularly in domestic demand and export recovery, with specific recommendations for companies like Baia Co., Haoyue Care, and Dengkang Oral Care [6][8]. - The report highlights structural changes in consumer behavior, with a focus on new consumption trends and the rise of domestic brands, particularly in the personal care and home goods sectors [8][18]. Summary by Sections Export Dynamics - The report notes significant tariff reductions following the US-China Geneva trade talks, which are expected to benefit companies with high exposure to US exports, such as Jiayi Co. and Hars [6][7]. - Companies like Yutong Technology and Yiyi Co. are highlighted for their strong positions in the export market, particularly in the pet care and furniture sectors [7]. Domestic Consumer Goods - The personal care sector is identified as resilient, with domestic brands gaining market share. Recommendations include Baia Co., Haoyue Care, and Dengkang Oral Care [8][10]. - The report discusses the expected recovery in demand for baby diapers and sanitary products, driven by demographic trends and supportive policies [9][10]. New Consumption Trends - The report identifies opportunities in the integration of IP into traditional consumer products, with companies like Chenguang Co. and Blukoo leading the way [10][11]. - The AI glasses market is highlighted as a growth area, with significant potential for companies like Kangnait Optical and Mingyue Lens [14]. Two-Wheel Vehicle Market - The report discusses the impact of the old-for-new subsidy policy on the electric bicycle market, predicting a significant increase in sales and market activity [15][17]. - Companies such as Yadi Holdings and Aima Technology are recommended for their strong market positions and growth potential [17]. Home Goods Sector - The report indicates a positive outlook for the home goods sector, supported by government policies aimed at stabilizing the real estate market and promoting consumer spending [18][21]. - Companies like Sophia, Oppein Home, and Gujia Home are recommended for their potential to benefit from these trends [27]. High Dividend Stocks - The report emphasizes the value of stable high-dividend stocks in the current market environment, recommending companies like Yutong Technology and Yongxin Co. for their robust performance [28].

证券代码：603600 股票简称：永艺股份 公告编号：2025-024 永艺家具股份有限公司 关于注销回购股份并减少注册资本 暨通知债权人的公告 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。 永艺家具股份有限公司（以下简称"公司"）分别于2025年4月23日召开第五届董事会第六次会议、2025 年5月15日召开2024年年度股东大会，审议通过了《关于减少注册资本并修订〈公司章程〉的议案》。 鉴于公司2021年事业合伙人持股计划第三个业绩考核年度公司层面的考核目标未达成，第三批权益份额 （780,000份）的归属条件未成就，该批次权益份额不得归属，对应的标的股票（780,000股）由公司零 对价回购注销。 5、传真号码：0572-5136689 特此公告。 永艺家具股份有限公司董事会 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及其他凭证的原件及复印件到 公司申报债权。债权人为法人的，需同时携带法人营业执照副本原件及复印件、法定代表人身份证明文 件；委托他人申报的，除上述文件外，还需携带法定代表人授权 ...

永艺家具股份有限公司 关于注销回购股份并减少注册资本 暨通知债权人的公告 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。 永艺家具股份有限公司（以下简称"公司"）分别于 2025 年 4 月 23 日召开 第五届董事会第六次会议、2025 年 5 月 15 日召开 2024 年年度股东大会，审议 通过了《关于减少注册资本并修订<公司章程>的议案》。鉴于公司 2021 年事业 合伙人持股计划第三个业绩考核年度公司层面的考核目标未达成，第三批权益份 额（780,000 份）的归属条件未成就，该批次权益份额不得归属，对应的标的股 票（780,000 股）由公司零对价回购注销。 上述股份注销后，公司注册资本将由 331,213,170 元减少至 330,433,170 元，公司总股本将由 331,213,170 股减少至 330,433,170 股（最终以本次注销完 成后中国证券登记结算有限责任公司上海分公司出具的股本结构表为准）。 公司本次股份注销将导致注册资本减少，根据《公司法》等相关法律、法规 的规定，公司特此通知债权人， ...

证券代码：603600 证券简称：永艺股份 公告编号：2025-023 永艺家具股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 203 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 209,626,575 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 63.2905 | | 份总数的比例（%） | | 二、 议案审议情况 审议结果：通过 表决情况： (一) 股东大会召开的时间：2025 年 5 月 15 日 (二) 股东大会召开的地点：浙江省安吉县灵峰街道永艺西路 1 号三楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | ...

浙江天册律师事务所 关于 永艺家具股份有限公司 2024 年年度股东大会的 法律意见书 法律意见书 浙江天册律师事务所 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 关于永艺家具股份有限公司 2024 年年度股东大会的 法律意见书 编号：TCYJS2025H0749 号 致：永艺家具股份有限公司 浙江天册律师事务所（以下简称"本所"）接受永艺家具股份有限公司（以 下简称"永艺股份"或"公司"）的委托，指派本所律师参加公司 2024 年年 度股东大会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会 规则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件 的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人 员的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对 会议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确性 发表意见。 本法律意见书仅供公司 2024 年 ...

制造领先：永艺股份、浩洋股份 20250513 摘要 • 美国对中国加征关税，短期内影响出口企业，但可通过出口公司与客户共 同承担或转嫁给消费者来消化成本。关税回归合理幅度后，国内出货节奏 预计恢复正常，二季度订单有望修复，但下游企业备库谨慎。 • 出口企业受关税压制估值回落，核心优势强、海外工厂占比较高的公司受 影响较小，估值与成长性匹配。长期来看，这些公司在关税期间波动不大， 有望增强长期竞争力，估值点位适合进入配置区间。 • 永艺股份在办公椅品类具备不可替代性，其产业链优势建立了客户壁垒。 近期订单乐观，越南工厂加速出货以利用关税窗口期，中国终端客户也积 极下单发货，利润端受影响较小，订单预期有望进一步修复。 • 永艺股份 2025 年的盈利预测中枢约为 3.8 亿元，目前估值为 10 倍，在出 口链中具有较高性价比，与增速的 PEG 相比处于低位，股息率超过 4%， 在整体估值修复的前提下，该公司是一个具有弹性的选择。 • 浩洋股份在舞台灯光演艺设备制造方面具备成本效率优势和产品创新能力， 通过主动开发新产品如激光光源，引领行业变革，推动长期激光光源渗透 率提升。 Q&A 中国制造业在全球供应链中的地 ...

Economic Overview - In April 2025, China's export growth was 8.1% year-on-year in USD terms, while imports decreased by 0.2%[16] - The trade surplus in April was stronger than the average in Q1 2025, providing support to the economy[17] - The CPI showed a month-on-month increase of 0.2%, driven by rising food and travel prices, while the PPI remained low at -2.7% year-on-year[13][15] Market Trends - The A-share market saw a slight increase in trading activity, with average daily turnover rising from CNY 1.10 trillion to CNY 1.35 trillion, and the proportion of stocks rising increased to 84%[22] - Foreign capital inflow into the A-share market was USD 2.1 million, with the proportion of trading by foreign investors dropping to 11.0%[23] Sector Performance - The automotive sector showed strong performance, with passenger car sales increasing by 7% year-on-year during the May Day holiday[27] - New home sales in 30 major cities increased by 13.7% year-on-year, indicating a recovery in the real estate market[28] Policy and Monetary Environment - The People's Bank of China indicated a shift towards a more accommodative monetary policy, with expectations for further interest rate cuts and adjustments to deposit rates[6][7] - The government is expected to accelerate the issuance and utilization of special bonds to support infrastructure investment[7] Risks and Challenges - Ongoing uncertainties in trade relations and domestic growth policies may impact economic stability[6][12] - The real estate market continues to face pressure, with potential risks to consumer spending and investment recovery[28]

Market Overview - The Shanghai Composite Index is at 3365.80 points, above the annual line, with a change of 0.71% [1] - The total trading volume of A-shares is 664.34 billion yuan [1] Stocks Breaking Annual Line - A total of 83 A-shares have surpassed the annual line today [1] - Notable stocks with significant deviation rates include: - Kunshan Intelligent: 15.93% - Weirgao: 12.17% - Zhanpeng Technology: 9.26% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Kunshan Intelligent (301311): Today's change of 20.02%, turnover rate of 19.28%, latest price at 21.46 yuan [1] - Weirgao (301251): Today's change of 14.64%, turnover rate of 21.49%, latest price at 37.11 yuan [1] - Zhanpeng Technology (603488): Today's change of 9.96%, turnover rate of 4.83%, latest price at 8.61 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Light Library Technology: 2.76% - China Dynamics: 2.92% - Hitec High New: 2.78% [1]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The impact of tariffs is becoming evident, with leading companies showcasing advantages in overseas production capacity, while short-term order and profit impacts remain limited [8][3] - Despite the implementation of tariffs, leading companies are expanding their market share due to their overseas production advantages, with notable growth in companies like Jiangxin Home and Yongyi Co., Ltd. [3][4] - The overall revenue performance of the sector remains stable, with structural growth continuing to show strong results [3][4] Summary by Sections Tariff Impact and Company Performance - The U.S. government has increased tariffs on Chinese goods, with rates rising to 145% in April 2025. However, the impact on short-term shipments is minimal due to temporary exemptions for overseas production [8][9] - Domestic production shows varied performance, with certain segments like thermal cups and functional sunshades maintaining stable order levels, while traditional industries face delays in shipments to the U.S. [8][9] Revenue and Growth Performance - The overall sector experienced steady growth in Q4 2024 and Q1 2025, with leading companies like Jiangxin Home and Yongyi Co., Ltd. achieving significant year-on-year growth rates of 49.8% and 30.9% respectively [3][10] - Other companies such as Zhejiang Natural and Yingke Recycling also reported strong growth, with year-on-year increases of 39.4% and 9.8% respectively [3][10] Profitability and Structural Growth - The overall gross margin performance is mixed, with some companies improving profitability through structural growth and optimization of customer and product mix [4][10] - Companies like Jiangxin Home and Tianzhen Co., Ltd. have shown improvements in gross margins, driven by brand strength and high-margin product offerings [4][10] - Some companies are facing declining gross margins due to insufficient short-term fixed cost amortization, particularly those with increasing overseas production capacity [4][10] Investment Recommendations - Continuous attention is recommended for companies with strong overseas layouts such as Jiangxin Home, Yongyi Co., Ltd., and Gongchuang Lawn, as well as those with low valuations and rapid overseas expansion like Zhongxin Co., Ltd. and Hars [4][10]

永艺家具股份有限公司 2024年年度股东大会 会 议 资 料 现场会议时间：2025年5月15日下午14:00 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的 投票时间为股东大会召开当日的交易时间段，即9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的9:15-15:00。 签到时间：2025年5月15日下午13:00-14:00 现场会议地点：浙江省安吉县灵峰街道永艺西路1号三楼会议室 二〇二五年五月 | 2024 | | | 年年度股东大会会议议程 1 | | | --- | --- | --- | --- | --- | | 2024 | | | 年年度股东大会会议须知 3 | | | 2024 | | | 年年度股东大会会议议案 5 | | | 议案一: | 关于 | 2024 | 年度董事会工作报告的议案 | 5 | | 议案二: | 关于 | 2024 | 年度监事会工作报告的议案 | 13 | | 议案三: | 关于 | 2024 | 年年度报告及摘要的议案 | 17 | | 议案四: | 关于 | 2024 ...