Group 1 - Guangzhou Yongxin Cheng Home Furnishing Co., Ltd. has been established with a registered capital of 500,000 yuan [1] - The legal representative of the company is Duan Dawei [1] - The business scope includes digital technology services, new material technology promotion services, furniture sales, and furniture accessories sales [1] Group 2 - Yongxin Cheng is fully owned by Yongyi Co., Ltd. [1]

证券代码：603600 股票简称：永艺股份 公告编号：2025-002 永艺家具股份有限公司 关于持股 5%以上股东权益变动至 5%以下的提示性公告 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： 备注： 1、本次权益变动所涉及的股份均享有表决权，其中玄元科新 173 号基金持有的公司 6,499,612 股股份对应的表决权、提案权、提名权、召集权等全权委托阮正富先生行使。 2、以上所有表格中数据尾差为数据四舍五入加和所致。 因自身资金需求，阮正富先生及其一致行动人玄元科新 173 号基金计划通过 集中竞价和大宗交易方式合计减持不超过 4,874,700 股，即不超过公司总股本的 1.47%。具体内容详见公司于 2024 年 12 月 20 日披露的《永艺家具股份有限公司 股东减持股份计划公告》（公告编号：2024-043）。 公司于近日收到阮正富先生出具的《股份变动告知函》，阮正富先生已于 2025 年 1 月 14 日-2025 年 1 月 16 日通过集中竞价交易的方式减持其持有的公 司无限售流通股 ...

永艺家具股份有限公司 简式权益变动报告书 上市公司名称：永艺家具股份有限公司 上市地点：上海证券交易所 股票简称：永艺股份 股票代码：603600 信息披露义务人一：阮正富 住所及通讯地址：浙江省湖州市安吉县 信息披露义务人二：玄元私募基金投资管理（广东）有限公司－玄元科新 173 号私募证券投资基金（基金管理人：玄元私募基金投资管理（广东）有限公司） 基金管理人住所及通讯地址：珠海横琴新区荣珠道 191 号写字楼 2108 房 B 单元 股份变动性质：持股比例减少 签署日期：2025 年 1 月 16 日 1 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》、《中华人民共和国证券法》、 《上市公司收购管理办法》、《公开发行证券的公司信息披露内容与格式准则第 15 号———权益变动报告书》及相关法律、法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在永艺家具股份有限公司中拥有权益的股份 变动情况； 截至本报告书签署之日，除本报告书披露的信息外，上述信息披露义务人没 ...

Investment Rating - The report maintains an "Accumulate" rating for Yongyi Co., Ltd. (603600) [1][3] Core Views - The company is expected to experience robust growth momentum in the mid-term, with a projected revenue growth of over 20% in 2025 [2][3] - The report highlights the strong performance of export data, indicating structural opportunities in export stocks, particularly in the furniture sector [1][2] - The company is expanding its overseas production capacity, particularly in Vietnam and Romania, which is expected to enhance its competitive advantage [3] Summary by Sections Financial Performance - In 2022, the total revenue was 4,055 million yuan, with a year-on-year decline of 13.0%. The revenue is projected to recover to 4,790 million yuan in 2024, reflecting a growth rate of 35.4% [4][6] - The net profit attributable to the parent company was 335 million yuan in 2022, with an expected increase to 423 million yuan in 2025, representing a growth rate of 32.2% [4][6] - The gross margin is expected to stabilize around 23.1% from 2025 onwards, indicating improved profitability [4][6] Market Dynamics - The report notes a positive trend in short-term orders and steady improvement in profitability, driven by resilient overseas demand and a recovering U.S. housing market [2][3] - The company is leveraging new distribution channels and expanding its customer base, particularly targeting major retailers like Costco and Sam's [2][3] Growth Projections - The forecast for net profit for 2024-2026 is 320 million yuan, 423 million yuan, and 528 million yuan respectively, with corresponding P/E ratios of 12.4X, 9.4X, and 7.5X [3][4] - The report emphasizes the company's long-term growth potential through product and regional expansion, which is expected to drive valuation upwards [2][3]

Company Establishment - Jiahong Home Furnishing Co Ltd was recently established in Wuhan Hubei Province with a registered capital of 500 thousand yuan [1] - The company's legal representative is Duan Dawei [1] - Its business scope includes furniture sales furniture manufacturing and digital technology services [1] Ownership Structure - Jiahong Home Furnishing Co Ltd is wholly owned by Yongyi Co Ltd [2]

国信证券股份有限公司 关于永艺家具股份有限公司 2024 年度持续督导现场检查报告 （二）信息披露情况； （三）公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情 况； （四）募集资金使用情况； （五）关联交易、对外担保、重大对外投资情况； 上海证券交易所： 永艺家具股份有限公司（以下简称"永艺股份"或"公司"）2023 年向特定对象 发行股票并于 2023 年 7 月 6 日在上海证券交易所披露上市公告书（以下简称"本 次发行"）。永艺股份发行 30,395,136 股人民币普通股（A 股）股票，实际募集资 金净额为 193,819,079.74 元，已存入公司募集资金专用账户。国信证券股份有限 公司（以下简称"保荐人"或"我公司"）作为本次发行的保荐人，持续督导期间为 2023 年 7 月 6 日至 2024 年 12 月 31 日。根据《证券发行上市保荐业务管理办法 （2023 年修订）》《上海证券交易所股票上市规则（2024 年 4 月修订）》及《上海 证券交易所上市公司自律监管指引第 11 号——持续督导》的规定，我公司保荐 代表人及督导项目组人员对公司进行了现场检查，并出具现场检查报告。 ...

Investment Rating - The report initiates coverage on Yongyi Co Ltd (603600 SH) with a "Buy" rating [5][7] Core Views - Yongyi achieved record Q3 revenue with strong profit growth on a low base [1] - Overseas sales outperformed industry despite weak demand, driven by new clients and channels [2] - Domestic brand building is accelerating, with self-brand revenue up 67% YoY [3] - The company increased dividend frequency, demonstrating confidence in long-term development [4] Financial Performance - Q3 2024 revenue reached 1 34 billion yuan, up 38 79% YoY [1] - Net profit attributable to parent company grew 42 3% YoY to 98 million yuan in Q3 2024 [1] - Self-brand revenue accounted for 20% of total revenue in 2023, reaching 713 million yuan [3] - 2023 cash dividend payout ratio was 44%, with mid-year dividend introduced in 2024 [4] Overseas Business - Despite 7 6% decline in China's office chair exports in Q3 2024, Yongyi achieved 38 8% revenue growth [2] - Key new clients include Costco and Sam's Club, with shipments already underway [2] - Vietnam and Romania production bases provide competitive advantages in global supply chain [24][25] Domestic Strategy - 2023 marked the first year of aggressive domestic brand development [3] - Flow series flagship products successfully launched [3] - Online channels expanded to include TikTok and Pinduoduo, with GMV up 256% during 2023 Double 11 [33] Future Outlook - Revenue growth projected at 31%, 17 6%, and 13 8% for 2024-2026 [5] - Net profit growth expected at 8%, 27%, and 25% for 2024-2026 [5] - EPS forecast at 0 98, 1 23, and 1 54 yuan for 2024-2026 [5] Industry Context - China's office chair exports grew 15 8% YoY in H1 2024 [16] - US furniture retailers' inventory-to-sales ratio showed improvement in 2024 [17] - Key clients like HNI and Office Depot demonstrated improving performance [18][20]

证券代码：603600 证券简称：永艺股份 永艺家具股份有限公司 投资者关系活动记录表（2024 年第三季度业绩说明会） 编号：2024-006 | --- | --- | --- | |------------|--------------------------------|----------------------------------| | | | | | | □特定对象调研 □分析师会议 | | | 投资者关系 | □媒体采访 √业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | 活动类别 | □现场参观 □电话会议 | | | | □ 网络会议 □其他 | | | 参与机构 | 参加公司 2024 | 年第三季度业绩说明会的投资者 | | 时间 | 2024 年 11 月 6 | 日（星期三） 13:00-14:00 | | | 上海证券交易所上证路演中心 | | | 地点 | （网址： | https://roadshow.sseinfo.com/ ） | | | 董事长、总经理：张加勇先生 | | | 上市公司接 | 副总经理、财务总监：丁国军先生 | | | 待人员 | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set at 12.62 CNY, indicating an expected relative return of 10%-20% over the next six months [5]. Core Views - The company has demonstrated significant revenue growth, achieving 1.34 billion CNY in Q3 2024, a year-on-year increase of 38.8%, and a net profit of 100 million CNY, up 42.3% year-on-year [1]. - The strong performance is attributed to the acceleration of new customer acquisition, channel expansion, and project launches [1]. - The gross margin for Q3 2024 stands at 22.4%, reflecting a slight decrease of 0.6 percentage points year-on-year, while the net profit margin improved by 0.2 percentage points to 7.4% [1]. Summary by Sections External Sales - The company is focusing on new customer acquisition and channel development, with significant orders from major clients like Costco and Sam's, contributing to business growth [2]. - The establishment of overseas production bases, particularly in Vietnam and Romania, is enhancing the company's market share in the U.S. and Europe [2]. Internal Sales - The company is enhancing its online presence through platforms like Tmall, JD, and Douyin, leading to increased sales and brand recognition [3]. - Offline, the company is expanding its direct sales channels and retail presence, including flagship stores, to broaden its market coverage [3]. Financial Forecast - The company has a comprehensive sales channel strategy covering both domestic and international markets, with strong market expansion capabilities [4]. - The forecast for net profit for 2024-2026 is projected at 330 million CNY, 410 million CNY, and 490 million CNY, respectively, with corresponding P/E ratios of 13, 10, and 8 times [4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company reported a revenue of 3.39 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 35.6%. The net profit attributable to the parent company was 220 million yuan, up 6.5% year-on-year, while the net profit excluding non-recurring items also reached 220 million yuan, increasing by 14.9% year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 1.34 billion yuan, a year-on-year increase of 38.8%, and a net profit of 98 million yuan, up 42.3% year-on-year. The revenue growth is attributed to improved external demand and accelerated volume from new customers, channels, and projects [5][6]. - The company is actively pursuing a global layout strategy for its export business, with ongoing construction of production bases in Vietnam and Romania. The Vietnam base has begun shipping to the U.S., and the first phase of construction is underway [5][6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 3.39 billion yuan, a 35.6% increase year-on-year, and a net profit of 220 million yuan, a 6.5% increase year-on-year. The net profit excluding non-recurring items was also 220 million yuan, reflecting a 14.9% increase year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 1.34 billion yuan, a 38.8% increase year-on-year, and a net profit of 98 million yuan, a 42.3% increase year-on-year [5][6]. Profitability and Margins - The comprehensive gross margin for the first three quarters of 2024 was 22.68%, a decrease of 0.4 percentage points. The period expense ratio was 14.85%, an increase of 1.3 percentage points [5][6]. - The company’s revenue growth is supported by new customer acquisition and channel expansion, indicating a positive outlook for future performance [5][6]. Future Outlook - The company is expected to achieve net profits of 330 million yuan and 400 million yuan for 2024 and 2025, respectively, representing year-on-year increases of 11% and 20% [6][7]. - The estimated reasonable value range for the company is between 11 to 13 yuan based on a price-to-earnings (PE) ratio of 11 to 13 times for 2024 [6][7].