第五届监事会第七次会议决议公告 证券代码：603600 股票简称：永艺股份 公告编号：2025-038 永艺家具股份有限公司 经与会监事审议，会议通过了如下议案： （一）审议通过《关于取消监事会并修订<公司章程>的议案》 表决结果：同意 3 票、反对 0 票、弃权 0 票。 内容详见上海证券交易所网站（www.sse.com.cn)。 本议案尚需提交股东大会审议。 特此公告。 永艺家具股份有限公司监事会 2025 年 9 月 2 日 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个别及连带责任。 一、监事会会议召开情况 永艺家具股份有限公司（以下简称"公司"）第五届监事会第七次会议于 2025 年 9 月 1 日在公司会议室以现场方式召开。本次监事会会议通知于 2025 年 8 月 27 日以电话和书面方式发出。会议应出席监事 3 名，实际出席监事 3 名。本 次会议的召集和召开程序符合《公司法》等相关法律法规及《公司章程》的有关 规定，会议决议合法、有效。 二、监事会会议审议情况 ...

表决结果：同意 6 票、反对 0 票、弃权 0 票。 内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《永艺家具 股份有限公司关于取消监事会并修订<公司章程>及公司部分治理制度的公告》， 公告编号：2025-039。 本议案尚需提交股东大会审议。 证券代码：603600 证券简称：永艺股份 公告编号：2025-037 永艺家具股份有限公司 第五届董事会第八次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 永艺家具股份有限公司（以下简称"公司"）第五届董事会第八次会议于 2025 年 9 月 1 日在公司会议室以现场结合通讯方式召开。本次董事会会议通知于 2025 年 8 月 27 日以电话和书面方式发出。会议应出席董事 6 名，实际出席董事 6 名。 会议由张加勇先生主持，公司监事、高级管理人员列席会议。本次会议的召集和 召开程序符合《公司法》等相关法律法规及《公司章程》的有关规定，会议决议 合法、有效。 二、董事会会议审议情况 经与会董事逐项审议，会议通过了如 ...

永艺家具股份有限公司控股股东和实际控制人行为规范 永艺家具股份有限公司 控股股东和实际控制人行为规范 第一章 总则 第一条 为进一步规范永艺家具股份有限公司（以下简称"公司"）控股 股东、实际控制人行为，完善公司治理结构，切实保护公司和其他股东的合法权 益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第1号——规范运作》等法律法规、中国证券监督管理委员会（以下简称"中 国证监会"）和上海证券交易所规则以及《永艺家具股份有限公司章程》（以下 简称《公司章程》）的有关规定，制定本规范。 第二条 控股股东、实际控制人及其相关人员应当遵守证券市场有关法律 法规的规定，促进公司规范运作，持续提高公司质量。 第三条 控股股东、实际控制人应当诚实守信，依法依规行使股东权利、 履行股东义务，严格履行承诺，维护公司和全体股东的共同利益。 第四条 控股股东、实际控制人不得通过关联交易、资产重组、对外投资、 担保、利润分配和其他方式直接或者间接侵占公司资金、资产，损害公司及其他 股东的利益。 第二章 公司治理 (三) 以显失公平的方式 ...

Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved total revenue of 2.189 billion and net profit attributable to shareholders of 133 million in H1 2025, representing a year-on-year increase of 7% and 5% respectively. However, Q2 2025 saw a decline in revenue and net profit by 1% and 10% respectively [2][6]. - The company is expanding its overseas market presence while simultaneously enhancing its domestic brand operations. It is focusing on non-US markets and developing products tailored to local styles in Europe and Asia [8]. - The company is expected to achieve a net profit of 330 million in 2025, with a proposed dividend of 0.16 yuan per share, corresponding to a dividend payout ratio of 40% [8]. Revenue Analysis - In H1 2025, domestic sales reached 541 million, growing by 15%, while overseas sales were 1.642 billion, increasing by 4%. The overall revenue composition was 25% domestic and 75% overseas [8]. - The revenue from office chairs, sofas, and massage chairs in H1 2025 was 2.147 billion, 466 million, and 98 million respectively, with year-on-year growth rates of 9%, 36%, and a decline of 3% [8]. Profitability Analysis - The gross margin decreased by 1.0 percentage points year-on-year in H1 2025, with specific declines in office chairs, sofas, and massage chairs of 1.1, 4.5, and 3.9 percentage points respectively. However, the gross margin for domestic sales improved significantly due to an increase in mid-to-high-end product sales [8]. - The gross margin for Q2 2025 was 22.8%, reflecting a year-on-year decrease of 0.6 percentage points [8].

Group 1: Company Insights - Shenzhou Taiyue reported stable revenue from its long-standing games, with revenue of 1.502 billion yuan and 465 million yuan for "Age of Origins" and "War and Order" respectively, both exceeding 1 billion USD in cumulative revenue [1] - Morninglight Bio achieved a revenue of 3.658 billion yuan and a net profit of 215 million yuan in the first half of 2025, marking a year-on-year growth of 115.33% [2] - Haon Electric's revenue reached 805 million yuan in the first half of 2025, a year-on-year increase of 35.79%, with a net profit of 41.29 million yuan [3] - Weixing Co. reported a revenue of 2.338 billion yuan in the first half of 2025, a growth of 1.80% year-on-year, with international business growing by 13.72% [4] - Yongyi Co. noted that China is the largest producer and exporter of office chairs, with exports expected to account for 58% of the global total in 2024 [6] - Xinjubang achieved a revenue of 4.248 billion yuan in the first half of 2025, with a year-on-year growth of 18.58% [7] - Yilian Network maintained stable gross margins, with an optimistic outlook for the second half of the year [8] - Yinlun Co. established a product system focusing on data centers, energy storage, and low-altitude flying vehicles, with positive progress in customer collaborations [9] - Huafeng Technology reported good sales growth in high-speed line modules and an increase in sales revenue from the new energy vehicle business [10] Group 2: Market Trends and Strategies - The SLG market's top products have a monthly revenue ceiling of 200 million USD, indicating an expanding market space [1] - Morninglight Bio's core products are experiencing varied gross margins, with a focus on maintaining reasonable profit margins through strategic measures [2] - Haon Electric's R&D investment reached 103 million yuan, accounting for 12.85% of revenue, indicating a strong commitment to innovation [3] - Weixing Co. is cautious about the winter clothing consumption trend, with a need to observe future market conditions [4] - Yongyi Co. is expanding its non-U.S. market presence, with rapid growth in Europe, Southeast Asia, and Australia [6] - Xinjubang is capitalizing on market opportunities due to the shutdown of international competitors, particularly in the fluorinated liquid business [7] - Yilian Network's overseas capacity construction is not significantly impacting gross margins, with cost optimization through process upgrades [8] - Yinlun Co. is focusing on developing a product system around customer needs in the humanoid robot sector, enhancing collaboration with educational institutions [9] - Huafeng Technology is promoting high-voltage connector applications to expand market scale in the new energy vehicle sector [10]

Investment Rating - The report does not provide a specific investment rating for Yongyi Co., Ltd (603600) [1] Core Views - Yongyi Co., Ltd reported a stable performance in profitability, with a revenue of 2.189 billion yuan in H1 2025, reflecting a year-on-year increase of 6.7%. The net profit attributable to shareholders was 133 million yuan, up 4.9% year-on-year [1] - The decline in Q2 revenue by 1.4% to 1.178 billion yuan was primarily due to the impact of a new round of tariff wars, leading to weakened demand in the U.S. furniture market [2] - Domestic sales showed robust growth, with a revenue of 541 million yuan in H1 2025, representing a year-on-year increase of 15.4% [2] - The company is expected to benefit from a recovery in overseas demand, with H1 2025 export revenue reaching 1.642 billion yuan, a year-on-year increase of 3.7% [3] - The gross profit margin for Q2 2025 was 22.8%, with a net profit margin of 6.4% [4] Summary by Sections Financial Performance - H1 2025 total revenue was 2.189 billion yuan, with a net profit of 133 million yuan and a non-recurring net profit of 129 million yuan [1] - Q2 2025 revenue was 1.178 billion yuan, with a net profit of 75 million yuan [1] - The company expects net profits for 2025-2027 to be 340 million, 416 million, and 499 million yuan respectively, with corresponding P/E ratios of 10.8X, 8.8X, and 7.4X [4] Market Dynamics - The decline in Q2 revenue was attributed to cautious inventory procurement by channel partners due to tariff uncertainties [2] - The company has successfully enhanced its brand influence through various marketing strategies and partnerships, leading to improved profitability [2] - The report anticipates a gradual recovery in U.S. business in Q3 due to expected interest rate cuts and tariff resolutions [3] Profitability and Cash Flow - The company maintained stable profitability with a gross margin of 22.8% and a net margin of 6.4% in Q2 2025 [4] - Operating cash flow for Q2 2025 was 216 million yuan, showing a significant year-on-year increase [4] - Inventory turnover days were 61.35, accounts receivable turnover days were 49.07, and accounts payable turnover days were 75.83 [4]

Core Viewpoint - Yongyi Co., Ltd. announced the resignation of director Yang Hongchun due to personal reasons, effective August 27, 2025 [1] Company Summary - The board of Yongyi Co., Ltd. received a written resignation letter from director Yang Hongchun on the evening of August 27 [1] - Yang Hongchun will no longer hold any other positions within the company following his resignation [1]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 2.189 billion yuan for H1 2025, representing a year-on-year growth of 6.66%, and a net profit attributable to shareholders of 133 million yuan, up 4.92% year-on-year [4] - The company is strategically expanding its overseas production bases, enhancing its competitive advantage, particularly in the context of increasing international trade friction [6] - The company is actively developing non-US markets and increasing the proportion of its own brand business, with significant revenue growth in various product categories [7] Financial Performance - In H1 2025, the company's gross margin was 21.82%, a decrease of 1.03 percentage points year-on-year, while the net profit margin was 6.06%, down 0.1 percentage points year-on-year [5] - The company achieved revenues of 5.41 billion yuan domestically and 1.642 billion yuan internationally in H1 2025, with year-on-year growth rates of 15.41% and 3.73% respectively [7] - The company expects revenues of 5.156 billion yuan, 5.739 billion yuan, and 6.230 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 321 million yuan, 384 million yuan, and 446 million yuan [10] Strategic Initiatives - The company is transitioning from a primarily export-oriented model to a balanced approach of domestic and international sales, focusing on its own brand alongside OEM/ODM models [8] - The establishment of production bases in Vietnam and Romania is aimed at meeting global procurement needs and enhancing competitiveness in the face of international trade challenges [6][7]

证券代码：603600 股票简称：永艺股份 公告编号：2025-036 特此公告。 永艺家具股份有限公司董事会 一、提前离任的基本情况 | | | | | | 是否继续在 | | 是否存在 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 原定任 | | | | | 具体职 | | | | | 离任职 离任时 | | | | 离任 | 上市公司及 | | 未履行完 | | 姓名 | | 期到期 | | | | 务（如适 | | | | | 务 间 | | | 原因 | 其控股子公 | | | 毕的公开 | | | 日 | | | | | 用） | | | | | | | | 司任职 | | | 承诺 | | | | 董事、战 2025 年 | | 2027 | 年 | | | | | | 杨红 | | | | 个人 | | | | | | | 略委员 8 月 27 3 | 月 | | 21 | 否 | | 不适用 | 否 | | 春 | | | | 原因 | | | | | | | 会成员 日 | | 日 | | | | | | | ...