Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

Investment Rating - The report emphasizes a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic market [4][9]. Core Insights - The home furnishing sector shows a year-on-year increase of 28.7% in furniture retail sales in June, but demand has weakened since July due to the lack of new government subsidies [4][9]. - The new tobacco sector is witnessing a recovery, with Smoore's H1 2025 revenue expected to grow by 18% year-on-year, indicating stabilization in the vaping business [15][16]. - The paper and packaging industry is experiencing price stabilization, with expectations for a recovery in demand for white cardboard and cultural paper [17][18]. - The light industry and personal care sector is facing a downturn, but there are investment opportunities in leading brands [19][20]. - The toy sector, particularly Bubble Mart, is highlighted for its strong performance, with a 94% year-on-year increase in online sales of blind boxes in Q2 [21][22]. - The two-wheeler market is expected to see a rebound in Q3, driven by new policies in Vietnam promoting electric vehicle replacements [22][31]. Summary by Sections Home Furnishing Sector - Retail sales of furniture increased by 28.7% year-on-year in June, but demand has weakened since July due to subsidy issues [4][9]. - The overall real estate investment decreased by 10.3% year-on-year in June, with residential construction area down by 4.3% [4][9]. New Tobacco Sector - Smoore's H1 2025 revenue is projected to grow by 18% year-on-year, indicating a recovery in the vaping market [15][16]. - The FDA's recent approvals for JUUL products suggest a positive trend in the U.S. compliance market [15][16]. Paper and Packaging Sector - Paper prices are stabilizing, with expectations for recovery in demand for specific paper types [17][18]. - The packaging sector is seeing improvements in profitability for metal packaging companies due to industry consolidation [17][18]. Light Industry and Personal Care - The sector is experiencing a downturn, but leading brands are still seen as investment opportunities [19][20]. - Online sales for personal care products have shown mixed results, with some categories facing increased competition [20][23]. Toy Sector - Bubble Mart is highlighted for its strong performance, with a 209% year-on-year increase in GMV [21][22]. - The overall toy market is benefiting from new operational models and IP advantages [21][22]. Two-Wheeler Market - The market is expected to rebound in Q3, with new policies in Vietnam promoting electric vehicle replacements [22][31]. - Leading companies in the sector are expected to show good growth in their mid-year reports [22][31].

Core Viewpoint - Henglin Co., Ltd. (603661) has shown a positive stock performance, with a closing price of 29.48 yuan as of July 4, 2025, reflecting a 3.19% increase from the previous week [1] Company Announcements - Henglin Co., Ltd. has announced an increase in guarantee amounts for its subsidiaries totaling over 200 million yuan, specifically adjusting 19.4 million Swiss francs for Lista Office Group AG [1] - The company provided a progress announcement regarding guarantees for its wholly-owned subsidiaries, with new guarantee amounts of 20 million yuan for Huzhou Hengxin Metal Products Co., Ltd., 10 million yuan for Nanjing Hengning Home Furnishing Co., Ltd., and 19.4 million Swiss francs (approximately 17 million yuan) for Lista Office Group AG [1] - The total amount of external guarantees overdue is 0 yuan, and as of July 2, 2025, the balance of external guarantees provided by the listed company and its controlling subsidiaries is 684.98 million yuan, accounting for 18.53% of the latest audited net assets [1] - The company has highlighted that it provides guarantees for units with a debt-to-asset ratio exceeding 70% and has adjusted the guarantee amount for Lista Office Group AG within the approved limit by the shareholders' meeting [1] - The adjustment amount for Lista Office Group AG accounts for 4.60% of the latest audited net assets, and the company has received approval for a total guarantee limit of up to 1.02389 billion yuan for its subsidiaries [1]

证券代码：603661 证券简称：恒林股份 公告编号：2025-030 恒林家居股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 （一）担保的基本情况 因子公司业务发展需要，截至 2025 年 7 月 2 日，恒林家居股份有限公司（以 下简称公司或恒林股份）为全资子公司湖州恒鑫金属制品有限公司（以下简称恒 鑫金属）、南京恒宁家居有限公司（以下简称恒宁家居）、Lista Office Group AG（以下简称LO）的授信业务分别新增担保金额 2,000 万元、1,000 万元、1,940 万瑞郎（约合人民币 17,000 万元）。其中为LO的担保授信系在股东会审议通过 的担保总额范围内进行的额度调剂。 （二）内部决策程序 公司于 2025 年 5 月 16 日召开 2024 年年度股东会，审议通过了《关于公司 2025 年度对外担保额度预计的议案》，同意公司为合并报表范围内的子公司提 供不超过等值人民币 102,389 万元的担保额度。具体内容详见 ...

Core Insights - The depreciation benefit concept rose by 0.59% as of the market close on July 1, with a capital inflow of 177 million [1] - A total of 93 stocks increased in value while 73 stocks decreased [1] Top Gainers - The top ten stocks with the highest gains include: - Kaichuang Electric: +10.3% - Meinuohua: +6.9% - Henglin Shares: +6.5% - Wuzhou Medical: +6.35% - Jiangsu Boyun: +6.03% - Shandong Gold: +4.32% - Air China Ocean: +4.3% - Tonghe Pharmaceutical: +4.3% - Yiyi Shares: +4.29% - Huatong Cable: +4.26% [1] Top Losers - The stocks with the largest declines include: - Haitai Technology: -5.29% - ST Dehao: -5.0% - Pulutong: -4.96% - Qifeng Precision: -4.38% - Huasheng Shares: -3.27% [1]

证券代码：603661 证券简称：恒林股份 公告编号：2025-029 恒林家居股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.72元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/13 | － | 2025/6/16 | 2025/6/16 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本139,067,031股为基数，每股派发现金红利0.72 元（含税），共计派发现金红利1 ...

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]

关于为子公司提供担保的进展公告 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。 一、公司担保审批情况 证券代码：603661 证券简称：恒林股份 公告编号：2025-028 恒林家居股份有限公司 三、累计对外担保数量及逾期担保的数量 截至 2025 年 5 月 31 日，公司对外担保余额为等值人民币 65,098.04 万元 （基于数据可比性，汇率换算基准日均为 2025 年 4 月 21 日），占公司最近一 期经审计净资产的 17.61%。除上述担保外，公司不存在其他对外担保情况，亦 不存在逾期担保的情形。 恒林家居股份有限公司（以下简称公司或恒林股份）于 2025 年 5 月 16 日 召开 2024 年年度股东会，审议通过了《关于公司及子公司 2025 年度向银行等 金融机构申请综合授信额度的议案》和《关于公司 2025 年度对外担保额度预计 的议案》，同意公司自 2024 年年度股东会审议通过之日起至公司 2025 年年度 股东会召开之日止，为合并报表范围内的子公司提供不超过等值人民币 102,389 万元的担保额度（ ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-027 恒林家居股份有限公司 2025年第一次临时股东会决议公告 (四) 表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等。 (一) 股东会召开的时间：2025 年 6 月 3 日 (二) 股东会召开的地点：浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 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： 本次会议由本公司董事会召集，董事长王江林先生主持本次会议，本次会议采取 现场投票和网络投票相结合的表决方式。会议的召集、召开和表决符合《中华人 民共和国公司法》及本公司《公司章程》的规定。 (五) 公司董事和董事会秘书的出席情况 二、 议案审议情况 (一) 累积投票议案表决情况 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 | 90 | | --- | --- | | 2、出席会议的股东所持有表决权的股份 ...

国浩律师（杭州）事务所 关 于 恒林家居股份有限公司 2025 年第一次临时股东会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年六月 国浩律师（杭州）事务所 关 于 恒林家居股份有限公司 2025 年第一次临时股东会 法律意见书 致：恒林家居股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受恒林家居股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2025 年第一次临时股东会（以 下简称"本次股东会"），并依据《中华人民共和国公司法》（以下简称"《公司 法》"） ...