浙商证券研报指出，恒林股份Q3稳健，期待旺季跨境表现向上。在跨境业务稳健增长下拉动增长，利 润率逐步修复。在关税波动下，公司跨境电商业务基于规模效应、强成本管控能力，增长较为稳健。根 据Sorftime，公司在美国亚马逊的主要品牌Sweetcrispy、Dumos、Smug7-9月表现较优，具体看 Sweetcrispy7-9月销售额分别同比+34.5%/32.3%/38.8%，收纳柜、办公椅等爆品销售表现良好。预计随 着跨境电商业务盈利能力逐步释放，代工业务经营改善，盈利仍有修复空间。考虑跨境电商业务经营变 化，代工业务关税影响，调整对公司盈利预测，维持"买入"评级。 ...

Q3 稳健，期待旺季跨境表现向上 证券研究报告 | 公司点评 | 家居用品 ——恒林股份点评报告 投资要点 ❑ 公司发布 25Q3 业绩： ❑ 跨境电商增长稳健，代工业务底部稳健 跨境：在关税波动下，公司跨境电商业务基于规模效应、强成本管控能力，增长 较为稳健。根据 Sorftime，公司在美国亚马逊的主要品牌 Sweetcrispy、Dumos、 Smug7-9 月表现较优，具体看 Sweetcrispy 7-9 月销售额分别同比 +34.5%/32.3%/38.8%，收纳柜、办公椅等爆品销售表现良好。Dumos 7-9 月销售 额分别同比+89.0%/54.8%/147.9%，主要产品包括床垫、推车、办公桌等公司具 有相关制造能力的产品。 Smug 7-9 月销售额分别同比+24.2%/9.8%/130.1%，主 要产品包括床垫、办公椅、升降桌等产品。 25Q3 公司实现营收 31.4 亿，同比+4.4%，归母净利润 0.97 亿，同比+112%，扣 非归母净利润 0.93 亿，同比+110%，Q3 收入在跨境业务稳健增长下拉动增长， 利润率逐步修复。 代工：25Q3 在关税及客户库存高位去库影响下收入受 ...

有投资者问，请问贵司参股的海飞科是否为已经GPU芯片设计公司？恒林股份在互动平台表示，是，海 飞科核心产品为已量产的CompassC20人工智能芯片及其加速卡，可应用于AI推理、大数据处理等场 景；近期还推出了四卡工作站，能布署满血版的Deepseek模型，具有较高的性价比。特别提醒，公司对 其投资属于战略性布局。芯片属高科技行业，相关技术和产品落地受技术迭代、市场环境、客户需求等 多重因素影响。 股票频道更多独家策划、专家专栏，免费查阅>>责任编辑：小讯 ...

Group 1 - The cultivated diamond sector experienced a decline of 4.21%, ranking among the top losers in the concept sector, with *ST Yazhen hitting the daily limit down [1][2] - Major stocks within the cultivated diamond sector that saw significant declines include Jing Sheng Electric (-7.23%), Huanghe Xuanfeng (-5.38%), and Sifangda (-6.02%) [2][3] - Conversely, stocks that gained in this sector include Guoli Electronics (+3.39%), Chaohongji (+2.24%), and Yuyuan Shares (+1.43%) [1][3] Group 2 - The cultivated diamond sector faced a net outflow of 9.45 billion yuan in principal funds, with 12 stocks experiencing net outflows, and 6 stocks seeing outflows exceeding 1 billion yuan [2] - The stock with the highest net outflow was Jing Sheng Electric, with a net outflow of 1.75 billion yuan, followed by Huanghe Xuanfeng and Sifangda with net outflows of 1.63 billion yuan and 1.44 billion yuan, respectively [2] - Stocks with the highest net inflows included Hengsheng Energy, World, and Chaohongji, with net inflows of 12.56 million yuan, 10.98 million yuan, and 10.39 million yuan, respectively [2][3]

Core Viewpoint - Henglin Co., Ltd. (603661.SH) operates through its subsidiary, Henan Shining Diamond Co., Ltd., which is involved in various manufacturing sectors including jewelry, non-metallic mineral products, and metal tools [1] Group 1 - The company’s product offerings include cultivated diamonds and large-sized diamond single crystals [1]

证券代码：603661 证券简称：恒林股份 公告编号：2025-046 恒林家居股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 恒林家居股份有限公司（以下简称公司）于 2025 年 11 月 10 日（星期一） 15:00-16:00 在上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）以网络互动的方式召开 2025 年第三季度业绩 说明会。公司董事长兼总经理王江林先生、独立董事俞国燕女士、财务总监王学 明先生及董事会秘书汤鸿雁女士出席了本次业绩说明会，就投资者普遍关注的问 题在信息披露允许的范围内进行了回复。 二、投资者提出的主要问题及公司的回复情况 （一）预征集问题回复 问题 1：关于厨博士的商誉问题，现有商誉还剩多少？今年年底，预计是否 还会进行计提？ 截至 2024 年 12 月 31 日，东莞厨博士家居有限公司商誉已全额计提完毕， 详见 2024 年年报。 问题 2：公司前三季度营收 84.88 亿元，再创历史新高。如果根据区域划分， 各个区域的营收划分是怎样的？哪些区域增长较快？哪些区域下降明显？另外， ...

Group 1 - The core point of the announcement is the resolution of the third extraordinary general meeting of shareholders held by Henglin Home Co., Ltd. on November 5, 2025, which included the approval of a proposal to adjust the expected external guarantee limit for 2025 [2][4]. - The meeting was convened by the board of directors and chaired by Chairman Wang Jianglin, utilizing a combination of on-site and online voting methods, in compliance with the Company Law and the company's articles of association [2][3]. - All seven current directors attended the meeting, along with the board secretary and other senior executives, ensuring a full representation of the company's leadership [3]. Group 2 - The proposal regarding the adjustment of the expected external guarantee limit for 2025 was passed with a majority vote from the shareholders present at the meeting, including a separate count for minority investors [4]. - The legal proceedings of the meeting were witnessed by Guohao Law Firm (Hangzhou), confirming that the convening and conducting of the meeting adhered to all relevant legal and regulatory requirements [6].

证券代码：603661 证券简称：恒林股份 公告编号：2025-045 恒林家居股份有限公司 2025年第三次临时股东会决议公告 | 1、出席会议的股东和代理人人数（人） | 108 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 100,399,140 | | 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 | 72.1947 | | 份总数的比例（%） | | (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 11 月 5 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。 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。 ...

国浩律师（杭州）事务所 关 于 恒林家居股份有限公司 2025 年第三次临时股东会 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 二零二五年十一月 国浩律师（杭州）事务所 关 于 恒林家居股份有限公司 2025 年第三次临时股东会的 法律意见书 致：恒林家居股份有限公司 （二）公司本次股东会现场会议于 2025 年 11 月 5 日 14 时 30 分在公司会议 室召开，公司董事长王江林先生主持本次股东会。 （三）本次股东会的网络投票通过上海证券交易所交易系统和互联网投票系 统进行。网络投票 ...

Core Viewpoint - Henglin Co., Ltd. is a leading domestic manufacturer of home products, specializing in the research, production, and sales of office chairs, sofas, massage chairs, and accessories, with a complete industrial chain and strong sales both domestically and internationally [1] Financial Performance - In Q3 2025, the company's revenue reached 8.488 billion yuan, ranking 2nd in the industry out of 17, surpassing the industry average of 3.852 billion yuan and the median of 2.555 billion yuan, while the industry leader, Gujia Home, reported 15.012 billion yuan [2] - The net profit for the same period was 311 million yuan, ranking 6th in the industry, above the industry average of 278 million yuan and the median of 154 million yuan, with Gujia Home leading at 1.602 billion yuan and Zhejiang Yongqiang at 684 million yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 63.40%, down from 65.50% year-on-year, but still above the industry average of 45.64% [3] - The gross profit margin for Q3 2025 was 17.76%, down from 18.53% year-on-year, and below the industry average of 31.44% [3] Executive Compensation - The chairman and general manager, Wang Jianglin, received a salary of 1.2 million yuan in 2024, unchanged from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.91% to 8,436, while the average number of circulating A-shares held per household increased by 8.59% to 16,500 [5] - The top ten circulating shareholders saw the entry of a new shareholder, China Merchants Quantitative Selected Stock Fund, holding 653,900 shares, while Hong Kong Central Clearing Limited exited the top ten [5] Business Highlights - The company reported a revenue increase of 8.66% year-on-year for the first three quarters of 2025, totaling 8.488 billion yuan, and a net profit increase of 4.81% year-on-year to 279 million yuan [5][6] - Key business highlights include sustained growth in cross-border e-commerce, stable OEM business, significant improvement in Q3 gross profit margin due to decreased shipping costs and price adjustments, and effective cost control leading to a decrease in expense ratios [5][6] - Future projections estimate net profits for 2025 to 2027 at 396 million, 499 million, and 618 million yuan, respectively, maintaining a "buy" rating [5][6]