Core Viewpoint - Henglin Co., Ltd. is focusing on innovative smart furniture and will showcase a significant new product at the upcoming China International Furniture Fair in Guangzhou, emphasizing its commitment to sustainable development and market leadership in ergonomic seating solutions [1][2]. Group 1: Company Overview - Henglin Co., Ltd. is a leading developer of health-oriented seating solutions and one of the largest manufacturers and exporters of office chairs in China [1]. - The company’s product range includes ergonomic chairs, functional sofas, height-adjustable desks, and new material flooring, integrating smart technology, health, and aesthetics [1]. Group 2: Innovation and R&D - The company is enhancing its R&D capabilities through the Henglin Research Institute, focusing on innovative design and production efficiency to improve customer experience and market competitiveness [2]. - As of mid-2024, Henglin holds 1,565 valid patents, including 114 domestic invention patents, showcasing its strong commitment to innovation and proprietary technology [1]. Group 3: Market Strategy and Expansion - Henglin is actively expanding its overseas production bases and brand presence, particularly in the U.S. market, to counteract the impacts of tariffs and enhance supply chain security [2]. - The company’s self-owned brand business generated over 4 billion yuan in revenue by the end of Q3 last year, marking a significant milestone as it accounted for more than 50% of total revenue [2]. - Henglin's cross-border e-commerce channels include major platforms like Amazon, Walmart, TEMU, and TikTok, aimed at increasing online market share and supporting brand development [2].

一、审议通过《关于变更 2023 年员工持股计划管理委员会委员的议案》 因公司本次员工持股计划原管理委员会委员离职，本次持有人会议选举杜 东亮先生为员工持股计划管理委员会委员，与杨慧娟女士、刘翠芬女士组成公 司员工持股计划管理委员会，其中杨慧娟女士为主任委员。任期与本员工持股 计划存续期间一致。上述三位管理委员会委员不属于公司持股 5%以上的股东、 实际控制人、董事、监事、高级管理人员，且与前述主体不存在关联关系。 证券代码：603661 证券简称：恒林股份 公告编号：2025-004 恒林家居股份有限公司 2023 年员工持股计划第三次持有人会议决议公告 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、准确性和完整性依法承担法律责任。 恒林家居股份有限公司（以下简称公司）2023 年员工持股计划（以下简称 本次员工持股计划）第三次持有人会议于 2025 年 3 月 21 日以现场结合通讯方 式召开。会议由公司管理委员会主任委员杨慧娟女士召集和主持，出席本次会 议的持有人持有员工持股计划份额 63.60 万份，占公司员工持股计划持有人当 前有表决权份额的 ...

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: 恒林家居股份有限公司（以下简称公司）持股 5%以上股东安吉恒林商贸有限 公司（以下简称恒林商贸）持有公司股份 15,750,000 股，占公司总股本的 11.33%。 本次部分股份质押及解除质押后，恒林商贸累计质押股份数为 4,500,000 股，占其 所持公司股份的 28.57%，占公司目前总股本的 3.24%。 恒林商贸及其 一致 行动人 王江林 、王 雅琴、王凡合 计持 有公司股份 99,750,000 股，占公司总股本的 71.73%。截至本公告披露日，恒林商贸及其一致行 动人累计质押本公司股份数量为 18,800,000 股（含本次），占其合计所持本公司股 份的 18.85%，占公司目前总股本的 13.52%。 公司于近日接到公司持股 5%以上股东恒林商贸的通知，获悉其将其持有的本公 司股份办理了质押及解除质押手续，具体情况如下： 一、本次股份质押及解除质押的情况 证券代码：603661 证券简称：恒林股份 公告编号：2025-003 恒林家居股份有限公 ...

证券代码：603661 证券简称：恒林股份 公告编号：2024-049 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。 | | | | | 被担保方 | | 截至2024年11 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 被担保人 | 债权人 | 担保方式 | 与上市公 | 担保金额 | 月30日为其提 | 担保期间 | 反担保 | | | | | | 司的关系 | | 供的担保余额 | | | | 1 | 浙江恒健 家居有限 | 宁波银行 股份有限 | | | | | 担保书生 效之日起 | 无 | | | | | 信用担保 | 持股70% | 8,000 | 11,060 | | | | | 公司 | 公司湖州 | | | | | 至债务到 | | | | | 分行 | | | | | 期日 | | 一、公司担保审批情况 恒林家居股份有限公司（以下简称公司或恒林股份）于 202 ...

证券代码：603661 证券简称：恒林股份 编号：2024-004 恒林家居股份有限公司 投资者关系活动记录表 | --- | --- | --- | |------------------|-------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

恒林家居股份有限公司 关于 2024 年第三季度业绩说明会召开情况的公告 证券代码：603661 证券简称：恒林股份 公告编号：2024-048 问题 4:公司单三季度毛利率下降的原因是什么？ 公司跨境电商业务受三季度海运费上涨幅度较大所影响，叠加人民币升值，汇率 波动，使其毛利率出现阶段性的下降。目前，自 7 月后海运费处于下降趋势。根 据最新资料，亚洲至美西运费 10 月下降了 19%至 5,540 美元/FEU，相较 7 月峰 值已下跌 32%，东海岸则降至 5,165 美元/FEU，较 9 月低 41%。11 月 7 日，离岸 人民币兑美元汇率为 7.15。 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。 恒林家居股份有限公司（以下简称"公司"）于 2024 年 11 月 08 日在同花 顺路演平台召开了恒林股份 2024 年第三季度业绩说明会。本次业绩说明会以网 络在线交流方式召开，就 2024 年三季度的经营成果及财务指标具体情况与投资 者进行互动交流和沟通。现将会议召开情况公告如下： 一、本次业绩说明会投资 ...

公司报告 | 季报点评 跨境电商规模成长延续 公司发布 2024 年第三季度报告 24Q3 收入 30.1 亿，同增 41%，归母净利润 0.5 亿，同减 55.6%，扣非归母 净利润 0.4 亿，同减 54%，毛利率 14.3%，同减 10.3pct，净利率 1.2%，同 减 3.6pct； 24Q1-3 收入 78.1 亿，同增 35.2%，归母净利润 2.7 亿，同减 27.3%，扣非 归母净利润 2.6 亿，同减 21.9%，毛利率 18.5%，同减 5.5pct，净利率 3.5%， 同减 3pct。 伴随跨境电商放量，公司收入延续高增；利润表现承压主要系人民币升值 导致的汇兑亏损同比增加、海运费上涨、提高市场占有率拓展新渠道等。 跨境电商延续规模成长，加速品牌出海 公司坚持"大家居"战略，积极向"制造+服务"企业转型，持续推动全球 化战略布局，搭建全球供应链管理体系，加速自主品牌出海步伐。 跨境电商方面，2024 年上半年营收已超过 2023 年全年，主要是公司在拓 展品类的同时积极拥抱各大电商平台。产品方面：前期以自产的办公桌椅 为主，目前产品覆盖人体工学椅、升降桌、收纳柜、功能沙发等；平台方 面 ...

Investment Rating - The report maintains a "Buy" rating for Henglin Co., Ltd. (603661.SH) [6] Core Views - The company continues to experience high revenue growth, with a reported revenue of 7.811 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 35.2%. However, net profit attributable to shareholders decreased by 27.3% to 266 million yuan [1][3] - The cross-border e-commerce segment is expected to contribute significantly to revenue growth, while profitability is temporarily pressured by factors such as shipping costs and exchange rate fluctuations [2][3] - The company has expanded its overseas warehouse capacity, which may lead to short-term efficiency declines but is expected to support future revenue growth [2] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 3.007 billion yuan, a year-on-year increase of 41.0%, but net profit attributable to shareholders fell by 55.6% to 46 million yuan [1][3] - Gross margin for Q3 2024 was reported at 14.3%, down 10.4 percentage points year-on-year, while net profit margin was 1.5%, also down 3.3 percentage points year-on-year [3] - The company’s operating cash flow for Q3 2024 was stable at 104 million yuan, with improvements in inventory turnover days [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 330 million yuan, 510 million yuan, and 680 million yuan, respectively, with corresponding P/E ratios of 13.6X, 8.7X, and 6.6X [3][5]

Revenue and Profit - Revenue for Q3 2024 reached ¥3,006,744,669.47, an increase of 41.02% year-over-year[2] - Net profit attributable to shareholders decreased by 55.58% to ¥46,004,764.94 in Q3 2024[2] - Basic and diluted earnings per share for Q3 2024 were both ¥0.34, down 55.26% compared to the same period last year[3] - The company reported a net profit margin decline, with total profit for the first three quarters of 2024 at CNY 303,080,018.28, down from CNY 410,202,131.78 in 2023, a decrease of approximately 26%[16] - The net profit for the third quarter of 2024 was CNY 275,950,503.77, a decrease of 26.2% compared to CNY 373,653,780.86 in the same period of 2023[17] - The total comprehensive income for the third quarter of 2024 was CNY 301,464,748.05, down from CNY 400,712,359.59 in the previous year, reflecting a decline of 24.7%[17] Assets and Liabilities - Total assets as of the end of Q3 2024 were ¥10,917,587,486.22, reflecting a 13.93% increase from the end of the previous year[3] - Non-current assets totaled CNY 4,671,694,287.73 as of the end of the reporting period, compared to CNY 4,098,721,762.00 at the end of the previous period, marking an increase of about 14%[14] - Total liabilities amounted to CNY 7,150,930,229.66, up from CNY 6,134,712,967.20, representing an increase of approximately 16.5%[14] - The total current assets reached approximately RMB 6.25 billion, up from RMB 5.48 billion at the end of 2023, indicating a growth of about 13.9%[12] Cash Flow - Cash flow from operating activities for the year-to-date period increased by 105.18% to ¥750,933,772.63[2] - Cash inflows from operating activities for the first nine months of 2024 amounted to CNY 8,648,181,821.17, an increase of 45.5% from CNY 5,936,607,239.65 in the same period of 2023[19] - The net cash flow from operating activities for the first nine months of 2024 was CNY 750,933,772.63, compared to CNY 365,994,881.30 in the previous year, indicating a growth of 105.5%[19] - Cash outflows from investing activities for the first nine months of 2024 totaled CNY 187,473,594.45, a significant decrease from CNY 707,367,814.41 in the same period of 2023[20] - The net cash flow from financing activities for the third quarter of 2024 was -CNY 660,526,099.00, compared to a positive cash flow of CNY 348,661,145.34 in the same quarter of 2023[20] Shareholder Information - The total number of common shareholders at the end of the reporting period was 7,286[9] - The largest shareholder, Wang Jianglin, holds 82,657,866 shares, representing 59.44% of total shares[10] - The top ten shareholders include a mix of individual and institutional investors, with no significant changes in their shareholding status reported[10] Business Operations - The company reported a 35.24% increase in year-to-date revenue, totaling ¥7,811,074,269.72, driven by growth in cross-border e-commerce and OEM business[2][8] - The company experienced a significant increase in inventory due to the growth of its cross-border e-commerce business[6] - The company plans to expand its market presence and improve its market share through new channels despite facing challenges such as rising shipping costs[6][8] Expenses - Total operating costs for the first three quarters of 2024 were CNY 7,521,995,277.52, compared to CNY 5,366,241,739.77 in 2023, indicating an increase of about 40.4%[16] - Research and development expenses for the first three quarters of 2024 were CNY 164,405,451.08, compared to CNY 156,958,362.07 in 2023, indicating a growth of about 4.6%[16] Inventory and Receivables - Inventory increased significantly to approximately RMB 2.59 billion from RMB 1.82 billion year-over-year[12] - The total accounts receivable decreased to approximately RMB 1.36 billion from RMB 1.47 billion year-over-year[12]

证券代码：603661 证券简称：恒林股份 公告编号：2024-047 恒林家居股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 恒林家居股份有限公司（以下简称公司）于 2024 年 10 月 30 日发布公司 2024 年第三季度报告，为了便于广大投资者更全面深入地了解公司经营成果、 财务状况，公司计划于 2024 年 11 月 8 日上午 10:00-11：00 举行 2024 年第三季 度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络在线交流的方式召开，公司将针对 2024 年第三季 度的经营成果及财务指标具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 11 月 8 日上午 10:00-11：00 （二）会议召开地点： 同花顺路演平台 （网址： ●会议召开时间：2024 年 11 月 8 日（星期五）上午 ...