Henglin(603661)

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恒林股份(603661) - 恒林股份2025年第一次临时股东会会议资料
2025-05-23 08:15
恒林家居股份有限公司2025年第一次临时股东会会议资料 1 | | | 恒林家居股份有限公司 2025 年第一次临时股东会 会议资料 证券代码:603661 中国·安吉 2025 年 6 月 3 日 与会股东逐项审议以下议案: 恒林家居股份有限公司2025年第一次临时股东会会议资料 会议议程 一、会议时间 会议召开方式:现场方式、网络方式; 现场会议召开时间:2025 年 6 月 3 日(星期二)14:00; 网络投票的时间:自 2025 年 6 月 3 日至 2025 年 6 月 3 日; 采用上海证券交易所网络投票系统,通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段,即 9:15-9:25、9:30-11:30、13:00-15:00;通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、现场会议地点 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、会议审议事项 | 序号 | 议案名称 | | --- | --- | | 累积投票议案 | | | 1.00 | 关于补选第七届董事会非独立董事的议案 | | 1.01 | 卢小英 | | 2.00 | ...
家居行业年报及一季报总结:内销龙头高股息率,外销关注关税政策变化
Dongxing Securities· 2025-05-23 00:23
Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The home furnishing sector is experiencing marginal recovery, with a high dividend payout ratio. In 2024, the home goods sector is projected to generate revenue of CNY 246.58 billion, a year-on-year increase of 2.3%, while net profit attributable to shareholders is expected to decline by 13.6% to CNY 15.86 billion [4][14]. - The report highlights that domestic demand for home goods is under pressure, but government subsidies are expected to fill the demand gap. The sales of building materials and home goods are projected to decline by 3.9% year-on-year in 2024, but there are signs of improvement in early 2025 [5][26]. - The external sales performance is strong, with furniture exports showing a recovery since November 2023, driven by overseas retailers replenishing inventory. However, the report emphasizes the need to monitor changes in tariff policies, particularly from the U.S. [6][40]. Summary by Sections 1. Home Furnishing Sector 2024 Annual Report & Q1 2025 - The home goods sector is under operational pressure, with only Q1 showing growth due to a low base effect from previous public health events. The profit margin has been declining, reflecting increased competition [4][14]. - In Q1 2025, the sector's revenue increased by 3.9% year-on-year, and net profit rose by 10.6%, indicating a recovery trend [4][14]. 2. Domestic Sales - The report notes that the domestic home goods market is facing challenges, with a projected decline in sales. However, the introduction of government subsidies is expected to stimulate demand, particularly in key cities [5][34]. - The dividend payout ratio for leading companies in the sector has increased, with many companies offering dividend yields exceeding 3% [5][35]. 3. External Sales - The report indicates that external sales have been performing well, with all key export companies reporting revenue growth in Q1 2025. The recovery in exports is attributed to overseas retailers restocking [6][40]. - The report warns of uncertainties related to U.S. tariff policies, which could impact future export orders [6][40]. 4. Investment Recommendations - The report suggests focusing on leading companies with high dividend yields and strong market positions, such as Gujia Home, Sophia, and Zhibang Home, as they are expected to benefit from government subsidies and have resilient performance [5][39].
恒林股份: 恒林股份2024年度暨2025年第一季度业绩说明会PPT
Zheng Quan Zhi Xing· 2025-05-20 10:20
Core Viewpoint - The company, Henglin Home Furnishing Co., Ltd., has demonstrated significant growth in revenue and profitability, driven by online sales and international market expansion, while also focusing on innovation and sustainability in its operations [1][2][4]. Company Overview - Henglin Home Furnishing was established in Anji, Zhejiang, and has grown to have over 10,000 employees and 13 production bases across five countries, with a market capitalization exceeding 100 billion [1]. - The company has received numerous awards for its products, including the "German Red Dot Award" and "iF Design Award," and holds 1,630 authorized patents [1][2]. Business Performance - In 2024, the company achieved a revenue of 11.029 billion, marking a year-on-year increase of 34.59%, with a net profit attributable to shareholders of 281 million [2][4]. - The gross profit margin increased by 33.03% year-on-year, while the net profit margin decreased slightly to 2.55% [2][4]. - The company’s online sales grew significantly, contributing to a 196.5% increase in e-commerce revenue [4]. Product and Market Strategy - The company focuses on a diverse range of products, including office furniture, soft furniture, and new materials, with a strong emphasis on smart, eco-friendly, and customized solutions [1][2]. - The global market for soft furniture is projected to reach $80 billion, with Asia-Pacific and North America accounting for nearly 70% of the market [1]. Financial Metrics - The company reported a cash flow from operating activities that remained stable, with a slight increase in debt ratio due to leasing liabilities impacting the asset-liability ratio [2][4]. - The total assets turnover ratio improved to 1.08, reflecting better asset utilization [4]. Strategic Outlook - The company aims to enhance its core competitiveness through a dual-track strategy of "manufacturing overseas and brand expansion," focusing on innovation and differentiation [4][5]. - The "Quality Improvement and Efficiency Enhancement" action plan is designed to optimize operations and increase shareholder returns [5]. Awards and Recognition - Henglin Home Furnishing has been recognized as a national-level green factory and has received multiple accolades for its corporate governance and cultural initiatives [2][5].
恒林股份(603661) - 恒林股份2024年度暨2025年第一季度业绩说明会PPT
2025-05-20 10:01
恒林股份 2024年度暨2025年第一季度 业绩说明会 浙江·安吉 2025年5月20日 会议嘉宾 会议安排 嘉宾简报 | • | 公司介绍 | 董事会秘书 | 汤鸿雁女士 | | --- | --- | --- | --- | | • | 2024年度及2025年第一季度公司经营情况 | 财务总监 | 王学明先生 | | • | 2025年展望及布局 | 董事长 | 王江林先生 | | • | 2025 年度"提质增效重回报"行动方案 | 独立董事 | 徐笑波先生 | 投资者线上问答 业绩说明会议程 王江林先生 董事长 董事会秘书 汤鸿雁女士 独立董事 徐笑波先生 财务总监 王学明先生 会议时间 触达 2025年5月20日 15:00-16:00 1 公司介绍 汤鸿雁 董事会秘书 2025年5月20日 发展历程 公司前身"恒林家具", 成立于浙江安吉 1998年 于上海A股主板 上市,股票代码 603661 2017年 • 投资建设越南生 产基地; • 收购瑞士高端系 统办公品牌"Lista Office" • 提出大家居战略 2020年 • 发 展 跨 境 电 商 业 务 , 衍 生 第 二增长曲线 20 ...
恒林股份(603661) - 恒林股份关于2024年度暨2025年第一季度业绩说明会召开情况的公告
2025-05-20 10:01
证券代码:603661 证券简称:恒林股份 公告编号:2025-026 恒林家居股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会召开情况的公告 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。 一、业绩说明会召开情况 恒林家居股份有限公司(以下简称公司)于 2025 年 5 月 20 15:00-16:00 在 上 海 证 券 交 易 所 上 证 路 演 中 心 ( 网 址 : http://roadshow.sseinfo.com/)以视频直播和网络文字互动的形式召开 2024 年度暨 2025 年第一季度业绩说明会。公司董事长兼总经理王江林先生、独立董 事徐笑波先生、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 问题 1:公司本期盈利水平如何? 2025 年第一季度公司实现营业收入 26.54 亿元,同比增长 12.74%,归母扣 非净利润 0.53 亿元,同比下降 48.89%,主要原因 ...
恒林股份(603661.SH):利润短期承压,跨境电商顺利扩张
Guotou Securities· 2025-05-18 15:55
Investment Rating - The investment rating for the company is "Buy-A" with a target price of 33.67 CNY, based on a projected PE of 10.8x for 2025 [4][9][13]. Core Views - The company is positioned as a leading exporter of office furniture, benefiting from a recovery in U.S. home demand and a robust cross-border e-commerce strategy. The integration of multiple quality acquisitions is expected to gradually contribute to performance, with long-term growth prospects remaining strong [9][11][13]. Financial Performance Summary - In 2024, the company achieved a revenue of 11.03 billion CNY, a year-on-year increase of 34.59%, while the net profit attributable to shareholders was 263 million CNY, a slight decrease of 0.02% [1]. - The first quarter of 2025 saw revenues of 2.65 billion CNY, up 12.74% year-on-year, but net profit dropped by 49.49% to 52 million CNY [1]. - The gross margin for 2024 was 18.64%, down 5.15 percentage points year-on-year, primarily due to increased shipping costs [4][11]. Business Segment Performance - The company's OBM (Original Brand Manufacturer) business generated 5.94 billion CNY in revenue in 2024, a significant increase of 76.97%, accounting for 53.86% of total revenue [2]. - International revenue reached 9.89 billion CNY in 2024, a growth of 48.88%, while domestic revenue fell by 27.45% to 1.11 billion CNY [3]. Strategic Initiatives - The company is actively expanding its cross-border e-commerce operations, establishing overseas warehouses for efficient logistics and building independent online platforms to enhance brand visibility [3][8]. - The company is also focusing on a "big home" strategy, upgrading product systems and expanding categories to enhance competitiveness [8][9]. Future Projections - Revenue forecasts for 2025-2027 are projected at 12.72 billion CNY, 14.51 billion CNY, and 16.80 billion CNY, with year-on-year growth rates of 15.30%, 14.07%, and 15.79% respectively [9][11]. - Net profit forecasts for the same period are 390 million CNY, 467 million CNY, and 577 million CNY, with growth rates of 48.44%, 19.53%, and 23.58% respectively [9][11].
恒林股份(603661):利润短期承压,跨境电商顺利扩张
Guotou Securities· 2025-05-18 14:30
Investment Rating - The report assigns a "Buy-A" investment rating to the company [4][9][13] Core Views - The company has shown strong revenue growth, with a 34.59% year-on-year increase in revenue for 2024, reaching 11.03 billion yuan, although net profit slightly declined by 0.02% to 263 million yuan [1] - The company is expanding its cross-border e-commerce operations, with international revenue growing by 48.88% in 2024, while domestic revenue decreased by 27.45% [3][9] - The report anticipates that the company's revenue will continue to grow, projecting revenues of 12.72 billion yuan, 14.51 billion yuan, and 16.80 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 390 million yuan, 467 million yuan, and 577 million yuan [10][11] Financial Performance - In 2024, the company achieved a gross margin of 18.64%, a decrease of 5.15 percentage points year-on-year, primarily due to increased shipping costs [4][8] - The company’s operating expenses as a percentage of revenue decreased to 13.38% in 2024, down 2.99 percentage points year-on-year [4][7] - The net profit margin for 2024 was 2.41%, a decline of 0.98 percentage points compared to the previous year [7] Market Position and Strategy - The company is positioned as a leading exporter of office furniture, benefiting from a recovery in U.S. home furnishing demand and a robust cross-border e-commerce strategy [9][11] - The company has adopted a dual strategy of "manufacturing overseas and brand expansion," enhancing its logistics efficiency through overseas warehouses and local sales teams in key markets [3][8] - The report highlights the company's proactive measures to mitigate risks associated with U.S. tariffs by diversifying production locations and enhancing operational efficiency [8][9] Valuation - The target price for the company is set at 33.67 yuan, based on a projected price-to-earnings ratio of 10.8x for 2025 [4][9][13] - The report compares the company with peers in the home furnishings export sector, indicating a favorable valuation relative to competitors [13][14]
恒林股份: 恒林家居股份有限公司章程及其附件
Zheng Quan Zhi Xing· 2025-05-16 11:53
General Provisions - The articles of association of Henglin Home Furnishings Co., Ltd. are established to protect the legal rights of the company, shareholders, employees, and creditors, and to regulate the company's organization and behavior according to relevant laws [1][2] - The company is registered in the Zhejiang Province Market Supervision Administration with a unified social credit code of 913305007044702971 and has a registered capital of RMB 139,067,031 [2][3] Business Objectives and Scope - The company's business objective is to achieve "zero-defect quality and service" [3] - The business scope includes research, manufacturing, and sales of furniture, home products, electric massage equipment, medical devices, plastic products, bamboo and wood products, metal products, leather products, office supplies, and chemical products (excluding hazardous chemicals) [3] Shares - The company's shares are issued in the form of stocks, with each share having a par value of RMB 1 [4][5] - The total number of shares issued by the company is 139,067,031, all of which are ordinary shares [5][6] Shareholders and Shareholder Meetings - The company establishes a shareholder register based on the certificates provided by the securities registration and settlement institution, which serves as proof of shareholding [10] - Shareholders have rights to dividends, request meetings, supervise the company's operations, and access company documents [10][11] Board of Directors and Management - The board of directors is responsible for the company's operations and is elected by the shareholders [2][3] - The company has provisions for independent directors and specialized committees within the board [3] Financial Accounting and Auditing - The company is required to maintain a financial accounting system and conduct internal audits [3] - The appointment of accounting firms must be approved by the shareholders [3] Amendments and Miscellaneous - The articles of association can be amended as per the procedures outlined within the document [3] - The company is committed to providing necessary conditions for the activities of the Communist Party organization as per its regulations [3]
恒林股份: 恒林股份关于提名董事候选人暨调整专门委员会委员的公告
Zheng Quan Zhi Xing· 2025-05-16 11:53
证券代码:603661 证券简称:恒林股份 公告编号:2025-024 恒林家居股份有限公司 关于提名董事候选人暨调整专门委员会委员的公告 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。 恒林家居股份有限公司(以下简称公司)于 2025 年 5 月 16 日召开第七届董 事会第六次会议,均审议通过《关于提名第七届董事会非独立董事候选人的议案》 《关于提名第七届董事会独立董事候选人的议案》和《关于调整董事会专门委员 会委员的议案》。 一、提名非独立董事候选人 经公司第七届董事会提名并经董事会提名委员会审核,同意提名卢小英女士 为公司非独立董事候选人,任期自公司 2025 年第一次临时股东会审议通过之日 起至第七届董事会届满之日止。 卢小英:1979 年生,中国国籍,无境外永久居留权,硕士,2022 年加入公 司,曾任顾家家居股份有限公司事业部副总经理、经营部总经理,国际业务发展 中心总监,国际业务营销总监。历任公司沙发事业部总经理、监事会主席;现任 公司沙发事业部总经理。 卢小英女士与持有公司 5%以上股份的股东、实际控制人、公 ...
恒林股份: 恒林股份董事会提名委员会关于第七届董事会董事候选人任职资格的审查意见
Zheng Quan Zhi Xing· 2025-05-16 11:53
Core Viewpoint - The Nomination Committee of Henglin Home Furnishing Co., Ltd. has reviewed and approved the qualifications of candidates for the seventh board of directors, both non-independent and independent, confirming their compliance with relevant laws and regulations [1][2]. Summary by Sections Non-Independent Director Candidates - The proposed non-independent director candidate, Ms. Lu Xiaoying, meets the educational background, professional capabilities, work experience, and professional ethics required for the position, demonstrating the ability to fulfill director responsibilities [1]. - The candidate complies with the qualifications stipulated by the Company Law, the Company’s Articles of Association, and the regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange [1]. - No disqualifying circumstances were found, including any market entry bans imposed by the China Securities Regulatory Commission or any negative records of significant dishonesty [1]. Independent Director Candidates - The proposed independent director candidate, Ms. Yu Guoyan, also meets the educational background, professional capabilities, work experience, and professional ethics required for the position, demonstrating the ability to fulfill independent director responsibilities [2]. - The candidate complies with the qualifications stipulated by the Company Law, the Company’s Articles of Association, and the regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange [2]. - No disqualifying circumstances were found, including any market entry bans imposed by the China Securities Regulatory Commission or any negative records of significant dishonesty [2].