目 录 | 一、审计报告……………………………………………………… 第 | 1—6 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 | 7—14 页 | | （一）合并资产负债表…………………………………………… | 第 7 页 | | （二）母公司资产负债表………………………………………… | 第 8 页 | | （三）合并利润表………………………………………………… | 第 9 页 | | （四）母公司利润表………………………………………………第 | 10 页 | | （五）合并现金流量表……………………………………………第 | 11 页 | | （六）母公司现金流量表…………………………………………第 | 12 页 | | （七）合并所有者权益变动表……………………………………第 | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | 14 页 | | 三、财务报表附注……………………………………………… 第 | 15—120 页 | | 四、附件 ……………………………………………………… 第 121—125 | 页 | ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,653,661,513.77, representing a 12.74% increase compared to CNY 2,353,688,954.37 in the same period last year[7] - Net profit attributable to shareholders decreased by 49.49% to CNY 51,864,700.06 from CNY 102,685,674.26 year-on-year[7] - Basic and diluted earnings per share dropped by 49.33% to CNY 0.38 from CNY 0.75 year-on-year[7] - Net profit for Q1 2025 was ¥58,943,495.59, a decrease of 48.25% from ¥113,953,902.57 in Q1 2024[21] - Basic earnings per share for Q1 2025 was ¥0.38, down from ¥0.75 in Q1 2024[21] Cash Flow - The net cash flow from operating activities was negative at CNY -54,638,382.47, a decline of 134.51% compared to CNY 158,343,972.31 in the previous year[7] - Cash flow from operating activities for Q1 2025 was negative at -¥54,638,382.47, compared to positive cash flow of ¥158,343,972.31 in Q1 2024[25] - Total cash inflow from operating activities in Q1 2025 was ¥2,843,279,086.68, an increase from ¥2,470,635,524.21 in Q1 2024[25] - Total cash outflow from operating activities in Q1 2025 was ¥2,897,917,469.16, compared to ¥2,312,291,551.90 in Q1 2024[25] Assets and Liabilities - Total assets decreased by 5.90% to CNY 10,217,089,671.95 from CNY 10,857,748,706.16 at the end of the previous year[7] - The company's current assets totaled RMB 5,465,254,640.90 as of March 31, 2025, down from RMB 6,203,632,037.74 at the end of 2024, indicating a decrease of about 11.9%[15] - The total liabilities of the company were RMB 6,403,005,290.92 as of March 31, 2025, down from RMB 7,105,909,161.32, representing a decrease of approximately 9.9%[17] - The equity attributable to shareholders increased from RMB 3,696,314,138.72 to RMB 3,749,594,724.98, showing a growth of about 1.4%[17] Investment and Other Income - Investment income saw a drastic decline of 672.65%, attributed to the termination of recognition of financial assets measured at amortized cost[8] - Non-recurring gains and losses included a loss of CNY 2,617,811.09 from the disposal of non-current assets and a government subsidy of CNY 3,868,767.02[6] - The company reported an investment loss of -¥5,944,278.40 in Q1 2025, contrasting with a gain of ¥1,038,021.07 in Q1 2024[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 9,512[10] Inventory and Borrowings - The inventory level decreased significantly from RMB 2,325,810,048.44 on December 31, 2024, to RMB 1,894,548,959.23, reflecting a reduction of approximately 18.5%[15][16] - Short-term borrowings decreased from RMB 1,325,020,867.15 to RMB 1,193,903,694.40, a decline of about 9.9%[16][17] - The company’s long-term borrowings decreased from RMB 811,658,795.84 to RMB 666,412,148.22, a reduction of about 17.9%[17] Future Plans - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[22]

Financial Performance - The company's operating revenue for 2024 reached ¥11,028,917,656.57, representing a 34.59% increase compared to ¥8,194,590,708.91 in 2023[21] - The net profit attributable to shareholders for 2024 was ¥263,059,451.54, showing a slight decrease of 0.02% from ¥263,098,990.52 in 2023[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 19.45% to ¥280,634,230.39 from ¥234,938,902.95 in 2023[21] - The net cash flow from operating activities significantly improved by 112.62% to ¥951,148,142.77 compared to ¥447,337,212.97 in 2023[21] - The total assets of the company increased by 13.30% to ¥10,857,748,706.16 from ¥9,583,012,872.52 in 2023[21] - The net assets attributable to shareholders rose by 8.74% to ¥3,696,314,138.72 from ¥3,399,336,489.94 in 2023[21] - The basic earnings per share for 2024 was 1.92 RMB, a slight increase of 0.52% compared to 2023[22] - The diluted earnings per share also stood at 1.92 RMB, reflecting the same growth rate as basic earnings[22] - The weighted average return on equity was 7.43%, down from 7.80% in 2023[22] - The company reported a 19.88% increase in basic earnings per share after excluding non-recurring gains and losses, rising to 2.05 RMB[22] Revenue Breakdown - OBM revenue accounted for 5.940 billion RMB, representing 53.86% of total revenue[32] - The company's revenue for 2024 reached 11.029 billion RMB, marking the first time it has surpassed the 10 billion RMB threshold[32] - The total profit for the year was 322 million RMB, with an adjusted profit of 424 million RMB after excluding goodwill impairment of 78.95 million RMB and share-based payment costs of 22.31 million RMB[32] - The company achieved operating revenue of CNY 1,102,891,770, representing a year-on-year increase of 34.59%[70] - The company's total revenue for the reporting period reached approximately 10.99 billion RMB, with a year-on-year increase of 34.58%[99] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥7.20 per 10 shares, totaling ¥100,128,262.32, which accounts for 38.06% of the net profit attributable to shareholders for 2024[6] - The cumulative cash dividend amount over the last three accounting years is 235,807,522.72 RMB, with an average cash dividend ratio of 79.97%[199] - The company has a policy that mandates a minimum cash dividend ratio of 80% during mature stages without major capital expenditures[192] Market and Industry Insights - In 2024, China's furniture and parts exports reached 483.034 billion RMB, a year-on-year increase of 7.0%[31] - The global office furniture market is projected to grow from approximately $60.8 billion in 2022 to $77.4 billion by 2028, with a compound annual growth rate (CAGR) of 4.05%[118] - The demand for ergonomic office seating is increasing, with a higher replacement frequency and penetration rate observed in the market[119] - The furniture manufacturing industry in China is projected to grow at a compound annual growth rate of approximately 2.8% over the next five years, reaching a market size of RMB 51.7 trillion by 2028[115] Innovation and Technology - The company holds a total of 1,630 authorized patents, showcasing its commitment to innovation and technology in the furniture manufacturing sector[44] - The company has established a digital factory transformation through MES systems, enhancing production efficiency and reducing costs[34] - The introduction of advanced automation technologies, including palletizing and sorting robots, has improved production efficiency and supply chain operations[69] - The company is investing significantly in new product development and technology innovation to meet diverse consumer demands[143] Corporate Governance and Management - The company has established a solid governance structure to ensure compliance with legal regulations and protect shareholder interests[147] - The company held a total of 3 shareholder meetings during the reporting period, ensuring compliance with relevant laws and regulations[148] - The board of directors has been restructured, with 9 meetings held in 2024 to promote healthy and sustainable development[151] - The company has appointed 8 senior management personnel, ensuring effective management and control of daily operations[152] Employee and Talent Management - The company has established a compensation management mechanism based on job value, performance, and employee capability to attract talent and promote sustainable development[187] - The company has implemented a training program to enhance employee skills and capabilities, including various training types such as management skills and professional technical training[188] - The total number of employees in the parent company and major subsidiaries is 10,509, with 2,901 in the parent company and 7,608 in subsidiaries[186] Risks and Challenges - There is a risk of goodwill impairment due to underperformance of acquired companies, which may lead to significant write-downs[140] - There is a risk of core talent loss due to increasing competition in the industry, despite measures to retain key personnel[144] - The company aims to strengthen post-investment management to enhance operational efficiency and reduce goodwill impairment risks[142] Strategic Initiatives - The company aims for high-quality sustainable development through a strategy of "innovation-driven, continuous improvement" and a dual-track approach of "manufacturing and brand expansion"[31] - The company plans to expand its market presence and is focusing on new product development to enhance competitiveness[164] - The company is actively pursuing lean manufacturing practices to improve operational efficiency under the leadership of Vice President Cai Bin[165]

恒林家居股份有限公司 2024 年度独立董事述职报告 （徐笑波） 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》《上市公司独立董事管理办法》《上海证券交易所股票上市规则》等 法律法规及《公司章程》的要求，作为恒林家居股份有限公司（以下简称公司） 的独立董事，本人在 2024 年度工作中，本着对公司和股东负责的态度，忠实、 勤勉、尽责地履行独立董事职责，现将本人 2024 年度履职情况汇报如下： 一、独立董事的基本情况 报告期内，本人担任公司第七届董事会独立董事，具备较高的专业水平和 丰富的实践经验，与公司发展需求高度契合，符合有关法律法规的要求。 （一）个人工作履历、专业背景及兼职情况 徐笑波：博士学历，中共党员。曾任阿联酋沙迦美国大学副教授、教授、 中国事务主任，2020 年 8 月至 2025 年 3 月担任西交利物浦大学西浦国际商学 院教授、博士生导师、副院长、战略与组织管理系系主任、智能运营管理与市 场系系主任，2025 年 3 月至今任西交利物浦大学教授、博士生导师、产业家学 院执行院长与和谐管理研究中心主任。安吉县政协委员。苏州市社科联第九次 代表大会代表。2024 年 ...

恒林股份 内幕信息知情人登记管理制度 恒林家居股份有限公司 内幕信息知情人登记管理制度 第一章 总 则 第一条 为规范恒林家居股份有限公司（以下简称公司）的内幕信息管理， 做好内幕信息保密工作，维护公司信息披露的公开、公平、公正原则，保护公司 投资人及相关当事人的合法权益，根据《中华人民共和国公司法》《中华人民共 和国证券法》（以下简称《证券法》）《上市公司信息披露管理办法》《上市公 司监管指引第5号——上市公司内幕信息知情人登记管理制度》等法律法规、规 范性文件和《恒林家居股份有限公司章程》（以下简称《公司章程》）的相关规 定，结合公司实际，制定本制度。 第二条 本制度的适用范围包括：公司、分公司、子公司（包括公司直接或 间接控股的子公司和其他纳入公司合并会计报表的子公司）以及公司董事、高级 管理人员。 第三条 公司董事会是公司内幕信息管理机构，董事长为公司内幕信息保 密管理工作的主要负责人，董事会秘书负责办理公司内幕信息知情人的登记入档 和报送事宜。 公司证券部（亦称董事会办公室）为公司内幕信息登记备案工作的日常管 理部门，具体负责公司内幕信息知情人的登记、披露、备案、管理等工作。公司 审计委员会应当对公 ...

恒林股份 董事和高级管理人员所持本公司股份及其变动管理制度 恒林家居股份有限公司 董事和高级管理人员所持本公司股份 及其变动管理制度 (2025 年 4 月修订) 第一章 总 则 第一条 为加强恒林家居股份有限公司（以下简称公司或本公司）对董事、 高级管理人员所持本公司股份及其变动的管理工作，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》《上市公司 股东减持股份管理暂行办法》《上海证券交易所股票上市规则》等有关规定，结 合《恒林家居股份有限公司章程》（以下简称"《公司章程》"）的规定以及公 司实际情况，制定本制度。 第二条 本制度适用于公司董事、高级管理人员所持本公司股份及其变动的 管理。 第三条 公司董事、高级管理人员应当遵守《公司法》《证券法》和有关法 律、行政法规，中国证监会规章、规范性文件以及上海证券交易所规则中关于股 份变动的限制性规定。 公司董事、高级管理人员就其所持股份变动相关事项作出承诺的，应当严格 遵守。 第四条 公司董事、高级管理人员所持本公司股份，是指登记在其名下和利 用 ...

恒林股份 董事会提名委员会实施细则 恒林家居股份有限公司 董事会提名委员会实施细则 (2025 年 4 月修订) 第一章 总 则 第一条 为完善恒林家居股份有限公司（以下简称公司）董事会的决策程序， 加强公司董事会对管理层的有效监督，完善公司治理结构，根据《中华人民共和 国公司法》《上市公司治理准则》《恒林家居股份有限公司章程》（以下简称《公 司章程》）及其他有关规定,公司特设立董事会提名委员会（以下简称提名委员 会）,并制定本细则。 第二条 提名委员会是董事会设立的专门机构，对董事会负责。主要负责拟 定董事和高级管理人员的选择标准和程序，对董事、高级管理人员人选及其任职 资格进行遴选、审核。提名委员会应当对被提名人任职资格进行审查，并形成明 确的审查意见。 第二章 人员组成 第三条 提名委员会成员由 3 名董事组成, 其中独立董事应当过半数。 第四条 提名委员会委员由董事长或者 1/2 以上独立董事或者全体董事 1/3 提名,并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名,由独立董事委员担任,负责 主持委员会工作；主任委员由董事会选举产生。 第六条 提名委员会任期与董事会任期一致,委员任期 ...

根据《公司法》《证券法》《上市公司治理准则》《上市公司独立董事管 理办法》《上海证券交易所股票上市规则》等法律法规及《公司章程》的要求， 作为恒林家居股份有限公司（以下简称公司）的独立董事，本人在 2024 年度工 作中，本着对公司和股东负责的态度，忠实、勤勉、尽责地履行独立董事职责， 现将本人 2024 年度履职情况汇报如下： 一、独立董事的基本情况 报告期内，本人担任公司第六届董事会独立董事，具备较高的专业水平和 丰富的实践经验，与公司发展需求高度契合，符合有关法律法规的要求。 （一）工作履历、专业背景及兼职情况 恒林家居股份有限公司 2024 年度独立董事述职报告 （秦宝荣） 二、独立董事年度履职概况 （一）出席董事会及股东大会情况 2024 年期间，本人担任独立董事期间公司共召开 5 次董事会、3 次股东大 会，本人出席情况如下： | | | | | | | | 参加股 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 参加董事会情况 | | | 东大会 | | 独立董 | | | | | | | 情况 | | 事 | 本年应参 ...

恒林股份 信息披露管理制度 恒林家居股份有限公司 信息披露管理制度 (2025 年 4 月修订) 第一章 总则 第一条 为加强恒林家居股份有限公司(以下简称公司)信息披露工作的管 理，规范公司及相关信息披露义务人的信息披露行为，提高公司信息披露管理水 平和信息披露质量，保护公司、股东、债权人及其他利益相关者的合法权益，依 据《中华人民共和国公司法》(以下简称《公司法》)、《中华人民共和国证券法》 (以下简称《证券法》)、《上市公司信息披露管理办法》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》《上海证券交易所股票上市规 则》(以下简称《股票上市规则》)、《上海证券交易所上市公司自律监管指引第 2 号——信息披露事务管理》等有关法律、法规、规范性文件及《恒林家居股份 有限公司章程》(以下简称《公司章程》)的规定，制定本制度。 第二条 本制度所称"信息"包括但不限于： (一)《证券法》《上市公司信息披露管理办法》《股票上市规则》等规定的 可能对公司证券及其衍生品种交易价格产生较大影响的重大事件； (二)信息披露义务人自愿披露与投资者作出价值判断和投资决策有关的信 息； (三)公司及其实际控制 ...

恒林股份 股东会议事规则 恒林家居股份有限公司 股东会议事规则 （2025 年修订） 第一章 总 则 第一条 为规范恒林家居股份有限公司(以下简称公司)行为，保证股东会依 法行使职权，根据《中华人民共和国公司法》（以下简称《公司法》）、《中华 人民共和国证券法》（以下简称《证券法》）等法律法规、中国证券监督管理委 员会《上市公司章程指引》《上市公司股东会规则》《上海证券交易所上市公司 自律监管指引第 1 号——规范运作》及《恒林家居股份有限公司章程》（以下简 称《公司章程》）的规定，制定本规则。 第二条 公司应当严格按照法律、行政法规、本规则及本《公司章程》的相 关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开 1 次， 应当于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，有下列情 形之一的，公司在事实发生之日起 2 个月以内召开临时股东会： （一）董事人数不 ...