登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603661 证券简称：恒林股份 2025年第一季度报告 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant growth driver, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," aiming for quality growth while optimizing asset allocation and improving operational efficiency [4]. Revenue and Profit Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with respective year-on-year growth rates of 2.4%, 10.8%, -8.8%, 2.9%, and 331.1% [2]. - The gross profit margin for 2024 decreased by 5.2 percentage points to 18.5%, primarily due to rising shipping costs and price reductions for cross-border e-commerce inventory [3]. Cost and Expense Management - The company saw a decline in inventory by 4.3 billion RMB to 18.9 billion RMB in Q1 2025, indicating effective inventory optimization [3]. - The expense ratios for sales, management, R&D, and financial expenses for the full year of 2024 were 7.1%, 3.9%, 2.1%, and 0.4% respectively, with a notable decrease in sales expense ratio in Q1 2025 due to reclassification of delivery fees and discounts [3]. Future Projections - The company expects stable performance in traditional OEM business amid steady overseas demand and increasing trade frictions, while overall revenue growth in Q1 2025 is projected at 12.7%, mainly driven by cross-border e-commerce [2][4].

Financial Overview - The total operating revenue of Henglin Co., Ltd. for Q1 2025 reached 2.654 billion yuan, an increase of 12.74% year-on-year, while the net profit attributable to shareholders was 51.8647 million yuan, a decrease of 49.49% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 52.6501 million yuan, down 48.89% year-on-year [1] Key Financial Indicators - The accounts receivable of Henglin Co., Ltd. were significantly high, with accounts receivable accounting for 718.04% of the latest annual net profit [3] - The operating cash flow per share was -0.39 yuan, a decrease of 134.51% year-on-year, indicating cash flow pressure [3] Debt Situation - The company's interest-bearing debt was 2.686 billion yuan, a decrease of 15.95% year-on-year, but the interest-bearing asset-liability ratio remained at 26.28%, necessitating ongoing monitoring of its debt situation [4] Business Model and Performance Evaluation - The company's performance relies heavily on research and marketing efforts, with a return on invested capital (ROIC) of 5.07% last year, indicating average capital returns [5] - The net profit margin was 2.41%, suggesting low added value for the company's products or services [5] Summary - Overall, Henglin Co., Ltd. exhibited weak performance in Q1 2025, particularly in net profit and cash flow, which showed significant declines. The company needs to focus on improving accounts receivable collection and cash flow, while also managing debt levels to ensure future stability [6]

Core Viewpoint - The company reported a revenue of 11.03 billion yuan for 2024, reflecting a year-on-year increase of 34.6%, while the net profit attributable to shareholders remained stable at 260 million yuan, showing no change compared to the previous year [1] Financial Performance - For Q4 2024, the company achieved a revenue of 3.22 billion yuan, up 33.0% year-on-year, but recorded a net loss of 2.92 million yuan [1] - In Q1 2025, the company reported a revenue of 2.65 billion yuan and a net profit of 50 million yuan, representing year-on-year changes of +12.7% and -49.5%, respectively [1] - The dividend proposal for shareholders is set at 0.72 yuan per share (before tax) [1] Business Analysis - The cross-border e-commerce business is a significant growth driver, with revenue contributions from various segments: office furniture (3.55 billion yuan), soft furniture (1.43 billion yuan), panel furniture (1.02 billion yuan), new material flooring (1.53 billion yuan), and comprehensive home products (3.46 billion yuan), showing year-on-year changes of +2.4%, +10.8%, -8.8%, +2.9%, and +331.1%, respectively [2] - Domestic revenue decreased by 27.5% to 1.11 billion yuan, while overseas revenue increased by 48.9% to 9.89 billion yuan [2] - The OEM business generated 5.06 billion yuan in revenue, up 5.0% year-on-year, while the OBM business saw a significant increase of 77.0% to 5.94 billion yuan, primarily driven by the expansion of cross-border e-commerce [2] - In Q1 2025, overall revenue growth of 12.7% is expected to be mainly supported by the cross-border e-commerce business, while traditional OEM business is anticipated to remain stable due to steady overseas demand and increasing trade frictions [2] Margin and Cost Analysis - The company's gross margin decreased by 5.2 percentage points year-on-year to 18.5% for 2024, with Q4 2024 and Q1 2025 gross margins at 18.9% and 16.3%, respectively [3] - The decline in gross margin is attributed to rising shipping costs and price reductions for cross-border e-commerce inventory [3] - Inventory decreased by 430 million yuan from the end of 2024 to 1.89 billion yuan in Q1 2025 [3] - The expense ratios for sales, management, R&D, and financial costs for 2024 were 7.1%, 3.9%, 2.1%, and 0.4%, respectively, with year-on-year changes of -1.2%, -1.2%, -0.7%, and +0.1 percentage points [3] - In Q1 2025, the expense ratios were 7.3%, 3.6%, 1.7%, and 0.6%, with notable decreases in sales expense ratio due to reclassification of delivery fees and promotional discounts [3] Strategic Outlook - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad" amidst trade frictions, expanding production capacity in Vietnam and actively exploring non-U.S. markets [3] - The company aims to optimize asset allocation by disposing of low-efficiency and low-relevance assets while improving manufacturing and operational efficiency to achieve profit growth with positive cash flow [3] Earnings Forecast and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 2.95 yuan, 3.60 yuan, and 4.10 yuan, respectively, with current stock prices corresponding to PE ratios of 9, 8, and 7 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant driver of growth, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The gross margin faced pressure, declining by 5.2 percentage points to 18.5% in 2024, primarily due to rising shipping costs and inventory clearance [3]. Performance Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with significant growth in the comprehensive home furnishings segment at 331.1% [2]. - The company’s domestic revenue decreased by 27.5% to 1.11 billion RMB, while overseas revenue increased by 48.9% to 9.89 billion RMB [2]. - The company’s inventory decreased by 4.3 billion RMB to 1.89 billion RMB in Q1 2025, indicating effective inventory management [3]. Strategic Outlook - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," focusing on expanding sales channels and optimizing asset allocation while improving manufacturing and operational efficiency [4]. - The company aims for quality growth by disposing of low-efficiency assets and enhancing cash flow profitability [4].

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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：603661 证券简称：恒林股份 公告编号：2025-017 恒林家居股份有限公司 关于召开2024年年度股东大会的通知 2024年年度股东大会 召开的日期时间：2025 年 5 月 16 日 14 点 00 分 召开地点：浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2025年5月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投 票系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票起止时间：自2025 年 5 月 16 日 至2025 年 5 月 16 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 股东大会召开当 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-007 恒林家居股份有限公司 第七届监事会第四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 恒林家居股份有限公司（以下简称公司）第七届监事会第四次会议于 2025 年 4 月 25 日在浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 会议室以现场 结合通讯方式召开，会议通知已按规定提前以书面及通讯方式送达。本次会议由 监事会主席卢小英女士召集并主持，会议应出席监事 3 名，实际出席监事 3 名。 本次会议的召集、召开及表决程序符合《中华人民共和国公司法》和《恒林家居 股份有限公司章程》（以下简称公司章程）等相关规定，会议形成的决议合法、 有效。 （一）审议通过《公司 2024 年度监事会工作报告》 表决结果：3票同意，0票反对，0票弃权。 本议案尚需提交公司股东大会审议。 （二）审议通过《公司2024年年度报告及其摘要》 经审核，公司监事会认为： 1、公司 2024 年年度报告的编制和审议程序符合法律、法规和《公司章 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-006 恒林家居股份有限公司 第七届董事会第五次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 恒林家居股份有限公司（以下简称公司）第七届董事会第五次会议于 2025 年 4 月 25 日在浙江省湖州市安吉县递铺街道恒林 B 区办公楼 107 会议室以现场 结合通讯方式召开，会议通知已按规定提前以书面及通讯方式送达。本次会议 由董事长王江林先生召集并主持，会议应出席董事 5 名，实际出席董事 5 名， 公司监事、高级管理人员全部列席了本次会议。本次会议的召集、召开及表决 程序符合《中华人民共和国公司法》和《恒林家居股份有限公司章程》等相关 规定，会议形成的决议合法、有效。 二、董事会会议审议情况 （一）审议通过《公司2024年度董事会工作报告》 表决结果：5票同意，0票反对，0票弃权。 本议案尚需提交公司股东大会审议。 （二）审议通过《公司2024年年度报告及其摘要》 经审议，董事会认为公司编制的《恒林股份 2024 年年度报 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-008 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：每股派发现金红利 0.72 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。若在实施权益分派的股权登记日前公司总股本 发生变动的，公司拟维持每股分配比例不变，相应调整分配总额，并将另行公告 具体调整情况。 公司不触及《上海证券交易所股票上市规则》第 9.8.1 条第一款第（八） 项规定的可能被实施其他风险警示的情形。 本次利润分配预案尚需提交公司 2024 年年度股东大会审议。 一、利润分配预案内容 经天健会计师事务所（特殊普通合伙）审计，并出具了标准无保留意见的审 计报告。恒林家居股份有限公司（以下简称公司）2024 年度实现归属于上市公 司股东的净利润为 263,059,451.54 元，截至 2024 年 12 月 31 日，母公司期末可 供分配利润为人民币 1,545,532,794.19 元。经公司第七届董事会 ...

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 | ...