Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 39.81 CNY per share [2][8]. Core Views - The company's OBM (Original Brand Manufacturing) business is driving growth, while profits are under short-term pressure. The first half of 2025 saw revenue of 5.347 billion CNY, a year-on-year increase of 11.3%, but net profit attributable to shareholders decreased by 17.55% to 181 million CNY [2][8]. - The OBM business achieved approximately 2.96 billion CNY in revenue in the first half of 2025, reflecting a year-on-year growth of about 26.8%, with cross-border e-commerce being the main growth driver [8]. - Traditional ODM/OEM business revenue was approximately 2.359 billion CNY, down 4.1% year-on-year, primarily due to a reclassification of sales channels [8]. - The company implemented effective cost control measures, resulting in a decrease in sales, management, and financial expense ratios [8]. - The report forecasts net profits of 369 million CNY, 504 million CNY, and 679 million CNY for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 12, 9, and 7 [8]. Financial Summary - For the first half of 2025, the company reported total revenue of 5.347 billion CNY, with a net profit of 181 million CNY, reflecting a decline in profitability [2][8]. - The projected total revenue for 2025 is 12.905 billion CNY, with a year-on-year growth rate of 17% [4]. - The company’s gross profit margin for the first half of 2025 was 17.88%, down 3.28 percentage points year-on-year [8]. - The company’s total assets are projected to reach 11.883 billion CNY by 2025, with a debt-to-equity ratio of 94.8% [9].

Meeting Overview - The second extraordinary general meeting of shareholders was held on September 15, 2025, at the company's office in Anji County, Huzhou, Zhejiang Province [2] - 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 [2][3] Attendance and Voting - All 7 current directors attended the meeting, along with the board secretary, while one vice president was absent due to business travel [3] - The meeting's voting procedures complied with the Company Law and the company's articles of association, with all resolutions passing by a majority of the voting rights held by attending shareholders [3][4] Resolutions Passed - The following resolutions were approved: 1. The 2025 interim profit distribution plan [3] 2. The proposal to abolish and amend certain management systems, including the behavior norms for controlling shareholders and actual controllers [3][4] 3. The proposal to abolish the "Supervisory Meeting Rules" and "Authorization Management System" [4] Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm (Hangzhou), who confirmed that the meeting's procedures and results were legal and valid according to relevant laws and regulations [4]

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of trade-in subsidies for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - A total of 17 listed home furnishing companies reported combined revenue of 43.433 billion yuan, a slight increase of 6.1% year-on-year - Gujia Home ranked first with revenue of 9.801 billion yuan, 1.83 times that of the second-ranked Henglin Shares [1] Cost Control - The operating costs of home furnishing companies generally increased, with over half of the companies experiencing a growth rate in costs higher than revenue growth - Gujia Home had the highest operating cost at 6.577 billion yuan, while Henglin Shares had an operating cost ratio of 82.1% [1] Expense Efficiency - Only Meike Home and *ST Yazhen reduced sales, management, and R&D expenses year-on-year - *ST Yazhen had the highest management expense ratio at approximately 22.2% among the 17 companies [1] R&D Investment - R&D expense ratios for home furnishing companies remained between 2% and 5% - Qisheng Technology and Xiangxin Home led with R&D expense ratios of 5.3% and 5.2% respectively [1] Profitability - Gujia Home reported a net profit of approximately 1.021 billion yuan, a year-on-year increase of 13.9%, surpassing the combined net profit of the second and third-ranked companies by over 76 million yuan [1] Profit Quality - Meike Home, Yongyi Shares, and Zhongyuan Home reported positive cash flow from operating activities, while nearly 60% of companies saw a year-on-year decrease in cash flow [1] - *ST Yazhen had the highest accounts receivable turnover days at approximately 127 days [1]

国浩律师（杭州）事务所 关 于 恒林家居股份有限公司 2025 年第二次临时股东会的 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 法律意见书 致：恒林家居股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受恒林家居股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2025 年第二次临时股东会（以 下简称"本次股东会"），并依据《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》"）、中国证券监督 管理委员会（以下简称"中国证监会"）发布的《上市公司股东会规则》（以下 简称"《股东会规则》"）、和上海证 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-038 恒林家居股份有限公司 2025年第二次临时股东会决议公告 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。 重要内容提示： 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，本次会议 (一) 股东会召开的时间：2025 年 9 月 15 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： 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。 (五) 公司董事和董事会秘书的出席情况 1、 公司在任董事7人，出席7人； 2、 董事会秘书汤鸿雁女士出席会议；除副总经理蔡彬先生因公出差请假外， 其他高管均列席会议。 二、 议案审议情况 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 117 | | --- | --- | | 2、出席会 ...

Group 1: Company Performance and Strategy - The company held a half-year performance briefing on September 12, 2025, to address investor concerns [2] - The company plans to distribute a cash dividend of 5.50 yuan per 10 shares, totaling 76.49 million yuan, which accounts for 42.17% of the net profit attributable to shareholders for the first half of 2025 [9] - As of June 30, 2025, the company had overseas assets amounting to 5.351 billion yuan, representing 52.29% of total assets, with a significant portion derived from its operations in Vietnam [7] Group 2: Market Trends and Opportunities - The global e-commerce penetration rate for home goods has increased from 24% in 2018 to 33% in 2024, with expectations to reach 36% in 2025 [3] - Vietnam's furniture exports reached 43.39 billion USD in August 2025, showing a month-on-month increase of 2.6% and a year-on-year increase of 14.5% [4] - The company has been actively participating in major industry exhibitions to showcase its innovative products and expand its market presence [8] Group 3: Technological Advancements - The company holds 1,559 valid patents as of June 30, 2025, including 153 invention patents, focusing on ergonomic design and smart health monitoring technologies [10] - The company emphasizes the transformation of core technologies into competitive products, enhancing user experience through continuous R&D investment [10] Group 4: Economic Impact - The potential impact of U.S. interest rate cuts is expected to boost the real estate market, thereby increasing demand for furniture and positively affecting the company's business [6] - The company is leveraging its global production layout and foreign exchange risk hedging mechanisms to capitalize on the recovery of the U.S. real estate market [6]

证券代码：603661 证券简称：恒林股份 公告编号：2025-037 恒林家居股份有限公司 关于 2025 年半年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 9 月 12 日（星期五） 9:00-10:00 在上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）以网络文字互动的方式召开 2025 年半年度业 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。 根据 Zolak 的研究报告，全球家居用品电商渗透率已从 2018 年的 24%攀升 至 2024 年的 33%，预计 2025 年将进一步提升至 36%。Statista 进一步预测，到 2029 年，美国家具市场电商规模将达到 2,099.2 亿美元，未来 ...

Core Viewpoint - Henglin Co., Ltd. has been recognized for its ESG practices by being included in the "2025 Wind China Listed Companies ESG Best Practice 100 (Small and Medium Market Capitalization)" list, following an upgrade of its Wind ESG rating from A to AA this year [1][3]. Group 1 - Henglin Co., Ltd. is one of the largest manufacturers and exporters of office chairs in China, emphasizing ESG practices and information disclosure since its listing [3]. - The company has released social responsibility/ESG reports for seven consecutive years since 2018, with its Wind ESG rating being upgraded for two consecutive years, from A in 2024 to AA this year [3]. - The recognition in the "2025 Wind China Listed Companies ESG Best Practice 100 (Small and Medium Market Capitalization)" list reflects market acknowledgment of the company's significant ESG practice outcomes [3]. Group 2 - Henglin Co., Ltd. integrates the concept of green development into its operations, focusing on digitalization and innovation to empower sustainable development [3]. - The company plans to enhance its sustainable development management responsibilities at the board committee level by 2025, ensuring the implementation of ESG principles across all levels [3]. - Henglin Co., Ltd. aims to strengthen its environmental protection and social responsibility practices, promoting sustainable development to create greater value for shareholders, employees, customers, society, and the environment [3].

Group 1: Ecological Transformation - The transformation of a former abandoned mine into a popular recreational area demonstrates a successful ecological restoration project, featuring a café that achieved a record sales of over 8,000 cups in a single day [2][3] - The project generated sales of 50 million yuan within two years and increased collective income by over 6 million yuan, showcasing the economic benefits of ecological restoration [3] - The approach involved a three-step method: ecological restoration, micro-renovation, and a profit-sharing model that ensures villagers benefit from the project [3] Group 2: Bamboo Industry Development - The bamboo industry in Anji County has evolved from raw material sales to a full-chain value-added model, with 870,000 acres of bamboo forest capable of generating 120,000 tons of carbon credits annually [4][5] - The establishment of a county-level carbon credit trading platform allows for the monetization of bamboo carbon credits, with potential annual revenue exceeding 23 million yuan [4] - The bamboo industry has diversified into various products, including biodegradable bamboo toothbrushes, which replace 300 tons of plastic annually and generate over 10 million yuan in revenue [5] Group 3: Green Manufacturing and High-Quality Development - Henglin Co., a local listed company, has integrated green manufacturing practices, including solar energy utilization, which reduces carbon emissions by over 28,000 tons annually [6] - The company has implemented a digital energy management system that optimizes energy consumption, achieving a 5% reduction in energy use per product [6] - Henglin Co. aims to deepen its ESG practices and invest in clean energy and sustainable supply chains to align environmental protection with high-quality development [6]

Meeting Information - The meeting will be held on September 15, 2025, at 14:00, both in-person and online [2] - The in-person meeting location is the conference room 107, Henglin B District Office Building, Anji County, Huzhou City, Zhejiang Province [2] Agenda Items - The shareholders will review the following proposals: 1. Profit distribution plan for the first half of 2025 2. Proposal to abolish and revise certain management systems [3][6] Profit Distribution Plan - The company reported a net profit attributable to shareholders of 181,376,054.07 yuan for the first half of 2025 [6] - The proposed cash dividend is 5.50 yuan per 10 shares, totaling 76,486,867.05 yuan, which accounts for 42.17% of the net profit [6] Management System Revisions - The company plans to abolish the "Supervisory Committee Meeting Rules" and "Authorization Management System" and revise the "Behavior Norms of Controlling Shareholders and Actual Controllers" [7][8] - The new norms aim to enhance the governance structure and protect the rights of minority shareholders [9] Meeting Procedures - The meeting will follow a structured process including proposal reading, discussion, and voting [3][4] - Shareholders must register to speak or ask questions at least 10 minutes before the meeting starts [3] Voting and Decision Announcement - Voting will be conducted via a named voting system, and results will be announced after the meeting [4][5]