丨证券研究报告丨 公司研究丨点评报告丨志邦家居（603801.SH） [Table_Title] 志邦家居 2025H1 点评：短期承压，行稳致 远 报告要点 [Table_Summary] 公司 2025H1 实现营收/归母净利润/扣非净利润 18.99/1.38/0.87 亿元，同比-14%/-7%/-31%； 其中 2025Q2 对应 10.82/0.96/0.51 亿元，同比-22%/-5%/-41%。收入端：H1 收入受大宗业务 扰动较大，整装贡献增量。盈利端：H1 经营盈利阶段性承压。展望后续，挖潜与控费是方向， 优化组织架构助力南方市场的发展&坚定执行出海战略。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% 1 志邦家居（603801.SH） cjzqdt11111 [Table_Title2] 志邦家居 2025H1 点评：短期承压，行稳致远 [Table_Summary2] 事件描述 公司 2 ...

（证券代码：603801） 会议资料 2025 年 9 月 志邦家居股份有限公司 2025 年第二次临时股东会会议资料 志邦家居股份有限公司 2025 年第二次临时股东会 志邦家居股份有限公司 2025 年第二次临时股东会会议资料 目 录 | 2025 | 年第二次临时股东会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第二次临时股东会会议议程 | 4 | | 2025 | 年第二次临时股东会审议议案 | 5 | | 议案 | | 1：关于变更注册资本、经营期限及修订《公司章程》并办理工商变更登记的议案 .5 | | 议案 | 2：关于修订公司部分治理制度的议案 | 8 | 2 志邦家居股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会会议须知 为维护投资者的合法权益，保障股东或股东代表（以下统称"股东"）在公司 2025 年第 二次临时股东会期间依法行使权利，确保股东会的正常秩序和议事效率，根据《中华人民共 和国公司法》《中华人民共和国证券法》、中国证监会《上市公司股东会规则》以及《志邦 家居股份有限公司章程》《志邦家居股份有限公司股东会议事 ...

据了解，志邦家居创立于1998年，是专注于整家一体化定制家居的公司，2017年在上交所A股成功上 市。公司拥有多个大型制造基地，产品销往北美、东南亚、中东等国家和地区。 志邦家居的数字化生产体系、全球化市场布局、生态化供应协同均要求财税数据承担起快速响应、居中 协同的重要责任，作为数据驱动的人工智能公司，百望股份决定以数据智能为升级理念，帮助志邦家居 打造进项管理系统与电子会计档案管理系统。 本报讯(记者贾丽)近日，百望股份有限公司(以下简称"百望股份")与志邦家居（603801）股份有限公司 (以下简称"志邦家居")达成合作，共同打造进项管理系统与电子会计档案管理系统。 依托百望股份在数智解决方案实践的成熟技术，以志邦家居的实际业务需求为导向，打造操作简洁、协 同流畅、高效合规的票据管理系统，充分激发财税数据的价值与生产力潜质，助推志邦家居的数字发 展。 2025年，百望股份重磅推出了金盾交易管理智能体、问数经营决策智能体、睿界金融业务智能体。其 中，金盾交易管理智能体为票据管理、财税合规等业务场景带来了创新应用实践，帮助诸多企业落地了 多模态票据识别与合规校验、税务风险动态监测等数智能力。 通过百望股份的 ...

Industry Overview - The overall revenue and net profit of custom home furnishing companies have declined to levels seen four years ago, with 9 out of 10 companies experiencing a drop in revenue, sales expenses, and R&D expenses [1][8][9] - The average revenue decline among the 10 companies analyzed is 12.54%, with only Wo Le Home experiencing a slight increase of less than 2% [8][9] Company Performance - Oppein Home achieved a revenue of 8.241 billion yuan, with a net profit of 1.018 billion yuan, marking a 20.88% year-on-year growth, solidifying its leading position in the industry [5][10] - Other companies, such as PIANO and MAG, faced significant challenges, with PIANO's revenue nearly halving and MAG's revenue declining by 23.07% [8][9] Profitability Analysis - Oppein Home leads in net profit margin at 12.39%, followed by Wo Le Home at 9.77%, indicating a strong profitability position [32][36] - The gross profit margin shows a clear tiered structure, with Wo Le Home leading at over 40%, while several other companies maintain margins above 30% [28][30] Channel Changes - Traditional distribution channels are under pressure, with only King Cabinet and Wo Le Home reporting revenue growth in this area; other companies have seen declines, particularly Zhihong Home with a 34.18% drop [12][13] - Direct sales channels and overseas markets have shown positive growth, with significant increases reported by companies like Topsolid and Sophia [12][16] Cost Control Measures - Companies are focusing on cost control, with many reducing sales expenses by over 14%, although excessive cuts have led to revenue declines for some [17][20] - R&D investments have generally decreased, except for Oppein Home, which saw a slight increase of 2.53% [24][26] Store Count Changes - Most companies have seen a net reduction in store counts, with Oppein and Zhihong Home closing over 100 stores each, while Wo Le Home and Haoleke have increased their store counts [14][15]

定制家居行业依旧处于房地产下行带来的影响周期之中，正在等待修复。近期，上半年财报季正式收 官。《华夏时报》记者注意到，索菲亚家居股份有限公司（002572.SZ）（下称：索菲亚）、广州尚品 宅配家居股份有限公司（300616.SZ）（下称：尚品宅配）、志邦家居股份有限公司（603801.SH）（下 称：志邦家居）营业收入均下滑，且尚品宅配仍处于亏损中。顾家家居股份有限公司（603816.SH） （下称：顾家家居）则是少数营业收入和净利润上涨的家居企业之一，其计划在海外投建基地。 索菲亚方面对《华夏时报》记者表示，目前，出海、存量房改造翻新等被看作是企业新的增长点，行业 依旧存在打价格战的情况，这种行为对行业生态会有所破坏。 龙头企业营收下滑 今年上半年出台的一系列家装"以旧换新"以及国补政策对于家居消费的确有促进作用，但是未能带动家 居企业业绩回升，行业营收以及利润下滑依旧是主基调。其中，作为行业龙头的索菲亚也未能避免。 公开资料显示，索菲亚为消费者提供全屋定制家居方案，从事全屋家具的设计研发和生产销售。数据显 示，今年上半年，索菲亚的营业收入为45.51亿元，同比下降7.68%；归属于上市公司股东的净利润为 ...

2025 年 09 月 03 日 志邦家居(603801.SH) 25H1 业绩短期承压， 海外业务表现亮眼 事件：志邦家居发布 2025 年半年报。2025H1 公司实现营收 18.99 亿元，同比下降 14.14%；归母净利润 1.38 亿元，同比下降 7.21%； 扣非后归母净利润 0.87 亿元，同比下降 30.65%。其中，2025Q2 公司实现营收 10.82 亿元，同比下降 22.29%;归母净利润 0.96 亿 元，同比下降 5.49%；扣非后归母净利润 0.51 亿元，同比下降 40.71%。 25H1 厨柜收入有所下滑，木门营收稳健增长 分产品看，2025H1 整体厨柜、定制衣柜、木门分别实现收入 7.11/9.05/1.46 亿元，同比增长-26.42%/-2.54%/+5.13%。25Q2 整体 厨柜、定制衣柜、木门分别实现收入 4.46/4.84/0.82 亿元，同比增 长-31.34%/-11.18%/-12.66%。随着消费者对全屋定制需求的增加， 定制衣柜业务占比逐步提升，而传统的厨柜业务则受到房地产市场的 冲击更为明显。其中，25H1 木门收入实现增长，主要来自公司整家战 略 ...

Core Viewpoint - The company's 1H25 performance met expectations, with a revenue decline of 14.14% year-on-year and a net profit decline of 7.21% year-on-year, indicating challenges in the current market environment [1] Financial Performance - In 1H25, the company achieved revenue of 1.899 billion yuan, with a net profit of 138 million yuan and a non-recurring net profit of 87 million yuan, reflecting declines of 14.14%, 7.21%, and 30.65% respectively [1] - Quarterly breakdown shows 1Q25 revenue at 818 million yuan (down 0.3% YoY) and 2Q25 revenue at 1.082 billion yuan (down 22.29% YoY) [1] Product and Channel Performance - Wood door products saw slight growth, while overseas business experienced significant growth. Revenue from kitchen cabinets, custom wardrobes, and wood doors in 1H25 was 711 million, 905 million, and 146 million yuan respectively, with year-on-year changes of -26.42%, -2.54%, and +5.13% [2] - Revenue from direct stores, distribution stores, bulk business, and overseas business in 1H25 was 525 million, 768 million, 322 million, and 148 million yuan respectively, with year-on-year changes of +200.25%, -35.41%, -46.86%, and +70.69% [2] Profitability Metrics - The company's gross margin in 1H25 was 35.97%, a decrease of 0.72 percentage points year-on-year, while the net margin improved to 7.27%, an increase of 0.54 percentage points year-on-year [3] - The expense ratio for 1H25 was 29.72%, an increase of 0.28 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and financial expenses at 17.62%, 6.39%, 5.47%, and 0.25% respectively [2][3] Strategic Outlook - For 2H25, the company plans to enhance its integrated home strategy and deepen its multi-channel layout to solidify its industry-leading position [3] - The focus will be on upgrading the whole-home 3.0 strategy, strengthening full-scenario solutions, and expanding overseas retail store layouts [3] Earnings Forecast and Valuation - Due to weak market demand recovery, the company has lowered its earnings forecast for 2025 and 2026 by 7% and 10% to 378 million and 387 million yuan respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 12 and 11 times for 2025 and 2026, with a target price adjustment down by 13% to 13 yuan, indicating a potential upside of 30% from the current stock price [4]

Group 1 - The company reported a revenue of 1.899 billion yuan in the first half of 2025, a year-on-year decline of 14.14%, and a net profit attributable to shareholders of 138 million yuan, down 7.21% compared to the same period last year [2][3] - The company's gross margin for the first half of 2025 was 35.97%, a slight decrease of 0.72 percentage points year-on-year, while the net profit margin improved by 0.55 percentage points to 7.27% [2][3] - The company faced challenges due to the overall pressure in the custom home furnishing industry, influenced by deep regulation in the domestic real estate sector and low consumer sentiment, leading to a phase of declining terminal demand [2][3] Group 2 - The company accelerated its integrated home strategy and actively followed national consumption subsidy policies, achieving retail business revenue of 1.292 billion yuan, a decline of 3.64% year-on-year [2][3] - The overseas business showed significant growth, with revenue reaching 148 million yuan, a year-on-year increase of 70.69%, indicating the success of the company's overseas expansion strategy [4] - The company has expanded its overseas business to cover 41 countries and opened 36 distribution stores, with plans to deepen its presence in key markets like Australia and North America while exploring emerging markets in Southeast Asia and the Middle East [4] Group 3 - The company is adjusting its large-scale business strategy in response to the real estate market and macroeconomic environment, with the proportion of large-scale business revenue decreasing from 27.4% to 16.96% year-on-year [5] - The company is focusing on high-end real estate products and exploring growth opportunities in affordable housing and office furnishings to mitigate the impact of real estate regulation on its large-scale business [5] - The company aims to enhance its operational capabilities by addressing customer acquisition, conversion, and delivery issues through a multi-faceted approach [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to a challenging market environment influenced by the real estate sector and consumer sentiment [2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.899 billion yuan, a year-on-year decrease of 14.14% [2]. - The net profit attributable to shareholders was 138 million yuan, down 7.21% year-on-year [2]. - The gross margin for the first half of 2025 was 35.97%, a decrease of 0.72 percentage points compared to the previous year [2]. - The net profit margin improved to 7.27%, an increase of 0.55 percentage points year-on-year [2]. Business Strategy - The company is accelerating its integrated home strategy and actively following national consumer subsidy policies [3]. - Retail business revenue (including direct and distribution channels) was 1.292 billion yuan, down 3.64% year-on-year [3]. - The overseas business achieved revenue of 148 million yuan, a significant increase of 70.69% year-on-year, indicating progress in the company's international expansion strategy [3][4]. - The company is focusing on enhancing customer acquisition, conversion, and delivery capabilities through a multi-faceted approach [3]. Market Conditions - The custom home industry is under pressure due to deep regulation in the domestic real estate sector and low consumer sentiment, leading to a phase of declining terminal demand [2][3]. - The competitive landscape is intensifying, with diversified sales channels and fragmented traffic making customer acquisition and order conversion more challenging [2]. Overseas Expansion - As of June 30, 2025, the company's overseas business covered 41 countries with 36 distribution stores [4]. - The company plans to deepen its presence in key markets such as Australia and North America while exploring emerging markets in Southeast Asia and the Middle East [4]. Business Adjustment - The company is adjusting its business development strategy in response to the real estate and macroeconomic environment, with the large-scale business entering a transformation phase [4][5]. - The proportion of large-scale business revenue decreased from 27.4% to 16.96% year-on-year [4]. - The company is focusing on high-end real estate products and exploring growth opportunities in affordable housing and office furniture to mitigate the impact of real estate regulation [5].

关于使用可转换公司债券闲置募集资金进行 现金管理的进展公告 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个别及连带责任。 志邦家居股份有限公司（以下简称"志邦家居"或"公司"）于 2025 年 4 月 28 日召开了第五届董事会第七次会议、第五届监事会第七次会议，审议通过 了《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使用不超过人 民币 17,000 万元（含本数）的闲置募集资金进行现金管理，投资的产品品种为 安全性较高、流动性较好、风险较低的保本型理财产品。该额度自公司董事会审 议通过之日起 12 个月内有效，在上述期限内可以滚动使用。公司董事会同意授 权公司经理层在上述额度范围内行使相关投资决策权与签署相关法律文件，公司 财务部门负责具体实施，授权期限为经公司董事会审议通过之日起 12 个月内。 本次使用部分闲置募集资金进行现金管理事项在董事会审批权限范围内，无需提 交股东大会审议。监事会就本议案发表了明确同意的意见，保荐机构出具了明确 同意的专项核查意见。具体内容详见公司于 2025 年 4 月 29 日在上海证券交 ...