证券代码：603801 证券简称：志邦家居 公告编号：2025-011 志邦家居股份有限公司 向不特定对象发行可转换公司债券网上路演公告 保荐人（主承销商）：国元证券股份有限公司 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。 保荐人（主承销商）：国元证券股份有限公司 2025 年 3 月 14 日 志邦家居股份有限公司（以下简称"志邦家居"或"发行人"）向不特定对 象发行可转换公司债券（以下简称"本次发行"）已获得中国证券监督管理委员 会证监许可〔2025〕233 号文同意注册。 本次发行的可转换公司债券将向发行人原股东优先配售，原股东优先配售后 余额部分（含原股东放弃优先配售部分）采用网上通过上海证券交易所交易系统 向社会公众投资者发售的方式进行。本次发行的可转换公司债券募集说明书摘要 及发行公告已于 2025 年 3 月 14 日（T-2 日）披露，募集说明书全文及相关资料 可在上海证券交易所网站（http://www.sse.com.cn）查询。 为便于投资者了解志邦家居本次向不特定对象发行可转换公司债券的有关 ...

股票简称：志邦家居 股票代码：603801 志邦家居股份有限公司 （Zbom Home Collection Co.,Ltd.） 向不特定对象发行可转换公司债券 保荐人（主承销商） （安徽省合肥市梅山路 18 号） （安徽省合肥市庐阳区庐阳工业区连水路 19 号） 募集说明书 二〇二五年三月 志邦家居股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露 资料不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财 务会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与 ...

证券代码：603801 证券简称：志邦家居 公告编号：2025-009 志邦家居股份有限公司 向不特定对象发行可转换公司债券发行公告 保荐人（主承销商）：国元证券股份有限公司 1 "志邦转债"）。 本次向不特定对象发行的可转换公司债券将向发行人在股权登记日（2025 年 3 月 17 日，T-1 日）收市后中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的原股东优先配售，原股东优先配售后余额 部分（含原股东放弃优先配售部分）采用网上通过上海证券交易所（以下简称"上 交所"）交易系统向社会公众投资者发行（以下简称"网上发行"），请投资者认真 阅读本公告及上交所网站（www.sse.com.cn）公布的《实施细则》。 一、投资者重点关注问题 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： 本次发行基本信息 | 可转债代码 | 113693 | | | | | | 可转债简称 | 志邦转债 | | | | | | --- | --- | --- | --- | --- | --- | ...

2024 年度志邦家居股份有限公司 向不特定对象发行可转换公司债券 信用评级报告 编号：CCXI-20232868D-03 2024 年度志邦家居股份有限公司向不特定对象发行可转换公司债券 信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2024 年 8 月 5 日 * [14] M. C. 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告 ...

（一）逐项审议通过《关于进一步明确公司向不特定对象发行可转换公司债券 方案的议案》 公司已取得中国证券监督管理委员会出具的《关于同意志邦家居股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕233 号），同意 公司向不特定对象发行可转换公司债券（以下简称"本次发行可转债"）的注册申 请。 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个别及连带责任。 一、监事会会议召开情况 志邦家居股份有限公司（以下简称"公司"）五届监事会第六次会议于 2025 年 3 月 13 日在安徽省合肥市庐阳区连水路 19 号公司办公楼一楼 101 会议室召开，会 议通知于 2025 年 3 月 7 日发出。会议应参与投票监事 3 人，实际参与投票监事 3 人。会议由监事长蒯正刚主持。本次监事会会议的召开及程序符合《中华人民共和 国公司法》和《志邦家居股份有限公司公司章程》的规定，所作决议合法有效。 证券代码：603801 证券简称：志邦家居 公告编号：2025-013 志邦家居股份有限公司 五届监事会第六次会议决议公告 二、监事会 ...

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。 证券代码：603801 证券简称：志邦家居 公告编号：2025-012 志邦家居股份有限公司 五届董事会第六次会议决议公告 一、董事会会议召开情况 志邦家居股份有限公司（以下简称"公司"）五届董事会第六次会议于 2025 年3月13日在安徽省合肥市庐阳区连水路19号公司办公楼一楼101会议室召开， 会议通知于 2025 年 3 月 7 发出。会议应参与投票董事 9 人，实际参与投票董事 9 人。会议由董事长孙志勇主持。本次董事会会议的召开及程序符合《中华人民 共和国公司法》和《志邦家居股份有限公司公司章程》的规定，所作决议合法有 效。 二、董事会会议审议情况 （一）逐项审议通过《关于进一步明确公司向不特定对象发行可转换公司 债券方案的议案》 公司已取得中国证券监督管理委员会出具的《关于同意志邦家居股份有限公 司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕233 号）， 同意公司向不特定对象发行可转换公司债券（以下简称"本次发行可转债"）的 注册申请。 根 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit from the "old-for-new" policy, which is anticipated to drive a recovery in the home furnishing market. The government has allocated 300 billion yuan in special bonds to support this initiative, with various regions offering subsidies for home renovation, including custom products like cabinets and wardrobes [4][5] - The company aims to build an "integrated home" capability, positioning itself to lead in the new growth phase of the home furnishing industry. The strategy focuses on integrated solutions, product leadership, digital intelligence, and superior service [5] - The company is steadily advancing its home furnishing strategy, with stable growth in its kitchen cabinet business and rapid development in wardrobes and wooden doors. The company expects revenue growth from 2024 to 2026, with projected revenues of 57.72 billion yuan, 62.08 billion yuan, and 66.17 billion yuan respectively [6] Summary by Sections Investment Rating - The company maintains a "Buy" rating with a closing price of 12.48 yuan as of March 8, 2025 [2] Market Conditions - The "old-for-new" policy is expected to stimulate home furnishing consumption, with subsidies ranging from 15% to 20% in various regions [4] - The company is well-positioned to leverage these policies due to its compliance and ability to meet diverse consumer needs [4] Strategic Initiatives - The company is focusing on an "integrated home" strategy, which is seen as a key growth area amid market challenges [5] - The leadership emphasizes the importance of collaboration with distributors to navigate economic cycles and seize growth opportunities [5] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 57.72 billion yuan, 62.08 billion yuan, and 66.17 billion yuan, with corresponding net profits of 4.99 billion yuan, 5.45 billion yuan, and 5.92 billion yuan [6][9] - The expected earnings per share (EPS) for the same period are 1.14 yuan, 1.25 yuan, and 1.36 yuan, with price-to-earnings (P/E) ratios of 10.92, 9.99, and 9.21 respectively [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to benefit from the "old-for-new" policy, which is anticipated to drive a recovery in the home furnishing market. The government has proposed a special long-term bond of 300 billion yuan to support the "old-for-new" initiative, with various regions offering subsidies for home renovation, including custom products like cabinets and wardrobes [4][5] - The company aims to build an "integrated home" capability, positioning itself to lead growth in the new era of home furnishing. The strategy focuses on integrated solutions, product leadership, digital intelligence, and superior service, which are expected to enhance market share [5] - The company is steadily advancing its home furnishing strategy, with stable growth in the kitchen cabinet business and rapid development in wardrobes and wooden doors. The company anticipates revenue of 5.772 billion yuan in 2024, with a projected growth of 7.5% in 2025 [6] Summary by Sections Investment Rating - The company maintains a "Buy" rating with a closing price of 12.48 yuan as of March 7, 2025 [2] Financial Performance - Revenue for 2023 was 6.116 billion yuan, with projections of 5.772 billion yuan for 2024, 6.208 billion yuan for 2025, and 6.617 billion yuan for 2026. The year-on-year growth rates are expected to be -5.6% in 2024, +7.5% in 2025, and +6.6% in 2026 [9] - The net profit attributable to the parent company for 2023 was 595 million yuan, with forecasts of 499 million yuan for 2024, 545 million yuan for 2025, and 592 million yuan for 2026, reflecting a year-on-year change of -16.2% in 2024, +9.3% in 2025, and +8.5% in 2026 [9] Strategic Initiatives - The company is focusing on the "integrated home" strategy, which is expected to enhance its competitive edge and market share. The leadership emphasizes the importance of adapting to market changes and leveraging unique customization capabilities [5] - The company is actively expanding its distribution channels, particularly in the southern market, and the new production base in Qingyuan is expected to contribute significantly to revenue [6]

证券代码：603801 证券简称：志邦家居 公告编号：2025-008 志邦家居股份有限公司 关于向不特定对象发行可转换公司债券获得中国证券监督管理委员会 同意注册批复的公告 二、你公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时报告上海证 券交易所并按有关规定处理。 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会的授权，在规 定期限内办理本次向不特定对象发行可转换公司债券的相关事项，并及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 志邦家居股份有限公司董事会 2025 年 2 月 17 日 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"公司"）于近日收到中国证券监督管理委员会出具 的《关于同意志邦家居股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监 许可〔2025〕233 号），现将批复文件主要内容公告如下： ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][55]. Core Insights - The company has demonstrated strong strategic foresight and execution capabilities, establishing itself in the first tier of the custom furniture industry. It has evolved from a single-category kitchen cabinet business to a comprehensive whole-house customization provider, with a diverse product range [4][7]. - The company is expected to face a growth bottleneck in 2024 due to declining prices impacting revenue, but it is poised for a rebound in 2025 as consumer demand recovers and government subsidies for home furnishings are implemented [24][31]. - The company has a robust multi-channel and multi-category strategy, with a focus on cost reduction and efficiency improvements, which are expected to stabilize profit margins in the coming years [38][43]. Financial Data and Valuation - Revenue and net profit projections for 2024-2026 are as follows: - 2024: Revenue of 57.73 billion, net profit of 4.7 billion, a year-on-year decrease of 21.8% - 2025: Revenue of 62.25 billion, net profit of 5.12 billion, a year-on-year increase of 9.9% - 2026: Revenue of 67.16 billion, net profit of 5.57 billion, a year-on-year increase of 8.9% [51][55]. - The company's price-to-earnings (P/E) ratio for 2025 is projected at 10x, which is below the average of 12x for comparable companies [55][56]. Revenue Growth and Market Position - The company has achieved a compound annual growth rate (CAGR) of 22.7% in revenue and 20.7% in net profit from 2015 to 2023, with 2023 revenue reaching 61.16 billion [11][24]. - The company has maintained a stable customer base despite industry challenges, with a focus on enhancing customer value through a comprehensive product offering [24][34]. Strategic Development - The company is expanding its international presence, with retail stores established in several Southeast Asian countries and a focus on both B2B and B2C markets [28][34]. - The strategic shift towards whole-house customization and integrated service delivery is expected to enhance customer engagement and increase average transaction values [4][31].