志邦家居股份有限公司（以下简称"公司"）于 2025 年 6 月 4 日召开五届董事会 第八次会议，审议通过《关于调整 2023 年股票期权激励计划行权价格的议案》。现 对有关事项说明如下： 一、2023 年股票期权激励计划已履行的审议程序 （一）2023 年 8 月 28 日，公司四届董事会第十八次会议审议通过了《关于<志 邦家居股份有限公司 2023 年股票期权激励计划（草案）>及其摘要的议案》《关于< 志邦家居股份有限公司 2023 年股票期权激励计划实施考核管理办法>的议案》《关 于提请股东大会授权董事会办理公司 2023 年股票期权激励计划相关事宜的议案》等 议案，公司四届监事会第十八次会议审议通过了相关议案。公司独立董事就本次股 票期权激励计划是否有利于公司的持续发展及是否存在损害公司及全体股东利益的 情形发表了独立意见，并公开征集委托投票权。 | 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于调整 2023 年股票期权激励计划行权价格 ...

法律意见书 安徽天禾律师事务所 关于志邦家居股份有限公司 调整行权价格相关事项 之法律意见书 安徽天禾律师事务所 ANHUITIANHELAWOFFICE 法律意见书 安徽天禾律师事务所 关于志邦家居股份有限公司 2023 年股票期权激励计划之 地址：庐阳区濉溪路278号财富广场B座东区16层 电话：（0551）62642792 传真：（0551）62620450 2023年股票期权激励计划之 调整行权价格相关事项之法律意见书 天律意2025第01394号 致：志邦家居股份有限公司 安徽天禾律师事务所（以下简称"本所"）依法接受志邦家居股份有限公 司（以下简称"志邦家居"或"公司"）的委托，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》）、中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股 权激励管理办法》（以下简称《管理办法》）和《志邦家居股份有限公司章程》 （以下简称《公司章程》）等有关规定，就《志邦家居股份有限公司2023年股 票期权激励计划（草案）》（以下简称《股票期权激励计划》）之调整行权价 格相关事项出具本法律意见书。为出具本法律意见 ...

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 二、董事会会议审议情况 （一）审议通过《关于调整 2023 年股票期权激励计划行权价格的议案》 公司即将实施 2024 年年度权益分派，公司董事会根据公司 2023 年股票期权 激励计划的相关规定，对股票期权行权价格进行调整。股票期权行权价格由 18.58 元/股调整为 17.98 元/股。 表决结果：同意 8 票，反对 0 票，弃权 0 票。通过该议案。关联董事夏大庆 已回避表决。 此议案经董事会薪酬与考核委员会讨论通过并同意一致提交董事会。 五届董事会第八次会议决议公告 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个别及连带责任。 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"）于 2025 年 6 月 4 日以现场结合 通讯表决方式召开了五届董事会第八次会议，本次会议通知已于 2025 年 5 月 30 日以邮件、书面等方式送 ...

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The home furnishing sector is experiencing marginal recovery, with a high dividend payout ratio. In 2024, the home goods sector is projected to generate revenue of CNY 246.58 billion, a year-on-year increase of 2.3%, while net profit attributable to shareholders is expected to decline by 13.6% to CNY 15.86 billion [4][14]. - The report highlights that domestic demand for home goods is under pressure, but government subsidies are expected to fill the demand gap. The sales of building materials and home goods are projected to decline by 3.9% year-on-year in 2024, but there are signs of improvement in early 2025 [5][26]. - The external sales performance is strong, with furniture exports showing a recovery since November 2023, driven by overseas retailers replenishing inventory. However, the report emphasizes the need to monitor changes in tariff policies, particularly from the U.S. [6][40]. Summary by Sections 1. Home Furnishing Sector 2024 Annual Report & Q1 2025 - The home goods sector is under operational pressure, with only Q1 showing growth due to a low base effect from previous public health events. The profit margin has been declining, reflecting increased competition [4][14]. - In Q1 2025, the sector's revenue increased by 3.9% year-on-year, and net profit rose by 10.6%, indicating a recovery trend [4][14]. 2. Domestic Sales - The report notes that the domestic home goods market is facing challenges, with a projected decline in sales. However, the introduction of government subsidies is expected to stimulate demand, particularly in key cities [5][34]. - The dividend payout ratio for leading companies in the sector has increased, with many companies offering dividend yields exceeding 3% [5][35]. 3. External Sales - The report indicates that external sales have been performing well, with all key export companies reporting revenue growth in Q1 2025. The recovery in exports is attributed to overseas retailers restocking [6][40]. - The report warns of uncertainties related to U.S. tariff policies, which could impact future export orders [6][40]. 4. Investment Recommendations - The report suggests focusing on leading companies with high dividend yields and strong market positions, such as Gujia Home, Sophia, and Zhibang Home, as they are expected to benefit from government subsidies and have resilient performance [5][39].

Core Viewpoint - The company is transitioning its business strategy from providing customized products to a comprehensive home integration model, aiming to enhance customer value and streamline purchasing processes [3][4]. Group 1: Performance Meeting Overview - The company held a performance meeting on May 22, 2025, to discuss its 2024 annual report and 2025 Q1 report, attended by key executives and independent directors [2][8]. - The meeting aimed to provide investors with a deeper understanding of the company's operational status and address their concerns [2]. Group 2: Strategic Direction and Measures - In 2025, the company will focus on a home integration strategy, emphasizing cross-category integration, systematic design, and one-time delivery solutions [3][4]. - The company plans to strengthen partnerships with home decoration and integrated channel merchants and expand into overseas markets, including Australia, Southeast Asia, the Middle East, and North America [4]. - The company will also pivot its bulk business towards corporate apartments, talent apartments, and school apartments, leveraging its experience to mitigate impacts from real estate market adjustments [4]. Group 3: Financial Performance and Cost Management - The company acknowledged a decline in gross and net profit margins in 2024 due to price competition in retail and bulk businesses, and it aims to improve operational efficiency and quality in 2025 [5]. - Plans include enhancing cost reduction through scale procurement, SKU management, and inventory turnover, alongside exploring systematic cost reduction measures tailored to the customized home furnishing industry [5]. Group 4: Market Adaptation and Franchise Relations - The company is adjusting its bulk business in response to a shrinking new housing market, focusing on high-end real estate projects and developing specialized products for this segment [6]. - There has been a reduction in the number of franchisees and stores, attributed to the shift towards an integrated business model, but the company is committed to fostering mutually beneficial relationships with franchisees [6][7]. - The company is enhancing communication and support for franchisees to build trust and strengthen brand influence in the market [7].

志邦家居股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日在《证券 日报》《证券时报》《上海证券报》和上海证券交易所网站（www.sse.com.cn） 上披露了公司《2024 年年度报告》及《2025 年第一季度报告》。为便于广大投 资者更深入、全面地了解公司经营情况，公司于 2025 年 5 月 22 日召开了"2024 年年度暨 2025 年第一季度业绩说明会"。现将会议召开情况公告如下： 一、业绩说明会召开基本情况 公司于 2025 年 4 月 29 日在上海证券交易所网站(www.sse.com.cn)和《证券 日报》《证券时报》《上海证券报》披露了公司《2024 年年度报告》及《2025 年第一季度报告》。 2025 年 5 月 22 日 15:00-16:30 ， 公 司 通 过 上海 证 券 报 · 中 国 证 券 网 (https://roadshow.cnstock.com)以视频直播和网络互动方式召开了"2024 年年度暨 2025 年第一季度业绩说明会"。公司董事长孙志勇先生、董事会秘书兼财务总 监孙娟女士、独立董事王文兵先生、国元证券股份有限公司保荐代表人谢天宇先 生 ...

Core Viewpoint - The legal opinion issued by Anhui Tianhe Law Office confirms that the procedures for convening and holding the 2024 Annual General Meeting of Zhibang Home Furnishing Co., Ltd. comply with relevant laws and regulations, ensuring the legality and validity of the resolutions passed during the meeting [1][5][19]. Group 1: Meeting Procedures - The 2024 Annual General Meeting is scheduled for May 21, 2025, and was convened following a resolution made at the board meeting on April 28, 2025 [2][4]. - The notice for the meeting was announced at least 20 days prior, detailing the meeting type, date, time, location, voting methods, and agenda [2][4]. - The meeting was held at the specified location and time, with the agenda aligning with the notice [4][5]. Group 2: Attendance and Qualifications - A total of 13 shareholders or their representatives attended the meeting in person, while 404 participated via online voting [5][6]. - The qualifications of attendees and the convenor were verified and found to be in compliance with relevant laws and the company's articles of association [5][6]. Group 3: Proposals and Voting Results - The meeting reviewed several proposals, including the 2024 Board of Directors' Work Report, financial statements, and profit distribution plans [5][6]. - Voting was conducted through written ballots and online systems, with results announced immediately after voting concluded [7][8]. - The proposals received overwhelming support, with approval rates exceeding 99% for most items, indicating strong shareholder backing [8][9][10][12][21].

Meeting Details - The shareholders' meeting of Zhibang Home Co., Ltd. was held on May 21, 2025, at the administrative building in Hefei, Anhui Province [1] - The meeting was convened by the board of directors and chaired by Chairman Sun Zhiyong, utilizing a combination of on-site and online voting methods [2] Attendance and Voting - A total of 57.2873% of the shares were represented at the meeting [1] - The voting process complied with the Company Law and the company's articles of association, with results announced immediately after the counting [2] Resolutions Passed - All non-cumulative voting proposals were approved with significant support, including: - 99.8373% of A-shareholders voted in favor of the first resolution [2] - 99.8391% of A-shareholders supported the second resolution [2] - 99.8709% of A-shareholders approved the third resolution [3] - 99.8474% of A-shareholders voted in favor of the fourth resolution [3] - 99.6110% of A-shareholders supported the fifth resolution [4] Legal Compliance - The meeting's procedures, attendance qualifications, and voting results were confirmed to be in accordance with relevant laws and regulations, ensuring the legality and validity of the resolutions passed [6][7]

志邦家居法律意见书 安徽天禾律师事务所 关于 志邦家居股份有限公司 2024 年年度股东大会 之 法律意见书 安徽天禾律师事务所 ANHUI TIANHE LAW OFFICE 地址：安徽省合肥市濉溪路 278 号财富广场 B 座东楼 15-16 层 电话：（0551）62642792 传真：（0551）62620450 网址：http://www.tianhelaw.cn 志邦家居法律意见书 安徽天禾律师事务所 关于志邦家居股份有限公司 2024 年年度股东大会 之法律意见书 本所律师已严格履行法定职责，遵循了勤勉尽责和诚实信用原则，对志邦家 居的行为以及本次会议的召集和召开程序、出席会议人员的资格和召集人资格、 本次会议的议案、会议的表决程序和结果等有关事宜进行了充分的核查验证，保 证本法律意见书不存在虚假记载、误导性陈述及重大遗漏。 本所律师同意将本法律意见书作为公司本次会议的必备文件公告，在中国证 监会指定的信息披露网站上披露，并依法对本法律意见承担责任。 基于以上声明，本所律师按照律师行业公认的业务标准、道德规范和勤勉尽 责精神，根据志邦家居提供的本次会议的有关材料，对因出具本法律意见书而需 要提供 ...