Core Viewpoint - The company reported a decline in revenue and profit for the first half of 2025, attributed to pressures in the custom home furnishing industry and a challenging real estate market [1][2]. Group 1: Company Performance - In the first half of 2025, the company achieved revenue of 1.899 billion yuan, a year-on-year decrease of 14.14%, and a net profit of 138 million yuan, down 7.21% from the previous year [1][2]. - The company's gross margin was 35.97%, showing a slight decline of 0.72 percentage points, while the net margin improved to 7.27%, an increase of 0.55 percentage points, indicating some recovery in profitability [1][3]. Group 2: Market Challenges and Strategies - The decline in performance was primarily due to the overall pressure on the custom home furnishing industry, influenced by deep regulation in the domestic real estate sector and low consumer sentiment, leading to a temporary decrease in end-demand [2][3]. - The company is accelerating its integrated home strategy and actively following national consumption subsidy policies, with retail business revenue (including direct and distribution channels) at 1.292 billion yuan, down 3.64% year-on-year [2][3]. Group 3: International Business Growth - The company's overseas business achieved revenue of 148 million yuan in the first half of 2025, reflecting a significant year-on-year growth of 70.69%, indicating successful implementation of its international expansion strategy [2][4]. - As of June 30, 2025, the company’s overseas business covered 41 countries with 36 distribution stores, and it 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 4: Future Outlook and Adjustments - The company is adjusting its strategy for bulk business in response to the real estate market and macroeconomic conditions, focusing on high-end products for premium real estate and exploring growth opportunities in affordable housing and office furnishings [3][4]. - The company aims to enhance its operational capabilities by addressing customer acquisition, conversion, and delivery challenges through a multi-faceted approach, including digital empowerment and market collaboration [4].

关于接待机构调研情况的公告 | 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 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。 志邦家居股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日、8 月 29 日通过电话会议交流形式接待了机构调研，现将情况公告如下： 一、调研情况 时间：2025 年 8 月 28 日、8 月 29 日 调研方式：电话会议交流 调研机构名称（排名不分先后）： 申万宏源证券、长江证券、中信证券、 浙商证券、招商证券、国泰海通证券、国金证券、东方财富证券、财通证券、国 信证券、国投证券、方正证券、光大证券、华福证券、东北证券、中航证券、银 河证券、中泰证券、信达证券、广发基金、华夏基金、南方基金、富国基金、景 顺长城基金、兴业基金、中金基金、鑫元基金、华商基金、国投瑞银基金、金鹰 基金、中信保诚基金、创金合信基金、东方基金、汇丰晋 ...

| | | 志邦家居股份有限公司 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 日在上海证券交易所 网站（www.sse.com.cn）及指定媒体披露的《关于使用部分暂时闲置募集资金进 行现金管理的公告》（公告编号：2025-038）。 一、公司前次使用可转 ...

Investment Rating - The investment rating for the company is "Increase" (downgraded) [1] Core Views - The company has shown marginal improvement in profitability in Q2 despite significant drag from bulk business, with a notable decline in revenue and net profit in H1 2025 [4] - The retail channel has demonstrated resilience amidst industry pressures, while the bulk channel has seen a substantial decline in revenue [4] - The company is adjusting its profit forecasts downward due to H1 performance, projecting net profits of 340 million, 380 million, and 440 million for 2025-2027 [4] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of 1.899 billion, down 14.14% year-on-year, and a net profit of 138 million, down 7.21% year-on-year [4] - The revenue breakdown shows a significant decline in the bulk channel, with revenue of 322 million, down 46.86% year-on-year, while the retail channel showed mixed results [4] - The gross margin for H1 2025 was 35.97%, a decrease of 0.72 percentage points year-on-year, but Q2 showed a gross margin improvement to 38.84% [4] Revenue Breakdown - Retail channel revenue was 768 million, down 34.18%, while direct sales revenue surged by 200.25% to 525 million [4] - The company operates 3,779 stores, a reduction of 315 stores from the end of 2024, attributed to store optimization and transformation efforts [4] Profitability Metrics - The company’s net profit margin improved to 7.27% in H1 2025, an increase of 0.55 percentage points year-on-year [4] - The projected earnings per share (EPS) for 2025 is 0.79, down from previous estimates [5] Future Outlook - The company anticipates a challenging environment due to macroeconomic factors affecting home furnishing demand, leading to a revised "Increase" rating [4][6]

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 1.90 billion, a decrease from 2.21 billion in the same period last year, representing a decline of about 14.14% [1] - The total profit for the same period was approximately 149.70 million, down from 162.58 million, indicating a decrease of about 7.67% [1] - The net profit attributable to shareholders was approximately 138.04 million, compared to 148.76 million last year, reflecting a decline of about 7.19% [1] - The net profit after deducting non-recurring gains and losses was approximately 87.12 million, down from 125.64 million, showing a decrease of about 30.67% [1] - The net cash flow from operating activities was negative 412.84 million, worsening from negative 256.75 million in the previous year [1] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 3.37 billion, slightly down from 3.40 billion at the end of the previous year [1] - The company's cash and cash equivalents decreased by 34.28%, and contract assets decreased by 24.35%, while inventory increased by 42% [35] - The company's total liabilities included bonds payable, which accounted for 9.08% of total assets, a new addition compared to the previous year [38] Shareholder Structure - As of the end of the first half of 2025, the top ten shareholders included a new shareholder, the National Social Security Fund 413 Portfolio, replacing a previous shareholder [50] - Shareholders Sun Zhiyong and Xu Bangshun increased their holdings, while the Social Security Fund 420 Portfolio reduced its stake [50] Valuation Metrics - As of August 27, the company's price-to-earnings (P/E) ratio was approximately 11.63, the price-to-book (P/B) ratio was about 1.29, and the price-to-sales (P/S) ratio was around 0.88 [1]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 志邦家居(603801) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 盈利预测：我们预计 2025-2027 年公司归母净利润分别为 3.6/3.7/3.9 亿元， 邮 箱：jiangwenqiang@cindasc.com [Table_Title] 志邦家居：推进整家战略，巩固经营能力 [Table_ReportDate] 2025 年 08 月 29 日 [Table_S 事件：公司ummar发布y] 2025 半年报。公司 2025H1 实现收入 18.99 亿元（同比 -14.1%），归母净利润 1.38 亿元（同比-7.2%），扣非归母净利润 0.87 亿元 （同比-30.7%） ；2025Q2 实现收入 10.82 亿元（同比-22.3%），归母净利 润 0.96 亿元（同比-5.5%），扣非归母净利润 0.51 亿元（同比-40.7%）。 点评： 推进整家一体化战略，全面拓展细分渠道：2025H1 公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [19]. Core Views - The company reported a revenue of 1.9 billion yuan in H1 2025, a decrease of 14.1% year-on-year, with a net profit attributable to the parent company of 140 million yuan, down 7.2% year-on-year [3][4]. - The overall demand in the custom home furnishing industry is under pressure, but the company is focusing on its integrated home strategy, which includes a comprehensive upgrade of its product offerings and store formats [4]. - The overseas business saw a significant increase of 71% year-on-year, contributing to 8% of total revenue, driven by strong performance in markets such as Australia, North America, the Middle East, and Southeast Asia [4]. Financial Performance - The company's gross margin for H1 2025 was 36%, a slight decrease of 0.7 percentage points year-on-year, while the net profit margin was 7.3%, an increase of 0.5 percentage points year-on-year [5]. - The company expects net profits for 2025, 2026, and 2027 to be 370 million yuan, 390 million yuan, and 420 million yuan respectively, with growth rates of -4.5%, +7.0%, and +7.1% [5][6]. - The current stock price corresponds to a P/E ratio of 12x for 2025, reflecting the company's broad market appeal and diversified product categories [5]. Product and Channel Performance - Revenue from the overall kitchen cabinets, custom wardrobes, wooden doors, and wall panels saw year-on-year changes of -26.4%, -2.5%, +5.1%, and -23% respectively [4]. - In terms of sales channels, revenue from distribution, direct sales, bulk sales, and overseas markets changed by -34.2%, +200.3%, -46.9%, and +70.7% respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in overall performance for the first half of 2025, with revenue of 1.899 billion yuan, a year-on-year decrease of 14.14%, and a net profit attributable to shareholders of 138 million yuan, down 7.21% year-on-year [4] - The retail and bulk business segments faced pressure, while overseas business experienced significant growth, with overseas revenue increasing by 70.69% year-on-year [4] - The company is advancing its whole-home strategy, with stable growth in the core kitchen cabinet business and rapid development in the wardrobe and wooden door segments [6] Summary by Sections Financial Performance - In 2025H1, the company achieved revenue of 1.899 billion yuan, down 14.14% year-on-year, and a net profit of 138 million yuan, down 7.21% year-on-year. In Q2 2025, revenue was 1.082 billion yuan, a decrease of 22.29% year-on-year, with a net profit of 96 million yuan, down 5.49% year-on-year [4] - The revenue breakdown by product shows kitchen cabinets at 711 million yuan (-26.42%), custom wardrobes at 905 million yuan (-2.54%), wooden doors at 146 million yuan (+5.13%), and others at 137 million yuan (-22.98%) [4] Business Segments - The company’s overseas business is driven by both B and C end markets, focusing on key opportunity markets such as Australia and North America, while also exploring emerging markets in Southeast Asia and the Middle East [4] - The company launched its door and window products in 2024, enhancing its whole-home product system [4] Profitability and Cost Management - The gross margin for 2025H1 was 35.97%, a decrease of 0.72 percentage points year-on-year, while the net profit margin increased to 7.27%, up 0.54 percentage points year-on-year [5] - The company’s management expenses decreased due to the end of the 2023 stock incentive plan, while financial expenses increased due to a decline in interest income and an increase in interest expenses [5] Future Projections - Revenue projections for 2025-2027 are 4.864 billion yuan, 5.270 billion yuan, and 5.633 billion yuan, respectively, with expected year-on-year changes of -7.5%, +8.3%, and +6.9% [6] - Net profit projections for the same period are 370 million yuan, 415 million yuan, and 455 million yuan, with year-on-year changes of -4.0%, +12.3%, and +9.5% [7]

Group 1 - The company Zhigang Home announced on August 28 that its fifth board meeting was held on August 27, 2025, using a combination of on-site and remote voting methods [1] - The meeting reviewed the proposal regarding the "2025 Semi-Annual Fundraising Storage and Usage Special Report" among other documents [1] Group 2 - The news highlights a significant medical advancement with the world's first successful transplantation of gene-edited pig lungs into humans, raising questions about the timeline for clinical applications [1]

格隆汇8月27日丨志邦家居(603801.SH)发布2025年半年度报告，报告期实现营业收入18.99亿元，同比下 降14.14%；归属上市公司股东的净利润1.38亿元，同比下降7.21%；扣除非经常性损益后的归属于上市 公司股东的净利润8712.22万元，同比下降30.65%；基本每股收益0.3186元。 ...