Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in 2024 was impacted by macroeconomic conditions, with a revenue of 5.26 billion yuan, down 14% year-on-year, and a net profit of 390 million yuan, down 35.2% year-on-year. The fourth quarter of 2024 saw a revenue of 1.58 billion yuan, down 27.7%, and a net profit of 120 million yuan, down 51.5%. In the first quarter of 2025, revenue was 820 million yuan, down 0.3%, with a net profit of 42.08 million yuan, down 10.9% [5][6][10] Summary by Sections Revenue Performance - In 2024, the revenue from kitchen cabinets, wardrobes, and wooden doors was 2.39 billion, 2.12 billion, and 370 million yuan respectively, with year-on-year declines of 15.6%, 15.3%, and 9.1%. The fourth quarter of 2024 saw revenues of 730 million, 620 million, and 130 million yuan for these segments, with declines of 32.5%, 25.7%, and 22.4% respectively [6][10] Channel Performance - Revenue from direct sales, distribution, bulk, and overseas channels in 2024 was 470 million, 2.53 billion, 1.68 billion, and 210 million yuan, with year-on-year changes of -0.8%, -18.9%, -16.2%, and +37.3% respectively. In Q4 2024, these channels generated revenues of 210 million, 620 million, 580 million, and 70 million yuan, with changes of +26.8%, -35.3%, -36.7%, and +41.0% respectively [6][10] Overseas Expansion - The company accelerated its overseas expansion, extending its business from engineering integration to retail franchises. By the end of 2024, the overseas business covered over ten countries and regions, including Australia, Southeast Asia, and the Middle East [6][10] Profitability Metrics - The overall gross margin for 2024 was 36.3%, a decrease of 0.8 percentage points year-on-year. The gross margins for kitchen cabinets, wardrobes, and wooden doors were 40.2%, 39.0%, and 17.7%, with changes of -0.7, +1.0, and -3.3 percentage points respectively. The gross margin for overseas channels was 28.0%, an increase of 9.8 percentage points year-on-year [8][9] Financial Forecasts - The revenue forecasts for 2025 and 2026 have been adjusted to 5.693 billion and 6.296 billion yuan, respectively, with net profit forecasts of 422 million and 494 million yuan. The report also includes a new forecast for 2027, projecting revenue of 6.857 billion yuan and net profit of 552 million yuan [10][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a decline in revenue and net profit for 2024, with a revenue of 5.258 billion (down 14.04% YoY) and a net profit of 385 million (down 35.23% YoY) [5][11] - The first quarter of 2025 showed a slight revenue decrease of 0.30% YoY, amounting to 818 million, while net profit decreased by 10.90% YoY to 42 million [5][11] - The company is focusing on optimizing its store layout and expanding its overseas channels, with significant growth in direct sales [2][3] Revenue Performance - In 2024, the revenue from kitchen cabinets was 2.394 billion (down 15.6% YoY), while the revenue from wardrobes was 2.121 billion (down 15.4% YoY) [2] - The company closed 262 stores in Q1 2025, optimizing its store network [2] - Direct sales revenue in Q1 2025 increased significantly by 205.81% YoY to 296 million [3] Financial Metrics - The operating cash flow for 2024 was 491 million, down 35.13% YoY due to decreased sales receipts [4] - The gross margin for 2024 was 36.27%, a decrease of 0.80 percentage points YoY [4] - The company expects revenue growth of 7.88% in 2025, reaching 5.672 billion, and a net profit increase of 28.19% to 494 million [11] Future Outlook - The company aims to enhance its integrated home strategy, focusing on product service and supply chain improvements [5] - There is a significant market opportunity in the stock housing market, which the company plans to leverage through its R&D capabilities [5] - The company is actively expanding into innovative project areas such as offices, apartments, and hotels, aligning with customer trends [5]

Group 1 - The company plans to repurchase and cancel 2,155,871 restricted stocks at a price of 9.29 yuan per share, which will reduce the total share capital from 436,505,713 shares to 434,349,842 shares [2][3] - Creditors have 45 days from the announcement date to claim debts or request guarantees due to the reduction in registered capital [3][4] - The company will apply for the cancellation of the repurchased stocks after the buyback is completed [2] Group 2 - The company reported its main operating conditions for 2024, including business performance by product and channel, as well as store changes during the reporting period [6] - The company is involved in daily related transactions, which are necessary for its operations and are priced based on market rates [8][9] - The independent directors confirmed that the related transactions do not harm the interests of the company or its shareholders [11][18] Group 3 - The company plans to conduct foreign exchange derivative transactions to mitigate exchange rate risks, with a total amount not exceeding 2 billion yuan [21][25] - The purpose of these transactions is to lower financial risks and enhance financial stability [22][35] - The company will only engage with qualified financial institutions for these transactions [27] Group 4 - The company intends to apply for a comprehensive credit limit of up to 4 billion yuan from financial institutions to support its operational needs [37][38] - This credit limit will include various financing activities such as bank loans and letters of credit [37] - The authorization for this credit limit will be valid until the next annual shareholders' meeting [38] Group 5 - The company has evolved from a custom cabinet manufacturer to a comprehensive custom home solutions provider, offering a wide range of products across nine categories [58][59] - The company emphasizes a customer-centric approach, providing personalized design and installation services [60] - The company aims to enhance brand recognition and market presence through strategic marketing and partnerships [62] Group 6 - The custom home industry is experiencing a shift towards personalized and integrated services, driven by changing consumer preferences [51][52] - The industry is expected to consolidate, with leading companies gaining market share due to their competitive advantages [52] - Digital technology is playing a crucial role in transforming the custom home industry, enhancing production efficiency and customer engagement [53][54]

Financial Performance - The company's operating revenue for 2024 was CNY 5,257,845,773.27, a decrease of 14.04% compared to CNY 6,116,473,047.40 in 2023[29]. - The net profit attributable to shareholders for 2024 was CNY 385,416,653.25, down 35.23% from CNY 595,066,026.42 in 2023[29]. - The basic earnings per share for 2024 decreased by 34.74% to CNY 0.8896 from CNY 1.3631 in 2023[30]. - The total assets at the end of 2024 were CNY 6,714,801,159.91, reflecting a 5.14% increase from CNY 6,386,807,157.10 at the end of 2023[29]. - The net cash flow from operating activities for 2024 was CNY 490,691,242.73, a decline of 35.13% compared to CNY 756,402,281.12 in 2023[29]. - The company reported a weighted average return on equity of 11.61% for 2024, down from 19.19% in 2023, a decrease of 7.58 percentage points[30]. - The net profit after deducting non-recurring gains and losses for 2024 was CNY 339,514,614.80, a decrease of 38.06% from CNY 548,137,238.03 in 2023[29]. - The company achieved a quarterly revenue of CNY 1,582,666,970.17 in Q4 2024, showing a sequential increase from previous quarters[32]. - The net profit attributable to shareholders in Q4 2024 was CNY 119,239,368.89, indicating a recovery trend compared to earlier quarters in the year[32]. Market Challenges and Opportunities - In 2024, the company faced significant challenges due to a downturn in the real estate market, leading to a shift from "incremental expansion" to "stock market cultivation" in the custom home furnishing industry[3]. - The overall real estate market in 2024 is experiencing a downturn, affecting consumer confidence and housing transactions[37]. - In 2025, the company anticipates growth opportunities from the stock housing market and national subsidies, emphasizing the need for integrated home solutions and refined management[7]. - The company recognizes the importance of long-termism in overcoming cyclical challenges and aims for sustainable growth[8]. - The demand for old housing renovations is expected to grow, with policies promoting home upgrades and a focus on the second-hand housing market, which will become a major source of demand for customized furniture[85]. Strategic Initiatives - The company initiated an internal transformation starting in May 2024, focusing on governance, management, and organizational improvements, marking its first major transformation since going public[3]. - The company is actively exploring new business areas such as old renovation, smart home solutions, and integrated home systems, with a focus on product innovation and environmental standards[6]. - The company is committed to a strategic focus on integrated home solutions, product leadership, and digital-driven services to navigate market challenges[7]. - The company aims to enhance operational efficiency through digital strategies, including the U+ urban operation model and a marketing platform to improve order fulfillment[6]. - The company is focusing on a comprehensive home integration strategy, evolving from a single product approach to a full-space solution[41]. Product and Service Development - The company aims to enhance customer experience by integrating design, installation, and after-sales service into a one-stop solution[42]. - The company launched its 10th generation whole-house showroom, focusing on five major living scenarios, enhancing personalized whole-house solutions[43]. - The company introduced the "130 Whole-House Same-Module Design System," improving design efficiency and standardizing the supply chain and installation processes[45]. - The company officially released window and door products in 2024, expanding its product range and enhancing customer experience with immersive showroom designs[46]. - The company has developed capabilities to provide products and services around whole-house spaces, encompassing nine major categories and four aesthetic styles[96]. Digital Transformation and Innovation - The company has implemented a PLM system to integrate design and sales processes, enhancing product development efficiency and customer satisfaction[58]. - The company has integrated advanced technologies such as big data, AI, and IoT in its 4.0 smart factory, enhancing production efficiency and reducing energy consumption and carbon emissions[64]. - The company has established a comprehensive marketing cloud platform to improve customer acquisition and operational efficiency through data integration[67]. - The company has implemented a digital lean supply chain system, enhancing supplier management and operational efficiency through improved information flow and collaboration[70]. - The company is leveraging AI and big data analytics in collaboration with universities to enhance its technological capabilities[144]. Sustainability and Environmental Commitment - The company received FSC-COC certification and GreenRate™ green level A certification for its commitment to environmental sustainability[61]. - The company has achieved ISO 50001:2018 certification for its energy management system, reflecting significant progress in energy efficiency and carbon reduction efforts[63]. - The company is focusing on sustainable practices by adopting renewable and low-formaldehyde materials, such as bamboo fiber and straw boards[89]. - The company has been recognized as a "National Green Supply Chain Management Enterprise" and has obtained FSC certification, emphasizing its commitment to green manufacturing[118]. - The company's products meet the new national standard ENF (≤0.025mg/m3) for environmental performance, ensuring consumer safety[122]. Brand and Market Positioning - The company has maintained an A-level rating for information disclosure for two consecutive years, demonstrating its commitment to transparency and governance[78]. - The company has been awarded the "Outstanding Influence Brand" at the 2024 NetEase Home Annual Awards, highlighting its strong brand impact and innovation in the home furnishing sector[73]. - The company ranked 137.51 billion in brand value on the "China Brand 500" list, reflecting its strong market position and consumer recognition[75]. - The company signed Jay Chou as a brand ambassador and will continue to enhance its market advantage with the signing of Asian sprint star Su Bingtian in 2024[111]. - The company is transitioning from a cabinet brand to a whole-house customization brand, enhancing brand visibility through strategic partnerships with celebrities and innovative marketing campaigns since 2015[99]. Operational Efficiency and Cost Management - The company has established a dynamic supply chain model, integrating internal and external resources to enhance efficiency and responsiveness to market demands[105]. - The company aims to achieve high-quality growth through a synergistic approach to brand value, marketing effectiveness, and sales conversion, focusing on global brand development[110]. - The company is committed to a systematic approach to cost reduction, focusing on explicit, implicit, and systemic cost reductions[200]. - The establishment and application of a data platform will enhance data management and processing efficiency, maximizing the value of enterprise data[199]. - The company plans to strengthen R&D target cost management and control SKU numbers to optimize product lifecycle management[200].

| 证券代码：603801 | 证券简称：志邦家居 公告编号：2025-039 | | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | 志邦家居股份有限公司 关于回购注销部分限制性股票的公告 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个别及连带责任。 重要内容提示： ●限制性股票回购注销数量：2,155,871 股 ●限制性股票回购价格：9.29 元/股加上银行同期存款利息之和 志邦家居股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了五届 董事会第七次会议和五届监事会第七次会议，审议通过了《关于回购注销部分限 制性股票的议案》，对公司 2023 年限制性股票激励计划中因业绩考核不达标和 离职的激励对象涉及的部分限制性股票回购注销，现将有关事项公告如下： 一、本激励计划已履行的相关审批程序 （一）2023 年 4 月 26 日，公司四届董事会第十四次会议审议通过了《关于 <志邦家居股份有限公司 2023 年限制性股票激励计划（草案）>及其摘要的议案》、 《关于制定<志邦家居股份有 ...

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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个别及连带责任。 一、通知债权人的原因 志邦家居股份有限公司（以下简称"公司"）五届董事会第七次会议于 2025 年 4 月 28 日在公司召开。审议通过了《关于回购注销部分限制性股票的议案》， 详见公司于上海证券交易所网站（www.sse.com.cn）披露的相关公告。根据回购 议案，公司将以回购价格 9.29 元/股加银行同期存款利息之和回购已授予尚未解 除限售的限制性股票共计 2,155,871 股。 回购完毕后，公司将向中国证券登记结算有限责任公司上海分公司申请该部 分股票的注销，注销完成后，公司总股本将由 436,505,713 股减少至 434,349,842 股，公司注册资本也相应由 436,505,713 元减少为 434,3 ...

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于注销部分已授予但尚未行权的股票期权的公告 一、本激励计划已履行的相关审批程序和信息披露情况 （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。 （二）公司内部对激励对象名单进行了公示，公示期自 2023 年 8 月 29 日至 2023 年 9 月 7 日。公示期满后，监事会对本次激励计划激励对象名单进行了核查，并于 2023 年 9 ...

2024 年度独立董事履职报告 一、基本情况 （一）工作履历、专业背景及兼职情况 本人徐欢生，1979 年 9 月出生，中国国籍，无境外永久居留权，硕士研究生学 历。现任北京中科闻歌科技股份有限公司董事、北京荣程文化产业股份有限公司董 事、德汇好物科技股份有限公司董事、北京蔚沃灵科技有限公司执行董事、黑龙江 世罕泉科技发展有限责任公司董事、问道书院教育科技张家口有限公司监事、北京 人人检科技有限公司经理。2024 年 8 月起任公司第五届董事会独立董事，并担任董 事会薪酬与考核委员会、提名委员会、战略与可持续发展委员会委员。 （二）履职独立性情况 （一）参加会议情况 1、参加董事会及出席股东大会情况 | 姓名 | 参加董事会情况 | | | | 出席股东大会情况 | | | --- | --- | --- | --- | --- | --- | --- | | | 应参加董 | 实际出席董 | 委托出席董 | 缺席董事 | 应出席股东 | 实际出席股 | | | 事会次数 | 事会次数 | 事会次数 | 会次数 | 大会次数 | 东大会次数 | | 徐欢生 | 4 4 | | 0 | 0 | 2 | 2 | ...

目 录 1、 专项审计报告 2、 附表 委托单位：志邦家居股份有限公司 审计单位：天健会计师事务所(特殊普通合伙) 联系电话：0551-67186564 志邦家居股份有限公司全体股东： 关于志邦家居股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 我们接受委托，审计了志邦家居股份有限公司（以下简称志邦家居公司）2024 年度财 务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表，以及财务报表附注， 并出具了审计报告。在此基础上，我们审计了后附的志邦家居公司管理层编制的 2024 年度 《非经营性资金占用及其他关联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供志邦家居公司年度报告披露时使用，不得用作任何其他目的。我们同意将 本报告作为志邦家居公司年度报告的必备文件，随同其他文件一起报送并对外披露。 为了更好地理解志邦家居公司 2024 年度非经营性资金占用及其他关联资金往来情况，汇总 表应当与已审的财务报表一并阅读。 二、管理层的责任 ...

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于修订《公司章程》及相关制度的公告 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 4 月 28 日召开了第 五届董事会第七次会议及第五届监事会第七次会议，审议通过了《关于修订<公 司章程>及相关制度的议案》及《关于修订<志邦家居股份有限公司董事会议事 规则>的议案》《关于修订<志邦家居股份有限公司董事会审计委员会实施细则> 的议案》《关于修订<志邦家居股份有限公司股东大会议事规则>的议案》，其 中《关于修订<公司章程>的议案》《关于修订<志邦家居股份有限公司股东大会 议事规则>的议案》尚需提交股东大会审议，现将有关情况公告如下： 一、修订《公司章程》及相关制度的原因及依据 根据《中华人民共和国公司法》（2023 年修订）等法律法规和规范性文件 的规定对《 ...