Investment Rating - The report suggests a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic furniture sector, as well as certain export companies with strong growth logic or overseas production capacity advantages [4][9]. Core Insights - The furniture retail sales in China saw a year-on-year increase of 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the overall order situation has weakened since June, indicating a potential fatigue in demand stimulation from national subsidies [4][9]. - In the new tobacco sector, the glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, supported by strong marketing resources from BAT [4][12]. - The paper packaging sector is experiencing price stability, with a focus on growth-oriented packaging companies. The report highlights the need to monitor the performance of major paper types and the overall supply pressure in the market [4][15]. - The light consumer goods and pet sectors are seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. Summary by Sections Furniture Sector - Domestic retail sales of furniture increased by 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the order situation has weakened since June, indicating potential fatigue in demand stimulation [4][9]. - Recommended companies include Sofía, Gujia Home, Mousse, and others, focusing on those with high earnings growth certainty and dividend support [4][9]. New Tobacco - The glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, with strong marketing support from BAT [4][12]. - Recommended companies include Smoore International, which is expected to benefit from the expansion of the overseas compliant market [4][12]. Paper and Packaging - The paper sector is experiencing price stability, with major paper types showing no significant improvement in orders. The report emphasizes the importance of monitoring growth-oriented packaging companies [4][15]. - Recommended companies include Yutong Technology and others, focusing on those with stable operations and growth potential [4][15]. Light Consumer Goods & Pets - The light consumer goods sector is seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - Recommended companies include Guibao Pet and others, focusing on those with resilient consumer demand and growth potential [4][16]. Two-Wheeler Market - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. - Recommended companies include Yadi Holdings and others, focusing on those with strong product capabilities and market expansion potential [4][19].

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号:2025-053 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于因权益分派调整"志邦转债"转股价格的提示性公告 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： ●调整前转股价格：12.12 元/股 ●调整后转股价格：11.52 元/股 ●"志邦转债"本次转股价格调整实施日期：2025 年 6 月 18 日 综上，本次因实施 2024 年年度权益分派对可转债转股价格进行调整符合《募 集说明书》的相关规定。 二、转股价格调整公式与调整结果 根据《募集说明书》的相关条款及有关规定，"志邦转债"转股价格的调整 公式具体如下（保留小数点后两位，最后一位四舍五入）： ●"志邦转债"尚未进入转股期 志邦家居股份有限公司（以下简称"公司"）经中国证券监督管理委员会《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）， ...

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-054 | | --- | --- | --- | | 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 2023 年股票期权激励计划限制行权期间的 提示性公告 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司申 请办理限制行权相关事宜。 特此公告。 志邦家居股份有限公司董事会 2025 年 6 月 11 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。 根据《上市公司股权激励管理办法》《上海证券交易所上市公司自律监管指南 第八号——股权激励计划股票期权自主行权》《志邦家居股份有限公司 2023 年股票 期权激励计划（草案）》及中国证券登记结算有限责任公司上海分公司关于股票期 权自主行权的相关规定， 并结合志邦家居股份有限公司（以下简称"公司"或"志邦家 居"）2024 年度权益分派实施计划，现对公司 2023 年股票期权激励计划股票期权行 权时间进行限定，具体如下： 一、公司 2023 年股 ...

债券代码：113693 债券简称：志邦转债 证券代码：603801 证券简称：志邦家居 公告编号：2025-052 志邦家居股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.6元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/17 | － | 2025/6/18 | 2025/6/18 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经志邦家居股份有限公司（以下简称"公司"）2025 年 5 月 21 日的2024 年年度股东会审议通过。 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ ...

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" 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 ...