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 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 之 法律意见书 安徽天禾律师事务所 ANHUI TIANHE LAW OFFICE 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 之法律意见书 天律意 2025 第 01238 号 致：志邦家居股份有限公司 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》"）、《上市公司股东会规则》等有关 法律、法规及规范性文件以及《志邦家居股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，安徽天禾律师事务所（以下简称"本所"）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，指派梁爽律师、 陈晓薇律师（以下简称"本所律师"）出席见证于 2025 年 5 月 21 日召开的志邦 家居 2024 年年度股东大会（以下简称"本次会议"），并出具本法律意见书。 在出 ...

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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 21 日 (二)股东大会召开的地点：安徽省合肥庐阳工业园连水路 19 号行政楼 101 会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 57.2873 证券代码：603801 证券简称：志邦家居 公告编号：2025-048 志邦家居股份有限公司 | 票数 | | 比例 | 票数 | 比例 | | 票数 | | 比例 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | | （%） | | | （%） | | | A股 249,680,978 | | 99.8474 | 271,588 | 0.1086 | 109,884 | 0.0440 | | | | 审议结果：通过 | | | | | | | | | | 表决情况： | ...

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 ...

志邦家居股份有限公司 证券代码：603801 证券简称：志邦家居 公告编号：2025-048 2024年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 21 日 (二)股东大会召开的地点：安徽省合肥庐阳工业园连水路 19 号行政楼 101 会 议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 417 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 250,062,450 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 57.2873 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长孙志勇先生主持。本次会议以 现场投票和网络投票相结合的方式对本次股东大会通知中列明的事项进 ...

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号:2025-047 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于诉讼进展及以物抵债事项的公告 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： ●案件所处的诉讼阶段：执行阶段。 ●上市公司所处的当事人地位：申请执行人。 ●涉案的金额：执行总标的为人民币合计 142,431,600.54 元。2024 年 8 月 8 日，已执行接收人民币 10,975,519.65 元，剩余执行标的为人民币合计 131,456,080.89 元（截止 2025 年 1 月 17 日剩余本金 89,024,480.35 元、资金 占 用 费 11,355,555.56 元 、 违 约 金 19,591,131.89 元 、 迟 延 履 行 利 息 9,979,913.09 元、评估费 1,500,000.00 元、保全费 5,000.00 元）。 ●是否会对上市公司损益产生负面影 ...

出品：新浪财经上市公司研究院 作者：木予 据国家统计局数据显示，2024年新建商品房销售面积共97385万平方米，同比下降12.9%，新建商品房销售额共96750亿元，同比下降17.1%。其中，住宅销 售面积和销售额分别较2023年下降14.1%、17.6%。步入房地产后周期时代，新房市场家居消费持续疲软，二手房装修、存量房翻新、旧改房装修需求虽然 显著提升，但短期内难以弥补缺口。 截至4月30日，欧派家居、索菲亚、志邦家居、尚品宅配、金牌家居、好莱客、我乐家居（维权）、顶固集创和皮阿诺9家A股上市的定制家居公司均已发布 2024年业绩报告。 经营活动现金流净额总和降逾20% 金牌家居现金流降幅远超营收 受上游房地产行业低迷、消费信心不足及存量市场竞争加剧等多重不利因素影响，报告期内，九大公司经营活动现金流净额合计87.24亿元，较2023年整体 下降21.4%，接近八成公司经营活动现金流净额出现缩水。 值得关注的是，金牌家居2024年经营活动现金流净额较2023年骤降40.7%，远高于同期营收及净利润降幅。现金回收效率降低，或与房地产行业阶段性承 压，销售回款减少有关。报告期内，公司应收账款坏账损失以及其他 ...

Core Insights - The real estate market in China is experiencing a downturn, with new residential property sales area dropping by 12.9% and sales revenue decreasing by 17.1% in 2024 compared to 2023 [1] - The custom home furnishing industry is facing challenges due to the sluggish real estate market, leading to a significant decline in revenue for major companies [2][5] Group 1: Industry Performance - In 2024, the total revenue of nine major custom home furnishing companies fell to 47.195 billion yuan, a decrease of 15.2% year-on-year [1] - The top revenue-generating company, Oppein Home, reported 18.925 billion yuan, contributing approximately 40% of the total revenue [1] - The revenue decline was most pronounced for PIANO, which saw a 32.7% drop, while Gold Medal Home experienced the smallest decline of less than 5% [1][2] Group 2: Quarterly Performance - In Q1 2024, about two-thirds of custom home furnishing companies maintained revenue growth, with companies like Sophia and Gold Medal Home achieving over 10% year-on-year growth [2] - By Q2 and Q3, the impact of the real estate downturn became evident, with four companies reporting revenue declines exceeding 20% in Q2, and this proportion increased to 77.8% in Q3 [2] - In Q4, while some companies managed to stabilize their revenue through strategic adjustments, others, particularly smaller firms, continued to see worsening performance [2] Group 3: Product Segment Performance - In 2024, Oppein Home's cabinet revenue was 5.450 billion yuan, which was 2.3 times that of the second-ranked Zhijia Home, despite a year-on-year decline of 22.5% [5][7] - Gold Medal Home was the only company to report growth in wardrobe revenue, increasing by 1.4% to 1.059 billion yuan [5][6] - The overall performance in the wood door segment was mixed, with Gold Medal Home achieving a revenue increase of 1.8%, while Oppein Home's wood door revenue fell by 17.7% [6][7] Group 4: Sales Channels - The majority of custom home furnishing companies experienced a reduction in the number of stores, with Oppein Home having 7,813 stores, nearly double that of Zhijia Home [8] - Gold Medal Home had the smallest reduction in store count, with only 23 stores closed, but its direct sales revenue plummeted by 89.6% [8][10] - The large-scale business segment saw a general contraction, with only Gold Medal Home reporting an increase in revenue [9] Group 5: International Expansion - Several companies, including Oppein Home and Zhijia Home, have made significant strides in international markets, with overseas revenue increasing by nearly 37% on average [9] - Oppein Home's global sales network now covers 146 countries and regions, while Zhijia Home has expanded to 15 countries including Australia and the USA [9]

志邦家居股份有限公司 2024 年年度股东大会会议资料 志邦家居股份有限公司 2024 年年度股东大会 （证券代码：603801） 会议资料 2025 年 5 月 1 志邦家居股份有限公司 2024 年年度股东大会会议资料 | | | 目 录 | | | --- | --- | --- | --- | | 2024 | 年年度股东大会会议须知 | 3 | | | 2024 | 年年度股东大会会议议程 | 4 | | | 2024 | 年年度股东大会审议议案 | | 5 | | 议案 | 1：2024 年度董事会工作报告 | | 5 | | 议案 | 2：2024 年度监事会工作报告 | | 8 | | 议案 | 3：2024 年度财务决算报告 | | 11 | | 议案 | 4：关于 2024 年度利润分配方案的议案 | | 16 | | 议案 | 5：关于续聘 2025 年度审计机构的议案 | | 18 | | 议案 | 6：关于新增 2025 年日常关联交易预计的议案 | | 21 | | 议案 | 7：关于使用部分闲置自有资金进行委托理财的议案 | | 25 | | 议案 | 8：关于为子公司提供担保的 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with expectations for gradual improvement in 2025 due to government subsidies and retail performance recovery [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.258 billion, net profit of 385 million, and non-recurring net profit of 340 million, representing year-on-year declines of 14%, 35%, and 38% respectively [1]. - For Q4 2024, the revenue, net profit, and non-recurring net profit were 1.583 billion, 119 million, and 107 million, showing year-on-year declines of 28%, 51%, and 52% respectively [1]. - In Q1 2025, the figures were 818 million for revenue, 42 million for net profit, and 36 million for non-recurring net profit, with year-on-year changes of -0.3%, -11%, and -8% respectively [1]. Retail and Market Trends - Retail revenue for Q4 2024 to Q1 2025 showed a year-on-year decline of 12%, but improved from a decline of 15% in Q3 2024, indicating a narrowing drop due to effective government subsidies [2]. - Direct sales business saw a significant increase of 92% year-on-year, linked to the nationwide subsidy initiative [2]. - Contract liabilities at the end of Q1 2025 increased by 9% year-on-year, suggesting a positive outlook for Q2 2025 [2]. Profitability and Cost Management - In Q4 2024, gross margin increased by 0.3 percentage points, while expenses related to sales, management, R&D, and finance decreased year-on-year [3]. - The company faced an increase in asset impairment losses, which contributed to a decline in net profit margins [3]. - For Q1 2025, gross margin decreased by 5.1 percentage points, with declines in dealer and direct sales margins attributed to changes in order structure [3]. Strategic Outlook - The company aims to enhance customer value through a comprehensive approach and optimize its organizational structure to support growth in southern markets and international expansion [4]. - Focus areas include increasing market penetration in Australia and North America, while also exploring emerging markets in Southeast Asia and the Middle East [4]. - The company plans to maintain a dividend payout ratio of 68% for 2024, translating to a current dividend yield of approximately 5.5% [4]. - Projected net profits for 2025-2027 are 440 million, 480 million, and 530 million respectively, with corresponding price-to-earnings ratios of 11, 10, and 9 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 5.258 billion, 385 million, and 340 million yuan in 2024, respectively, representing year-on-year declines of 14%, 35%, and 38%. For Q4 2024, the figures are projected to be 1.583 billion, 119 million, and 107 million yuan, with year-on-year declines of 28%, 51%, and 52% [2][6]. - Since Q4 2024, national subsidies have shown effectiveness, and the decline in retail has narrowed, with expectations for continued improvement in Q2 2025. The focus will be on potential and cost control, optimizing organizational structure to support development in southern markets, and firmly executing overseas strategies [2][6]. Summary by Sections Financial Performance - In 2024, the company is projected to have total revenue of 5.258 billion yuan, with a gross profit of 1.907 billion yuan, resulting in a gross margin of 36%. The net profit attributable to the parent is expected to be 385 million yuan, with an EPS of 0.89 yuan [16]. - For Q4 2024, the revenue is expected to be 1.583 billion yuan, with a gross margin of 36% and a net profit of 119 million yuan [6][16]. Market and Operational Insights - Retail revenue from Q4 2024 to Q1 2025 is expected to decline by 12% year-on-year, an improvement from a 15% decline in Q3 2024. Direct sales have increased by 92% year-on-year, attributed to the national subsidy program [11]. - The company plans to optimize its store structure, with a net change of -276, -215, and +3 stores in kitchen cabinets, wardrobes, and wooden doors, respectively, during 2024 [11]. Strategic Outlook - The company aims to enhance customer value through a whole-home model and accelerate resource allocation to southern markets. It will also focus on overseas markets, particularly in Australia and North America, while exploring opportunities in Southeast Asia and the Middle East [11]. - The mid-term growth strategy is clear, with expectations for significant revenue growth in customized and supporting products, as well as in the whole-home channel and southern and overseas markets [11].