Core Viewpoint - The company's 1H25 performance met expectations, with a revenue decline of 14.14% year-on-year and a net profit decline of 7.21% year-on-year, indicating challenges in the current market environment [1] Financial Performance - In 1H25, the company achieved revenue of 1.899 billion yuan, with a net profit of 138 million yuan and a non-recurring net profit of 87 million yuan, reflecting declines of 14.14%, 7.21%, and 30.65% respectively [1] - Quarterly breakdown shows 1Q25 revenue at 818 million yuan (down 0.3% YoY) and 2Q25 revenue at 1.082 billion yuan (down 22.29% YoY) [1] Product and Channel Performance - Wood door products saw slight growth, while overseas business experienced significant growth. Revenue from kitchen cabinets, custom wardrobes, and wood doors in 1H25 was 711 million, 905 million, and 146 million yuan respectively, with year-on-year changes of -26.42%, -2.54%, and +5.13% [2] - Revenue from direct stores, distribution stores, bulk business, and overseas business in 1H25 was 525 million, 768 million, 322 million, and 148 million yuan respectively, with year-on-year changes of +200.25%, -35.41%, -46.86%, and +70.69% [2] Profitability Metrics - The company's gross margin in 1H25 was 35.97%, a decrease of 0.72 percentage points year-on-year, while the net margin improved to 7.27%, an increase of 0.54 percentage points year-on-year [3] - The expense ratio for 1H25 was 29.72%, an increase of 0.28 percentage points year-on-year, with specific expense ratios for sales, management, R&D, and financial expenses at 17.62%, 6.39%, 5.47%, and 0.25% respectively [2][3] Strategic Outlook - For 2H25, the company plans to enhance its integrated home strategy and deepen its multi-channel layout to solidify its industry-leading position [3] - The focus will be on upgrading the whole-home 3.0 strategy, strengthening full-scenario solutions, and expanding overseas retail store layouts [3] Earnings Forecast and Valuation - Due to weak market demand recovery, the company has lowered its earnings forecast for 2025 and 2026 by 7% and 10% to 378 million and 387 million yuan respectively [4] - The current stock price corresponds to a price-to-earnings ratio of 12 and 11 times for 2025 and 2026, with a target price adjustment down by 13% to 13 yuan, indicating a potential upside of 30% from the current stock price [4]

Group 1 - The company reported a revenue of 1.899 billion yuan in the first half of 2025, a year-on-year decline of 14.14%, and a net profit attributable to shareholders of 138 million yuan, down 7.21% compared to the same period last year [2][3] - The company's gross margin for the first half of 2025 was 35.97%, a slight decrease of 0.72 percentage points year-on-year, while the net profit margin improved by 0.55 percentage points to 7.27% [2][3] - The company faced challenges due to the overall pressure in the custom home furnishing industry, influenced by deep regulation in the domestic real estate sector and low consumer sentiment, leading to a phase of declining terminal demand [2][3] Group 2 - The company accelerated its integrated home strategy and actively followed national consumption subsidy policies, achieving retail business revenue of 1.292 billion yuan, a decline of 3.64% year-on-year [2][3] - The overseas business showed significant growth, with revenue reaching 148 million yuan, a year-on-year increase of 70.69%, indicating the success of the company's overseas expansion strategy [4] - The company has expanded its overseas business to cover 41 countries and opened 36 distribution stores, with 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 3 - The company is adjusting its large-scale business strategy in response to the real estate market and macroeconomic environment, with the proportion of large-scale business revenue decreasing from 27.4% to 16.96% year-on-year [5] - The company is focusing on high-end real estate products and exploring growth opportunities in affordable housing and office furnishings to mitigate the impact of real estate regulation on its large-scale business [5] - The company aims to enhance its operational capabilities by addressing customer acquisition, conversion, and delivery issues through a multi-faceted approach [3]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributed to a challenging market environment influenced by the real estate sector and consumer sentiment [2][3]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.899 billion yuan, a year-on-year decrease of 14.14% [2]. - The net profit attributable to shareholders was 138 million yuan, down 7.21% year-on-year [2]. - The gross margin for the first half of 2025 was 35.97%, a decrease of 0.72 percentage points compared to the previous year [2]. - The net profit margin improved to 7.27%, an increase of 0.55 percentage points year-on-year [2]. Business Strategy - The company is accelerating its integrated home strategy and actively following national consumer subsidy policies [3]. - Retail business revenue (including direct and distribution channels) was 1.292 billion yuan, down 3.64% year-on-year [3]. - The overseas business achieved revenue of 148 million yuan, a significant increase of 70.69% year-on-year, indicating progress in the company's international expansion strategy [3][4]. - The company is focusing on enhancing customer acquisition, conversion, and delivery capabilities through a multi-faceted approach [3]. Market Conditions - The custom home industry is under pressure due to deep regulation in the domestic real estate sector and low consumer sentiment, leading to a phase of declining terminal demand [2][3]. - The competitive landscape is intensifying, with diversified sales channels and fragmented traffic making customer acquisition and order conversion more challenging [2]. Overseas Expansion - As of June 30, 2025, the company's overseas business covered 41 countries with 36 distribution stores [4]. - The company plans to deepen its presence in key markets such as Australia and North America while exploring emerging markets in Southeast Asia and the Middle East [4]. Business Adjustment - The company is adjusting its business development strategy in response to the real estate and macroeconomic environment, with the large-scale business entering a transformation phase [4][5]. - The proportion of large-scale business revenue decreased from 27.4% to 16.96% year-on-year [4]. - The company is focusing on high-end real estate products and exploring growth opportunities in affordable housing and office furniture to mitigate the impact of real estate regulation [5].

关于使用可转换公司债券闲置募集资金进行 现金管理的进展公告 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"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 ...

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 ...