公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人赵瑞海、主管会计工作负责人孙海凤及会计机构负责人（会计主管人员）张砾元 保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 2022 年第三季度报告 证券代码：603818 证券简称：曲美家居 曲美家居集团股份有限公司 2022 年第三季度报告 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： 一、 主要财务数据 (一)主要会计数据和财务指标 | | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 本报告期 比上年同 | 年初至报告期末 | 年初至报告期 末比上年同期 | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 1,213,502,616.35 | -1.29 | 3,7 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 2,536,930,123.88, representing a year-on-year increase of 0.94% compared to CNY 2,513,422,891.38 in the same period last year[20]. - The net profit attributable to shareholders of the listed company decreased by 2.18% to CNY 125,548,592.49 from CNY 128,345,655.66 in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 24.93% to CNY 87,248,071.47, primarily due to increased raw material and transportation costs[20]. - The net cash flow from operating activities increased by 33.74% to CNY 200,430,540.72, attributed to reduced expenditures on raw materials and purchased goods[20]. - The total assets at the end of the reporting period were CNY 7,606,753,080.41, showing a slight decrease of 0.45% compared to the end of the previous year[20]. - The net assets attributable to shareholders increased by 3.64% to CNY 2,091,393,815.85 from CNY 2,017,956,666.29 at the end of the previous year[20]. - Basic earnings per share remained stable at CNY 0.22, with diluted earnings per share also at CNY 0.22[21]. - The weighted average return on net assets increased by 0.34 percentage points to 6.11% compared to the previous year[21]. - The company reported a revenue of 25.37 billion yuan during the reporting period, ranking among the top domestic furniture brands[42]. - In the first half of 2022, the company achieved revenue of 2.537 billion yuan, remaining basically flat year-on-year, while net profit attributable to the parent company was 126 million yuan, a decrease of 2.18%[49]. Market and Industry Trends - In the first half of 2022, the Chinese furniture industry saw a total revenue of 360.4 billion yuan, a year-on-year decrease of 0.99%, while total profit increased by 2.58% to 17.48 billion yuan[39]. - The furniture industry faced challenges due to the pandemic, with real estate sales significantly declining, but a recovery in profitability is expected in the second half of 2022 as raw material costs decrease[39]. - The trend of increasing second-hand housing transactions presents a growth opportunity for furniture companies, particularly in first and second-tier cities[40]. - The shift towards fully furnished apartments is accelerating brand concentration in the furniture industry, benefiting leading companies[40]. - The demand for overseas high-end furniture brands is rising in China, driven by consumer upgrades and the appeal of brand prestige[41]. Strategic Initiatives and Acquisitions - The company completed the acquisition of Ekornes ASA, holding 100% of its shares, which operates over 7,000 stores globally and has a strong brand presence in the high-end furniture market[29]. - The company formed a diversified brand matrix after acquiring Ekornes, enhancing its market presence and supporting rapid development in both domestic and global markets[44]. - The company’s new product development accelerated, launching the "He Wan" series of curved wood products and the "Ji Mu" series of high-cost performance furniture, which effectively boosted dealer confidence during the pandemic[52]. Production and Supply Chain - Ekornes has a highly automated production model with nine factories worldwide, enhancing production efficiency and reducing delivery times in key markets[33]. - The company employs a mixed production model combining order-based and batch production, with production cycles ranging from 12 to 25 days depending on the product type[31]. - The procurement strategy includes unified sourcing of raw materials and establishing long-term relationships with suppliers, ensuring quality and cost efficiency[34]. - The company has established a mature supply chain system, leveraging Ekornes' global supplier network to enhance raw material procurement capabilities and reduce costs[46]. Risks and Challenges - The company has indicated potential risks in its forward-looking statements, advising investors to be cautious[5]. - The company faces risks from rising raw material costs, which significantly impact production costs due to high material input ratios[80]. - Labor cost increases pose a risk to the company's operational performance and profitability[80]. - The competitive landscape in the furniture industry has intensified, leading to potential revenue and profit pressures[80]. - The ongoing COVID-19 pandemic may continue to negatively affect the company's business operations[80]. Environmental and Compliance Efforts - The company has been listed as a key pollutant unit in Beijing, indicating its commitment to environmental protection and compliance with regulations[91]. - The company has implemented ISO9001 and ISO14001 certifications, demonstrating its focus on quality and environmental management systems[92]. - The company invested approximately 40.5 million yuan in environmental upgrades, including around 30 million yuan for water-based paint, 7.5 million yuan for explosion-proof modifications, and 3 million yuan for online monitoring equipment[93]. - The company launched a formal zero formaldehyde solid wood structure board in 2020, which uses PMDI ecological glue, enhancing its environmental competitiveness[94]. - The company has implemented a comprehensive environmental monitoring system, including automatic monitoring equipment linked to environmental protection authorities since 2019[100]. Shareholder and Governance Matters - The company did not distribute any dividends or bonus shares for the first half of 2022, with a profit distribution plan indicating no allocation of shares or cash[86]. - The company approved a stock incentive plan in April 2022, which includes a management assessment method for the implementation of the plan[87]. - The company granted 400,000 restricted stocks to an employee on July 15, 2022, as part of the stock incentive plan[88]. - The controlling shareholders, Zhao Ruihai and Zhao Ruibin, committed to not participating in any business activities that directly or indirectly compete with the company's main business during their tenure[106]. Financial Position and Capital Structure - The total amount of guarantees provided by the company, excluding those to subsidiaries, reached ¥1,553,997,602.58, which accounts for 74.15% of the company's net assets[120]. - The company issued 6,865,000 new shares, increasing the total shares from 580,395,546 to 587,260,546[124]. - The total number of common shareholders reached 18,872 by the end of the reporting period[129]. - The company reported a net profit margin improvement, with net profit increasing to RMB 1,054,982,273.88 from RMB 929,433,681.39, a rise of approximately 13.5%[143]. - The company has maintained a stable financial position with no significant doubts regarding its ability to continue as a going concern for the next 12 months[178].

Financial Performance - In 2021, the company's operating revenue reached ¥5,073,255,641.21, representing an increase of 18.57% compared to ¥4,278,737,933.65 in 2020[21] - The net profit attributable to shareholders was ¥177,908,525.50, a significant increase of 71.31% from ¥103,850,669.82 in the previous year[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥147,605,725.25, up by 55.59% from ¥94,867,052.22 in 2020[21] - Basic earnings per share increased by 55.00% to CNY 0.31 compared to the previous year[23] - Net profit attributable to shareholders increased by 71.31% year-on-year, driven by increased operating profit and reduced financial expenses[23] - Revenue from operations rose by 18.57%, primarily due to increased overseas and bulk business income[23] - The company’s overall net profit reached CNY 192 million, reflecting a year-on-year growth of 60.30%[34] - The total operating revenue for the Qu Mei brand reached ¥1,761,885,822.26, with a gross profit margin of 30.23%, reflecting a year-on-year increase of 7.50% in revenue[96] - The operating revenue from the Stressless brand was ¥2,376,211,029.96, with a gross profit margin of 41.69%, showing a year-on-year revenue increase of 27.34%[99] - The total operating revenue from all sales channels was ¥4,976,263,191.55, with a gross profit margin of 35.97%, reflecting a year-on-year revenue increase of 19.27%[101] Cash Flow and Assets - The net cash flow from operating activities decreased by 28.71% to ¥441,139,642.35 from ¥618,753,040.54 in 2020[21] - As of the end of 2021, the net assets attributable to shareholders were ¥2,017,956,666.29, down by 6.60% from ¥2,160,512,617.15 at the end of 2020[21] - Total assets at the end of 2021 were ¥7,640,936,989.88, a slight decrease of 0.54% from ¥7,682,310,985.52 in 2020[21] - The company's overseas assets amounted to 3.62 billion yuan, representing 47.34% of total assets[88] - The total amount repaid during the reporting period was CNY 22,080,382.28, leaving a balance of CNY 35,000,000.00 at the end of the period[176] Business Growth and Strategy - The company plans not to distribute profits, pay cash dividends, or issue bonus shares for 2021[5] - The company is transitioning from a furniture production brand to a furniture commercial brand, aiming to enhance operational and marketing capabilities[49] - The company is focusing on developing B2B engineering and home decoration channels to create new business growth points[110] - The company plans to increase the number of Stressless stores in China by over 50% in 2022, focusing on a three-tiered store strategy[111] - The company aims to enhance its domestic business by optimizing dealer policies and increasing marketing efforts to accelerate market penetration[110] Risks and Challenges - The company has disclosed potential risks in its management discussion and analysis section[7] - The company faces risks from rising raw material costs, which could adversely affect profitability if prices increase significantly[112] - The furniture industry is experiencing pressure on profit growth due to rising raw material costs and currency appreciation, despite recovering demand post-pandemic[45] Corporate Governance - The company has established a sound corporate governance structure, enhancing internal control systems and improving information disclosure quality[119] - Independent directors have actively participated in decision-making, ensuring the protection of shareholder interests without raising objections during board meetings[119] - The company has not reported any significant differences in governance compared to regulations set by the China Securities Regulatory Commission[120] Environmental Responsibility - The company is the first in the industry to use water-based paint across its entire product line, emphasizing its commitment to environmental standards[65] - The company invested approximately 40.5 million yuan in environmental upgrades, including around 30 million yuan for water-based paint, 7.5 million yuan for explosion-proof modifications, and 3 million yuan for online monitoring equipment[161] - The company has established a comprehensive environmental protection management system, with the factory head as the primary responsible person for environmental protection[165] Employee Management - The company employs a performance-driven incentive mechanism to improve employee compensation and benefits continuously[145] - The training program is tailored to different management levels, focusing on management innovation for middle management and business skills for frontline staff[146] - The total number of employees in the parent company is 736, while the main subsidiaries employ 3,654, resulting in a total of 4,390 employees[142] Future Outlook - Future outlook suggests a focus on expanding market presence and enhancing product offerings, with specific strategies to be detailed in upcoming reports[127] - The company aims to achieve a revenue growth target of 10% in the next fiscal year through strategic investments and market expansion efforts[127] - The management team emphasizes the importance of adapting to market trends and consumer preferences to sustain growth[127]

Financial Performance - The company's operating revenue for Q1 2022 was CNY 1,312,907,201.48, representing a year-on-year increase of 14.25%[5] - The net profit attributable to shareholders was CNY 58,147,422.86, showing a decrease of 5.30% compared to the same period last year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 44,349,684.69, down by 10.63% year-on-year[5] - Basic earnings per share were CNY 0.10, reflecting a decrease of 9.09% year-on-year[6] - The company reported a revenue growth of 34% year-on-year for Q1 2022, with a net profit increase of 32%[12] - Net profit for Q1 2022 was CNY 58,548,258.69, a decrease of 15.8% from CNY 69,555,076.56 in Q1 2021[19] - Total operating revenue for Q1 2022 was CNY 1,312,907,201.48, an increase of 14.2% compared to CNY 1,149,115,901.46 in Q1 2021[18] - Total operating costs for Q1 2022 were CNY 1,247,117,195.39, up 15.3% from CNY 1,081,586,073.01 in Q1 2021[18] Cash Flow - The net cash flow from operating activities was CNY 17,907,458.53, an increase of 133.80% compared to the previous year[5] - Operating cash inflow for Q1 2022 was CNY 1,390,242,451.44, an increase of 11.3% from CNY 1,249,698,187.93 in Q1 2021[23] - Net cash flow from operating activities was CNY 17,907,458.53, a significant recovery from a negative CNY 52,975,023.50 in the same period last year[23] - Cash outflow for purchasing goods and services was CNY 729,477,171.01, up from CNY 680,679,288.47, indicating a 7.2% increase[23] - Cash inflow from investment activities totaled CNY 9,077,845.32, compared to CNY 5,947,279.93 in Q1 2021, marking a 52.0% increase[24] - Net cash flow from investment activities was negative at CNY -40,645,241.51, worsening from CNY -33,784,161.63 year-over-year[24] - Cash inflow from financing activities was CNY 200,000,000.00, a decrease of 74.5% from CNY 781,120,000.00 in Q1 2021[24] - Net cash flow from financing activities was CNY -4,483,618.60, compared to CNY -120,563,086.03 in the previous year, showing an improvement[24] - The ending balance of cash and cash equivalents was CNY 529,788,030.27, down from CNY 620,030,322.00 at the beginning of the period[24] Assets and Liabilities - The total assets at the end of the reporting period were CNY 7,870,576,054.77, an increase of 3.01% from the end of the previous year[6] - Total liabilities as of Q1 2022 amounted to CNY 5,744,216,195.32, compared to CNY 5,617,546,125.93 in Q1 2021, reflecting an increase of 2.3%[18] - The total assets of the company reached ¥7,870.58 million as of March 31, 2022, compared to ¥7,640.94 million at the end of 2021[14] - The company’s long-term equity investments remained stable, with non-current assets totaling approximately ¥5,405.83 million as of March 31, 2022[14] - The company’s short-term borrowings increased to approximately ¥302.95 million as of March 31, 2022, compared to ¥221.32 million at the end of 2021[14] - Total equity attributable to shareholders was CNY 2,120,524,825.96 in Q1 2022, up from CNY 2,017,956,666.29 in Q1 2021, representing a growth of 5.1%[18] Research and Development - Research and development expenses increased by 30.99% year-on-year, indicating a rise in investment in innovation[7] - Research and development expenses for Q1 2022 were CNY 23,540,248.07, an increase of 30.9% from CNY 17,971,422.79 in Q1 2021[18] Challenges and Market Performance - The company faced challenges in production due to the Winter Olympics and COVID-19, impacting revenue in March 2022[11] - The domestic business showed strong performance, with a significant increase in dealer channel operations and a more than 300% growth in engineering business contract amounts compared to the same period last year[11] - The order growth for the Stressless brand in the Chinese market exceeded 100% in Q1 2022[11] - The company has implemented emergency plans to address logistics disruptions caused by the pandemic, leading to a gradual recovery in shipping operations[11] Other Financial Metrics - Other comprehensive income after tax for Q1 2022 was CNY 44,420,736.81, compared to a loss of CNY 1,698,950.94 in Q1 2021[19] - The company reported a total comprehensive income of CNY 102,968,995.50 for Q1 2022, an increase of 51.7% from CNY 67,856,125.62 in Q1 2021[19] - The company’s long-term borrowings as of Q1 2022 were CNY 822,794,028.73, an increase of 4.7% from CNY 785,844,322.35 in Q1 2021[18] - The impact of exchange rate changes on cash and cash equivalents was CNY 10,476,972.68, up from CNY 5,652,450.19[24] - The company has not adopted the new accounting standards for the current year, indicating a potential for future adjustments in financial reporting[24]

证券代码： 603818 证券简称：曲美家居 公告编号：2022-015 关于接待机构投资者调研情况的公告 本公司及全体董事会成员保证本公告内容不存在任何虚假记载、误导性陈 述或重大遗漏，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。 曲美家居集团股份有限公司（以下简称"公司"）于近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 调研时间：2022年3月21日至2022年3月22日 调研方式：电话会议交流 调研机构名称（排名不分先后）：中欧基金、华夏基金、泰康资产、盘京投 资、广发基金、中意保险资管、新华基金、国寿养老保险、浙商证券、招商证券、 华西证券、西南证券、信达证券、德邦证券、民生资管、兴业证券等多家机构。 公司接待人员：董事会秘书孙潇阳 二、交流的主要问题及公司回复概要 1、公司2022年开年以来的经营情况如何 答：2022年以来，公司整体经营情况向好，保持了良好的增长趋势。Ekornes 提价顺利，盈利能力显著增强；亚太市场、欧洲市场快速增长，北美市场在高基 数的背景下仍有良性增长，全球订单维持较快的增长状态。Svane品牌床垫、 Stressless品牌电动椅、 ...

Financial Performance - The company's operating revenue for Q3 2021 was CNY 1,229,312,872.87, representing a year-on-year increase of 7.52%[5] - The net profit attributable to shareholders for the same period was CNY 53,036,873.49, a decrease of 26.85% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 46,561,404.37, down 29.72% year-on-year[5] - The basic earnings per share for Q3 2021 was CNY 0.09, reflecting a decrease of 30.77% compared to the same period last year[6] - The company reported a significant increase in net profit attributable to shareholders for the year-to-date, up 481.68% compared to the previous year[9] - The company experienced a 29.00% increase in operating revenue year-to-date due to market recovery and new product sales[9] - Total operating revenue for the first three quarters of 2021 reached ¥3,742,735,764.25, a significant increase of 29.1% compared to ¥2,901,283,998.89 in the same period of 2020[22] - Net profit for the first three quarters of 2021 was ¥199,177,487.34, a substantial increase of 426.5% compared to ¥37,769,569.39 in the same period of 2020[23] - Basic earnings per share for the third quarter of 2021 was ¥0.31, compared to ¥0.06 in the third quarter of 2020, reflecting a 416.7% increase[23] Assets and Liabilities - The total assets at the end of the reporting period were CNY 7,671,355,657.81, a slight decrease of 0.14% from the end of the previous year[6] - As of September 30, 2021, the company's total assets amounted to RMB 7.67 billion, slightly down from RMB 7.68 billion at the end of 2020[21] - The company's current liabilities increased to RMB 2.30 billion from RMB 1.96 billion year-over-year, primarily due to short-term borrowings[20] - The total liabilities rose to RMB 5.53 billion from RMB 5.07 billion, reflecting an increase in both current and non-current liabilities[20] - The total assets increased to 7,889,972,851.22 RMB, up from 7,682,310,985.52 RMB, showing growth in the company's asset base[30] - The total liabilities rose to 5,280,926,684.68 RMB, compared to 5,073,264,818.98 RMB, indicating an increase in financial obligations[30] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 203,684,797.71, a decrease of 51.36% compared to the previous year[5] - Cash flow from operating activities for the first three quarters of 2021 was ¥203,684,797.71, down 51.3% from ¥418,789,591.49 in the same period of 2020[25] - The net cash flow from investment activities was -118,866,492.25 RMB, compared to -106,389,665.17 RMB in the previous period, indicating a decline in investment cash flow[26] - The total cash inflow from financing activities was 1,460,647,269.37 RMB, up from 1,009,692,615.20 RMB, reflecting an increase in financing efforts[26] - The net cash flow from financing activities was -342,602,068.36 RMB, an improvement from -415,955,513.68 RMB in the previous period, suggesting better cash management[26] Inventory and Costs - The inventory level increased to RMB 1.07 billion, up from RMB 845 million, indicating a buildup of stock[19] - Total operating costs for the first three quarters of 2021 were ¥3,506,962,259.29, up 24.0% from ¥2,828,617,256.48 in the first three quarters of 2020[22] Market and Production - The company's revenue growth was impacted by temporary shutdowns at its factories in Thailand and Vietnam due to COVID-19, but production has resumed with 95% of the workforce back by early October, achieving a capacity utilization rate of 75%[15] - New orders have been placed at increased prices to offset rising raw material and shipping costs, which is expected to positively impact profitability in the future[15] - The order reserve for the Stressless product line exceeds two months, approximately 174% higher than normal levels, indicating strong demand[16] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,405[11] - The company's equity attributable to shareholders was 2,160,512,617.15 RMB, unchanged from previous reports, reflecting stability in shareholder equity[30]

Financial Performance - Revenue for the first half of 2021 reached ¥2,513,422,891.38, an increase of 42.97% compared to the same period last year[20]. - Net profit attributable to shareholders was ¥128,345,655.66, a significant increase of 410.60% year-on-year[20]. - Basic earnings per share rose to ¥0.22, up 375.00% from a loss of ¥0.08 in the previous year[19]. - Net profit after deducting non-recurring gains and losses increased by 547.73% to ¥116,225,694.79[20]. - The company reported a significant improvement in financial performance driven by market recovery and new product sales[20]. - The company achieved a revenue growth of 43% year-on-year, with a net profit increase of 183 million yuan compared to the same period last year[48]. - Retail business saw a double-digit growth, with direct sales revenue increasing by over 50% year-on-year in the first half of 2021[50]. - The company reported a net profit of 143 million RMB, a significant increase of 183 million RMB compared to the previous year, with a net profit margin of 5.7%[58]. - The total comprehensive income attributable to the parent company was CNY 82,827,860.42, compared to a loss of CNY 128,233,735.91 in the previous period[146]. Assets and Liabilities - Total assets grew by 5.09% to ¥8,073,721,641.85 compared to the end of the previous year[20]. - The net assets attributable to shareholders increased by 3.83% to ¥2,243,340,477.57[20]. - Cash and cash equivalents increased to ¥779,438,340.42, representing 9.65% of total assets, up 9.80% from the previous year[65]. - Accounts receivable rose to ¥515,536,491.06, accounting for 6.38% of total assets, a significant increase of 33.39% year-over-year[65]. - Inventory reached ¥992,724,536.96, making up 12.29% of total assets, reflecting a 17.50% increase compared to the previous year[65]. - Long-term borrowings increased to ¥1,431,898,003.61, which is 17.72% of total assets, marking an 84.97% rise from the previous year[65]. - Total liabilities were reported at RMB 5,388,746,123.21, compared to RMB 5,073,264,818.98, which is an increase of about 6.2%[139]. - Non-current liabilities increased to RMB 3,861,683,153.89 from RMB 3,109,343,848.61, representing a growth of approximately 24.2%[139]. Market and Industry Trends - In the first half of 2021, the Chinese furniture industry achieved a revenue of CNY 364.08 billion, a year-on-year increase of 30.21%, and a total profit of CNY 17.04 billion, up 27.35%[38]. - The furniture industry in China experienced a significant export growth of 55.52% in the first half of 2021, amounting to USD 34.885 billion[38]. - The furniture market is experiencing a "honey period" post-pandemic, with leading companies rapidly capturing market share[39]. - The furniture industry is witnessing a shift towards high-end overseas brands, driven by domestic consumer demand for premium products[40]. Strategic Initiatives - The company focuses on mid-to-high-end furniture and home products, providing comprehensive solutions for consumers, emphasizing design and quality as core competitive advantages[25]. - The company completed the acquisition of Ekornes ASA, increasing its stake to 100%, enhancing its global market presence in the furniture sector[26]. - The company is focusing on integrating supply chains and enhancing brand marketing to transition from a product-based to a commercial brand model[40]. - The company has established a strong brand image and product quality, which enhances consumer experience and brand loyalty[36]. Research and Development - The company has a strong product design and R&D capability, with a focus on various furniture styles including Nordic, Chinese retro, and modern minimalist[26]. - R&D expenses increased by 35.51% year-on-year, reflecting higher investments in research personnel and materials[62]. - The company has collaborated with nearly 100 domestic and international designers since 1997, enhancing its brand reputation for original design[46]. Environmental Initiatives - The company invested approximately 40.5 million yuan in environmental protection upgrades, including around 30 million yuan for water-based paint, 7.5 million yuan for explosion-proof modifications, and 3 million yuan for online monitoring equipment[93]. - The company launched a formal zero formaldehyde solid wood structure board in 2020, which uses PMDI ecological glue, enhancing its product's environmental competitiveness[94]. - The company has implemented automatic monitoring equipment for air pollutant emissions since 2019, ensuring real-time monitoring and compliance with environmental standards[100]. - The company promotes a "0 Carbon" concept through its "Upgrade and Exchange" program, advocating for sustainable living practices[102]. Risks and Challenges - The company faces risks from rising raw material costs, which significantly impact production costs due to high material cost ratios[76]. - Labor costs are increasing, which may affect the company's operating performance and profitability if the trend continues[76]. - The real estate market's regulatory environment poses a risk to consumer demand for home products, as home purchases are closely linked to furniture sales[76]. - The ongoing global COVID-19 pandemic may adversely affect the operations of overseas subsidiaries if it persists for an extended period[77]. Shareholder Information - The controlling shareholders, Zhao Ruihai and Zhao Ruibin, committed to not reducing their shareholdings by more than 6% of the total shares within two years after the lock-up period[107]. - The company completed a non-public offering of 96,275,546 shares in July 2020, with the shares becoming tradable on January 22, 2021, after a 6-month lock-up period[121]. - The total number of ordinary shareholders at the end of the reporting period is 16,970[126]. - The top ten shareholders hold a total of 132,944,972 shares, representing 22.81% of the total shares[128].

Financial Performance - The company's operating revenue for 2020 was approximately CNY 4.28 billion, showing a slight decrease of 0.01% compared to 2019[22]. - Net profit attributable to shareholders increased by 26.41% year-on-year, reaching approximately CNY 103.85 million, primarily due to reduced selling and administrative expenses and increased government subsidies[22][24]. - The net profit after deducting non-recurring gains and losses rose by 38.12% year-on-year, amounting to approximately CNY 94.87 million, attributed to lower sales and management expenses[24]. - Basic earnings per share increased by 17.65% to CNY 0.20 per share, reflecting the growth in net profit[23][24]. - The company's total assets remained relatively stable at approximately CNY 7.68 billion, a decrease of 0.45% compared to the previous year[22]. - The net assets attributable to shareholders increased by 43.92% to approximately CNY 2.16 billion, indicating strong financial health[22]. - Cash flow from operating activities decreased by 11.70% to approximately CNY 618.75 million[22]. - The weighted average return on equity increased to 5.85%, up by 0.07 percentage points from the previous year[23]. - The company plans not to distribute profits or issue dividends for the year 2020[6]. Operational Highlights - In Q1 2020, the company reported a revenue of approximately CNY 839.42 million, which increased to CNY 1.38 billion in Q4 2020, showing a growth of 64.3% quarter-over-quarter[26]. - The net profit attributable to shareholders was negative in the first two quarters, with losses of CNY 33.86 million in Q1 and CNY 7.46 million in Q2, but turned positive in Q3 and Q4 with profits of CNY 72.50 million and CNY 72.67 million respectively[26]. - The company generated positive cash flow from operating activities in Q2, Q3, and Q4, with net cash flows of CNY 250.08 million, CNY 203.92 million, and CNY 199.96 million respectively[26]. - The total amount of non-recurring gains and losses in 2020 was CNY 8.98 million, with significant contributions from government subsidies amounting to CNY 22.66 million[28]. Strategic Initiatives - The company has a strong focus on design and innovation, offering a wide range of furniture products that emphasize aesthetics, health, and environmental sustainability[34]. - The company aims to provide high-quality, stylish, and cost-effective home products, targeting younger consumers born in the 1980s and 1990s[35]. - The company has adopted a unique lifestyle store model that integrates product offerings with design services, enhancing customer experience and satisfaction[34]. - The company emphasizes continuous product innovation and brand rejuvenation to maintain competitiveness in the furniture market[35]. - The company operates three production bases and nine factories, with a total theoretical output value of 204.1 million yuan and an overall capacity utilization rate of 60.8% in 2020[38]. - The company has established an ERP information system for production management, enabling flexible production and automated processes[38]. Market Position and Trends - The company has a strong market presence in the high-end furniture segment, focusing on customized and finished furniture solutions[38]. - The company has diversified its brand portfolio through the acquisition of Ekornes, which includes globally recognized brands like Stressless and IMG, aligning with the consumption upgrade trend among the middle class[53]. - The company reported a revenue of CNY 4.279 billion in 2020, ranking among the top domestic furniture brands[51]. - The furniture industry in China achieved a total revenue of CNY 687.54 billion and a total profit of CNY 41.77 billion, with exports amounting to USD 58.41 billion[47]. - The demand for overseas high-end furniture brands is rising, driven by domestic consumption upgrades and the ability of these brands to enhance local distributors' market appeal[49]. Environmental Commitment - The company emphasizes product quality and environmental standards, being the first in China to use water-based paints across its entire product line[52]. - The company has implemented a comprehensive environmental protection management system, with investments totaling approximately CNY 40.5 million in environmental upgrades, including CNY 30 million for water-based paint[145]. - The company has achieved compliance with local air pollutant discharge standards, with all monitored emissions meeting regulatory requirements[146]. - The company has developed a zero-formaldehyde raw wood structure board, enhancing its product's environmental competitiveness[145]. Shareholder and Governance - The company has established a shareholder return plan for 2018-2020, emphasizing a stable and sustainable dividend policy based on profitability and cash flow[114]. - The company aims to distribute at least 20% of its distributable profits as cash dividends annually, with higher percentages for mature companies without major capital expenditures[116]. - The company has not distributed any stock dividends or bonus shares in the last three years, maintaining a focus on cash returns to shareholders[120]. - The company has a comprehensive governance structure with independent directors actively participating in board decisions[186]. - The total remuneration for all directors, supervisors, and senior management amounted to 7.5576 million yuan[185]. Employee Management - The total number of employees in the parent company is 276, while the total number of employees in major subsidiaries is 3,655, resulting in a combined total of 3,931 employees[188]. - The company provides comprehensive employee benefits including pension, medical, unemployment, work injury, maternity insurance, housing fund, and paid leave, adhering to national and local regulations[189]. - The company emphasizes performance-based incentives, implementing a multi-tiered compensation mechanism to reward employees based on their capabilities and achievements[190]. - The company has established a complete training system tailored to different management levels and job positions, enhancing employee skills and knowledge[191].

Financial Performance - In Q1 2021, the company's operating revenue reached CNY 1,149,115,901.46, representing a 36.89% increase compared to the same period last year[10] - The net profit attributable to shareholders was CNY 61,402,125.16, a significant increase of 281.33% year-on-year[10] - The net profit excluding non-recurring gains and losses was CNY 49,626,101.85, up 242.26% from the previous year[10] - The basic earnings per share rose to CNY 0.11, a 257.14% increase from the previous year[10] - Operating profit for Q1 2021 was ¥84,526,941.01, compared to a loss of ¥41,152,825.12 in Q1 2020[27] - Net profit for Q1 2021 was ¥69,555,076.56, reversing a loss of ¥33,496,556.26 in Q1 2020[28] - The company reported a total comprehensive income of ¥67,856,125.62 for Q1 2021, compared to a loss of ¥304,911,230.15 in Q1 2020[28] - The company reported a total comprehensive income of ¥3.79 million for Q1 2021, recovering from a loss of ¥21.49 million in Q1 2020[32] Asset and Liability Management - The company's total assets increased by 2.13% to CNY 7,846,190,772.80 compared to the end of the previous year[10] - Total assets as of March 31, 2021, amounted to CNY 7,846,190,772.80, an increase from CNY 7,682,310,985.52 as of December 31, 2020, representing a growth of approximately 2.14%[20] - Non-current assets totaled CNY 5,702,243,270.09, up from CNY 5,517,291,532.34, indicating an increase of about 3.35%[20] - The total liabilities as of March 31, 2021, were CNY 5,169,288,480.64, compared to CNY 5,073,264,818.98 at the end of 2020, showing a slight increase of about 1.9%[21] - The equity attributable to shareholders increased from CNY 2,160,512,617.15 to CNY 2,219,745,263.01, representing a growth of approximately 2.74%[21] - Total liabilities increased from ¥5,073,264,818.98 to ¥5,280,926,684.68, a rise of ¥207,661,865.70[40] Cash Flow and Liquidity - The cash flow from operating activities showed a net outflow of CNY 52,975,023.50, which is a 50.49% decrease compared to the same period last year[10] - Cash and cash equivalents decreased by 28.00% to ¥511,075,198.68 from ¥709,871,744.26, resulting from loan repayments and procurement payments[16] - Cash flow from operating activities for Q1 2021 was negative at ¥52.98 million, worsening from a negative cash flow of ¥35.20 million in Q1 2020[32] - The company’s cash and cash equivalents position improved, contributing to a stronger liquidity profile[24] - The ending cash and cash equivalents balance for Q1 2021 was $168.50 million, compared to $153.55 million at the end of Q1 2020, reflecting an increase of 9.7%[36] Operating Costs and Expenses - Operating costs increased by 39.39% to ¥647,411,210.60 from ¥464,468,654.50, attributed to the rise in sales orders[15] - Research and development expenses rose by 14.32% to ¥17,971,422.79, driven by increased investment in personnel and materials[15] - Financial expenses surged by 121.97% to ¥53,839,421.75, primarily due to reduced foreign exchange gains compared to the previous year[15] - The total operating costs for Q1 2021 were ¥1,081,586,073.01, an increase from ¥820,421,358.24 in Q1 2020[27] - The company incurred R&D expenses of ¥9.30 million in Q1 2021, an increase from ¥7.82 million in Q1 2020[31] Market and Business Growth - The company experienced rapid growth in both domestic and overseas businesses, with a notable increase in retail sales and B2B engineering business[7] - The company benefited from the recovery of the domestic market post-COVID-19, leading to increased sales and order volumes[7] - Cash inflow from sales of goods and services was ¥1.24 billion in Q1 2021, up from ¥840.52 million in Q1 2020[32] - The company raised ¥781.12 million through borrowings in Q1 2021, compared to ¥128.80 million in Q1 2020[33]

2020 年第三季度报告 公司代码：603818 公司简称：曲美家居 曲美家居集团股份有限公司 2020 年第三季度报告 二〇二〇年十月二十二日 1 / 26 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 9 | 2020 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人赵瑞海、主管会计工作负责人孙海凤及会计机构负责人（会计主管人员）牛静薇 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | | | 上年度末 | 本报告期末比上年 度末增减(%) | | --- | --- | --- | --- | --- | --- | | 总资产 | 7,317,851 ...