广东好太太科技集团股份有限公司 2024 年度内部控制审计报告 司农审字[2025]24008170077 号 目 录 报告正文 ……… ··········1-2 广东好太太科技集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 我们审计了广东好太太科技集团股份有限公司(以下简称"好太太")2024年12 月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内 部控制评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是 好太太董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发 表审计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告 司农审字[2025]24008170077号 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外，由 于情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度 降低,根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 l 您 ...

日 录 审计报告 … | 审计报告 …………………………………………………………………………………… 1-5 | | --- | | 合并资产负债表 · 1 | | 合并利润表 … 2 | | 合并现金流量表 … 3 | | 合并所有者权益变动表 … | | 母公司资产负债表 … ନି | | 母公司利润表 7 | | 母公司现金流量表… 8 | | 母公司所有者权益变动表 9-10 | | 财务报表附注 · ············· 11-111 | 广东好太太科技集团股份有限公司 2024 年度审计报告 司农审字[2025]24008170083 号 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照 中国注册会计师职业道德守则,我们独立于好太太,并履行了职业道德方面的其他 责任。我们相信,我们获取的审计证据是充分、适当的,为发表审计意见提供了基 础。 三、关键审计事项 关键审计事项是我们根据职业判断,认为对本期财务报表审计最为重要的事项。 这些事项的应对以对财务报表整体进行审计并形成审计 ...

证券代码：603848 证券简称：好太太 公告编号：2025-009 广东好太太科技集团股份有限公司 关于使用部分闲置自有资金购买理财产品到期赎回的公告 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。 公司向中国民生银行股份有限公司购买了 5,000.00 万元的理财产品，具体内容 详见《广东好太太科技集团股份有限关于使用部分闲置自有资金购买理财产品的 公告》（公告编号 2025-003）。目前该理财已经赎回，相关情况如下： | 受托方 名称 | 产品 类型 | | 产品名称 | 购买金额 （万元） | 赎回时间 | 收回本金 （万元） | 收益金额 （万元） | | --- | --- | --- | --- | --- | --- | --- | --- | | 中国民生 银行股份 | 结 | 构 | 聚赢汇率-挂 元汇率结构 | | 月21日 | | 23.92 | | | 性 存 | | 钩欧元对美 | 5,000.00 | 年 2025 4 | 5000.00 | | | 有限公司 | 款 | | | | | ...

Investment Rating - Industry rating: Recommended [4] Core Views - The report highlights a positive outlook on domestic demand recovery, driven by supportive policies and improving real estate data [2][3] - The retail sector shows significant recovery, with March retail sales growth at 5.9%, surpassing expectations [1][6] - The report emphasizes the potential for the home furnishing sector to rebound due to policy support and consumer demand [3][7] Summary by Sections Retail Data - In the first three months of 2025, total retail sales increased by 4.6% year-on-year, with March showing a 5.9% increase, exceeding the consensus forecast of 4.36% [1] - Specific categories such as furniture, cultural office supplies, cosmetics, and gold and silver jewelry saw growth rates of 18.1%, 21.7%, 3.2%, and 6.9% respectively [1] - Online retail sales growth was recorded at 7.9% in the first quarter, indicating a steady increase in online consumption [6] Real Estate Data - National residential new construction area, completion area, sales area, and development investment completed in the first three months of 2025 showed declines of 23.9%, 14.7%, 2.0%, and 9.0% respectively [1] - In March, the new construction area and completion area declined by 18.6% and 8.1% year-on-year, while the sales area decreased by 1.2% [1][2] Policy Impact - The government has released favorable signals to stabilize the real estate market, including measures to optimize housing provident fund policies [2][3] - The "Consumption Promotion Special Action Plan" emphasizes support for upgrading consumer goods, which is expected to stimulate demand in the home furnishing sector [3][7] Investment Recommendations - For the home furnishing sector, the report recommends companies like Oppein Home, Kuka Home, and others, anticipating steady growth driven by policy support and consumer demand [7] - In the cultural office supplies sector, it suggests Morning Glory Co., which is expected to benefit from collective procurement policies [7] - The cosmetics sector is highlighted for its potential growth, recommending domestic brands like Runben and Pechoin [7] - Gold and silver jewelry consumption is expected to remain strong, with recommendations for companies like Laopu Gold [7]

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [6][27]. Core Insights - The smart home industry is expected to benefit from a combination of policy support, technological advancements, and evolving consumer demands, driving rapid growth in the sector [4][27]. - Recent government policies, including expanded subsidies for home appliances and a focus on digital economy development, are set to stimulate consumption in the smart home market [19][27]. - The shift in consumer preference from "single product intelligence" to "whole-home smart solutions" is accelerating due to rising living standards and the aging population, which is increasing demand for home care solutions [4][27]. Summary by Sections Market Review - In the past two weeks (March 3, 2025 - March 14, 2025), the Shanghai Composite Index rose by 2.97%, the Shenzhen Component Index by 3.46%, and the ChiNext Index by 2.60%. The smart home index (399996.SZ) increased by 4.65%, outperforming the Shanghai Composite by 1.68 percentage points [1][11]. - Year-to-date (January 1, 2025 - March 14, 2025), the smart home index has risen by 15.37%, significantly outperforming the Shanghai Composite by 13.35 percentage points [11][14]. Industry Policy Tracking - New national subsidies have been introduced, including the inclusion of kitchen and bathroom renovation products in the subsidy program, which is expected to enhance market penetration of energy-efficient products [17]. - The "Shenzhen Action Plan for Accelerating the Development of the Artificial Intelligence Terminal Industry (2025-2026)" aims to integrate AI capabilities into various smart home products [18]. Industry News Tracking - The 2025 government work report emphasizes actions to boost consumption, develop the digital economy, and promote aging-friendly renovations, providing a supportive direction for the smart home industry [19]. - Notable collaborations, such as the establishment of a smart home IoT open platform by Haoleke, Haotaitai, and Fengzhushou, aim to enhance smart home integration and control [22]. - The MWC 2025 highlighted smart home technology as a core focus, showcasing innovations in AI and IoT that redefine future living [24][25]. Investment Recommendations - The report suggests that the combination of policy support, technological innovation, and consumer demand will create a resonant effect, driving the smart home industry into a rapid growth phase [4][27]. - The expansion of subsidy categories from 8 to 12 and the focus on recycling and upgrading consumer goods are expected to further stimulate market consumption [27].

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [6][27]. Core Insights - The smart home industry is expected to benefit from a combination of policy support, technological advancements, and evolving consumer demands, driving rapid growth in the sector [4][27]. - Recent government policies, including expanded subsidies for home appliances and a focus on digital economy development, are set to stimulate consumption in the smart home market [3][4][19]. - The shift in consumer preference from "single product intelligence" to "whole-home smart solutions" is accelerating due to rising living standards and the aging population, which is increasing demand for home care solutions [4][27]. Summary by Sections Market Review - In the past two weeks (March 3, 2025 - March 14, 2025), the Shanghai Composite Index rose by 2.97%, the Shenzhen Component Index by 3.46%, and the ChiNext Index by 2.60%. The smart home index (399996.SZ) increased by 4.65%, outperforming the Shanghai Composite by 1.68 percentage points [1][11]. - Year-to-date (January 1, 2025 - March 14, 2025), the smart home index has risen by 15.37%, significantly outperforming the Shanghai Composite by 13.35 percentage points [11][14]. Industry Policy Tracking - New national subsidies have been introduced, including the inclusion of kitchen and bathroom renovation products in the subsidy program, which is expected to enhance market penetration of energy-efficient products [2][17]. - The "Shenzhen Action Plan for Accelerating the Development of the Artificial Intelligence Terminal Industry (2025-2026)" aims to integrate AI capabilities into various smart home products [2][18]. Industry News Tracking - The 2025 government work report emphasizes actions to boost consumption, develop the digital economy, and promote aging-friendly renovations, providing a supportive direction for the smart home industry [3][19]. - Collaborative efforts among major companies, such as the establishment of a smart home IoT open platform, are indicative of the industry's move towards integrated solutions [3][22]. Investment Recommendations - The report highlights that the expansion of the appliance subsidy program from 8 to 12 categories is expected to further stimulate the smart home market, building on the previous year's success which saw over 62 million units sold, generating nearly 270 billion yuan in consumption [4][27]. - The continuous evolution of technologies such as IoT, AI, and big data is expected to broaden the application boundaries of smart home devices, leading to the creation of high-value innovative products [4][27].

Investment Ratings - The report gives a "Buy" rating for Xiangxin Technology (002965) and other companies such as Baoshan (03998) and Haotaitai (603848) [20][38][40] Core Insights - The report highlights the robust growth potential in the new energy vehicle sector, with Xiangxin Technology's clients like Geely and BYD targeting significant sales increases by 2025 [35][36] - The report emphasizes the importance of strategic partnerships in enhancing technological capabilities, particularly in robotics and smart manufacturing [36][37] - The report notes the ongoing transformation in the real estate market towards higher quality and sustainability, indicating a shift from quantity expansion to quality improvement [27][28] Summary by Sections Economic Environment - The government continues a "moderately loose" monetary policy, with potential adjustments in reserve requirements and interest rates based on economic conditions [24] - Fiscal policies are becoming more proactive, with a target deficit rate of around 4%, indicating a willingness to leverage debt for economic growth [25] Industry Trends - The wind power sector is experiencing a positive demand outlook, with significant growth expected in both onshore and offshore wind installations globally [3][7] - The report indicates a recovery in the wind turbine industry, with price stabilization and profitability improvements expected from 2024 onwards [7] Company-Specific Insights - Xiangxin Technology is positioned well in the new energy vehicle supply chain, with a focus on structural components and battery technology [35][36] - Baoshan is launching new outdoor apparel lines that balance fashion and functionality, targeting diverse consumer needs [10][32] - Haotaitai is forming a joint venture to enhance its smart home ecosystem, leveraging partnerships to drive innovation in digital living solutions [40][41]

证券代码：603848 证券简称：好太太 公告编号：2025-008 3、类型：其他有限责任公司 4、住所：广州市天河区员村东郊工业园科韵路 18 号 5、法定代表人：沈汉标 广东好太太科技集团股份有限公司 关于参股子公司完成设立登记并取得营业执照的公告 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。 广东好太太科技集团股份有限公司（以下简称"好太太"）与广州好莱客创 意家居股份有限公司（以下简称"好莱客"）、蜂助手股份有限公司（以下简称 "蜂助手"）于 2025 年 3 月 10 日签署《投资合作协议》，拟共同投资设立广州 合觅科技有限公司（以下简称 "合觅科技"）。具体内容详见 2025 年 3 月 11 日 刊登在《中国证券报》《上海证券报》《证券时报》《证券日报》及上海证券交 易所网站（www.sse.com.cn）上的《广东好太太科技集团股份有限公司关于签署投 资合作协议及拟设立参股子公司的公告》（公告编号：2025-007）。 2025 年 3 月 13 日，合觅科技收到广州市天河区行政审批局颁发的营业执照， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company is collaborating with Hao Laike and Feng Assistant to establish a joint venture, Guangzhou Hami Technology Co., Ltd., with a registered capital of 50 million yuan, aiming to enhance the digital living experience [1][2]. - The joint venture will leverage the strengths of each partner to develop a "smart integration gateway" product for home automation, creating an open platform for smart home IoT and enhancing the overall consumer experience [2]. - Government policies are expected to support the home appliance market, with a projected increase in consumer demand, positively impacting the company's order performance [3]. Financial Performance and Forecast - The company’s revenue for 2022 was 1,382.02 million yuan, with a projected revenue of 1,688.33 million yuan for 2023, reflecting a growth rate of 22.16% [4]. - The adjusted net profit forecasts for 2024, 2025, and 2026 are 273.78 million yuan, 304.36 million yuan, and 344.87 million yuan respectively, with corresponding P/E ratios of 21X, 19X, and 17X [4]. - The company’s EBITDA is expected to grow from 367.29 million yuan in 2024 to 439.40 million yuan in 2026, indicating a positive trend in operational efficiency [4]. Market Position and Strategy - The joint venture is expected to enhance the company's market channels and product coverage, thereby improving its competitive edge and long-term profitability [2]. - The company aims to create a high-value smart home product ecosystem by integrating digital goods from Feng Assistant, which will contribute to a more convenient and secure digital lifestyle for consumers [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Insights - The company is collaborating with Hao Laike and Feng Assistant to establish a joint venture, Guangzhou Hami Technology Co., Ltd., with a registered capital of 50 million yuan, aiming to enhance the digital living experience [1][2]. - The joint venture will leverage the strengths of each partner to develop a "smart integration gateway" product for home automation, creating an open platform for smart home IoT and enhancing the overall consumer experience [2]. - Government policies are expected to support the home improvement market, which will likely boost the company's order performance [3]. - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 being 273.78 million yuan, 304.36 million yuan, and 344.87 million yuan respectively, reflecting a cautious outlook due to previous weak operating conditions [4]. Financial Data and Valuation - Revenue is projected to grow from 1,382.02 million yuan in 2022 to 1,945.96 million yuan in 2026, with a compound annual growth rate of approximately 11.23% [4]. - The company's net profit margin is expected to improve from 15.82% in 2022 to 17.72% in 2026, indicating a strengthening profitability outlook [10]. - The price-to-earnings (P/E) ratio is projected to decrease from 21.11 in 2024 to 16.76 in 2026, suggesting potential value for investors [4][10].