Core Viewpoint - Songlin Technology is actively developing multiple business lines tailored for health and wellness scenarios, focusing on providing comprehensive solutions for B-end clients and users in various healthcare and wellness settings [2] Group 1: Robotics Business - The robotics division is focusing on health and wellness service robots, addressing the needs of healthcare institutions, beauty service providers, and medical aesthetics organizations [2] - The company offers a comprehensive system solution that includes assistance, nursing, health management, and emotional companionship [2] Group 2: IDM Health and Wellness Products - Under the IDM category, the company has developed several products closely aligned with health and wellness needs, such as AI sleep pillows, AI smart mattresses, health monitoring devices, and health drinking systems [2] Group 3: IDM Smart Kitchen and Bathroom Products - In the IDM smart kitchen and bathroom segment, the company provides various products catering to domestic and international health and wellness scenarios, including elderly-friendly smart shower systems and smart toilets [2]

Core Viewpoint - Songlin Technology's IDM business strategy focuses on prioritizing A-class customers, emphasizing collaboration with top international brands in optimal market regions and product categories [2] Group 1: Business Strategy - The company adopts an A-class customer strategy for its IDM business, which is based on years of experience and accumulation [2] - The strategy aims to leverage innovative products and technological achievements to select the best market areas and top-ranking international brand customers for collaboration [2] Group 2: Recent Achievements - The company has achieved breakthroughs in multiple product categories this year, including a partnership with a top international brand for its smart toilet business line [2] - In the health drinking water segment, the company secured its first order for a new product category with top brands in the United States and Italy [2] - The sleep business line has signed its first contract for a new product category with top brands in Japan and the United States [2]

证券代码：603992 证券简称：松霖科技 公告编号：2026-001 转债代码：113651 转债简称：松霖转债 厦门松霖科技股份有限公司 司债券，每张面值 100 元，发行总额 61,000 万元，期限 6 年。票面 利率具体为：第一年 0.30%、第二年 0.50%、第三年 1.00%、第四年 1.50%、第五年 1.80%、第六年 2.00%。 （二）经上交所自律监管决定书〔2022〕217 号文同意，公司 61,000 万元可转换公司债券于 2022 年 8 月 17 日起在上交所挂牌交 易，债券简称"松霖转债"，债券代码"113651"。 （三）根据相关规定及《厦门松霖科技股份有限公司公开发行 可转换公司债券募集说明书》（以下简称"《可转换公司债券募集 说明书》"）的约定，公司该次发行的"松霖转债"自 2023 年 1 月 30 日起可转换本公司股份，目前转股价格为人民币 15.30 元/股。 二、可转债本次转股情况 关于 2025 年第四季度可转债转股结果暨股份变动公告 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 ...

Market Overview - The home goods sector experienced a decline of 0.46% on December 30, with Songlin Technology leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable gainers in the home goods sector included: - Meng Tian Home (603216) with a closing price of 46.40, up 9.90% and a trading volume of 76,400 shares, totaling 338 million yuan [1] - Ai Li Home (603221) closed at 13.12, up 5.89% with a trading volume of 251,300 shares, totaling 337 million yuan [1] - ST Yazhen (603389) closed at 47.54, up 4.99% with a trading volume of 22,900 shares, totaling 107 million yuan [1] - Conversely, major decliners included: - Songmeng Technology (603992) closed at 40.33, down 4.88% with a trading volume of 59,300 shares, totaling 241 million yuan [2] - Filinger (603226) closed at 31.57, down 4.74% with a trading volume of 57,300 shares, totaling 186 million yuan [2] - Jia Lian Technology (301193) closed at 21.90, down 3.74% with a trading volume of 59,800 shares, totaling 134 million yuan [2] Capital Flow - The home goods sector saw a net inflow of 30.6 million yuan from institutional investors, while retail investors experienced a net inflow of 7.5 million yuan [2] - Notable capital flows included: - Ai Li Home (603221) had a net inflow of 108 million yuan from institutional investors, but a net outflow of 76.8 million yuan from retail investors [3] - Junlinmen (603008) saw a net inflow of 40.6 million yuan from institutional investors, with a net outflow of 25.1 million yuan from retail investors [3] - Other companies like Pinao (002853) and Yuma Technology (300993) also experienced mixed capital flows [3]

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend safety margin assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend safety margin assets in the packaging and home furnishing sectors, benefiting from the appreciation of the RMB and the expected decrease in paper procurement costs [2][4]. - It identifies key companies in the packaging sector such as Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen, as well as home furnishing leaders like Kuka Home, Mousse, Oppein, and Sophia [2][4]. - The paper industry is expected to benefit from rising wood pulp prices and seasonal demand, with companies like Sun Paper, Nine Dragons Paper, and Bohui Paper being highlighted for their potential [2][4]. - The report also discusses the export sector, noting the impact of RMB appreciation and the importance of supply chain and brand expansion for companies like Jiangxin Home, Yongyi Co., Jiayi Co., and Zhongxin Co. [2][4]. Summary by Sections Packaging Sector - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas markets [5][6]. - Yongxin Co. is noted for its stable high dividend policy and strong performance in soft packaging and film business, with a dividend rate of 84% to 81% from 2020 to 2024 [5]. - Yutong Technology has expanded its global supply chain, enhancing its operational efficiency and increasing its dividend rate to 70% by 2025 [6]. - Huawang Technology is positioned well in the decorative paper market, with expectations of improved profitability due to limited new supply and rising demand [7]. - Meiyingsen is recognized for its strategic overseas expansion and high dividend yield, with a focus on emerging markets [8]. Home Furnishing Sector - The home furnishing industry is experiencing accelerated consolidation, with a positive outlook driven by supportive real estate policies and improving consumer confidence [9][10]. - Companies like Kuka Home and Sophia are expected to benefit from the increasing demand for home renovation and the implementation of "old-for-new" policies [10][23]. - The report highlights the importance of retail capabilities and supply chain improvements for companies to enhance their market share and profitability [23][24]. Paper Industry - The paper industry is anticipated to see a recovery in demand and pricing, supported by strong control over production by overseas pulp mills [11][13]. - Companies such as Sun Paper and Nine Dragons Paper are expected to benefit from the stabilization of pulp prices and improved supply-demand dynamics [11][13]. - The report notes that the industry has been at a low point for several years, but a mid-term recovery is expected as demand gradually increases [11][13]. Export Sector - The export sector is influenced by the global economic environment, with a focus on companies that are expanding their international presence and brand recognition [14][15]. - Jiangxin Home is noted for its innovative product offerings and strong growth in customer numbers, while Yongyi Co. is positioned to capitalize on the growing demand for ergonomic chairs [15][16]. - Jiayi Co. is recognized for its strategic expansion in the insulated cup market, while Zhongxin Co. is highlighted for its growth potential in the pulp molding sector [16][17]. Pet Products Sector - The pet products sector is experiencing robust growth, with companies like Yiyi Co. and Yuanfei Pet benefiting from strong export performance and brand development [18]. - Yiyi Co. is expected to see significant revenue growth due to its acquisition strategy and strong sales performance [18]. - Yuanfei Pet is noted for its rapid growth in the domestic market and expansion of its product offerings [18]. Light Industry Sector - The report emphasizes the importance of monitoring changes in the light industry, with companies like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements [19][20]. - Anfu Technology is expected to enhance its profitability through increased ownership in Nanfeng Battery and expansion into new business areas [19]. - Jianlin Home is transitioning towards smart robotics, leveraging its existing technology and market position [20].

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend yield assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend yield assets in stable industry segments, particularly in packaging and home furnishing sectors [5][10]. - The appreciation of the RMB is expected to lower procurement costs in the paper industry, with price increases in wood pulp and seasonal demand supporting paper prices [2][12]. - The report identifies key companies for investment, including packaging leaders like Yongxin Co., Yutong Technology, and home furnishing brands such as Kuka Home and Mousse [2][10]. Summary by Sections 1. Weekly Insights - Short-term focus on high dividend yield assets in stable packaging companies and leading home furnishing brands [5][6]. - Anticipated benefits from RMB appreciation leading to lower procurement costs in the paper industry [5][12]. - Recommendations for companies with strong export capabilities and potential for brand development [5][15]. 2. Industry Perspectives Packaging - The packaging industry is stabilizing, with leading companies reducing capital expenditures and maintaining high dividend payouts [6][7]. - Yongxin Co. is noted for its strong position in soft packaging and high dividend rates [6]. - Yutong Technology benefits from global supply chain advantages and is expected to increase its dividend payout [7]. Home Furnishing - The home furnishing sector is expected to see valuation recovery driven by supportive real estate policies and improving consumer confidence [10][11]. - Companies like Kuka Home and Mousse are highlighted for their strong market positions and potential for growth [10][11]. Paper Industry - The paper industry is entering a recovery phase with stabilizing prices and improved demand dynamics [12][14]. - Companies such as Sun Paper and Nine Dragons Paper are positioned to benefit from these trends [12][14]. Export Sector - The report highlights the importance of global supply chain strategies and brand development for companies in the export sector [15][16]. - Companies like Jiangxin Home and Yongyi Co. are noted for their strong export capabilities and market positioning [15][16]. Pet Products - The pet products sector is experiencing growth with strong domestic brands and international expansion [19]. - Companies like Yiyi Co. and Yuanfei Pet are recommended for their robust growth potential [19]. Light Industry - The report discusses the strategic changes in light industry companies, focusing on mergers and acquisitions to enhance growth [20]. - Companies like Anfu Technology and Jianlin Home are noted for their innovative approaches and market positioning [20][21].

证券代码：603992 证券简称：松霖科技 公告编号：2025-089 转债代码：113651 转债简称：松霖转债 ●已履行的审议程序：厦门松霖科技股份有限公司（以下简称"公司"） 分别于 2024 年 12 月 16 日、2025 年 10 月 29 日召开董事会并审议通 过《关于公司使用闲置募集资金进行现金管理的议案》，保荐机构 均对该事项出具了无异议的核查意见。 ●特别风险提示：公司使用暂时闲置募集资金进行现金管理的 产品类型虽然仅限于安全性高、流动性好、单项产品期限最长不超 过 12 个月的银行、证券公司、保险公司或其他金融机构理财产品或 存款类产品，总体风险可控，但是金融市场受宏观经济的影响较大， 购买理财产品可能存在市场风险、流动性风险、信用风险及其他风 险，公司将根据市场情况及金融市场的变化适时适量的介入，因此 短期投资的实际收益可能具有不确定性。 关于使用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 承担法律责任。 重要内容提示： ●本次现金管理产品种类：银行结构性存款 ●本次受托方：兴 ...

Group 1 - The home goods sector experienced a decline of 0.83% on December 26, with Songlin Technology leading the drop [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] - Notable gainers in the home goods sector included Delixi Co., which rose by 10.00% to a closing price of 10.56, and Pianao, which increased by 9.98% to 22.37 [1] Group 2 - The home goods sector saw a net inflow of 46.985 million yuan from main funds, while retail investors experienced a net outflow of 2.2195 million yuan [2] - Major stocks with significant net inflows included Delixi Co. with a net inflow of 60.3607 million yuan and Jianyun Home with 32.9837 million yuan [3] - Conversely, Songlin Technology faced a net outflow of 13.2578 million yuan from main funds, indicating a negative sentiment towards the stock [3]

证券之星消息，12月25日家居用品板块较上一交易日上涨2.09%，松霖科技领涨。当日上证指数报收于 3959.62，上涨0.47%。深证成指报收于13531.41，上涨0.33%。家居用品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 603008 | 菌临门 | | 1506.87万 | 7.27% | -2241.84万 | -10.81% | 734.97万 | 3.54% | | 301061 | 匠心家居 | | 1399.31万 | 4.63% | -3161.45万 | -10.46% | 1762.14万 | 5.83% | | 603600 | 永艺股份 | | 814.52万 | 12.60% | -699.29万 | -10.82% | -115.24万 | -1.78% | | 301595 | 太力科技 | | 676.14万 | 4.81% | -4 ...

Core Viewpoint - The report from Guosheng Securities highlights that Songlin Technology is poised for growth through its integration of robotics and health sectors, indicating a clear new growth trajectory for the company [1] Group 1: Business Overview - The company's traditional main business focuses on smart kitchen and bathroom products, primarily serving high-end brands in kitchen, home, and beauty health sectors [1] - With the first phase of the Vietnam base set to commence production in June 2025, the capacity for overseas order fulfillment is expected to increase rapidly [1] - The second phase of production capacity is under construction, with plans to be operational in the first half of 2026, aiming for a total output value exceeding 200 million USD upon full capacity [1] Group 2: Financial Performance and Growth Potential - As the capacities of both phases gradually come online, a continuous improvement trend in performance is anticipated [1] - The company's IDM model creates a competitive moat, fostering strong ties with clients and high profitability [1] - Over the past three years, the company has expanded into the beauty and health sector, successfully establishing a second growth curve [1] Group 3: Future Prospects - The company aims to leverage its "deep vertical scenarios + engineering capabilities" to promote the entry of nursing and logistics robots into the market [1] - Initial results have been observed, suggesting that performance is likely to continue growing [1] - The report initiates coverage with a "buy" rating, reflecting confidence in the company's future prospects [1]