Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant improvement in profitability, with H1 revenue reaching 600 million yuan, a year-on-year increase of 13.18%. However, the net profit attributable to shareholders decreased by 16.42% to 101 million yuan due to increased net losses from fair value changes and reduced exchange gains [3][5] - The company is expected to see a turning point in profitability in 2024, supported by its vertical integration competitive advantage [3] Financial Performance Summary - H1 2024 revenue was 600 million yuan, with a net profit of 101 million yuan. The net profit decline was primarily due to a fair value loss of 44.14 million yuan and a 76.5% decrease in exchange gains [3] - The company's gross margin and net profit margin for H1 2024 were 37.2% and 16.78%, respectively, showing a year-on-year increase of 1.5 percentage points and a decrease of 5.9 percentage points [3] - The company expects to maintain its profit forecast, projecting net profits of 170 million yuan, 220 million yuan, and 250 million yuan for 2024, 2025, and 2026, respectively [3][5] Segment Performance - The domestic sales growth has slightly declined, while external sales have recovered. The company anticipates continued growth in inflatable mattress sales in H2 2024 [3] - The overseas subsidiaries, particularly in Cambodia and Vietnam, have shown significant revenue growth, with Cambodia's revenue increasing by 48% in H1 2024 [3] Cash Flow and Operational Efficiency - The net cash flow from operating activities for H1 2024 was 66 million yuan, an increase of 11.8% [3] - As of H1 2024, inventory stood at 199 million yuan, up 24.8%, with inventory turnover days reduced by 11 days to 99 days [3]

证券研究报告 资料来源：最闻，山西证券研究所 家具 浙江自然（605080.SH） 买入-B(维持) 24Q2 营收延续双位数稳健增长，硬质保温箱产品盈利改善 2024 年 9 月 2 日 公司研究/公司快报 事件描述 8 月 28 日，公司披露 2024 年半年报，2024H1，公司实现营业收入 6.00 亿元，同 比增长 13.18%，实现归母净利润 1.01 亿元，同比下降 16.42%，实现扣非归母净利润 1.24 亿元，同比增长 8.11%。 事件点评 2024Q2 营收增速延续双位数增长，扣非净利润同比稳健增长。营收端，2024H1， 公司实现营收 6.00 亿元，同比增长 13.18%。分季度看，24Q1-24Q2 营收分别为 2.73、 3.27 亿元，同比增长 13.83%、12.64%。2024 年上半年，全球户外运动市场的增速有所 市场数据：2024 年 8 月 30 日 收盘价（元）： 15.06 放缓，但规模仍稳步上升。各大品牌基本完成去年库存的消耗，订单需求逐渐回暖。业 绩端，2024H1，公司实现归母净利润 1.01 亿元，同比下降 16.42%，其中 24Q1-24Q2 年内最 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [2][3]. Core Views - The company has shown a robust revenue growth of 13% year-on-year in H1 2024, with total revenue reaching 600 million yuan. However, the net profit attributable to shareholders decreased by 16% to 100 million yuan during the same period [1]. - The company is expected to achieve stable growth in revenue and net profit for the full year 2024, driven by the expansion of new product categories and the recovery of overseas customer orders [2]. - The company has a competitive advantage due to its integrated domestic supply chain and ongoing international capacity expansion, which is anticipated to improve profitability in overseas bases [2]. Summary by Sections Financial Performance - In H1 2024, the company's gross margin increased by 1.5 percentage points to 37.2%, while the net profit margin decreased by 4.8 percentage points to 17.4% [1]. - For Q2 2024, revenue was 330 million yuan, with a year-on-year growth of 13%, and net profit increased by 16% to 60 million yuan [1]. - The company expects to achieve net profits of 162 million yuan, 188 million yuan, and 210 million yuan for the years 2024, 2025, and 2026, respectively [2][3]. Product and Market Development - The company is focusing on expanding its product categories, particularly in outdoor inflatable mattresses and new energy vehicle partnerships, which are expected to drive order demand [1]. - The company has seen better performance in exports compared to domestic sales in H1 2024, indicating a strong international market presence [2]. Capacity and Supply Chain - The company has established an integrated supply chain for inflatable mattresses, maintaining a gross margin above 30%, which is higher than industry peers [2]. - Ongoing capacity expansion in Cambodia and Vietnam is expected to contribute to long-term growth and improved profitability [2]. Cash Flow and Inventory Management - As of H1 2024, inventory increased by 24.8% to 200 million yuan, while inventory turnover days decreased by 11.1 days to 99 days, indicating improved inventory management [2]. - The operating cash flow for H1 2024 was 70 million yuan, approximately 0.7 times the net profit for the same period, reflecting normal cash flow management [2].

证券代码：605080 证券简称：浙江自然 公告编号：2024-038 浙江大自然户外用品股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回并继续进 行现金管理的公告 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法律责任。 ● 委托现金管理受托方：中国农业银行股份有限公司天台县支行； ● 委托现金管理金额：共计人民币 3,000 万元； ● 现金管理产品名称：对公大额存单； ● 产品期限：三年（公司拟根据实际资金需求安排，持有不超过 12 个月）； 万元，获得理财收益 54.7550 万元。 本次赎回产品的基本信息如下： | 受托机构 | 产品 | 产品名称 | | 金额（万 | 预计年化 | 产品 | 收益起算日 | 到期日 | 赎回本金 | 实际收益 | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 类型 | | | 元） | 收益率（%） | 期限 | | | （万元） | （万元） | | | 中国农 ...

2024 年半年度募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 证券代码：605080 证券简称：浙江自然 公告编号：2024-035 浙江大自然户外用品股份有限公司 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于核准浙江大自然户外用品股份有限公司首次 公开发行股票的批复》（证监许可〔2021〕1200号）核准，浙江大自然户外用品股 份有限公司（以下简称"公司"）首次公开发行人民币普通股2,528.09万股，发行 价格为31.16元/股，募集资金总额为78,775.28万元，扣除各项发行费用（不含 税）人民币6,325.64万元后，实际募集资金净额为人民币72,449.64万元。2021年4 月27日立信会计师事务所（特殊普通合伙）对上述募集资金到位情况进行了验资并 出具"信会师报字[2021]第ZF10609号"《验资报告》。公司开立了募集资金专用 账户，对上述募集资金进行专户存储。 截至 2024 年 6 月 30 日，本公司募集资金实际使 ...

Financial Performance - The company's revenue for the first half of 2024 reached ¥600,143,165.53, representing a 13.18% increase compared to ¥530,259,439.58 in the same period last year[11]. - Net profit attributable to shareholders decreased by 16.42% to ¥100,732,426.29 from ¥120,520,043.70 year-on-year[11]. - The net profit after deducting non-recurring gains and losses increased by 8.11% to ¥123,846,489.57 compared to ¥114,554,010.58 in the previous year[11]. - The net cash flow from operating activities was ¥66,375,814.06, an increase of 11.84% from ¥59,347,108.31 in the same period last year[11]. - The total assets of the company at the end of the reporting period were ¥2,337,695,292.21, up 8.43% from ¥2,156,032,657.06 at the end of the previous year[11]. - The net assets attributable to shareholders increased by 4.58% to ¥1,952,978,651.88 from ¥1,867,493,572.71 at the end of the previous year[11]. - Basic earnings per share decreased by 15.29% to ¥0.72 from ¥0.85 in the same period last year[12]. - The weighted average return on net assets decreased by 1.28 percentage points to 5.26% compared to 6.54% in the previous year[12]. - The company achieved operating revenue of RMB 600.14 million in the first half of 2024, representing a year-on-year increase of 13.18%[18]. - The net profit attributable to shareholders was RMB 100.73 million, a year-on-year decrease of 16.42%[18]. - The company reported a significant increase in accounts receivable, which rose to ¥234,058,137.28 from ¥105,867,547.87, a growth of 109.5%[79]. - The company's total current assets as of June 30, 2024, amount to ¥1,366,175,859.18, compared to ¥1,314,635,163.54 at the end of 2023, reflecting an increase[76]. Operational Highlights - The company has established long-term stable partnerships with over 200 global brands, including Decathlon and REI, enhancing its market presence[15]. - The company is focusing on expanding its product lines into home inflatable mattresses and high-end insulated bags, leveraging its core TPU composite fabric technology[17]. - The company is actively developing new products and expanding market channels, particularly in the "automotive camping" lifestyle segment[18]. - The company maintains a vertical integrated supply chain, which enhances cost control and product quality[16]. - The company has invested in establishing a wholly-owned subsidiary in Singapore, which in turn has invested in a Moroccan outdoor products company[24]. Financial Management - The financial expenses increased significantly due to exchange rate fluctuations, impacting overall profitability[18]. - The company reported a government subsidy of RMB 699,396.27, which is included in the current period's profit and loss[13]. - The investment activities generated a significant change in net cash flow due to increased purchases of financial products during the reporting period[18]. - The company has undergone significant changes in its board and management, with multiple resignations and new elections held in June 2024[31]. - The company has implemented measures to stabilize raw material procurement prices by considering market trends and purchasing strategies[31]. Risk Factors - The company faces risks related to high customer concentration, primarily with well-known outdoor product companies, which could impact profitability if relationships change[27]. - The company faces risks from exchange rate fluctuations, particularly with its export business primarily settled in USD, which could impact competitiveness depending on RMB appreciation or depreciation[31]. - The company is exposed to raw material price volatility influenced by international economic conditions and oil prices, which could adversely affect operational performance if prices fluctuate significantly[31]. Shareholder and Governance - No dividends or stock bonuses were distributed for the reporting period, indicating a focus on reinvestment or financial stability[32]. - The company has committed to resolving competition issues and has adhered to its commitments regarding related party transactions[36]. - The company reported that all major shareholders, including the actual controllers, have complied with share lock-up commitments[37]. - The company has ensured that all related party transactions are conducted in accordance with market principles to protect shareholder interests[39]. - The company plans to distribute at least 10% of its distributable profits as cash dividends annually, provided it meets certain conditions[41]. Investment and Capital Projects - The total amount of funds raised for the project "Modified TPU Material and Outdoor Products Intelligent Production Base Construction Project" is CNY 24,695.84 million, with an investment progress of 72.40% as of the reporting period[63]. - The "Outdoor Products Automation Production Base Renovation Project" has a total investment of CNY 14,830.00 million, with an investment progress of 80.14%[64]. - The "Vietnam Outdoor Products Production Base Construction Project" has achieved 100% investment progress with a total investment of CNY 6,831.00 million[65]. - The total amount of funds raised across all projects is CNY 72,449.64 million, with a cumulative investment of CNY 51,668.46 million, representing an overall investment progress of 71.42%[65]. - The company has temporarily used idle raised funds to supplement working capital, with a cash management balance of CNY 21,787.18 million as of the reporting period[67]. Accounting and Compliance - The financial statements are prepared in accordance with the relevant accounting standards and reflect the company's financial position accurately[113]. - The company applies the exchange rate on the transaction date for foreign currency transactions, with any exchange differences recognized in the current period's profit or loss[122]. - The company recognizes revenue when control of goods or services is transferred to customers, with specific criteria for determining the timing of revenue recognition[183]. - The company assesses its role as either a principal or agent in transactions based on control over goods or services before transfer, affecting revenue recognition[184]. - The company recognizes short-term employee compensation as a liability during the accounting period when services are provided, impacting current profits or related asset costs[176].

二、监事会会议审议情况 经与会监事认真审议，做出以下决议： （一）审议通过《关于<2024 年半年度报告>及摘要的议案》 证券代码：605080 证券简称：浙江自然 公告编号：2024-036 浙江大自然户外用品股份有限公司 第三届监事会第二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 浙江大自然户外用品股份有限公司（以下简称"公司"）第三届监事会第二 次会议于 2024 年 8 月 26 日在公司会议室以现场方式召开，本次会议通知已于 2024 年 8 月 14 日以书面等方式送达公司全体监事。本次会议由监事会主席韦志 仕先生主持，会议应参加表决监事三人，实际参加表决监事三人。本次会议的召 集、召开符合《中华人民共和国公司法》等法律、法规和《公司章程》的有关规 定。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的相 关报告及摘要。 以上事项表决结果：同意：3 票；反对：0 票；弃权：0 票。 （二）审议通过《关于<2024 年半年度募集资金存放与实际使 ...

证券代码：605080 证券简称：浙江自然 公告编号：2024-037 浙江大自然户外用品股份有限公司 表决结果：8 票赞成、0 票反对、0 票弃权。 （二）审议通过《关于<2024 年半年度募集资金存放与实际使用情况的专项 报告>的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 相关报告。 第三届董事会第二次会议决议公告 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。 一、董事会会议召开情况 浙江大自然户外用品股份有限公司（以下简称"公司"）第三届董事会第二 次会议于 2024 年 8 月 26 日在公司会议室以现场结合通讯表决方式召开。本次会 议通知于 2024 年 8 月 14 日以电子邮件等方式发出。本次会议应出席董事 8 人， 实际出席董事 8 人。会议由公司董事长夏永辉先生主持，公司监事、高管列席会 议。本次会议的召开符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于<2024 年半年度报告>及摘要的议案》 具体内容详见公司同日在上海证券交易所 ...

上海市锦天城律师事务所 致:浙江大自然户外用品股份有限公司 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 差异化分红事项的 法律意见书 锦 天 城 律 师事 务 所 ALLBRIGHT LAW OFFICES 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话: 021-20511000 传真:021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江大自然户外用品股份有限公司 差异化分红事项的法律意见书 上海市锦天城律师事务所(以下简称"本所")接受浙江大自然户外用品股 份有限公司(以下简称"公司")的委托,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 海证券交易所上市公司自律监管指引第 7号 -- 回购股份》(以下简称《监管指 引》)等法律、法规和规范性文件以及《浙江大自然户外用品股份有限公司章程》 (以下简称《公司章程》）的规定,就公司 2023 年度利润分配所涉差异化分红 相关事项出具本法律意见书。 本所及本所经办律师依据本法律意见 ...

证券代码：605080 证券简称：浙江自然 公告编号：2024-034 浙江大自然户外用品股份有限公司 2023 年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利 0.094 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/9 | － | 2024/7/10 | 2024/7/10 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 16 日的 2023 年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据公司 2023 年年度股东大会审议通过的《关于 2023 年度利润分配预案的议案》，公司 拟向全体股东每 10 股 ...