关于以集中竞价交易方式回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 箭牌家居集团股份有限公司 箭牌家居集团股份有限公司（以下简称"公司"）于 2025 年 1 月 6 日召开第 二届董事会第十五次会议、第二届监事会第十四次会议审议通过了《关于以集中 竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金及回购专项贷 款以集中竞价交易方式回购公司发行的人民币普通股（A 股）的部分社会公众股 份，用于实施股权激励计划或员工持股计划。本次回购股份的种类为公司发行的 人民币普通股（A 股），回购的资金总额不低于人民币 5,000 万元（含）且不超 过人民币 10,000 万元（含），回购价格不超过人民币 12.62 元/股（含）。按照回 购价格上限人民币 12.62 元/股测算，当回购金额为上限人民币 10,000 万元时， 预计回购股份数量约为 7,923,930 股，约占公司目前总股本的 0.8181%；当回购 金额为下限人民币 5,000 万元时，回购股份数量约为 3,961,965 股，约占公司目 前总股本的 0.4090%，具体 ...

注 1：此处授信金额为授信额度最高限额，担保债权金额为对应的授信额度敞口最高限额。 注 2：恒业厨卫、乐华智能、乐华恒业电商最近一期的资产负债率超过 70%，为上述主体提供担保的金额合计 为人民币 33,000 万元。 证券代码：001322 证券简称：箭牌家居 公告编号：2025-012 箭牌家居集团股份有限公司 关于公司及全资子公司向银行申请综合授信并提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、授信及担保情况概述 箭牌家居集团股份有限公司（以下简称"公司"或"箭牌家居"）于 2024 年 4 月 19 日召 开的第二届董事会第十次会议、2024 年 5 月 13 日召开的 2023 年度股东大会审议通过了《关 于 2024 年度向银行申请综合授信并提供担保的议案》，鉴于公司与众多大型商业银行长期保 持良好的业务合作关系，为提高融资效率并降低融资成本，结合公司及全资子公司日常生产 经营和业务发展需要，公司及部分全资子公司 2024 年度拟向银行申请总额为 693,600.00 万 元（敞口为 572,000.00 万元）的综合授信 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-011 箭牌家居集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 箭牌家居集团股份有限公司（以下简称"公司"）于 2025 年 1 月 6 日召开第 二届董事会第十五次会议、第二届监事会第十四次会议审议通过了《关于以集中 竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金及回购专项贷 款以集中竞价交易方式回购公司发行的人民币普通股（A 股）的部分社会公众股 份，用于实施股权激励计划或员工持股计划。本次回购股份的种类为公司发行的 人民币普通股（A 股），回购的资金总额不低于人民币 5,000 万元（含）且不超 过人民币 10,000 万元（含），回购价格不超过人民币 12.62 元/股（含）。按照回 购价格上限人民币 12.62 元/股测算，当回购金额为上限人民币 10,000 万元时， 预计回购股份数量约为 7,923,930 股，约占公司目前总股本的 0.8181%；当回购 金额为下限人民币 5,000 万元时，回购股份数量约 ...

Group 1: Company Goals and Strategies - In 2025, the company aims to focus on retail channel development and enhance channel profitability, optimizing resource allocation in the sales department to improve marketing integration and promotional policies [1] - The company plans to leverage national subsidy policies to optimize sales structure and achieve business growth while advancing internal management reforms to reduce costs and improve overall profitability [1] Group 2: Channel Development Initiatives - The company is committed to deepening its retail store channel to ensure stable business development and profitability, while also promoting an omnichannel marketing system covering retail, e-commerce, home decoration, and engineering [1] - Key initiatives include refined operational management of retail channels, optimizing product layout, and enhancing product promotion efficiency to boost retail channel growth and profitability [1] Group 3: Market Competition Insights - The company perceives that domestic brands will seize opportunities to expand market share amid channel changes, with national subsidy policies further promoting industry standardization and enhancing industry concentration [1] - Despite ongoing price competition, the implementation of national subsidy policies has positively impacted product sales structure, prompting the company to adjust its product sales structure and develop a competitive product matrix to meet diverse market demands [1]

Group 1: Key Focus Areas for 2025 - The company aims to enhance retail channel profitability and leverage the old-for-new policy to optimize sales structure and achieve business growth [1] - Accelerating organizational capability building and internal management reforms to reduce expense ratios and improve gross margins [1] Group 2: Strategies for Retail Channel Profitability - Adjusting product sales structure to create a more competitive product matrix [1] - Implementing refined operational management in retail channels to optimize product layout, new product launch processes, and promotional efficiency [1] Group 3: Impact of Old-for-New Subsidy Policy - The implementation of the old-for-new subsidy policy has positively influenced home furnishing consumption and improved product sales structure and smart toilet penetration rates [1] - The policy has also contributed to the standardization of industry participants, enhancing industry concentration [1] Group 4: Dividend Planning - The company is committed to enhancing investor returns through reasonable dividends and share buybacks [1] - Plans to continuously optimize the dividend scheme based on profitability and development needs, with ongoing efforts to advance the second phase of the share buyback program [1]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：001322 证券简称：箭牌家居 公告编号：2025-010 箭牌家居集团股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 箭牌家居集团股份有限公司（以下简称"公司"）于 2025 年 1 月 6 日召开第 二届董事会第十五次会议、第二届监事会第十四次会议审议通过了《关于以集中 竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金及回购专项贷 款以集中竞价交易方式回购公司发行的人民币普通股（A 股）的部分社会公众股 份，用于实施股权激励计划或员工持股计划。本次回购股份的种类为公司发行的 人民币普通股（A 股），回购的资金总额不低于人民币 5,000 万元（含）且不超 过人民币 10,000 万元（含），回购价格不超过人民币 12.62 元/股（含）。按照回 购价格上限人民币 12.62 元/股测算，当回购金额为上限人民币 10,000 万元时， 预计回购股份数量约为 7,923,930 股，约占公司目前总股本的 0.8181%；当回购 金额为下限人民币 5,000 万元时，回购股份数量约 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-009 箭牌家居集团股份有限公司 关于公司及全资子公司向银行申请综合授信并提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、授信及担保情况概述 箭牌家居集团股份有限公司（以下简称"公司"或"箭牌家居"）于 2024 年 4 月 19 日召 开的第二届董事会第十次会议、2024 年 5 月 13 日召开的 2023 年度股东大会审议通过了《关 于 2024 年度向银行申请综合授信并提供担保的议案》，鉴于公司与众多大型商业银行长期保 持良好的业务合作关系，为提高融资效率并降低融资成本，结合公司及全资子公司日常生产 经营和业务发展需要，公司及部分全资子公司 2024 年度拟向银行申请总额为 693,600.00 万 元（敞口为 572,000.00 万元）的综合授信，并在综合授信额度内向银行申请贷款或采用其他 业务方式向银行融资，同时，公司及各全资子公司拟为上述综合授信与融资事项提供总额度 不超过人民币 693,600.00 万元的担保，包括公司对子公司、子公司相互间及子公司对公司 ...

Group 1: Key Focus Areas for 2025 - The company will continue to optimize product lines, enhance product planning capabilities, and accelerate new product launches and store upgrades [1] - Emphasis on improving retail channel profitability through better resource allocation and promotional policies [1] - Internal management reforms aimed at cost reduction and efficiency improvement to enhance gross margin and profitability [1] Group 2: Retail Channel Development Strategies - The company is committed to deepening retail store channels to ensure stable business growth and profitability [1] - A comprehensive marketing system covering retail, e-commerce, home decoration, and engineering will be developed [1] - Focus on product structure adjustments and refined operational management to enhance store performance and consumer experience [1] Group 3: Overseas Market Expansion Plans - Continued investment in talent and product resources for overseas markets, with tailored market strategies for different regions [2] - Establishing partnerships with local distributors to accelerate the development of specialty stores [2] Group 4: Impact of Trade-in Subsidy Policy - The implementation of the trade-in subsidy policy has stimulated home furnishing consumption, particularly benefiting online platforms [2] - The policy has positively influenced product sales structure and the penetration rate of smart toilets [2] - Increased focus on compliance with the subsidy policy to enhance industry standards and concentration [2]

Investment Rating - The report assigns a **Neutral** rating to Arrow Home Group (001322 SZ) with a 12-month target price of RMB 6 1, reflecting a 27 6% downside from the current price of RMB 8 42 [1][9] Core Views - Arrow Home Group's Q4 2024 revenue growth showed a sequential recovery, in line with expectations, but profitability remains under pressure due to intense industry competition [1] - The company's 2024 revenue was RMB 7 15 billion, down 6 5% YoY, primarily due to increased competition in the sanitary ware industry [4] - Net profit for 2024 was RMB 50-70 million, a significant decline of 83%-88% YoY, driven by price competition and reduced operating leverage [4] - Gross margin for 2024 fell by 2 06 percentage points YoY, impacted by weak pricing and rising expense ratios [4] - The report revised down the EPS forecasts for 2025-26 by 12%-27% to reflect the latest performance guidance [2][5] Financial Performance Summary - **Revenue**: 2024 revenue was RMB 7 15 billion, down 6 5% YoY, with Q4 revenue showing a low single-digit YoY decline, narrowing from the -16%/-6% declines in Q2/Q3 [4] - **Profitability**: 2024 net profit was RMB 50-70 million, down 83%-88% YoY, with Q4 net profit at RMB 18-38 million, a 72%-87% YoY decline but an improvement from Q3 losses [4] - **Gross Margin**: 2024 gross margin was 24 9%, down 2 06 percentage points YoY, with 2025-26 gross margins expected to recover to 26 5% and 27 8%, respectively [5] - **Operating Margin**: 2024 operating margin was 1 0%, down 5 05 percentage points YoY, with 2025-26 operating margins forecasted at 3 9% and 6 3% [5] - **EPS**: 2024 EPS was RMB 0 06, down 67 8% YoY, with 2025-26 EPS forecasts revised to RMB 0 28 and RMB 0 47, respectively [5] Industry and Market Position - Arrow Home Group is the largest domestic sanitary ware brand and a leader in the smart toilet market, which has low penetration rates [8] - The report is optimistic about long-term growth in smart toilet penetration and import substitution but expects short-term pressure from weak retail demand and the real estate market [8] - Increased competition and potential consumer downgrading in the smart toilet market are expected to pressure margins in the near term [8] Valuation and Forecasts - The 12-month target price of RMB 6 1 is based on a 14x exit P/E multiple applied to the 2026 EPS forecast, discounted back to 2025 at a 9 8% cost of equity [2][9] - Revenue forecasts for 2025-26 are RMB 7 63 billion and RMB 7 90 billion, respectively, with growth rates of 6 8% and 3 6% [5] - Net income forecasts for 2025-26 are RMB 273 million and RMB 457 million, reflecting significant YoY growth of 355 3% and 67 3%, respectively [5]

证券代码：001322 证券简称：箭牌家居 公告编号：2025-008 箭牌家居集团股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 公司于 2025 年 1 月 6 日召开第二届董事会第十五次会议、第二届监事会第 十四次会议审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》， 同意公司使用自有资金及回购专项贷款以集中竞价交易方式回购公司发行的人 民币普通股（A 股）的部分社会公众股份，用于实施股权激励计划或员工持股计 划。本次回购股份的种类为公司发行的人民币普通股（A 股），回购的资金总额 不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元（含），回购价格不 超过人民币 12.62 元/股（含）。按照回购价格上限人民币 12.62 元/股测算，当回 购金额为上限人民币 10,000 万元时，预计回购股份数量约为 7,923,930 股，约占 公司目前总股本的 0.8181%；当回购金额为下限人民币 5,000 万元时，回购股份 数量约为 3,961,965 股，约占公司目前 ...