证券代码：001322 证券简称：箭牌家居 公告编号：2025-052 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、董事会会议召开情况 箭牌家居集团股份有限公司（以下简称"箭牌家居"或"公司"）已于 2025 年 9 月 30 日以电子邮件及电话通知的方式向全体董事发出了《关于召开第二届 董事会第十九次会议的通知》。2025 年 10 月 10 日，公司第二届董事会第十九 次会议（以下简称"本次会议"）以通讯表决方式在佛山市顺德区箭牌总部大厦 23 楼会议室召开。本次会议由董事长谢岳荣先生主持，应出席董事 9 名，实际 出席董事 9 名，公司监事、高级管理人员等列席了本次会议。本次会议的召集和 召开符合《公司法》《公司章程》等的有关规定，会议合法、有效。 二、董事会会议审议情况 （一）审议通过了《关于公司上市前实施的员工激励计划份额转让的议案》 表决情况：同意 9 票，反对 0 票，弃权 0 票。 箭牌家居集团股份有限公司 第二届董事会第十九次会议决议公告 该议案已经公司第二届董事会薪酬与考核委员会第十三次会议一致审议通 过后提交董事会审议。 箭牌家居 ...

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 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）。根据 上述回购公司股份方案，如公司在回购股份期间发生派发现金红利等除权除息事 项的，自公司股票价格除权除息之日起，公司将根据中国证监会和深圳证券交易 所的相关规定调整回购价格上限。2025 年 5 月 22 日，公司 2024 年年度权益分 派实施完成，公司将本次股份回购价格上限由不超过人民币 12.62 元/股 ...

Core Insights - The HarmonyOS Connect partner summit was held in Shenzhen, showcasing the latest achievements of the HarmonyOS ecosystem and new products for the autumn season [1] - Arrow brand became one of the first ecological partners of HarmonyOS, launching two new smart bathroom products: the smart shower and smart bath heater [1][2] - The collaboration aims to redefine the bathroom experience by integrating smart technology with traditional bathroom functions, enhancing user experience [2][3] Group 1: Partnership and Product Launch - Arrow brand's partnership with HarmonyOS significantly boosts its confidence in product, brand, and technology [2] - The new products are designed to provide a seamless smart bathing experience, integrating with various devices like smartphones and tablets [2] - The smart shower Pro and smart bath heater Pro are designed to elevate the bathroom space from a functional area to a smart, relaxing environment [3] Group 2: Strategic Vision and Future Outlook - Arrow brand aims to redefine the bathroom space, aligning with its philosophy of providing an immersive human experience [3] - The company has been involved in the smart home sector since 2021, integrating multiple products with HarmonyOS Connect [3] - Arrow brand is committed to establishing and optimizing smart home standards, contributing to the overall intelligent transformation of the Chinese home industry [4]

Group 1 - The HarmonyOS Connect partner summit was held in Shenzhen on September 26, showcasing the latest achievements and autumn products of the HarmonyOS ecosystem, marking a significant event for the smart home industry [1][3] - Arrow Home, as a representative of the bathroom industry, became one of the first ecological partners of HarmonyOS, launching smart bathroom products such as the Arrow smart bath heater and smart shower [1][3] - The collaboration aims to provide users with an ultimate smart bathroom experience, integrating Arrow's products with Huawei's "1+8+N" strategy for multi-device synergy [3] Group 2 - Arrow Home emphasizes redefining the bathroom space from a functional area to a smart space that enhances quality of life, aligning with its philosophy of providing an immersive human experience [3][4] - The company has previously integrated multiple products with HarmonyOS Connect since 2021, enabling smart products to connect with whole-home scenarios [3] - Arrow Home plans to continue sharing its expertise in the home industry to promote the establishment and optimization of smart home standards, aiming for a comprehensive intelligent leap in China's home industry [4]

Core Viewpoint - Arrow Home Group held an online investor meeting to discuss its mid-year performance and future strategies, emphasizing its commitment to enhancing retail channels and investor communication [1][2]. Group 1: Meeting Information - The investor meeting took place on September 19, 2025, from 15:30 to 17:00 via the P5W investor relations platform [2]. - Key personnel present included Chairman and General Manager Xie Yuerong, Independent Director Rao Pinggui, Vice General Manager and Board Secretary Yang Weihua, and Financial Director Deng Qinghui [2]. Group 2: Key Highlights - Arrow Home is not currently investing in IP economy but is engaging in brand promotion and public welfare activities with IP characteristics, such as customized marketing campaigns in historical cities [3]. - The company acknowledged that its stock price is influenced by various factors, with long-term value determined by core competitiveness. It plans to focus on retail channel development and enhance store efficiency [4]. - Arrow Home has initiated multiple share buyback programs to boost investor confidence, with a total of 19.175 million shares repurchased, accounting for 1.9826% of total share capital, and a total expenditure of approximately 99.97 million yuan [4].

Group 1: Company Initiatives and Marketing Strategies - The company has not yet entered the IP economy but has engaged in city-specific marketing events that exhibit IP characteristics, such as "长安相箭" in Xi'an and "京城相箭" in Beijing, integrating smart products with local cultural elements [1] - The "Arrow Brand Ze Plan" has launched various public welfare initiatives like "I Plant a Hair for the Earth" and "Let Love Start Bathing," aiming to innovate in public welfare practices and encourage community involvement [2] Group 2: Financial Performance and Investor Confidence - The company's stock price has consistently remained below the issue price, with a noticeable decline in performance; however, the company emphasizes its long-term value driven by core competitiveness and innovation [2] - In the second half of 2025, the company plans to focus on retail channel development and aims to enhance store efficiency through a comprehensive rollout of its store effectiveness project [2] Group 3: Share Buyback Programs - The company has implemented multiple share buyback plans, with a total of 12.50 million shares repurchased for approximately 99.97 million yuan as of October 25, 2024 [3] - As of August 2025, the cumulative share buyback reached 19.18 million shares, accounting for 1.98% of the total share capital, with a total expenditure of 154.95 million yuan [3] Group 4: Communication and Transparency - The company is committed to enhancing communication with investors and improving the quality and transparency of information disclosure to foster a deeper understanding of its true value and strategic direction [4]

证券代码：001322 证券简称：箭牌家居 公告编号：2025-050 箭牌家居集团股份有限公司 关于参加 2025 年广东辖区投资者集体接待日 暨辖区上市公司中报业绩说明会的公告 特此公告！ 箭牌家居集团股份有限公司董事会 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。 为进一步加强与投资者的互动交流，箭牌家居集团股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会与深圳市全景网络有限公司 联合举办的"向新提质 价值领航——2025 年广东辖区投资者集体接待日暨辖区 上市公司中报业绩说明会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，活动时间为 2025 年 9 月 19 日（周五） 15:30-17:00。投资者可登录"全景路演"网站（http://rs.p5w.net），或关注 微信公众号"全景财经"，或下载全景路演 APP,参与本次互动交流。 届时公司董事长、总经理谢岳荣先生，副总经理、董事会秘书杨伟华先生， 财务总监邓庆慧先生将在线就 2025 年半年度业绩、公司治理、发展战略、经营 状况和可持续发展等投资者关心的问 ...

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of a subsidy policy for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - Six listed bathroom product companies reported a total revenue of 10.076 billion yuan, a year-on-year decrease of 9.5% - Arrow Home ranked first with a revenue of 2.837 billion yuan, surpassing the second-ranked Jianlin Home by approximately 451 million yuan - Rietter's revenue fell significantly by 19.5% to 920 million yuan compared to the first half of 2024 [1] Cost Control - Operating costs for bathroom product companies generally decreased due to business contraction, with Arrow Home and Jianlin Home's cost reductions outpacing revenue declines - Arrow Home's operating cost was 2.001 billion yuan, leading the sector [1] Expense Efficiency - Jianlin Home was the only company to see an increase in sales, management, and R&D expenses year-on-year - Rietter reduced all three expense categories, while Huida Bathroom had the highest sales expense ratio at 11.8% - Songlin Technology had the highest management expense ratio at approximately 13.5% [1] Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, while the combined net profit/loss of the other five companies was only 165 million yuan - Jianlin Home also experienced the smallest decline in net profit compared to the first half of 2024 [1] Profit Quality - Only Arrow Home reported a net outflow in operating cash flow, while Songlin Technology, Jianlin Home, and Huida Bathroom saw a year-on-year decrease in net operating cash flow - Huida Bathroom had high accounts receivable and inventory turnover days, at 98 days and 160 days respectively, affected by the weak performance of upstream real estate companies [1]

Core Viewpoint - The domestic real estate market in China continues to face pressure in the first half of 2025, impacting related industries such as home furnishings and sanitary ware, with significant declines in investment, construction, and sales metrics [1][3]. Investment and Construction - Residential investment reached 3.58 trillion yuan, down 10.4% year-on-year - New residential construction area was 22.3 million square meters, a decrease of 19.6% - Completed residential area was 16.3 million square meters, down 15.5% [1]. Sales Performance - Residential sales area declined by 3.7% - New residential property sales amounted to 442 billion yuan, down 5.5%, with residential sales dropping by 5.2% [1]. Home Furnishing Industry Impact - The home furnishing industry is affected, but the implementation of trade-in subsidies for durable consumer goods since Q4 2024 has somewhat mitigated the downturn [1]. - In the first half of 2025, revenue for furniture manufacturing enterprises above designated size totaled 302.39 billion yuan, down 4.9%, while total profit fell by 23.1% to 10.64 billion yuan [1]. Financial Performance of Sanitary Ware Companies - Six listed sanitary ware companies reported a combined revenue of 10.076 billion yuan, down 9.5%, with a total net profit of 403 million yuan, compared to 681 million yuan in the same period of 2024 [1][3]. - Arrow Home led in revenue with 2.837 billion yuan, while Seagull Home reported a net loss of 26.06 million yuan, marking its first loss since 2009 [11]. Cost Control - Operating costs for sanitary ware companies generally decreased, with Arrow Home's costs at 2.001 billion yuan, 1.15 times that of the second-largest, Jianlin Home [4]. - Seagull Home's operating cost ratio was notably high at 87.1%, primarily due to geopolitical tensions affecting export costs [4]. Expense Efficiency - Jianlin Home was the only company to see increases in sales, management, and R&D expenses, while others like Ruierte reduced all three [7]. - Huida Sanitary had the highest sales expense ratio at 11.8% [7]. R&D Investment - R&D expense ratios for sanitary ware companies ranged from 3% to 5%, with Songlin Technology leading at 10.2% [8]. - Huida Sanitary's R&D expenses fell over 33% due to project fluctuations [8]. Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, the highest among peers, with a minimal decline of 8.0% year-on-year [11]. - Seagull Home's net profit margin was -2.4%, the lowest among the companies analyzed [11]. Cash Flow and Quality - Only Arrow Home reported a net outflow in operating cash flow, while others like Songlin Technology and Jianlin Home saw declines in cash flow net amounts [14]. - Huida Sanitary's accounts receivable and inventory turnover days were notably high, indicating potential liquidity issues [16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In H1 2025, the company achieved revenue of 2.837 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 28 million yuan, down 25% year-on-year. However, the net profit excluding non-recurring items increased by 6% year-on-year [2][6] - In Q2 2025, the company reported revenue of 1.787 billion yuan, a decrease of 9% year-on-year, with a net profit attributable to shareholders of 102 million yuan, down 21% year-on-year [2][6] - The company is focusing on retail transformation and expects improvements in gross margins, with Q2 2025 gross margin increasing by 1.2 percentage points to 29.7% [6] Revenue Analysis - The company’s revenue decline is attributed to industry downturn and intensified competition, with specific product categories showing varied performance: sanitary ceramics down 13.3%, faucets up 0.7%, bathroom furniture up 1.5%, bathtubs down 20.4%, and tiles down 10% [6] - The smart toilet segment showed resilience, with a 4.2% increase in revenue to 660 million yuan, accounting for approximately 23.3% of total revenue [6] - The company is actively promoting dealer retail growth, with dealer retail revenue increasing by 4% year-on-year, while e-commerce and engineering channels saw declines [6] Profitability Analysis - The improvement in gross margin is attributed to product mix optimization and cost reduction efforts, with the smart toilet's revenue share increasing [6] - The net profit margin for Q2 2025 decreased slightly, reflecting the impact of reduced revenue on expense ratios [6] Market Opportunities - The company is focusing on the existing housing market, leveraging product, channel, and service strategies to capture growth opportunities [6] - Despite challenges in the North American market, the company is expanding its international business in emerging markets [6] Retail Strategy - The company plans to enhance its retail strategy in response to government subsidy policies, which are expected to stimulate demand for bathroom products [6] - A significant expansion of the store sales enhancement project is anticipated in H2 2025, aiming to improve customer engagement and sales conversion [6] Financial Projections - The company forecasts net profits of 231 million yuan, 325 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 25, and 19 [6]