证券代码：001322 证券简称：箭牌家居 公告编号：2025-046 箭牌家居集团股份有限公司 董事会关于募集资金 2025 年半年度存放、管理与使用情况的公告 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。 根据中国证券监督管理委员会《上市公司募集资金监管规则》以及《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《深圳证券交 易所上市公司自律监管指南第 2 号——公告格式》的相关规定，箭牌家居集团股 份有限公司（以下简称"公司" 或"箭牌家居"）董事会就募集资金 2025 年半年 度存放、管理与使用情况专项说明如下： 一、募集资金基本情况 （一） 募集资金金额及到位时间 经中国证券监督管理委员会《关于核准箭牌家居集团股份有限公司首次公开 发行股票的批复》 （证监许可[2022]1977 号）核准，箭牌家居集团股份有限公司 获准向社会公开发行人民币普通股股票（A股）96,609,517 股，每股面值人民币 1.00 元，每股发行价格为人民币 12.68 元，募集资金合计 1,225,008,675.56 元。根据公 司与主承销商、保 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-048 本公司及监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、监事会会议召开情况 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 8 月 8 日以电子邮件及电话通知的方式向全体监事发出了《关于召开第二届监 事会第十七次会议的通知》。2025 年 8 月 21 日，公司第二届监事会第十七次会 议（以下简称"本次会议"）以现场会议方式在佛山市顺德区箭牌总部大厦 23 楼会议室召开。本次会议应出席监事 3 名，实际出席监事 3 名，会议由监事会主 席霍志标先生主持，公司董事会秘书列席了本次会议。本次会议的召集和召开符 合《公司法》《公司章程》的有关规定，合法有效。 二、监事会会议审议情况 （一）审议通过了《2025 年半年度报告全文及摘要》 监事会认为：董事会编制和审核公司 2025 年半年度报告全文及摘要的程序 符合法律、行政法规的相关规定，报告内容真实、准确、完整地反映了公司的实 际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 箭牌家居集团股份有限公司 第二届监事会 ...

箭牌家居集团股份有限公司 第二届董事会第十八次会议决议公告 证券代码：001322 证券简称：箭牌家居 公告编号：2025-044 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 8 月 8 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 事会第十八次会议的通知》。2025 年 8 月 21 日，公司第二届董事会第十八次会 议（以下简称"本次会议"）以现场会议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《2025 年半年度报告全文及摘要》 表决情况：同意 9 票，反对 0 票，弃权 0 票。 该议案已经公司第二届董事会审计委员会第十六次会议一致审议通过后提 交 董 事 会 审 议 。 具 体 内 容 详 ...

2024年1至12月份，箭牌家居的营业收入构成为：制造业占比99.03%，其他业务占比0.97%。 箭牌家居（SZ 001322，收盘价：9.2元）8月21日晚间发布公告称，公司第二届第十八次董事会会议于 2025年8月21日在佛山市顺德区箭牌总部大厦23楼会议室召开。会议审议了《关于聘任财务总监的议 案》等文件。 （文章来源：每日经济新闻） ...

Group 1 - The company Arrow Home (SZ 001322, closing price: 9.2 yuan) announced on August 21 that Mr. Deng Qinghui has been appointed as the Chief Financial Officer after being nominated by the Chairman and General Manager Mr. Xie Yuerong and approved by the board's nomination and audit committees [2] - For the year 2024, Arrow Home's revenue composition is as follows: manufacturing accounts for 99.03% and other businesses account for 0.97% [2]

箭牌家居8月21日披露的半年报显示，公司上半年实现营业收入28.37亿元，同比下降8.12%；归属于上 市公司股东的净利润2844.14万元，同比下降25.15%；基本每股收益0.0299元。 ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides crucial disclaimers, the report's structural overview, and definitions of key terms for clarity [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, while also alerting investors to key risks - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[4](index=4&type=chunk) - The report alerts investors to major risks such as intensified market competition, real estate market fluctuations, slowing consumer demand, and raw material price volatility[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's nine main chapters and their page numbers, covering important notes, company profile, management discussion and analysis, corporate governance, significant matters, share changes and shareholder information, bond-related information, financial report, and other submitted data - The report comprises nine main chapters, covering various aspects of the company's operations, finance, governance, and significant matters[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, major shareholders, subsidiaries, the reporting period, and industry-specific terminology to ensure clear understanding - The definitions section clarifies terms such as "Arrow Home," "controlling shareholder," and industry-specific terms like "sanitary ceramics" and "smart toilet seats"[14](index=14&type=chunk)[15](index=15&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, contact details, and a summary of its key financial performance and position [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) The company's stock abbreviation is "Arrow Home," stock code 001322, listed on the Shenzhen Stock Exchange, with Xie Yuerong as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Arrow Home | | Stock Code | 001322 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Xie Yuerong | [II. Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) The company's Board Secretary is Yang Weihua, and the Securities Affairs Representative is Xiao Yanli, both located at Arrow Headquarters Building, No. 1 Chuangxing Road, Lecong Town, Shunde District, Foshan City, Guangdong Province, with provided phone, fax, and email Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Yang Weihua | Arrow Headquarters Building, No. 1 Chuangxing Road, Lecong Town, Shunde District, Foshan City, Guangdong Province | 0757-29964106 | 0757-29964107 | IR@arrowgroup.com.cn | | Securities Affairs Representative | Xiao Yanli | Arrow Headquarters Building, No. 1 Chuangxing Road, Lecong Town, Shunde District, Foshan City, Guangdong Province | 0757-29964106 | 0757-29964107 | IR@arrowgroup.com.cn | [III. Other Information](index=7&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's registered address, office address, website, email, or information disclosure and storage locations, with specific details available in the 2024 annual report - The company's contact information, information disclosure, and storage locations remained unchanged during the reporting period[19](index=19&type=chunk)[20](index=20&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 8.12% to **2.837 billion yuan**, and net profit attributable to shareholders decreased by 25.15% to **28.44 million yuan**, while net profit excluding non-recurring gains and losses increased by 6.33% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 2,837,104,503.51 | 3,087,920,811.39 | -8.12% | | Net Profit Attributable to Shareholders of the Listed Company (yuan) | 28,441,356.49 | 37,998,473.31 | -25.15% | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-Recurring Gains and Losses (yuan) | 14,287,475.07 | 13,437,268.33 | 6.33% | | Net Cash Flow from Operating Activities (yuan) | -518,689,686.48 | -590,704,474.02 | 12.19% | | Basic Earnings Per Share (yuan/share) | 0.0299 | 0.0394 | -24.11% | | Diluted Earnings Per Share (yuan/share) | 0.0299 | 0.0394 | -24.11% | | Weighted Average Return on Net Assets | 0.58% | 0.76% | -0.18% | | **End of Current Reporting Period** | **End of Prior Year** | **Change from End of Prior Year** | | | Total Assets (yuan) | 9,371,647,529.42 | 10,071,432,360.72 | -6.95% | | Net Assets Attributable to Shareholders of the Listed Company (yuan) | 4,723,958,860.26 | 4,869,494,164.66 | -2.99% | [V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between international or overseas accounting standards and Chinese accounting standards - The company reported no differences in accounting data under domestic and overseas accounting standards during the reporting period[23](index=23&type=chunk)[24](index=24&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **14.15 million yuan**, primarily from government subsidies, fair value changes in financial assets (dividends from an associate), and reversal of impairment provisions for receivables 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Disposal gains and losses of non-current assets | -321,307.19 | | | Government subsidies recognized in current profit or loss | 7,312,366.59 | | | Fair value changes and disposal gains/losses of financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 6,689,680.20 | Primarily dividends from the company's associate, Foshan Rural Commercial Bank | | Reversal of impairment provisions for receivables subject to separate impairment testing | 2,768,639.11 | | | Other non-operating income and expenses apart from the above | -1,764,830.02 | | | Less: Income tax impact | 530,667.27 | | | Total | 14,153,881.42 | | - The company does not classify non-recurring gains and losses items as recurring gains and losses[27](index=27&type=chunk) [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's business operations, industry trends, financial performance drivers, and risk factors [I. Company's Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company primarily engages in the R&D, production, and sales of ceramic sanitary ware products, categorized under "sanitary ceramic product manufacturing," facing challenges from real estate market fluctuations and intensified competition [(I) Industry Development in the First Half of 2025](index=10&type=section&id=%28I%29%20Industry%20Development%20in%20the%20First%20Half%20of%202025) In the first half of 2025, the ceramic sanitary ware industry saw a narrowing decline in the downstream real estate market and a release of existing demand, with "trade-in" policies and aging-in-place renovations becoming new growth engines - In the first half of 2025, national new commercial housing sales area decreased by **3.5%** year-on-year, and sales value decreased by **5.5%**, with the decline narrowing compared to the same period last year and the full year[31](index=31&type=chunk) - The company's revenue from retail, e-commerce, and home improvement channels combined accounted for **80.38%**, while engineering channels accounted for **19.62%**, forming a relatively balanced business distribution[32](index=32&type=chunk) - The "trade-in" policy continued to gain momentum, with total sales driven by trade-ins for 5 major categories of consumer goods, including home furnishings and electric bicycles, exceeding **1.6 trillion yuan** by the end of June 2025[35](index=35&type=chunk) - The market penetration rate of smart toilet seats increased to approximately **9.6%**, indicating tens of millions of units of growth potential compared to developed countries' 90% penetration rate[40](index=40&type=chunk) [(II) Company's Main Business, Products, and Uses](index=12&type=section&id=%28II%29%20Company%27s%20Main%20Business%2C%20Products%2C%

Group 1 - Jiangyin City Market Supervision Bureau conducted quality supervision and spot checks on 16 categories of products, including fertilizers, daily plastic products, children's clothing, and safety helmets in Q2 2025 [2] - The quality inspection results for sanitary ware products in Jiangyin City were summarized, indicating compliance for several tested products [2][3] - Specific companies such as Arrow Home Group, Jiumu Kitchen and Bath, and others were involved in the quality checks, with various product models and production dates listed [2][3] Group 2 - The inspection included products like integrated toilets, faucets, and other sanitary ware, with detailed results showing compliance for most items tested [2][3] - The report highlights the importance of market regulation and product quality assurance in maintaining consumer safety and trust [2]

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from increased infrastructure investment, with a notable focus on cement and glass fiber industries as key areas for growth [3][4] - The report highlights a potential recovery in cement prices due to supply-side discipline and government support for infrastructure projects [10][12] - The demand for construction materials is anticipated to improve as consumer confidence returns and government policies stimulate domestic consumption [13] Summary by Sections 1. Industry Overview - The construction materials sector has shown a 1.19% increase in the past week, underperforming compared to the Shanghai Composite Index which rose by 1.23% [3] - The report emphasizes the importance of government investment in infrastructure to stabilize demand in the sector [4] 2. Bulk Construction Materials Fundamentals 2.1 Cement - The national average price for high-standard cement is currently 339.7 CNY/ton, unchanged from last week but down 42.5 CNY/ton compared to the same period last year [3][17] - The average cement inventory level is at 67.4%, with an average shipment rate of 44.0%, indicating a slight decline in demand [24] - The report suggests that if self-discipline measures are effectively implemented, cement prices may begin to rise in late August [10][16] 2.2 Glass Fiber - The report notes a clear trend towards upgrading electronic glass fiber products, with high-end products expected to see increased market penetration [11] - The profitability of ordinary glass fiber remains resilient, supported by growth in domestic demand from sectors like wind power and thermal plastics [11] 2.3 Glass - The glass industry is expected to experience a supply-side contraction, which may improve the short-term supply-demand balance [12] - The report recommends focusing on leading companies in the glass sector that can leverage resource advantages and enjoy excess profits [12] 3. Renovation and Building Materials - The report highlights the potential for increased domestic demand for renovation materials due to government policies aimed at stimulating consumption [13] - It suggests that leading companies in the renovation materials sector are well-positioned to benefit from these trends, with many currently trading at low valuations [13][14]

Core Insights - The Chinese smart bathroom cabinet industry is experiencing rapid growth driven by advancements in IoT and AI technologies, as well as ongoing consumer upgrades [1][14] - The market size of the smart bathroom cabinet industry in China is projected to grow from 0.809 billion yuan in 2017 to 3.526 billion yuan in 2024, with a compound annual growth rate (CAGR) of 23.39% [1][14] - Factors such as the promotion of refined decoration policies, the release of old housing renovation demands, and consumption upgrades are expected to sustain the market's robust growth [1][14] Industry Overview - Smart bathroom cabinets integrate modern smart technologies, enhancing user convenience and comfort, and are primarily composed of smart mirror cabinets and smart basins [3] - Smart mirror cabinets feature functions like anti-fog, light adjustment, and radar sensing, while smart basins are designed for antibacterial and easy-clean properties [3][5] Industry Development Background - The continuous increase in per capita disposable income and consumer spending in China provides a solid economic foundation for the smart bathroom cabinet industry [7] - In 2024, the national per capita disposable income is expected to reach 41,300 yuan, with a year-on-year growth of 5.3% [7] Industry Chain - The upstream of the smart bathroom cabinet industry includes raw materials like ceramics, wood, and smart components, while the midstream involves manufacturing, and the downstream encompasses sales channels [9] Market Trends - Customization is becoming a significant trend, with products expected to offer personalized solutions based on user needs and preferences [24] - The industry is also moving towards personalization, with designs that blend Eastern aesthetics with modern minimalism, allowing for user-defined settings [25] Key Companies - Arrow Home Group Co., Ltd. reported a revenue of 789 million yuan from bathroom furniture in 2024, reflecting a year-on-year growth of 2.33% [20] - Diao Home Group Co., Ltd. achieved a revenue of 540 million yuan from its bathroom products in 2024, focusing on high-quality sanitary ware [22] Competitive Landscape - The smart bathroom cabinet industry features a tiered structure, with high-end foreign brands in the first tier, national brands like Arrow and Huida in the second tier, and regional brands in the third tier [17][18]