Core Viewpoint - Arrow Home Group Co., Ltd. has approved a proposal to repurchase and cancel 1,434,290 restricted stocks from the 2023 incentive plan, which will reduce the total share capital from 968,597,250 shares to 967,162,960 shares [1][2]. Group 1 - The repurchase and cancellation of restricted stocks will lead to a decrease in the company's registered capital from 968,597,250 yuan to 967,162,960 yuan [1][2]. - Creditors have the right to request debt repayment or corresponding guarantees within 30 days of receiving the company's notice, or within 45 days from the announcement date if no notice is received [2]. - If creditors do not raise objections within the specified period, the repurchase and cancellation will proceed according to legal procedures [2]. Group 2 - Creditors can submit their claims in person or by mail, with the submission period running from May 14, 2025, to 45 days after the announcement [2]. - Required materials for claim submission include original and photocopies of contracts or agreements proving the existence of the debt relationship, along with identification documents for both corporate and individual creditors [2]. - Contact information for claims includes a designated contact person, phone number, fax number, and email address for inquiries [3].

北京市中伦（深圳）律师事务所 关于箭牌家居集团股份有限公司 2024 年度股东大会的 法律意见书 二〇二五年五月 北京市中伦（深圳）律师事务所 关于箭牌家居集团股份有限公司 2024 年度股东大会的 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东 会规则》（下称"《股东会规则》"）和《箭牌家居集团股份有限公司章程》（下 称"《公司章程》"）的规定，北京市中伦（深圳）律师事务所（下称"本所"） 接受箭牌家居集团股份有限公司（下称"公司"）的委托，指派律师出席公司 2024 年度股东大会（下称"本次股东大会"），并就本次股东大会的召集和召 开程序、召集人资格、出席和列席会议人员资格、表决程序及表决结果等事宜发 表法律意见。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及公司 2024 年度股东大会所涉及的事实，严格履行了法定职责，遵循了勤勉尽责和诚 实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大 遗漏，并承担相 ...

特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过决议的情形。 箭牌家居集团股份有限公司（以下简称"公司"）已于 2025 年 5 月 13 日以 现场投票与网络投票表决相结合的方式召开了 2024 年度股东大会（以下简称"本 次会议"或"本次股东大会"）。现将本次股东大会的召开与决议等情况公告如 下： 一、会议召开和出席情况 （一）会议召开情况 证券代码：001322 证券简称：箭牌家居 公告编号：2025-032 箭牌家居集团股份有限公司 2024 年度股东大会决议公告 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。 1、会议召开时间 （1）现场会议开始时间：2025 年 5 月 13 日（星期二）下午 15:00 （2）网络投票时间：2025 年 5 月 13 日。其中，通过深圳证券交易所互联网 投票系统投票的具体时间为 2025 年 5 月 13 日 9:15-15:00；通过深圳证券交易所 交易系统进行网络投票的具体时间为 2025 年 5 月 13 日 9:15-9:25，9:30-11:30 和 13 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-033 箭牌家居集团股份有限公司 关于回购注销部分限制性股票通知债权人的公告 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。 箭牌家居集团股份有限公司（以下简称"箭牌家居"或"公司"）于 2025 年 4 月 21 日分别召开第二届董事会第十六次会议和第二届监事会第十五次会议审 议通过了《关于回购注销 2023 年限制性股票激励计划部分限制性股票的议案》， 拟回购注销已获授但未解除限售的 1,434,290 股限制性股票。具体内容详见公司 2025 年 4 月 22 日披露于巨潮资讯网（http://www.cninfo.com.cn）等指定信息 披露媒体上的《关于回购注销 2023 年限制性股票激励计划部分限制性股票的公 告》。公司于 2025 年 5 月 13 日召开的 2024 年度股东大会审议通过了上述事项。 本次回购注销完成后，公司总股本将由 968,597,250 股减少至 967,162,960 股； 公司注册资本将由 968,597,250 元减少至 967,162,960 元。 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 11.06 CNY, while the current stock price is 8.51 CNY [5]. Core Views - The company is actively promoting a trade-in program, which is expected to stimulate demand. The implementation of national subsidy policies is anticipated to further catalyze demand, especially with the upcoming 3C certification for smart toilets [3][10]. - The company has shown a significant improvement in gross margin in Q1 2025, reaching 29.02%, an increase of 4.62 percentage points year-on-year, attributed to the positive impact of national subsidy policies on product sales structure [4][10]. Revenue and Profitability - In 2024, the company reported a revenue of 7.131 billion CNY, a year-on-year decrease of 6.76%, and a net profit of 67 million CNY, down 84.28% year-on-year. The first quarter of 2025 saw a revenue of 1.050 billion CNY, a decline of 7.46% year-on-year, with a net loss of 73 million CNY [1][10]. - The company’s gross margin for 2024 was 25.24%, down 3.09 percentage points year-on-year, while the gross margin for Q1 2025 improved significantly [4][10]. Product and Channel Performance - Revenue from various product categories in 2024 showed mixed results, with sanitary ceramics and faucets declining by 6.6% and 1.82% respectively, while bathroom furniture and accessories saw an increase of 2.38% [2]. - The company’s distribution model revenue in 2024 was 6.062 billion CNY, a decrease of 7.62% year-on-year, while the direct sales model revenue was 1.001 billion CNY, down 3.49% [3]. International Expansion - The company achieved overseas revenue of 309 million CNY in 2024, marking a substantial increase of 137.73% year-on-year, as it continues to pursue internationalization and diversify its market presence [3]. Financial Forecast - The company is projected to achieve revenues of 7.568 billion CNY, 8.177 billion CNY, and 9.027 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 289 million CNY, 385 million CNY, and 501 million CNY [10][11].

Core Viewpoint - Arrow Home's performance in 2024 showed a significant decline, with net profit falling below 100 million yuan for the first time since 2018, attributed to intensified industry competition and increased depreciation expenses [1][2] Financial Performance - In 2024, Arrow Home reported operating revenue of 7.131 billion yuan and a net profit of 66.77 million yuan, representing year-on-year declines of 6.76% and 84.28% respectively [2] - The company's gross margin decreased by 3.24 percentage points in 2024 due to price declines and increased expenses [2] - The net cash flow from operating activities for 2024 was 514 million yuan, with distributable profits amounting to 733 million yuan by the end of 2024 [6] Dividend Policy - Despite the poor performance in 2024, Arrow Home proposed a cash dividend of 1.32 yuan per 10 shares, totaling approximately 126 million yuan, which is 1.88 times the net profit for the year [4][5] - The dividend payout ratio for 2024 is notably higher than the 30% ratio seen in 2022 and 2023 [4] Business Strategy - Arrow Home plans to focus on retail channels in 2025, aiming for a 10% year-on-year revenue growth and a net profit target of 400 million yuan [1] - The company is leveraging the "old-for-new" subsidy policy to stimulate home consumption, which has positively impacted its home decoration channel sales [3][7] Market Trends - The home decoration channel has become a key area for revenue growth, with a 3.25% year-on-year increase in sales for this segment in 2024 [3] - The company is adapting to market changes and consumer behavior shifts, particularly in the context of the real estate market transitioning to a stock housing era [3][8] Product Performance - In Q1 2025, Arrow Home's revenue was 1.05 billion yuan, down 7.46% year-on-year, but the net loss narrowed significantly [7] - The company reported a 4.62 percentage point increase in gross margin in Q1 2025, indicating improved product profitability [7] - The demand for smart bathroom products, particularly smart toilets, is expected to grow, with the company focusing on enhancing product competitiveness [8]

Investment Rating - The investment rating for the home furnishing sector is "Positive" [2] Core Insights - The report highlights that the national subsidy policy has begun to show effects, leading to a convergence in revenue decline and a differentiation in profitability within the industry. The real estate sector has gradually reached its bottom after a year of adjustment, with new home transactions stabilizing and second-hand home transactions recovering. The home decoration market is expected to maintain a "442" structure in 2024, with new homes accounting for 40%, existing homes for 40%, and second-hand homes for 20% [2][9] - Leading companies in the home furnishing sector are transitioning from store expansion to refined operations, focusing on cost reduction and exploring new market opportunities such as home renovation and e-commerce. For instance, Oppein has encouraged dealers to consolidate resources and close inefficient stores, significantly reducing various assessment indicators to focus on market advantages [2][3][9] Industry Overview - The national subsidy policy has normalized, positively impacting domestic sales. In Q4 2024, leading companies like Kuka and Zhijia showed revenue growth, with Kuka's domestic sales increasing by approximately 12.9% year-on-year in Q1 2025. The report anticipates that orders and revenues for leading companies will see tangible growth starting from Q2 2025 [3][10] - In terms of exports, companies like Kuka and Oppein are expected to maintain double-digit growth in overseas sales, with Oppein establishing a solid sales network in 146 countries and regions, achieving a revenue increase of 34.4% in overseas channels in 2024 [4][11] Segment Analysis - The core categories, particularly cabinets and wardrobes, are showing signs of recovery, with supporting categories also improving. Leading companies are actively implementing whole-home strategies and enhancing scene-based designs. For example, Oppein is building a more comprehensive supply chain system for home products and renovation materials [5][6] - The report notes that the profitability of leading companies is diverging, with Oppein achieving a gross margin of 34.3% in Q1 2025, while others like Zhijia experienced a decline in gross margin due to internal reforms and channel subsidies [7][9] Sales Channels - Retail channels are recovering first, while bulk channels are under pressure, with a general decline of over 20% in Q1 2025. The report indicates that the performance of single stores has improved, with leading companies like Oppein and Zhijia reporting year-on-year revenue increases of 10% and 43%, respectively [6][9]

Financial Performance - In 2024, the company's operating revenue was 7.131 billion yuan, a year-on-year decrease of 6.76% due to intensified industry competition and declining product prices, resulting in a gross margin drop of 3.01 percentage points [6] - The net profit for 2024 decreased by 85.18% [6] - In Q1 2025, the operating revenue was 1.050 billion yuan, a year-on-year decline of 7.46%, primarily affected by export and engineering business [7] - The gross margin in Q1 2025 increased by 4.62 percentage points compared to the previous year, indicating improved operational quality [7] Dividend Policy - The company emphasizes cash dividends as a key method of returning value to investors, with a proposed cash dividend of 1.32 yuan per 10 shares for 2024, totaling approximately 126 million yuan [3] - As of March 2025, the company had repurchased 15.5393 million shares, accounting for 1.6043% of the total share capital, with a total repurchase amount of 124.9592 million yuan [12] Market Strategy - The company plans to implement a dual-driven strategy of product and marketing in 2025, focusing on enhancing product planning and creating flagship products [5] - The company aims to optimize its product sales structure and leverage national subsidy policies to improve sales performance [5] R&D and Innovation - In 2024, the company invested 371.7231 million yuan in R&D, accounting for 5.21% of its operating revenue, with a year-on-year increase of 8.84% [8] - The company submitted 739 patent applications in 2024, including 194 invention patents, and received 491 new patent authorizations [8] Industry Outlook - The home furnishing industry faces short-term challenges due to ongoing adjustments in the real estate market and changes in consumer demand, but high-quality home products, especially smart home products, still present long-term growth opportunities [6] - The company aims to deepen its focus on the bathroom space and smart home products, aligning with the trend of upgrading home living standards [6] Cost Control Measures - The company plans to enhance self-production of key components to reduce external procurement costs and optimize production processes to improve efficiency [9] - Measures will be taken to control sales expenses and improve the return on investment (ROI) of marketing expenditures [9] International Expansion - The company is accelerating its international strategy, focusing on emerging markets along the "Belt and Road" initiative and RCEP regions [11] - It aims to establish partnerships with local distributors to enhance its overseas market presence [11] Online Marketing Strategy - The company is expanding its presence on emerging platforms like Douyin and Xiaohongshu, enhancing its online marketing strategies to meet consumer demands [11]

Core Viewpoint - Arrow Home's performance in 2024 showed a significant decline, with revenue and net profit dropping compared to previous years, attributed to intensified industry competition and increased depreciation expenses [1][4][6] Financial Performance - In 2024, Arrow Home reported operating revenue of 7.131 billion yuan, a year-on-year decrease of 6.76%, and a net profit of 66.77 million yuan, down 84.28% [4] - The company's gross profit margin decreased by 3.24 percentage points due to ongoing price declines in products and increased expenses [4] - Despite the overall decline, the fourth quarter saw a revenue spike to approximately 2.3 billion yuan, aided by the "old-for-new" consumption policy [4][5] Business Channels - The home decoration channel was one of the few areas with revenue growth, achieving 1.182 billion yuan in annual revenue, up 3.25% [4][5] - Retail channels are a focus for the company, aiming to enhance customer traffic, retention rates, and average transaction values [1][5] - E-commerce and engineering channels experienced revenue declines of 4.92% and 17.42%, respectively [5] Dividend Policy - Arrow Home proposed a cash dividend of 1.32 yuan per 10 shares, totaling approximately 126 million yuan, which is 1.88 times the net profit for 2024 [6][7] - The decision to maintain high dividends despite poor performance raised questions, but the company stated it has a solid financial position and sufficient distributable profits [6][7] Market Trends - The "old-for-new" policy is expected to influence consumer behavior positively, shifting the focus from new home purchases to renovations and upgrades [5][9] - The demand for smart bathroom products, particularly smart toilets, is anticipated to grow, despite current price competition in the market [8][9]

Market Overview - The Shanghai Composite Index closed at 3328.43 points, above the six-month moving average, with an increase of 0.37% [1] - The total trading volume of A-shares reached 12152.25 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 144 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - JinHao Medical: 26.73% - SuAo Sensor: 19.75% - HuaWu Co., Ltd.: 17.98% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Aerospace Intelligent Manufacturing - Changqing Technology - China Merchants Highway [1] Performance of Selected Stocks - JinHao Medical: Today's increase of 29.96% with a turnover rate of 23.69% [1] - SuAo Sensor: Increased by 20.05% with a turnover rate of 8.96% [1] - HuaWu Co., Ltd.: Increased by 19.94% with a turnover rate of 20.89% [1] Additional Notable Stocks - Other stocks with notable performance include: - JiuDing Investment: 9.97% increase, 7.73% turnover rate - Arrow Home: 10.02% increase, 8.27% turnover rate - Construction Industry: 10.01% increase, 13.40% turnover rate [1]