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] - Focus on internal management reforms to reduce costs and improve gross margins [1] Group 2: Retail Channel Development - The company is committed to deepening retail store channels to ensure stable business growth and profitability [2] - A multi-channel marketing system will be developed, covering retail, e-commerce, home decoration, and engineering [2] - Improvements in retail channels will include product structure adjustments and refined operational management [2] Group 3: Internal Management Optimization - Introduction of DSTE strategic management processes and integrated product development (IPD) systems to enhance lifecycle product management [2] - Strengthening operational efficiency across various product categories to respond quickly to market demands [2] Group 4: Impact of Trade-in Subsidy Policy - The trade-in subsidy policy has stimulated home furnishing consumption, with online platforms showing quicker demand growth [2] - The policy positively affects product sales structure and the penetration rate of smart toilets [2] - It also promotes industry standardization and enhances industry concentration [2] Group 5: Equity Incentive Planning - The company completed its first phase of share repurchase in 2024 and has recently initiated another repurchase plan for equity incentive or employee stock ownership plans [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.18 CNY [5]. Core Views - The company is expected to benefit from the implementation of the 2025 subsidy policy, which is anticipated to stimulate consumer demand and enhance industry concentration, particularly benefiting leading companies [4]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 0.6 billion, 1.3 billion, and 1.6 billion CNY respectively, reflecting a significant decrease in 2024 due to market conditions [4]. - The company is actively engaging with local subsidy policies and enhancing its product planning and sales structure to capitalize on growth opportunities [3]. Financial Performance Summary - The company forecasts a revenue of 23.2 billion CNY for Q4 2024, a year-on-year decrease of 2.2%, and an annual revenue of 71.5 billion CNY for 2024, down 6.5% from the previous year [1]. - The expected gross margin for 2024 is approximately 26.28%, a decline of about 2.06 percentage points year-on-year, influenced by increased competition and product pricing [1]. - The company's net profit for 2024 is projected to be between 0.5 billion and 0.7 billion CNY, representing a year-on-year decrease of 84%-88% [1]. Market and Industry Insights - The implementation of the "old-for-new" consumption policy has led to a slight improvement in sales for smart toilets in Q4 2024, as these products are key beneficiaries of the subsidy [2]. - The company is focusing on enhancing its participation in subsidy programs and improving its sales channels, both online and offline, to better meet consumer demand [3]. - The report highlights the importance of regulatory compliance and product certification in driving industry standards and concentration [3].

Financial Projections - The estimated net profit attributable to shareholders for 2024 is projected to be between 50 million and 70 million yuan, representing a decline of approximately 83.52% to 88.23% compared to the previous year's profit of 424.64 million yuan[3]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 20 million and 30 million yuan, a decrease of about 92.34% to 94.90% from the previous year's profit of 391.85 million yuan[3]. - The estimated basic earnings per share for 2024 is projected to be between 0.0521 yuan and 0.0729 yuan, down from 0.44 yuan per share in the previous year[3]. - The company's estimated revenue for 2024 is approximately 7.149 billion yuan, reflecting a year-on-year decrease of about 6.52% due to intensified competition in the bathroom industry[5]. - The gross profit margin for 2024 is expected to be around 26.28%, a decline of approximately 2.06% compared to the previous year[6]. Strategic Plans - The company plans to enhance product planning capabilities, optimize sales structure, and accelerate new product launches and store upgrades in 2025[6]. - The company aims to deepen market penetration and expand overseas exports while improving its omnichannel layout[6]. - The company will focus on leveraging the consumption upgrade policy to capture growth opportunities and accelerate internal management reforms to enhance profitability[6]. Financial Data Disclaimer - The financial data presented is preliminary and has not been audited, with the final figures to be disclosed in the annual report on April 22, 2025[7]. - Investors are advised to be aware of investment risks associated with the preliminary financial data[7].

证券代码：001322 证券简称：箭牌家居 公告编号：2025-004 二、董事会公告回购股份决议的前一个交易日（即 2025 年 1 月 6 日）前 | 序 | 股东名称 | 持股数量（股） | 占公司总股本 | | --- | --- | --- | --- | | 号 | | | 比例 | | 1 | 珠海岙恒股权投资合伙企业（有限合伙） | 24,245,846 | 2.50% | | 2 | 共青城乐华嘉悦投资合伙企业（有限合伙） | 12,731,110 | 1.31% | | 3 | 箭牌家居集团股份有限公司回购专用证券账户 | 12,502,300 | 1.29% | | 4 | 中国农业银行股份有限公司－工银瑞信创新动力 | 6,660,000 | 0.69% | | | 股票型证券投资基金 | | | | 5 | 深圳市创新投资集团有限公司 | 6,657,721 | 0.69% | | 6 | 西藏红星喜兆企业管理有限公司 | 4,116,758 | 0.43% | | 7 | 中国建设银行股份有限公司－华泰柏瑞富利灵活 | 2,286,700 | 0.24% | | | 配置混合型证券 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-005 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回购报告书 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。 重要内容提示： 1、本次回购方案已经箭牌家居集团股份有限公司（以下简称"公司"）于 2025 年 1 月 6 日召开的第二届董事会第十五次会议和第二届监事会第十四次会 议审议通过。根据《公司章程》规定，本次回购股份事项属于公司董事会权限， 无需提交公司股东大会审议。 2、本次拟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，本次回购股份的资金总额不低于 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 ...

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方案暨取得回购专项 贷款承诺函的公告 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。 重要内容提示： 箭牌家居集团股份有限公司（以下简称"公司"）拟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部分社会公众股份，本次回购股份将用于实 施股权激励计划或员工持股计划。 1、回购资金总额：回购的资金总额不低于人民币 5,000 万元（含），不超 过人民币 10,000 万元（含），具体回购金额以回购实施完成时实际回购的金额 为准。 2、回购资金来源：自有资金及回购专项贷款。 证券代码：001322 证券简称：箭牌家居 公告编号：2025-002 3、回购价格：不超过人民币 12.62 元/股（含本数，不超过董事会审议通过 本次回购股份决议前 30 个交易日公司股票交易均价的 150%）。如公司在回购股 份期间发生资本公积转增股本、派发股票或现金红利、股票拆细、缩股、配股及 其他除权除息事项的，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。 4、回购数 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-001 箭牌家居集团股份有限公司 第二届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 1 2、回购股份符合相关条件 本次公司回购股份符合《上市公司股份回购规则》（中国证券监督管理委员 会公告〔2023〕63 号）第八条、《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》第十条的相关规定，符合《关于设立股票回购增持再贷款有关事 宜的通知》中上市公司回购股票的基本条件，且不是已被实施退市风险警示的公 司： （1）公司股票上市已满六个月； （2）公司最近一年无重大违法行为； 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 1 月 6 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 事会第十五次会议的通知》。2025 年 1 月 6 日，公司第二届董事会第十五次会 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 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-003 箭牌家居集团股份有限公司 第二届监事会第十四次会议决议公告 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 本次公司回购股份符合《上市公司股份回购规则》（中国证券监督管理委员 会公告〔2023〕63 号）第八条、《深圳证券交易所上市公司自律监管指引第 9 号 ——回购股份》第十条的相关规定，符合《关于设立股票回购增持再贷款有关事 宜的通知》中上市公司回购股票的基本条件，且不是已被实施退市风险警示的公 司： 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 1 月 6 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 事会第十四次会议的通知》。2025 年 1 月 6 日，公司第二届监事会第十四次会 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，公司董事会秘书等列席了本次会议。本次会议的召集和召开符 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2024-060 箭牌家居集团股份有限公司 关于变更持续督导保荐代表人的公告 本次变更不影响中信证券对公司的持续督导工作，公司董事会对杨锐彬先生 在公司首次公开发行股票并上市及持续督导期间所做出的贡献表示衷心感谢！ 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"）于近日收到保荐人中信证券 股份有限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的函》。公 司首次公开发行股票并上市项目正处于持续督导期间，持续督导期间为 2022 年 10 月 26 日至 2024 年 12 月 31 日，该项目持续督导的保荐代表人为中信证券的 杨锐彬先生、史松祥先生。 由于原保荐代表人杨锐彬先生因个人原因不再担任该项目的保荐代表人，为 保证持续督导工作的有序进行，中信证券现委派保荐代表人邱斯晨先生（简历见 附件）接替工作，担任公司的保荐代表人，继续履行持续督导职责。本次保荐代 表人变更后，公司首次公开发行股票并上市持续督导项目的保荐代表人为史松祥 先生和邱斯晨先生，持续督导期 ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1][7]. Core Views - The company is focusing on promoting its old-for-new business model through multiple dimensions, including product development, channel expansion, and service enhancement [6]. - The sales of light smart toilets have shown significant growth, while full smart toilets have performed relatively weakly due to cautious consumer spending [2][3]. - The company has adjusted its earnings forecast for 2024-2026, expecting EPS of 0.1 yuan, 0.1 yuan, and 0.2 yuan respectively, with corresponding P/E ratios of 73X, 60X, and 50X [4]. Financial Performance Summary - For the first three quarters of 2024, the company's gross margin was 26.42%, a decrease of 3 percentage points year-on-year, primarily due to a slowdown in consumer demand and declining product prices [1]. - The company's revenue for Q3 2024 was 1.7 billion yuan, a decrease of 5.6% year-on-year, while the net profit attributable to the parent company was -0.06 billion yuan, down 105% [5]. - The total revenue for the first three quarters of 2024 was 4.8 billion yuan, a decrease of 8% year-on-year, with a net profit of 0.3 billion yuan, down 89% [5]. Product and Service Development - The company is committed to developing both light smart and full smart toilets, aiming to meet the increasing demand for high-quality living standards and benefiting from government policies and consumer stimulus measures [3]. - The company is enhancing its service capabilities for distributors, providing comprehensive training and support for renovation services, which includes installation and removal services [4].