Investment Rating - The report assigns a Neutral rating to Arrow Home Group [7][8]. Core Views - The company reported 2024 total revenue and net profit of RMB 7.131 billion and RMB 67 million, respectively, reflecting a year-on-year decline of 7% and 84% [1]. - The management aims for a 10% year-on-year revenue growth in 2025, targeting a net profit of RMB 400 million, with retail channels expected to drive growth [2]. - Despite the anticipated support from the old-for-new policy, the report maintains a conservative outlook on the company's performance due to ongoing challenges in the real estate market and consumer confidence [3]. Financial Performance Summary - For 2024, total revenue is projected at RMB 7.131 billion, with a gross profit margin of 23.8% [6]. - The company experienced a net loss of RMB 73 million in Q1 2025, with a gross margin improvement to 27% [1]. - The report adjusts the earnings per share (EPS) forecast for 2025-2027, reflecting changes in performance expectations, with a new target price of RMB 6.3 [3][8]. Market and Competitive Landscape - Arrow Home Group is the leading domestic bathroom brand in China, particularly in the low-penetration smart toilet market [7]. - The management noted that approximately 60-70% of offline stores participated in the old-for-new policy, benefiting more from this initiative compared to online channels [2]. - The smart toilet segment is expected to recover, with sales prices stabilizing in Q1 2025 after a decline in previous periods [2].

Investment Rating - The investment rating for the company is maintained at "Hold" with a target price of 9.72 RMB [7][8]. Core Views - The company reported a revenue of 7.13 billion RMB and a net profit of 0.07 billion RMB for 2024, reflecting a year-on-year decline of 6.8% and 84.3% respectively. The net profit slightly exceeded the midpoint of the earnings forecast [1]. - In Q1 2025, the company’s revenue was 1.05 billion RMB, with a net loss of 0.07 billion RMB, showing a year-on-year decline of 7.5% but a narrowing of losses by 0.02 billion RMB. The improvement in gross margin is expected to drive demand recovery due to policies like "old-for-new" [4]. Summary by Sections Financial Performance - For 2024, the company’s revenue from various segments was as follows: sanitary ceramics 3.49 billion RMB, leading hardware 2.06 billion RMB, bathroom furniture 0.79 billion RMB, bathtubs and shower rooms 0.34 billion RMB, and tiles 0.29 billion RMB, with year-on-year changes of -6.6%, -1.8%, +2.4%, -11.5%, and -33.3% respectively. The sales of smart toilets reached 1.19 million units, generating 1.52 billion RMB in revenue, a year-on-year increase of 8.9% [2]. - The overall gross margin for 2024 was 25.2%, down 3.1 percentage points year-on-year, while Q4 gross margin was 22.8%, with a year-on-year decline of 3.2 percentage points [2]. Cost and Cash Flow - The company’s expense ratio for 2024 was 23.0%, up 1.9 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 8.0%, 9.2%, 5.2%, and 0.5% respectively [3]. - The operating cash flow for 2024 was 5.1 billion RMB, down 55.9% year-on-year, but improved to 10.1 billion RMB in Q4, up 45.9% year-on-year, mainly due to reduced operating expenses [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 0.35 billion RMB, 0.42 billion RMB, and 0.49 billion RMB, reflecting upward adjustments of 9% and 10% from previous estimates [5]. - The target price is set at 9.72 RMB based on a 27x PE for 2025, indicating a potential recovery in demand driven by the "old-for-new" policy and an increase in the share of smart products [5].

Investment Rating - The investment rating for the company is "Recommended" [1][3][12] Core Views - The company benefits from the old-for-new policy, leading to an improvement in gross margin year-on-year in Q1 [1][3] - The company's 2024 revenue is projected at 7.131 billion yuan, a decline of 6.8% year-on-year, with a net profit of 0.7 billion yuan, down 84.3% year-on-year [3][6] - In Q1 2025, the company achieved a revenue of 1.05 billion yuan, a decrease of 7.5% year-on-year, with a net loss of 0.7 billion yuan [3][6] Financial Performance Summary - Revenue for 2024 is expected to be 7.131 billion yuan, with a gross margin of 25.2%, down 3 percentage points year-on-year [6][10] - The net profit margin for 2024 is projected at 0.9%, with a return on equity (ROE) of 1.4% [10] - The company plans to distribute a cash dividend of 1.32 yuan per 10 shares for 2024 [3] Market and Product Insights - The company’s main products include sanitary ceramics, faucets, and bathroom furniture, with respective revenue contributions of 49%, 29%, and 11% in 2024 [7][8] - The sales of smart toilets reached 1.19 million units in 2024, an increase of 8.9% year-on-year, contributing 21.4% to the company's revenue [8] - The company has over 20,000 retail outlets as of the end of 2024, an increase from 17,567 at the end of 2023 [7] Future Outlook - The company aims to leverage the policy window to boost offline retail and mid-to-high-end product sales, with expectations for profit margin recovery in 2025 [7][8] - The projected net profits for 2025 and 2026 are 2.0 billion yuan and 3.1 billion yuan, respectively, with a P/E ratio of 40.3 times for 2025 [8][10]

Core Viewpoint - Arrow Home Group Co., Ltd. has disclosed its financial and operational information, ensuring the accuracy and completeness of its quarterly report and the upcoming annual shareholders' meeting [1][2][9]. Financial Data Summary - The company reported that its first-quarter report is not audited [8]. - As of March 31, 2025, the company has a total of 15,539,300 shares in its repurchase account, accounting for 1.60% of the total share capital [5]. - The total amount of funds raised through the public offering was RMB 1,225,008,675.56, with a net amount of RMB 1,155,872,901.90 after deducting related fees [30]. Shareholder Information - The company will hold its 2024 annual shareholders' meeting on May 13, 2025, with both on-site and online voting options available [9][10]. - The record date for shareholders to attend the meeting is May 6, 2025 [13]. - The meeting will include proposals that require the avoidance of related shareholders during voting [15][17]. Fund Management - As of December 31, 2024, the company has used RMB 726,838,333.08 of the raised funds for investment projects, with a remaining balance of RMB 325,238,343.53 in the special account [31][43]. - The company has established special accounts for managing the raised funds and has signed regulatory agreements with banks and underwriters to ensure proper management [32]. - The company has not used idle raised funds for temporary working capital or for cash management beyond the approved limits [35][39]. Other Important Matters - The company has extended the implementation period for certain investment projects to December 31, 2026, without changing the investment purposes or scales [44]. - The company has complied with all regulatory requirements regarding the management and disclosure of raised funds, with no violations reported [46].

Group 1: Financial Performance Overview - 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 continuous price declines, resulting in a gross margin drop of 3.01 percentage points [2] - The net profit decreased by 85.18% as a result of increased depreciation and amortization, along with a rise in expense ratio by 1.95 percentage points [2] - In Q1 2025, the operating revenue was 1.050 billion yuan, a year-on-year decline of 7.46%, primarily impacted by export and engineering businesses, although domestic retail channel revenue showed growth [2] Group 2: Revenue Breakdown - In 2024, retail store revenue was 2.789 billion yuan, down 5.54%; e-commerce revenue was 1.529 billion yuan, down 4.92%, with direct e-commerce growing by 3.21% [2] - Home decoration channel revenue reached 1.182 billion yuan, an increase of 3.25%; engineering channel revenue was 1.551 billion yuan, down 17.42% [2] - The company sold 1.1896 million smart toilets in 2024, an increase of 8.94%, with smart toilet revenue at 1.523 billion yuan, a decrease of 2.49% [2] Group 3: Future Outlook and Strategies - For 2025, the company aims for a 10% year-on-year revenue growth and a net profit target of 400 million yuan [2] - The company plans to drive growth through retail channel expansion, product and marketing strategies, and optimizing product sales structure to improve gross margin [2] - The implementation of national subsidy policies is expected to enhance sales and improve product sales structure, particularly for smart toilets [3]

证券代码：001322 证券简称：箭牌家居 公告编号：2025-023 箭牌家居集团股份有限公司 关于开展外汇衍生品套期保值交易业务的可行性分析 及申请交易额度的公告 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： 1、交易目的：为有效管理出口业务和相应衍生的外币借款所面临的汇率和 利率风险，结合资金管理要求和日常经营需要，箭牌家居集团股份有限公司及合 并报表范围内子公司（合称"公司"）拟开展外汇套期保值业务。 2、交易种类：公司拟开展外汇衍生品套期保值交易业务的类型包括但不限 于：远期结售汇、外汇掉期交易、外汇期权交易、利率掉期交易。 5、风险提示：在外汇衍生品套期保值交易业务开展过程中存在市场风险、 履约风险等，敬请广大投资者注意投资风险。 一、衍生品交易情况概述 （一）公司拟开展衍生品交易的背景及目的 随着公司国际化发展战略的推进，以及根据 2025 年公司业务发展规划，公 司产品出口海外市场的规模预计将进一步加大，出口业务主要采用美元等外币进 行结算，为防范汇率波动对公司经营业绩造成的影响；同时，为有效管理出口业 务相应衍生的外币借款所 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-029 重要内容提示： 投资种类：金融机构安全性高、流动性好的理财产品（包括但不限于结构性 存款、低风险理财等）。 投资金额：公司拟使用额度不超过人民币20,000.00万元（含本数）的部分 暂时闲置自有资金进行现金管理，前述现金管理额度由公司及子公司共享，使用 期限自董事会审议通过之日起12个月内有效。在上述额度及期限内，资金可以循 环滚动使用。 特别风险提示：公司本次现金管理所投资品种是金融机构安全性高、流动性 好的理财产品，但不排除该项投资受到市场波动等的影响，因此投资收益存在不 确定性，存在一定的投资风险。敬请投资者注意投资风险。 箭牌家居集团股份有限公司（以下简称"公司"或"箭牌家居"）于 2025 年 4 月 21 日召开第二届董事会第十六次会议、第二届监事会第十五次会议，审议 通过了《关于使用部分暂时闲置自有资金进行现金管理的议案》，本着股东利益 最大化原则，为提高自有资金使用效率，在确保公司日常运营和资金安全的情况 下，同意公司使用最高不超过人民币 20,000.00 万元（含本数）暂时闲置自有资 金进行现金管理，用于购买金融机构 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-030 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 公司的担保 ...

1、公司 2024 年度审计报告的审计意见为标准无保留意见； 2、本次聘任不涉及变更会计师事务所； 3、公司审计委员会、董事会对本次拟续聘会计师事务所不存在异议； 证券代码：001322 证券简称：箭牌家居 公告编号：2025-019 箭牌家居集团股份有限公司 关于续聘会计师事务所的公告 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。 特别提示： 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 4、本次续聘会计师事务所符合《国有企业、上市公司选聘会计师事务所管 理办法》的规定。 箭牌家居集团股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开 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《关于续 聘会计师事务所的议案》，拟续聘信永中和会计师事务所（特殊普通合伙）（以 下简称"信永中和"）为公司 2025 年度财务报告审计机构和内控审计机构。该 事项尚需提交公司股东大会审议。现将具体内容公告如下： 一、拟续聘 2025 年度会计师事务所的情况说明 信永中和会计师事务所（特殊普通合伙）具备从事证券、期货相关业 ...

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