Core Viewpoint - The company indicates that multiple local governments have introduced trade-in subsidy programs, which are expected to boost consumer demand for new products, particularly through online platforms due to their relative convenience in participating in these subsidy policies [1] Group 1: Government Policies and Consumer Demand - The implementation of trade-in subsidy policies is anticipated to accelerate the growth of replacement consumption demand, especially in online sales channels [1] - Offline store demand is also expected to benefit from these policies, although there may be a delay in the transmission of sales from distributors to the company [1] Group 2: Sales Structure and Product Penetration - The current online sales situation suggests that the subsidy policies will positively impact the improvement of product sales structure and the penetration rate of smart toilets [1] Group 3: E-commerce and Market Opportunities - The company plans to continue increasing its investment in new e-commerce channels to further promote the development of its e-commerce business [1] - In the engineering channel, the company will focus on exploring opportunities in niche markets such as education, healthcare institutions, enterprises, hotels, and government projects while strictly controlling accounts receivable risks [1]

Group 1: Policy Impact on Sales and Market Dynamics - The implementation of the old-for-new subsidy policy has positively influenced sales growth and the penetration rate of smart toilets, with online platforms showing quicker demand response due to the convenience of subsidy participation [1] - The policy is expected to enhance the sales structure and improve the penetration rate of smart toilets, leading to a more favorable competitive landscape in the industry [1] - The old-for-new subsidy policy will promote industry standardization and increase market concentration, stimulating continuous replacement demand and consumption growth [1] Group 2: Future Strategies and Market Expansion - The company plans to enhance resource investment in overseas markets, focusing on developed countries and Belt and Road Initiative countries, with tailored market strategies for different regions [2] - The company aims to deepen its presence on e-commerce platforms like Tmall and JD.com, optimizing product categories and structures to boost e-commerce channel development [2] - In the engineering channel, the company will explore opportunities in education, healthcare, corporate, hotel, and government projects while strictly controlling receivable risks [2]

Group 1: Policy Impact on Sales and Market Dynamics - The implementation of the old-for-new subsidy policy is expected to enhance sales and improve the penetration rate of smart toilets, with online platforms showing quicker growth in replacement consumption demand due to their convenience in participating in subsidy policies [1] - The policy is anticipated to positively influence the sales structure of products and the overall market demand, although there may be a delay in the transmission of sales from dealers to the company [1] - The old-for-new subsidy policy will further standardize industry participants, increase industry concentration, and stimulate consumer demand for replacements, leading to sustained growth in replacement business and consumption [1] Group 2: Company Strategies and Initiatives - The company plans to continuously monitor policies and actively collaborate with offline and online stores to seize growth opportunities presented by these policies [2] - The company will enhance the renewal service capabilities of dealers by providing comprehensive training and support, covering everything from basic to professional renovation services [2] - To improve profitability, the company aims to optimize product sales structure, refine cost-reduction measures for various categories, and enhance promotional policies to boost gross margins [2]

Group 1: Policy Impact on Sales - The implementation of the old-for-new subsidy policy has positively influenced company sales, with online platforms showing quicker growth in replacement consumption demand due to easier participation in subsidy programs [1] - The policy is expected to enhance industry competition and concentration, stimulating consumer demand for upgrades and promoting sustainable consumption growth [1] Group 2: Service Enhancement for Old-for-New Business - The company is enhancing its old-for-new business by providing comprehensive training and support to dealers, improving their capabilities in dismantling, installation, and renovation services [2] - A one-stop service model ("delivery + dismantling + installation") is being developed to meet the increasing demand for home upgrades and renovations [2] Group 3: Export Market Strategy - The company plans to strengthen its investment in overseas markets, focusing on developed countries and Belt and Road Initiative countries, with tailored market strategies for different regions [2] - Collaboration with local dealers and brand partnerships will be pursued to accelerate the growth of overseas markets [2] Group 4: Industry Standards and Competition - The mandatory certification for electronic toilets will take effect on July 1, 2025, with the company being one of the first to obtain the CCC certification [2] - The establishment of stricter industry standards is expected to lead to a competitive shakeout, increasing industry concentration by eliminating smaller players [2]

中信证券股份有限公司 关于箭牌家居集团股份有限公司 2024年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）根据《深圳 证券交易所上市公司自律监管指引第 13 号——保荐业务》对箭牌家居集团股份 有限公司（以下简称"箭牌家居"、"公司"）进行了 2024 年度持续督导培训，报 告如下： 一、本次持续督导培训的基本情况 （一）保荐机构：中信证券股份有限公司 （二）保荐代表人：杨锐彬、史松祥 （六）培训人员：杨锐彬 （七）培训对象：公司董事、监事、高级管理人员、中层以上管理人员及控 股股东相关人员 （八）培训内容：本次培训重点介绍了董监高职责、董监高股份买卖、内幕 交易信息管理、对外担保、关联交易、募集资金使用、并购新规等事项及规范运 作要求，加深了公司董事、监事、高级管理人员对相关法律法规、信息披露、内 部控制要求的理解。 二、上市公司的配合情况 保荐机构本次持续督导培训的工作过程中，公司积极予以配合，保证了培训 工作的有序进行，达到了良好效果。 （三）协办人：陈皓 （四）培训时间：2024 年 10 月 24 日 （五）培训地点：广东省佛山市顺德区乐从镇 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2024-059 箭牌家居集团股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 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。 箭牌家居集团股份有限公司（以下简称"公司"或者"箭牌家居"）于 2024 年 10 月 24 日召开第二届董事会第十四次会议及第二届监事会第十三次会议，审 议通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司在 确保不影响募集资金投资项目正常进行和募集资金安全的前提下，使用额度不超 过人民币 3.48 亿元（含本数）的部分暂时闲置募集资金进行现金管理，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一年内有效。 在上述额度及期限内，资金可以循环滚动使用。具体内容详见公司于 2024 年 10 月 25 日在巨潮资讯网（http://www.cninfo.com.cn）等指定信息披露媒体披露的 《关于使用部分暂时闲置募集资金进行现金管理的公告》等相关公告。 公司募投项目实施主体、公司全资子公司佛山市乐华恒业厨卫有限公司（以 下简称" ...

[ T able_StockInfo] 2024 年 10 月 25 日 证券研究报告•2024 年三季报点评 持有 （维持） 当前价：9.18 元 箭牌家居（001322）轻工制造 目标价：——元（6 个月） 收入降幅收窄，智能化产品增长韧性较强 [Table_Summary 业绩摘要：公司发布 ] 2024年三季报，2024前三季度公司实现营收 48.3亿元， 同比-8.5%；实现归母净利润 3199.2万元，同比-88.9%；实现扣非净利润 102.2 万元，同比-99.6%。单季度来看，Q3公司实现营收 17.4亿元，同比-5.6％；实 现归母净利润-600.6万元，同比-105.2%；实现扣非后归母净利润-1241.6万元， 同比-111.1%。Q3 收入降幅收窄，利润仍有承压。 收入降幅环比收窄，盈利能力承压。报告期内，公司前三季度毛利率为 26.4%， 同比-3pp，主要由于终端需求较弱，产品价格持续下滑。费用率方面，公司总 费用率为 24.4%，同比+2.4pp，其中销售费用率/管理费用率/财务费用率/研发 费用率分别为 7.4%/10.7%/0.7%/5.6%，同比-1.1pp/+1.6pp ...

证券简称： 箭牌家居 证券代码：001322 箭牌家居集团股份有限公司投资者关系活动记录表 编号：2024-017 | --- | --- | --- | |-------------------------|----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券代码：001322 证券简称：箭牌家居 公告编号：2024-058 箭牌家居集团股份有限公司 关于股份回购结果暨股份变动的公告 2023 年 11 月 29 日，公司通过股份回购专用证券账户以集中竞价交易方式 首次回购公司股份，具体内容详见公司于 2023 年 11 月 30 日在巨潮资讯网 （http://www.cninfo.com.cn）等指定信息披露媒体的《关于以集中竞价交易方式 首次回购公司股份的公告》。回购实施期间，公司按照相关规定于每个月的前三 个交易日内披露截至上月末公司的回购进展情况，且在回购股份占公司总股本的 比例每增加百分之一时于三个交易日内披露了回购进展情况，具体内容详见公司 在巨潮资讯网（http://www.cninfo.com.cn）等指定信息披露媒体披露的相关公告。 截至 2024 年 10 月 25 日，本次回购公司股份方案已实施完毕。本次回购实 际回购时间为 2023 年 11 月 29 日至 2024 年 10 月 25 日，公司以集中竞价方式累 计回购股份 12,502,300 股，占公司目前总股本的 1.2908%，最高成交价为 12.56 元/股，最低成交价为 ...

证券简称： 箭牌家居 证券代码：001322 箭牌家居集团股份有限公司投资者关系活动记录表 编号：2024-016 | --- | --- | --- | |-------------------------|----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...