Core Viewpoint - Arrow Home Group held an online investor meeting to discuss its mid-year performance and future strategies, emphasizing its commitment to enhancing retail channels and investor communication [1][2]. Group 1: Meeting Information - The investor meeting took place on September 19, 2025, from 15:30 to 17:00 via the P5W investor relations platform [2]. - Key personnel present included Chairman and General Manager Xie Yuerong, Independent Director Rao Pinggui, Vice General Manager and Board Secretary Yang Weihua, and Financial Director Deng Qinghui [2]. Group 2: Key Highlights - Arrow Home is not currently investing in IP economy but is engaging in brand promotion and public welfare activities with IP characteristics, such as customized marketing campaigns in historical cities [3]. - The company acknowledged that its stock price is influenced by various factors, with long-term value determined by core competitiveness. It plans to focus on retail channel development and enhance store efficiency [4]. - Arrow Home has initiated multiple share buyback programs to boost investor confidence, with a total of 19.175 million shares repurchased, accounting for 1.9826% of total share capital, and a total expenditure of approximately 99.97 million yuan [4].

Group 1: Company Initiatives and Marketing Strategies - The company has not yet entered the IP economy but has engaged in city-specific marketing events that exhibit IP characteristics, such as "长安相箭" in Xi'an and "京城相箭" in Beijing, integrating smart products with local cultural elements [1] - The "Arrow Brand Ze Plan" has launched various public welfare initiatives like "I Plant a Hair for the Earth" and "Let Love Start Bathing," aiming to innovate in public welfare practices and encourage community involvement [2] Group 2: Financial Performance and Investor Confidence - The company's stock price has consistently remained below the issue price, with a noticeable decline in performance; however, the company emphasizes its long-term value driven by core competitiveness and innovation [2] - In the second half of 2025, the company plans to focus on retail channel development and aims to enhance store efficiency through a comprehensive rollout of its store effectiveness project [2] Group 3: Share Buyback Programs - The company has implemented multiple share buyback plans, with a total of 12.50 million shares repurchased for approximately 99.97 million yuan as of October 25, 2024 [3] - As of August 2025, the cumulative share buyback reached 19.18 million shares, accounting for 1.98% of the total share capital, with a total expenditure of 154.95 million yuan [3] Group 4: Communication and Transparency - The company is committed to enhancing communication with investors and improving the quality and transparency of information disclosure to foster a deeper understanding of its true value and strategic direction [4]

证券代码：001322 证券简称：箭牌家居 公告编号：2025-050 箭牌家居集团股份有限公司 关于参加 2025 年广东辖区投资者集体接待日 暨辖区上市公司中报业绩说明会的公告 特此公告！ 箭牌家居集团股份有限公司董事会 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。 为进一步加强与投资者的互动交流，箭牌家居集团股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会与深圳市全景网络有限公司 联合举办的"向新提质 价值领航——2025 年广东辖区投资者集体接待日暨辖区 上市公司中报业绩说明会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，活动时间为 2025 年 9 月 19 日（周五） 15:30-17:00。投资者可登录"全景路演"网站（http://rs.p5w.net），或关注 微信公众号"全景财经"，或下载全景路演 APP,参与本次互动交流。 届时公司董事长、总经理谢岳荣先生，副总经理、董事会秘书杨伟华先生， 财务总监邓庆慧先生将在线就 2025 年半年度业绩、公司治理、发展战略、经营 状况和可持续发展等投资者关心的问 ...

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of a subsidy policy for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - Six listed bathroom product companies reported a total revenue of 10.076 billion yuan, a year-on-year decrease of 9.5% - Arrow Home ranked first with a revenue of 2.837 billion yuan, surpassing the second-ranked Jianlin Home by approximately 451 million yuan - Rietter's revenue fell significantly by 19.5% to 920 million yuan compared to the first half of 2024 [1] Cost Control - Operating costs for bathroom product companies generally decreased due to business contraction, with Arrow Home and Jianlin Home's cost reductions outpacing revenue declines - Arrow Home's operating cost was 2.001 billion yuan, leading the sector [1] Expense Efficiency - Jianlin Home was the only company to see an increase in sales, management, and R&D expenses year-on-year - Rietter reduced all three expense categories, while Huida Bathroom had the highest sales expense ratio at 11.8% - Songlin Technology had the highest management expense ratio at approximately 13.5% [1] Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, while the combined net profit/loss of the other five companies was only 165 million yuan - Jianlin Home also experienced the smallest decline in net profit compared to the first half of 2024 [1] Profit Quality - Only Arrow Home reported a net outflow in operating cash flow, while Songlin Technology, Jianlin Home, and Huida Bathroom saw a year-on-year decrease in net operating cash flow - Huida Bathroom had high accounts receivable and inventory turnover days, at 98 days and 160 days respectively, affected by the weak performance of upstream real estate companies [1]

Core Viewpoint - The domestic real estate market in China continues to face pressure in the first half of 2025, impacting related industries such as home furnishings and sanitary ware, with significant declines in investment, construction, and sales metrics [1][3]. Investment and Construction - Residential investment reached 3.58 trillion yuan, down 10.4% year-on-year - New residential construction area was 22.3 million square meters, a decrease of 19.6% - Completed residential area was 16.3 million square meters, down 15.5% [1]. Sales Performance - Residential sales area declined by 3.7% - New residential property sales amounted to 442 billion yuan, down 5.5%, with residential sales dropping by 5.2% [1]. Home Furnishing Industry Impact - The home furnishing industry is affected, but the implementation of trade-in subsidies for durable consumer goods since Q4 2024 has somewhat mitigated the downturn [1]. - In the first half of 2025, revenue for furniture manufacturing enterprises above designated size totaled 302.39 billion yuan, down 4.9%, while total profit fell by 23.1% to 10.64 billion yuan [1]. Financial Performance of Sanitary Ware Companies - Six listed sanitary ware companies reported a combined revenue of 10.076 billion yuan, down 9.5%, with a total net profit of 403 million yuan, compared to 681 million yuan in the same period of 2024 [1][3]. - Arrow Home led in revenue with 2.837 billion yuan, while Seagull Home reported a net loss of 26.06 million yuan, marking its first loss since 2009 [11]. Cost Control - Operating costs for sanitary ware companies generally decreased, with Arrow Home's costs at 2.001 billion yuan, 1.15 times that of the second-largest, Jianlin Home [4]. - Seagull Home's operating cost ratio was notably high at 87.1%, primarily due to geopolitical tensions affecting export costs [4]. Expense Efficiency - Jianlin Home was the only company to see increases in sales, management, and R&D expenses, while others like Ruierte reduced all three [7]. - Huida Sanitary had the highest sales expense ratio at 11.8% [7]. R&D Investment - R&D expense ratios for sanitary ware companies ranged from 3% to 5%, with Songlin Technology leading at 10.2% [8]. - Huida Sanitary's R&D expenses fell over 33% due to project fluctuations [8]. Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, the highest among peers, with a minimal decline of 8.0% year-on-year [11]. - Seagull Home's net profit margin was -2.4%, the lowest among the companies analyzed [11]. Cash Flow and Quality - Only Arrow Home reported a net outflow in operating cash flow, while others like Songlin Technology and Jianlin Home saw declines in cash flow net amounts [14]. - Huida Sanitary's accounts receivable and inventory turnover days were notably high, indicating potential liquidity issues [16].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In H1 2025, the company achieved revenue of 2.837 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 28 million yuan, down 25% year-on-year. However, the net profit excluding non-recurring items increased by 6% year-on-year [2][6] - In Q2 2025, the company reported revenue of 1.787 billion yuan, a decrease of 9% year-on-year, with a net profit attributable to shareholders of 102 million yuan, down 21% year-on-year [2][6] - The company is focusing on retail transformation and expects improvements in gross margins, with Q2 2025 gross margin increasing by 1.2 percentage points to 29.7% [6] Revenue Analysis - The company’s revenue decline is attributed to industry downturn and intensified competition, with specific product categories showing varied performance: sanitary ceramics down 13.3%, faucets up 0.7%, bathroom furniture up 1.5%, bathtubs down 20.4%, and tiles down 10% [6] - The smart toilet segment showed resilience, with a 4.2% increase in revenue to 660 million yuan, accounting for approximately 23.3% of total revenue [6] - The company is actively promoting dealer retail growth, with dealer retail revenue increasing by 4% year-on-year, while e-commerce and engineering channels saw declines [6] Profitability Analysis - The improvement in gross margin is attributed to product mix optimization and cost reduction efforts, with the smart toilet's revenue share increasing [6] - The net profit margin for Q2 2025 decreased slightly, reflecting the impact of reduced revenue on expense ratios [6] Market Opportunities - The company is focusing on the existing housing market, leveraging product, channel, and service strategies to capture growth opportunities [6] - Despite challenges in the North American market, the company is expanding its international business in emerging markets [6] Retail Strategy - The company plans to enhance its retail strategy in response to government subsidy policies, which are expected to stimulate demand for bathroom products [6] - A significant expansion of the store sales enhancement project is anticipated in H2 2025, aiming to improve customer engagement and sales conversion [6] Financial Projections - The company forecasts net profits of 231 million yuan, 325 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 25, and 19 [6]

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 a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Core Viewpoint - The company has approved a share buyback plan using its own funds and special loans, aiming to repurchase a portion of its publicly issued A-shares for employee incentive programs, with a total buyback amount between RMB 50 million and RMB 100 million [2] Group 1: Buyback Plan Details - The buyback plan was approved on January 6, 2025, with a maximum repurchase price set at RMB 12.62 per share, later adjusted to RMB 12.49 per share after the annual equity distribution on May 22, 2025 [2][3] - The estimated number of shares to be repurchased at the upper limit of RMB 100 million is approximately 8,006,405 shares, representing about 0.8278% of the total share capital of 967,162,960 shares [2] - At the lower limit of RMB 50 million, the estimated number of shares is approximately 4,003,202 shares, accounting for about 0.4139% of the total share capital [2] Group 2: Buyback Progress - As of the end of August 2025, the company has repurchased a total of 6,672,700 shares, which is 0.6899% of the total share capital, with a total transaction amount of RMB 54,987,767, excluding transaction fees [3] - The highest transaction price during the buyback was RMB 8.82 per share, while the lowest was RMB 7.46 per share [3] Group 3: Compliance and Regulations - The company has adhered to relevant regulations during the buyback process, ensuring that repurchases did not occur during periods that could significantly impact the stock price [4][5] - The buyback transactions comply with the requirements set forth by the Shenzhen Stock Exchange and the China Securities Regulatory Commission [6]

Summary of Key Points - The company, Arrow Home (001322.SZ), announced a share buyback program, having repurchased a total of 6.6727 million shares as of August 31, 2025, which represents 0.6899% of its total share capital of 967,162,960 shares [1] - The highest transaction price for the repurchased shares was RMB 8.82 per share, while the lowest transaction price was RMB 7.46 per share [1] - The total amount spent on the share buyback reached RMB 54.9878 million, excluding transaction fees [1]

证券代码：001322 证券简称：箭牌家居 公告编号：2025-049 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"）于 2025 年 1 月 6 日召开第 二届董事会第十五次会议、第二届监事会第十四次会议审议通过了《关于以集中 竞价交易方式回购公司股份方案的议案》，同意公司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，用于实施股权激励计划或员工持股计划。本次回购股份的种类为公司发行的 人民币普通股（A 股），回购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）。根据 上述回购公司股份方案，如公司在回购股份期间发生派发现金红利等除权除息事 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。2025 年 5 月 22 日，公司 2024 年年度权益分 ...