证券日报网讯 12月18日晚间，箭牌家居（001322）发布公告称，公司及全资子公司不存在对合并报表 外单位提供担保情况，不存在逾期担保、涉及诉讼的对外担保及因担保被判决败诉而应承担损失的情 形。 ...

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 2025 年 4 月 21 日 召开的第二届董事会第十六次会议、2025 年 5 月 13 日召开的 2024 年度股东大会审议通过了 《关于 2025 年度向银行申请综合授信并提供担保的议案》，鉴于公司与众多大型商业银行长 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 2025 年度拟向银行申请总额为 680,400.00 万元（敞口为 559,700.00 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 680,400.00 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 。 有 关 详 细 情 况 请 参 见 公 司 于 2025 年 4 月 22 日 ...

证券代码：001322 证券简称：箭牌家居 公告编号：2025-072 近日，公司收到第三届董事会独立董事候选人杨玉成先生的通知，获悉其已 按照相关规定参加了上市公司独立董事培训，并取得了《上市公司独立董事培训 证明》（证书编号：D2025051039）。 特此公告。 箭牌家居集团股份有限公司 董事会 2025 年 12 月 19 日 箭牌家居集团股份有限公司 关于独立董事候选人取得独立董事培训证明的公告 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"公司"）于 2025 年 12 月 9 日召开 公司第二届董事会第二十二次会议，审议通过了《关于董事会换届及提名第三届 董事会独立董事候选人的议案》，提名杨玉成先生为公司第三届董事会独立董事 候选人，并拟提交将于 2025 年 12 月 25 日召开的公司 2025 年第二次临时股东会 审议。 截至公司 2025 年第二次临时股东会通知发出之日即 2025 年 12 月 10 日，杨 玉成先生尚未取得独立董事资格证书。根据深圳证券交易所的相关规定，杨玉成 先生已书面承诺将参加 ...

12月9日，由中国建材市场协会指导、卫浴新闻主办的2025世界卫浴大会在佛山盛大启幕。被誉为行 业"奥斯卡"的2025年度"中国家居力量榜"现场揭晓，箭牌卫浴不仅夺得行业唯一"商用公共空间领先标 杆奖"，更将"年度影响力品牌"、"年度消费者喜爱品牌"、"年度技术领先企业"及"人气产品奖-洁净大师 P50智能座便器"悉数收入囊中，以五奖加身的亮眼成绩，彰显头部品牌的绝对领导力。 2025年度 影响力品牌 and and the lates of the lates ARROW 2025世界卫浴大会 2025年度 消费者喜爱品牌 ARROW 2025世界卫浴大会 2025年度 人气产品奖 ARROW 箭 牌 卫 浴 2025世界 P P P P A S A 特别值得一提的是，2025 年白云机场 T3 全面启用箭牌智慧卫浴系统，从如厕到盥洗全流程覆盖，以智 能、便利、舒适的体验，为千万旅客打造优质中转空间；厚塘庄园携手箭牌推进的"心远计划"第二期， 则将智感科技与自然场景融合，打造出能疗愈身心的卫浴环境。 በ - 1 - 0 & E e B ren 5,21 & the first and 5 and 2 == ...

Core Insights - The strategic dialogue between Arrow Home Group and Juran Home Group marks a shift towards user-centered ecological integration, aiming to provide comprehensive bathroom solutions for Chinese families by 2026 [1][4]. Group 1: Strategic Collaboration - The partnership between Arrow Home and Juran Home has evolved from traditional channel collaboration to a focus on ecological integration centered around user needs and smart scenarios [1][4]. - The signing of the 2026 strategic cooperation agreement signifies a commitment to deepen collaboration in product and service offerings [1][11]. Group 2: Market Trends and Innovations - Arrow Home emphasizes the importance of product quality, delivery experience, and user service in navigating the current complex market environment [7]. - The company is committed to continuous innovation in product design and smart manufacturing, enhancing its core competitiveness in the customized bathroom segment [7][8]. Group 3: User-Centric Product Development - Arrow Home aligns with Juran Home's "explosive product strategy," focusing on data empowerment and traffic concentration to drive product and sales engines [8]. - The company aims to create "explosive products" through deep insights into user life scenarios, integrating advanced technology and human care into product design [8][10]. Group 4: Future Directions - The collaboration will focus on four key areas: deep integration of products and scenarios, full-chain marketing and user operations, data-driven and lean operations, and co-building service standards [11][12]. - Arrow Home believes that the relationship between manufacturing and platform companies is evolving into a value co-creation ecosystem, which is essential for high-quality development in the home and bathroom industry [12].

Core Viewpoint - The recent personnel changes in multiple listed companies within the home building materials sector reflect a strategic response to market dynamics, aiming to enhance internal governance and prepare for future growth [1] Group 1: Personnel Appointments - Beixin Building Materials appointed Xu Qian as Vice General Manager, emphasizing his dual experience in party building and corporate governance [2] - Tutu Co. appointed Sun Mingyang as President to enhance operational management in line with strategic development needs [3][6] - Qisheng Technology completed a board restructuring, appointing Huang Xiaowei as Chairman and General Manager, indicating a focus on governance and business advancement [10][12] Group 2: Governance Structure Optimization - PIANO elected Ma Lizhen as an employee representative director, reflecting a commitment to governance structure improvement and employee participation [7][9] - Bull Group's adjustment of board members, including the election of an employee representative director, aims to optimize board composition and enhance decision-making [16][18] - Arrow Home initiated a board restructuring process, nominating new candidates for the upcoming shareholder meeting, marking a significant leadership change in the industry [19] Group 3: Management Team Dynamics - The trend of appointing younger executives, such as those born in the 1980s, is evident in companies like Beixin Building Materials and Tutu Co., combining professional backgrounds with practical management experience [20] - The dual role of Chairman and General Manager at Qisheng Technology is expected to improve decision-making efficiency and support strategic focus in the smart home sector [20] Group 4: Strategic Adjustments - The personnel changes across these companies are not merely routine but reflect proactive measures to modernize governance, professionalize teams, and clarify strategic directions in response to macroeconomic and competitive pressures [20]

Core Insights - The central economic work conference emphasizes stabilizing the real estate market and combating "involution" in competition, aiming to promote the construction of "good houses" and accelerate the establishment of a new model for real estate development [6][15] - The report suggests that the cement, glass, and certain consumer building materials industries may see continued optimization in supply-side dynamics, leading to increased concentration and improved profitability [6][15] Consumer Building Materials - The consumer building materials sector is experiencing a recovery in retail due to high demand for second-hand housing and supportive subsidy policies, with leading companies showing strong operational resilience [6][31] - Long-term demand stability and increasing industry concentration provide significant growth potential for quality leading companies in the consumer building materials sector [6][31] - Key companies to watch include Sanke Tree, Rabbit Baby, Hanhai Group, Dongfang Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, and others [6][31] Cement - National cement market prices increased by 0.05% week-on-week, with the average price at 355 RMB/ton as of December 12, 2025, reflecting a year-on-year decrease of 69.17% [6][31] - The report anticipates that cement prices will maintain a slight fluctuation in the future, with industry valuations at historical lows, highlighting companies like Huaxin Cement, Conch Cement, and others for potential investment [6][31] Glass - Float glass prices are showing mixed trends, while photovoltaic glass inventories continue to rise, with the average price of float glass at 1156 RMB/ton, down 1.0% month-on-month and 18.0% year-on-year [6][31] - The report indicates that leading glass companies have low valuations and suggests focusing on Qibin Group, Xinyi Solar, and others for investment opportunities [6][31] Fiberglass/Carbon-based Composites - The market for fiberglass is stable, with direct yarn prices holding steady, while electronic yarn prices have stabilized after previous increases [6][31] - The report identifies leading companies in the fiberglass sector, including China Jushi and others, as having a significant competitive edge [6][31] Market Data and Trends - The report notes that the consumer building materials sector has seen a year-on-year revenue decline of 4.2% in the first three quarters of 2025, with a notable improvement in revenue growth rates for leading companies [33][34] - The profitability of the consumer building materials sector is stabilizing, with net profit margins hovering at the bottom, indicating potential for recovery as market conditions improve [34][41]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

Group 1: Market Strategy and Competition - The company will focus on retail channel construction as the core strategy for 2026, enhancing refined operational management to boost retail channel growth [1] - The implementation of a dual-driven approach in product and marketing aims to optimize product sales structure and improve gross margin [1] - Continuous internal management reform and cost reduction efforts are expected to enhance operational quality and reduce expense ratios [1] Group 2: Product Development and Collaboration - The company is advancing cooperation with Hongmeng Smart Selection to promote new products like smart bath heaters and showers through online and offline channels [1] - Leveraging the ecological resources of the Hongmeng platform will enhance internal operational capabilities in product planning, development, and launch processes [1] Group 3: International Market Expansion - The company has experienced a decline in overseas revenue this year but plans to continue its international strategy with differentiated market approaches [2] - Establishing partnerships with local distributors and expanding offline store layouts in key overseas markets are part of the strategy [2] - The company is also focusing on online sales through major overseas e-commerce platforms and brand collaborations to drive international business growth [2] - Despite a decrease in export revenue to the North American market, there has been significant revenue growth in markets outside North America [2]

Core Views - The building materials sector slightly underperformed the overall A-share market in 2025, with a return of 19.62% compared to a -4.85% excess return relative to the Wind All A Index [2][10] - The macro outlook suggests that total policies are expected to strengthen, with physical demand support likely to increase, as emphasized in the December Politburo meeting [2][15][20] - The glass fiber industry is anticipated to see a resonance between traditional and emerging fields, with demand growth expected to remain stable despite a potential slowdown [2][23][45] 2025 Market Review - The building materials sector's performance can be segmented into several phases, with notable periods of underperformance and outperformance against the A-share market [10][12] - The glass fiber sub-sector showed significant excess returns driven by high demand in wind power and thermoplastics [10][12] - The cement sub-sector experienced a boost due to improved domestic demand expectations and effective supply-side discipline [10][12] Macro Outlook - Fixed asset investment in China saw a year-on-year decline of 1.7% from January to October 2025, with infrastructure and real estate investments dropping by 0.1% and 14.7%, respectively [15][19] - The Politburo's focus on expanding domestic demand and optimizing supply is expected to lead to a moderate increase in total policies [15][20] - The anticipated fiscal spending for 2026 is projected to reach 41.62 trillion yuan, a 2.1% increase year-on-year, with a focus on effective investment [20][21] Glass Fiber Industry - The supply shock in the glass fiber industry is gradually being digested, with new capacity expected to be limited in the medium term [23][39] - The effective production capacity for glass fiber is projected to reach 759.2 million tons for roving and 107.7 million tons for electronic fabrics in 2026, representing year-on-year increases of 6.9% and 7.3%, respectively [23][40] - Demand for glass fiber is expected to remain stable, supported by wind power and thermoplastics, despite potential declines in growth rates [45][46] Cement Industry - The cement industry is expected to maintain self-discipline in supply, with a focus on eliminating outdated capacity, which will support profitability [3][20] - The exit of 10,952 million tons of outdated capacity is projected, which will enhance the utilization rate of clinker capacity [3][20] - The profitability of the cement sector is expected to improve in 2026, particularly in regions with significant infrastructure projects [3][20] Glass Industry - The glass industry is experiencing accelerated supply clearance, which is expected to provide price elasticity in 2026 [2][3] - The current state of losses in the industry is likely to drive the closure of high-cost production lines, leading to a potential rebound in prices in the first half of 2026 [2][3] - Long-term policies aimed at curbing disorderly competition are expected to stabilize industry profitability and enhance the competitive advantage of leading companies [2][3]