中信建投证券作为公司2021年非公开发行A股股票的保荐人，原指派牟思安先生和 蹇新华先生担任保荐代表人负责保荐工作及持续督导工作，持续督导期至2024年12月31 日止。因前述法定持续督导期届满后，中信建投证券暂未出具2024年度保荐工作报告、 保荐总结报告等相关文件，中信建投证券将就相关事项继续履行持续督导义务。现因牟 思安先生工作变动，不再担任公司持续督导的保荐代表人，为保证持续督导工作的有序 进行，中信建投证券委派魏尚骅先生接替牟思安先生担任公司保荐代表人，继续履行持 续督导职责。 证券代码：002043 证券简称：兔宝宝 公告编号：2025-004 德华兔宝宝装饰新材股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 本次保荐人代表变更后，公司2021年非公开发行A股股票持续督导保荐代表人为魏 尚骅先生和蹇新华先生。 公司对牟思安先生担任公司保荐代表人期间做出的贡献表示衷心的感谢！ 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）近日收到中信建投证券股 份有限公司（以下简称"中信建投证券"）出具的《关于变更 ...

Summary of the Conference Call Company Overview - The conference call primarily discusses **Chuangguo Company**, which operates in the **furniture board materials** industry, focusing on sales through a franchise model and environmental branding. Key Points and Arguments - **Core Growth Logic**: Chuangguo's growth is driven by **channel penetration and expansion**, achieving significant growth beyond industry averages. In 2023, the company reported revenues of **64 billion** CNY from basic board materials, accounting for **70%** of total revenue, while the whole-house customization business contributed approximately **1 billion** CNY, representing **6%-7%** of total revenue [3][4]. - **Business Model**: The company employs a **light asset OEM** model, resulting in a relatively low gross margin of **16%-24%**. However, brand strength and strict quality control mitigate risks and maintain a high **ROE** of **15%-20%** [4][5]. - **Competitive Advantage**: Chuangguo's competitive edge lies in its **environmental brand recognition**. Despite pressures in the real estate market, product prices and dealer profitability have remained stable, showcasing the brand's premium pricing ability [4][7][8]. - **Future Growth Drivers**: The company anticipates growth from expanding its **furniture factory channels** and penetrating **township markets**. Revenue growth is expected to exceed **10%** in 2025, with a high dividend yield projected to be over **6%** and a valuation below **10 times** earnings [4][11][21]. - **Financial Health**: Chuangguo maintains a robust financial position with ample cash flow, high asset turnover, and a strong capacity for sustained dividends. The controlling shareholder is actively repurchasing shares to increase ownership [4][22]. - **Challenges and Opportunities**: The Yifantang business faces impairment pressures, but with improved receivables management, the impairment amount is expected to decrease significantly in 2025, contributing positively to overall performance [4][20]. Additional Important Insights - **OEM Model Justification**: The choice of the OEM model is strategic, allowing for rapid channel expansion without the need for significant capital investment in production facilities. This approach has proven effective in managing quality and avoiding systemic risks [6]. - **Market Dynamics**: Despite a challenging real estate environment in 2024, Chuangguo's pricing and dealer profitability have remained stable, indicating strong brand resilience [8]. - **Channel Development**: The company is actively expanding its **furniture factory channels**, which have grown from **8%** in 2018 to **31%** in 2023, with expectations to exceed **35%** in 2024. This channel is seen as a key growth area due to the increasing demand for customized furniture [11][12]. - **Township Market Strategy**: Chuangguo has established over **700** new stores in township markets in 2023, with plans to add more than **1,000** stores annually, contributing an estimated **4-5%** to revenue growth each year [13][14]. - **Franchise Market Potential**: The franchise market is projected to generate around **30 billion** CNY in revenue, representing a potential **30%** increase in the company's current revenue base [15]. - **Valuation and Investment Appeal**: The company's current valuation is considered low, with a projected dividend yield exceeding **60%** based on 2025 forecasts, indicating strong investment potential [23]. - **Stability Factors**: Key factors supporting Chuangguo's stable development include channel expansion, new product launches, excellent cash flow, and a commitment to high dividends from the controlling shareholder [24].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 德华兔宝宝装饰新材股份有限公司第八届董事会第十二次会议于2025年1月8日以 书面或电子形式发出会议通知，于2025年1月13日以现场结合通讯方式召开。会议应出 席董事9名，实际出席董事9名。本次会议出席人数、召开程序、议事内容均符合《公司 法》和《公司章程》的规定。会议以投票表决的方式通过如下决议： 以赞成票9票，反对票0票，弃权票0票，审议通过了《关于质量回报双提升行动方 案的议案》。 为贯彻落实中央政治局会议提出的"要活跃资本市场、提振投资者信心"及国务院 常务会议指出的"要大力提升上市公司质量和投资价值，要采取更加有力有效措施，着 力稳市场、稳信心"的指导思想，结合中国证监会关于市值管理的相关意见，为维护公 司及全体股东利益，持续提升公司管理治理水平，促进公司长远健康可持续发展，公司 制定了"质量回报双提升"行动方案。 证券代码：002043 证券简称：兔宝宝 公告编号：2025-002 具体内容详见公司同日在《中国证券报》《证券时报》及巨潮资讯网上 （http://www.cninfo.com.cn）上 ...

Group 1 - A new company named Huzhou Rabbit Baby Home Decoration Co., Ltd. has been established, with Shen Yiqiang as the legal representative [1] - The company's business scope includes sales of household appliance parts, installation services for household appliances, sales of electrical equipment, and sales of lighting fixtures [1] - Huzhou Rabbit Baby Home Decoration Co., Ltd. is wholly owned by Rabbit Baby (002043) [1]

一、 股东股份解除质押的基本情况 | 股东 | 是否为第一大 股东及一致行 | 本次解除质 | 占其所 持股份 | 占公 司总 | 起始日 | 解除 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 押股数(股) | | 股本 | | 日期 | | | | 动人 | | 比例 | 比例 | | | | | 德华 集团 | 是 | 40,000,000 | 13.30% | 4.81% | 2023-8-2 | 2024-12-24 | 中国工商银行股 份有限公司德清 | | | | | | | | | 支行 | 二、 股东股份累计被质押的情况 截至公告披露日，控股股东及其一致行动人所持质押股份情况如下： 证券代码： 002043 证券简称： 兔宝宝 公告编号： 2024-056 德华兔宝宝装饰新材股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 德华兔宝宝装饰新材股份有限公司近日接到控股股东德华集团控股股份有限公司（以 下简称"德 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 德华兔宝宝装饰新材股份有限公司（以下简称"公司"）于 2024 年 12 月 7 日披露 《关于全资子公司购买股权投资合伙企业份额暨与专业机构共同投资的公告》（公告编 号：2024-054），公司全资子公司德华兔宝宝投资管理有限公司（以下简称"兔宝宝投 资公司"）以自有资金购买物产中大集团投资有限公司持有的嘉兴物源股权投资合伙企 业（有限合伙）（以下简称"嘉兴物源"或"合伙企业"）认缴出资人民币 1,030.00 万 元所对应的合伙企业 15.8706%的合伙份额。具体内容详见巨潮资讯网的相关公告。 近日，嘉兴物源已完成相关工商变更登记手续，并取得嘉兴市南湖区行政审批局换 发的《营业执照》，相关信息如下： 一、完成工商变更登记后的基本信息 名称：嘉兴物源股权投资合伙企业(有限合伙) 统一社会信用代码：91330402MABMRWTP0A 证券代码：002043 证券简称：兔宝宝 公告编号：2024- 055 德华兔宝宝装饰新材股份有限公司 关于全资子公司参与投资合伙企业完成工商变更登记的公告 主要经营场所：浙江省 ...

关于全资子公司购买股权投资合伙企业份额暨 证券代码：002043 证券简称：兔宝宝 公告编号：2024- 054 德华兔宝宝装饰新材股份有限公司 与专业机构共同投资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、交易概述 德华兔宝宝装饰新材股份有限公司（以下简称"公司"或"兔宝宝"）全资子公司 德华兔宝宝投资管理有限公司（以下简称"兔宝宝投资公司"）近日与物产中大集团投 资有限公司（以下简称"物产中大投资"）签署了《合伙企业份额转让协议》，兔宝宝 投资公司以自有资金购买物产中大投资持有的嘉兴物源股权投资合伙企业（有限合伙） （以下简称"嘉兴物源"或"合伙企业"）认缴出资人民币 1,030.00 万元所对应的合 伙企业 15.8706%的合伙份额，认缴出资已全部实缴，本次交易对价为人民币 12,290,502.79 元。 由于嘉兴物源的执行事务合伙人为甬上致善（宁波）私募基金管理合伙企业（有限 合伙）（以下简称"甬上致善"或"普通合伙人"），兔宝宝投资公司将签署《嘉兴物 源股权投资合伙企业（有限合伙）之合伙协议 》（以下简称"《合伙协议》"），形成 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 14.55 CNY over the next six months [1][3]. Core Insights - The company reported a total revenue of 64.6 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 12.8%. The net profit attributable to the parent company was 4.8 billion CNY, up 5.6% year-on-year. In the third quarter alone, revenue reached 25.6 billion CNY, a 3.6% increase year-on-year, with net profit soaring by 41.5% [3][15]. - The company is enhancing its channel competitiveness and expanding revenue sources through various initiatives, including the establishment of multiple operational centers and a focus on e-commerce platforms [3][15]. - The gross margin has decreased by 1.5 percentage points to 17.3% due to a decline in the real estate market and weak demand for renovation materials. However, the net profit margin has remained stable, with a slight increase in the non-recurring net profit margin [3][17]. - The company has a strong competitive advantage in high-end products, with a focus on brand building and product quality, supported by a robust distribution network of over 4,000 specialized stores nationwide [3][15]. Summary by Sections Financial Performance - For 2023A, the company reported a revenue of 90.63 billion CNY, with projections of 99.65 billion CNY for 2024E, 111.01 billion CNY for 2025E, and 124.61 billion CNY for 2026E, reflecting growth rates of 1.63%, 9.95%, 11.40%, and 12.25% respectively [2][21]. - The net profit attributable to the parent company for 2023A was 6.89 billion CNY, with forecasts of 6.69 billion CNY for 2024E, 8.03 billion CNY for 2025E, and 9.60 billion CNY for 2026E, indicating a growth rate of 54.79% in 2023A followed by a decline of 2.92% in 2024E and subsequent increases [2][21]. Market Position and Strategy - The company has established a comprehensive competitive advantage in the decorative materials industry, focusing on high-end brand development and maintaining a strong market reputation [3][15]. - The report highlights the company's strategic initiatives to penetrate lower-tier markets and expand its B-end customer base, which includes furniture manufacturers and home decoration companies [3][15]. Valuation and Future Outlook - The company is expected to maintain a stable earnings trajectory, with EPS projected at 0.80 CNY for 2024E, 0.97 CNY for 2025E, and 1.15 CNY for 2026E, corresponding to PE ratios of 15, 12, and 10 respectively [2][21]. - The report anticipates that the company will benefit from the recovery of the real estate market and the ongoing urban renewal initiatives, positioning it to capture significant market share as conditions improve [3][22].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a total revenue of 6.46 billion with a year-on-year increase of 12.8% and a net profit attributable to shareholders of 0.482 billion, reflecting a year-on-year growth of 5.5% [4][5]. - The third quarter alone saw a revenue of 2.556 billion, up 3.6% year-on-year, and a net profit of 0.238 billion, which is a significant increase of 41.5% year-on-year [4][5]. - The company continues to show stable profitability with a gross margin of 17.3% for the first three quarters, although it decreased by 1.5 percentage points year-on-year, primarily due to the impact of revenue recognition from AB [4][5]. - The company is actively expanding its distribution channels, particularly in the small B sector, which is expected to provide substantial growth momentum in the future [6][7]. Summary by Sections Financial Performance - For the first three quarters, the company reported a gross profit margin of 17.3%, with a net profit margin of 7.5%, down 0.5 percentage points year-on-year [4]. - The third quarter's gross margin was 17.1%, with a net profit margin of 9.3%, an increase of 2.5 percentage points year-on-year [5]. Growth Strategy - The company is focusing on channel expansion, particularly in traditional retail and small B channels, which have shown promising results in recent quarters [6]. - As of mid-2024, the company has partnered with over 20,000 custom furniture enterprises, increasing the share of revenue from furniture factory channels to approximately 36% [6]. Valuation - The company is considered undervalued with a projected net profit of 0.69 billion and 0.85 billion for 2024 and 2025, respectively, corresponding to a PE ratio of 15 and 12 times [7].

Investment Rating - The report assigns a rating of "Accumulate" to the company [3]. Core Views - The company reported a revenue of 6.464 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.79%, with a net profit attributable to shareholders of 482 million yuan, up 5.55% year-on-year [2]. - The growth in revenue is driven by rapid expansion in the furniture factory and rural channels, with the decorative materials business revenue reaching 5.366 billion yuan, a year-on-year increase of 17.65% [2]. - The company has improved its cost control, with a decrease in the expense ratio to 6.56%, down 1.86 percentage points year-on-year, primarily due to reduced management and financial expenses [2]. - The cash flow situation is healthy, with a net operating cash flow of 420 million yuan, although it reflects a decrease of 52% year-on-year due to increased cash payments for goods and services [2]. Summary by Sections Financial Performance - For Q3 alone, the company achieved a revenue of 2.556 billion yuan, a year-on-year increase of 3.56%, and a net profit of 238 million yuan, up 41.5% year-on-year [2]. - The company expects net profits for 2024-2026 to be 661 million, 795 million, and 908 million yuan respectively, with corresponding P/E ratios of 15.92, 13.25, and 11.60 [4]. Business Development - The furniture factory channel has seen significant growth, with retail distribution channel business accounting for approximately 49.7% of total sales, and the furniture factory channel's share rising from single digits in 2018 to 36.8% [2]. - The company has opened 1,001 new stores in rural areas in the first three quarters, enhancing customer value and profit through supplementary sales [2]. Future Outlook - The report expresses optimism about the company's channel expansion, particularly in the context of increasing demand for small B and C-end markets and renovation needs [2].