证券代码：002293 证券简称：罗莱生活 公告编号：2025-026 2、自公司2024年年度利润分配方案披露至实施期间，公司股本总额未发生 变化。 3、本次实施的分配方案与股东会审议通过的分配方案一致。 4、本次实施的分配方案距离股东会审议通过的时间未超过两个月。 二、权益分派方案 本公司2024年年度权益分派方案为：以公司现有总股本834,092,481股为基 数，向全体股东每10股派4.000000元人民币现金（含税；扣税后，通过深股通持 有股份的香港市场投资者、境外机构（含QFII、RQFII）以及持有首发前限售股 的个人和证券投资基金每10股派3.600000元；持有首发后限售股、股权激励限售 股及无限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人 所得税，待个人转让股票时，根据其持股期限计算应纳税额【注】；持有首发后 限售股、股权激励限售股及无限售流通股的证券投资基金所涉红利税，对香港投 罗莱生活科技股份有限公司 2024年年度权益分派实施公告 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、误导性陈述或者重大遗漏。 一、股东会审议通过的权益分派方案情况 ...

Group 1: Industry Insights - The home textile industry is benefiting from a 15% national subsidy on top of the 618 promotional discounts, which can be combined for consumer savings [1] - The national subsidy policy for home textiles is currently limited in scope, with only a few provinces participating, indicating potential for expansion [1][2] - The home textile sector is expected to improve sales due to the stabilization of the real estate market and supportive subsidy policies [1] Group 2: Brand Performance - Mercury Home Textile shows significant advantages on Douyin, with three products eligible for national subsidies across all ten surveyed cities [2] - Fuanna has a competitive edge on JD.com, while Luolai maintains a balanced distribution of national subsidies across various platforms and cities [2] - The current national subsidy policy primarily focuses on bedding sets, with limited coverage for popular products like memory foam pillows [2] Group 3: Market Trends - In April, U.S. apparel retail sales grew by 3.6% year-on-year, but the growth rate has slowed compared to March [3] - The Consumer Price Index (CPI) for apparel in the U.S. decreased by 0.7% in April, contrasting with a 0.3% increase in March, indicating a slight cooling in consumer demand [3]

Investment Rating - The industry maintains a "Buy" rating for key companies such as Anta Sports, Shenzhou International, and others, with specific PE ratios projected for 2025 [4][36][37] Core Views - The apparel manufacturing sector shows stable revenue trends, with companies like Yuyuan Group and Ruo Hong reporting year-on-year revenue growth of 10.5% and 18.2% respectively for April 2025 [1][12] - Vietnam's textile and footwear exports have seen significant growth, with April 2025 figures showing a 20% increase in textile and a 27% increase in footwear exports year-on-year [19][27] - The report emphasizes the importance of monitoring international trade policies and their impact on the industry, particularly in light of recent tariff changes [3][36] Summary by Sections Weekly Topic - Apparel manufacturing companies reported stable revenue trends for April 2025, with Yuyuan Group and Ruo Hong showing healthy growth [1][12] - Vietnam's textile and footwear exports are performing well, while China's related product exports are relatively weak [19][27] Weekly Insights - Focus on robust brands with solid fundamentals, anticipating performance recovery and valuation improvement in 2025 [2][35] - The sportswear segment is expected to benefit from national policy support and increased participation in sports activities [2][35] Industry Overview - The apparel manufacturing sector is experiencing short-term stock price impacts due to tariff events, but long-term leaders with integrated and international supply chains are expected to gain market share [3][36] - Key companies to watch include Shenzhou International, Huayi Group, and Weixing Co., with projected PE ratios for 2025 of 12, 15, and 18 respectively [34][36] Recent Reports - The textile manufacturing sector is expected to recover in 2024, with a focus on quality brands in 2025 [8][36] - The jewelry sector is also showing signs of recovery, with retail sales of gold and silver jewelry increasing by 6.9% in early 2025 [3][36]

Financial Performance - In 2024, the company's net profit attributable to shareholders was ¥432,847,009.53, with main business revenue of ¥4,514,279,130.85 and other business revenue of ¥44,961,007.98 [2] - For Q1 2025, the net profit attributable to shareholders was ¥113,038,129.53, with operating revenue of ¥1,093,994,770.04 [2] - In 2024, the overall operating revenue decreased by 14.22% to ¥45.59 billion, and net profit decreased by 24.39% to ¥4.33 billion [10] Market Expansion and Strategy - The company is focusing on global market expansion, particularly through cross-border e-commerce to seek new growth points [2] - In 2024, the company launched the "zero-pressure deep sleep pillow," which received positive feedback and increased brand exposure [3] - The company plans to enhance brand value and market share through digital media investment and optimizing membership operations [4] Product Innovation and R&D - The company emphasizes R&D innovation centered on user needs, focusing on the "super soft bedding" strategy to build core competitiveness [4] - AI applications have been explored in various areas, achieving significant results, such as over a million automated consumer consultations [10] - The company plans to continue investing in AI technology to enhance operational efficiency and product management [10] Supply Chain and Production Efficiency - The completion of the first phase of the smart industrial park is expected to double self-manufacturing capacity and significantly shorten production cycles [9] - The introduction of automated logistics equipment will enhance supply chain efficiency and reduce labor costs [9] - The company aims to improve overall supply chain scale and efficiency, solidifying its leading position in the home textile industry [9] Domestic Retail Strategy - The company is implementing refined management and model transformation in domestic retail, focusing on data-driven decision-making [5] - Strategies include enhancing support for franchisees, optimizing channel layout, and deepening consumer insights to improve user experience [5] - The company plans to increase digital investment to enhance competitiveness and expand new retail applications [5] Challenges and Future Outlook - The home textile industry is in a stable development phase, with market growth rates slowing down but still showing potential [6] - The company faces challenges from external uncertainties, but long-term economic stability and supportive policies are expected to benefit the industry [7] - The U.S. furniture business reported a loss of ¥28.71 million in 2024, primarily due to low real estate demand, with plans to improve cost control and market expansion [8]

本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对本 次股东会所涉及的有关事项和相关文件进行了必要的核查和验证，现出具法律意 见如下： 一、 本次股东会的召集、召开程序 1.1 本次股东会由公司董事会召集。 公司董事会于 2025 年 4 月 23 日召开第六届董事会第十三次会议，审议通 过了《关于<2024 年度董事会工作报告>的议案》《关于<2024 年度总裁工 作报告>的议案》《关于<2024 年年度报告>全文及其摘要的议案》《关于 <2024 年度财务决算报告>的议案》《关于<2024 年度内部控制自我评价报 告>的议案》《关于 2024 年度利润分配预案的议案》《关于 2024 年度环境、 社会及治理（ESG）报告的议案》《关于 2024 年度募集资金存放与使用情 上海君澜律师事务所 关于罗莱生活科技股份有限公司 2024 年年度股东会的法律意见书 致：罗莱生活科技股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》、《上市公司股东会规则》（以下简称"《股东会规则》"）等 法律、法规、规章、规范性文件及《罗莱生活科技股份有限公司章程》（以下简 ...

2024年年度股东会决议公告 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、误导性陈述或者重大遗漏。 特别提示： 1.本次股东会没有否决提案的情形。 2.本次股东会没有变更以往股东会已通过的决议的情形。 证券代码：002293 证券简称：罗莱生活 公告编号：2025-025 罗莱生活科技股份有限公司 一、会议召开和出席情况 （一）会议召集人：公司董事会 （二）会议时间： （1）现场会议时间：2025年5月15日（星期四）下午14:30。 （2）网络投票时间：2025年5月15日 其中，通过深圳证券交易所交易系统进行投票的具体时间为：2025年5月15 日上午9:15-9:25，9:30—11:30，下午13:00-15:00；通过深圳证券交易所互联 网投票系统进行投票的具体时间为：2025年5月15日9:15-15:00期间的任意时间。 （三）现场会议地点：上海市普陀区同普路339弄3号公司18F会议室 （四）会议主持人：董事长薛伟成先生 （五）会议召开方式：采取现场投票与网络投票相结合的方式。公司同时 通过深圳证券交易所交易系统和互联网投票系统向公司股东提供网络形式的投 票平台， ...

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and Bosideng, with a recommendation to focus on high-quality brands and companies with strong fundamentals [5][10][28]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes the resilience of the sportswear sector, projecting a revenue growth of 4.4% and a net profit decline of only 0.6% for key apparel companies in 2024, with a stronger recovery anticipated in 2025 [4][26]. - The DTC (Direct-to-Consumer) business showed robust growth, with a 12% increase in revenue to €550 million, while wholesale revenue declined by 3.6% [3][20]. Summary by Sections Puma's Q1 2025 Performance - Revenue increased by 0.1% to €2.076 billion, with a slight decline in gross margin by 0.6 percentage points to 47% [1][15]. - Operating profit fell by 63.7% to €6 million, and net profit dropped by 99.5% to €500,000, attributed to economic volatility [1][15]. - Inventory rose by 16.3% to €2.08 billion, mainly due to increased in-transit stock [1][15]. Regional and Business Model Analysis - EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to a 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% decline to €430 million, with a notable 17.7% drop in Greater China [2][20]. - The company is adapting to US tariff issues by optimizing product sourcing and reallocating production [2][20]. DTC and Wholesale Business Performance - DTC revenue increased by 12% to €550 million, with e-commerce growing by 17.3% and self-operated retail stores by 8.9% [3][20]. - Wholesale revenue decreased by 3.6% to €1.53 billion, driven by weak demand in the US and China [3][20]. Industry Outlook - The report suggests focusing on brands with solid fundamentals and anticipating a recovery in 2025, with the sportswear sector expected to benefit from government policies and increased consumer participation in sports [4][26]. - Recommendations include companies like Anta Sports, Tabo, and Bosideng, which are projected to have strong earnings growth and attractive valuations [28][29].

Investment Rating - The industry maintains a rating of "Buy" for key companies such as Anta Sports, Tabo, and others, indicating a positive outlook for investment opportunities [10][29]. Core Insights - Puma's Q1 2025 performance met expectations, with revenue growth of 0.1% year-on-year to €2.076 billion, while net profit saw a significant decline of 99.5% to €500,000 due to global economic fluctuations, particularly in the US and China [1][15]. - The report emphasizes a focus on robust fundamentals and high-quality brands in the apparel and home textiles sector, anticipating performance recovery and valuation improvement in 2025 [4][26]. - The sportswear segment is expected to benefit from national policy support and increased participation in sports, with a projected revenue growth of 8.7% for key companies in 2024 [4][26]. Summary by Sections Regional and Business Model Analysis - In Q1 2025, EMEA region revenue grew by 5.1% to €890 million, while the Americas saw a decline of 2.7% to €750 million, primarily due to an 11.1% drop in North America [2][20]. - The Asia-Pacific region experienced a 4.7% revenue decline to €430 million, largely attributed to a 17.7% drop in Greater China sales [2][20]. Business Performance - Wholesale revenue decreased by 3.6% to €1.53 billion, while Direct-to-Consumer (DTC) revenue increased by 12% to €550 million, with e-commerce growing by 17.3% [3][22]. - DTC revenue now accounts for 26.3% of total revenue, up 2.8 percentage points year-on-year [3][22]. Key Recommendations - The report recommends focusing on companies with strong fundamentals, such as Anta Sports and Tabo, which have shown significant revenue growth in Q1 2025 [28]. - Other recommended companies include Hailan Home, which is expanding its business successfully, and Bosideng, which is expected to achieve good performance in FY2025 [28][29]. - In the home textiles sector, Luolai Life is highlighted for its strong performance, with a projected net profit growth of 20% in 2025 [28][29].

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024, but showed signs of recovery in Q1 2025, with a strong dividend payout ratio of 115% for the year [1][2] Financial Performance - In 2024, the company's revenue was 4.559 billion, down 14.22% year-on-year, and the net profit attributable to shareholders was 433 million, down 24.39% year-on-year [2] - The company plans to distribute an annual cash dividend of 0.4 per share, with a total dividend payout ratio of 115.48% [2] - In Q1 2025, revenue was 1.094 billion, up 0.57% year-on-year, and net profit was 113 million, up 26.31% year-on-year [2] Business Segment Analysis - The domestic home textile business generated revenue of 3.737 billion in 2024, down 12.43% year-on-year, while the U.S. furniture business had revenue of 822 million, down 21.54% year-on-year, resulting in a net loss of 28.71 million [3][4] - The company is actively supporting franchisees to reduce inventory and close underperforming stores to improve long-term operational capabilities [3] Channel Performance - Online revenue in 2024 was 1.382 billion, down 14.12%, while offline direct sales revenue was 401 million, down 1.48% [4] - The company had a total of 2,638 stores by the end of 2024, with 411 direct stores (up 76) and 2,227 franchise stores (down 168) [4] Profitability Metrics - The overall gross margin for 2024 was 48.01%, with the U.S. business gross margin at 28.07% [5] - The net profit margin for 2024 was 9.44%, down 1.30 percentage points year-on-year [5] Cash Flow and Efficiency - Operating cash flow for 2024 was 847 million, down 9.46%, but improved significantly in Q1 2025 to 176 million, up 83.29% [6] - Inventory turnover days improved to 157 days in Q1 2025, down 36 days year-on-year [6] Future Outlook and Investment Recommendation - The company is expected to optimize its channel structure and enhance direct store openings, with projected revenues of 4.859 billion, 5.163 billion, and 5.449 billion from 2025 to 2027 [7] - The net profit for the same period is forecasted to be 521 million, 571 million, and 627 million, with respective growth rates of 20%, 10%, and 10% [7]

Group 1: Nanshan Zhishang High-end New Materials Industry - The company reported a Q1 2025 revenue of 362 million yuan, a year-on-year increase of 0.72% [1] - The overall gross margin was 32.5%, a slight decline of 0.3 percentage points year-on-year, while the gross margin for ultra-high molecular polyethylene fiber significantly improved to 28% [1] - The net profit attributable to shareholders was 37.3 million yuan, up 0.86% year-on-year, and the net profit after deducting non-recurring items was 35.93 million yuan, an increase of 12.84% year-on-year [1] - The company achieved significant results in its high-end new materials sector, with the ultra-high molecular polyethylene fiber project fully operational at 3600 tons [1] - A strategic partnership was established with Wuhan University and Wuhan Shouzhihua Innovation to advance humanoid robotics in research and material innovation [1] - The 80,000-ton nylon filament project is set to begin trial production in November 2024, marking a key breakthrough in the high-end new materials field [1] Group 2: Luolai Life Domestic Home Textile Business - The company reported a 2024 revenue of 4.56 billion yuan, a year-on-year decrease of 14.2%, impacted by a weak consumer environment [2] - The net profit attributable to shareholders was 430 million yuan, down 24.4% year-on-year, although the U.S. furniture business showed gradual improvement [2] - In Q1 2025, the company achieved a revenue of 1.09 billion yuan, a year-on-year increase of 0.57%, with domestic home textile business continuing its recovery [2] - The gross margin for domestic business improved significantly due to changes in channel structure, while the U.S. business margin remained stable [2] - The company’s net profit for Q1 2025 was 113 million yuan, a year-on-year increase of 26.3% [2] - The company is advised to focus on brand apparel and home textile sectors due to the ongoing domestic demand expansion policies [2]