证券简称：罗莱生活 证券代码：002293 广发证券股份有限公司 关于 罗莱生活科技股份有限公司 2024 年限制性股票与股票期权激励计划 调整股票期权行权价格及 向激励对象授予预留部分股票期权相关事项 之 独立财务顾问报告 二〇二五年九月 1 | 一、释义…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | --- | | 二、声明……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 5 | | 三、基本假设 | | 四、本激励计划的审批程序 . | | 五、本激励计划本次授予及调整的具体情况… | | (一）股票期权的授予情况 | | (二) 激励计划调整情况 | | 六、本次实施的激励计划与股东大会审议通过的激励计划差异情况………………………… 1 ...

Core Viewpoint - The company, 罗莱生活, indicated that some bank acceptance bills do not require a margin deposit and that the margin can be used to purchase bank time deposits for investment purposes. The company expects steady improvement in revenue and profit in the first half of 2025 [1] Group 1 - The company stated that certain bank acceptance bills do not require margin deposits [1] - To enhance company earnings, the margin can be invested in bank time deposits [1] - The company anticipates steady growth in revenue and profit for the first half of 2025 [1]

Group 1 - The core viewpoint of the news is that 罗莱生活 (Luolai Life) has shown a mixed performance in terms of stock trading and financial metrics, with notable figures in financing and revenue growth [1][2]. - On September 17, 罗莱生活's stock price decreased by 0.84%, with a trading volume of 43.71 million yuan. The financing buy-in amount was 4.64 million yuan, while the financing repayment was 4.92 million yuan, resulting in a net financing buy of -0.28 million yuan [1]. - As of September 17, the total financing and securities balance for 罗莱生活 was 179 million yuan, with the financing balance accounting for 2.60% of the circulating market value, indicating a high level compared to the past year [1]. Group 2 - As of June 30, 罗莱生活 had 23,200 shareholders, a decrease of 3.95% from the previous period, while the average circulating shares per person increased by 4.12% to 35,663 shares [2]. - For the first half of 2025, 罗莱生活 reported a revenue of 2.18 billion yuan, representing a year-on-year growth of 3.60%, and a net profit attributable to shareholders of 185 million yuan, which is a 16.97% increase year-on-year [2]. - Since its A-share listing, 罗莱生活 has distributed a total of 5.18 billion yuan in dividends, with 1.50 billion yuan distributed over the past three years [3].

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home textile industry, with significant declines in investment, new construction, and sales figures [1] Investment and Market Performance - 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% - Residential completion area fell to 16.3 million square meters, down 15.5% - Residential sales area decreased by 3.7%, with new commodity housing sales amounting to 4.42 trillion yuan, down 5.5% [1] Home Textile Industry Impact - The home textile industry is adversely affected, with home textile consumption showing insufficient momentum despite the implementation of a subsidy policy for durable consumer goods [1] - In the first half of 2025, the total revenue of seven listed home textile companies was 6.837 billion yuan, roughly flat compared to the same period in 2024, while net profit increased by 22.8% to 708 million yuan [1] Company Performance Overview - Leading company in revenue: Luolai Life with 2.181 billion yuan, 3.6% increase year-on-year - Mercury Home Textile reported 1.921 billion yuan, a 6.4% increase, but net profit decreased by 3.4% - Fuanna's revenue dropped by 16.6% to 1.091 billion yuan, with a significant decline in core product revenue [3] - The highest revenue growth was seen in Zhenai Meijia, with a focus on blankets, achieving a 21.8% increase in revenue [3] Cost Control and Efficiency - Operating costs generally increased, with Luolai Life's costs at 1.138 billion yuan, the highest among peers - Zhenai Meijia's operating cost ratio approached 80%, while Fuanna maintained a lower ratio of 46.4% due to direct sales channel strategies [4] - Dreamjie Co. was the only company to see a decrease in sales, management, and R&D expenses [7] Profitability Analysis - Zhenai Meijia led in net profit with approximately 197 million yuan, a nearly sixfold increase year-on-year - Fuanna's net profit was halved due to inventory pressure and high sales expenses, despite maintaining a gross margin of 53.6% [9] - The net profit margin for Zhenai Meijia reached 50.5%, significantly higher than its peers [9] Cash Flow and Receivables Management - Approximately 57.1% of companies saw a year-on-year increase in operating cash flow exceeding 100% - Luolai Life's operating cash flow increased by 28.9% to 377 million yuan, while Mercury Home Textile experienced a net cash outflow [11] - Zhenai Meijia had an accounts receivable turnover period of 91 days, significantly longer than Fuanna's [14]

Group 1: Financial Performance - The revenue from pillow products reached approximately 151 million yuan in the first half of 2025, representing a year-on-year growth of 56.30% [2] - Online sales channels generated 738 million yuan in revenue, accounting for 33.82% of total revenue, with a year-on-year growth of 18.32% [3] - Tmall platform contributed 344 million yuan, making up 46.61% of online sales revenue, showing stable growth [3] Group 2: Strategic Initiatives - The company aims to maintain its market leadership for 20 consecutive years by focusing on the "super soft bedding" strategy and enhancing its Texsoft core competitiveness [2] - Plans to increase brand investment, optimize member operations, and improve member penetration rates to strengthen market position [3] Group 3: Operational Efficiency - The first phase of the smart industrial park has been put into operation, enhancing production efficiency and product quality through automation [4] - The new production lines and automated equipment have significantly shortened production cycles and improved logistics efficiency [4] Group 4: Market Adaptation - Specific measures have been implemented to address losses in the U.S. furniture business, including improved management efficiency and cost control [3] - The company is closely monitoring U.S. interest rate trends and the real estate market to adjust strategies accordingly [3] Group 5: Marketing and Advertising - Advertising and promotional expenses have increased compared to the previous year, with investments made across various channels including online platforms and traditional media [4]

Core Viewpoint - The report from Dongfang Securities indicates that the terminal sales of Luolai Life have improved in July and August, reflecting a gradual recovery in the company's fundamentals [1] Group 1: Sales and Performance - Terminal sales in July and August showed improvement compared to the second quarter, with an expected year-on-year growth approaching double digits, laying a foundation for a slight increase in revenue in the second half of the year [1] - The feedback from the spring/summer ordering meeting held at the end of August was positive, indicating a gradual recovery in dealer confidence and recognition of the company's new products [1] Group 2: Company Strategy and Outlook - The company is one of the early adopters in the industry to optimize channels and inventory, leading to a steady improvement in operational quality in recent years [1] - The company is expected to maintain stable and sustainable profit growth over the next three years, combined with high dividend expectations, making it one of the more attractive options in the textile and apparel industry [1] Group 3: Valuation - Based on comparable companies, a 16 times PE valuation for 2025 is suggested, corresponding to a target price of 9.60 yuan, with a maintained "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Views - The company's fundamentals are gradually improving, and high dividend expectations are likely to continue [2][10]. - The company has adjusted its earnings forecast slightly, expecting earnings per share of 0.60, 0.67, and 0.77 yuan for 2025-2027 [4][11]. - The target price is set at 9.60 yuan based on a 16x PE valuation for 2025 [4][11]. Financial Performance Summary - Revenue (in million yuan) is projected to be 5,315 in 2023, decreasing to 4,559 in 2024, then gradually increasing to 5,443 by 2027, with a CAGR of 7.5% from 2025 to 2027 [4][13]. - Operating profit is expected to decline from 662 million yuan in 2023 to 490 million yuan in 2024, before recovering to 751 million yuan in 2027 [4][13]. - Net profit attributable to the parent company is forecasted to decrease from 572 million yuan in 2023 to 433 million yuan in 2024, then increase to 639 million yuan by 2027 [4][13]. - The company has a high dividend payout ratio, with a cash dividend ratio of 115% expected in 2024 [10]. Operational Insights - The company has seen improvements in terminal sales in July and August, with expectations of nearly double-digit growth year-on-year [10]. - The company is one of the early adopters in the industry to optimize channels and inventory, leading to improved operational quality [10]. - The establishment of the Luolai Smart Industrial Park is expected to enhance supply chain capabilities and operational efficiency [10]. Market Position - The company is considered relatively attractive within the textile and apparel industry, with domestic e-commerce and direct sales being key growth drivers [10][11]. - The U.S. furniture business is under pressure but is expected to show marginal improvement starting from Q3 2025 [10].

Core Viewpoint - The report from Tianfeng Securities highlights that Luolai Life achieved a net profit of 185 million in the first half of the year, representing a year-on-year growth of 17% [1] Financial Performance - Domestic home textile business generated revenue of 1.8 billion, with a year-on-year increase of 6% [1] - The net profit for the domestic segment was 212 million, reflecting an 18% year-on-year growth [1] - The U.S. furniture business reported revenue of 400 million, showing a decline of 8% year-on-year [1] - The net profit for the U.S. segment was -29 million, indicating a 32% year-on-year decrease, primarily due to high loan rates and a significant drop in new and existing home sales [1] Strategic Developments - The company has been investing its own funds since 2022 to plan and construct the Luolai Smart Industrial Park, with the first phase expected to be completed by the end of 2024 and gradually put into production in the first quarter of 2025 [1] - The completion of the first phase of the industrial park signifies the company's confidence and determination for future industry development and business growth, marking a milestone event for the next 30 years of Luolai [1] Investment Outlook - The profit forecast has been adjusted, and a "buy" rating is maintained for the company [1]

Group 1 - The board of directors of Luolai Life received a resignation letter from the internal audit head, Gao Zhan, who resigned for personal reasons and will no longer hold any position in the company [1] - For the first half of 2025, Luolai Life's revenue composition is 100% from wholesale and retail [1] - As of the report date, Luolai Life has a market capitalization of 7.1 billion [1] Group 2 - Kangwei Century plans to appoint Tang Yufeng as the new internal audit head [2] - Donghua Testing has appointed Liu Yanna as the internal audit head [2] - Wang Lixiao from China Chemical Geology and Mining has resigned from the position of internal audit head [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7][5]. Core Views - The company achieved a revenue of 2.2 billion yuan in H1 2025, representing a 4% year-on-year growth, and a net profit attributable to shareholders of 185 million yuan, up 17% year-on-year [1]. - The domestic home textile business generated 1.8 billion yuan in revenue, growing by 6% year-on-year, while the U.S. furniture business saw a decline in revenue to 400 million yuan, down 8% year-on-year, primarily due to high loan rates and reduced demand [1]. - The company plans to distribute a mid-term dividend of 2 yuan per 10 shares (tax included) [1]. Summary by Sections Retail Innovation - The company is optimizing its store structure by increasing direct store openings, closing underperforming franchise stores, and upgrading inefficient stores. It is also expanding into shopping centers and outlets, creating model stores to gain management experience [2]. Product Innovation and Service Leadership - The company focuses on user-centered design, launching popular products like the zero-pressure deep sleep pillow and the seamless sleep mattress cover. It has partnered with a Japanese company to enhance service standards across all store scenarios [3]. Smart Industrial Park and Supply Chain Upgrade - The company is investing in the "Rola Smart Industrial Park," which is set to complete its first phase by the end of 2024. This includes the introduction of advanced automated equipment, significantly improving production capacity and efficiency [4]. Financial Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 490 million, 550 million, and 610 million yuan respectively. The price-to-earnings ratios are projected to be 14x, 13x, and 12x [5].