Financial Performance - The company's operating revenue for 2024 was approximately ¥4.56 billion, a decrease of 14.22% compared to ¥5.32 billion in 2023[15] - The net profit attributable to shareholders for 2024 was approximately ¥432.85 million, down 24.39% from ¥572.44 million in 2023[15] - The net profit after deducting non-recurring gains and losses was approximately ¥403.28 million, a decrease of 21.72% from ¥515.19 million in 2023[15] - The net cash flow from operating activities for 2024 was approximately ¥847.05 million, down 9.46% from ¥935.56 million in 2023[15] - Basic earnings per share for 2024 were ¥0.5209, a decline of 23.81% compared to ¥0.6837 in 2023[15] - Total assets at the end of 2024 were approximately ¥6.17 billion, a decrease of 9.38% from ¥6.80 billion at the end of 2023[15] - The net assets attributable to shareholders at the end of 2024 were approximately ¥4.19 billion, down 1.16% from ¥4.23 billion at the end of 2023[15] - The weighted average return on equity for 2024 was 10.18%, down from 13.55% in 2023, reflecting a decrease of 3.37 percentage points[15] Dividend Policy - The company plans to distribute a cash dividend of ¥4 per 10 shares for the year 2024, based on a total of 834,092,481 shares[4] - The company intends to distribute a minimum cash dividend of ¥2 per 10 shares in mid-2025, depending on the performance and undistributed profits[4] Industry Trends - The overall operating cost for the home textile industry increased by 2.46% year-on-year, which is higher than the revenue growth rate, leading to a profit margin squeeze[24] - The total profit of large-scale home textile enterprises decreased by 7.42% year-on-year, indicating pressure on profitability within the industry[24] - The domestic home textile business generated operating revenue of 3.737 billion yuan, a decline of 12.43% year-on-year, with a net profit attributable to shareholders of 462 million yuan, down 13.32% from the previous year[23] Product Development and Innovation - The company plans to enhance product value and service through technological innovation and fashion leadership, focusing on high-performance and environmentally friendly products[34] - The company launched the Texsoft ultra-soft technology, which combines unique material and core technology to provide consumers with a highly comfortable experience[71] - The company collaborated with research institutions to develop a proprietary cotton seed, enhancing the quality of its ultra-soft products and reducing reliance on imported cotton[72] - The company is developing a proprietary high-end finishing technology that aims to improve softness by 10% over existing products[132] Market Position and Brand Recognition - 罗莱超柔床品连续20年（2005-2024）在同类产品市场综合占有率中排名第一[38] - 罗莱儿童床上用品连续5年（2020-2024）在同类产品市场综合占有率中排名第一[52] - The company has achieved a market share of 20 consecutive years (2005-2024) as the leading brand in the bedding products sector, with its children's bedding products holding the top position for 5 consecutive years (2020-2024) [84] Sales and Distribution - The company opened 115 new direct stores during the reporting period, with a net increase of 76 stores, focusing on optimizing store structure and enhancing direct sales channels[68] - The company employs a hybrid sales model combining online and offline channels, collaborating with major e-commerce platforms like Tmall and JD[84] - The company’s online sales accounted for 30.32% of total revenue, totaling approximately ¥1.38 billion, down 14.12% from the previous year[99] Research and Development - The company applied for 66 new patents in 2024, including 39 invention patents, and has a total of 286 authorized patents as of the end of the reporting period[94] - R&D investment decreased by 10.84% to ¥99,390,559.45 in 2024, while the proportion of R&D investment to operating revenue increased to 2.18%[132] - The number of R&D personnel decreased by 13.47% to 289, with a notable drop in the number of bachelor's degree holders by 15.85%[132] Corporate Governance - The company has established a governance structure that complies with relevant laws and regulations, ensuring clear responsibilities among its governing bodies[168] - The company maintains independence from its controlling shareholder in business, personnel, assets, institutions, and finance[169] - The board of directors consists of seven members, with three independent directors, meeting legal requirements[170] - The company has established a robust internal audit system to effectively control daily operations and significant related transactions[171] Employee Development - The total number of employees at the end of the reporting period is 3,343, with 2,082 in the parent company and 1,261 in major subsidiaries[196] - The company has implemented a comprehensive compensation management system, aligning total salary budget with business performance and ensuring market competitiveness[197] - The company conducted over 180 professional training sessions in 2024, totaling 500 hours of instruction, focusing on practical application and internal knowledge transfer[199] Risk Factors - The company faces risks from macroeconomic fluctuations, raw material price volatility, and intensified market competition, which could impact its operations[89] - The company has faced regulatory scrutiny, with a warning letter issued to Ms. Xue Xia by the Jiangsu Securities Regulatory Bureau[186]

Financial Performance - The company's revenue for Q1 2025 was ¥1,093,994,770.04, representing a 0.57% increase compared to ¥1,087,786,557.33 in the same period last year[5] - Net profit attributable to shareholders increased by 26.31% to ¥113,038,129.53 from ¥89,493,457.44 year-on-year[5] - Basic earnings per share increased by 26.87% to ¥0.1360 from ¥0.1072 in the same period last year[5] - Net profit for the current period was ¥113,255,183.66, up from ¥89,484,735.38, indicating an increase of approximately 26.6%[19] - Earnings per share (EPS) increased to ¥0.1360 from ¥0.1072, marking a growth of about 27.1%[20] Cash Flow - The net cash flow from operating activities rose significantly by 83.29% to ¥176,456,416.46 compared to ¥96,273,623.26 in the previous year[5] - Cash flow from operating activities generated a net amount of ¥176,456,416.46, compared to ¥96,273,623.26 in the previous period, showing an increase of approximately 83.4%[21] - Cash inflow from investment activities totaled ¥738,607,358.06, significantly higher than ¥110,119,793.80 in the previous period[21] - Net cash flow from investing activities was $83.81 million, compared to a negative $22.69 million in the previous period[22] - Total cash inflow from financing activities was $67.38 million, down from $218 million in the previous period[22] - Net cash flow from financing activities was negative $151.15 million, compared to a positive $111.46 million previously[22] - The ending balance of cash and cash equivalents was $1.24 billion, down from $2.26 billion in the previous period[22] - The net increase in cash and cash equivalents was $108.58 million, compared to $185.10 million previously[22] Assets and Liabilities - Total assets decreased by 2.67% to ¥6,001,091,318.14 from ¥6,166,022,812.07 at the end of the previous year[5] - Current assets decreased from CNY 3,393,484,128.40 to CNY 3,088,546,583.25, representing a reduction of about 8.98%[14] - Total liabilities decreased from CNY 1,960,902,983.88 to CNY 1,677,708,580.00, a decline of approximately 14.43%[15] - The company's total liabilities and equity amounted to ¥6,001,091,318.14, down from ¥6,166,022,812.07, indicating a decrease of about 2.7%[16] Shareholder Equity - The company's equity attributable to shareholders increased by 2.82% to ¥4,303,377,028.67 from ¥4,185,331,172.85 at the end of the previous year[5] - The total equity attributable to shareholders of the parent company rose to ¥4,303,377,028.67 from ¥4,185,331,172.85, an increase of about 2.8%[16] - The company's equity increased from CNY 4,040,119,828.19 to CNY 4,323,382,738.14, an increase of about 7.01%[15] Operational Metrics - Total operating revenue for the current period reached ¥1,093,994,770.04, a slight increase from ¥1,087,786,557.33 in the previous period, representing a growth of approximately 0.2%[17] - Total operating costs decreased to ¥959,295,440.00 from ¥976,594,902.91, reflecting a reduction of about 1.4%[17] - The company reported a significant increase in non-current asset disposal gains of ¥119,150.47 during the period[7] - The company reported a decrease in financial expenses, with interest expenses at ¥3,508,386.82 compared to ¥6,436,280.44 in the previous period, a reduction of approximately 45.5%[17] Other Information - The number of ordinary shareholders at the end of the reporting period was 24,132[10] - Other comprehensive income after tax for the current period was ¥107,674.03, a recovery from a loss of ¥9,606,617.67 in the previous period[19] - The company’s first quarter report was not audited[23] - The company will implement new accounting standards starting in 2025[24]

Investment Rating - The report rates the textile and apparel industry as "Overweight" for 2025, indicating a positive outlook compared to the overall market performance [3][6]. Core Insights - Domestic consumption is steadily improving, with sports goods leading the growth. In Q1 2025, retail sales of clothing, shoes, hats, and textiles reached 369.4 billion, a year-on-year increase of 2.5%. Sports and entertainment goods saw a remarkable growth of 14.2% [3]. - Export performance shows a "grab export" effect due to tariff disturbances, with textile and apparel exports totaling 66.28 billion USD in Q1 2025, a 1% increase year-on-year [3]. - The acquisition of the German outdoor brand Jack Wolfskin by Anta for 290 million USD enhances its outdoor segment and strategic positioning in the European market [3]. - The report highlights the recovery in children's clothing driven by a rise in newborns and supportive national policies, predicting growth for leading children's brands [3]. Summary by Sections Domestic Demand - Retail sales in Q1 2025 for clothing, shoes, hats, and textiles were 369.4 billion, up 2.5% year-on-year. Sports goods retail sales reached 30.7 billion, growing 14.2% [3]. Export Demand - Textile and apparel exports in Q1 2025 were 66.28 billion USD, with textile exports at 33.27 billion (up 4%) and apparel exports at 33.01 billion (down 1.9%) [3]. Company Performance - Anta's revenue grew by 13% in Q1 2025, with a strong performance from its brands. Li Ning is expected to see low single-digit growth, while 361 Degrees reported a revenue increase of 18% [4][6]. - The report anticipates a 3% revenue growth for children's clothing brands like Semir and Jiaman in 2024 [3]. Investment Recommendations - Recommended stocks include Anta Sports, 361 Degrees, and Li Ning in the sports sector, and companies like Luolai and Semir in the home textile and children's clothing sectors [3][6].

4月2日，中国家纺行业龙头企业罗莱生活宣布与飞书签署合作协议。在AI时代下，双方将围绕"门店精 细化管理、AI赋能业务、组织协同提效、统一协作平台建设"四大核心目标展开深度合作。未来，借助 飞书一站式数字化解决方案，罗莱家纺可以实现从总部到门店、从战略到执行、从业务到组织的全面管 理升级，进而打造家纺行业的数智化创新范本、持续引领行业龙头地位。 罗莱生活副董事长薛伟斌说到："感谢飞书团队对此次合作的重视。我们希望在大家的共同努力下，真 正做到效率量化并建立标准流程机制，从而提升罗莱生活整个团队的工作效能，这对未来我们公司整体 AI 及数字化建设都有非常重要的基础作用，感谢飞书团队给我们的赋能，我们相信专业团队一定可以 带来专业价值。"飞书大消费行业全国总经理付雪冬则表示："感谢罗莱对飞书的信任，希望能和大家走 好过渡期，让飞书辅助罗莱数智化业务上发挥价值。" 启动会上，双方高层也共同见证效率先锋大赛的启动，鼓励一线员工创新与探索，成为企业数字化 的"急先锋"。计划以一个月时间，完成全员的切换与上线工作。4月30日，罗莱生活将全面完成切换飞 书，实现顺畅协同办公。 罗莱生活副董事长薛伟斌 发言 01｜构建知识管 ...

Investment Rating - The report assigns an "Outperform" rating to the company [2]. Core Viewpoints - The overall operations of the company are expected to stabilize and recover, driven by favorable consumption policies and inventory reduction [9]. - The company is a leading player in the domestic mid-to-high-end home textile market, maintaining the top market share for 19 consecutive years [9]. - The company has a strong focus on e-commerce and direct sales, which are growing faster than franchise channels [9]. - The home textile industry is expected to grow steadily, with a potential recovery in the U.S. housing market in 2025-2026 [9]. - The company has set ambitious growth targets for revenue and net profit for the next three years, reflecting long-term confidence [9]. Summary by Sections 1. Domestic Mid-to-High-End Home Textile Leader - The company has been the market leader in home textiles for 19 years, with a focus on high-end European-style bedding products [13]. - The company has expanded its product range to include high-end home furnishings and has established a presence in the U.S. market through its subsidiary, LEXINGTON [9][13]. 2. E-commerce/Direct Sales Growth - From 2019 to 2023, the CAGR for e-commerce, direct sales, and franchise channels was +9.4%, +2.2%, and -1.0%, respectively [21]. - The gross margin for the e-commerce channel increased significantly, indicating effective operational strategies [21]. 3. Steady Growth in Mature Home Textile Industry - The home textile industry is projected to grow at a CAGR of 2.1% from 2023 to 2028, with increasing consumer demand for health and comfort features [31]. - The U.S. subsidiary's performance is closely tied to the housing market, which is expected to recover in the coming years [32]. 4. Investment Recommendations - The report suggests that leading companies in the home textile industry will benefit from increasing market concentration [36]. - The company has consistently invested in R&D, focusing on product innovation and quality [36]. 5. Profit Forecast and Valuation - The company is expected to achieve net profits of 402 million, 452 million, and 491 million yuan in 2024, 2025, and 2026, respectively [50]. - The estimated reasonable value range for the stock is between 7.05 and 8.13 yuan per share based on a PE ratio of 13-15X for 2025 [50].

重要内容提示： 1、首次授予日：2024 年 12 月 31 日； 罗莱生活科技股份有限公司（以下简称"公司"）根据中国证券监督管理委 员会《上市公司股权激励管理办法》、深圳证券交易所、中国证券登记结算有限 责任公司深圳分公司的有关规则要求，公司完成了 2024 年限制性股票与股票期 权激励计划 （以下简称"本激励计划"或"本次激励计划"）之限制性股票首次 授予登记工作，现将有关事项公告如下： 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。 证券代码：002293 证券简称：罗莱生活 公告编号：2025-006 罗莱生活科技股份有限公司 关于 2024 年限制性股票与股票期权 激励计划限制性股票首次授予登记完成的公告 一、本次激励计划已履行的相关审批程序 1、2024 年 11 月 8 日，公司第六届董事会第十一次（临时）会议审议通过 了《关于<公司 2024 年限制性股票与股票期权激励计划（草案）>及其摘要的议 案》《关于<公司 2024 年限制性股票与股票期权激励计划实施考核管理办法>的议 案》及《关于提请股东大会授权董事会办理公司 2024 年限制性股 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2025-005 罗莱生活科技股份有限公司 关于2024年限制性股票与股票期权 激励计划股票期权首次授予登记完成的公告 1、2024 年 11 月 8 日，公司第六届董事会第十一次 临时）会议审议通过 了《关于<公司 2024 年限制性股票与股票期权激励计划 草案）>及其摘要的议 案》《关于<公司 2024 年限制性股票与股票期权激励计划实施考核管理办法>的议 案》及《关于提请股东大会授权董事会办理公司 2024 年限制性股票与股票期权 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。 重要内容提示： 1、股票期权登记数量：1,508.5 万份； 2、激励对象人数：140 人； 3、期权简称：罗莱 JLC1； 4、期权代码：037481； 5、股票来源：公司向激励对象定向发行本公司 A 股普通股； 6、上市日期：2025 年 1 月 21 日。 罗莱生活科技股份有限公司 以下简称"公司"）根据中国证券监督管理委 员会颁布的《上市公司股权激励管理办法》、深圳证券交易所、中国证券登记结 算有限责任公司深圳分公司 ...

首次授予及调整相关事项 之 独立财务顾问报告 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 | 一、释义 | 3 | | --- | --- | | 二、声明 | 5 | | 三、基本假设 | 6 | | 四、本激励计划的审批程序 | 7 | | 五、本激励计划首次授予的具体情况 | 9 | | （一）限制性股票的授予情况 | 9 | | （二）股票期权的授予情况 | 9 | | 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 11 | | | 七、本激励计划授予条件说明 | 12 | | （一）限制性股票与股票期权的授予条件 | 12 | | （二）董事会关于符合授予条件的说明 | 12 | | 八、独立财务顾问意见 | 14 | | 九、备查文件及咨询方式 | 15 | | （一）备查文件 | 15 | 一、释义 以下词语如无特殊说明，在本文中具有如下含义： | 本公司、公司、上市公司、 | 指 | 罗莱生活科技股份有限公司 | | --- | --- | --- | | 罗莱生活 | | | | 独 ...

罗莱生活股份有限公司 2024 年限制性股票与股票期权激励计划 首次授予激励对象名单（授予日） 一、首次授予限制性股票分配情况 | | | 获授的限制 | 占首次授予限制 | 占本激励计划草 | | --- | --- | --- | --- | --- | | 姓名 | 职务 | 性股票数量 | 性股票数量的比 | 案公告日总股本 | | | | （万股） | 例 | 的比例 | | 王梁 | 副总裁 | 60 | 19.30% | 0.07% | | 冷志敏 | 副总裁 | 60 | 19.30% | 0.07% | | 陈晓东 | 财务总监 | 15 | 4.80% | 0.02% | | 薛霞 | 董事会秘书 | 15 | 4.80% | 0.02% | | 中层管理及核心骨干人员（11 | 人） | 161 | 51.80% | 0.19% | | 合计 | | 311 | 100.00% | 0.37% | | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 童伟明 | 中层管理人员 | | 2 | 邵捷 | 中层管理人员 | | 3 | 何小波 | 中层管理人员 ...

上海君澜律师事务所 关于 罗莱生活科技股份有限公司 调整 2024 年限制性股票与股票期权激励计划及 向激励对象首次授予限制性股票与股票期权相关事项 之 法律意见书 二〇二四年十二月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于罗莱生活科技股份有限公司 调整 2024 年限制性股票与股票期权激励计划及 向激励对象首次授予限制性股票与股票期权相关事项之 法律意见书 致：罗莱生活科技股份有限公司 上海君澜律师事务所（以下简称"本所"）接受罗莱生活科技股份有限公 司（以下简称"公司"或"罗莱生活"）的委托，根据《上市公司股权激励管 理办法》（以下简称"《管理办法》"）及《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》（以下简称"《激励计划》"或"本次激 励计划"）的规定，就罗莱生活调整本次激励计划授予人数、数量及向激励对 象首次授予限制性股票与股票期权相关事项（以下简称"本次调整及授予"） 出具本法律意见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及 本 ...