| 序号 | 事项 | 是否存在该事项 | 备注 | | --- | --- | --- | --- | | | | （是/否/不适用） | | | 25 | 以同行业可比公司相关指标作为对照依 | 否 | 同行业可参考公司为 | | | 据的，选取的对照公司是否不少于 3 家 | | 富安娜、水星家纺 | 更正后： | 序号 | 事项 | 是否存在该事项 | 备注 | | --- | --- | --- | --- | | | | （是/否/不适用） | | | 25 | 以同行业可比公司相关指标作为对照依 | 不适用 | | | | 据的，选取的对照公司是否不少于 家 3 | | | 证券代码：002293 证券简称：罗莱生活 公告编号：2024-059 罗莱生活科技股份有限公司补充更正公告 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。 罗莱生活科技股份有限公司（以下简称"公司"）于 2024 年 11 月 9 日在巨 潮资讯网（www.cninfo.com.cn）和《证券时报》披露了公司《2024 年限制性股 票与股票期权激励计划（（草案）》等相关公 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [2][5]. Core Views - The company reported a revenue of 1 billion in Q3 2024, a decrease of 16% year-on-year, and a net profit attributable to shareholders of 100 million, down 22% year-on-year [2]. - The company has implemented a dual incentive plan involving restricted stock and stock options, with a total of 23.375 million rights to be granted, accounting for approximately 2.81% of the total share capital as of November 9, 2024 [3]. - The company aims for revenue growth of at least 5% in 2025 compared to 2024, with further targets of 10.3% and 15.76% for 2026 and 2027 respectively [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 45.9%, an increase of approximately 1.2 percentage points, while the net profit margin was 8.2%, a decrease of 2.9 percentage points [2]. - The company's revenue for 2024 is projected to be 4.778 billion, reflecting a decline of 10.10% compared to 2023, with an expected net profit of 395.86 million, down 30.85% [7]. - The earnings per share (EPS) for 2024 is estimated at 0.48 yuan, with a price-to-earnings (P/E) ratio of 15.83 [7][10]. Cash Flow and Balance Sheet - The company reported a net cash increase of 884.70 million in 2023, with operating cash flow of 935.56 million [9]. - The total assets are projected to be 6.458 billion in 2024, with total liabilities of 2.26379 billion [8]. - The company's debt-to-asset ratio is 36.38% [1].

Investment Rating - The report upgrades the investment rating for 罗莱生活 (002293) from "Outperform" to "Buy" [3][4][5] Core Views - The company has launched a new incentive plan, indicating confidence in the recovery of its domestic home textile business, signaling a potential turning point in 2025 [3][4] - The third quarter results show a narrowing decline in net profit, suggesting that the profit margin may have reached its bottom [3][4] - The introduction of consumer subsidies for home textile products in Shanghai is expected to boost retail performance for leading brands [3][4] Summary by Sections Market Data - Closing price as of November 8, 2024, is 7.22 yuan, with a one-year high of 10.24 yuan and a low of 6.12 yuan [1] - The company has a market capitalization of 5,969 million yuan and a dividend yield of 8.31% [1] Financial Performance - For the first three quarters of 2024, the company reported revenue of 3,201 million yuan, a year-on-year decline of 14.7% [4][6] - The net profit attributable to shareholders for the same period was 262 million yuan, down 37.1% year-on-year [4][6] - The gross margin for the first three quarters was 45.9%, reflecting a slight increase of 1.2 percentage points year-on-year [4][6] Future Projections - The report forecasts net profits of 402 million yuan for 2024, with expected growth rates of 30.1% and 15.1% for 2025 and 2026, respectively [4][6] - The projected revenue for 2025 is 5,091 million yuan, indicating a recovery trend [4][6] Incentive Plan Details - The new incentive plan involves granting a total of 23.375 million shares, representing 2.81% of the total share capital, with specific performance targets set for the years 2025 to 2027 [3][4] - The plan aims to align the interests of management and key personnel with the company's long-term growth objectives [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has introduced a new stock incentive plan, targeting a revenue and net profit growth of 5% year-on-year for 2025, 10.25% for 2026, and 15.76% for 2027, based on 2024 data [2][4]. - Despite a challenging consumer environment, the incentive plan is expected to enhance employee motivation and reflects the company's confidence in long-term stable growth [2]. - The company is a leader in the domestic home textile industry, but faces pressure on fundamentals due to fluctuations in domestic and international consumption environments [4]. Financial Performance Summary - For Q3 2024, the company's revenue decreased by 15.6% year-on-year to 1.096 billion yuan, and net profit fell by 21.7% to 103 million yuan. Cumulatively, revenue for the first three quarters declined by 14.7% to 3.2 billion yuan, with net profit down 37.1% to 260 million yuan [3]. - The company expects a revenue decline of 13% and a net profit decline of 31% for the full year 2024 [3]. - Inventory management has improved, with inventory down 17.2% year-on-year to 1.2 billion yuan, and inventory turnover days reduced by 2 days to 198 days [3]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 4.638 billion yuan, 4.900 billion yuan, and 5.225 billion yuan, respectively, with corresponding net profits of 393 million yuan, 476 million yuan, and 535 million yuan [5][4]. - The report indicates a projected P/E ratio of 15 times for 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of CNY 8.4, up from the previous target of CNY 8.25 [4] Core Views - The company's 2024-2026 EPS forecasts have been revised downward to CNY 0.48/0.56/0.64 due to weak consumer demand impacting terminal sales [2] - The company's position as a leader in the home textile industry remains solid, and it is expected to achieve a higher-than-industry-average PE ratio of 15x for 2025 [2] - The company has launched a 2024 equity incentive plan, covering 148 key personnel, including vice presidents, CFO, and board secretary, with a total grant of 2.8% of the total shares [2] - The company's performance targets for 2025-2027 are set at a revenue or non-GAAP net profit growth rate of no less than 5%/10.25%/15.76% compared to 2024 [2] - The company's fundamentals are expected to bottom out and recover, with significant profit recovery anticipated in 2025, driven by promotional policies and improving US business [2] - The company is expected to maintain high dividend payouts, with a projected 2024 dividend yield of around 6% [2] Financial Summary - Revenue for 2022 was CNY 5,314 million, with a year-on-year decrease of 7.7%, and is expected to decline by 12.6% in 2024 before recovering to CNY 5,268 million by 2026 [1] - Net profit attributable to the parent company was CNY 581 million in 2022, with a year-on-year decrease of 18.6%, and is expected to decline by 30.6% in 2024 before recovering to CNY 532 million by 2026 [1] - EPS for 2022 was CNY 0.70, expected to drop to CNY 0.48 in 2024 before recovering to CNY 0.64 by 2026 [1] - ROE was 13.9% in 2022, expected to drop to 9.8% in 2024 before recovering to 13.9% by 2026 [1] - The current PE ratio is 10.33, expected to rise to 15.09 in 2024 before declining to 11.28 by 2026 [1] Industry and Market Position - The company operates in the textile and apparel industry, classified under the consumer discretionary sector [3] - The company's market cap is CNY 6,000 million, with a total of 831 million shares outstanding, of which 827 million are A-shares [5] - The company's 52-week stock price range is CNY 6.17-10.12 [5] Financial Ratios and Valuation - The company's net asset value per share is CNY 4.80, with a PB ratio of 1.5 [6] - The company's net debt ratio is -39.20%, indicating a strong financial position [6] - The company's ROIC is expected to improve from 7.8% in 2024 to 11.4% by 2026 [9] - The company's EV/EBITDA is expected to decline from 8.91 in 2024 to 6.92 by 2026 [9] Historical Performance and Trends - The company's stock price has declined by 21% over the past 12 months, underperforming the index by 32% [7] - The company's revenue for Q1-Q3 2024 decreased by 15% year-on-year, primarily due to inventory reduction in the franchise channel and losses in overseas furniture business [2] - The company has been actively optimizing its overseas business and controlling costs, with a 0.4 percentage point decrease in the expense ratio and a 17% reduction in inventory in Q3 2024 [2] Dividend Policy - The company paid an interim dividend of CNY 166 million in 2024, with a payout ratio of approximately 105% [2] - The company has a history of high dividend payouts, with payout ratios of 141%/88%/58% in 2021-2023, and is expected to continue this trend [2]

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（草案） 之 独立财务顾问报告 二〇二四年十一月 1 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 | | | | 独立财务顾问 | 指 | 广发证券股份有限公司 | | 独立财务顾问报告 | | 广发证券股份有限公司关于罗莱生活科技股份有限 年限制性股票与股票期权激励计划（草案） | | | 指 | 公司 2024 | | | | 之独立财务顾问报告 | | 本激励计划 | 指 | 罗莱生活科技股份有限公司 年限制性股票与股 2024 | | | | 票期权激励计划（草案） | | 限制性股票 | 指 | 激励对象按照本激励计划规定的条件，获得的转让等 | | | | 部分权利受到限制的本公司股票 | | 股票期权 | 指 | 公司授予激励对象在未来一定期限内以预先确定的 | | | | 条件购买本公司一定数量股票的权利 | | 激励对象 ...

1．公司不存在《管理办法》等法律、法规规定的禁止实施股权激励计划的 情形，包括：（1）最近一个会计年度财务会计报告被注册会计师出具否定意见 或者无法表示意见的审计报告；（2）最近一个会计年度财务报告内部控制被注 册会计师出具否定意见或无法表示意见的审计报告；（3）上市后最近 36 个月 内出现过未按法律法规、公司章程、公开承诺进行利润分配的情形；（4）法律 法规规定不得实行股权激励的；（5）中国证监会认定的其他情形。公司具备实 施股权激励计划的主体资格。 2．公司本次《激励计划（草案）》所确定的激励对象不存在下列情形： （1）最近 12 个月内被证券交易所认定为不适当人选；（2）最近 12 个月内被 中国证监会及其派出机构认定为不适当人选；（3）最近 12 个月内因重大违法 违规行为被中国证监会及其派出机构行政处罚或者采取市场禁入措施；（4）具 有《公司法》规定的不得担任公司董事、高级管理人员情形的；（5）法律法规 规定不得参与上市公司股权激励的；（6）中国证监会认定的其他情形。本次激 励对象未包括公司的独立董事、监事、单独或合计持有公司 5%以上股份的股东 或实际控制人及其配偶、父母、子女。本次激励对象均符 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2024-054 罗莱生活科技股份有限公司 第六届监事会第十次（临时）会议决议的公告 本公司及监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。 罗莱生活科技股份有限公司（（以下简称"公司"或"本公司"）第六届监事 会第十次（临时）会议通知于 2024 年 11 月 5 日以电子邮件和专人送达方式发 出。会议于 2024 年 11 月 8 日 10:00 以通讯方式召开，会议由监事会主席邢耀宇 先生召集并主持，本次会议应到监事 3 名，实到监事 3 名，公司高管列席本次会 议。其召集、召开程序符合有关法律、法规和（ 公司章程》的规定。经与会监事 认真审议，表决通过如下议案。会议审议通过了以下议案： 一、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》 为进一步完善公司法人治理结构，建立、健全公司长效激励约束机制，吸引 和留住公司核心管理、技术和业务人才，充分调动其积极性和创造性，有效提升 核心团队凝聚力和企业核心竞争力，有效地将股东、公司和核心团队三方利益结 合在一起，使各 ...

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（草案）摘要 证券简称：罗莱生活 证券代码：002293 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（草案） 摘要 二、罗莱生活 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"）包括限制性股票激励计划和股票期权激励计划两部分。限制性股票和股 票期权激励计划涉及的标的股票来源为公司向激励对象定向发行的本公司人民 币 A 股普通股股票。 三、本激励计划拟授予激励对象的权益总计 2,337.5 万份，约占截至 2024 年 11 月 9 日公司股本总额 83,098.2481 万股的 2.81%。其中，首次授予的权益为 1,872.5万份，约占截至2024年11月9日公司股本总额83,098.2481万股的2.25%， 占本激励计划拟授出全部权益数量的 80.11%；预留 465 万份，约占截至 2024 年 11 月 9 日公司股本总额 83,098.2481 万股的 0.56%，占本激励计划拟授出全部权 益数量的 19.89%。具体如下： 二〇二四年十一月 1 罗莱生活科技股份有限公司 2024 年限制 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2024-056 罗莱生活科技股份有限公司 关于独立董事公开征集表决权的公告 独立董事唐善永先生保证向本公司提供的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。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别声明: 1、本次征集表决权为依法公开征集，征集人唐善永先生符合《中华人民共 和国证券法》第九十条、《上市公司股东大会规则》第三十一条、《公开征集上市 公司股东权利管理暂行规定》（以下简称 《暂行规定》"）第三条规定的征集条件； 2、截止本公告披露日，征集人唐善永先生未直接或间接持有公司股份。 根据中国证券监督管理委员会 （以下简称 中国证监会"）颁布的 《上市公 司股权激励管理办法》（以下简称 《管理办法》"）《中华人民共和国证券法》 《上市公司股东大会规则》《暂行规定》等有关规定，罗莱生活科技股份有限公 司 （以下简称 公司"）独立董事唐善永先生接受其他独立董事的委托作为征集 人，就公司拟于 2024 年 11 月 28 日召开的 2024 年第二次临时股东大会中审议的 关于公司 2024 年限制性 ...