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].

Group 1 - The company announced that its first extraordinary general meeting of shareholders for 2025 will be held on September 9, 2025 [2] - The meeting will review and approve several proposals, including the proposal to repurchase and cancel part of the restricted stock [2]

Core Points - The company announced the election of Ms. Tao Yongying as the employee representative director of the sixth board of directors during the employee representative assembly held on September 9, 2025 [2] - Ms. Tao's term as the employee representative director will last from the approval date of the proposal regarding the change of registered capital until the end of the sixth board's term [2]

Group 1 - The core point of the article is that the internal audit head of Luolai Life has resigned for personal reasons, and the company has announced this change [1] - Luolai Life's revenue composition for the first half of 2025 is entirely from the wholesale and retail industry, accounting for 100.0% [1] - The current market capitalization of Luolai Life is 7.1 billion yuan [2]

证券代码：002293 证券简称：罗莱生活 公告编号：2025-045 罗莱生活科技股份有限公司 关于选举职工代表董事的公告 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。 特此公告。 罗莱生活科技股份有限公司 董事会 2025年9月10日 职工代表董事简历： 因《中华人民共和国公司法》《关于新<公司法>配套制度规则实施相关过 渡期安排》以及《公司章程》等相关规定，罗莱生活科技股份有限公司（以下 简称"公司"）董事会治理结构需做调整。公司于2025年9月9日召开职工代表 大会，经与会职工代表民主选举，陶永瑛女士当选为公司第六届董事会职工代 表董事（简历见附件）。陶永瑛女士关于职工代表董事的任期为：自公司2025 年第一次临时股东会审议通过《关于变更注册资本暨修订<公司章程>的议案》 之日起至公司第六届董事会任期届满之日止。 陶永瑛女士符合《公司法》《公司章程》规定的有关职工代表董事任职资 格和条件，其任职职务由非独立董事变更为公司职工代表董事，公司第六届董 事会成员数量仍为7名，其中兼任公司高级管理人员以及由职工代表担任的董事 人数总计未超过公司董事总数的二分 ...

证券代码：002293 证券简称：罗莱生活 公告编号：2025-046 罗莱生活科技股份有限公司 关于内部审计负责人辞职的公告 罗莱生活科技股份有限公司 董事会 2025年9月10日 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。 罗莱生活科技股份有限公司（以下简称"公司"）董事会于近日收到公 司内部审计负责人高瞻先生提交的书面辞职申请，高瞻先生因个人原因，申 请辞去公司内部审计负责人职务，辞职后不再担任公司任何职务。 高瞻先生的离职不会影响公司相关工作的正常运行。高瞻先生的辞职申 请自送达董事会时生效。公司将尽快聘任符合任职资格的人员担任公司内部 审计负责人。截至本公告日，高瞻先生未持有本公司股份，亦不存在应当履 行而未履行的承诺事项。 公司及董事会对高瞻先生在任职内部审计负责人期间对公司发展做出的 贡献表示衷心感谢。 特此公告。 ...

上海君澜律师事务所 关于罗莱生活科技股份有限公司 2025 年第一次临时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》（以下简称 "《公司章程》"）的规定，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"）的委托，指派本所律师对公司2025 年第一次临时股东会（以下简称"本次股东会"）进行见证，并就本次股东会的 召集、召开程序及表决程序、表决结果等事项出具本法律意见书。 本法律意见书仅供本次股东会之目的使用。本所律师同意将本法律意见书随 公司本次股东会其他信息披露资料一并公告。 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 8 月 21 日召开第六届董事会第十五次会议，审 ...