深圳市富安娜家居用品股份有限公司 董事会议事规则 二〇二四年十二月 | 第一章 | 总则 1 | | --- | --- | | 第二章 | 董事会职权 1 | | 第三章 | 董事会下设组织机构 4 | | 第四章 | 董事会决策程序 6 | | 第五章 | 董事会会议 6 | | 第六章 | 董事会决议 9 | | 第七章 | 董事长 12 | | 第八章 | 附则 14 | 深圳市富安娜家居用品股份有限公司董事会议事规则 第一章 总则 第一条 为进一步规范深圳市富安娜家居用品股份有限公司（以下简称"公司"） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，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》《上市公司治理准则》《深圳证券交易所股 票上市规则》（以下简称《上市规则》）、《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》以及《深圳市富安娜家居用品股份有限 公司章程》（以下简称《公司章程》）等有关规定，制订本议事规则。 第二条 公司董事会由 9 名董事组成，其中独立董事 4 名。设董事长 1 名 ...

深圳市富安娜家居用品股份有限公司 监事会议事规则 二〇二四年十二月 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 监事会职权 | 3 | | 第三章 | 监事会会议 | 4 | | 第四章 | 附则 | 7 | 第一章 总则 第一条 为进一步规范深圳市富安娜家居用品股份有限公司（以下简称"公 司"）监事会的议事方式和决策程序，促使监事和监事会有效地履行职责，规范 高效地发挥监事会的监督职能，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》（以下简称《证券法》）、《深圳证券交 易所股票上市规则》（以下简称《上市规则》）、《深圳证券交易所上市公司自 律监管指引第1号——主板上市公司规范运作》等法律、法规以及《深圳市富安娜 家居用品股份有限公司章程》（以下简称《公司章程》）的规定，并结合公司实 际，制定本议事规则。 第二条 监事会是公司的常设监督机构，对股东会负责并报告工作。 第三条 监事会由3名监事组成，设监事会主席1名。监事会主席由全体监事 过半数选举产生。 监事由股东代表和职工代表担任。其中职工代表担任的监事不低于监事总人 数的1/3。 ...

证券代码：002327 证券简称：富安娜 公告编号：2024-058 关于参加2024年度深圳辖区上市公司集体接待日活动的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，深圳市富安娜家居用品股份有限公司（以下 简称"公司"）将参加由深圳证监局和深圳证券交易所指导、深圳上市公司协会与深 圳市全景网络有限公司联合举办的"2024 年度深圳辖区上市公司集体接待日"活动， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与本 次互动交流，活动时间为 2024 年 12 月 12 日（星期四）14:30-17:00。届时公司董事 长、总经理兼代行财务负责人林国芳先生，公司董事兼副总经理林镇成先生，独立董 事徐波先生，独立董事王平先生，独立董事曾凡跃先生，副总经理兼董事会秘书李艳 女士将在线就公司业绩、公司治理、发展战略、经营状况、股权激励和可持续发展等 投资者关心的问题，与投资者进行沟通与交流，欢 ...

Summary of the Conference Call Company and Industry Overview - The conference call involved **Fuanna**, a leading company in the home furnishing industry, discussing recent operational conditions and future outlooks [1][2]. Key Points and Arguments Financial Performance - The company reported a slight decline in revenue for the third quarter, which is considered manageable and within a reasonable range [2][8]. - The decline in revenue has narrowed to single digits in October and November, influenced by promotional events like **Double 11** [2][3]. - The overall performance during **Double 11** showed a small double-digit decline compared to the previous year, attributed to pressure in the e-commerce sector [3][4]. E-commerce and Sales Channels - The company experienced a notable decline in sales on **JD.com**, while **Tmall** showed slight growth [3][5]. - The impact of recent subsidy policies, particularly in **Shanghai**, has been limited due to the small number of stores in that region [4][5]. - The company plans to adjust sales strategies based on regional subsidy policies, but the overall impact is expected to be minimal [6][7]. Inventory and Supply Chain Management - Inventory levels among distributors are considered manageable, with a slight slowdown in their purchasing speed noted in November [6][7]. - The company has been actively managing costs and improving supply chain efficiency, including the introduction of a new product line that reduces costs while maintaining quality [15][16]. Future Outlook - The fourth quarter is expected to be challenging, with pressure on sales continuing from the previous quarters [8][9]. - The company aims to maintain a stable gross margin despite the anticipated decline in revenue [22][30]. - There is a cautious outlook for the home furnishing industry in the coming year, with expectations of continued pressure on sales [30][31]. Product and Market Strategy - The product mix remains stable, with kits accounting for over 40% of sales, and the company is focusing on high-value products [10][11]. - The company is exploring new product lines and enhancing brand value through innovative designs and materials [16][28]. Competitive Landscape - The company does not foresee significant threats from emerging brands or white-label products, as their target customer base differs [32][33]. - The competitive landscape in the home furnishing industry is expected to remain stable, with a focus on established brands [23][24]. Additional Important Information - The company is planning to open 140 to 200 new stores, with approximately 70 already opened by the third quarter [14][20]. - The management is optimistic about the long-term benefits of expanding the offline store network, especially as market conditions improve [21][22]. - The company is committed to maintaining a high dividend payout ratio, barring any unforeseen circumstances [25][29]. This summary encapsulates the key insights from the conference call, highlighting the company's current performance, strategic initiatives, and outlook for the future.

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 深圳市富安娜家居用品股份有限公司 关于第六期限制性股票激励计划预留授予 登记完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002327 证券简称：富安娜 公告编号：2024-057 重要内容提示： ● 预留授予部分限制性股票授予日：2024 年 9 月 27 日 ● 预留授予部分限制性股票上市日期：2024 年 11 月 25 日 ● 预留授予部分限制性股票授予登记数量：2,330,000 股，占本次授予登记前公 司总股本的 0.2786% ● 预留授予部分激励对象授予登记人数：52 人 根据《上市公司股权激励管理办法》（以下简称《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有关规则的规定，经深圳证券交易所、 中国证券登记结算有限责任公司深圳分公司审核确认，深圳市富安娜家居用品股份有 限公司（以下简称"公司"）已完成《第六期限制性股票激励计划》（以下简称《第 六期激励计划》、"本激励计划"）中预留授予部分限制性股票授予登记工作，现将 有关事项公告如下： 一 ...

Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company is positioned as a "luxury home textile" brand with a clear equity structure and stable growth [4] - The company has maintained steady revenue growth and profitability, with a high dividend yield and low volatility [4] - The home textile industry is a mature market, and the concentration of leading companies is expected to increase [5] - The company's revenue growth is more stable compared to peers, reflecting a focus on quality growth and prudent management [5] - The company is expected to achieve net profits of 517 million, 561 million, and 606 million yuan in 2024, 2025, and 2026, respectively, with a reasonable valuation range of 8.03-9.26 yuan per share [6] Company Overview - The company was founded in 1994 and is a comprehensive home textile enterprise with five brands and five production and logistics bases [13] - The company's actual controller, Lin Guofang, holds 39.8% of the shares, and the second-largest shareholder, Chen Guohong, holds 14.6% [13] - The company's offline channels consist of both self-operated and franchised stores, with 498 self-operated stores and 1,033 franchised stores as of the first half of 2024 [15] Financial Performance - The company's revenue in 2023 was 3.03 billion yuan, with a CAGR of 4.4% from 2014 to 2023 [18] - The company's gross margin in 2023 was 55.6%, and its net profit margin was 18.9% [19] - The company's dividend payout ratio has been increasing since 2018, reaching 95.1% in 2023, with a dividend yield of around 7.0% [20] Industry Analysis - The home textile industry in China is a mature market with a size of 256.7 billion yuan in 2023, expected to grow at a CAGR of 2.1% from 2023 to 2029 [22] - The concentration of the home textile market in China is expected to increase, with leading companies likely to gain market share through natural selection and proactive changes [22] - The top five companies in the home textile market have a combined market share of around 7.0%, with room for further concentration compared to developed countries [23] Competitive Landscape - The company's revenue growth is more stable compared to peers, with a CAGR of 4.9% from 2014 to 2023, lower than some competitors but with less volatility [32] - The company's gross margin and net profit margin are significantly higher than its peers, maintaining a gross margin of over 50% [32] - The company's operating cash flow is strong, with a cash content of net profit consistently above 100%, reflecting excellent cash generation capabilities [34] Valuation and Forecast - The company's valuation is relatively stable, with a median PE (FY1) of 12.6X from 2024 to 2023 [21] - The company's EPS is expected to be 0.62, 0.67, and 0.72 yuan in 2024, 2025, and 2026, respectively [37] - The company's dividend yield is expected to be 6.9%, 7.5%, and 7.6% in 2024, 2025, and 2026, respectively [41]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.25 CNY, based on adjusted earnings per share (EPS) forecasts for 2024-2026 of 0.61, 0.66, and 0.71 CNY respectively [2][6]. Core Insights - The company reported a revenue of 1.89 billion CNY for the first three quarters of 2024, a year-on-year decrease of 1.96%, and a net profit attributable to shareholders of 293 million CNY, down 15.3% year-on-year. In Q3 alone, revenue and net profit fell by 11.2% and 40.8% respectively, which was below market expectations [1]. - Revenue performance varied by channel, with online, direct, and franchise channels showing year-on-year changes of -0.6%, -0.9%, and +1.9% respectively for H1 2024. The report suggests that Q3 continued the downward trend observed in Q2, particularly affecting the direct channel due to weak consumer sentiment [1]. - The company's inventory turnover days increased to 253 days, up 14 days year-on-year, attributed to slowing revenue growth and strategic inventory accumulation in anticipation of future market conditions [1]. - The sales expense ratio significantly increased by 6.5 percentage points to 32.1% in Q3, driven by intensified online competition and early recognition of franchise channel expenses. However, a reduction in franchise channel expense pressure is expected in Q4 [1]. - The report highlights potential benefits for the company from new consumer subsidy policies in Shanghai, particularly in the home textile category, which could improve retail performance and profitability in the future [1]. Financial Summary - The company’s revenue for 2022 was 3.08 billion CNY, with a projected revenue of 3.03 billion CNY for 2023 and a slight increase to 3.048 billion CNY expected in 2024. The net profit attributable to shareholders is forecasted to decrease from 572 million CNY in 2023 to 512 million CNY in 2024 [4][9]. - The gross margin is expected to improve from 55.6% in 2023 to 55.9% in 2024, while the net profit margin is projected to decrease slightly from 18.9% in 2023 to 16.8% in 2024 [4][9].

证券代码：002327 证券简称：富安娜 深圳市富安娜家居用品股份有限公司 2024年10月29日投资者关系活动记录表 编号：2024002 | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------- ...

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 证券代码：002327 证券简称：富安娜 公告编号：2024-056 深圳市富安娜家居用品股份有限公司 关于更换持续督导保荐代表人的公告 董事会 2024年10月30日 1 本次变更不影响平安证券对公司的持续督导工作，本次保荐代表人变更后，公司 持续督导保荐代表人为唐伟先生、徐子韩女士，持续督导期至中国证券监督管理委员 会和深圳证券交易所规定的持续督导义务结束为止。 公司董事会对保荐代表人李竹青先生在公司持续督导期间所做出的贡献表示衷 心感谢！ 徐子韩女士的简历见附件。 特此公告。 深圳市富安娜家居用品股份有限公司 富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市富安娜家居用品股份有限公司（以下简称"公司"）于近日收到公司首次 公开发行股票并上市的保荐机构平安证券股份有限公司（以下简称"平安证券"）的 《关于更换持续督导保荐代表人的函》，平安证券原指派的持续督导保荐代表人为李 竹青先生和唐伟先生，现因李竹青先生工作变动，自 2024 年 10 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][3][9]. Core Views - The company experienced a year-on-year revenue decline of 11.2% in the third quarter, with revenue reaching 580 million yuan. Despite this, the gross margin remained stable, increasing by 0.1 percentage points to 55.5%. The net profit margin was pressured, decreasing by 6.5 percentage points to 13.0% due to an increase in sales expense ratio [1][7]. - Inventory levels increased by 12.4% year-on-year and 8.5% quarter-on-quarter to 890 million yuan, primarily due to rising raw material costs for down products. This led to an increase in inventory turnover days by 14 days to 253 days [1][7]. - The company maintained a relatively robust performance compared to the industry, with a year-to-date revenue decline of only 2.0% to 1.89 billion yuan, and a net profit decline of 15.3% to 290 million yuan [1][7]. - Looking ahead to the fourth quarter, there are expectations for improved profit margins due to lower inventory costs and a potential reduction in sales expense ratio as some costs were recognized in the third quarter [1][7]. Financial Forecasts and Metrics - Revenue forecasts for 2024 to 2026 are adjusted to 532 million yuan, 568 million yuan, and 603 million yuan respectively, reflecting a year-on-year change of -7.1%, +6.8%, and +6.2% [2][8]. - The target price is maintained at 8.90 to 9.60 yuan, corresponding to a price-to-earnings ratio (PE) of 14 to 15 times for 2024 [1][7][8]. - Key financial metrics include a projected net profit margin of 13.6% for 2024, with an expected return on equity (ROE) of 13.6% [2][8].