Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2024, with revenue down 2% year-on-year to 1.89 billion yuan and net profit down 15.3% to 290 million yuan [1]. - The company is expected to improve its performance in Q4 due to seasonal demand and consumer promotion policies, despite ongoing uncertainties in demand [4]. - The company has adjusted its profit forecasts for 2024-2026, lowering the expected net profit by 23%, 19%, and 20% respectively [4]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 580 million yuan and a net profit of 75.18 million yuan, with a year-on-year revenue decline of 11.2% and a net profit decline of 40.8% [1]. - The gross margin for the first three quarters of 2024 slightly increased by 0.6 percentage points to 55.2% [3]. - The operating cash flow for the first three quarters was negative 38.16 million yuan, indicating a cash outflow [3]. Channel Distribution - As of June 2024, the company had a total of 1,531 stores, a net increase of 2.5% from the beginning of the year, with franchise and direct stores growing by 2.3% and 2.9% respectively [2]. - The revenue distribution for the first half of 2024 was 24% from direct sales, 25% from franchises, 40% from e-commerce, and 11% from group purchases and other businesses [2]. Cost and Inventory Management - The expense ratio increased by 3.1 percentage points to 36.8% in the first three quarters of 2024, primarily due to higher advertising and store renovation costs [3]. - Inventory as of September 2024 increased by 26.5% from the beginning of the year to 890 million yuan, with inventory turnover days rising by 14 days to 253 days [3].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5][6]. Core Views - The company's short-term performance is impacted by a challenging retail environment, with revenue and net profit falling short of expectations. For the first three quarters of 2024, revenue was 1.89 billion yuan, down 2.0% year-on-year, and net profit was 293 million yuan, down 15.3% year-on-year [5][6]. - Despite the decline in revenue and profit, the gross margin remains stable at 55.2%, reflecting strong brand resilience. However, increased selling expenses have pressured the net profit margin, which stands at 15.5% for the same period [5][6]. - The company is strategically stocking up on raw materials like down feathers to enhance sales flexibility during peak seasons, which is expected to improve market competitiveness and performance [5][6]. Summary by Sections Market Data - Closing price as of October 25, 2024, was 8.95 yuan, with a one-year high of 11.68 yuan and a low of 6.94 yuan. The price-to-book ratio is 2.1, and the dividend yield is 7.26% [2]. Financial Performance - For the first three quarters of 2024, the company reported a gross margin of 55.2%, with a quarterly breakdown of 54.2% in Q1, 55.8% in Q2, and 55.5% in Q3. The selling expense ratio increased to 29.8% due to higher advertising and display costs [5][6]. - The operating cash flow turned negative, primarily due to increased cash outflows for purchasing goods, reflecting a strategic reserve of raw materials [5][6]. Future Outlook - The company expects a gradual improvement in retail conditions, supported by new consumer subsidy policies in Shanghai that include home textile products, which may boost sales for leading brands [6]. - The profit forecasts for 2024-2026 have been adjusted downwards, with expected net profits of 510 million, 570 million, and 616 million yuan respectively, corresponding to price-to-earnings ratios of 15, 13, and 12 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][3]. Core Insights - The company reported Q3 2024 revenue of 580 million, a decrease of 11.2% year-on-year, and a net profit attributable to shareholders of 75 million, down 40.8% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 1.89 billion, a decrease of 2% year-on-year, and a net profit of 290 million, down 15.3% year-on-year [1]. - The company has implemented nine stock incentive plans, covering 1860 participants, to enhance employee motivation and core competitiveness [1]. - Due to external uncertainties and Q3 performance, the revenue forecast for 2024-2026 has been adjusted to 3.1 billion, 3.3 billion, and 3.4 billion respectively, with net profits of 540 million, 570 million, and 610 million [1][3]. Financial Data and Valuation - The company's revenue for 2024E is projected at 3.09 billion, with a growth rate of 2.1% [4]. - The net profit attributable to shareholders for 2024E is estimated at 537 million, reflecting a decrease of 6.13% [4]. - The company’s P/E ratios for 2024E, 2025E, and 2026E are projected to be 13.94, 13.05, and 12.32 respectively [4][10]. - The gross margin for the first three quarters of 2024 is reported at 55.2%, an increase of 0.6 percentage points year-on-year [1].

深圳市富安娜家居用品股份有限公司 舆情管理制度 二〇二四年十月 （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情； （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第一章 总则 第一条 为提高深圳市富安娜家居用品股份有限公司（以下简称"公司"） 应对舆情管理的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情 对公司股票及其衍生品交易价格、商业信誉及正常经营管理活动造成的影响，切 实保护投资者合法权益，根据《深圳证券交易所股票上市规则》等相关法律法规、 规范性文件和《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，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司 ...

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：2024-053 深圳市富安娜家居用品股份有限公司 第六届董事会第二次会议决议公告 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。 一、董事会会议召开情况 深圳市富安娜家居用品股份有限公司（以下简称"公司""本公司"）第六届董 事会第二次会议通知于 2024 年 10 月 22 日以电子邮件等通讯方式送达全体董事、监 事及高级管理人员，会议于 2024 年 10 月 25 日以通讯结合现场方式召开。会议应出 席董事 9 人，实际出席董事 9 人，会议有效行使表决权票数 9 票。会议的召集、召开 符合有关法律法规和《公司章程》的规定。 （二）审议通过了《关于制定公司〈舆情管理制度〉的议案》 为提高公司应对舆情管理的能力，建立快速反应和应急处置机制，及时、妥善处 理各类舆情对公司股票及其衍生品交易价格、商业信誉及正常经营管理活动造成的影 响，切实保护投资者合法权益，根据《深圳证券交易所股票上市规则》等相关法律法 规、规范性文件和《公司章程》的规定，公司制定了 ...

Financial Performance - The company's revenue for Q3 2024 was CNY 579,387,480.59, a decrease of 11.21% compared to the same period last year[3] - Net profit attributable to shareholders for Q3 2024 was CNY 75,180,933.77, down 40.78% year-on-year[3] - Basic earnings per share for Q3 2024 decreased by 40.00% to CNY 0.09[3] - The company's net profit for the year-to-date was CNY 293,191,359.13, reflecting a decrease of 15.33% compared to the previous year[8] - The net profit for Q3 2024 was CNY 293,191,359.13, a decrease of 15.3% compared to CNY 346,261,913.36 in Q3 2023[19] - The total profit for the period was CNY 371,165,586.48, compared to CNY 435,055,145.31 in the same quarter last year, a decline of 14.7%[19] Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 38,164,342.56, a decline of 111.76% compared to the previous year[3] - Operating cash inflow decreased by 1.66% to ¥2,209,923,055.38 compared to the previous period[9] - Operating cash outflow increased by 16.92% to ¥2,248,087,397.94, leading to a net cash flow from operating activities of -¥38,164,342.56, a decrease of 111.76%[10] - The net cash flow from operating activities was -38,164,342.56 CNY, a significant decrease compared to 324,472,986.10 CNY in the previous year[22] - The net increase in cash and cash equivalents was -¥190,965,517.57, a decrease of 498.29% compared to the previous period[10] - The total cash and cash equivalents at the end of the period stood at 195,177,448.90 CNY, down from 542,834,981.21 CNY year-over-year[23] Assets and Liabilities - Total assets as of September 30, 2024, were CNY 4,484,471,625.45, a decrease of 9.31% from the end of the previous year[3] - The total assets decreased to CNY 4,484,471,625.45 from CNY 4,944,863,638.12, reflecting a decline of about 9.3%[16] - Non-current liabilities totaled CNY 169,217,351.65, an increase from CNY 148,555,200.45, representing a growth of approximately 13.5%[16] - The company's total liabilities decreased to CNY 850,323,428.84 from CNY 1,085,714,176.99, a reduction of about 21.7%[16] - The equity attributable to shareholders was CNY 3,634,148,196.61, down from CNY 3,859,149,461.13, indicating a decrease of approximately 5.8%[16] Income and Expenses - Total operating revenue for Q3 2024 was CNY 1,886,995,982.70, a decrease of 1.95% compared to CNY 1,924,639,239.32 in the same period last year[17] - Total operating costs amounted to CNY 1,554,455,544.84, an increase of 0.26% from CNY 1,539,951,451.54 in the previous year[17] - The company's sales expenses were CNY 562,660,153.79, up from CNY 510,018,069.10, indicating a rise of approximately 10.3% year-over-year[17] - Research and development expenses for the quarter were CNY 63,850,412.92, slightly higher than CNY 62,402,066.61 from the previous year[17] - Interest income increased to CNY 21,678,354.20 from CNY 15,128,988.86, marking a growth of 43.3%[19] - Other income rose significantly to CNY 17,921,060.70 from CNY 5,031,924.66, an increase of 256.5%[19] - The company reported a decrease in financial expenses, which were CNY -12,908,386.34 compared to CNY -8,522,010.77 in the previous year[19] Shareholder Information - The total number of common shareholders at the end of the reporting period was 25,865, with the top ten shareholders holding significant stakes[11] - The largest shareholder, Lin Guofang, holds 39.81% of the shares, while the second-largest shareholder, Chen Guohong, holds 14.60%[11] Future Outlook - Future outlook includes a focus on expanding product lines and enhancing market presence, although specific numerical guidance was not provided in the report[16] - The company did not report any new product launches or significant market expansion strategies during this quarter[19] - There are no significant mergers or acquisitions reported during this period[13]

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：2024-054 深圳市富安娜家居用品股份有限公司 第六届监事会第二次会议决议公告 本公司及监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。 一、监事会会议召开情况 经审核，监事会认为：董事会编制和审核公司《2024 年第三季度报告》的程序符 合法律、行政法规和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《2024 年第三季度报告》详见公司指定信息披露媒体《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）。 表决结果：同意 3 票、反对 0 票、弃权 0 票，回避 0 票。 三、备查文件 第六届监事会第二次会议决议。 特此公告。 深圳市富安娜家居用品股份有限公司 监事会 深圳市富安娜家居用品股份有限公司（以下简称"公司"）第六届监事会第二次 会议通知于 2024 年 10 月 22 日以电子邮件等通讯方式送达公司 3 名监事，会议于 2024 年 10 月 25 ...

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：2024-050 深圳市富安娜家居用品股份有限公司 第六届董事会第一次会议决议公告 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。 一、董事会会议召开情况 深圳市富安娜家居用品股份有限公司（以下简称"公司"）第六届董事会第一次 会议于 2024 年 10 月 14 日在公司 2024 年第三次临时股东大会选举产生第六届董事会 成员后召开，经全体董事同意豁免会议通知时间要求，会议通知于 2024 年 10 月 14 日以电话、口头等通讯方式送达全体董事、监事及高级管理人员，会议以现场结合通 讯的方式召开。会议经过半数董事推选由董事林国芳先生主持，会议应出席董事 9 人， 实际出席董事 9 人，会议有效行使表决权票数 9 票。会议的召集、召开符合有关法律 法规和《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过了《关于选举公司第六届董事会董事长的议案》 会议同意选举林国芳先生为公司第六届董事会董事长，任期三年，自本次董事会 审议通过之日起至第六届董 ...

富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 第六届监事会第一次会议决议公告 本公司及监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。 一、监事会会议召开情况 深圳市富安娜家居用品股份有限公司（以下简称"公司"）第六届监事会第一次 会议通知于 2024 年 10 月 14 日以电话、口头等通讯方式送达公司 3 名监事，经全体 监事同意豁免会议通知时间要求。会议于 2024 年 10 月 14 日以现场结合通讯的方式 召开。会议经过半数监事推选由公司监事陈凯先生主持，会议应出席监事 3 人，实际 出席监事 3 人。会议的召集、召开符合有关法律法规和《公司章程》的规定。 二、监事会会议审议情况 （一）审议通过了《关于选举公司第六届监事会主席的议案》 经与会监事充分讨论，监事会同意选举陈凯先生担任本公司第六届监事会主席， 任期三年，自本次会议审议通过之日起至公司第六届监事会任期届满之日止。 陈凯先生的简历详见公司指定信息披露媒体《证券时报》和巨潮资讯网 （http://www.cninfo.com.cn）上的公司《关于董事会、监事会完成换届选举并聘任高级 管理人员及 ...

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：2024-052 深圳市富安娜家居用品股份有限公司 关于董事会、监事会完成换届选举并聘任高级管理人员及其 他相关人员的公告 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。 鉴于深圳市富安娜家居用品股份有限公司（以下简称"公司"）第五届董事会、 监事会及高级管理人员任期即将届满，根据《中华人民共和国公司法》、《公司章 程》相关规定，公司于 2024 年 10 月 14 日召开 2024 年第三次临时股东大会审议通 过了《关于董事会换届选举第六届董事会非独立董事的议案》、《关于董事会换届 选举第六届董事会独立董事的议案》、《关于监事会换届选举第六届监事会非职工 代表监事的议案》等相关议案，选举产生了第六届董事会和第六届监事会非职工代 表监事。公司于 2024 年 10 月 11 日召开职工代表大会选举产生了第六届监事会职 工代表监事，与股东大会选举产生的非职工代表监事共同组成公司第六届监事会。 公司于 2024 年 10 月 14 日召开了第六届董事会第一次 ...