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：2025-045 深圳市富安娜家居用品股份有限公司 关于回购股份比例达到1%的进展公告 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。 深圳市富安娜家居用品股份有限公司（以下简称"公司"）于 2025 年 7 月 31 日召开第六届董事会第七次会议，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股份， 回购股份将全部用于实施员工持股计划或者股权激励计划。本次回购资金总额不 低于人民币 5,585 万元（含）且不超过人民币 10,373 万元（含），回购价格不超 过人民币 11 元/股（含），具体以回购期限届满或回购股份实施完毕时实际回购 的股份数量为准。本次回购期限为自公司董事会审议通过回购股份方案之日起不 超过 12 个月。具体内容详见公司于 2025 年 8 月 1 日在指定信息披露媒体《证券 时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披露的《关于以集中 竞价交 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is facing performance pressure due to inventory reduction, with a focus on the progress of share buybacks [1] - In H1 2025, the company's revenue, net profit attributable to the parent, net profit excluding non-recurring items, and operating cash flow were CNY 1.091 billion, CNY 106 million, CNY 93 million, and CNY 290 million respectively, showing year-on-year declines of -16.56%, -51.31%, -51.95%, and an increase in cash flow of 210.80% [2] - The decline in revenue is primarily attributed to inventory reduction in the franchise channel, with a more significant drop in net profit due to decreased gross margin and increased sales expenses [2] Summary by Sections Revenue Analysis - Revenue across all channels has declined, with the franchise channel experiencing the largest drop. In H1 2025, online, direct sales, and franchise revenues were CNY 501 million, CNY 281 million, and CNY 186 million, reflecting year-on-year declines of 5.01%, 9.10%, and 43.34% respectively [3] - The number of direct and franchise stores decreased by 2% and 12% respectively, with a net opening of 1 direct store and a closure of 59 franchise stores [3] Profitability Metrics - The gross margin for H1 2025 decreased by 1.4 percentage points to 53.6%, primarily due to a decline in franchise gross margin as a result of inventory reduction [4] - The net profit margin decreased by 6.9 percentage points to 9.7%, with the decline attributed to increased sales and financial expense ratios, as well as reduced investment income [4] Inventory and Receivables - Inventory decreased by 6.61% year-on-year to CNY 764 million, with inventory turnover days increasing by 39 days to 271 days [5] - Accounts receivable increased by 10.94% to CNY 275 million, with turnover days increasing by 24 days to 68 days [5] Investment Recommendations - The company is expected to focus on inventory reduction throughout the year, with anticipated performance pressure in Q3 and Q4 [6] - Long-term prospects include potential growth from group buying and supermarket channels, with significant contributions expected from partnerships with Sam's Club and others [6] - The revenue forecasts for 2025-2027 have been adjusted downwards to CNY 2.598 billion, CNY 2.731 billion, and CNY 2.851 billion, with net profit forecasts adjusted to CNY 380 million, CNY 437 million, and CNY 485 million respectively [6]

（文章来源：证券日报） 证券日报网讯 9月2日晚间，富安娜发布公告称，截至2025年8月31日，公司通过回购专用证券账户以集 中竞价交易方式累计回购股份数量为5，664，855股，占公司总股本的0.6758%，最高成交价为7.41元/ 股，最低成交价为7.26元/股，成交总金额为人民币41，560，691.24元（不含交易费用）。 ...

根据《回购规则》《自律监管指引第 9 号》等相关规定，公司在回购期间， 应于每个月的前三个交易日内披露截至上月末的回购进展情况。现将公司回购股 份进展情况公告如下： 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 2025 年 7 月 公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股 份，回购股份将全部用于实施员工持股计划或者股权激励计划。本次回购资金总 额不低于人民币 5,585 万元（含）且不超过人民币 10,373 万元（含），回购价格 不超过人民币 11 元/股（含），具体以回购期限届满或回购股份实施完毕时实际 回购的股份数量为准。本次回购期限为自公司董事会审议通过回购股份方案之日 起不超过 12 个月。具体内容详见公司于 2025 年 8 月 1 日在指定信息披露媒体《证 券时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披露的《关于以集 中竞价交易方式回购公司股份方案的公告》（公告编号：2025 ...

Group 1 - The company, Fuanna, announced a share buyback plan, having repurchased approximately 5.66 million shares, which accounts for 0.6758% of its total share capital, with a total transaction amount of approximately 41.56 million RMB [1] - The highest transaction price during the buyback was 7.41 RMB per share, while the lowest was 7.26 RMB per share, indicating a stable price range during the buyback period [1] - As of the report date, Fuanna's market capitalization stands at 6.1 billion RMB [1] Group 2 - For the first half of 2025, Fuanna's revenue composition is entirely from the home textile industry, indicating a focused business model [1]

格隆汇9月2日丨富安娜(002327.SZ)公布，截至2025年8月31日，公司通过回购专用证券账户以集中竞价 交易方式累计回购股份数量为5,664,855股，占公司总股本的0.6758%，最高成交价为7.41元/股，最低成 交价为7.26元/股，成交总金额为人民币4156.069万元(不含交易费用)。 ...

富安娜公告，截至2025年8月31日，公司通过回购专用证券账户以集中竞价交易方式累计回购股份数量 为566.49万股，占公司总股本的0.6758%，最高成交价为7.41元/股，最低成交价为7.26元/股，成交总金 额为人民币4156.07万元（不含交易费用）。本次回购符合相关法律法规的要求，符合公司既定回购方 案。 ...

关于回购股份的进展公告 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：2025-044 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 2025 年 7 月 31 日召开第六届董事会第七次会议，审议通过了《关于以集中竞价交易方式回购 公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股 份，回购股份将全部用于实施员工持股计划或者股权激励计划。本次回购资金总 额不低于人民币 5,585 万元（含）且不超过人民币 10,373 万元（含），回购价格 不超过人民币 11 元/股（含），具体以回购期限届满或回购股份实施完毕时实际 回购的股份数量为准。本次回购期限为自公司董事会审议通过回购股份方案之日 起不超过 12 个月。具体内容详见公司于 2025 年 8 月 1 日在指定信息披露媒体《证 券时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上披露的《关于以集 中竞价交易方式回购公 ...

Macro and Strategy - The report discusses the internal tension between investment and consumption in China's economy, highlighting that the concentration of capital income among high-income groups leads to a low marginal propensity to consume, which is a primary source of investment [10][11] - It emphasizes that the imbalance between capital income and consumption demand has resulted in a continuous rise in China's capital-output ratio and a decline in capital return rates, making investment-driven growth unsustainable [10][11] Industry and Company - The automotive industry saw a 12% year-on-year increase in wholesale sales of passenger vehicles from August 1 to 24, 2025, with the collaboration between Huawei and SAIC for the H5 model opening for pre-orders [14][15] - The media and internet sector reported a 2.99% increase in industry performance, with OpenAI launching the GPT-Realtime voice model and the summer box office surpassing 11.8 billion yuan [18][21] - The public utility and environmental protection sector is focusing on the ongoing construction of a national carbon market, which is expected to drive urban green and low-carbon transformation [22][23] - The fluorochemical industry is experiencing a price increase in mainstream refrigerants, with R32 and R134a expected to see stable price growth due to limited supply and strong demand [25][29] - Yili Group reported a 5.9% year-on-year increase in revenue for Q2 2025, with improvements in profitability driven by a decrease in raw milk prices and better cost management [31][33] - Huadian International's revenue decreased by 8.98% in H1 2025 due to lower electricity prices and generation, but net profit increased by 13.15% due to reduced fuel costs [34]

Group 1: Financial Performance Overview - In the first half of 2025, the company achieved a revenue of 1.091 billion yuan, a year-on-year decrease of 16.56% [3] - The net profit attributable to shareholders was 106 million yuan, down 51.31% year-on-year [3] - The net profit after deducting non-recurring items was 93 million yuan, a decline of 51.95% compared to the previous year [3] Group 2: Reasons for Revenue and Profit Decline - The decline in revenue and profit was primarily due to reduced sales from both direct and franchise stores, as well as extended inventory turnover periods for franchisees [4] - Increased sales expenses compared to the previous year also contributed to the profit decline [4] - The company plans to adjust marketing strategies and inventory structures to improve performance in the second half of the year [4] Group 3: Changes in Expenses and Accounts Receivable - Platform expenses increased due to changes in e-commerce channel policies and promotional activities [5] - Accounts receivable rose by 27 million yuan, mainly from the Sam's Club channel, following a renewed partnership [6] Group 4: Gross Margin Insights - The gross margin for the e-commerce channel was 49.41%, an increase of 2.89% year-on-year, attributed to a shift towards higher-priced, high-margin products [7] - The overall gross margin was 53.61%, down 1.41% year-on-year, due to increased inventory proportions and enhanced support for franchisees [8] Group 5: Dividend Policy - The company intends to maintain a stable and continuous dividend policy, barring significant market changes or unforeseen circumstances [8]