⚫ 公司 2023 年实现营业收入 30.3 亿，同比下滑 1.6%，实现归母净利润 5.7 亿，同比 增长 7.02%。24Q1 公司的收入和归母净利润分别同比增长 5.2%和 10.2%。 公司拟 分红 5.4 亿，分红率为 95.1%，继续实施高分红政策。 ⚫ 分渠道来看，2023 年线上、直营和加盟渠道收入分别同比下滑-5.5%、1.1%和 0.4%，团购业务收入同比增长 19.5%。线下方面，截至 2023 年底，直营和加盟门 店分别为 484 家和 1,010 家，分别净开 13 家和 11 家。线上方面，2023 年天猫、京 东和唯品会收入占比分别为 25%、39%和 14%，公司电商团队共 231 人左右，团队 一直遵循以产品价值为核心考量，始终关注产品升级，材质升级、营销升级、组织 结构升级，电商团队以净利润为考核，遵循高质量发展。 ⚫ 毛利率创新高。2023 年毛利率同比提升 2.5pct 至 55.6%，拆分来看，线上、直营、 加盟和团购渠道分别同比增长 1.7、3.6、3.6 和-0.7pct，我们判断更多是源于产品结 构调整（高毛利产品占比提升）所致。截至 2023 年底，公司存货周 ...

Investment Rating - The report upgrades the company's rating to "Buy" due to its low valuation, high dividend yield, and expected steady growth in 2024 [14] Core Views - The company's 2023 revenue slightly declined by 1.62% YoY, but net profit increased by 7.02% YoY, driven by improved gross margin and operational efficiency [13] - In Q1 2024, revenue grew by 5.20% YoY, and net profit increased by 10.24% YoY, supported by higher government subsidies and tax refunds [13] - The company is expected to maintain steady revenue growth in 2024, with profit growth slightly outpacing revenue growth [14] - The company has been expanding its super image stores in key cities, enhancing brand image, and increasing the number of stores, while also improving e-commerce channel performance [4] Financial Performance Summary Revenue and Profit - 2023 revenue was RMB 3.03 billion, a slight decline of 1.62% YoY, while net profit reached RMB 572 million, up 7.02% YoY [13] - Q1 2024 revenue was RMB 652 million, up 5.20% YoY, and net profit was RMB 122 million, up 10.24% YoY [13] - The company's EPS for 2023 was RMB 0.69, with a dividend payout of RMB 0.65 per share [13] Gross Margin and Profitability - 2023 gross margin improved by 2.53 percentage points to 55.63%, driven by cost reductions and higher sales of premium products [13] - By category, gross margins for bedding sets and quilts increased by 1.67 and 2.12 percentage points, respectively [13] - By channel, gross margins for e-commerce, franchised, and direct-operated stores improved by 1.69, 3.56, and 3.61 percentage points, respectively [13] Channel Performance - In 2023, e-commerce, franchised, and direct-operated store revenues accounted for 40%, 27%, and 24% of total revenue, respectively [13] - E-commerce revenue declined by 5.49% YoY, while franchised and direct-operated store revenues were relatively stable [13] - The total number of stores increased by 1.6% YoY to 1,494, with 172 new stores opened and 148 closed [13] Inventory and Cash Flow - Inventory decreased by 7.70% YoY to RMB 701 million at the end of 2023, with inventory turnover days remaining stable at 196 days [13] - Operating cash flow in 2023 increased by 7.89% YoY to RMB 766 million, but declined by 35.75% YoY in Q1 2024 [13] Future Outlook - The company is expected to achieve revenue of RMB 3.31 billion in 2024, growing by 9.16% YoY, with net profit reaching RMB 639 million, up 11.73% YoY [15] - EPS for 2024 is projected at RMB 0.76, with a P/E ratio of 14x [14] - The company plans to continue expanding its store network, enhancing brand image, and improving operational efficiency to drive high-quality growth [4] Valuation and Dividend - The company's average dividend yield from 2021 to 2023 was 5.74%, based on the closing price as of April 26 [14] - The 2024 dividend is expected to be RMB 0.72 per share, with a dividend yield of 6.7% [16]

资科来源：公司公告，国信证券经济研究所整理 全年毛利率净利率稳步提升。2023 年收入同比-1.6%至 30.3 亿元；归母净利 润同比+7.0%至 5.7 亿元。在高基数基础上毛利率、净利率持续提升，分别 同比增长2.5 和 1.5 个百分点至 55.6%和 18.9%，达到 2018 年以来最高水平。 预计毛利率的提升一方面来自于生产效率提升、成本下降，另一方面来自于 高端产品占比提升。费用率基本维持稳定，销售费用率同比小幅增长 0.5 百 分点，主要系线下费用投入加大。 现金流充足，分红率高，ROE 同比提升。经营性现金流充足，同比+7.9%至 7.7 亿元，净现比达 1.34；公司继续保持稳定较高的分红水平，派发现金分 红 5.4 亿元，分红率达 95%。2023 年公司 ROE 为 15.0%，同比提升 0.7 个百 分点；营运效率稳定，存货/应收账款/应付账款周转天数分别同比 -0.3/+11.8/+4.1 天，均维持在健康水平。 2024 年第一季度收入增长提速，利润率保持稳定。第一季度收入同比+5.2% 至 6.5 亿元；归母净利润同比+10.2%至 1.2 亿元；扣非归母净利润同比+2.4% ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥3.03 billion, a decrease of 1.62% compared to the previous year[20]. - The net profit attributable to shareholders was approximately ¥572.10 million, representing a growth of 7.02% year-over-year[20]. - The basic earnings per share increased by 6.15% to ¥0.69 from ¥0.65 in the previous year[20]. - The total assets at the end of 2023 were approximately ¥4.94 billion, reflecting a growth of 5.80% compared to the end of 2022[20]. - The net assets attributable to shareholders increased by 2.40% to approximately ¥3.86 billion[20]. - The net cash flow from operating activities was approximately ¥766.03 million, an increase of 7.89% year-over-year[20]. - The weighted average return on equity was 15.03%, up from 14.33% in the previous year[20]. - The company's total revenue for Q4 2023 reached ¥1,104,929,716.13, marking a significant increase compared to previous quarters[25]. - The net profit attributable to shareholders for Q4 2023 was ¥225,837,388.58, reflecting a strong performance in the final quarter[25]. - The company reported a net cash flow from operating activities of ¥441,554,106.25 in Q4 2023, indicating robust cash generation capabilities[25]. Market Strategy and Expansion - The company continues to focus on market expansion and new product development strategies[20]. - The company has positioned itself in the textile home and sleep home sectors, focusing on research and innovation to meet market demands[33]. - The company operates a multi-channel sales strategy, combining direct sales and partnerships with major e-commerce platforms like Tmall and JD, while also exploring new marketing methods such as live streaming and community marketing[49]. - The company is expanding its market presence by enhancing offline store management and leveraging regional market potential to attract consumer energy[44]. - The company is focused on sustainable development and cost optimization in its procurement process, ensuring stable supply and collaboration with suppliers[48]. - The company is developing innovative blended materials to enhance fabric comfort and smoothness, aiming to improve product value and user experience[117]. - The company is focusing on expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[148]. Product Development and Innovation - The company emphasizes product differentiation and quality as key competitive advantages in the current market landscape[32]. - The company emphasizes design innovation as its core competitive advantage, with a dedicated R&D team that ensures seasonal products reflect distinct themes and styles, enhancing brand culture[46]. - New product lines include the "Oriental Aesthetics" series and the "Monet" series, showcasing innovative design and craftsmanship[59][60]. - The company has introduced new technologies to improve the technical content of its products, such as waterproof and oil-proof pillow materials[117]. Supply Chain and Operations - The company has adopted a lean production model, aiming to maximize output while reducing costs and improving quality through automation and digitalization[48]. - The company has implemented strategic reserves for certain raw materials and optimized supply chain management to mitigate risks from rising labor costs and raw material price fluctuations[73]. - The company is optimizing its supply chain management through digital transformation to improve new retail efficiency and overall operational performance[71]. - The company has a high proportion of TO C revenue, positioning itself as a top home textile brand with a comprehensive layout of direct stores in first- and second-tier cities, enhancing operational efficiency[44]. Awards and Recognition - The company has received multiple awards, including recognition as one of the "Top 10 Most Influential Home Brands" and "Top 10 Environmental Home Textile Brands" in China[35]. - The company has been recognized as a leading brand in the home textile industry, receiving multiple awards including "Top 50 Influential Brands in China" and "Top 500 Manufacturing Enterprises in Guangdong Province" from 2015 to 2023[38][39]. Governance and Compliance - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective decision-making and supervision[154]. - The board of directors consists of 4 independent directors, enhancing the scientific and effective decision-making process[157]. - The company has implemented a performance evaluation and incentive mechanism for senior management to align their interests with the long-term development of the company[161]. - The company actively engages with stakeholders to balance the interests of shareholders, employees, customers, suppliers, and society[161]. - The company has a dedicated investor relations platform to ensure timely and effective communication with investors[161]. - The company has maintained a transparent process for the election of directors and supervisors, ensuring compliance with legal requirements[156]. Financial Management and Investments - The company raised a total of 377.01 million CNY from its initial public offering[139]. - The company has allocated 10 million CNY for permanent working capital supplementation[140]. - The company has achieved a total investment of 388.41 million CNY across committed investment projects[137]. - The company has not engaged in any significant equity or derivative investments during the reporting period[130][131]. Employee Engagement and Training - The company conducted a total of 4,652 training sessions for employees in 2023, achieving an average satisfaction rate of 95.8%[83]. - The company has implemented nine stock incentive plans, benefiting approximately 1,800 employees, to foster a strong talent community[82]. Challenges and Outlook - The company anticipates increased competition in the home textile industry due to rising production costs and market saturation, emphasizing the need for differentiation and brand strength[40]. - The management indicated a positive outlook for the second half of 2023, expecting a further 10% increase in sales[148]. - The management has set a performance guidance of 12% revenue growth for the full year 2023[148].

富安娜 FUANNA 第五届董事会第二十五次会议决 二、董事会会议审议情况 1、会议以同意9票，反对0票，弃权0票，审议通过《关于公司<2023年度总经理工 作报告>的议案》。 《2023年度总经理工作报告》可参看公司《2023年年度报告》中第三节和第四节部 分，具体内容详见公司于2024年4月26日披露于巨潮资讯网（www.cninfo.com.cn）上的 《2023年年度报告》。 议 证券代码：002327 证券简称：富安娜 公告编号：2024-007 深圳市富安娜家居用品股份有限公司 第五届董事会第二十五次会议决议 本公司及董事会全体成员保证信息披露内容真实、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"）第五届董事会第二十五 次会议通知于 2024 年 4 月 19 日以通讯及邮件方式送达给公司 9 名董事。会议于 2024 年 4 月 25 日以现场结合通讯会议方式在公司会议室召开，会议应到董事 9 人，实到董 事 9 人，公司监事、高管列席了本次会议。本次董事会的召开符合国家有关法律、法规 和《公司章程》的规定。会议由董事长林国芳先生主持，审 ...

证券代码：002327 证券简称：富安娜 公告编号：2024-016 深圳市富安娜家居用品股份有限公司 2024年度董事、高级管理人员薪酬考核标准的公告 本公司及董事会全体成员保证信息披露内容真实、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 "） 根据《公司章 程》、《公司高级管理人员薪酬管理制度》等相关规定，结合公司所处行业和地区 的薪酬水平，年度经营状况及岗位职责，制定了董事、高级管理人员 2024 年度 薪酬方案，现将具体内容公告如下： 一、适用对象 公司 2024 年度任期内的董事、高级管理人员。 富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 (2024) 三、 薪酬方案 （一） 董事薪酬方案 1、非独立董事 （1） 在公司内部任职或承担经营管理职能的非独立董事，根据其在公司担 任的具体职务，按公司相关薪酬与绩效考核制度领取薪酬。 （2） 未在公司内部任职及不承担经营管理职能的非独立董事，不再另行领 取薪酬。 2、独立董事 公司独立董事的任职津贴根据独立董事所承担的风险责任及市场薪酬水平， 结合公司的实际情况确定。独立董事津贴按年计算 ...

证券代码：002327 证券简称：富安娜 公告编号：2024-011 深圳市富安娜家居用品股份有限公司 关于公司2023年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 富安娜 FUANNA 深圳市富安娜家居用品股份有限公司 (2024) 深圳市富安娜家居用品股份有限公司（以下简称"公司"）于2024年4月25 日召开第五届董事会第二十五次会议、第五届监事会第二十一次会议，审议通 过了《关于公司2023年度利润分配预案》，该议案尚需提交公司2023年年度股东 大会审议。具体情况如下： 一、2023年度利润分配预案的主要内容 经致同会计师事务所（特殊普通合伙）审计，公司 2023 年度实现归属 于母公司普通股股东的净利润为 572,099,301.94 元，母公司实现净利润为 297,283,667.08元，减去按当年母公司净利润的 10% 提取法定盈余公积为 29,728,366.71元，减去当年分配的 2022年度现金红利 498,293,159.42元， 加上期初未分配利润 2,632,172,196.29元，2023年度可用于股东分配 ...

深圳市富安娜家居用品股份有限公司 独立董事2023年度述职报告 曾凡跃 各位股东及股东代表： 本人作为深圳市富安娜家居用品股份有限公司（以下简称"公司"）独立董 事，在2023年任职期间，严格按照《中华人民共和国公司法》、国务院办公厅《关 于上市公司独立董事制度改革的意见》，中国证监会《上市公司独立董事管理办 法》（以下简称"《独董办法》"）、《上市公司治理准则》和深圳证券交易所《股票 上市规则》等相关法律法规及《公司章程》《独立董事工作制度》等有关公司规 定，在任职的短暂时间里，就上市公司规范运作及财务管理提出了若干专业意见， 发挥了独立董事专业咨询的作用。任职提名期间，本人就上市公司治理中可能存 在的问题与公司其他董事和高管进行了沟通，向公司传递了独立董事在参与公司 经营决策、监督制衡和专业咨询几方面都必须切实履行职责，维护公司和全体股 东尤其是中小股东的合法权益的监管基本要求。为本人后续认真履职奠定了基础。 现将本人2023年度履职情况汇报如下： 一、基本情况 本人曾凡跃，男，中国国籍，1963年生，西南财经大学会计学专业，专科学 历，会计师职称，非执业注册会计师资格，已取得中国证监会认可的独立董事资 ...

关于致同会计师事务所（特殊普通合伙）的 履职情况评估报告 深圳市富安娜家居用品股份有限公司（以下简称"公司"）聘请致同会计师事 务所（特殊普通合伙）（以下简称"致同"）作为公司2023年度财务报告出具审计 报告的会计师事务所。 根据财政部、国务院国有资产监督管理委员会、中国证券监督管理委员会 颁布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对致同在 2023年度的审计工作的履职情况进行了评估。具体情况如下： 一、会计师事务所的情况 （一）基本信息 致同会计师事务所（特殊普通合伙）（以下简称"致同"）是中国最早的会 计师事务所之一，成立于 1981 年。致同总部设于北京，是 Grant Thornton International Ltd（GTIL，致同国际）在中国唯一的成员所，英文名称为 Grant Thornton。致同是首批获得从事证券期货相关业务资格、首批获准从事特大型 国有企业审计业务资格及首批取得金融审计资格的会计师事务所之一；同时也 是首批获得 H 股企业审计资格的内地事务所之一，并在美国 PCAOB 注册。 截至 2023 年末，致同拥有合伙人 225 名、注册会计师 1,364 名、 ...