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]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][34]. Core Views - The company experienced a revenue decline of 16.6% year-on-year in the first half of 2025, with net profit dropping by 51.3% to 106 million yuan, primarily due to a weak consumption environment and increased sales expenses [1][4]. - The second quarter saw a smaller revenue decline of 15.3% compared to the first quarter's 17.8%, with net profit decline narrowing to 47.7% [2]. - Online channels showed resilience with a revenue decline of only 5.0%, while franchise income significantly decreased by 43.3% due to inventory pressure [3][4]. - The company plans to dynamically adjust inventory structure and enhance operational efficiency through precise online marketing and cost control [3][4]. Summary by Sections Financial Performance - In the first half of 2025, revenue fell to 1.091 billion yuan, with a gross margin of 53.6%, down 1.4 percentage points year-on-year [1]. - The second quarter revenue was 555 million yuan, with a gross margin of 52.8%, reflecting a 3.1 percentage point decline [2]. - The company’s net profit margin decreased to 9.7% in the first half of 2025, down 6.9 percentage points year-on-year [1]. Channel Performance - Online channel revenue decline was the least at 5.0%, while franchise channel revenue dropped by 43.3% due to poor inventory turnover [3]. - Direct sales revenue decreased by 9.1%, with a slight decline in gross margin [3]. Future Outlook - The company expects to stabilize performance in 2026 as inventory issues are resolved and franchisee orders normalize [4][34]. - Long-term, the company has maintained a high dividend payout ratio of over 90% in the past three years, indicating a commitment to shareholder returns [4][35]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 390 million, 410 million, and 430 million yuan respectively, reflecting a significant downward revision due to inventory and expense pressures [31][36].

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 1.09 billion and a net profit of 106 million, representing a year-on-year decrease of 16.56% and 51.31% respectively [1] Financial Performance - The company's operating cash flow improved to 290 million, primarily due to reduced procurement expenses [1] - The number of franchise stores decreased from 987 to 928, with franchise channel revenue dropping to 186 million, a substantial decline of 43.34% year-on-year [1] - The same-store sales performance in the direct sales channel also faced challenges, with a year-on-year decline of 6.86%, bringing the average store efficiency to 578,900 [1] Inventory Management - As of the end of June, the company's inventory reached 764 million, with a decline in inventory turnover efficiency [1] - The turnover days for bedding and comforter inventory increased to 204 days and 203 days respectively, indicating a slowdown in inventory turnover among franchisees, which management identified as a core issue [1]

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 富安娜（002327.SZ） 电商渠道：2025H1 电商业务营收降幅较小，产品结构优化带动毛利率提升。 2025H1 公司电商业务营收同比下降 5.01%至 5 亿元，毛利率同比提升 2.89pcts 至 49.41%，电商毛利率持续提升，展望 2025H2 公司将重点聚焦大单品战略，集 中资源加大大单品推广力度，同时通过精细化运营提升大单品市场占有率和毛利 率。 公司推动库存去化以及应收账款回流，2025H1 经营活动现金流大幅增长。截止 2025H1 公司存货金额同比下降 6.6%至 7.6 亿元（较年初持平），公司应收账款金 额同比增长 10.9%至 2.8 亿元（较年初下降 50%），面对波动的消费环境，公司加 大库存管控力度，同时持续推进应收账款回流，2025H1 公司经营性现金流净额同 比大幅增长 210.8%至 2.9 亿元。 展望 2025 全年，我们预计公司业绩下滑 30%左右。家纺品类作为可选性较强的 品类，需求恢复速度相对较慢，同时 2025 年富安娜持续推进库存去化，结合上半 年的经营表现，我们 ...