（记者 王晓波） 索菲亚（002572.SZ）11月14日在投资者互动平台表示，目前公司已拥有29家海外经销商，业务遍及加 拿大、澳大利亚、阿联酋、越南、泰国等23个国家/地区；同时通过与优质海外开发商、承包商合作， 为全球32个国家/地区的约132个工程项目，提供一站式全屋定制解决方案。公司海外业务目前处于积极 开拓布局阶段，未来将深化工程业务开发及零售渠道招商开店。当然，海外市场的培育也需要结合当地 特点（比如消费习惯、市场环境等），需要不断完善运营体系、适配当地需求，不会盲目扩张，也尊重 海外市场的发展节奏，关注海外市场机遇，结合本地化运营策略推进拓展。 每经AI快讯，有投资者在投资者互动平台提问：当前家具出海仍处蓝海阶段，公司未来是否有加大海 外市场开拓的明确计划？目前海外收入主要来源于哪些国家/地区，具体覆盖范围如何？ ...

证券之星消息，11月14日家居用品板块较上一交易日上涨0.15%，华瓷股份领涨。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。家居用品板块个股涨跌见下表： 从资金流向上来看，当日家居用品板块主力资金净流出8330.61万元，游资资金净流出1.1亿元，散户资金 净流入1.93亿元。家居用品板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 001216 华瓷股份 | | -5626.22万 | 36.71% | -3354.59万 | -21.89% | -2271.63万 | -14.82% | | 603180 | 金牌家居 | 3979.32万 | 11.39% | -1874.96万 | -5.37% | -2104.36万 | -6.02% | | 603008 | 菌临门 | 2607.25万 | 6.46% | -609.25万 ...

25Q3 公司毛利率36.83%，同比+0.97pct，净利率15.3%，同比+1.54pct，盈利能力逆势提升我们预计系 提质增效成果显现。 分品牌看，（1）索菲亚经销商1793 位，专卖店2561 家；2025 年1-9 月营收63.5 亿，工厂端平均客单价 22,511 元。（2）米兰纳经销商528 位，专卖店556 家；2025 年1-9 月营收3 亿，工厂端平均客单价 17,662 元。（3）司米品经销商132 位，专卖店134 家。（4）华鹤经销商222 位，专卖店270家，2025 年 1-9 月营收0.81 亿。 分渠道看，（1）整装渠道：2025 年1-9 月，公司整装营收13.9 亿。其中，集成整装事业部已合作装企 数量283 个，覆盖全国221 个城市及区域，已上样门店数量728 家；零售整装业务已合作装企数量2473 个，覆盖全国1482 个市场及区域，已上样门店数量2,375 家。 （2）海外渠道：通过高端零售、工程项目和经销商等形式进行布局，目前已拥有29 家海外经销商，覆 盖了加拿大，澳大利亚，阿联酋，越南，泰国等23 个国家/地区；同时，公司与优质海外开发商和承包 商合作，为全 ...

分品牌看，（1）索菲亚经销商 1793 位，专卖店 2561 家；2025 年 1-9 月营 收 63.5 亿，工厂端平均客单价 22,511 元。（2）米兰纳经销商 528 位，专 卖店 556 家；2025 年 1-9 月营收 3 亿，工厂端平均客单价 17,662 元。（3） 司米品经销商 132 位，专卖店 134 家。（4）华鹤经销商 222 位，专卖店 270 家，2025 年 1-9 月营收 0.81 亿。 公司报告 | 季报点评 25Q3 公司毛利率 36.83%，同比+0.97pct，净利率 15.3%，同比+1.54pct，盈 利能力逆势提升我们预计系提质增效成果显现。 索菲亚（002572） 证券研究报告 Q3 盈利能力稳步改善 公司发布 2025 年三季报 公司 25Q3 营收 25 亿同减 10%，归母净利 3.6 亿同增 1%，扣非后归母净利 3 亿同减 15%。 公司 25Q1-3 营收 70 亿同减 8%，归母净利 7 亿同减 26%，扣非后归母净利 7.2 亿同减 18%。 分渠道看，（1）整装渠道：2025 年 1-9 月，公司整装营收 13.9 亿。其中， 集成整装事业部 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.50 CNY, maintaining the rating [5]. Core Views - The company has shown a slight improvement in gross margin and a positive growth in net profit for Q3 2025, despite a decline in revenue for the first three quarters [1][3]. - The company is actively expanding its "multi-brand, full-category, and all-channel" strategy, focusing on both domestic and overseas markets [2][4]. - The company aims to enhance its market share through refined channel management and an upgraded whole-house customization strategy [4]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 7.008 billion CNY, a year-on-year decrease of 8.46%, and a net profit of 682 million CNY, down 26.05% [1]. - In Q3 2025, the company achieved a revenue of 2.457 billion CNY, a decline of 9.88% year-on-year, but a net profit of 362 million CNY, reflecting a growth of 1.44% [1]. - The gross margin for Q1-3 2025 was 35.24%, a decrease of 0.55 percentage points year-on-year, while Q3 2025 saw a gross margin of 36.83%, an increase of 0.97 percentage points [3]. - The net profit margin for Q1-3 2025 was 10.13%, down 2.54 percentage points year-on-year, while Q3 2025's net profit margin was 15.32%, up 1.54 percentage points [3]. Strategic Initiatives Summary - The company has established a robust presence in the integrated decoration channel, with 283 cooperative decoration companies and 728 sample stores across 221 cities [2]. - The overseas channel has been expanded through high-end retail, engineering projects, and distributors, with 29 overseas distributors covering 23 countries/regions [2]. - The company is collaborating with quality overseas developers and contractors to provide customized solutions for approximately 132 engineering projects in 32 countries/regions [2]. Future Projections - Revenue projections for 2025-2027 are 10.103 billion CNY, 10.482 billion CNY, and 10.899 billion CNY, with expected year-on-year growth rates of -3.73%, 3.75%, and 3.98% respectively [8]. - The projected net profit for 2025-2027 is 1.056 billion CNY, 1.168 billion CNY, and 1.239 billion CNY, with growth rates of -23.00%, 10.65%, and 6.09% respectively [8].

Investment Rating - The report indicates that most sectors are at the bottom, suggesting opportunities for alpha layout [2] Core Viewpoints - The home furnishing sector is experiencing pressure in domestic sales, while export performance shows resilience. The overall revenue for the domestic home furnishing sector in Q1-Q3 2025 decreased by 0.96% year-on-year, and the net profit attributable to the parent company fell by 23.80% [10][12] - In the paper packaging sector, upstream pulp mills are reducing supply due to profit pressures, while downstream paper demand is gradually recovering, leading to a stabilization in prices [2][10] - The personal care sector is facing challenges in online sales, but offline performance remains stable, with major companies adjusting their marketing strategies to improve profitability [2][10] - The new consumption sector, driven by IP and AI glasses, is showing growth potential, with companies like Pop Mart and Meta launching new products [2][10] Summary by Sections Home Furnishing - Domestic sales in Q3 2025 are under pressure, with revenue down 1.19% year-on-year and net profit down 15.79%. The external sales sector shows resilience with a 1.91% increase in revenue [10][12] - The performance of soft furniture companies is better than that of custom furniture companies, attributed to faster product iteration and successful online channel strategies [10][12] Paper Packaging - The paper sector is stabilizing, with net profit margins for pulp, waste paper, and specialty paper showing slight improvements. The packaging sector is experiencing stable growth, particularly in plastic and paper packaging [2][10] Personal Care - The sector is facing pressure from online competition, but offline sales remain steady. Major companies are focusing on brand and channel management to enhance profitability [2][10] New Consumption - The sector is driven by IP and AI glasses, with significant growth in emotional consumption. Companies are actively launching new products to capture market share [2][10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved revenue of 7.008 billion yuan, net profit attributable to shareholders of 682 million yuan, and net profit excluding non-recurring items of 720 million yuan for the first three quarters of 2025, representing year-on-year declines of 8%, 26%, and 18% respectively. In Q3 2025, the company reported revenue of 2.457 billion yuan, net profit attributable to shareholders of 362 million yuan, and net profit excluding non-recurring items of 292 million yuan, with year-on-year changes of -10%, +1%, and -15% respectively [2][7]. Summary by Sections Revenue and Profitability - The company's revenue decline in Q3 was influenced by weak industry demand, although the decline was less severe compared to Q2. The revenue from the retail segment decreased due to the industry's weak performance, with a 16% year-on-year decline in the overall assembly segment. The company's brand resilience was stronger than other brands, with revenue declines of 8% for the Sophia brand and 18% for the Milan brand in the first three quarters [8]. Cost Management and Margins - The gross margin improved year-on-year, while the net profit margin excluding non-recurring items slightly decreased. In Q3 2025, the gross margin increased by 1.0 percentage points, with changes in net profit margins attributable to shareholders and excluding non-recurring items of +1.6 and -0.7 percentage points respectively. The improvement in gross margin was primarily due to cost control measures, including raw material cost management and expense optimization [8]. Strategic Initiatives - The company is actively pursuing a multi-brand, full-category, and omni-channel strategy. It has launched products to attract customers and empower distributors, while also expanding its digital marketing efforts. The company has transformed its retail stores into integrated home stores and is continuously expanding its partnerships with construction companies in the integrated home segment [8]. Future Outlook - The company is expected to maintain a high dividend payout ratio, with projected net profits of approximately 1.02 billion yuan, 1.10 billion yuan, and 1.21 billion yuan for 2025-2027, corresponding to a price-to-earnings ratio of about 12, 11, and 10 times. The anticipated dividend for 2024 is 960 million yuan, representing 88% of the net profit excluding non-recurring items, which corresponds to a current dividend yield of 7.8% [8].

Core Insights - The article highlights the robust growth momentum in various industries as China enters the fourth quarter of 2025, with the manufacturing production index reaching a six-month high of 51.9% in September. The home furnishing sector has shown significant recovery, with retail sales of furniture totaling 133.5 billion yuan from January to August, marking a 22.0% year-on-year increase [1][3]. Industry Overview - The home furnishing industry exemplifies the integration of manufacturing and consumption, with increasing consumer confidence driving market demand. The importance of industrial clusters is emphasized as key to market expansion and breakthroughs for manufacturing enterprises [1][3]. - The Chengdu-Chongzhou panel furniture industrial cluster has been officially recognized as a national-level industrial cluster, marking a significant milestone for the home furnishing sector in Sichuan [1][3]. Regional Development - Chongzhou, located in the western Chengdu Plain, has developed a comprehensive industrial scale over 30 years, characterized by a dual-engine driving mechanism involving local leading enterprises and external industry leaders. This has positioned Chongzhou as a significant player in the national furniture industry [3][4]. - The home furnishing industry in Chongzhou accounts for nearly 70% of Chengdu's revenue and almost half of Sichuan's, showcasing its structural advantages through resource integration and collaboration [4][6]. Technological Advancements - Chongzhou has embraced the "three transformations" of high-end, intelligent, and green development, with over 50 industrial 4.0 production lines established. This shift has significantly enhanced production efficiency and capacity [9][11]. - The region has also focused on green transformation, with initiatives leading to a 20% reduction in energy consumption and a 10% increase in resource utilization through the establishment of national-level green factories [12][14]. Market Expansion - Chongzhou's home furnishing industry is actively pursuing international markets, with a public brand "Tianfu Beautiful Home" launched to facilitate collective market expansion. The brand aims to enhance the visibility of Chongzhou's furniture products globally [15][17]. - The establishment of a cross-border e-commerce logistics supply chain center aims to reduce export costs by 30% and improve logistics efficiency by 50%, supporting the goal of increasing furniture exports significantly by 2028 [18][20].

21世纪经济报道记者 吴抒颖 家居企业陆续发布三季报，多数业绩增长放缓。 截至目前，索菲亚、欧派家居和志邦家居等企业均已经发布今年三季报。这些企业去年得益于补贴的加 持，业绩表现仍然在及格线上，但今年随着市场的变化，业绩普遍陷入停滞之中。 以欧派为例，根据欧派家居的三季报，报告期内，欧派家居实现营业收入49.73亿元，同比下降6.10%； 前三季度累计营业收入132.14亿元，同比下降4.79%。同时，三季度，欧派家居归母净利润为8.14亿 元，同比下滑21.79%；前三季度累计净利润18.32亿元，同比下降9.77%。 这是行业的普遍情况，但这些家居企业也在选择开辟新的增长曲线。索菲亚目前已拥有29家海外经销 商，业务覆盖32个国家和地区，完成132个海外工程项目；欧派家居销售网络更是覆盖全球146个国家和 地区，志邦家居的海外业务也在加速增长。 海外市场固然有增长的空间，但是在成熟市场与深耕当地的知名品牌竞争能否提振家居企业的业绩，则 仍是未知数。 业绩待提振 从三季报的情况来看，家居企业的业绩表现平淡。 索菲亚发布的今年三季报显示，其前三季实现营业收入70.08亿元，同比下滑8.46%；归母净利润6.8 ...

Market Overview - The home goods sector increased by 1.08% on October 31, with Rietter leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Performers - Rietter (002790) closed at 12.02, up 9.97% with a trading volume of 83,100 shares and a turnover of 99.91 million yuan [1] - Xidamen (605155) closed at 17.04, up 9.94% with a trading volume of 188,200 shares and a turnover of 316 million yuan [1] - Yuma Technology (300993) closed at 18.57, up 7.22% with a trading volume of 298,500 shares and a turnover of 542 million yuan [1] Underperformers - Marco Polo (001386) closed at 26.41, down 7.33% with a trading volume of 401,200 shares and a turnover of 1.071 billion yuan [2] - ST Yazhen (603389) closed at 44.65, down 5.00% with a trading volume of 51,400 shares and a turnover of 23.2 million yuan [2] - Meizhi Gao (920765) closed at 26.53, down 4.57% with a trading volume of 19,400 shares and a turnover of 52.47 million yuan [2] Capital Flow - The home goods sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 274 million yuan [2] - The top net inflows from retail investors were observed in Xidamen (605155) with 52.35 million yuan, and Rietter (002790) with 9.21 million yuan [3]