Group 1 - The company, Sophia Home Co., Ltd., will participate in the "2025 Guangdong Investor Online Collective Reception Day" organized by the Guangdong Securities Regulatory Commission and the Guangdong Listed Companies Association [1] - The event will be held online on September 19, 2025, from 15:30 to 17:00, allowing investors to engage in interactive communication [1] - Key company executives, including the chairman, independent director, general manager, financial director, and board secretary, will discuss the company's half-year performance, governance, development strategy, and operational status during the event [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][13]. Core Views - The company reported a revenue of 4.551 billion yuan and a net profit attributable to shareholders of 319 million yuan for the first half of 2025, reflecting a year-on-year decline of 7.68% and 43.43% respectively. The second quarter of 2025 saw revenues of 2.513 billion yuan, with a net profit of 307 million yuan, marking a year-on-year decrease of 10.84% and 23.01% [2]. - Despite short-term pressure on performance, the company is accelerating channel expansion and overseas layout, indicating a solid long-term growth potential [2][7]. Financial Performance Summary - The company’s total revenue is projected to decline slightly from 10.494 billion yuan in 2024 to 10.382 billion yuan in 2025, before increasing to 11.003 billion yuan in 2026 and 11.727 billion yuan in 2027, with respective growth rates of -10.0%, -1.1%, 6.0%, and 6.6% [2][8]. - The net profit attributable to shareholders is expected to decrease from 1.371 billion yuan in 2024 to 1.061 billion yuan in 2025, before recovering to 1.353 billion yuan in 2026 and 1.450 billion yuan in 2027, with growth rates of 8.7%, -22.6%, 27.5%, and 7.2% respectively [2][8]. - The company’s gross margin for the first half of 2025 was 34.38%, a decrease of 1.37 percentage points year-on-year, but the core category of wardrobes and related products saw a gross margin increase of 0.88 percentage points to 38.24% [2][7]. Brand and Channel Performance - The main brand, Sofia, generated 4.128 billion yuan in revenue in the first half of 2025, down 7.09% year-on-year, while the Milan brand saw a revenue drop of 26.53% to 176 million yuan [2][7]. - Direct sales and overseas channels showed significant growth, with direct sales revenue increasing by 27.59% to 203 million yuan, while overseas revenue surged by 39.49% [2][7]. Investment Recommendations - The company is positioned as a leading player in the custom home furnishing sector, with a robust operational foundation under its "multi-brand, full-category, all-channel" strategy. The report forecasts net profits of 1.061 billion yuan for 2025, 1.353 billion yuan for 2026, and 1.450 billion yuan for 2027, corresponding to price-to-earnings ratios of 12, 10, and 9 times [2][7]. - The target price is set at 16.52 yuan, based on a 15 times price-to-earnings ratio for 2025, reflecting the company's leading position and long-term growth potential [2][3].

证券代码：002572 证券简称：索菲亚 公告编号：2025-040 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周 五）15:30-17:00。 届时公司董事长江淦钧先生、独立董事郭飏先生、总经理王兵先生、财务总 监马远宁先生、董事会秘书陈蓉女士将在线就 2025 年半年度业绩、公司治理、 发展战略、经营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大 投资者踊跃参与！ 特此公告。 索菲亚家居股份有限公司董事会 二〇二五年九月十七日 索菲亚家居股份有限公司 关于参加广东辖区2025年投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，索菲亚家居股份有限公司（以下简称"公 司"）将参加由广东证监局、广东上市公司协会联合举办的"向新提质，价值领 航——2025 年广东辖区投资者集体接待日暨辖区上市公司中报业绩说明会"， 现将相关事项公告如下： ...

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting related industries such as home furnishings and appliances, despite some government subsidies aimed at stimulating demand [1][2]. Investment and Sales Performance - Residential investment reached 3.58 trillion yuan, down 10.4% year-on-year, with new construction area declining by 19.6% to 223 million square meters [1]. - Residential sales area decreased by 3.7%, with new commodity housing sales amounting to 4.42 trillion yuan, a decline of 5.5% [1]. - The furniture manufacturing industry reported total revenue of 302.39 billion yuan, down 4.9%, and total profit of 10.64 billion yuan, down 23.1% [1]. Company Financials - A total of 15 listed custom furniture companies reported combined revenue of 23.366 billion yuan, a decrease of 7.8%, with a total net profit of 1.687 billion yuan compared to 1.960 billion yuan in the same period of 2024 [2]. - Companies like Sophia, Zhihong Home, and Jiangshan Oupai experienced declines in both revenue and net profit, with approximately 46.7% of companies reporting losses [2]. Revenue and Profit Analysis - Opai Home led with revenue of 8.241 billion yuan, while Jiangshan Oupai and Pinao saw the largest revenue declines of 40.7% and 39.8%, respectively [5]. - The cost control measures resulted in a general decrease in operating costs, with Opai Home's costs at 5.254 billion yuan, significantly higher than its competitors [5][6]. Expense Efficiency - Approximately 53.3% of companies reduced sales, management, and R&D expenses, while companies like Wangli Security and Senying Windows saw increases in all three expense categories [8]. - The R&D expense ratio for custom furniture companies remained between 3%-5%, with Jinpai Home leading at 6.0% [8]. Profitability Metrics - Opai Home reported a net profit of approximately 1.018 billion yuan, a slight increase of 2.9%, while the remaining companies collectively reported a net profit/loss of 669 million yuan [10]. - The gross profit margin for Iole Home increased by 0.6 percentage points to 46.6%, while Jiangshan Oupai's margin fell by 4.6 percentage points to 17.6% [10]. Cash Flow and Working Capital - About two-thirds of companies reported negative cash flow from operating activities, with Opai Home's cash flow increasing by 33.4% to 1.67 billion yuan [13]. - Senying Windows faced high accounts receivable and inventory turnover days, indicating potential liquidity issues [15].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant drop in profitability metrics, indicating challenges in both retail and bulk sales channels [1][2]. Revenue Summary - The company achieved revenue of 4.551 billion yuan in H1 2025, down 8% year-on-year, with Q2 revenue at 2.513 billion yuan, a decline of 11% [1][2]. - Revenue breakdown by channel for H1 2025 shows traditional retail down 7%, integrated home down 13%, bulk sales down 12%, while exports increased by 39% [2]. - Brand performance in H1 2025 revealed declines for Sofia (-7%), Milan (-27%), and Huahai (-22%), while other brands like Simil showed a 9% increase [2]. Profitability Summary - The company faced pressure on gross and net profit margins in Q2 2025, with net profit margin down by 1.9 percentage points and adjusted net profit margin down by 2.3 percentage points year-on-year [2]. - Gross margin for Q2 decreased by 2.3 percentage points, while operating expenses showed a slight increase of 0.8 percentage points [2]. - For H1 2025, overall gross margin decreased by 1.4 percentage points, with retail gross margin increasing by 0.6 percentage points, but bulk sales gross margin decreased by 8.8 percentage points [2]. Store Dynamics - The company experienced a net change in store count for H1 2025, with Sofia adding 14 stores, Simil losing 26, Huahai losing 19, and Milan adding 13, resulting in total stores of 2,517, 135, 260, and 572 respectively [2]. Future Outlook - The company aims to focus on retail as the core of its strategy, with potential growth in Milan and integrated home segments, as well as expansion in accessory products [3]. - The average transaction value is expected to increase, with a target of 23,370 yuan in 2024, up from 19,619 yuan in 2023, despite a decrease to 22,340 yuan in H1 2025 due to marketing strategies and consumer environment [3]. - The integrated home segment is seeing improved operational quality, with partnerships with 270 and 2,425 construction companies, covering 211 and 1,450 market areas respectively [3]. Brand and Export Strategy - Milan targets the younger demographic and has significant growth potential through store openings and product matrix improvements [4]. - The company has established 26 overseas distributors across 23 countries, with ongoing collaborations for customized home solutions in 31 countries [4]. - The company continues to optimize its structure and aims to maintain a high dividend yield, with a projected dividend of 960 million yuan for 2024, representing 88% of adjusted net profit [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 4.551 billion yuan, a net profit attributable to shareholders of 319 million yuan, and a net profit excluding non-recurring items of 429 million yuan for the first half of 2025, representing year-on-year declines of 8%, 43%, and 19% respectively. In Q2 2025, the figures were 2.513 billion yuan, 307 million yuan, and 278 million yuan, with year-on-year declines of 11%, 23%, and 26% respectively. Both retail and bulk sales faced pressure, and profitability was under strain in Q2 [2][6] Summary by Sections Revenue - Revenue from traditional retail, integrated decoration, bulk sales, and exports showed year-on-year changes of -7%, -13%, -12%, and +39% respectively in H1 2025. Exports demonstrated a strong growth trend. The brands saw revenue changes of -7% for Sophia, -27% for Milan, -22% for Huaher, and +9% for others [12] Profitability - In Q2 2025, the net profit margin and net profit excluding non-recurring items decreased by 1.9 and 2.3 percentage points year-on-year. The gross margin and operating expenses showed a year-on-year change of -2.3 and +0.8 percentage points respectively. The overall gross margin for H1 decreased by 1.4 percentage points, while the gross margin for retail and bulk sales decreased by 0.6 and 8.8 percentage points respectively [12] Store Dynamics - The net change in the number of stores for the brands in H1 2025 was +14 for Sophia, -26 for Si Mi, -19 for Huaher, and +13 for Milan, resulting in a total of 2,517, 135, 260, and 572 stores respectively [12] Future Outlook - The company’s integrated home strategy positions retail as the core, with Milan and integrated decoration showing growth potential. The expansion of supporting products and customer order value is expected to contribute to revenue growth. The average customer order value reached 22,340 yuan in H1 2025, down from 19,619 yuan in 2023, but is expected to recover. The integrated decoration segment is improving in quality, with partnerships covering 211 and 1,450 market areas respectively. The company has established 26 overseas distributors across 23 countries/regions, indicating potential for growth in exports [12] Long-term Value - The long-term value in the home furnishing sector remains intact, with expectations for continued high dividends. The company is set to benefit from national subsidies in the home furnishing sector, with a projected dividend of 960 million yuan for 2024, representing 88% of net profit excluding non-recurring items, yielding a dividend rate exceeding 7%. Forecasted net profits for 2025-2027 are approximately 1.17 billion, 1.16 billion, and 1.28 billion yuan, with corresponding price-to-earnings ratios of 11, 11, and 10 times [12]

索菲亚家居股份有限公司 董事及高级管理人员行为准则 第一章 总则 第一条 为了规范索菲亚家居股份有限公司（以下简称"公司"）董事、高级管理人员的 行为，完善公司治理，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《深圳证券交易所股票上市规则》（以 下简称"《上市规则》"）、《上市公司治理准则》等相关法律法规、规范性文件以及《索 菲亚家居股份有限公司章程》（以下简称"《公司章程》"）的规定，特制定本行为准则。 第二条 本行为准则适用于公司的董事、高级管理人员。 第三条 公司董事、高级管理人员在履职过程中，除应遵守《公司法》《证券法》及国家 有关法律法规、规范性文件和《公司章程》等规定外，还应当遵守本行为准则，不断提高自 身素质和修养，增强法律意识和现代企业经营意识，掌握最新政策导向和经济发展趋势。 第四条 公司董事、高级管理人员应当诚实守信，不得损害投资者特别是中小投资者的合 法权益。 第二章 声明与承诺 第五条 公司董事、高级管理人员应当按照相关规定向深圳证券交易所及公司董事会提交 《董事（高级管理人员）声明及承诺书》。 公司董事、高级管理人员应 ...

索菲亚家居股份有限公司 控股股东、实际控制人行为规范 第一章 总则 第一条 为进一步完善索菲亚家居股份有限公司（以下简称"公司"）的法人治理结构， 规范控股股东、实际控制人对公司的行为，根据《公司法》《证券法》《上市公司治理准则》 《深圳证券交易所股票上市规则》（以下简称"《上市规则》"）、《深圳证券交易所上市 公司自律监管指引第1号——主板上市公司规范运作指引》（以下简称"《规范运作指引》"） 等法律法规及规范性文件及《公司章程》的规定，制定本规范。 第二条 本规范所称"控股股东"是指其持有的股份占公司股本总额超过百分之五十的股 东；或者持有股份的比例虽然低于百分之五十，但依其持有的股份所享有的表决权已足以对 股东会的决议产生重大影响的股东。 第三条 本规范所称实际控制人是指通过投资关系、协议或者其他安排，能够实际支配 公司行为的人。 第二章 一般原则 第九条 控股股东、实际控制人指示董事、高级管理人员从事损害公司或者股东利益的行 为的，与该董事、高级管理人员承担连带责任。 控股股东、实际控制人不担任公司董事但实际执行公司事务的，对公司负有忠实、勤勉 义务。 第十条 控股股东、实际控制人与上市公司应当实行人 ...

索菲亚家居股份有限公司 第二条 本制度所称"对外投资"是指公司为扩大生产经营规模或实施新产品战略，以获 取长期收益为目的，将现金、实物、无形资产等可供支配的资源投向其他组织或个人的行为， 包括投资新建全资企业、与其他单位进行联营、合营、兼并或进行股权收购、转让、项目资 本增减等投资形式。 本制度所涉及对外投资是指除证券投资、委托理财、期货与衍生品交易以外的其他对外 投资，公司证券投资、委托理财、期货与衍生品交易管理另见公司相关管理制度。 与他人新设企业、对已设立的企业增资或减资达到中国证券监督管理委员会（以下简称 "中国证监会"）重大资产重组标准的，从其规定。 对外投资管理制度 第一章 总 则 第一条 为了加强公司对外投资活动的内部控制，规范对外投资行为，防范对外投资风险， 保障对外投资安全，提高对外投资效益，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《深圳证券交易所股票上市规则》 （以下简称"《上市规则》"）、《深圳证券交易所上市公司自律监管指引第 1 号--主板上市公司 规范运作》《深圳证券交易所上市公司自律监管指引第 7 号——交易与关 ...

证券代码：002572 证券简称：索菲亚 公告编号：2025-039 索菲亚家居股份有限公司 2025 年第一次临时股东大会会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开及出席情况 1、股东大会届次：本次会议为公司2025年第一次临时股东大会。 2、股东大会的召集人：本次股东大会召集人为董事会。 3、会议主持人：公司董事长江淦钧先生。 4、会议召开的合法、合规性：本次股东大会的召集、召开符合有关法律、 行政法规、部门规章、规范性文件和《索菲亚家居股份有限公司章程》的规定。 5、会议召开的日期、时间： 现场会议召开时间：2025年9月12日下午15:30。 网络投票时间： （1）通过深圳证券交易所交易系统进行网络投票的时间为：2025年9月12 日的交易时间，即9:15—9:25，9:30—11:30和13:00—15:00。 （2）通过深圳证券交易所互联网投票系统投票的具体时间为：开始投票的 时间为2025年9月12日（现场股东大会召开当日）上午9:15，结束时间为2025年9 月12日（现场股东大会结束当日）下午15:00。 6、 ...