Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6]. Core Views - The company achieved a revenue of 10.49 billion yuan in 2024, a year-on-year decrease of 10.0%, while the net profit attributable to the parent company was 1.37 billion yuan, an increase of 8.7% [6]. - In Q1 2025, the company reported a revenue of 2.04 billion yuan, down 3.5% year-on-year, and a net profit of 0.01 billion yuan, down 92.7% [6]. - The company is expected to benefit from its whole-house strategy and government subsidies for replacing old products, which will drive an increase in average transaction value [6]. - The company maintains a multi-brand, full-category, and omni-channel strategy, which is expected to continue to support growth [6]. Financial Performance Summary - In 2024, the company's gross margin was 35.4%, and the net profit margin was 13.7%, an increase of 2.3 percentage points year-on-year [7]. - For Q1 2025, the gross margin was 32.6%, and the net profit margin was 0.9%, a decrease of 7.4 percentage points [7]. - The company forecasts net profits of 1.407 billion yuan, 1.543 billion yuan, and 1.578 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.46, 1.60, and 1.64 yuan [6][10]. Revenue Breakdown - In 2024, the company's main brand, Sophia, generated revenue of 9.45 billion yuan, a decrease of 10.5%, while the average transaction value increased by 19.1% to 23,370 yuan [8]. - The Milan brand saw an increase in revenue of 8.1% to 0.51 billion yuan, with an increase in average transaction value of 8.7% [8]. - The company’s revenue from wardrobes and related products was 8.33 billion yuan, down 11.5%, while the revenue from cabinets and related products was 1.25 billion yuan, up 0.7% [8]. Financial Summary and Valuation Metrics - The company’s total market capitalization is 14.648 billion yuan, with a circulating market capitalization of 9.909 billion yuan [1]. - The projected P/E ratios for 2025, 2026, and 2027 are 10.4, 9.5, and 9.3 respectively [10]. - The company’s return on equity (ROE) is projected to be 15.9%, 15.7%, and 14.5% for 2025, 2026, and 2027 respectively [10].

证券研究报告 索菲亚 (002572 CH) 扣非净利表现具韧性，重视股东回报 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 家居用品 | 索菲亚发布年报，24 年实现营收 104.94 亿元（yoy-10.0%），归母净利 13.71 亿元（yoy+8.7%），超过我们此前预期（12.62 亿元），主要系公司出售参 股公司股权确认 2.6 亿投资收益所致。此外，25Q1 实现营收 20.38 亿元 （yoy-3.5%），归母净利 0.12 亿元（yoy-92.7%），扣非净利 1.51 亿元 （yoy-3.2%），扣非净利表现优于归母，主要系公司持有国联民生股票公允 价值下降带来约 2 亿公允价值变动损失所致。公司坚定"多品牌、全品类、 全渠道"发展战略，伴随地产有望企稳回升&以旧换新政策红利释放，终端 零售表现有望逐步回暖，维持"增持"评级。 索菲亚主品牌收入有所承压，期待 25 年改善，米兰纳/整装延续稳健成长 分品牌看：1）索菲亚品牌营收同减 10.5%至 94.48 亿元，伴随大家居战略 推进，客 ...

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company reported a revenue of 10.49 billion yuan in 2024, a decrease of 10.0% year-on-year, while the net profit attributable to shareholders was 1.37 billion yuan, an increase of 8.7% year-on-year. In Q4 2024, revenue was 2.84 billion yuan, down 18.1% year-on-year, but net profit increased by 45.5% to 450 million yuan. For Q1 2025, revenue was 2.04 billion yuan, down 3.5% year-on-year, with a net profit of 12.1 million yuan, a significant drop of 92.7% year-on-year [5][6]. Summary by Sections Financial Performance - In 2024, the company's wardrobe business generated 8.33 billion yuan in revenue, down 11.5% year-on-year, while the cabinet business saw a slight increase of 0.7% to 1.25 billion yuan. The wooden door business revenue was 540 million yuan, down 7.6% year-on-year. The main brand, Sophia, achieved 9.45 billion yuan in revenue, down 10.5% year-on-year, while the Milan brand grew by 8.1% to 510 million yuan [6][7]. Channel Performance - The company reported that the dealer channel generated 8.52 billion yuan in revenue, down 11.5% year-on-year, while the direct sales channel increased by 14.0% to 360 million yuan. The bulk channel revenue was 1.32 billion yuan, down 8.9%, and the integrated channel continued to grow, achieving 2.22 billion yuan, up 16.2% year-on-year [6][7]. International Expansion - The company has established 22 overseas dealers covering 22 countries and regions, and has partnered with quality overseas developers and contractors for approximately 80 projects across 21 countries, generating 75.69 million yuan in overseas revenue, an increase of 50.9% year-on-year [7]. Strategic Outlook - The company is focusing on a "multi-brand, all-channel, all-category" strategy to adapt to the challenging domestic real estate market. It aims to accelerate the transformation of its business model and expand its overseas operations to create new growth opportunities. The revenue forecasts for 2025 and 2026 have been adjusted downwards to 11.71 billion yuan and 13.12 billion yuan, respectively [9]. Valuation Metrics - The report projects earnings per share (EPS) of 1.45 yuan for 2025, 1.66 yuan for 2026, and 1.88 yuan for 2027, with corresponding price-to-earnings (P/E) ratios of 11, 9, and 8 times [9][10].

Summary of Sofia's Conference Call Company Overview - **Company**: Sofia - **Industry**: Home furnishing and custom furniture Key Financial Metrics - **2024 Revenue**: 10.493 billion CNY, up 3.66% YoY - **Net Profit**: 963 million CNY - **Gross Margin**: 34.73%, down 0.73% YoY - **Segment Margins**: - Wardrobes and related products: 37.73% - Cabinet accessories: 21.99% - Wooden doors: 27.24% [2][3] Brand Performance - **Sofia Brand**: Approximately 2,500 stores, revenue of 9.448 billion CNY - **Milana Brand**: Revenue over 500 million CNY, up 8% YoY - **Simi**: Focus on high-end whole-house customization - **Huaha**: Revenue of 166 million CNY [2][4] Channel Development - **Direct Sales and Whole-house Customization**: Revenue of 2.216 billion CNY, up 16% YoY - **Overseas Market**: Revenue of 76 million CNY, up 50.94% YoY, covering 22 countries and regions [2][6][7] Dividend Policy - **2024 Dividend**: 10 CNY per share, total of 963 million CNY, over 70% of net profit - **Cumulative Cash Dividends**: Over 6 billion CNY since 2011 [2][8] Government Subsidy Impact - **Participation Rate**: Approximately 50% of dealers involved in government subsidies - **Expected Policy Changes**: Anticipation of more provincial subsidy policies to improve cash flow and dealer participation [2][10] Market Outlook - **2025 Revenue Target**: 10.494 billion CNY, down 10% YoY - **Net Profit**: 1.37 billion CNY, up 8.8% YoY - **Cost Management**: Focus on reducing expenses and improving efficiency [3][26] Strategic Initiatives - **New Business Models**: Introduction of city operator model and "One Plus N Plus X" strategy to expand dealer network and market coverage [4][15][19] - **Customer Engagement**: Increase in average transaction value by over 20% in 2024 [14][18] Global Market Strategy - **Focus Regions**: Middle East and Southeast Asia, with expectations of sustained growth over the next 5 to 8 years [2][24] - **Long-term Vision**: Plan to open 1,000 stores globally over the next 10 to 20 years [25] Challenges and Adaptations - **Market Conditions**: Anticipated pressure in the first half of 2025, with expectations of improvement in the latter half due to stabilizing real estate impacts and policy support [11][30] - **Dealer Support**: Enhanced training and operational support for dealers to maintain profitability despite rising costs [23][32] Conclusion - **Overall Strategy**: Sofia aims to solidify its retail base while exploring new business models to adapt to changing market demands, focusing on efficiency and growth in both domestic and international markets [17][20]

Core Viewpoint - Sophia achieved a unique performance in the home furnishing industry, reporting a total revenue of 10.494 billion yuan in 2024, a year-on-year decline of 10.04%, but a net profit attributable to shareholders of 1.371 billion yuan, an increase of 8.69% year-on-year, marking the third consecutive year of net profit growth since a significant decline in 2021 [1][2] Financial Performance - Total revenue for 2024 was 10.494 billion yuan, down 10.04% year-on-year [1] - Net profit attributable to shareholders reached 1.371 billion yuan, up 8.69% year-on-year, setting a historical high for the company [1] - Gross margin in the furniture manufacturing sector decreased to 34.73%, a reduction of 0.73 percentage points compared to the same period in 2023 [1] Cost Management - Sales expenses for 2024 were 1.011 billion yuan, down approximately 116 million yuan or 10.29% from 2023 [2] - R&D expenses decreased to 374 million yuan from 413 million yuan, a reduction of approximately 38.79 million yuan [2] - Financial expenses significantly decreased from 53.46 million yuan in 2023 to -10.52 million yuan in 2024, a drop of 119.67% due to optimized financial management and increased interest income [2] Workforce and Brand Strategy - The number of sales personnel at Sophia decreased to 2,213 by the end of 2024, down 422 from 2,635 at the end of 2023, representing a 16% reduction [2] - Sophia operates several brands targeting different market segments, including the "Sophia" brand for the mid-to-high-end market, "Milan" for the mass market, "Simi" for the light high-end market, and "Huahai" for the mid-to-high-end Chinese demographic [2]

索菲亚家居股份有限公司 独立董事 2024 年度述职报告 （述职人：吉争雄） 各位股东及股东代表： 本人作为索菲亚家居股份有限公司（以下简称"公司"）独立董事，严格按 照《公司法》《上市公司独立董事管理办法》《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》等法律法规和《索菲亚家居股份有限 公司章程》《独立董事制度》的规定，在 2024 年的工作中，勤勉履职，积极出 席公司股东大会、董事会及各专门委员会会议，对公司的生产经营和业务发展提 出合理建议，充分发挥独立董事的作用，积极维护了公司整体利益，保护中小股 东合法权益。现就本人在 2024 年度履行独立董事职责情况汇报如下： 一、独立董事的基本情况 本人吉争雄，1963 年 8 月出生，中国国籍，本科学历，高级会计师、注册 会计师、注册税务师，曾任公司第五届董事会独立董事，现任公司第六届董事会 独立董事。2009 年至 2011 年获中国证监会聘任为第一、第二届创业板发行审核 委员会专职委员，曾任广州明道财务咨询有限公司董事长、经理，广州广哈通信 股份有限公司独立董事，苏州迈为科技股份有限公司独立董事。现任广东司农会 计师事务所（特殊 ...

独立董事 2024 年度述职报告 索菲亚家居股份有限公司 （述职人：郭飏） 各位股东及股东代表： 本人作为索菲亚家居股份有限公司（以下简称"公司"）独立董事，严格按 照《公司法》《上市公司独立董事管理办法》《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》等法律法规和《索菲亚家居股份有限 公司章程》《独立董事制度》的规定，在 2024 年的工作中，勤勉履职，积极出 席公司股东大会、董事会及各专门委员会会议，对公司的生产经营和业务发展提 出合理建议，充分发挥独立董事的作用，积极维护了公司整体利益，保护中小股 东合法权益。现就本人在 2024 年度履行独立董事职责情况汇报如下： 2024 年度，在本人任职独立董事期间公司共召开股东大会 4 次，本人列席 了 2 次股东大会，认真听取了与会股东的意见和建议。股东大会的召集召开符合 法定程序，重大经营决策事项均履行了相关程序，合法有效。 （二）出席独立董事专门会议工作情况 一、独立董事的基本情况 本人郭飏，1965 年出生，中国国籍，中山大学经济法研究生，律师、经济 师，曾任公司第五届董事会独立董事，现任公司第六届董事会独立董事。1999 年 ...

索菲亚家居股份有限公司 第二章 市值管理的目的 第二条 本制度所称市值管理，是指上市公司以提高公司质量为基础，为提 升公司投资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理主要目的是通过制定正确的战略规划、完善的公司治理、 充分合规的信息披露，增强公司透明度，改进经营管理，可持续地创造价值， 引导公司的市场价值与内在价值趋同，同时利用资本运作、权益管理、投资者 关系管理等手段，使公司价值得以充分实现，建立稳定和优质的投资者基础， 获得长期的市场支持，从而达到公司和股东整体利益最大化的目标。 第三章 市值管理的机构与职责 第四条 市值管理是上市公司战略管理的重要内容，只要上市公司持续经营， 就要持续保障市值管理工作的开展，市值管理是董事会的核心工作内容之一。 第五条 市值管理工作由董事会领导、经营管理层主要负责，董事会秘书是 市值管理工作的具体负责人。公司证券事务部是市值管理工作的执行机构，负 责公司的市值监测、评估，提供市值管理方案并组织实施，负责市值的日常维 护管理工作。公司各部门及下属公司负责对相关经营、财务等信息的归集工作 提供支持。公司的股东、高级管理人员可以对市值管理工作提出书面的建议或 ...

证券代码：002572 证券简称：索菲亚 公告编号：2025-021 索菲亚家居股份有限公司 关于召开 2024 年年度股东大会的通知 4、会议召开的日期、时间： 现场会议召开时间：2025年5月20日下午16:00。 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5月20 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5月20日（现场股东大会召开当日）上午9:15，结束时间为2025年5 月20日（现场股东大会结束当日）下午15:00。 5、会议的召开方式： 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、召开会议的基本情况 1、股东大会届次：本次会议为公司2024年年度股东大会。 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。 本次股东大会采用现场表决与网络 ...

证券代码：002572 证券简称：索菲亚 公告编号：2025-005 本议案尚需提交股东大会审议。 二、审议通过了《关于公司 2024 年度财务决算的议案》 表决结果：同意 3 票、弃权 0 票、反对 0 票 经审议，监事会认为《公司 2024 年度财务决算报告》的编制和审议程序符 合法律法规、《公司章程》和公司管理制度的各项规定，真实反映了公司 2024 年 度财务状况。本议案尚需提交股东大会审议。 索菲亚家居股份有限公司 第六届监事会第三次会议决议公告 本公司及监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。 索菲亚家居股份有限公司（以下简称"公司"）第六届监事会第三次会议通 知于2025年4月17日以专人送达、电子邮件及电话通知的方式向各位监事发出， 于2025年4月27日上午11:00在公司会议室以现场会议召开。会议由公司监事会主 席陈明先生召集和主持。本次会议应到监事3人，实到3人。本次会议的召集和召 开符合《中华人民共和国公司法》《公司章程》的有关规定，形成的决议合法有 效。经与会监事审议，形成如下决议： 一、审议通过了《关于公司监事会 2024 年度工作报 ...