Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 10.00 RMB per 10 shares for all shareholders, approved at the shareholders' meeting held on May 20, 2025 [1][2]. Summary by Sections Shareholders Meeting Approval - The shareholders' meeting approved the profit distribution proposal, which states that the company will distribute a cash dividend of 10.00 RMB per 10 shares (including tax) based on the total share capital on the record date for the 2024 annual profit distribution [1]. Dividend Distribution Plan - The cash dividend distribution will be 10.00 RMB per 10 shares (including tax). For certain investors, the net amount after tax will be 9.00 RMB per 10 shares. The remaining undistributed profits for 2024 will be carried forward to the next year [1][2]. Record and Ex-Dividend Dates - The record date for the dividend distribution is set for May 28, 2025, and the ex-dividend date is May 29, 2025 [2]. Distribution Recipients - The recipients of the dividend will be all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the close of trading on May 28, 2025 [2]. Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodial institutions on the ex-dividend date [2].

证券代码：002572 证券简称：索菲亚 公告编号：2025-026 索菲亚家居股份有限公司 2024 年年度权益分派实施公告 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。 索菲亚家居股份有限公司（以下简称"公司"或"索菲亚"）2024年年度 权益分派方案已获2025年5月20日召开的2024年年度股东大会审议通过。现将权 益分派事宜公告如下： 一、股东大会审议通过权益分派方案的情况 1、公司于2025年5月20日召开2024年年度股东大会，审议通过了《关于公 司2024年度利润分配预案的议案》，主要内容为：公司以2024年度权益分派实 施公告的股权登记日的总股本为基数，向全体股东每10股派发现金红利10.00元 （含税），不送红股，不以资本公积金转增股本。按照目前公司总股本 963,047,164股为基数进行计算，预计派发现金红利为963,047,164元（含 税），具体金额以实际派发情况为准。2024年度剩余未分配利润结转入下一年 度。 本次股东大会决议公告已于2025年5月21日刊登在《证券时报》《证券日 报》《上海证券报》《中国证券报》和巨潮资讯网 ...

Group 1: Investor Relations Activities - The investor relations activity was held on May 21, 2025, from 15:00 to 16:00 on the Shenzhen Stock Exchange "Interactive Easy" platform [2] - Participants included the company's General Manager, Independent Director, Financial Director, and Secretary [2] Group 2: Key Questions and Answers - The "1+N+X" model aims to transform traditional distributors into city operators, providing support to retail distributors and exploring new traffic sources [2] - The company is committed to optimizing its corporate culture display and will continue to update its official website [2] - The 2024 annual equity distribution plan was approved on May 20, 2025, and investors should monitor announcements for implementation details [3]

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： 证券代码：002572 证券简称：索菲亚 公告编号：2025-025 索菲亚家居股份有限公司 2024 年年度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 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。 6、会议的召开方 ...

关于索菲亚家居股份有限公司 2024 年年度股东大会 法律意见书 致：索菲亚家居股份有限公司 广东连越律师事务所（以下简称"本所"）接受索菲亚家居股份有限公司（以 下简称"索菲亚"或"公司"）的委托，指派陈涵涵律师、卢润姿律师（以下简称"本 所律师"）出席并见证了公司 2024 年年度股东大会（以下简称"本次股东大会"）， 并依据《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》"）、《上市公司股东会规则》（以下简称"《股 东会规则》"）、深圳证券交易所相关规定及《索菲亚家居股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，对本次股东大会的召集、召开程序、 出席人员资格、召集人资格、大会表决程序、表决结果等事宜进行了审查，现发 表法律意见如下： 一、本次股东大会的召集和召开程序 法律意见书 广东连越律师事务所 （一）经本所律师核查，索菲亚本次股东大会由董事会召集。公司董事会已 于 2025 年 4 月 29 日在中国证券监督管理委员会指定的信息披露媒体上刊登了 《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》（以下称"《股 东大会通 ...

Group 1: Core Insights - The external trade environment is highly uncertain, and traditional domestic consumption is relatively weak, making it difficult to show an overall upward trend [1] - The investment logic suggests a bottom-up approach to select leading companies with differentiated competitive advantages and strong earnings certainty [1] Group 2: New Consumption Sectors - The overall consumption is under pressure, but some sub-sectors show high growth potential; companies are adapting to channel changes and industry opportunities [2] - In the personal care sector, domestic brands are leveraging e-commerce and product upgrades to gain market share, with recommendations for companies like Baiya Co. and Haoyue Care [2] - The AI glasses sector is expected to see accelerated product launches by 2025, with Mingyue Lens recommended for its unique advantages [2] - The emotional consumption sector is gaining traction, with recommendations for companies like Chenguang Co. that are investing in IP resources [2] Group 3: Traditional Consumption Sectors - The home and paper industries face pressure from the overall consumption environment; investment points include the ability of quality stocks to leverage policy support and operational advantages [4] - In the home sector, the expansion of subsidy categories and amounts in 2025 presents opportunities for leading companies like Oppein and Sophia [4] - The paper industry is closely tied to economic cycles, with recommendations for Sun Paper due to its cost control capabilities and upcoming production [4] Group 4: Export Sector - Due to high uncertainty regarding tariffs, companies with established overseas production capabilities are at an advantage; some export sectors are highly dependent on U.S. and Vietnamese production [5] - Companies with lower exposure to U.S. exports are considered safer, while certain sub-sectors still show high growth potential due to rigid demand and changing consumption habits [5] - Recommended companies in the export sector include Jiayi Co., Gongchuang Turf, and Deou Technology [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][14]. Core Insights - In 2024, the company achieved revenue of 10.494 billion yuan, a year-on-year decrease of 10.04%, while the net profit attributable to shareholders was 1.371 billion yuan, an increase of 8.69% year-on-year. The first quarter of 2025 saw revenue of 2.038 billion yuan, down 3.46% year-on-year, and a net profit of 12 million yuan, down 92.69% year-on-year [3][12][19]. - The company's retail brand revenue declined by 10.46% year-on-year, while the Milan brand continued to grow in lower-tier markets with an increase of 8.09% year-on-year. The integrated channel showed strong growth with a 16.22% year-on-year increase [3][12][14]. - The company sold its stake in Minsheng Securities, generating investment income that affected the apparent performance. The "old-for-new" policy in 2025 is expected to boost home consumption, leading the industry to accelerate its transformation towards the stock market [3][12][14]. Financial Performance Summary - For 2024, the company reported a revenue of 10.494 billion yuan, with a year-on-year growth rate of -10.04%. The net profit attributable to shareholders was 1.371 billion yuan, with a growth rate of 8.69% [15][30]. - The projected revenues for 2025, 2026, and 2027 are 11.232 billion yuan, 12.099 billion yuan, and 13.090 billion yuan, respectively, with year-on-year growth rates of 7.03%, 7.72%, and 8.19% [14][15]. - The earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 1.34 yuan, 1.49 yuan, and 1.63 yuan, respectively, with a three-year compound annual growth rate (CAGR) of 4.59% [14][15].

Core Insights - The real estate market is entering a post-cycle phase, with new housing sales area and sales revenue declining by 12.9% and 17.1% respectively in 2024 compared to 2023 [1] - The overall net profit of nine major custom home companies decreased by nearly 30% to 4.048 billion yuan in 2024, influenced by a sluggish real estate sector and increased competition in the existing market [1] Group 1: Company Performance - In the first quarter of 2024, only three companies (Zhihong Home, Pinao, and Top Solid) reported a decline in net profit, with Pinao and Top Solid experiencing significant losses of 122.4% and 339.1% respectively [2] - Euopei Home led with a net profit of 2.18 billion yuan, a 43% increase year-on-year, due to its centralized procurement advantages [2] - In the second quarter, nearly 90% of companies reported negative net profit growth, with an average decline of 59% [2] - In the fourth quarter, Iole Home's net profit surged nearly 13 times to 40.92 million yuan, while Sophia's net profit increased by 38.8% to 463 million yuan [3] Group 2: Financial Metrics - The average net profit margin for the nine custom home companies in 2024 was approximately -1.4%, a significant drop from 7.8% in 2023 [9] - Top companies like Euopei Home and Sophia had net profit margins of 13.8% and 13.7% respectively, showing slight increases from the previous year [9] - Smaller brands like Top Solid and Pinao had net profit margins of -17.1% and -42.7%, compared to 1.4% and 6.3% in 2023 [9] Group 3: Cost Management - Iole Home had the highest sales expense ratio at 24.8%, an increase of 3 percentage points from 2023, while Sophia managed to reduce its sales expense ratio by 10.2% [5] - Top Solid had the highest management expense ratio at 10.4%, up 1.8% year-on-year, while Zhihong Home's management expenses decreased significantly due to reduced share-based payment costs [6] - R&D expense ratios for Gold Medal Home and Euopei Home were 6.1% and 5.8% respectively, with both companies investing in digital transformation and product innovation [7]

出品：新浪财经上市公司研究院 作者：木予 据国家统计局数据显示，2024年新建商品房销售面积共97385万平方米，同比下降12.9%，新建商品房销售额共96750亿元，同比下降17.1%。其中，住宅销 售面积和销售额分别较2023年下降14.1%、17.6%。步入房地产后周期时代，新房市场家居消费持续疲软，二手房装修、存量房翻新、旧改房装修需求虽然 显著提升，但短期内难以弥补缺口。 截至4月30日，欧派家居、索菲亚、志邦家居、尚品宅配、金牌家居、好莱客、我乐家居（维权）、顶固集创和皮阿诺9家A股上市的定制家居公司均已发布 2024年业绩报告。 经营活动现金流净额总和降逾20% 金牌家居现金流降幅远超营收 受上游房地产行业低迷、消费信心不足及存量市场竞争加剧等多重不利因素影响，报告期内，九大公司经营活动现金流净额合计87.24亿元，较2023年整体 下降21.4%，接近八成公司经营活动现金流净额出现缩水。 值得关注的是，金牌家居2024年经营活动现金流净额较2023年骤降40.7%，远高于同期营收及净利润降幅。现金回收效率降低，或与房地产行业阶段性承 压，销售回款减少有关。报告期内，公司应收账款坏账损失以及其他 ...

Core Insights - The real estate market in China is experiencing a downturn, with new residential property sales area dropping by 12.9% and sales revenue decreasing by 17.1% in 2024 compared to 2023 [1] - The custom home furnishing industry is facing challenges due to the sluggish real estate market, leading to a significant decline in revenue for major companies [2][5] Group 1: Industry Performance - In 2024, the total revenue of nine major custom home furnishing companies fell to 47.195 billion yuan, a decrease of 15.2% year-on-year [1] - The top revenue-generating company, Oppein Home, reported 18.925 billion yuan, contributing approximately 40% of the total revenue [1] - The revenue decline was most pronounced for PIANO, which saw a 32.7% drop, while Gold Medal Home experienced the smallest decline of less than 5% [1][2] Group 2: Quarterly Performance - In Q1 2024, about two-thirds of custom home furnishing companies maintained revenue growth, with companies like Sophia and Gold Medal Home achieving over 10% year-on-year growth [2] - By Q2 and Q3, the impact of the real estate downturn became evident, with four companies reporting revenue declines exceeding 20% in Q2, and this proportion increased to 77.8% in Q3 [2] - In Q4, while some companies managed to stabilize their revenue through strategic adjustments, others, particularly smaller firms, continued to see worsening performance [2] Group 3: Product Segment Performance - In 2024, Oppein Home's cabinet revenue was 5.450 billion yuan, which was 2.3 times that of the second-ranked Zhijia Home, despite a year-on-year decline of 22.5% [5][7] - Gold Medal Home was the only company to report growth in wardrobe revenue, increasing by 1.4% to 1.059 billion yuan [5][6] - The overall performance in the wood door segment was mixed, with Gold Medal Home achieving a revenue increase of 1.8%, while Oppein Home's wood door revenue fell by 17.7% [6][7] Group 4: Sales Channels - The majority of custom home furnishing companies experienced a reduction in the number of stores, with Oppein Home having 7,813 stores, nearly double that of Zhijia Home [8] - Gold Medal Home had the smallest reduction in store count, with only 23 stores closed, but its direct sales revenue plummeted by 89.6% [8][10] - The large-scale business segment saw a general contraction, with only Gold Medal Home reporting an increase in revenue [9] Group 5: International Expansion - Several companies, including Oppein Home and Zhijia Home, have made significant strides in international markets, with overseas revenue increasing by nearly 37% on average [9] - Oppein Home's global sales network now covers 146 countries and regions, while Zhijia Home has expanded to 15 countries including Australia and the USA [9]