从业绩结构来看，尽管营收面临一定压力，但公司通过精细化管理和成本优化，成功推动归母净利润实 现增长。全年净利率达到13.06%，较2023年的10.81%提升了2.25个百分点，反映出盈利能力的显著增 强。 具体分项数据方面，家具制造业务毛利率保持稳定，为34.73%；销售费用为10.11亿元，同比下降 10.23%，显示出公司在营销策略上的精准化与高效化转型；财务费用为-0.11亿元，同比大幅下降 119.67%，主要得益于财务管理能力的提升及利息收入的增长；管理费用则基本持平，整体费用控制表 现良好，战略执行效果明显。 索菲亚坚持"精耕细作"的经营模式，构建起可持续发展的内生动力，在复杂多变的市场环境中展现出较 强的抗风险能力和超越行业的竞争优势。 2025年4月28日，索菲亚家居股份有限公司（以下简称"索菲亚"）对外披露了其2024年度财务报告。报 告显示，公司全年实现营业收入104.94亿元；归属于母公司股东的净利润为13.71亿元，同比增长 8.69%。在行业普遍承压的大环境下，这一成绩体现出公司强大的经营韧性与稳定的盈利能力。 为回馈长期支持的广大股东，索菲亚同步公布了2024年度利润分配预案：拟 ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 10.494 billion, with a net profit attributable to shareholders of CNY 1.371 billion, representing a year-on-year growth of 8.69% [2] - For Q1 2025, the company reported operating revenue of CNY 2.038 billion and a net profit of CNY 0.151 billion [2] - The proposed cash dividend for 2024 is CNY 10 per 10 shares, totaling CNY 1.063 billion, which accounts for 77.54% of the net profit attributable to shareholders [2] Brand Performance - The Sofia brand generated CNY 9.448 billion in revenue with an average order value of CNY 23,370, supported by 1,797 dealers and 2,503 stores [2] - The Milan brand achieved CNY 0.510 billion in revenue, marking an 8.09% increase, with 530 dealers and 559 stores [3] - The Simi brand reported revenue of CNY 0.166 billion, with 156 dealers and 161 stores [3] - The Huaher brand generated CNY 0.166 billion in revenue, supported by 264 dealers and 279 stores [3] Channel Performance - Revenue from the dealer channel reached CNY 8.523 billion [4] - The integrated channel (direct and dealer) generated CNY 2.216 billion, reflecting a year-on-year growth of 16.22% [4] - The bulk channel contributed CNY 1.321 billion, while the direct channel reported CNY 0.359 billion, up 14.00% [4] - The overseas market has established 22 dealers and is involved in approximately 80 engineering projects globally [4] Cost and Profitability - Sales expenses totaled CNY 1.011 billion, with a sales expense ratio of 9.64% [5] - Management expenses were CNY 0.792 billion, with a management expense ratio of 7.55% [5] - R&D expenses amounted to CNY 0.374 billion, representing 3.57% of revenue [5] - The overall gross margin for the furniture manufacturing industry was 34.73%, a decrease of 0.73% year-on-year [6] Strategic Initiatives - The company is focusing on enhancing quality and efficiency through refined expense management and supply chain control [7] - The "1+N+X" model is being implemented to deepen market penetration and attract diverse retail distributors [9] - The company is actively expanding its overseas market presence, with a focus on engineering business development and retail channel expansion [10] - Future plans include dynamic adjustments to the store and channel matrix based on regional conditions [12] Market Outlook - The home furnishing industry is undergoing significant adjustments due to market demand contraction and ecological restructuring [14] - The company is proactively addressing the renovation needs of existing homes and is preparing for the challenges of the stock market era [14] - The integrated channel is expected to maintain growth potential, with ongoing efforts to capture front-end traffic [15]

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]

《每日经济新闻》记者注意到，这也是自2021年遭遇大幅下滑后，索菲亚连续第3年实现归母净利润同 比增长。2024年13.71亿元的净利润数据，更是创下该企业历史新高。 不过，需要说明的是，归母净利润增长的背后，索菲亚2024年毛利率实际出现了降低，其家具制造业毛 利率为34.73%，比2023年同期减少了0.73个百分点。 每经记者 吴泽鹏 每经编辑 宋思艰 4月28日晚间，索菲亚（SZ002572，股价15.42元，市值148.50亿元）发布了2024年年报。在业绩普遍下 滑的家居行业，索菲亚交出一份不一样的成绩单：2024年实现营业总收入104.94亿元，同比虽然下滑了 10.04%，但归母净利润达13.71亿元，同比增长8.69%。 索菲亚方面给记者提供的资料称，去年销售费用同比降低，公司在销售方面的投入更加精准；财务费用 同比大幅下降119.67%，主要得益于财务管理优化带来的利息收入增加；管理费用则无明显变化。公司 称："在成本控制和提效方面取得了一定的成效。" 记者还查询到，2024年末，索菲亚销售人员数量为2213人，比2023年末的2635人少了422人，降幅达 16%。 索菲亚旗下拥有以中高 ...

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 ...