Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company's performance is under short-term pressure due to multiple factors, including changes in trade policies and varying implementation of consumer promotion policies across regions, leading to a decrease in orders [1] - The company aims to enhance its market share in smart bathroom products and expand internationally while focusing on product innovation and digital transformation [3][4] - Increased R&D and sales expenses are expected to impact net profit in the short term but are seen as strengthening the company's market foundation for long-term growth [2] Financial Performance Summary - In Q1 2025, the company reported revenue of 400 million, a decrease of 21% year-on-year, and a net profit of 21 million, down 63% [1] - For the full year 2024, revenue is projected at 2.4 billion, an 8% increase, while net profit is expected to decline by 17% to 181 million [9] - The gross margin for 2024 is forecasted at 27.4%, a decrease of 1.4 percentage points compared to the previous year [1] Product and Market Insights - In 2024, revenue from water tanks and accessories is expected to be 600 million, accounting for 27% of total revenue, while smart toilets and covers will generate 1.4 billion, making up 61% [1] - Domestic revenue is projected at 1.7 billion, a 2% increase, while international revenue is expected to reach 670 million, a 26% increase [1] R&D and Sales Investment - The company increased R&D expenses by 18.42% to 107.93 million, driven by strong demand for smart bathroom product updates and intensified market competition [2] - Sales expenses rose by 27% to 280.27 million, reflecting increased investment in market expansion and promotion of smart bathroom products [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Viewpoints - The company's performance is under short-term pressure due to multiple factors, including changes in trade policies and varying implementation of consumer promotion policies across regions, leading to a decrease in orders [1] - The company aims to enhance its market share in the smart bathroom products sector and expand internationally, leveraging its competitive advantages in smart toilets and other products [3] - Increased investment in R&D and sales expenses is expected to impact net profit in the short term but is seen as strengthening the company's market foundation for long-term growth [2] Financial Performance Summary - In Q1 2025, the company reported revenue of 400 million, a decrease of 21% year-on-year, and a net profit attributable to the parent company of 21 million, down 63% [1] - For the full year 2024, the company achieved revenue of 2.4 billion, an 8% increase, but a net profit of 180 million, a decrease of 17% [1] - The gross margin for 2024 is projected at 27.4%, down 1.4 percentage points from the previous year [1] Product and Regional Breakdown - In 2024, revenue from water tanks and accessories is expected to be 600 million, accounting for 27% of total revenue, while smart toilets and covers will generate 1.4 billion, making up 61% [1] - Domestic revenue is projected at 1.7 billion, a 2% increase, while overseas revenue is expected to reach 670 million, a 26% increase [1] R&D and Sales Expenses - R&D expenses are projected to be 107.93 million, an increase of 18.42%, driven by strong demand for smart bathroom product updates and intensified market competition [2] - Sales expenses are expected to rise to 280.27 million, a 27% increase, due to efforts to expand market share and enhance product promotion [2] Profit Forecast Adjustments - The profit forecast has been adjusted, with net profits expected to be 150 million, 190 million, and 210 million for 2025, 2026, and 2027 respectively [4] - Earnings per share (EPS) are projected at 0.4 yuan, 0.5 yuan, and 0.5 yuan for the same years [4]

以下文章来源于每日经济新闻 ，作者每经记者 每日经济新闻 . 中国主流财经全媒体。互联网新闻信息服务许可证编号：51120190017 。 来源|每日经济新闻 作者| | 赵李南 4月23日，瑞尔特（SZ002790，股价7.18元，市值30亿元）公告称，其董事长、股东罗远良所持的部分股份被冻结，因为其妻子谢桂琴提起离婚诉 讼，并申请冻结罗远良所持公司股份的50%。 4月24日，《每日经济新闻》记者拨打了瑞尔特证券事务代表的固定电话，瑞尔特的工作人员在电话中表示，目前公司处于无实控人状态，相关的诉 讼并不会导致控制权变化。 公开资料显示，厦门瑞尔特卫浴科技股份有限公司主要从事生产、研发、销售卫浴空间和家庭水系统相关解决方案。2016年3月，瑞尔特成功登陆深 交所，成为为数不多在A股上市的卫浴企业之一。 据厦门海沧区融媒体中心2023年的一篇报道，瑞尔特是国产智能马桶的开创者之一。早在2008年，罗远良赴日本、韩国商务出差时，发现两国的智 能马桶普及率已经很高，他意识到智能马桶也将在国内成为消费升级的一个趋势。"我们2008年立项智能马桶的研发，一直到2019年产品才面市， 十年研发投入2亿元以上。"文章当时介 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 23.58 billion yuan, a year-on-year increase of 60.87% in the smart toilet and cover category, which accounted for 13.37% of total revenue [3] - The first quarter of 2025 saw a revenue decline of approximately 21% year-on-year, primarily due to changes in trade policies and varying regional consumer promotion policies [3] - The company's net profit margin improved in the fourth quarter of 2024, influenced by exchange rate fluctuations and a recovery in sales performance [4] Group 2: Market and Policy Impact - The company's direct exports to North America account for 10%-15% of overseas revenue, which is a small portion of total revenue [5] - The implementation of national subsidy policies has positively impacted consumer behavior in home improvement, enhancing the penetration rate of smart toilets [4] - The upcoming new national standards for toilets and mandatory product certification are expected to raise market entry barriers, benefiting companies with strong R&D capabilities [6][7] Group 3: Future Outlook and Strategy - For 2025, the company projects a revenue growth of 10% and a net profit growth of 9.20%, with significant investments in brand building and marketing [7] - The focus for future product development will be on upgrading existing features, emphasizing health, environmental sustainability, and hygiene [7] - The company aims to diversify its market channels and enhance its product matrix, including smart toilets, drainage products, and wellness products [7]

国金证券股份有限公司赵中平,张杨桓,尹新悦近期对瑞尔特（002790）进行研究并发布了研究报告《业绩 仍承压，期待自主品牌重拾增长》，给予瑞尔特买入评级。 瑞尔特 业绩简评 4月24日公司发布25年一季报，25Q1公司实现营收4.1亿元，同比-21.2%，归母净利为0.2亿元，同 比-63.3%，扣非归母净利为0.2亿元，同比-67.0%。 经营分析 各地国补落地节奏不一叠加外需走弱致使25Q1收入承压：分业务来看，国内代工业务预计由于行业整体 需求偏弱叠加客户自产比例提升，其25Q1收入下降较为明显。国内自主品牌业务方面，预计一方面由于 25Q1各地国补落地时间多数在3月才开启，另一方面，根据奥维云网统计，24年智能马桶主销价格段2000 元以下产品销售额占比提升至24.4%，行业低价竞争态势仍旧激烈，整体使得公司25Q1自主品牌业务存在 较大压力，预计该业务收入双位数下降。而根据久谦统计，随着国补陆续重启，25年3月智能马桶三大电 商平台整体销售额已实现较优增长，同比增长20.0%，预计Q2自主品牌业务有望开始改善。此外，海外代 工业务预计由于外需相对偏弱叠加贸易政策扰动，25Q1预计整体表现相对平稳。 ...

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.0514 yuan, a decrease of 63.31% compared to Q1 2024, which was 0.1401 yuan [1] - The operating revenue for Q1 2025 is 4.12 billion yuan, down 21.22% from 5.23 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 is 0.21 billion yuan, a decline of 64.41% from 0.59 billion yuan in Q1 2024 [1] - The return on equity for Q1 2025 is 1.00%, a decrease of 64.03% compared to 2.78% in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 11,827.2 million shares, accounting for 45.37% of the circulating shares, with a decrease of 1,140.85 million shares from the previous period [2] - The top shareholders include individuals such as 邓光荣, 罗远良, and 王兵, each holding 1,305.60 million shares, representing 5.01% of the total share capital [2] Dividend Distribution - The company will not distribute dividends or transfer shares in this period [3]

证券代码：002790 证券简称：瑞尔特 公告编号：2025-020 厦门瑞尔特卫浴科技股份有限公司 第五届监事会第六次会议决议公告 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。 一、监事会会议召开情况 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票，议案获得通过。 经审核，监事会认为：董事会编制和审核厦门瑞尔特卫浴科技股份有限公司 2025 年第一季度报告的程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、 完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）第五届监事会第六次（临 时）会议（以下简称"会议"），由公司监事会主席召集。2025 年 4 月 19 日，以电子邮 件方式向全体监事发出会议通知；2025 年 4 月 24 日 14 时，在厦门市海沧区后祥路 18 号一楼会议室召开现场会议。 会议应出席的监事 3 人，实际出席会议的监事 3 人（其中，委托出席的监事 0 人； 以通讯表决方式出席会议的监事 0 人），超过半数。缺席会议的监事 0 人。会议由 ...

证券代码：002790 证券简称：瑞尔特 公告编号：2025-019 厦门瑞尔特卫浴科技股份有限公司 第五届董事会第六次会议决议公告 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、董事会会议召开情况 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）第五届董事会第六 次（临时）会议（以下简称"会议"），由公司董事长召集。2025 年 4 月 19 日， 以电子邮件及电话方式向全体董事发出会议通知；2025 年 4 月 24 日 10 时以通 讯表决方式召开。 会议应出席的董事 9 人，实际出席会议的董事 9 人（其中，委托出席的董 事 0 人，以通讯表决方式出席会议的董事 9 人），缺席会议的董事 0 人。会议由 董事长罗远良先生主持，董事会秘书、财务总监列席会议。 本次会议的召开符合《中华人民共和国公司法》《厦门瑞尔特卫浴科技股份 有限公司章程》《厦门瑞尔特卫浴科技股份有限公司董事会议事规则》的相关规 定, 会议决议合法、有效。 二、董事会会议审议情况 1、审议议案一《关于 2025 年第一季度报告的议案》 表决结果：同意票 9 票，反对票 0 票，弃 ...

对于冻结原因，瑞尔特表示，罗远良的配偶谢桂琴女士向厦门市思明区人民法院提起离婚诉讼，并申请 冻结罗远良所持公司股份的50%。 截至目前，罗远良对瑞尔特持股数量约5222万股，市值约3.75亿元（按4月24日收盘价计算，下同）。 此次，其被冻结的股数约2611万股，对应的市值约1.87亿元。 瑞尔特称，罗远良最近一年不存在大额债务逾期或违约记录，不存在主体和债项信用等级下调的情形， 不存在因债务问题涉及的重大诉讼或仲裁情况，不存在非经营性资金占用、违规担保等侵害公司利益的 情形。 4月23日，瑞尔特（SZ002790，股价7.18元，市值30亿元）公告称，其董事长、股东罗远良所持的部分 股份被冻结，因为其妻子谢桂琴提起离婚诉讼，并申请冻结罗远良所持公司股份的50%。 4月24日，《每日经济新闻》记者拨打了瑞尔特证券事务代表的固定电话，瑞尔特的工作人员在电话中 表示，目前公司处于无实控人状态，相关的诉讼并不会导致控制权变化。 离婚诉讼导致董事长股份冻结 瑞尔特在公告中称，近日，其通过中国证券登记结算有限责任公司系统查询到公司持股5%以上股东罗 远良所持公司股份被冻结。 值得注意的是，罗远良现任瑞尔特董事长，其所持 ...

Financial Performance - The company's revenue for Q1 2025 was ¥412,196,247.72, a decrease of 21.24% compared to ¥523,377,253.44 in the same period last year[4] - Net profit attributable to shareholders was ¥21,483,139.37, down 63.31% from ¥58,554,382.85 year-on-year[4] - The net profit excluding non-recurring gains and losses was ¥17,659,297.19, reflecting a decline of 66.97% from ¥53,464,710.08 in the previous year[4] - Basic and diluted earnings per share were both ¥0.0514, a decrease of 63.31% compared to ¥0.1401 in the same period last year[4] - Total operating revenue for the current period was ¥412,196,247.72, a decrease of 21.3% compared to ¥523,377,253.44 in the previous period[14] - Net profit for the current period was ¥21,430,145.07, a decline of 62.9% from ¥57,890,419.78 in the previous period[15] - Earnings per share (basic and diluted) decreased to ¥0.0514 from ¥0.1401 in the previous period[16] - The company reported a total comprehensive income of ¥21,452,226.35, a decrease from ¥57,925,561.38 in the previous period[16] Cash Flow and Assets - The net cash flow from operating activities increased by 61.93% to ¥62,145,200.48, compared to ¥38,377,867.88 in the previous year[4] - Total current assets amount to ¥1,686,036,217.31, a decrease from ¥1,840,632,429.90 at the beginning of the period[11] - Cash and cash equivalents increased to ¥628,748,903.56 from ¥603,425,290.18[11] - Total non-current assets increased to ¥962,563,643.77 from ¥903,129,627.97[12] - Total cash and cash equivalents at the end of the period amounted to $628,748,903.56, up from $609,480,525.75 in the previous period, reflecting an increase of approximately 1.9%[18] - The cash flow from operating activities was not detailed, but the overall cash and cash equivalents increased by $25,323,613.38 during the period[18] Liabilities and Equity - Total liabilities decreased to ¥498,904,204.35 from ¥615,484,486.52 in the previous period[13] - Shareholders' equity attributable to the parent company increased by 1.01% to ¥2,150,912,850.27 from ¥2,129,443,478.22 at the end of the previous year[4] - Total current liabilities decreased to ¥421,019,624.73 from ¥539,780,406.24[12] Non-Recurring Gains and Other Income - Non-recurring gains totaled ¥3,823,842.18, primarily from government subsidies and asset disposals[5] - The company did not report any other non-recurring gains that would be classified as regular gains[6] - Other comprehensive income after tax for the current period was ¥22,081.28, compared to ¥35,141.60 in the previous period[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 14,214[9] - The top four shareholders each hold 12.50% of shares, totaling 52,224,000 shares each[9] Operational Challenges - The decline in net profit was attributed to changes in trade policies and varying implementation of consumer promotion policies across regions, leading to reduced orders[7] Investment Activities - The company reported a total cash outflow from investment activities of $172,144,534.68, slightly down from $178,438,926.28 in the previous period[18] - Cash received from investment recovery was ¥135,000,000.00, down from ¥165,555,000.00 in the previous period[17] - The net cash flow from investment activities was -$36,018,189.66, compared to -$11,819,207.23 in the previous period, indicating a decline in investment performance[18] Accounting Standards and Audit - The company has not yet adopted the new accounting standards that will take effect in 2025, as indicated in the financial report[19] - The first quarter report was not audited, which may affect the reliability of the financial data presented[19]