Core Points - The Shanghai Composite Index is at 3927.63 points, slightly down by 0.16%, with a total trading volume of 1.2446 trillion yuan [1] - A total of 181 A-shares have surpassed the half-year line, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Li Min Co., Ltd. (002734) has a deviation rate of 4.31% with a price increase of 6.27% [1] - Yuanda Environmental Protection (600292) shows a deviation rate of 3.35% and a price increase of 3.93% [1] - Oriental Carbon (920175) has a deviation rate of 3.28% with an 8.17% price increase [1] Trading Activity - The total trading volume for A-shares today is reported at 1.2446 trillion yuan [1] - The stocks with the smallest deviation rates include Lian Ke Technology, Lingkang Pharmaceutical, and Publishing Media, which have just crossed the half-year line [1] Deviation Rate Rankings - The top stocks with the highest deviation rates include: - Li Min Co., Ltd. (002734) at 4.31% - Yuanda Environmental Protection (600292) at 3.35% - Oriental Carbon (920175) at 3.28% [1] - Other notable stocks with significant price increases and deviation rates include: - Han Commercial Group (600774) at 3.19% - Rui Pu Biological (300119) at 2.99% [1]

证券日报网讯瑞尔特（002790）9月23日在互动平台回答投资者提问时表示，公司自上市以来，始终秉 持着对投资者负责的态度，专注于主营业务的拓展与深耕，提升公司核心竞争力，致力于为股东创造长 期价值。在投资者回报方面，自上市以来公司每年都坚持进行现金分红，这是公司重视股东利益的直接 体现；上半年，公司披露了《未来三年(2025年-2027年)股东分红回报规划》，增强了现金分红的稳定性 和持续性。《关于改进和加强中央企业控股上市公司市值管理工作的若干意见》中的诸多理念和方法， 对民营上市公司同样具有重要的参考意义，公司会认真研读。未来，公司将继续坚持稳健经营的策略， 不断提升公司的内在价值，同时进一步加强市值管理工作，努力实现公司价值与股东利益的协同发展。 ...

Company Overview - Xiamen Reiter Bathroom Technology Co., Ltd. is located at No. 18, Houxiang Road, Haicang District, Xiamen, Fujian Province, established on April 19, 1999, and listed on March 8, 2016 [2] - The company's main business involves the research, production, and sales of bathroom accessory products [2] - The revenue composition includes: smart toilets and covers 57.70%, tanks and accessories 28.63%, same-layer drainage products 8.90%, and others 4.77% [2] Stock Performance - As of September 23, the stock price decreased by 2.07%, trading at 7.11 yuan per share, with a total market value of 2.971 billion yuan [1] - Year-to-date, the stock price has increased by 0.14%, but it has declined by 5.20% over the last five trading days, 10.45% over the last 20 days, and 2.34% over the last 60 days [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 920 million yuan, a year-on-year decrease of 19.49%, and a net profit attributable to shareholders of 51.67 million yuan, down 43.20% year-on-year [2] - The company has distributed a total of 766 million yuan in dividends since its A-share listing, with 288 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, the number of shareholders reached 14,800, an increase of 4.28% from the previous period, with an average of 17,588 circulating shares per person, a decrease of 4.10% [2]

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of a subsidy policy for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - Six listed bathroom product companies reported a total revenue of 10.076 billion yuan, a year-on-year decrease of 9.5% - Arrow Home ranked first with a revenue of 2.837 billion yuan, surpassing the second-ranked Jianlin Home by approximately 451 million yuan - Rietter's revenue fell significantly by 19.5% to 920 million yuan compared to the first half of 2024 [1] Cost Control - Operating costs for bathroom product companies generally decreased due to business contraction, with Arrow Home and Jianlin Home's cost reductions outpacing revenue declines - Arrow Home's operating cost was 2.001 billion yuan, leading the sector [1] Expense Efficiency - Jianlin Home was the only company to see an increase in sales, management, and R&D expenses year-on-year - Rietter reduced all three expense categories, while Huida Bathroom had the highest sales expense ratio at 11.8% - Songlin Technology had the highest management expense ratio at approximately 13.5% [1] Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, while the combined net profit/loss of the other five companies was only 165 million yuan - Jianlin Home also experienced the smallest decline in net profit compared to the first half of 2024 [1] Profit Quality - Only Arrow Home reported a net outflow in operating cash flow, while Songlin Technology, Jianlin Home, and Huida Bathroom saw a year-on-year decrease in net operating cash flow - Huida Bathroom had high accounts receivable and inventory turnover days, at 98 days and 160 days respectively, affected by the weak performance of upstream real estate companies [1]

Core Viewpoint - The domestic real estate market in China continues to face pressure in the first half of 2025, impacting related industries such as home furnishings and sanitary ware, with significant declines in investment, construction, and sales metrics [1][3]. Investment and Construction - Residential investment reached 3.58 trillion yuan, down 10.4% year-on-year - New residential construction area was 22.3 million square meters, a decrease of 19.6% - Completed residential area was 16.3 million square meters, down 15.5% [1]. Sales Performance - Residential sales area declined by 3.7% - New residential property sales amounted to 442 billion yuan, down 5.5%, with residential sales dropping by 5.2% [1]. Home Furnishing Industry Impact - The home furnishing industry is affected, but the implementation of trade-in subsidies for durable consumer goods since Q4 2024 has somewhat mitigated the downturn [1]. - In the first half of 2025, revenue for furniture manufacturing enterprises above designated size totaled 302.39 billion yuan, down 4.9%, while total profit fell by 23.1% to 10.64 billion yuan [1]. Financial Performance of Sanitary Ware Companies - Six listed sanitary ware companies reported a combined revenue of 10.076 billion yuan, down 9.5%, with a total net profit of 403 million yuan, compared to 681 million yuan in the same period of 2024 [1][3]. - Arrow Home led in revenue with 2.837 billion yuan, while Seagull Home reported a net loss of 26.06 million yuan, marking its first loss since 2009 [11]. Cost Control - Operating costs for sanitary ware companies generally decreased, with Arrow Home's costs at 2.001 billion yuan, 1.15 times that of the second-largest, Jianlin Home [4]. - Seagull Home's operating cost ratio was notably high at 87.1%, primarily due to geopolitical tensions affecting export costs [4]. Expense Efficiency - Jianlin Home was the only company to see increases in sales, management, and R&D expenses, while others like Ruierte reduced all three [7]. - Huida Sanitary had the highest sales expense ratio at 11.8% [7]. R&D Investment - R&D expense ratios for sanitary ware companies ranged from 3% to 5%, with Songlin Technology leading at 10.2% [8]. - Huida Sanitary's R&D expenses fell over 33% due to project fluctuations [8]. Profitability - Jianlin Home reported a net profit of approximately 238 million yuan, the highest among peers, with a minimal decline of 8.0% year-on-year [11]. - Seagull Home's net profit margin was -2.4%, the lowest among the companies analyzed [11]. Cash Flow and Quality - Only Arrow Home reported a net outflow in operating cash flow, while others like Songlin Technology and Jianlin Home saw declines in cash flow net amounts [14]. - Huida Sanitary's accounts receivable and inventory turnover days were notably high, indicating potential liquidity issues [16].

证券代码：002790 证券简称：瑞尔特 公告编号：2025-030 厦门瑞尔特卫浴科技股份有限公司 一、本次全资子公司使用部分自有资金委托理财到期情况 关于公司及全资子公司使用部分自有资金进行委托理财 到期收回的公告 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。 厦门瑞尔特卫浴科技股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日召开第五届董事会第五次会议审议通过了《关于使用部分自有资金进行委托理 财的议案》，批准同意公司及控股子公司使用不超过人民币 80,000 万元的自有 资金进行委托理财，在上述额度内资金可滚动使用。本次使用部分自有资金进行 委托理财的投资产品，包括银行、证券公司、基金公司等金融机构的安全性高、 流动性好、中低风险的理财产品。公司及其控股子公司使用部分自有资金进行委 托理财的实施期限自董事会审议通过之日起十二个月内有效。公司董事会授权公 司董事长或者总经理在额度范围内行使该项投资决策权并签署相关法律文件（包 括但不限于）：选择合格的投资产品发行主体、明确理财金额、选择理财产品品 种、签署合同等，同时授权公司管理层具体实 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Viewpoints - The company reported a revenue of 9.20 billion yuan and a net profit attributable to shareholders of 0.52 billion yuan for the first half of 2025, representing a year-on-year decline of 19% and 43% respectively [2][6]. - The revenue for Q2 2025 was 5.08 billion yuan, with a net profit of 0.30 billion yuan, showing a year-on-year decrease of 18% and a slight decrease in net profit of 7% [2][6]. - The company is facing operational pressure but is looking forward to a recovery in market conditions [6]. Revenue Analysis - The revenue decline in H1 2025 was primarily due to intense industry competition, the impact of real estate market conditions on new housing demand, and delays in the implementation of consumption policies [11]. - The breakdown of revenue by product categories showed declines of 18.42% for water tanks and accessories, 22.72% for smart toilets and covers, and 6.86% for drainage systems [11]. - Domestic revenue fell by 27.76%, while overseas revenue saw a slight increase of 0.60% [11]. Profitability Analysis - In Q2 2025, the gross margin improved on a quarter-on-quarter basis, with a net margin increase year-on-year [11]. - The gross margin decreased by 1.0 percentage points year-on-year but improved by 2.3 percentage points compared to Q1 2025 [11]. - The company maintained a research and development expense ratio of around 5%, with a total of 2075 patents held as of June 30, 2025 [11]. Market Outlook - The domestic market for smart toilets has significant growth potential, with an estimated penetration rate of only 9.6% compared to more mature markets [11]. - The company is expected to benefit from the implementation of mandatory product certification, which may lead to increased industry concentration as weaker brands exit the market [11]. - The overseas market presents opportunities for expansion, particularly in regions like the Middle East, Europe, and South America, leveraging the company's cost control capabilities [11]. Earnings Forecast - The company is projected to achieve net profits of 1.3 billion yuan, 1.6 billion yuan, and 2.0 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 23, 19, and 16 [11].

Summary of the Conference Call for 瑞尔特 Company Overview - 瑞尔特 reported a revenue decline of 18% year-on-year for the first half of 2025, with a net profit drop of 6.8% due to intense market competition, weak demand for new homes, and varying execution of national subsidy policies [2][3][4]. Key Points Financial Performance - Total revenue for the first half of 2025 was approximately 920 million yuan, a 15.5% decrease year-on-year, with a net profit of about 51.66 million yuan, down 43% [3]. - In Q2 2025, revenue was 508 million yuan, down 18% year-on-year, while net profit was around 30 million yuan, a decrease of 6.8% [3]. - The overall gross margin was approximately 30%, with a slight decline due to lower average prices of branded products [4][19]. Market Dynamics - The smart toilet and cover category, which accounts for about 57% of total revenue, saw a decline of approximately 22% [5]. - The domestic market, representing about 63% of total revenue, decreased by 27%, primarily due to a drop in OEM business [5]. - Despite tariff impacts, the overseas market, which constitutes about 36% of total revenue, experienced a slight growth of 0.6% compared to the previous year [5]. Challenges and Risks - The domestic OEM business faced significant pressure, with major clients' order share dropping from 30% to 20%, and an expected overall order volume reduction of about two-thirds for the year [10][21]. - Currency exchange losses amounted to nearly 800,000 yuan in the first half, a significant drop from previous year's gains of over 5 million yuan [7]. Product and Channel Strategy - The company is focusing on upgrading stores and diversifying product categories, with approximately 1,200 dealer outlets and around 700 new channels primarily through JD's offline self-operated stores [6]. - The introduction of AI health smart toilets aims to enhance product functionality and tap into new market segments [4][27]. Regulatory Environment - The implementation of the 3C certification has positively impacted the market, with a noticeable increase in the share of mid-to-high-end products priced above 3,000 yuan [16]. - The national subsidy policy is expected to have a limited effect in the second half of 2025, with demand remaining weak [18]. Future Outlook - The company plans to maintain a cautious approach to sales expenses, particularly in brand promotion, while focusing on expanding its presence in JD's offline self-operated stores [24]. - There is an ongoing effort to address the aging population's needs with products designed for elderly users, including adjustable smart toilets [30]. - The company aims to diversify its business and expand into emerging markets to mitigate revenue pressures and enhance overall profitability [31]. Sales Performance - During the 618 shopping festival, the best-selling products were full smart toilets priced between 3,000 and 4,500 yuan, benefiting from national subsidies that lowered consumer prices [28]. - The sales of non-smart products remained in the single-digit range, with efforts to increase their proportion not meeting expectations [29]. Conclusion - 瑞尔特 is navigating a challenging market landscape with a focus on product innovation, channel expansion, and addressing demographic trends, while managing financial pressures and regulatory changes. The outlook remains cautious, with a commitment to improving profitability and exploring new growth avenues.

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, attributed to intense competition in the home and bathroom industry and a slowdown in demand linked to the real estate sector [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 920 million yuan, a year-on-year decrease of 19.49%, and a net profit attributable to shareholders of 52 million yuan, down 43.20% [1]. - For Q2 2025, revenue was 508 million yuan, a decline of 18.02% year-on-year, with a net profit of 30 million yuan, down 6.88% [1]. - The gross profit margin for H1 2025 was 25.95%, a decrease of 3.08 percentage points year-on-year [3]. Product Performance - Revenue from water tanks and accessories was 263 million yuan, down 18.42%, while revenue from smart toilets and covers was 531 million yuan, down 22.72% [2]. - The gross profit margins for these products were 26.18% and 24.17%, respectively, reflecting declines of 1.30 and 2.54 percentage points [2]. Market Environment - Domestic revenue was 585 million yuan, a year-on-year decrease of 27.76%, while overseas revenue was 335 million yuan, an increase of 0.60% [2]. - The demand for smart toilets is being affected by a reduction in new home renovations and cautious consumer behavior regarding existing home upgrades [2]. Regulatory Changes - As of July 1, 2025, electronic toilet products are required to undergo CCC certification, which may lead to a market reshuffle, eliminating brands lacking in innovation and quality [2]. Future Outlook - The company is expected to benefit from a dual strategy of "self-owned brands + OEM," with anticipated revenue growth in the smart toilet segment as market penetration increases [4]. - Projected revenues for 2025-2027 are 2.029 billion, 2.273 billion, and 2.497 billion yuan, with corresponding net profits of 127 million, 153 million, and 177 million yuan [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in revenue and net profit for the first half of 2025, with revenue at 920 million yuan, down 19.49% year-on-year, and net profit at 52 million yuan, down 43.20% year-on-year. The second quarter alone saw revenue of 508 million yuan, down 18.02% year-on-year, and net profit of 30 million yuan, down 6.88% sequentially. The performance was impacted by intense competition in the home and bathroom industry, as well as a slowdown in demand linked to the real estate sector, with varying execution of consumption promotion policies across regions [5][6][8]. Summary by Sections Financial Performance - In H1 2025, the company's revenue from water tanks and accessories was 263 million yuan, down 18.42% year-on-year, while revenue from smart toilets and covers was 531 million yuan, down 22.72% year-on-year. Gross margins for these products were 26.18% and 24.17%, respectively, reflecting a decline of 1.30 and 2.54 percentage points year-on-year. Domestic revenue was 585 million yuan, down 27.76%, while overseas revenue was 335 million yuan, up 0.60% [6]. Market Environment - The company is experiencing pressure on domestic sales and gross margins due to a competitive market environment. The demand for smart toilets is being affected by a decrease in new home renovations and cautious consumer behavior regarding existing home upgrades. The implementation of mandatory CCC certification for electronic toilets starting July 1, 2025, is expected to lead to industry consolidation, with weaker brands being eliminated [6][8]. Future Outlook - The company is positioned for future growth through a dual strategy of "own brand + OEM." It is a leading manufacturer of water-saving flushing components with stable customer relationships. The self-branded smart toilet line, launched in 2021, is expected to see increased market penetration and growth as the company's market share improves. Revenue projections for 2025-2027 are 2.029 billion yuan, 2.273 billion yuan, and 2.497 billion yuan, with corresponding net profits of 127 million yuan, 153 million yuan, and 177 million yuan [8][9]. Valuation Metrics - As of August 26, 2025, the expected earnings per share (EPS) are 0.30 yuan, 0.37 yuan, and 0.42 yuan for 2025, 2026, and 2027, respectively. The price-to-earnings (P/E) ratios are projected to be 26.12, 21.72, and 18.79 for the same years [9][11].