Investment Rating - The investment rating for the company is "Recommended" (maintained) [1][5]. Core Views - The company continues to face pressure on its performance, with a year-on-year revenue decline of 14.2% in the latest report, resulting in a net loss of 0.3 million yuan compared to a profit of 489 thousand yuan in the same period last year [3][4]. - The company has successfully reduced operating expenses from 900 million yuan to 770 million yuan, although the revenue decline has kept the expense ratio stable year-on-year [4]. - The overseas business is growing rapidly, with a revenue increase of 30.75% compared to a domestic decline of 19.95%. The gross margin for overseas sales is higher at 34.26% compared to 29.56% domestically [4]. - Despite a slight decrease in operating cash flow, accounts receivable have improved, decreasing from 3.85 billion yuan to 3.21 billion yuan year-on-year [4]. Financial Summary - The company is expected to have net profits of 0.9 million yuan, 1.5 million yuan, and 2.4 million yuan for the years 2025 to 2027, respectively, down from previous forecasts of 2.0 million yuan, 2.7 million yuan, and 3.3 million yuan [5]. - The projected P/E ratios for 2025, 2026, and 2027 are 93 times, 55 times, and 34 times, respectively [5]. - Revenue forecasts for 2025 to 2027 are 5.974 billion yuan, 6.273 billion yuan, and 6.900 billion yuan, with expected year-on-year growth rates of -10.0%, 5.0%, and 10.0% [6][10]. - The gross margin is projected to be 30.6%, 31.0%, and 31.5% for the years 2025 to 2027 [10]. Key Financial Ratios - The company’s asset-liability ratio is projected to be 39.7%, 37.1%, and 37.3% for the years 2024, 2025, and 2026, respectively [10]. - The return on equity (ROE) is expected to improve from 1.6% in 2025 to 4.0% in 2027 [10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.24 yuan, 0.42 yuan, and 0.67 yuan, respectively [10].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 31.77 [1][5]. Core Views - The company reported a revenue of RMB 2.755 billion for H1 2025, a year-on-year decrease of 14.18%, and a net loss attributable to shareholders of RMB 30.43 million, which aligns with the company's previous earnings forecast [1]. - The decline in revenue is attributed to delays in the settlement of certain installation services, but the company is expected to benefit from improved cash flow management and favorable real estate policies in first-tier cities [1][4]. - The company has seen a significant increase in overseas revenue, which grew by 30.75% year-on-year, while domestic revenue decreased by 19.95% [2][4]. Summary by Sections Financial Performance - For H1 2025, the company achieved revenues of RMB 2.755 billion, with a Q2 revenue of RMB 1.549 billion, reflecting a year-on-year decrease of 16.02% but a quarter-on-quarter increase of 28.42% [1][2]. - The gross margin for H1 2025 was 30.37%, a slight decrease of 0.89 percentage points year-on-year [2]. - The company maintained a strict control over expenses, with a total expense ratio of 27.9% for H1 2025, down 0.05 percentage points year-on-year [3]. Market Outlook - The real estate market has shown signs of weakness, with sales and construction area declines, but recent policy changes in cities like Beijing may stimulate demand for building hardware [4]. - The company is actively expanding its market presence, having established nearly 20 overseas warehouses to enhance supply chain responsiveness [4]. Profit Forecast and Valuation - The revenue forecasts for 2025 to 2027 are RMB 6.613 billion, RMB 7.126 billion, and RMB 7.857 billion, respectively, with net profits projected at RMB 194.63 million, RMB 251.71 million, and RMB 314.36 million [5][11]. - The target price of RMB 31.77 is based on a price-to-sales (PS) ratio of 1.7x for 2025, reflecting the company's strong correlation with the real estate sector [5].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue of 2.755 billion yuan, down 14.18% year-on-year, and a net profit of -30 million yuan, a decrease of 0.35 billion yuan [8][9] - Domestic real estate-related business is under pressure, while overseas growth is performing well, with overseas revenue increasing by 30.75% year-on-year [8][10] - The increase in raw material prices has pressured gross margins, leading to a decline in net profit due to reduced expense dilution [8][10] - The company is focusing on local operations overseas, which is expected to become a growth point [10] Financial Performance Summary - Revenue forecast for 2023A is 7.802 billion yuan, with a projected decline to 6.638 billion yuan in 2024A and further to 6.259 billion yuan in 2025E, before recovering to 6.639 billion yuan in 2026E and 7.120 billion yuan in 2027E [7] - Net profit is expected to decrease to 76 million yuan in 2025E, followed by increases to 114 million yuan in 2026E and 190 million yuan in 2027E [7] - Earnings per share (EPS) is projected to be 0.21 yuan in 2025E, 0.32 yuan in 2026E, and 0.54 yuan in 2027E [7] - The price-to-earnings (PE) ratio is forecasted to be 105.44x in 2025E, 70.04x in 2026E, and 42.22x in 2027E [7] Revenue Breakdown - In the first half of 2025, the revenue from various product categories showed significant declines: door and window hardware systems (-17.60%), home products (-27.69%), and other construction hardware (-16.00%), while door and window accessories increased by 7.79% [8][10] - Domestic revenue was 2.278 billion yuan, down 19.95%, while overseas revenue reached 477 million yuan, up 30.75% [8][10] Cost and Margin Analysis - The gross margin for the first half of 2025 was 30.37%, a decrease of 0.90 percentage points, primarily due to rising metal raw material prices [8][10] - The company reported a net cash flow from operating activities of -204 million yuan, indicating a cash outflow compared to the previous year [8][10]

广东坚朗五金制品股份有限公司 | 其他关联资金往来 | 资金往来方名称 | 往来方与上市公 司的关联关系 | 上市公司核算 的会计科目 | 2025 年期初 往来资金余额 | 2025 年 1-6 月 往来累计发生 | 2025年1-6 月往来资 | 2025 年 1-6 月 偿还累计 | 2025 年 6 月 30 日往来资金余 | 往来形成原因 | 往来性质（经 营性往来、非 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 金额 | 金的利息 | 发生金额 | 额 | | 经营性往来） | | | 江苏四季沐歌净水科技有限公司 | 联营企业 | 其他应收款 | | （不含利息） 360.43 | | | 360.43 | 股权转让款 | 经营性往来 | | | 浙江帅康工程技术有限公司 | 联营企业 | 应收账款 | | 16.44 | | 16.44 | | 销售商品及 提供劳务 | 经营性往来 | | | 苏州工品一号网络科技有限公司 | 联营企业 | 应收账款 | | 3.18 | | ...

广东坚朗五金制品股份有限公司 2025 年半年度财务报告 广东坚朗五金制品股份有限公司 2025 年半年度财务报告 【2025 年 8 月 广东坚朗五金制品股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：广东坚朗五金制品股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 666,669,124.12 | 1,086,210,464.74 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 154,392,089.89 | 380,305,094.03 | | 衍生金融资产 | | | | 应收票据 | 66,472,429.24 | 139,258,317.02 | | 应收账款 | 3,206,298,286.77 | 3,221,099,049.56 | | 应收款项融资 | 148,978, ...

本公司及董事会全体成员保证公告内容与信息披露义务人提 供的信息一致。 广东坚朗五金制品股份有限公司（以下简称"公司"）于2025年5 月7日披露了《关于董事减持股份的预披露公告》（公告编号： 2025-028）。公司董事闫桂林先生计划自减持公告披露之日起15个交 易日之后的3个月内（即自2025年5月28日至2025年8月27日）以集中 竞价或大宗交易方式减持本公司股份不超过6,249,959股（占本公司 总股本比例1.79%）。 近日，公司收到闫桂林先生的《关于公司股份减持计划实施完成 的告知函》。现将有关情况公告如下： 一、股东减持情况 1、股东减持股份情况 证券代码：002791 证券简称：坚朗五金 公告编号：2025-055 广东坚朗五金制品股份有限公司 关于股东减持股份实施完成的公告 股东闫桂林先生保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 1、本次减持公司股份遵守了《公司法》《证券法》《上市公司 收购管理办法》《上市公司董事和高级管理人员所持本公司股份及其 变动管理规则》《深圳证券交易所股票上市规则》《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 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-059 广东坚朗五金制品股份有限公司 关于 2025 年半年度计提资产减值准备及核销资产的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确和 完整，没有虚假记载、误导性陈述或重大遗漏。 根据《企业会计准则》《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》等有关规定，为真实、准确反映 广东坚朗五金制品股份有限公司（以下简称"公司"）2025 年半年 度财务状况和经营成果，公司及子公司对各类资产进行充分评估和减 值测试。基于谨慎性原则，公司对截至 2025 年 6 月 30 日可能发生资 产减值损失的有关资产计提资产减值准备，并对无法收回的款项进行 核销。现将具体情况公告如下： 一、 本次计提资产减值准备情况 单位：万元 | 项目 | 期初余额 | 加：本期计提 | 减：转销/核销 | 加：收回 | 期末余额 | | --- | --- | --- | --- | --- | --- | | 应收账款坏账准备 | 48,018.43 | 7,699.42 | 4,424.77 | 353.95 | 51,647.0 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 根据《上市公司募集资金监管规则》和《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》等相关法律、法规及 规范性文件的要求，广东坚朗五金制品股份有限公司（以下简称"公司"） 董事会编制了截至 2025 年 6 月 30 日募集资金年度存放、管理与实际使 用情况的专项报告。现将相关情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 证券代码：002791 证券简称：坚朗五金 公告编号：2025-058 广东坚朗五金制品股份有限公司 2025 半年度募集资金存放、管理与使用情况的 专项报告 经中国证券监督管理委员会《关于同意广东坚朗五金制品股份有限 公司向特定对象发行股票注册的批复》（证监许可〔2023〕2044 号）批 准，并经深圳证券交易所同意，本公司向特定对象发行人民币普通股（A 股）32,345,013 股，每股发行价格为人民币 18.61 元，募集资金总额为 人民币 60,194.07 万元，扣除各项发行费用后实际募集资金净额为人民 币 59,213.95 万元 ...

广东坚朗五金制品股份有限公司 第五届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 广东坚朗五金制品股份有限公司（以下简称"公司"）第五届董 事会第二次会议于2025年8月27日在广东省东莞市塘厦镇坚朗路3号 公司总部会议室，采取现场结合通讯表决方式召开。会议通知于2025 年8月15日以电子邮件等方式向全体董事发出。应出席会议董事10人， 实际出席会议董事10人，其中，董事白宝萍、王晓丽、张爱林、王立 军、陈平、周润书以视频方式参会。公司高级管理人员列席了会议， 会议的召开符合《公司法》《公司章程》的有关规定。会议由董事长 白宝鲲先生主持。 二、董事会会议审议情况 本次会议审议通过了以下议案： 证券代码：002791 证券简称：坚朗五金 公告编号：2025-056 本议案已经董事会审计委员会审议通过。 该议案表决情况：10票同意，0票反对，0票弃权，表决通过。 （二）关于《2025年半年度募集资金存放、管理与使用情况的专 项报告》的议案 具体内容详见巨潮资讯网（www.cninfo.com.cn）的《2025 ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥2,754,983,388.76, a decrease of 14.18% compared to ¥3,210,299,159.60 in the same period last year[19] - The net profit attributable to shareholders was -¥30,432,192.65, representing a decline of 722.32% from ¥4,890,156.41 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥43,884,320.76, a decrease of 159.65% compared to -¥16,901,339.04 last year[19] - The basic and diluted earnings per share were both -¥0.09, down 550.00% from ¥0.02 in the previous year[19] - The weighted average return on equity was -0.54%, a decrease of 0.64% from 0.10% in the same period last year[19] - The net cash flow from operating activities was -¥204,486,056.17, a decline of 7.84% compared to -¥189,611,882.85 last year[19] - The company's revenue for the reporting period was ¥2,754,983,388.76, a decrease of 14.18% compared to ¥3,210,299,159.60 in the previous year[45] - The operating cost decreased by 13.07% to ¥1,918,170,544.50 from ¥2,206,478,170.46[45] - Research and development investment was ¥115,784,495.52, down 14.41% from ¥135,283,319.49[45] - The company achieved a 30.75% increase in overseas revenue, amounting to ¥477,161,451.02, compared to ¥364,950,189.47 in the previous year[49] Assets and Liabilities - Total assets at the end of the reporting period were ¥9,396,300,621.20, a decrease of 4.93% from ¥9,883,580,238.14 at the end of the previous year[20] - The company's cash and cash equivalents decreased from ¥1,086,210,464.74 to ¥666,669,124.12, a decline of approximately 38.5%[193] - Total current assets decreased from ¥6,712,452,325.29 to ¥5,936,352,423.57, representing a reduction of about 11.5%[193] - Total liabilities decreased from ¥3,920,453,607.66 to ¥3,639,753,334.94, a reduction of approximately 7.1%[196] - The company's total equity decreased from ¥5,963,126,630.48 to ¥5,756,547,286.26, a decline of about 3.5%[197] - Long-term borrowings increased from ¥57,177,363.82 to ¥146,000,000.00, an increase of approximately 156.5%[196] - The company's total assets decreased from ¥9,883,580,238.14 to ¥9,396,300,621.20, a decline of about 4.9%[197] Market and Product Development - The company is focusing on expanding its product line into smart home products, security, and other related fields, aiming to become a comprehensive supplier of building hardware[26] - The company has established nearly 20 overseas warehouses, replicating the domestic warehousing sales model to quickly respond to customer supply needs[31] - The company has accumulated over 1,100 patents, with 3 invention patents and more than 40 other patents obtained during the reporting period, indicating a leading position in the industry[35] - The company has expanded its product offerings to include smart home and other household products, leveraging its marketing channel advantages[31] - The company has a strong focus on internationalization, with products sold in over 100 countries and regions, and subsidiaries established in various countries including Hong Kong, India, and Mexico[31] Corporate Governance and Compliance - The company has implemented strict information disclosure practices to ensure transparency and protect investor rights[121] - The company has established a management system for foreign exchange hedging to ensure effective risk management and compliance with internal controls[75] - The company has not encountered any unauthorized changes in the use of raised funds or violations regarding the occupation of raised funds[86] - The company has maintained a clean record with no violations regarding external guarantees during the reporting period[128] - The company has not faced any penalties or corrective actions during the reporting period[134] Shareholder and Equity Information - The company issued 32,345,013 new shares on September 5, 2024, increasing the total share capital to 353,885,013 shares[158] - The total number of ordinary shareholders at the end of the reporting period is 34,277[180] - The largest shareholder, Bai Baokun, holds 35.51% of the shares, totaling 125,657,428 shares[180] - The total number of unrestricted shares increased to 191,276,726, representing 54.05% of the total share capital[170] - The company plans to repurchase shares with a total amount between 100,000,000 CNY and 200,000,000 CNY, with a maximum repurchase price of 56.11 CNY per share[161] Risks and Challenges - The company faces risks from the construction hardware market due to a projected decline in real estate development investment growth rates of -10%, -9.6%, and -10.6% from 2022 to 2024[94] - The company’s main raw materials, including stainless steel and aluminum, account for 60%-70% of production costs, making it vulnerable to price fluctuations[99] - If the high-tech enterprise certification is not renewed after its expiration, the corporate income tax rate will increase from 15% to 25%, negatively impacting the company's net profit[104] Social Responsibility and Community Engagement - The company has participated in educational charity activities, contributing to over 90 schools since 2007, including the establishment of a hope school in Hunan[123] - The company emphasizes employee welfare, providing housing security and educational support for employees' children[118] - The company established an Environmental Protection Management Committee in June 2021 to oversee environmental protection and energy conservation efforts[122]