Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 37.37 RMB [8][9]. Core Views - The company reported Q1 2025 revenue of 1.206 billion RMB, a year-over-year decrease of 11.70% and a quarter-over-quarter decrease of 30.16%. The net profit attributable to the parent company was -40.61 million RMB, showing a reduction in losses compared to the previous value of -58.37 million RMB, with a year-over-year improvement of 11.46% and a quarter-over-quarter decline of 171.10% [1]. - The company has shown initial success in cost reduction and efficiency improvements, with a gross margin of 30.55% in Q1 2025, a slight year-over-year increase of 0.19 percentage points, despite a quarter-over-quarter decrease of 2.09 percentage points [2]. - The company’s accounts receivable decreased by 6.7% year-over-year, and the operating cash flow improved, with a net cash outflow of 436 million RMB, which is 174 million RMB less than the previous year [3]. - The real estate market is showing signs of marginal improvement, which is expected to positively impact the demand for hardware products, potentially narrowing the decline in sales [4]. - The revenue forecasts for 2025-2027 are set at 6.613 billion RMB, 7.126 billion RMB, and 7.857 billion RMB respectively, with corresponding net profits of 194.79 million RMB, 251.81 million RMB, and 314.27 million RMB [5]. Summary by Sections Financial Performance - Q1 2025 revenue was 1.206 billion RMB, down 11.70% year-over-year and down 30.16% quarter-over-quarter. The net profit attributable to the parent company was -40.61 million RMB, showing a year-over-year improvement of 11.46% [1]. - The gross margin for Q1 2025 was 30.55%, reflecting a year-over-year increase of 0.19 percentage points [2]. - The company’s accounts receivable decreased to 3.004 billion RMB, a 6.7% decline year-over-year [3]. Market Outlook - The real estate market is showing signs of recovery, with new home sales in key cities increasing by 7.2% week-over-week, which may lead to improved demand for the company's products [4]. Valuation and Forecast - The revenue projections for 2025-2027 are 6.613 billion RMB, 7.126 billion RMB, and 7.857 billion RMB, with net profits of 194.79 million RMB, 251.81 million RMB, and 314.27 million RMB respectively [5].

Core Insights - The company reported a basic earnings per share of -0.1200 yuan for Q1 2025, showing a 14.29% improvement compared to -0.1400 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 12.06 billion yuan, a decrease of 11.71% from 13.66 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.41 billion yuan, which is an improvement of 10.87% from -0.46 billion yuan in Q1 2024 [1] Financial Performance - Basic earnings per share: -0.1200 yuan in Q1 2025 vs -0.1400 yuan in Q1 2024, a 14.29% increase [1] - Revenue: 12.06 billion yuan in Q1 2025, down 11.71% from 13.66 billion yuan in Q1 2024 [1] - Net profit: -0.41 billion yuan in Q1 2025, improved by 10.87% from -0.46 billion yuan in Q1 2024 [1] - Return on equity: -0.72% in Q1 2025, improved from -0.90% in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 66.69 million shares, accounting for 34.87% of the circulating shares, with a decrease of 3.1625 million shares from the previous period [1] - The largest shareholder, Bai Baokun, holds 30.071 million shares, representing 15.72% of the total share capital, with no change [2] - The second largest shareholder, Yan Guilin, holds 6.25 million shares, representing 3.27% of the total share capital, with no change [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in this period [3]

证券代码：002791 证券简称：坚朗五金 公告编号：2025-026 广东坚朗五金制品股份有限公司 关于 2025 年一季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 年一季度财务状况和经 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 3 月 31 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 | 2,726.38 | 1,742.53 | 58.19 | 49,060.47 | ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-024 广东坚朗五金制品股份有限公司 第四届监事会第二十二次会议决议公告 本公司及监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、监事会会议召开情况 广东坚朗五金制品股份有限公司（以下简称"公司"）第四届监 事会第二十二次会议于2025年4月28日在广东省东莞市塘厦镇坚朗路 3号公司总部会议室以现场方式召开，会议通知于2025年4月18日以电 子邮件等方式向全体监事发出，应出席会议监事3人，实际出席会议 监事3人，公司董事会秘书殷建忠先生列席了本次会议。会议由监事 会主席马龙先生主持。本次会议的召集、召开符合《中华人民共和国 公司法》《公司章程》的有关规定。 该议案表决情况：3票同意，0票反对，0票弃权，表决通过。 三、备查文件 （一）第四届监事会第二十二次会议决议。 特此公告。 二、监事会会议审议情况 本次会议审议通过了以下议案： （一）关于公司《2025年第一季度报告》的议案 监事会认为：董事会编制和审议公司《2025年第一季度报告》的 程序符合法律、行政法规及中国证监会的规定，报告内容真实、准确 ...

证券代码：002791 证券简称：坚朗五金 公告编号：2025-023 广东坚朗五金制品股份有限公司 第四届董事会第二十七次会议决议公告 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"）第四届董 事会第二十七次会议于2025年4月28日在广东省东莞市塘厦镇坚朗路 3号公司总部会议室，采取现场结合通讯方式召开。会议通知于2025 年4月18日以电子邮件等方式向全体董事发出。应出席会议董事11人， 实际出席会议董事11人，其中，董事闫桂林、王晓丽、赵键、赵正挺、 王立军、张爱林、许怀斌以通讯表决方式出席会议。会议由董事长白 宝鲲先生主持，公司监事及高级管理人员列席了会议，本次会议的召 开符合《中华人民共和国公司法》《公司章程》的有关规定。 二、董事会会议审议情况 本次会议审议通过了以下议案： （一）关于公司《2025年第一季度报告》的议案 公司《2025年第一季度报告》（公告编号：2025-025）同日登载于 巨潮资讯网（www.cninfo.com.cn）。 1 / 2 该议案表决情况：11 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,206,127,384.05, a decrease of 11.70% compared to ¥1,366,001,270.50 in the same period last year[3] - The net profit attributable to shareholders was -¥40,614,317.62, showing an improvement of 11.46% from -¥45,870,198.63 year-on-year[3] - The net profit after deducting non-recurring gains and losses was -¥49,873,473.81, a 14.56% improvement from -¥58,372,973.16 in the previous year[4] - The basic earnings per share were -¥0.12, an improvement of 14.29% from -¥0.14 in the same period last year[4] - The weighted average return on equity was -0.72%, an improvement of 0.18% from -0.90% year-on-year[4] - Total operating revenue decreased to ¥1,206,127,384.05 from ¥1,366,001,270.50, a decline of approximately 11.7% year-over-year[27] - Total operating costs decreased to ¥1,225,245,665.99 from ¥1,399,588,307.80, representing a reduction of about 12.4% year-over-year[28] - Net profit for the period was ¥-45,579,992.86, compared to ¥-45,503,840.25 in the previous period, indicating a slight increase in losses[29] - The company reported a total comprehensive loss of ¥-49,251,003.91, compared to ¥-46,596,925.04 in the previous period[30] Cash Flow and Financial Position - The cash flow from operating activities was -¥436,240,018.94, which is a 28.53% improvement compared to -¥610,362,100.55 last year[4] - Cash flow from operating activities showed a net outflow of ¥-436,240,018.94, an improvement from ¥-610,362,100.55 in the previous period[34] - Cash inflow from investment activities was ¥796,643,520.72, compared to ¥408,077,007.66 in the previous period, marking a significant increase[34] - Cash outflow from investment activities rose to ¥828,622,000.22 from ¥323,555,265.28, indicating increased investment activity[34] - The net cash flow from financing activities was -$26.23 million, compared to $25.74 million in the previous period, indicating a significant decline in financing cash flow[35] - Cash and cash equivalents at the end of the period totaled $572.41 million, down from $673.21 million year-over-year, reflecting a decrease of approximately 15%[35] - The total cash inflow from financing activities was $118.35 million, while cash outflow amounted to $144.57 million, resulting in a net outflow[35] - The company reported a decrease in cash and cash equivalents of approximately $494.17 million during the period, reflecting challenges in cash management[35] Assets and Liabilities - The total assets at the end of the reporting period were ¥9,101,402,783.11, a decrease of 7.91% from ¥9,883,580,238.14 at the end of the previous year[4] - The total amount of funds raised has been adjusted to no more than RMB 1,200 million, down from RMB 1,985 million[15] - The actual issuance of 32,345,013 shares at a price of RMB 18.61 per share raised a total of RMB 601,940,691.93, with a net amount of RMB 592,139,464.38[15] - Total liabilities decreased from RMB 3,920,453,607.66 to RMB 3,304,096,640.78 during the same period[25] - The company's cash and cash equivalents decreased from RMB 1,086,210,464.74 to RMB 596,704,261.41[22] - The total equity attributable to shareholders decreased from RMB 5,702,900,367.63 to RMB 5,568,253,740.04[25] - The company’s total current assets decreased from RMB 6,712,452,325.29 to RMB 5,810,443,116.00[22] - The company’s total non-current assets increased from RMB 3,171,127,912.85 to RMB 3,290,959,667.11[23] Shareholder Information and Corporate Actions - The company plans to issue A-shares to specific investors, including the controlling shareholder, Bai Baokun, as approved in recent board meetings[13] - The total number of ordinary shareholders at the end of the reporting period was 34,963[10] - The company plans to issue up to 48,231,000 shares, raising a total of no more than RMB 1,985 million[14] - The company repurchased a total of 4,413,388 shares, accounting for 1.25% of the current total share capital, with a total transaction amount of RMB 100,023,677[19] Accounting and Audit - The company did not undergo an audit for the first quarter report, which may affect the perception of financial transparency[36] - The company plans to implement new accounting standards starting in 2025, which could impact future financial reporting[36]

本公司及董事会全体成员保证公告内容真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）会议召开时间： 现场会议召开时间为：2025年4月18日下午14:00 证券代码：002791 证券简称：坚朗五金 公告编号：2025-022 广东坚朗五金制品股份有限公司 2024年年度股东会决议公告 网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为2025 年4月18日上午9:15-9:25、9:30-11:30和下午13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为4月18日 9:15-15:00期间的任意时间。 （2）现场会议召开地点：广东省东莞市塘厦镇坚朗路3号公司总 部会议室。 （3）会议召开方式：本次股东会采取现场表决与网络投票相结 1 / 7 合的方式。 （4）会议召集人：公司董事会 （5）现场会议主持人：董事长白宝鲲先生 （6）本次会议的召集、召开与表决程序符合《公司法》《上市公 司股东会规则》《深圳证券交易所 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广东坚朗五金制品股份有限公司 2024 年年度股东会的 法律意见书 国枫律股字[2025]A0121 号 致：广东坚朗五金制品股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司2024年年度股东会（以下简称"本次会议"）。 本所律师根据《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》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《广 东坚朗五金制品股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会 议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事 宜，出具本法律意 ...

Group 1: Company Strategy and Market Focus - The company will continue to focus on the construction hardware sector, aiming to explore growth opportunities in various markets while maintaining its performance base [2] - The strategy for 2025 includes "stabilizing the market and adjusting the structure," with an emphasis on the "real estate + 1 + 1 + 1" approach to expand into new product lines and overseas markets [2] Group 2: Financial Performance - In 2024, the company achieved a net profit of approximately 89.98 million, a decrease of 72% year-on-year, with total revenue of 6.638 billion, down 14.9% [4] - The gross profit margin for 2024 was 31.65%, a decline of 0.57 percentage points compared to the previous year [5] Group 3: Overseas Market Development - In 2024, overseas revenue reached 884 million, representing a year-on-year growth of 14.72%, with overseas business accounting for over 13% of total revenue [4] - The company has established multiple sales subsidiaries and offices abroad, adopting a direct sales model to enhance its overseas market presence [4] Group 4: Product Line and Market Adaptation - The decline in product line performance is primarily linked to door and window products related to real estate, prompting the company to expand into home decoration and non-real estate projects [3] - New product categories launched in 2024, such as home ventilation products and aluminum composite panels, have seen over 15% growth [10] Group 5: Cost Control and Efficiency - The company is implementing measures to optimize production processes and enhance automation to reduce costs and improve efficiency [3][5] - Strategies for profit enhancement include refining business functions and adopting meticulous management practices [3] Group 6: Future Outlook - The company anticipates that the domestic construction industry will continue to recover, presenting new market opportunities driven by diverse demand [9] - The focus for 2025 will be on new market scenarios and further development of overseas business [9]

招商证券股份有限公司 关于广东坚朗五金制品股份有限公司 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3.股东会、董事会运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | | 公司高度重视，积 极开展全面整改并 切实落实各项改进 | | | 2024 年 10 月 17 日，公司在募 集资金的使用过程中，由于操 | | | | 作人员的个人失误，误从公司 | | | | 一般户账户中将 50.00 万元转 | | | | 入公司本次募集资金专户中， | 措施，确保募集资 | | | 发现上述情况后，公司于 2024 | 金使用严格遵循法 | | | 年 10 月 17 日当晚，将上述款 | 律法规及相关规则 | | | | 的要求 | | | 项原路退回 | | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.购买、出售资产 | 无 | 不适用 | | 9. ...