Core Viewpoint - The company, Diou Home (002798.SZ), announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Relevant Sections - **Share Buyback Details** - The company repurchased a total of 10,030,907 shares, which represents 1.96% of the current total share capital [1] - The highest transaction price during the buyback was 7.23 yuan per share, while the lowest was 3.01 yuan per share [1] - The total amount spent on the buyback was 62.8542 million yuan, excluding transaction fees [1]

2025 年 7 月 3 日公司召开第五届董事会第三十六次会议，审议通过了《关 于调整回购股份价格上限并延长实施期限的议案》，同意公司将回购股份价格上 限由人民币 5.00 元/股（含）调整为人民币 8.40 元/股（含），该价格不高于董事 会审议通过《关于调整回购股份价格上限并延长实施期限的议案》决议前 30 个 交易日公司股票交易均价的 150%。同时，公司将股份回购实施期限延长 6 个月， 实施期限由 2025 年 7 月 10 日延长至 2026 年 1 月 10 日止。公司原回购方案中回 购股份数量区间不变，上限不超过 16,700,000 股，下限不少于 8,500,000 股。如 按照回购数量上限和调整后的回购价格上限测算，回购资金总额不超过人民币 14,028 万元。 | 证券代码：002798 | 证券简称：帝欧家居 | 公告编号：2025-115 | | --- | --- | --- | | 债券代码：127047 | 债券简称：帝欧转债 | | 帝欧家居集团股份有限公司 关于股份回购进展情况的公告 本公司及全体董事会成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者 ...

Group 1 - The annual forum series by Deep Blue Think Tank focused on "Omni-channel Marketing Reshaping the New Landscape of Home Furnishing" and discussed how home furnishing companies can leverage omni-channel strategies and AI technology to achieve precise positioning and differentiated competition in the context of a "consumption grading" era [1] - A roundtable discussion highlighted the role of AI in empowering the home furnishing industry, from design innovation to service upgrades, with insights from the General Manager of Weiyi Customization North Region, who emphasized the integration of AI into R&D and service processes to enhance design service efficiency [1] - AI technology can match diverse consumer needs, provide richer and more interactive solution options, address designer shortages for franchisees, and automatically generate diverse design plans based on different demographic needs for new properties [1] Group 2 - The company ensures consumer privacy by anonymizing customer information and retaining only design proposals when feeding data to AI, while emphasizing strict control over device usage data to safeguard consumer privacy [2] - There is a growing demand for home modifications for the elderly, with a focus on making smart systems safe, reliable, and simple for older users, avoiding complex operations and planning to implement voice control for various functions [2] - The company aims to continuously accumulate data on elderly users to optimize products based on their needs, ensuring that smart home solutions are tailored to the actual living habits of older adults [2]

| 证券代码：002798 | 证券简称：帝欧家居 | 公告编号：2025-114 | | --- | --- | --- | | 债券代码：127047 | 债券简称：帝欧转债 | | 帝欧家居集团股份有限公司 关于提供担保的进展公告 特别风险提示： 本公司及全体董事会成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别风险提示： 二、担保进展情况 近日，公司与兴业银行股份有限公司（以下简称"兴业银行"）成都分行签 订了《保证合同》（编号：兴银蓉(保)2508 第 19637 号），为帝欧水华新材料与 兴业银行成都分行签订的《借款合同》（编号：兴银蓉(贷)2508 第 52232 号）项 下的债权本金人民币 1,000 万元，提供连带责任保证担保。 四、累计对外担保情况 2 序号 被担保人/债 务人 担保权人 主债权额度 担保合同内容 1 帝欧水华新 材料 兴业银行成 都分行 人民币 1,000 万元 1、担保方式：连带保证责任； 2、保证期间：主债务履行期限届满之日起三年； 3、保证范围：本合同项下的保证范围为主合同项下的 主债权本金、利息(含罚息、复利)、违约金、损害赔 ...

Core Viewpoint - The stock of Diou Home fell by 2.09% on August 29, 2023, with a current price of 6.55 CNY per share, reflecting a significant fluctuation in trading activity and overall market sentiment towards the company [1]. Financial Performance - Diou Home's stock price has increased by 49.54% year-to-date, but it has experienced a decline of 8.01% over the last five trading days [1]. - The company reported a revenue of 1.176 billion CNY for the first half of 2025, a year-on-year decrease of 15.35%, and a net profit attributable to shareholders of -84.32 million CNY, down 53.13% year-on-year [2]. Business Overview - Diou Home, established on March 14, 1994, and listed on May 25, 2016, specializes in the research, design, manufacturing, and sales of acrylic boards, sanitary ware, and mid-to-high-end ceramic tiles [2]. - The revenue composition of Diou Home includes 78.32% from ceramic tiles, 16.47% from sanitary products, 4.18% from new materials, and 1.03% from other sources [2]. Shareholder Information - As of June 30, 2023, Diou Home had 20,300 shareholders, an increase of 0.09% from the previous period, with an average of 16,762 circulating shares per shareholder, up 4.84% [2]. Dividend Information - Diou Home has distributed a total of 385 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3].

Group 1 - The core viewpoint of the news is that 帝欧家居's stock has experienced fluctuations, with a notable decline of 2.06% on August 28, 2023, and a year-to-date increase of 51.83% [1] - As of August 28, 2023, the stock price is reported at 6.65 yuan per share, with a total market capitalization of 3.377 billion yuan [1] - The company has seen a net outflow of 5.6744 million yuan in principal funds, with significant selling pressure from large orders [1] Group 2 - 帝欧家居, established on March 14, 1994, and listed on May 25, 2016, specializes in the research, design, manufacturing, and sales of acrylic boards, sanitary ware, and mid-to-high-end ceramic tiles [2] - The revenue composition of the company includes 78.32% from ceramic tiles, 16.47% from sanitary products, 4.18% from new materials, and 1.03% from other sources [2] - As of June 30, 2023, the number of shareholders is reported at 20,300, with an increase of 0.09% from the previous period [2] Group 3 - For the first half of 2023, 帝欧家居 reported an operating income of 1.176 billion yuan, a year-on-year decrease of 15.35%, and a net profit attributable to shareholders of -84.4237 million yuan, a decline of 53.13% [2] - The company has cumulatively distributed 385 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]

Core Insights - The core viewpoint of the article highlights the significant decline in the financial performance of Diou Home (002798) for the first half of 2025, with a notable drop in net profit and revenue compared to the previous year [1] Financial Performance Summary - Diou Home reported a total revenue of 1.176 billion yuan, a decrease of 15.35% year-on-year [1] - The net profit attributable to shareholders was -84.32 million yuan, reflecting a 53.13% decline compared to the previous year [1] - The gross margin was 21.68%, down 2.77% year-on-year, while the net margin was -7.17%, a decrease of 80.52% [1] - Total expenses (selling, administrative, and financial) amounted to 251 million yuan, accounting for 21.36% of revenue, a slight decrease of 0.31% year-on-year [1] - Earnings per share were -0.23 yuan, down 50.73% year-on-year, while operating cash flow per share increased significantly to 0.24 yuan, up 1344.32% [1] Changes in Financial Items - Construction in progress decreased by 90.63% due to completion and transfer to fixed assets [3] - Long-term borrowings increased by 42.75% as a result of additional borrowings by Oushennuo [3] - Revenue from engineering channel sales declined, leading to a 15.35% drop in operating income [3] - Operating costs decreased by 14.68% due to the reduction in revenue [3] - Sales expenses fell by 27.01% due to decreased engineering service fees and cost-saving measures [3] - Management expenses decreased by 10.46% due to the implementation of cost-saving strategies [3] - Income tax expenses surged by 688.24% due to the disposal of debt assets and the reversal of impairment provisions [3] - Research and development expenses decreased by 31.95% due to optimized management [3] - Net cash flow from operating activities increased by 1438.9% due to reductions in inventory and accounts receivable [3] Cash Flow Analysis - Net cash flow from investing activities increased by 255.51% due to reduced cash payments for investments and cash recovered from the disposal of debt assets [4] - Net cash flow from financing activities rose by 177.35% due to increased bank financing [5] - The net increase in cash and cash equivalents was up 339.39% due to cash inflows from operating activities, asset disposals, and financing [5] Business Model Evaluation - The company's net margin last year was -20.77%, indicating low added value in products or services [5] - Historical data shows a median ROIC of 11%, with the worst year being 2022 at -19.35% [5] - The company has reported losses in three out of eight years since its listing, indicating a fragile business model [5] - The company's performance relies heavily on R&D and marketing, necessitating a thorough examination of these driving factors [5] Financial Health Indicators - The cash flow situation is concerning, with cash and cash equivalents only covering 32.44% of current liabilities [6] - The debt situation is also alarming, with a debt-to-asset ratio of 46.69% and a ratio of total interest-bearing debt to the average operating cash flow over the past three years at 11.03% [6] - Financial expenses account for 60.4% of the average operating cash flow over the past three years, indicating potential financial strain [6]

Group 1: Company Overview and Financial Performance - The company has undergone significant operational adjustments, including management team restructuring and halting production line expansions, to mitigate risks from the real estate market changes [2][3]. - In the first half of 2025, the company reported revenue of CNY 1.176 billion and a net loss of approximately CNY 84 million, primarily due to increased credit impairment losses and deferred tax expenses [3]. - The convertible bond balance has decreased from CNY 1.45 billion to CNY 871 million, indicating a recovery in investor confidence [3]. Group 2: Revenue and Cost Management - Revenue decline was attributed to the contraction of engineering channels, while the distribution channel remains stable, accounting for 80% of total revenue, with a year-on-year increase in sales from the Euro Ceramics brand [3]. - The company has successfully implemented cost reduction strategies, maintaining a stable gross margin, with Euro Ceramics' gross margin improving by 3.79 percentage points compared to 2024 [3][5]. - Operating cash flow has remained positive, with inventory and accounts receivable decreasing, and financing cash flow net amount achieving a positive figure for the first time in three years [3]. Group 3: Strategic Initiatives and Market Expansion - The company is actively expanding its second industry while solidifying its core business [3]. - New materials business has seen over 100% growth in the first half of 2025, particularly in overseas markets such as Russia and Central Asia [6]. - The company is enhancing its product offerings, including the development of lightweight curtain wall tiles, to cover a broader range of construction needs [7]. Group 4: Organizational Structure and Management - The company has restructured its organization to focus on three main business units: ceramics, sanitary ware, and new materials, enhancing control over these segments [8]. - A strategic and business development department has been established to improve overall operational efficiency and risk management capabilities [8]. Group 5: Marketing and Sales Strategies - The company has adopted a channel penetration strategy to expand its market presence in lower-tier cities, aiming to fill market gaps and enhance sales through targeted marketing efforts [10][11]. - The company is focusing on high-end market positioning for its sanitary ware products and is gradually expanding its custom home solutions business [9].

Core Viewpoint - The report indicates a significant increase in institutional ownership of Diou Home (002798.SZ), reflecting growing confidence among investors in the company's performance and prospects [1]. Institutional Investors - As of August 25, 2025, six institutional investors disclosed holdings in Diou Home, totaling 47.7332 million shares, which represents 11.64% of the company's total share capital [1]. - The institutional ownership increased by 5.21 percentage points compared to the previous quarter [1]. Public Funds - Four new public funds disclosed their holdings in this period, including Noan Multi-Strategy Mixed A, Ping An Rui Shang Six-Month Holding Mixed A, Guolian Xin Qidian Mixed A, and Caitong Yixiang Stable Pension One-Year Holding Period Mixed Fund of Funds (FOF) [1]. Foreign Investment - There were no new disclosures from foreign institutions in this period, with Morgan Stanley & Co. International PLC not reporting any changes compared to the previous quarter [1].

Group 1 - The stock price of Diou Home on August 25 closed at 6.98 yuan, down 1.97% from the previous trading day, with a trading volume of 256,269 hands and a transaction amount of 180 million yuan [1] - Diou Home is primarily engaged in the research, production, and sales of building ceramics and bathroom products, covering categories such as tiles and sanitary ware, and is involved in renovation materials and smart home sectors [1] - According to the company's disclosed semi-annual report for 2025, it achieved operating revenue of 1.176 billion yuan in the first half of the year, with a net loss of 84.32 million yuan. The revenue from distribution channels accounted for over 80%, and the gross profit margin of the tile business increased by 3.79 percentage points year-on-year [1] Group 2 - The company's operating cash flow net amount was 98.09 million yuan, maintaining positive inflow for three consecutive years [1] - Progress has been made in expanding overseas markets, with foreign trade revenue from the new materials division increasing by 129.70% year-on-year [1] - On August 25, the net outflow of main funds was 26.84 million yuan, while the net inflow of main funds over the past five days was 45.95 million yuan [1]