Group 1 - The core point of the news is that major shareholders of Mingdiao Co., Ltd. plan to reduce their holdings in the company within a specified timeframe, which may impact the stock price and investor sentiment [1] - Shareholder Jiang Xin intends to reduce approximately 3.94 million shares, representing 3% of the total share capital after excluding repurchased shares, between October 10, 2025, and January 9, 2026 [1] - Director Ye Shaodong plans to reduce about 25,000 shares, which accounts for 0.02% of the total share capital after excluding repurchased shares, during the same period [1] Group 2 - For the first half of 2025, the revenue composition of Mingdiao Co., Ltd. is as follows: residential decoration design and construction accounted for 51.33%, sales of building materials and wooden products accounted for 40.74%, comprehensive management service fees accounted for 5.18%, rental income from owned properties accounted for 2.52%, and public building decoration design and construction accounted for 0.23% [1] - As of the report date, the market capitalization of Mingdiao Co., Ltd. is 2.4 billion yuan [1]

Group 1 - The major shareholder, Ms. Jiang Xin, plans to reduce her holdings by 3,941,700 shares, which accounts for 3% of the company's total share capital after excluding repurchased shares, within three months from October 10, 2025, to January 9, 2026 [1] - Director Mr. Ye Shaodong intends to sell 25,000 shares, representing 0.02% of the company's total share capital after excluding repurchased shares, during the same three-month period [1]

Group 1 - The major shareholder Jiang Xin holds 8.1442 million shares, accounting for 6.20% of the company's total share capital after excluding repurchased shares [1] - Jiang Xin plans to reduce holdings by up to 3.9417 million shares, representing 3% of the company's total share capital after excluding repurchased shares, from October 10, 2025, to January 9, 2026 [1] - The reduction will include a maximum of 1.3139 million shares through centralized bidding and 2.6278 million shares through block trading [1] Group 2 - Director Ye Shaodong holds 100,000 shares, which is 0.08% of the company's total share capital after excluding repurchased shares [1] - Ye Shaodong intends to reduce holdings by up to 25,000 shares through centralized bidding during the same period, representing 0.02% of the company's total share capital after excluding repurchased shares [1]

关于公司持股 5%以上股东、董事减持股份预披露的 公告 持股 5%以上股东姜鑫女士、董事叶绍东先生保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 证券代码：002830 证券简称：名雕股份 公告编号：2025-025 深圳市名雕装饰股份有限公司 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。 特别提示： 注：如遇派息、送股、资本公积转增股本、配股等除权除息事项，上述拟减 持股份数量将做相应调整，但减持股份占公司扣除回购专户股份后总股本的比例 不变。 1、持有深圳市名雕装饰股份有限公司（以下简称"公司"或"本公司"）股份 8,144,188 股（占公司扣除回购专户股份后总股本的 6.20 %）的持股 5%以上股东 姜鑫女士计划在本公告披露之日起 15 个交易日后的三个月内（2025 年 10 月 10 日至 2026 年 1 月 9 日）以集中竞价方式/大宗交易方式减持本公司股份 3,941,700 股（占公司扣除回购专户股份后总股本的 3%）。 2、持有本公司股份 100,000 股（占公司扣除回购专户股份后总股本的 0.08 %） 的董事叶绍东先生 ...

Core Viewpoint - The company Mingdiao Co., Ltd. (002830.SZ) is experiencing significant financial challenges despite a mild recovery in the home decoration industry, with notable declines in revenue and profit margins [1][2][14]. Financial Performance - For the first half of 2025, the company reported total revenue of 267 million yuan, a year-on-year decrease of 8.93%, and a net profit of 7.68 million yuan, down 11.95% [1]. - In 2024, the company had total revenue of 674 million yuan, a decline of 14.07%, while net profit increased by 4.08% to 40.68 million yuan, primarily due to cost-cutting and non-recurring gains [2]. - The company's gross margin fell to 30.7% in the first half of 2025, a decrease of nearly 1 percentage point, while net margin dropped from 3.77% to 3.58%, indicating weakened pricing power and ineffective cost control [3]. Operational Challenges - Accounts receivable surged by 349.26% to 3.38 million yuan, raising concerns about longer collection cycles and increased credit risk [6]. - Inventory levels reached 18.72 million yuan, an 82% increase, with inventory turnover days rising from 11 to 19 days, indicating potential issues with product sales and liquidity [7]. Market Dependency - Over 90% of the company's revenue is concentrated in the Pearl River Delta region, with more than 50% coming from Shenzhen alone, making it vulnerable to regional economic fluctuations [8][10]. - The company has attempted to expand into other cities like Changsha, but these efforts have yielded minimal results, contributing to ongoing regional risk exposure [10]. R&D and Innovation - The company has significantly reduced its R&D investment, with expenses dropping from 7.53 million yuan in 2023 to 4.59 million yuan in 2024, a decline of 39.13%, and further down to 1.53 million yuan in the first half of 2025 [11][13]. - The reduction in R&D personnel from 57 to 18 represents a 68.42% decrease, which could hinder the company's ability to innovate and meet evolving consumer demands [11][13]. Industry Context - Despite a general recovery in the home decoration industry, with a 0.92% increase in sales for large-scale home furnishing markets, Mingdiao's performance indicates internal issues rather than external market conditions [14]. - Analysts suggest that the company needs to diversify its market presence, reinvest in R&D, and improve credit policies to alleviate liquidity pressures and enhance competitiveness [14].

Market Overview - On September 4, the decoration and renovation sector rose by 0.39% compared to the previous trading day, with Haoer Sai leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Key stocks in the decoration and renovation sector showed varied performance, with Haoer Sai (002963) closing at 12.93, up 3.19% with a trading volume of 113,500 shares and a turnover of 147 million yuan [1] - Other notable performers included Weiye Co. (300621) with a closing price of 9.02, up 2.85%, and Hainan Development (002163) at 9.25, up 2.32% [1] Capital Flow - The decoration and renovation sector experienced a net outflow of 2.1656 million yuan from institutional investors, while retail investors saw a net inflow of 10.5 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Zhongtian Jingzhuang (002989) had a significant net outflow of 44.7235 million yuan from institutional investors, indicating a bearish sentiment [3] - Hainan Development (002163) saw a net inflow of 847.92 thousand yuan from institutional investors, suggesting some positive interest [3] - The capital flow data highlights the divergence in investor sentiment across different stocks within the sector [3]

Financial Performance - Mingdiao Co., Ltd. reported a net profit decline of 11.95% year-on-year for the first half of 2025, with total operating revenue of 267 million yuan, down 8.93% year-on-year [1] - In Q2, the company achieved operating revenue of 149 million yuan, a decrease of 7.85% year-on-year, and a net profit of 4.76 million yuan, down 5.48% year-on-year [1] - The gross margin was 30.7%, a decrease of 2.78% year-on-year, while the net margin was 3.58%, down 4.89% year-on-year [1] Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 74.31 million yuan, accounting for 27.84% of revenue, a decrease of 1.1% year-on-year [1] - Earnings per share (EPS) was 0.06 yuan, reflecting a decline of 14.29% year-on-year, while the net asset per share increased by 0.96% to 4.84 yuan [1] Return on Investment - The company's Return on Invested Capital (ROIC) was 5.34% last year, indicating average capital returns, with a historical median ROIC of 9.44% since its listing [2] - The net profit margin last year was 6.74%, suggesting average added value for its products or services [2] Debt and Cash Flow - The company has a healthy cash asset position, indicating good debt repayment capability [2] - The average operating cash flow over the past three years relative to current liabilities is only 4.88%, suggesting a need for attention to cash flow management [2] Business Model - The company's performance is primarily driven by marketing efforts, necessitating a thorough examination of the underlying factors behind this drive [2]

Group 1 - The core point of the news is that Mingdiao Co., Ltd. has seen a decrease in the number of shareholders while experiencing a significant increase in stock price over a short period [1][2]. - As of August 8, 2025, the number of shareholders for Mingdiao Co., Ltd. is 7,624, which is a decrease of 730 shareholders, representing a reduction of 8.74% compared to July 31, 2025 [1][2]. - The average number of shares held per shareholder increased from 16,000 shares to 17,500 shares, with an average market value of 314,100 yuan per shareholder [1][2]. Group 2 - The stock price of Mingdiao Co., Ltd. increased by 15.05% from July 31, 2025, to August 8, 2025, during which the number of shareholders decreased [1][2]. - In the decoration and renovation industry, the average number of shareholders is 23,400, indicating that Mingdiao Co., Ltd. has a lower number of shareholders compared to the industry average [1][2]. - The average market value of shares held by shareholders in the decoration and renovation industry is 151,000 yuan, which is lower than that of Mingdiao Co., Ltd. [1][2].

Group 1 - The core viewpoint of the article highlights that Mingdiao Co., Ltd. reported a decline in revenue and net profit for the first half of the year, with revenue at 267 million yuan, down 8.93% year-on-year, and net profit at 7.68 million yuan, down 11.95% year-on-year, amidst a challenging real estate market [1] - The company demonstrated strong business resilience despite the ongoing deep adjustment in the national real estate market, indicating a steady transition in operational status [1] - The domestic home decoration industry is experiencing both resilient growth and structural transformation driven by policy support, consumption upgrades, and technological iterations, although the core contradiction in the home decoration industry remains unresolved [1] Group 2 - Mingdiao Co., Ltd. focuses on high-end customers by integrating advanced design concepts with local culture and personalized customer needs, creating a unique design philosophy that meets aesthetic and functional demands [1] - The company actively promotes a multi-brand operation strategy, developing three major product lines: Mingdiao High-end Home Decoration, Mingdiao Dandi, and Mingdiao High-end Full Case [1] - In response to challenges in the real estate sector, the company is adjusting its strategic layout, emphasizing emerging business areas such as secondary renovations, old community renovations, and refined decoration markets to explore potential market opportunities [1] Group 3 - As of the end of the second quarter, Mingdiao Co., Ltd. had a sufficient order backlog, with signed but uncompleted orders amounting to 472 million yuan, all related to residential projects, primarily concentrated in Shenzhen and the Pearl River Delta region [2] - Recent real estate policies introduced in Beijing and Shanghai, along with a strengthening capital market, are expected to accelerate the stabilization process of the real estate market, particularly in core cities represented by first-tier cities [2]

Market Overview - The decoration and renovation sector experienced a decline of 3.09% on August 27, with Haosai leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable stock movements included: - ST Ruihe (002620) rose by 4.90% to a closing price of 5.35, with a trading volume of 172,500 shares and a turnover of 91.70 million yuan [1] - Haosai (002963) fell by 6.43% to a closing price of 13.10, with a trading volume of 139,600 shares and a turnover of 194 million yuan [2] - Jianghe Group (601886) decreased by 5.93% to 7.93, with a trading volume of 231,100 shares and a turnover of 186 million yuan [2] Capital Flow - The decoration and renovation sector saw a net outflow of 126 million yuan from institutional investors, while retail investors experienced a net inflow of 59.61 million yuan [2] - The capital flow for key stocks included: - Jianghe Group had a net inflow of 29.12 million yuan from institutional investors, but a net outflow of 18.79 million yuan from retail investors [3] - Haosai experienced a net inflow of 8.94 million yuan from institutional investors, but a net outflow of 23.10 million yuan from retail investors [3]