广东皮阿诺科学艺术家居股份有限公司 2018 年第一季度报告全文 广东皮阿诺科学艺术家居股份有限公司 2018 年第一季度报告 2018 年 04 月 1 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人马礼斌、主管会计工作负责人罗晓雄及会计机构负责人(会计主 管人员)黎绍科声明：保证季度报告中财务报表的真实、准确、完整。 2 广东皮阿诺科学艺术家居股份有限公司 2018 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 广东皮阿诺科学艺术家居股份有限公司 2018 年第一季度报告全文 3 广东皮阿诺科学艺术家居股份有限公司 2018 年第一季度报告全文 二、报告期末股东总数及前十名股东持股情况表 1、普通股股东总数和表决权恢复的优先股股东数量及前 10 名股东持股情况表 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | -- ...

Financial Performance - The company's operating revenue for 2017 was RMB 826,468,270.53, representing a 31.11% increase compared to RMB 630,382,823.29 in 2016[16] - The net profit attributable to shareholders for 2017 was RMB 102,983,562.21, up 17.64% from RMB 87,539,949.51 in the previous year[16] - The net profit after deducting non-recurring gains and losses was RMB 88,774,400.32, reflecting a 5.83% increase from RMB 83,883,365.96 in 2016[16] - The basic earnings per share for 2017 was RMB 0.67, a 6.35% increase from RMB 0.63 in 2016[16] - The total assets at the end of 2017 reached RMB 1,342,949,000.67, marking a significant increase of 108.19% from RMB 645,055,807.90 at the end of 2016[16] - The net assets attributable to shareholders increased by 139.28% to RMB 910,870,269.77 from RMB 380,675,918.60 in 2016[16] - The net cash flow from operating activities was RMB 89,933,943.86, down 8.78% from RMB 98,593,289.18 in the previous year[16] - The weighted average return on equity for 2017 was 12.81%, a decrease of 12.94% compared to 25.75% in 2016[16] Revenue and Profit Trends - The company's total revenue for Q1, Q2, Q3, and Q4 were approximately $105.4 million, $209.1 million, $239.6 million, and $272.3 million respectively, showing a significant growth trend throughout the year[21] - Net profit attributable to shareholders for the same quarters was approximately $8.2 million, $26.5 million, $35.2 million, and $33.1 million, indicating a strong performance in profitability[21] - The company's revenue and profit exhibit seasonal fluctuations, with the second half of the year typically being the peak sales season, accounting for 66.49% and 61.94% of annual revenue in 2016 and 2017 respectively[34] Business Operations - The company specializes in customized cabinets and home products, establishing itself as a leading brand in the domestic customized home furnishing industry[27] - The product range includes integrated kitchens, wardrobes, and other complementary products, showcasing a diverse offering to meet consumer needs[27] - The company primarily engages in the design, production, and sales of customized cabinets and wardrobes, with a focus on an order-based production and sales model[31] - In 2017, approximately 80% of the company's main business revenue was generated through a distribution model[32] - The penetration rate of customized cabinets in China has reached around 60%, indicating significant growth potential compared to the 70%-80% penetration in developed countries[34] Research and Development - The company invested CNY 26.67 million in R&D, focusing on innovative technologies such as "nano-microcrystal easy-clean" to enhance product offerings[47] - The company holds a total of 104 patents, including 2 invention patents, 31 utility model patents, and 71 design patents, showcasing its R&D capabilities[38] - The company plans to invest at least 5% of annual revenue in R&D each year to enhance product innovation and development capabilities[84] Market Expansion and Strategy - The company aims to lead the "storage" trend in the customized furniture industry through innovative product offerings and strategic partnerships[38] - The company plans to expand its sales network to cover first and second-tier cities through partnerships with major building material markets[84] - The company is focusing on integrating product categories, including cabinets, doors, and windows, to meet the overall home customization needs of consumers[85] Shareholder and Dividend Information - The company plans to distribute a cash dividend of RMB 1.60 per 10 shares, based on a total share capital of 155,341,500 shares as of December 31, 2017[5] - The total cash dividend for 2017 was CNY 24,854,640, with a distribution of CNY 1.60 per 10 shares[99] - The company's total distributable profit for 2017 was CNY 243,338,153.97, after accounting for statutory surplus reserves[99] - The cash dividend accounted for 100% of the total profit distribution for the year[99] Financial Health and Stability - The total liabilities at the beginning of the reporting period were CNY 264.38 million, which increased to CNY 391.84 million by the end, resulting in a decrease in the asset-liability ratio from 40.99% to 29.18%[153] - The company's financial structure improved, as evidenced by the reduction in the asset-liability ratio, which suggests better financial health and stability[153] Corporate Governance - The company has established an independent financial accounting system and makes financial decisions autonomously, with a dedicated financial department and specialized personnel[189] - The board of directors consists of seven members, including three independent directors, and has established four specialized committees[184] - Independent directors attended all board meetings and shareholder meetings, demonstrating active engagement in corporate governance[193] Social Responsibility and Community Engagement - The company has established the "Piano Scholarship" to support 78 outstanding students in the local education sector, reflecting its commitment to social responsibility[136] - In 2017, the company paid over 70 million yuan in taxes and created more than 100 new jobs, contributing to local economic development[136] - The company organized over 100 employees for voluntary blood donation and nearly 200 employees for emergency rescue training in 2017[138] Employee Management and Development - The total number of employees in the company is 1,803, with 1,473 in the parent company and 330 in major subsidiaries[178] - The company emphasizes training programs for new employees, online courses for current staff, and management training for senior executives[180] - The company has implemented a salary policy that balances internal equity and external competitiveness, focusing on performance-based compensation[179]

Financial Performance - The company's operating revenue for Q1 2018 was ¥183,239,175.33, representing a 73.85% increase compared to ¥105,402,210.68 in the same period last year[7] - Net profit attributable to shareholders was ¥13,014,054.63, up 58.55% from ¥8,208,160.76 year-on-year[7] - The net profit after deducting non-recurring gains and losses was ¥13,184,084.50, a significant increase of 118.44% from ¥6,035,481.03 in the previous year[7] - The company reported a 115.93% increase in operating profit, attributed to improved investment income and cost control measures[16] - The net profit attributable to shareholders for the first half of 2018 is expected to increase by 25.00% to 55.00%, ranging from 43.38 million to 53.80 million yuan compared to 34.71 million yuan in the same period of 2017[20] - The significant growth in bulk business and whole-house customization business contributed to the increase in net profit[20] Cash Flow and Assets - The net cash flow from operating activities decreased to -¥303,905,171.99, worsening by 549.42% compared to -¥46,796,254.59 in the same period last year[7] - Total assets at the end of the reporting period were ¥1,281,352,879.14, a decrease of 4.59% from ¥1,342,949,000.67 at the end of the previous year[7] - The company's cash and cash equivalents increased by 47.37% due to higher sales revenue, which grew by 73.85% year-on-year[15] - Accounts receivable increased by 81.51%, reflecting the higher sales revenue and outstanding payments[15] - Prepayments surged by 305.94%, primarily for machinery and marketing services[15] Expenses - Sales expenses rose by 92.44%, with the sales expense ratio increasing to 19.14% from 17.29% year-on-year[16] Investment Income - Investment income saw a substantial increase, primarily due to the growth in income from temporarily idle funds[20]

Financial Performance - Operating revenue for the period was CNY 239,637,679.52, a 30.15% increase year-on-year[8] - Net profit attributable to shareholders was CNY 35,150,874.89, reflecting a 20.17% increase year-on-year[8] - Basic earnings per share remained stable at CNY 0.25, with a year-to-date increase of 25.64% to CNY 0.49[8] - Weighted average return on equity improved to 3.96%, up from -5.05% in the previous year[8] - The company expects a net profit attributable to shareholders to increase by 25.00% to 55.00%, ranging from ¥10,942.49 million to ¥13,568.68 million for 2017[19] Asset and Shareholder Information - Total assets increased by 95.50% to CNY 1,261,089,403.49 compared to the end of the previous year[8] - Net assets attributable to shareholders increased by 137.18% to CNY 902,900,652.22 compared to the end of the previous year[8] - The company reported a total of 28,539 shareholders at the end of the reporting period[12] - The largest shareholder, Ma Libin, holds 51.60% of the shares, amounting to 80,156,250 shares, with 8,750,000 shares pledged[12] Cash Flow and Liquidity - Net cash flow from operating activities surged by 255.78% to CNY 107,674,705.90[8] - Cash and cash equivalents increased by 44.39% to ¥350,650,600.99 due to funds raised from the company's IPO[16] - The company reported a significant increase in cash received from operating activities, up 258.23% to ¥38,163,379.58[16] - Financial expenses decreased significantly, resulting in increased interest income due to higher cash balances post-IPO[16] Operational Metrics - Accounts receivable rose by 107.22% to ¥83,952,885.54, reflecting business growth compared to the same period last year[16] - Inventory increased by 60.82% to ¥76,559,709.87, driven by higher production volumes[16] - Operating costs increased by 34.70% to ¥156,272,340.66, influenced by rising procurement costs for raw materials[16] - Management expenses rose by 46.30% to ¥16,486,505.73 due to increased business volume and staff[16] - The construction in progress increased by 339.13% to ¥2,950,938.80, reflecting expansion efforts at the Tianjin subsidiary[16] Share Repurchase Activity - The company did not engage in any repurchase transactions during the reporting period[13]

Financial Performance - The company's operating revenue for the first half of 2017 was RMB 314,532,352.76, representing a 48.90% increase compared to RMB 211,237,592.78 in the same period last year[17]. - The net profit attributable to shareholders of the listed company reached RMB 34,691,463.42, a significant increase of 122.30% from RMB 15,605,965.85 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was RMB 31,970,738.97, up 110.71% from RMB 15,173,007.72 in the previous year[17]. - The net cash flow from operating activities was RMB 20,327,821.33, an increase of 21.29% compared to RMB 16,760,155.36 in the same period last year[17]. - Basic earnings per share rose to RMB 0.64, an increase of 88.24% from RMB 0.34 in the previous year[17]. - Total assets at the end of the reporting period were RMB 1,204,370,273.68, reflecting an 86.71% increase from RMB 645,055,807.90 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company increased to RMB 861,218,277.98, a 126.23% rise from RMB 380,675,918.60 at the end of the previous year[17]. - The company reported a weighted average return on net assets of 5.59%, up from 5.08% in the previous year[17]. Market Position and Industry Trends - The company specializes in the design, production, and sales of customized cabinets and wardrobes, establishing itself as a leading brand in the domestic customized home furnishing industry[24]. - The customized home furnishing industry is experiencing rapid growth due to rising consumer income levels and urbanization, leading to increased demand for personalized home solutions[28]. - The customized cabinet and wardrobe markets are expanding as consumers increasingly seek personalized and environmentally friendly home solutions[30]. - The company has established a strong market position in the custom cabinet sector, recognized as a leading brand with significant competitive advantages in brand awareness, R&D design, and marketing network[33]. Sales and Marketing Strategy - The company has developed a comprehensive sales network covering most major cities at the fourth tier and above in China, enhancing its market presence[24]. - The company has established a marketing service network that supports steady revenue growth from large-scale users[29]. - The company aims to expand its marketing network to reach 2,000 dealer outlets within five years, while also enhancing e-commerce sales[51]. Production and Innovation - The company has improved its production capacity through facility upgrades and the introduction of more automated equipment, effectively meeting market demand[28]. - The production model is based on order-driven manufacturing, allowing for tailored solutions that meet specific customer needs[26]. - The company has received a total of 107 patents, including 2 invention patents, 29 utility model patents, and 76 design patents, showcasing its commitment to innovation[37]. - The company plans to invest no less than 3% of annual operating revenue in R&D expenses each year to enhance innovation capabilities[47]. Financial Management and Investments - The company reported a net cash inflow from financing activities of CNY 492.50 million, a significant increase of 2,745.79% due to stock issuance[54]. - The company plans to strengthen its production capacity by advancing the construction of multiple production bases[51]. - The company will enhance its internal control systems to manage risks while pursuing rapid growth in the customized home furnishing sector[47]. Risks and Challenges - The company operates in a cyclical industry influenced by economic conditions, but the current market for custom home furnishings shows significant growth potential due to low market penetration[35]. - Labor costs have been rising annually, and the company faces risks related to labor shortages and increased costs due to macroeconomic changes[90]. - The real estate market's regulatory policies have slowed down the industry, but the company has not yet seen significant negative impacts on its performance[93]. - Rapid business expansion may lead to management challenges, requiring enhanced operational and marketing capabilities[100]. Shareholder and Corporate Governance - The company plans to distribute a cash dividend of RMB 3 per 10 shares (including tax) to all shareholders, based on a total of 62,136,600 shares[5]. - The company has committed to distributing at least 20% of its distributable profits in cash annually, provided that profits are positive and meet operational needs[121]. - The company emphasizes strict adherence to regulations set by the China Securities Regulatory Commission and stock exchanges[117]. Audit and Compliance - The audit of the semi-annual financial report was conducted by Dahua Certified Public Accountants, with a fee of 300,000 RMB[122]. - The company changed its auditing firm from Lixin to Dahua to ensure audit independence and better align with future business development needs[123]. - The audit report for the half-year was issued with a standard unqualified opinion by Da Hua Certified Public Accountants[164].

Financial Performance - The company's operating revenue for Q1 2017 was ¥105,402,210.68, representing a 51.23% increase compared to ¥69,696,129.19 in the same period last year[8] - Net profit attributable to shareholders was ¥8,208,160.76, a significant turnaround from a loss of ¥4,014,608.65 in the previous year, marking a 304.46% increase[8] - The net profit after deducting non-recurring gains and losses was ¥6,035,481.03, compared to a loss of ¥4,011,229.28 last year, reflecting a 250.46% improvement[8] - Basic earnings per share improved to ¥0.18 from a loss of ¥0.09, representing a 300.00% increase[8] - The weighted average return on equity was 2.13%, up by 3.45 percentage points from -1.32% in the previous year[8] - The net cash flow from operating activities improved by 29.60%, reaching -¥46,796,254.59 compared to -¥66,472,484.52 in the same period last year[8] - The company expects net profit for the first half of 2017 to increase by 85% to 125%, ranging from ¥28.88 million to ¥35.12 million[20] Asset and Shareholder Information - The company's total assets increased by 65.61% to ¥1,068,248,117.46 from ¥645,055,807.90 at the end of the previous year[8] - The net assets attributable to shareholders rose by 119.28% to ¥834,734,975.32 from ¥380,675,918.60 at the end of the previous year[8] - The total number of ordinary shareholders at the end of the reporting period was 27,495[11] - The company's cash and cash equivalents increased by 163.93% to ¥640.93 million due to funds raised from the IPO[15] Revenue and Sales Performance - Operating revenue rose by 51.23% to ¥105.40 million, driven by increased business activity[15] - Cash received from sales increased by 65.01% to ¥119.49 million, indicating strong sales performance[15] Government Support and Other Income - The company received government subsidies amounting to ¥2,469,072.30 during the reporting period[9] - The company reported a significant increase in other income, up 8104.06% to ¥2.58 million from government support funds[15] Strategic Initiatives - The company established a joint venture with Henan Hengda with a registered capital of ¥100 million and a total investment of ¥280 million[17] - The company signed a tripartite supervision agreement for the funds raised from the IPO[18] - The company plans to negotiate a strategic cooperation framework agreement with Guangzhou Hengda Materials Equipment Co., Ltd.[17]