Group 1: Government Initiatives - The second batch of 81 billion yuan of ultra-long-term special government bond funds has been allocated to support the consumption of old-for-new consumer goods [1] Group 2: Furniture Manufacturing Industry Performance - In the first quarter, China's furniture manufacturing industry reported a total profit of 3.71 billion yuan, a decline of 40.1% year-on-year [2] - The industry's operating revenue was 145.98 billion yuan, down 2.2% year-on-year, with operating costs also decreasing by 2.2% to 121.52 billion yuan [2] Group 3: Regulatory Changes in Real Estate - Dongguan plans to implement new regulations for fully furnished new housing sales starting May 1, 2025, emphasizing quality and transparency in the renovation process [3] Group 4: Company-Specific News - Jiayu Co. received a decision for stock delisting due to its stock price being below 1 yuan for 20 consecutive trading days [4] - TOTO announced the closure of its factories in Beijing and Shanghai, citing a 20.4% decline in revenue from the Chinese market and a significant asset impairment charge of 34 billion yen [5] - Kuka Home exposed 95 unauthorized stores selling non-official products, emphasizing the importance of consumer protection [6] Group 5: Annual Reports of Furniture Companies - Diou Home reported a net loss of 569 million yuan for 2024, a year-on-year increase of 13.53% in losses, with revenue down 27.12% to 2.741 billion yuan [8] - Henglin Co. achieved a net profit of 263 million yuan, a slight decrease of 0.02%, with revenue up 34.59% to 11.029 billion yuan [7] - Qusleep Technology reported a net profit of 28.97 million yuan, a year-on-year increase of 21.4%, with revenue growing by 13.93% to 347 million yuan [7] - Kuka Home's net profit for 2024 was 1.417 billion yuan, down 29.38% year-on-year, with revenue decreasing by 3.81% to 18.48 billion yuan [8] - Other companies like Zhihong Home, Haolaike, and Juran Smart Home reported significant declines in net profits, with losses ranging from 2.15 billion yuan to 11.71 billion yuan [8][9][10]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Company Overview - The company specializes in the research, design, production, sales, installation, and after-sales service of high-end customized cabinets, wardrobes, doors, and related home products, aiming to provide personalized and customized home solutions for consumers [2][3] - The company has established itself as a leading enterprise in the domestic customized home products market, with a strong market reputation and brand loyalty [2] Business Model - The company employs a dual strategy of independent and collaborative research and development, focusing on consumer needs and market trends to guide product development [4] - The procurement model utilizes an information-based supply chain management system to ensure product quality and control procurement costs [6] - The production model is based on order-driven manufacturing, allowing for flexible production processes that meet customer demands [7] - The sales model combines bulk business and retail distribution, establishing partnerships with real estate developers and utilizing various sales channels, including e-commerce and designer collaborations [8][9][10][11] Financial Data - The company has not needed to restate previous financial data, indicating stable financial reporting practices [3] - The company plans to engage in accounts receivable factoring with a maximum financing limit of RMB 200 million, aimed at optimizing its capital structure and improving cash flow [14][22] Related Party Transactions - The company intends to conduct accounts receivable factoring with China Poly Group Corporation, which is a related party, to enhance financial efficiency [14][20] - The transaction has been approved by the board and will be submitted for shareholder approval, ensuring compliance with regulatory requirements [15][28] Future Outlook - The company aims to enhance its operational efficiency and financial health through the proposed factoring arrangement, which is expected to accelerate cash flow and support business development [27]

证券代码：002853 证券简称：皮阿诺 公告编号：2025-028 广东皮阿诺科学艺术家居股份有限公司 关于召开公司 2024 年年度股东大会的通知 其中，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5月 19日的交易时间，即9:15-9:25，9:30-11:30和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2025年5月19日9:15-15:00。 5、会议召开方式：本次股东大会采用现场投票与网络投票相结合的方式召开。 公司股东只能选择现场投票、网络投票中的一种表决方式；如果同一表决权出现 重复表决的，以第一次有效投票表决结果为准。 6、会议的股权登记日：2025年5月13日（星期二） 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：2024年年度股东大会 2、股东大会的召集人：公司董事会 3、公司第四届董事会第八次会议审议通过了《关于提请召开公司2024年年度 股东大会的议案》，本次股东大会的召开符合《公司法》、《证券法》、《深圳 证券交易所股票上市规则》等有关法律 ...

证券代码：002853 证券简称：皮阿诺 公告编号：2025-016 广东皮阿诺科学艺术家居股份有限公司 第四届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 广东皮阿诺科学艺术家居股份有限公司（以下简称"公司"）第四届监事会第 七次会议通知于 2025 年 4 月 14 日以书面的方式通知公司全体监事，会议于 2025 年 4 月 25 日以现场的方式在公司会议室召开。本次会议应出席监事 3 人，实际 出席监事 3 人，经半数以上监事共同推举，会议由郭玉琳女士主持，会议符合《公 司法》和《公司章程》等有关法律法规及公司《监事会议事规则》的规定。 二、监事会会议审议情况 经与会监事审议，会议通过了以下议案： 1、审议通过了《2024 年度监事会工作报告》 具体内容详见公司于同日刊登在巨潮资讯网的《2024 年度监事会工作报告》。 本议案尚需提交公司 2024 年年度股东大会审议。 表决结果：3 票同意，0 票弃权，0 票反对 2、审议通过了《2024 年年度报告及其摘要》 经审核，监事会认为：董事会编制和审核公 ...

证券代码：002853 证券简称：皮阿诺 公告编号：2025- 015 广东皮阿诺科学艺术家居股份有限公司 第四届董事会第八次会议决议公告 二、董事会会议审议情况 经与会董事审议，逐项审议通过了以下议案： 1、审议通过了《2024 年度总经理工作报告》 表决结果：7 票同意，0 票弃权，0 票反对。 2、审议通过了《2024 年度董事会工作报告》 报告期内，董事会严格按照《公司法》、《证券法》、《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 司规范运作》等法律法规及《公司章程》、《公司董事会议事规则》等公司制度 的规定，本着对公司和股东认真负责的工作态度，勤勉尽责开展各项工作，切实 履行股东大会赋予的董事会职责，严格执行股东大会各项决议，积极推进董事会 各项决议的实施，有效地保障了公司及全体股东的利益。 公司第四届独立董事许柏鸣先生、童娜琼女士、董会莲女士分别向董事会提 交了《独立董事 2024 年度述职报告》，并将在公司 2024 年年度股东大会上进行 述职。 公司董事会依据独立董事出具的《独立董事关于独立性的自查报告》及相关 材料，对公司现任独立董事许柏鸣先 ...

证券代码：002853 证券简称：皮阿诺 公告编号：2025-018 广东皮阿诺科学艺术家居股份有限公司 关于 2024 年度利润分配预案的公告 二、现金分红方案的具体情况 | 项目 | 本年度 | 上年度 | 上上年度 | | --- | --- | --- | --- | | 现金分红总额（元） | 0 | 36,583,189.60 | 0 | | 回购注销总额（元） | 0 | 0 | 0 | | 归属于上市公司股东的净利润（元） | -374,763,336.60 | 85,978,902.62 | 153,607,842.87 | | 合并报表本年度末累计未分配利润（元） | | -349,994,956.56 | | | 母公司报表本年度末累计未分配利润（元） | | -231,561,010.68 | | | 上市是否满三个 | | 是 | | | 完整会计年度 | | | | （一）公司 2024 年度分红方案不触及其他风险警示情形 1 / 4 | 最近三个会计年度累计现金分红总额（元） | 36,583,189.60 | | --- | --- | | 最近三个会计年度累计回购注销总额（元 ...

Financial Performance - The company reported a basic earnings per share of -2.01 yuan for 2024, a decrease of 536.96% compared to 0.46 yuan in 2023 [1] - The net profit for 2024 was -3.75 billion yuan, down 536.05% from 0.86 billion yuan in 2023 [1] - The operating revenue decreased by 32.67% to 8.86 billion yuan in 2024 from 13.16 billion yuan in 2023 [1] - The return on equity was -32.21% in 2024, a significant decline from 6.57% in 2023 [1] - The net asset per share fell by 30.39% to 5.04 yuan in 2024 from 7.24 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 53.2964 million shares, accounting for 40.28% of the circulating shares, a decrease of 2.212 million shares from the previous period [2] - Notable shareholders include Zhuhai Honglu Enterprise Management Partnership with 23.7842 million shares (17.97%) and Ma Libin with 17.8884 million shares (13.52%), both unchanged [3] - New entrants among the top shareholders include Zhu Ze with 1.9580 million shares (1.48%), Wang Bing'an with 1.3275 million shares (1.00%), and Zhu Kaifei with 1.2375 million shares (0.94%) [3] Dividend Policy - The company has announced no distribution or capital increase for the current period [4]

非经营性资金占用及其他关联资金 往来情况专项说明 广东皮阿诺科学艺术家居股份有限公司 容诚专字[2025]518Z0396 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于广东皮阿诺科学艺术家居股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]518Z0396 号 广东皮阿诺科学艺术家居股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了广东皮阿诺科学艺术家 居股份有限公司（以下简称皮阿诺公司）2024 年 12 月 31 日的合并及母公司资产 负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母 公司所有者权益变动表以及财务报表附注，并于 2025 年 4 月 25 日出具了容诚审 字[2025]518Z ...

内部控制审计报告 容诚审字[2025]518Z1034 号 广东皮阿诺科学艺术家居股份有限公司全体股东： 内部控制审计报告 广东皮阿诺科学艺术家居股份有限公司 容诚审字[2025]518Z1034 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 四、财务报告内部控制审计意见 我们认为，皮阿诺公司于 2024 年 12 月 31 日按照《企业内部控制基本规范》 和相关规定在所有重大方面保持了有效的财务报告内部控制。 （ 此 页 无 正 文 ， 为 广 东 皮 阿 诺 科 学 艺 术 家 居 股 份 公 司 容 诚 审 字 [2025]518Z1034 号报告之签字盖章页。） 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了广东皮阿诺科学艺术家居股份有限公司（ ...