证券代码：003041 证券简称：真爱美家 公告编号：2024-026 浙江真爱美家股份有限公司 2024年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会没有否决议案的情形； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1.会议召集人：浙江真爱美家股份有限公司（以下简称"公司"）董事会； 2.会议主持人：因董事长郑期中先生公务出差，本次股东大会由半数以上董 事推举公司董事胡洁主持； 3.现场会议召开时间：2024年10月25日（星期五）下午2:30； 4.现场会议召开地点：浙江省义乌市江东街道佛堂大道399号公司三楼会议 室； 5.网络投票时间： 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：2024年10月25日 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：2024年10月25日上午9:15至下午15:00期间。 参加本次股东大会现场会议和网络投票的有表决权股东和委托代理人共73 人，代表 ...

国浩律师（杭州）事务所 真爱美家 2024 年第一次临时股东大会之法律意见书 国浩律师（杭州）事务所 关于 浙江真爱美家股份有限公司 2024 年第一次临时股东大会的法律意见书 致：浙江真爱美家股份有限公司 国浩律师（杭州）事务所（以下简称本所）接受浙江真爱美家股份有限公司 （以下简称公司）的委托，指派律师列席公司 2024 年第一次临时股东大会（以 下简称本次股东大会），并根据《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》）、中国证券监督管理委员会（以 下简称中国证监会）发布的《上市公司股东大会规则》（2022 修订）（以下简称 《股东大会规则》）、《上市公司治理准则》（2018 修订）（以下简称《治理准则》） 和深圳证券交易所发布的《深圳证券交易所上市公司股东大会网络投票实施细 则》（2020 年修订）（以下简称《网络投票细则》）等法律、行政法规、规范性文 件及现行有效的《浙江真爱美家股份有限公司章程》（以下简称《公司章程》）、 《浙江真爱美家股份有限公司股东大会议事规则》（以下简称《股东大会议事规 则》）的规定，就本次股东大会的召集、召开程序、出席大会人员 ...

Investment Rating - Maintain Buy-A rating with a 12-month target price of 15.6 RMB, equivalent to a 12x forward P/E ratio for 2025 [1][2] Core Views - The company's old factory land in Yiwu has been acquired by the government, resulting in a compensation of 232 million RMB, which will significantly boost 2024 net profit [1] - The new intelligent factory is expected to reach full production capacity soon, with potential improvements in production efficiency and cost control, benefiting profitability starting from 2025 [1] - Current valuation remains low, presenting a potential re-rating opportunity [1] Financial Performance - 2023 net profit was 105.9 million RMB, while the compensation amount of 232 million RMB far exceeds this, indicating a substantial profit boost for 2024 [1] - 2024E net profit is projected to reach 374.8 million RMB, a 253.8% YoY increase, driven by the compensation and new factory operations [6] - 2025E net profit is expected to decline to 186.7 million RMB due to the one-time nature of the compensation, but still represents a 15.2% net profit margin [6] Valuation Metrics - Current P/E ratio is 11.9x, with a forward P/E of 4.9x for 2024E and 9.9x for 2025E [6] - P/B ratio stands at 1.4x, expected to decrease to 1.2x in 2024E and 1.1x in 2025E [6] - ROE is projected to improve significantly to 23.7% in 2024E from 8.0% in 2023A [6] Growth Prospects - Revenue growth is expected to accelerate to 18.4% in 2025E, driven by the new factory's increased capacity [6] - EBITDA growth is forecasted at 155.4% in 2025E, reflecting operational improvements from the new facility [6] - The company's ROIC is expected to rebound to 15.2% in 2025E, up from 7.8% in 2024E [6] Operational Efficiency - Gross margin is projected to improve to 23.6% in 2025E, up from 21.5% in 2024E, due to better cost control at the new factory [6] - Inventory turnover days are expected to decrease from 75 days in 2024E to 71 days in 2025E, indicating improved inventory management [6] - Fixed asset turnover days are forecasted to decline from 303 days in 2024E to 285 days in 2025E, reflecting higher asset utilization [6] Capital Structure - Debt-to-equity ratio is expected to improve to 46.6% in 2024E from 61.3% in 2023A, indicating a healthier capital structure [6] - Current ratio is projected to increase significantly to 2.92 in 2024E from 1.73 in 2023A, reflecting improved liquidity [6] - Interest coverage ratio is forecasted to turn positive at 50.01x in 2025E, up from -15.05x in 2023A [6]

二、交易对方的基本情况 证券代码：003041 证券简称：真爱美家 公告编号：2024-024 浙江真爱美家股份有限公司 关于全资子公司拟签署征收补偿协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江真爱美家股份有限公司（以下简称"公司"）于 2024 年 10 月 9 日召开 第四届董事会第九次会议，审议通过了《关于全资子公司签署征收补偿协议的议 案》，具体情况如下： 一、交易概述 因城市发展建设等需要，义乌市人民政府对全资子公司浙江真爱毯业科技有 限公司（以下简称"真爱毯业"）位于义乌市江东街道徐江工业区的土地、建筑 及附属物等进行征收。为保障本征迁项目的顺利实施，根据国家有关征收政策， 各方在自愿、协商一致的基础上，就真爱毯业合法取得的国有建设用地使用权连 同建筑物、装饰装修和附属物进行补偿事宜达成协议，拟签署《国有建设用地使 用权收回补偿协议书》。本次征收将获得各类货币补偿、补助及奖励等共计约 2.32 亿元。 根据《深圳证券交易所股票上市规则》及《公司章程》等相关规定，本次交 易未构成关联交易，也未构成《上市公司重大资产重组管理办法》规 ...

证券代码：003041 证券简称：真爱美家 公告编号：2024-025 浙江真爱美家股份有限公司 关于召开2024年第一次临时股东大会通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经浙江真爱美家股份有限公司（以下简称"公司"）第四届董事会第九次会 议审议通过，公司将于2024年10月25日（星期五）召开2024年第一次临时股东大 会，现将有关事项通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第一次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：经公司第四届董事会第九次会议审议通过， 决定召开本次股东大会，本次股东大会会议的召开程序符合上市公司相关法律、 行政法规、部门规章、规范性文件和公司章程的有关规定。 4、会议召开的日期、时间： （1）现场会议时间：2024 年 10 月 25 日（星期五）下午 2:30 （2）网络投票日期和时间：通过深圳证券交易所交易系统进行网络投票的 时间为：2024 年 10 月 25 日上午 9:15 至 9:25，9:30 至 11:30，下午 1:00 至 3:00 ...

证券代码：003041 证券简称：真爱美家 公告编号：2024-023 浙江真爱美家股份有限公司 第四届董事会第九次会议决议公告 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、会议召开情况 浙江真爱美家股份有限公司（以下简称"公司"）第四届董事会第九次会议 于 2024 年 10 月 9 日以现场加通讯表决的方式在公司三楼会议室召开。由于本次 会议为临时紧急会议，根据《公司章程》不受通知时效的限制。在会议上已向公 司董事做了解释说明，全体董事一致同意豁免本次会议通知时限要求。本次会议 由公司董事长郑期中召集并主持，会议应参加表决的董事 9 人，实际参加表决的 董事 9 人，公司全体监事及高级管理人员列席。本次会议的通知、召集和召开符 合《中华人民共和国公司法》及《浙江真爱美家股份有限公司章程》的有关规定， 合法有效。 二、会议审议情况 本议案需股东大会审议。 具体内容详见同日刊载于巨潮资讯网上的《关于全资子公司拟签署征收补偿 协议的公告》。 2、审议通过《关于召开 2024 年第一次临时股东大会的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 lusc@essence.com.cn 2024 年 08 月 28 日 真爱美家(003041.SZ) 短期阵痛不改长期成长 事件： 真爱美家公布 2024 半年度报告。公司 2024 上半年收入 3.2 亿元， YoY-11.5%；实现归母净利润 3368.5 万元，YoY+1.0%；实现扣非净利 润 2263.1 万元，YoY-44.9%。我们认为，外部环境的短期波动，以及 新工厂收尾调试带来的费用提升，是造成收入和利润下滑的主要原 因，不影响长期具备较大成长性的判断。 海运受阻是收入下滑的主要原因： 真爱美家 2024 上半年收入有所下滑，我们认为并非因为订单下滑， 而是因为海运受阻导致的发货迟滞。我们作出如此判断，主要因为： 1）公司上半年披露总产能不变，但利用率 YoY+3pct，表明订单量仍 有增长；2）公司上半年库存相比去年底有所提升，其中库存商品相 较去年底增长 71.2%；3）根据海关总署数据，我国上半年毛毯出口量 YoY+4.7%,总体有所提升，但中东和非洲地区的出口量分别 YoY9.5%/-16.9%。 价格下降以及原材料价格上升下 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥320,026,208.56, a decrease of 11.46% compared to ¥361,463,669.03 in the same period last year[11]. - Net profit attributable to shareholders was ¥33,684,658.94, reflecting a slight increase of 0.97% from ¥33,360,513.03 year-on-year[11]. - The net profit after deducting non-recurring gains and losses was ¥22,630,920.13, down 44.92% from ¥41,086,926.10 in the previous year[11]. - The net cash flow from operating activities was -¥29,739,088.30, a decline of 191.06% compared to -¥10,217,506.22 in the same period last year[11]. - Total assets at the end of the reporting period were ¥2,083,284,440.63, a decrease of 2.90% from ¥2,145,463,745.68 at the end of the previous year[11]. - Net assets attributable to shareholders decreased by 1.80%, amounting to ¥1,306,195,420.40 compared to ¥1,330,110,761.46 at the end of the previous year[11]. - Basic earnings per share were ¥0.2339, a slight increase of 0.95% from ¥0.2317 in the same period last year[11]. - Diluted earnings per share also stood at ¥0.2339, reflecting a 0.95% increase year-on-year[11]. - The weighted average return on equity was 2.52%, down from 2.59% in the previous year[11]. - The company reported a total profit of 11,053,738.81 CNY for the first half of 2024, with non-operating income and expenses amounting to -46,415.79 CNY and other non-recurring gains of 63,416.65 CNY[14]. Market and Industry Position - The main business focuses on the research, design, production, and sales of home textiles, primarily blankets, carpets, and bedding products[15]. - The company exports primarily to the Middle East, North Africa, and South Africa, with a strong demand for heavy blankets in these regions due to climatic conditions[16]. - The textile industry in China is a traditional pillar of the economy, with the company positioned in the home textile sector, which has seen significant development and maturity over the years[17]. - The market share of traditional polyester blankets has increased due to industry consolidation, while demand for new functional and decorative blankets is expected to grow significantly[16]. - The overall profitability of the home textile manufacturing industry is stabilizing as industry concentration increases and technological advancements are made[17]. - The company anticipates expanding its market presence in South America and Central Africa, where population growth may lead to increased demand for home textiles[16]. Research and Development - The company has established a functional blanket research institute and a post-doctoral workstation to enhance R&D capabilities, focusing on advanced technologies and sustainable materials[15]. - Research and development expenses increased by 11.77% to ¥28,590,482.52, reflecting the company's commitment to innovation and product development[23]. - The company has established multiple research platforms and has been recognized as a national high-tech enterprise, enhancing its R&D capabilities[20]. - The company has obtained a total of 183 patents, including 68 invention patents, which are crucial for market competitiveness[21]. - The company is actively recruiting professionals in textiles and design to enhance its R&D capabilities and maintain a competitive edge in the market[21]. Production and Operations - The company employs a strict procurement management system to reduce costs and ensure quality, including various control procedures for procurement and product monitoring[15]. - The production model includes both self-manufactured and outsourced processes, with a focus on ODM and OEM sales strategies for domestic and international markets[15]. - The company has an annual production capacity of 49,700 tons of blankets, ranking among the top in the industry[18]. - The smart new factory is expected to officially start production by the end of the year, enhancing overall production capacity and efficiency[18]. - The company achieved a production capacity of approximately 49,700 tons annually through its subsidiaries, enhancing its ability to meet large-scale customer demands[23]. Financial Management - The company has implemented a comprehensive cost management system, which has helped reduce production costs and improve economic efficiency[21]. - The company's cash flow from operating activities showed a significant decline, with a net cash outflow of ¥29,739,088.30, primarily due to reduced income and collections[23]. - The company has a total of CNY 694,046,031.64 in restricted assets, primarily due to bank guarantees and loan collateral[40]. - The company has provided guarantees totaling CNY 65.641 million to subsidiaries, with an actual guarantee balance of CNY 44.978 million at the end of the reporting period, representing 34.43% of the company's net assets[68]. - The company has invested CNY 40 million in bank wealth management products, with the entire amount still outstanding and no overdue amounts reported[70]. Environmental and Social Responsibility - The company is committed to ecological priority and green development, enhancing clean production levels to reduce environmental risks[55]. - The company has implemented measures to reduce carbon emissions, focusing on energy conservation and green production, which includes process improvements and equipment upgrades[59]. - The company invested a total of 4.88 million yuan in environmental governance and protection during the reporting period[55]. - The company paid 0.35 million yuan in environmental protection tax in the first half of 2024[55]. - The company has established an emergency response plan for environmental pollution incidents to minimize potential damages[54]. Shareholder and Corporate Governance - The company reported a participation rate of 73.41% in the annual shareholders' meeting held on May 22, 2024[48]. - The company has established a comprehensive internal control system to protect shareholder rights and ensure compliance with legal regulations[63]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[61]. - The company has maintained a stable financial condition with no external guarantees or major financial risks[61]. - The company is committed to employee welfare, implementing competitive compensation and regular training programs[60]. Taxation and Incentives - The company has a corporate income tax rate of 25%, while its subsidiaries, Zhenai Home and Zhenai Blanket, benefit from a reduced rate of 15% due to their high-tech enterprise status[198]. - The company is currently undergoing the re-certification process for high-tech enterprise status, with a high probability of success[200]. - The company is actively engaged in tax planning to maximize benefits from available tax incentives and reduce overall tax liabilities[200]. - The effective tax rate for the subsidiaries is significantly lower than the standard corporate tax rate, enhancing their profitability[198]. Financial Reporting and Compliance - The financial statements have been approved by the company's board of directors on August 27, 2024[115]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial reports reflect true and complete financial conditions[120]. - The company has established a multi-level governance structure, including a board of directors and various specialized committees[115]. - The company has no significant doubts regarding its ability to continue as a going concern for the next 12 months[117].

| | | 占用方与上市公 | 上市公司核算 | 2024 年期初占 | 2024 | 半年度占用累计 | 2024 | 半年度占 | 2024 | 半年度偿还 | 2024 | 年 6 月 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | | | | | | 用资金的利息 | | | | | 末占用资金 | | 占用性质 | | | | 司的关联关系 | 的会计科目 | 用资金余额 | | 发生金额(不含利息) | (如有) | | | 累计发生金额 | | 余额 | 原因 | | | 控股股东、实际控制 | - | - | - | - | | - | - | | | - | | - | - | 非经营性 | | 人及其附属企业 | - | - | - | - | | - | - | | | - | | - | - | 非经营性 | | 前控股股东、实际控 | - | - | - | - | | - | - ...

lusc@essence.com.cn 2024 年 06 月 02 日 真爱美家(003041.SZ) 活化闲置厂房，增厚利润规模 事件： 真爱美家披露对外出租部分资产的公告。根据公告，公司拟将其位于 义乌市苏溪镇的部分闲置厂房、宿舍出租给义乌市文东印染有限公 司，租赁为其 3 年，总租金合计 5633.8 万元，按季支付。 根据我们前期公司深度覆盖报告介绍（《智能工厂降本增效，龙头地 位持续强化》），公司在最初新工厂规划中沿用有水印染，后通过技术 革新实现免水洗印染。因此，原规划建造的污水处理厂房被闲置。而 本次项目承租方为义乌文东印染有限公司，说明本次出租项目预计为 污水处理闲置厂房，是活化资产的举措。我们作出如上判断的另外一 个原因，是因为根据公司 2024Q1 的数据，公司在建工程转固定资产 中的一部分转至投资性房地产中，2024Q1 投资性房地产余额为 1.2 亿元，较 2023 年末的 330 万元有明显提升。 本次租赁项目总金额为 5633.8 万元（含税），分三年按季支付，于 2024 年 6 月生效，预计将为公司 2024、2025、2026 年分别带来 939.0、 1878.0、187 ...