证券代码：300616 证券简称：尚品宅配 公告编号：2025-030号 广州尚品宅配家居股份有限公司 2024 年度股东大会决议公告 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： 5. 会议召集人：董事会。 6. 会议主持人：董事长李连柱先生。 1. 本次股东大会未出现否决议案的情形； 2. 本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1. 现场会议召开的时间：2025 年 5 月 19 日下午 14:30。 2. 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：2025 年 5 月 19 日 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为：2025 年 5 月 19 日 9:15—15:00 期间的任意时间。 3. 现场会议召开地点：广州市天河区花城大道 85 号高德置地广场 A 座 33 楼 尚品宅配大会议室。 4. 召开方式:现场投票与网络投票相结合的方式。 7. 本次会议的召集、召开符合《公司法》《上市公司股东会规 ...

北京市金杜（广州）律师事务所 关于广州尚品宅配家居股份有限公司 2024 年度股东大会的法律意见书 致：广州尚品宅配家居股份有限公司 北京市金杜（广州）律师事务所（以下简称本所）接受广州尚品宅配家居股份 有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 《上市公司股东会规则》（以下简称"《股东会规则》"）等中华人民共和国境内（以 下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门 特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现 行有效的《公司章程》的规定，指派律师出席了公司于 2025 年 5 月 19 日召开的 2024 年度股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本 法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括： 1．经公司 2025 年 2 月 7 日召开的 2025 年第一次临时股东大会审议通过的 《公司章程》； 2．公司于 2025 年 4 月 29 日刊登在巨潮资讯网及深圳证券交易所网站的《广 州 ...

Core Insights - The real estate market is entering a post-cycle phase, with new housing sales area and sales revenue declining by 12.9% and 17.1% respectively in 2024 compared to 2023 [1] - The overall net profit of nine major custom home companies decreased by nearly 30% to 4.048 billion yuan in 2024, influenced by a sluggish real estate sector and increased competition in the existing market [1] Group 1: Company Performance - In the first quarter of 2024, only three companies (Zhihong Home, Pinao, and Top Solid) reported a decline in net profit, with Pinao and Top Solid experiencing significant losses of 122.4% and 339.1% respectively [2] - Euopei Home led with a net profit of 2.18 billion yuan, a 43% increase year-on-year, due to its centralized procurement advantages [2] - In the second quarter, nearly 90% of companies reported negative net profit growth, with an average decline of 59% [2] - In the fourth quarter, Iole Home's net profit surged nearly 13 times to 40.92 million yuan, while Sophia's net profit increased by 38.8% to 463 million yuan [3] Group 2: Financial Metrics - The average net profit margin for the nine custom home companies in 2024 was approximately -1.4%, a significant drop from 7.8% in 2023 [9] - Top companies like Euopei Home and Sophia had net profit margins of 13.8% and 13.7% respectively, showing slight increases from the previous year [9] - Smaller brands like Top Solid and Pinao had net profit margins of -17.1% and -42.7%, compared to 1.4% and 6.3% in 2023 [9] Group 3: Cost Management - Iole Home had the highest sales expense ratio at 24.8%, an increase of 3 percentage points from 2023, while Sophia managed to reduce its sales expense ratio by 10.2% [5] - Top Solid had the highest management expense ratio at 10.4%, up 1.8% year-on-year, while Zhihong Home's management expenses decreased significantly due to reduced share-based payment costs [6] - R&D expense ratios for Gold Medal Home and Euopei Home were 6.1% and 5.8% respectively, with both companies investing in digital transformation and product innovation [7]

出品：新浪财经上市公司研究院 作者：木予 据国家统计局数据显示，2024年新建商品房销售面积共97385万平方米，同比下降12.9%，新建商品房销售额共96750亿元，同比下降17.1%。其中，住宅销 售面积和销售额分别较2023年下降14.1%、17.6%。步入房地产后周期时代，新房市场家居消费持续疲软，二手房装修、存量房翻新、旧改房装修需求虽然 显著提升，但短期内难以弥补缺口。 截至4月30日，欧派家居、索菲亚、志邦家居、尚品宅配、金牌家居、好莱客、我乐家居（维权）、顶固集创和皮阿诺9家A股上市的定制家居公司均已发布 2024年业绩报告。 经营活动现金流净额总和降逾20% 金牌家居现金流降幅远超营收 受上游房地产行业低迷、消费信心不足及存量市场竞争加剧等多重不利因素影响，报告期内，九大公司经营活动现金流净额合计87.24亿元，较2023年整体 下降21.4%，接近八成公司经营活动现金流净额出现缩水。 值得关注的是，金牌家居2024年经营活动现金流净额较2023年骤降40.7%，远高于同期营收及净利润降幅。现金回收效率降低，或与房地产行业阶段性承 压，销售回款减少有关。报告期内，公司应收账款坏账损失以及其他 ...

出品：新浪财经上市公司研究院 作者：木予 据国家统计局数据显示，2024年新建商品房销售面积共97385万平方米，同比下降12.9%，新建商品房销售额共96750亿元，同比下降17.1%。其中，住宅销 售面积和销售额分别较2023年下降14.1%、17.6%。步入房地产后周期时代，新房市场家居消费持续疲软，二手房装修、存量房翻新、旧改房装修需求虽然 显著提升，但短期内难以弥补缺口。 截至4月30日，欧派家居、索菲亚、志邦家居、尚品宅配、金牌家居、好莱客、我乐家居（维权）、顶固集创和皮阿诺9家A股上市的定制家居公司均已发布 2024年业绩报告。 受上游房地产行业低迷、消费信心不足及存量市场竞争加剧等多重不利因素影响，报告期内九大公司收入全面下滑，总营收合计471.95亿元，同比减少 15.2%。欧派家居收入规模最高，全年实现189.25亿元，约为总收入贡献四成；金牌家居营收降幅最小，仅比2023年微降不超过5个百分点；皮阿诺以8.86亿 元规模和-32.7%降幅双双垫底，与头部公司业绩表现相比进一步分化。 进入第二季度和第三季度，房地产下行对定制家居行业的冲击明显。4-6月，我乐家居、欧派家居、尚品宅配和皮阿诺 ...

招商证券股份有限公司关于广州尚品宅配家居股份 有限公司 2024 年度跟踪报告 | 保荐人名称：招商证券股份有限公司 | 被保荐公司简称：尚品宅配 | | --- | --- | | 保荐代表人姓名：林联儡 | 联系电话：0755-82943666 | | 保荐代表人姓名：段念 | 联系电话：0755-82943666 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止 关联方占用公司资源的制度、募集资金管理制度、内控制 | 是 | | 度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 2次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | （1）列席 ...

证券代码：300616 证券简称：尚品宅配 公告编号:2025-029 号 广州尚品宅配家居股份有限公司 关于股东部分股份质押延期购回的公告 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。 广州尚品宅配家居股份有限公司（以下简称"公司"）近日接到公司持股 5% 以上股东彭劲雄关于部分股份质押延期购回的通知，具体事项如下： 二、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占公 | 本次延期 | 本次延期 | 占其 | 占公 | 情况 | | 情况 | | | 股东 | 持股数量 | 司总 | 购回前质 | 购回后质 | 所持 | 司总 | 已质押股 | 占已 | 未质押股 | 占未 | | 名称 | | 股本 | 押股份数 | 押股份数 | 股份 | 股本 | 份限售和 | 质押 | | 质押 | | | ...

Core Viewpoint - The company is experiencing a decline in revenue and net profit, but there are signs of improvement in the upcoming quarters due to government subsidies and strategic changes in its business model [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 3.789 billion yuan, with a net profit attributable to shareholders of -215 million yuan and a non-deducted net profit of -228 million yuan, representing a 23% year-on-year decline in revenue [1]. - For Q4 2024, the revenue was 1.057 billion yuan, with net profits of -101 million yuan and -95 million yuan for non-deducted net profit, showing a 24% year-on-year decline [1]. - In Q1 2025, the revenue is projected to be 741 million yuan, with net profits of -39 million yuan and -45 million yuan for non-deducted net profit, indicating a 5% year-on-year decline, but a narrowing of losses [1]. Market Trends and Business Model - Since Q4 2024, government subsidies have started to show effects, leading to a narrowing of revenue decline from 29% in Q3 2024 to 17% overall for Q4 2024 to Q1 2025 [2]. - The company is focusing on a customized and supporting business model, with a significant emphasis on the "随心选" full-house customization package as a key strategy [2]. - The company is also innovating with a "30万一价全包" model to lower the entry barriers for franchisees, allowing for quicker store openings and shared resources between franchisees and direct stores [2]. Cost Management and Efficiency - In 2024, the company's gross margin and net profit margin decreased by 1.9 and 7.0 percentage points, respectively, while sales, management, R&D, and financial expense ratios increased [3]. - In Q1 2025, the gross margin and net profit margin improved by 7.4 and 5.9 percentage points, respectively, indicating a reduction in loss margins and a decrease in various expense ratios [3]. Channel Strategy and Expansion - The company is implementing a "1+N+Z" model for direct sales cities, transitioning direct stores into flagship stores that support distributors in logistics and delivery [4]. - For franchise cities, the company is focusing on a "1+N+Z" model to leverage local resources and reduce operational requirements for franchisees, aiming to expand into lower-tier cities [4]. - The company plans to continue its focus on high-quality development in its traditional strengths of customization and supporting businesses, with expectations of improved demand and market conditions due to accelerating government subsidies [4]. Dividend and Future Projections - In 2024, the company distributed dividends amounting to 187 million yuan, corresponding to a dividend yield of nearly 7% [4]. - The projected net profit attributable to shareholders for 2025-2027 is approximately 70 million, 100 million, and 150 million yuan, with corresponding price-to-earnings ratios of 39, 27, and 18 times [4].

Investment Rating - The investment rating for the company is "Accumulate" and maintained [9] Core Views - The company is expected to achieve revenue of 3.789 billion yuan and a net profit attributable to the parent company of -215 million yuan in 2024, with a revenue decline of 23% year-on-year [2][6] - In Q4 2024, the company is projected to have revenue of 1.057 billion yuan, with a net loss of 101 million yuan, reflecting a 24% year-on-year revenue decline [2][6] - For Q1 2025, the company anticipates revenue of 741 million yuan, with a net loss of 39 million yuan, indicating a 5% year-on-year revenue decline but a narrowing of losses [2][6] - The positive effects of national subsidies have been observed since Q4 2024, leading to a reduction in revenue decline, and this trend is expected to continue into Q2 2025 [2][6] Summary by Sections Revenue and Profitability - The company faced a revenue decline of 23% in 2024, with specific declines in customized furniture, supporting home products, and overall business models [13] - The revenue decline has narrowed from 29% in Q3 2024 to 17% in Q4 2024, indicating a positive trend due to national subsidies [13] Cost Management and Efficiency - In Q1 2025, the company reported a gross margin increase of 7.4 percentage points and a net profit margin increase of 5.9 percentage points, reflecting effective cost management [13] Strategic Focus - The company is focusing on its traditional strengths in customization and supporting products, aiming for high-quality development [13] - The company is actively expanding its overseas presence under the Sunpina brand, with successful franchise establishments in various countries [13] Channel Development - The company is implementing a new channel strategy that includes a mix of direct sales and franchise models to enhance market coverage [13] - The company aims to reduce the operational requirements for franchisees, facilitating faster market entry and shared resources [13] Future Outlook - The company plans to distribute dividends of 187 million yuan in 2024, with an expected dividend yield close to 7% [13] - Projections for net profit attributable to the parent company for 2025-2027 are approximately 70 million, 100 million, and 150 million yuan, respectively [13]

Core Insights - The performance of custom home furnishing companies in Q1 2025 shows a stark contrast, with Oppein Home achieving a significant profit increase while Sophia's profits plummeted due to financial asset fluctuations [1][2][6] - The strategic differentiation among leading companies is intensifying, with Oppein deepening its "whole home" strategy, Sophia advancing its full-category strategy, and Zhijia seeking overseas expansion, while Shangpin Home is still struggling with losses [1][8] Company Performance - Oppein Home reported Q1 2025 revenue of 3.447 billion yuan, a 4.8% year-on-year decline, but its net profit attributable to shareholders increased by 41.29% to 308 million yuan, with a non-recurring net profit growth of 86.16% to 266 million yuan [2][3] - Despite a revenue decline, Oppein's online sales surged by 128%, and its operating cash flow increased by 270.91% year-on-year [2][3] - Sophia's Q1 2025 revenue was 2.038 billion yuan, down 3.46%, with a net profit of 12 million yuan, a staggering 92.69% drop, primarily due to a 200 million yuan decline in the fair value of its financial assets [4][5][6] - Zhijia's Q1 2025 revenue was 818 million yuan, a slight decline of 0.30%, with a net profit of 42 million yuan, down 10.90% [6] - Shangpin Home reported Q1 2025 revenue of 741 million yuan, down 4.52%, but its net loss narrowed by 55.09% to 39 million yuan, indicating some improvement in cost control and efficiency [6][7] Strategic Developments - Oppein is focusing on a multi-category strategy, with bathroom and wooden door segments showing growth, while its direct sales channel revenue increased by 10.21% [9][10] - Sophia is deepening its multi-brand strategy, with its main brand accounting for over 90% of revenue, although growth in its sub-brands has slowed [9][10] - Zhijia is optimizing its retail channels by closing inefficient stores and focusing on overseas markets, with significant growth in its wooden door and overseas revenues [9][10] - Shangpin Home is expanding its presence in Southeast Asia and South America through partnerships and project collaborations, although its overseas business scale remains small [14] Market Trends - The home furnishing industry is experiencing a shift towards "old-for-new" policies, which are expected to boost demand, although the impact has been mixed across companies [15] - Oppein's home decoration orders surged by 95% following the implementation of these policies, while Zhijia's net profit still declined year-on-year [15] - Industry experts suggest that during this reshuffling period, strategic focus and efficiency optimization will be crucial for survival and growth [15]