Financial Performance - The company reported a net profit loss for the year 2024, primarily due to the impact of the real estate sector, with overall revenue declining despite efforts in AI technology innovation and market expansion [13]. - The company's operating revenue for 2024 was approximately ¥3.79 billion, a decrease of 22.67% compared to ¥4.90 billion in 2023 [28]. - The net profit attributable to shareholders for 2024 was approximately -¥215.37 million, representing a decline of 432.12% from a profit of ¥64.85 million in 2023 [28]. - The net cash flow from operating activities for 2024 was approximately ¥342.51 million, down 57.12% from ¥798.72 million in 2023 [28]. - The total assets at the end of 2024 were approximately ¥8.27 billion, a decrease of 5.88% from ¥8.79 billion at the end of 2023 [28]. - The net assets attributable to shareholders at the end of 2024 were approximately ¥3.41 billion, down 5.61% from ¥3.62 billion at the end of 2023 [28]. - The basic earnings per share for 2024 was -¥1.14, a decline of 445.45% compared to ¥0.33 in 2023 [28]. - The weighted average return on equity for 2024 was -6.54%, a decrease of 8.34% from 1.80% in 2023 [28]. - The company reported a significant decline in net profit after deducting non-recurring gains and losses, with a figure of -¥228.49 million for 2024 compared to ¥39.12 million in 2023, a drop of 684.15% [28]. - The total profit for 2024 was ¥13,127,542.75, which is a decrease of about 48% compared to ¥25,729,668.53 in 2023 [33]. Market Opportunities and Strategies - The company aims to leverage opportunities in the market, including a 17% annual growth rate in the old housing renovation market and the ongoing implementation of the "old-for-new" national subsidy policy [6]. - The company recognizes the structural opportunities in the market, including the rise of the new middle class and the aging population, which are expected to drive demand for home furnishings [6]. - The company is focusing on building an AI design factory to enhance design productivity, utilizing data from millions of Chinese households to create a demand prediction engine [6]. - The company plans to innovate its store opening model to attract more entrepreneurs, upgrading its "free measurement design" service to "free space planning design" to strengthen its competitive edge [7]. - The company is enhancing its direct sales system, positioning flagship stores as service centers and collaborating with distributors to tap into regional market potential [8]. - The company is developing a "second housing" platform in partnership with real estate agencies to redefine market competition rules and lead industry development [10]. - The company is actively expanding its international presence under the "Belt and Road" initiative, targeting markets in the Middle East, Southeast Asia, and Africa [105]. Innovation and Technology - The company emphasizes a commitment to innovation and resilience, aiming to break industry constraints and explore new development paths [11]. - The company has developed a smart production platform based on cloud computing and artificial intelligence, aiming for high-efficiency manufacturing and personalized consumer demands [127]. - The AI design factory has delivered over 10,000 AI design solutions nationwide, enhancing store operations and providing competitive sales solutions [141]. - The company has established a comprehensive knowledge base covering 300,000 product libraries, 3 million housing types, and 30 million design schemes, significantly improving operational efficiency [139]. - The company leverages information technology, cloud computing, and big data applications to drive its C2B business model, enhancing personalized design and flexible production capabilities [70]. - The company utilizes smart manufacturing technologies to achieve large-scale customized production, addressing the challenges of non-standard components [78]. Industry Trends and Challenges - The customized furniture sector is experiencing growth due to rising consumer demand for personalized products, with the company leveraging flexible production techniques to enhance efficiency [40]. - The custom furniture industry is experiencing intensified competition, with a shift from price competition to a focus on design, production efficiency, and service quality [81]. - The demand for whole-house customization is rising, driven by the growing middle-income group and changing consumer preferences towards personalized living spaces [73]. - The company faces risks related to the residential real estate market, which significantly impacts the demand for custom furniture [191]. - Increased competition in the custom furniture sector poses a risk to the company's profitability if it fails to innovate [192]. - Fluctuations in the prices of key raw materials, such as engineered wood and hardware, could adversely affect the company's profit margins [195]. Financial Management and Investments - The company plans to distribute a cash dividend of 9 yuan per 10 shares to shareholders, reflecting its commitment to returning value to investors despite the net profit loss [16]. - The company has reduced its employee count to 7,689, a year-on-year decrease of 16.22%, while actively optimizing its management team through internal adjustments and external recruitment [152]. - R&D expenses increased by 16.01% to approximately ¥202.04 million, reflecting continued investment in research and development [161]. - The company has utilized 25.21% of the raised funds, amounting to ¥9,934.75 million, for financial product investments [179]. - The company is currently in the construction phase of the Chengdu Weishang production base project, which has not yet reached the expected operational status [181]. Sales and Marketing - The company’s O2O marketing model integrates online and offline sales channels, enhancing competitiveness and supporting rapid expansion [137]. - The sales model combines physical retail and an O2O marketing approach, with a focus on interactive design and personalized service in physical stores [128]. - The company has established a network of direct-operated and franchise stores in key cities, enhancing brand influence and sales growth [129]. - The company is focusing on channel development and plans to introduce 699 packages in 2024, aiming to enhance sales channels [199]. - The company has launched innovative marketing activities such as "1+N" model and "headquarters direct subsidy" live events to enhance customer acquisition and operational efficiency [143]. Future Outlook - The management reiterated its commitment to enhancing shareholder value through strategic investments and operational excellence [200]. - Future outlook includes a focus on cost reduction and efficiency improvements as part of operational strategies [200]. - The company plans to provide updated performance guidance for the upcoming fiscal year, reflecting anticipated growth [200]. - The company is exploring new avenues for revenue generation through innovative service offerings and product lines [200].

Financial Performance - The company's revenue for Q1 2025 was ¥741,323,598.36, a decrease of 4.52% compared to ¥776,454,179.83 in the same period last year[5] - The net profit attributable to shareholders improved to -¥38,855,549.60, a 55.09% increase from -¥86,524,547.60 year-on-year[5] - Operating profit was reported at -¥48,904,160.28, an improvement from -¥106,609,490.43 in the previous period[20] - Net profit for the quarter was -¥38,794,211.58, compared to -¥86,250,882.75 in the same period last year, indicating a significant reduction in losses[20] - Basic and diluted earnings per share were both -¥0.17, an improvement from -¥0.40 in the previous period[20] Cash Flow - The net cash flow from operating activities was -¥249,142,853.23, showing a 26.59% improvement from -¥339,397,355.72 in Q1 2024[10] - The company reported a 204.10% increase in net cash flow from investing activities, reaching ¥848,620,431.52, up from ¥279,058,107.25[10] - Operating cash inflow totaled $747,723,958.30, a decrease of 1.07% from $758,535,918.80 in the previous period[22] - Operating cash outflow amounted to $996,866,811.53, down 9.23% from $1,097,933,274.52 in the previous period[22] - Net cash flow from investing activities reached $848,620,431.52, an increase of 203.5% compared to $279,058,107.25 in the previous period[23] - Cash inflow from investing activities was $3,225,549,717.87, significantly higher than $421,099,209.81 in the previous period[23] - Cash outflow from investing activities totaled $2,376,929,286.35, up from $142,041,102.56 in the previous period[23] - Cash inflow from financing activities was $1,253,559,368.54, down from $1,763,814,248.92 in the previous period[23] - Net cash flow from financing activities was $128,734,239.77, a decrease of 70.5% from $436,366,491.17 in the previous period[23] - The ending balance of cash and cash equivalents was $1,141,406,702.74, down from $1,433,916,662.08 in the previous period[23] - The company’s cash and cash equivalents increased by $728,110,857.45, compared to an increase of $376,205,389.74 in the previous period[23] Assets and Liabilities - Total assets decreased by 6.75% to ¥7,716,008,415.94 from ¥8,274,814,088.99 at the end of the previous year[5] - Total current assets decreased from CNY 4,049,737,449.65 to CNY 3,578,236,191.57, a reduction of approximately 11.6%[16] - Total liabilities decreased to ¥4,342,576,111.71 from ¥4,862,587,573.18, a reduction of 10.7%[19] - The company’s total liabilities decreased, with accounts payable down by 41.73% to ¥215,500,230.10 from ¥369,822,377.35[8] - The equity attributable to shareholders of the parent company decreased to ¥3,373,713,442.93 from ¥3,412,568,992.53, a decline of 1.1%[19] Investments and Shareholder Information - Investment income increased significantly by 264.97% to ¥5,943,266.70 compared to ¥1,628,422.46 in the previous year[9] - Total number of common shareholders at the end of the reporting period is 14,978[12] - The largest shareholder, Li Lianzhu, holds 20.78% of shares, totaling 46,659,935 shares, with 10,740,000 shares pledged[12] - The company holds 16,267,830 shares in its repurchase account, representing 7.25% of total shares[12] - The top 10 shareholders collectively hold significant stakes, with the top three alone accounting for over 36% of total shares[12] Research and Development - Research and development expenses were ¥41,548,549.47, down from ¥45,023,584.70, a decrease of 7.3%[20] Financial Ratios - The weighted average return on equity improved to -1.15%, up by 1.11% from -2.26% year-on-year[5] - Total operating costs decreased to ¥784,875,373.02 from ¥890,780,195.04, reflecting a reduction of 11.9%[19] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[1] - No changes reported in the participation of major shareholders in margin trading or securities lending[13]

Core Viewpoint - The home furnishing market in 2025 is highly competitive, and companies need to find new paths for high-quality growth and build differentiated advantages. Shangpin Home has initiated a strategic combination of "products + technology + showrooms + marketing" to address these challenges [1]. Group 1: Strategic Initiatives - Shangpin Home has opened its flagship store in Chengdu, marking a significant step in its Southwest strategy, featuring a high-design, immersive home decoration experience [3][5]. - The new fifth-generation showroom focuses on consumer demand, integrating AI technology to enhance products and services across five dimensions: aesthetics, practicality, comprehensive solutions, intelligence, and efficiency [5][9]. - The flagship store aims to provide a one-stop home customization solution, utilizing cutting-edge design and technology to create an interactive consumer experience [7][10]. Group 2: Market Positioning - The store is strategically located in commercial office buildings to target high-spending consumers, differentiating itself from traditional showroom formats with a focus on visual appeal and immersive experiences [9][30]. - The opening of the Chengdu flagship store is part of Shangpin Home's broader strategy to penetrate the Southwest market, which is a key area for furniture production and consumption [27][29]. Group 3: Product Innovation - Shangpin Home has launched a new line of integrated door and cabinet products, responding to the shift in consumer demand from piecemeal purchases to comprehensive design solutions [14][16]. - The new product series includes various styles to meet diverse consumer preferences, enhancing the overall aesthetic of home spaces [16][18]. Group 4: Promotional Strategies - The flagship store's opening featured significant promotional offers, including a matching gift for purchases and government subsidies, aimed at attracting consumers and enhancing the shopping experience [23][24]. - The store also includes a variety of high-end appliances and furniture, reinforcing the one-stop shopping concept for consumers [21]. Group 5: Future Outlook - Shangpin Home's strategic initiatives, including the fifth-generation showroom, product innovation, and AI technology integration, are designed to reshape the competitive landscape of the home furnishing industry [30]. - The company aims to leverage its existing supply chain and production capabilities to enhance service responsiveness and cost competitiveness in the market [29].

与家居板块密切相关的房地产板块，在17日也迎来集体上涨，根据wind中国行业指数，房地产指数于今 日整体上涨2.34%，在所有板块中领涨。 据第一财经记者统计，A股房地产板块17日有88家股价上涨，荣丰控股（000668.SZ）、天保基建 （000965.SZ）、南都物业（603506.SH）、*ST金科（000656.SZ）、*ST和展（000809.SZ）等多只个 股涨停，仅10家股价下跌。 消息面上，今年第一季度，房地产止跌企稳迹象显著、多地发布楼市新政、二季度货币政策有望进一步 宽松等多重利好因素，不仅让房地产领涨，也带动了房地产产业链集体走强，这其中就包括家居产业， 此外建材、林木等行业也集体上涨，城中村改造、新型城镇化等概念股走强。 4月17日，房地产、家居板块上市企业集体收涨，房地产在所有板块中领涨。 据第一财经记者统计，截至今日收盘，A股上市家居企业中有54家股价上涨，4家涨停，仅14家下跌。 身处创业板的全屋定制企业尚品宅配（300616.SZ）触及"20cm涨停"，一日之内股价涨了20%，收报 13.92元/股；全屋定制企业志邦家居（603801.SH）上涨10%，触及涨停，收报11.84 ...

关于股东部分股份质押延期购回的公告 广州尚品宅配家居股份有限公司 证券代码：300616 证券简称：尚品宅配 公告编号:2025-010 号 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"尚品宅配"或"公司"）近日 收到公司控股股东及一致行动人李连柱、周淑毅关于部分股份质押延期购回的通 知，具体事项如下： 1 / 2 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 质押延期 购回数量 （股） 占其 所持 股份 比例 占公 司总 股本 比例 是 否 为 限 售 股 是否 为补 充质 押 质押起始 日 原质押 到期日 延期购回 后质押到 期日 质 权 人 质押 用途 李连柱 是 1,800,000 3.86% 0.80% 否 否 2022.4.6 2025.4.3 2025.9.30 广发 证券 个人 融资 1,800,000 3.86% 0.80% 否 否 2022.4.6 2025.4.3 2025.9.30 400,000 0.86% 0.18% 否 是 2022.7.26 2025.4.3 2025. ...

3月27日，2025广州定制家居展暨轻高定展（简称广州定制展）盛大启幕，尚品宅配携行业领先AI 技术、创新商业模式与高颜门墙柜新品闪耀亮相，备受全场瞩目。 开展首日，尚品宅配展区内人潮络绎不绝，专业观众接踵而至，现场咨询洽谈持续火爆，彰显头部 品牌的强大吸引力。众多行业专家、经销商、媒体探展，深度体验品牌的前沿成果，共探家居行业 未来趋势。 01Ai科技矩阵迭代升级，重塑全屋定制经营新范式 在尚品宅配展厅内，Ai技术展示区吸引了大量观众驻足。尚品宅配凭借自主研发的行业首个"Ai设计 工厂"、"Ai设计家"，展示了从户型分析、需求洞察到全屋方案生成的一站式智能化服务。 依托30万产品库、300万户型库、3000万方案库以及六大生活方式的深度学习，"Ai设计工厂"打通 楼盘/户型/设计/营销/生产/供应链，实现 "24小时极速定制"服务： 门店只需上传户型图、客户基础定制需求，Ai设计工厂便可在24小时内交付一套经专业设计师团队 审核后的高质量全屋设计方案，并包含3D效果图、精准报价单、VR全景漫游等。既满足客户高颜 需求，又为门店提供极具竞争力的销售级解决方案。 数据显示，目前Ai设计工厂在全国交付的Ai方案套 ...

证券代码：300616 证券简称：尚品宅配 公告编号:2025-009 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"尚品宅配"或"公司"）近日 接到公司控股股东及一致行动人李连柱、周淑毅关于部分股份质押延期购回的通 知，具体事项如下： 1 / 2 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 | | 司总 | 购回前质 | 购回后质 | 所持 | 司总 | 已质押股 | 占已 | | 占未 | | 名称 | 持股数量 | | | | | | | | 未质押股 | 质押 | | | | 股本 | 押 ...

Group 1: AI Design Factory - The company has integrated AI technology as a core driver for development, enhancing productivity systems across marketing, design, production, and logistics [2][3] - The "AI Design Factory" serves as a cloud-based virtual design platform, utilizing self-developed multimodal models to create various intelligent agents for design tasks [2][3] - This innovative model shifts the design service process from traditional store-based design to centralized design delivery, allowing stores to focus on sales [3] Group 2: Retail Channel Changes - Recent changes in retail channels indicate a significant shift in market dynamics, necessitating a multi-channel approach to reach diverse customer needs [4] - In high-tier cities, the "turnkey" channel has emerged as a cost-effective means to attract customers purchasing furnished homes, while referrals from existing customers have also gained importance [4] - In lower-tier cities, the focus is on leveraging new media for customer acquisition, encouraging franchisees to engage in live streaming and new media marketing [4] Group 3: Government Subsidies and Market Opportunities - The government has announced support for home renovation and smart home consumption through subsidies, with specific measures expected to be implemented in various regions [5][6] - The company is prepared to leverage these subsidies for promotional activities and market opportunities, aiming to capitalize on the expected growth in home renovation demand [6] - The company plans to focus on expanding its presence in untapped cities and lower-tier markets, enhancing its channel layout and innovating its recruitment strategies [6]

特别提示： 1. 本次股东大会未出现否决议案的情形； 证券代码：300616 证券简称：尚品宅配 公告编号：2025-008号 广州尚品宅配家居股份有限公司 2025 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。 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 2 月 7 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 2 月 7 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 2 月 7 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。 5. 会议召集人：董事会。 6. 会议主持人：董事长李连柱先生。 7. 本次会议的召集、召开符合《公司法》《上市公司股东大 ...

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 《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）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《广州尚品宅配家居股份有限公司章程》的规定，指派 律师出席了公司于 2025 年 2 月 7 日召开的 2025 年第一次临时股东大会（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： 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 2025 年第一次临时股东大会的法律意见书 1．经公司 2024 年 8 月 7 日召开的 2024 年第二次临时股东大会审议通过的 《广州尚品宅配家居股份有限公司章程》（以下简 ...