Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 720 million yuan in Q1 2025, representing a year-on-year increase of 66.5%, and a net profit attributable to the parent company of 152 million yuan, up 41.3% year-on-year [1][2] - The growth in revenue is driven by the expansion of core customers in non-US regions and the acceleration of new customer acquisition [1][2] - The company is expected to maintain high order growth in Q2, despite potential disruptions in shipment rhythm [2] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 33.9%, down 4.8 percentage points year-on-year, and the net profit margin was 21.1%, down 3.8 percentage points year-on-year [3] - The company’s operating cash flow for Q1 2025 was 179 million yuan, an increase of 88 million yuan year-on-year [3] - The company forecasts net profits attributable to the parent company of 850 million yuan, 1.03 billion yuan, and 1.25 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 12.4X, 10.3X, and 8.5X [3] Customer and Market Dynamics - The company is optimizing its customer structure, with core customers leveraging their financial and marketing advantages for global expansion [2] - The company’s supply chain efficiency is noted to be superior to its peers, which may enhance its manufacturing advantages in the face of potential tariff increases [2] Production and Capacity - The company’s production and sales volume exceeded 60 million units in 2024, with a new project in Vietnam expected to improve profitability as capacity utilization increases [2]

公司报告 | 季报点评 嘉益股份（301004） 证券研究报告 下游景气及供应链稀缺性延续 公司发布一季报 25Q1 公司营收 7.2 亿同增 67%，归母净利 1.5 亿，同增 41%，扣非后归母 1.5 亿，同增 34%。营收增长系公司海外销售订单增加，销售收入增加所致。 25Q1 公司毛利率 34%，净利率 21%。 当前公司生产经营情况一切正常，生产订单有序发货，近期国际市场的关 税政策变动情况未对公司经营情况造成重大不利影响。 2025 年越南生产基地将快速完成完整产能布局 在当前关税政策的影响下，对于美国订单覆盖情况将基于客户对于海外产 能布局需求而决定。同时公司主要客户的全球市场在快速拓展，终端市场 反馈良好，因此 2025 年越南生产基地产能的覆盖比例将结合前述两个趋势 综合判断。公司已就对美市场的相关风险进行前瞻性规划，并在海外产能 布局方面开展了具体部署。 越南生产基地爬坡较为顺利，同时基于当前贸易关系、关税政策的影响下， 公司将进一步推进越南生产基地产能的布局。在生产经营方面，公司始终 将本土化作为提升运营效率和成本管控的重要方向，公司当前正在努力推 进供应链本土化的进展。 越南生产基地 ...

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].

Financial Overview - The company reported significant revenue and net profit growth in Q1 2025, with total revenue reaching 720 million yuan, a year-on-year increase of 66.52% [9] - The net profit attributable to shareholders was 152 million yuan, reflecting a year-on-year growth of 41.26% [9] - The net profit after deducting non-recurring gains and losses was 146 million yuan, up 34.15% year-on-year [9] Profit Margin Analysis - Despite the substantial growth in revenue and net profit, the company's profit margins have declined, with a gross margin of 33.89%, down 12.42% year-on-year [9] - The net profit margin was reported at 21.1%, a decrease of 15.17% compared to the previous year [9] Expense and Cash Flow Management - Total operating expenses (including sales, management, and financial expenses) amounted to 38.65 million yuan, accounting for 5.37% of revenue, which is an increase of 28.61% year-on-year [9] - The company demonstrated strong cash flow management, with operating cash flow per share at 1.72 yuan, a significant increase of 95.76% year-on-year [9] - Cash and cash equivalents reached 836 million yuan, reflecting a year-on-year growth of 28.31% [9] Assets and Liabilities - Accounts receivable surged to 329 million yuan, marking a year-on-year increase of 103.81%, indicating expanded sales but also potential bad debt risks [6][9] - Interest-bearing liabilities increased dramatically to 368 million yuan, a staggering growth of 516.90%, which raises concerns about the company's financial structure [6][9] Key Financial Indicators - The company's equity per share rose to 19.8 yuan, a year-on-year increase of 44.26% [9] - Earnings per share were reported at 1.48 yuan, reflecting a growth of 39.62% year-on-year [9]

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。 关于回购股份事项股东大会股权登记日前十名股东 和前十名无限售条件股东持股情况的公告 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召 开第三届董事会第十四次会议，审议通过了《关于以集中竞价交易方式回购公司 部分股份方案的议案》。具体内容详见公司于 2025 年 4 月 16 日在巨潮资讯网 （www.cninfo.com.cn）披露的《第三届董事会第十四次会议决议公告》（公告编 号：2025-025）和《关于以集中竞价交易方式回购公司部分股份方案的公告》（公 告编号：2025-026）。公司将于 2025 年 5 月 6 日召开 2025 年第一次临时股东大 会审议该事项，股东大会的股权登记日为 2025 年 4 月 28 日。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将 2025 年第一次临时股东大会股权登记日 （即 2025 年 4 月 28 日）登记在册的前十名股东和前十名无限售条件股东的名称、 持股数量和持股 ...

浙江嘉益保温科技股份有限公司 公司官网：www.cayigroup.com 联系电话：0579-89075611 地址：浙江省金华市武义县白洋工业区金牛路3号 公司代码 301004 党性砺初心，组织铸辉煌 01治理篇 23 25 | 三会谋共识，治理稳前行 | | --- | | 合规守正道，稳健行致远 | | 投资者为本，权益守诚信 | | 道德润人心，诚信铸品牌 | 02环境篇 | 气候铸防线，绿色守蓝天 | 39 | | --- | --- | | 环保担重任，绿色绘前程 | 43 | | 资源高效用，绿色谱新篇 | 51 | | 生态护平衡，绿色共生辉 | 59 | 浙江嘉益保温科技股份有限公司 2024 年 度 可持续发展报告 目录 CONTENTS | 关于本报告 | 01 | | --- | --- | | 董事长致辞 | 03 | | 2024年可持续发展亮点 | 05 | | 走进嘉益 | 07 | | 绿色绘蓝图，持续谱新章 | 13 | 报告附录 | 关键绩效表 | 99 | | --- | --- | | 指标索引 | 108 | | 意见反馈 | 110 | 03社会篇 | 研发育 ...

二、董事会会议审议情况 经与会董事审议表决，形成如下决议： （一）审议通过《关于 2025 年第一季度报告的议案》 | 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 第三届董事会第十五次会议决议公告 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、董事会会议召开情况 浙江嘉益保温科技股份有限公司（以下简称"公司"）第三届董事会第十五次 会议通知于 2025 年 4 月 25 日以邮件方式发送。会议于 2025 年 4 月 28 日在公司 会议室以现场结合通讯方式进行召开。本次会议由董事长戚兴华先生主持，应出 席董事 8 名，实际出席董事 8 名。董事戚兴华先生、吴志新先生、傅俊女士、张 昕先生采取通讯方式出席本次会议，公司监事和高级管理人员列席了本次会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》等有关法律法规、规 范性文件和《公司章程》的规定，会议合法有效。 三、备查文件 （一 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥719,506,425.26, representing a 66.52% increase compared to ¥432,075,101.82 in the same period last year[5] - Net profit attributable to shareholders was ¥151,823,558.26, up 41.26% from ¥107,479,947.57 year-on-year[5] - Basic earnings per share rose to ¥1.48, a 39.62% increase from ¥1.06 in the same period last year[5] - Total operating revenue for the current period reached ¥719,506,425.26, a significant increase from ¥432,075,101.82 in the previous period, representing a growth of approximately 66.7%[25] - Net profit for the current period was ¥151,823,558.26, compared to ¥107,479,947.57 in the previous period, reflecting an increase of approximately 41.2%[26] - The total comprehensive income for the period reached ¥156,187,410.57, an increase of 46.5% compared to ¥106,628,338.13 in the previous period[27] Cash Flow - The net cash flow from operating activities increased by 95.51% to ¥179,128,336.46, compared to ¥91,620,000.35 in the previous year[5] - Cash inflow from operating activities totaled ¥894,721,566.87, a significant increase of 87.0% compared to ¥478,922,814.12[29] - Cash outflow for purchasing goods and services was ¥506,064,147.20, compared to ¥250,283,839.31, reflecting a rise of 102.2%[29] - Cash flow from investing activities generated a net inflow of ¥1,609,851.77, a turnaround from a net outflow of ¥70,874,388.23 in the previous period[29] - The company reported a net increase in cash and cash equivalents of ¥182,209,232.39, compared to an increase of ¥49,329,040.77 in the previous period[31] - The ending balance of cash and cash equivalents was ¥835,454,626.38, up from ¥651,520,369.10 at the end of the previous period[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,947,343,978.99, reflecting a 3.84% increase from ¥2,838,230,240.19 at the end of the previous year[5] - Current assets totaled ¥1,883,757,731.51, up from ¥1,823,460,607.51, which is an increase of approximately 3.3%[19] - Non-current assets rose to ¥1,063,586,247.48 from ¥1,014,769,632.68, representing a growth of about 4.8%[20] - The total liabilities decreased to ¥821,179,259.63 from ¥873,490,406.86, indicating a reduction of approximately 6.0%[21] - The company's equity attributable to shareholders increased to ¥2,126,164,719.36 from ¥1,964,739,833.33, reflecting a growth of about 8.2%[23] Research and Development - Research and development expenses surged by 111.09% to ¥29,350,439.45, compared to ¥13,904,173.46 in the same period last year, indicating a strong focus on innovation[11] - Research and development expenses for the current period were ¥29,350,439.45, compared to ¥13,904,173.46 in the previous period, showing an increase of approximately 111.5%[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,217[12] - The largest shareholder, Zhejiang Jiashao Yunhua Investment Management Co., holds 47.39% of shares, totaling 49,218,750 shares[12] - The second-largest shareholder, Wuyi Jiajin Investment Management Partnership, holds 9.03% of shares, totaling 9,375,000 shares[12] - The company has no preferred shareholders with restored voting rights[12] - The total number of restricted shares at the end of the period is 8,079,212 shares, with 91,125 shares released from restrictions during the period[15] - The company approved the release of 313,500 restricted shares for 26 eligible incentive recipients on April 10, 2025[16] - The total number of restricted shares held by executives and key personnel is 991,900 shares, which will be released in phases after 12 months[15] Operating Costs - The company experienced a 79.58% increase in operating costs, totaling ¥475,651,866.39, attributed to expanded sales and the establishment of a new production base in Vietnam[9] - Total operating costs amounted to ¥550,631,403.16, up from ¥303,799,741.68, indicating a rise of about 81.1%[25] Other Income and Financial Performance - The company reported a significant increase in other income, which rose by 614.50% to ¥4,609,899.26, primarily due to increased government subsidies[11] - The company reported a financial expense of ¥4,653,089.11, compared to a financial income of -¥3,610,388.26 in the previous period, indicating a significant shift in financial performance[26] Audit and Reporting - The company has not undergone an audit for the first quarter report[32] - The report was issued by the board of directors on April 29, 2025[33]

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-032 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 2024 年年度权益分派实施公告 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。 浙江嘉益保温科技股份有限公司（以下简称"公司"）2024 年年度权益分派方 案已获 2025 年 4 月 23 日召开的公司 2024 年度股东大会审议通过，现将权益分 派事宜公告如下： 一、股东大会审议通过权益分派方案情况 （一）公司 2024 年度股东大会审议通过了《关于 2024 年度利润分配及资本 公积金转增股本方案的议案》，具体方案如下：公司以现有总股本 103,869,300 股 为基数，向全体股东每 10 股派发现金红利 30 元（含税），合计派发现金红利 311,607,900 元（含税），本次分红占 2024 年合并报表归属于母公司所有者的净 利润的 42.51%；以资本公积金向全体股东每 10 股转增 4 股，不送红股，以此计 算增加股本 41, ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-033 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 关于嘉益转债转股价格调整的公告 派送股票股利或转增股本：P1=P0/（1＋n）； 增发新股或配股：P1=（P0＋A×k）/（1＋k）； 上述两项同时进行：P1=（P0＋A×k）/（1＋n＋k）； 派发现金股利：P1=P0－D； 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： 债券代码：123250，债券简称：嘉益转债 调整前转股价格：116.05 元/股 调整后转股价格：80.75 元/股 本次转股价格调整生效日期：2025 年 5 月 7 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于同意浙江嘉益保温科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可[2023]2740 号）同意注册， 公司向社会公众公开发行可转换公司债券 3,979,384 张，每张面值为人民币 100 元，发 ...