证券代码：301061 证券简称：匠心家居 公告编号：2025-044 经审议，董事会一致认为公司 2025 年第三季度报告及其摘要内容符合法律、 行政法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确、完 整，不存在任何虚假记载、误导性陈述或者重大遗漏。 该议案已经公司第二届董事会审计委员会第十四次会议审核通过。 常州匠心独具智能家居股份有限公司 第二届董事会第二十一次会议决议公告 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、会议召开和出席情况 常州匠心独具智能家居股份有限公司（以下简称"公司"）第二届董事会第 二十一次会议于 2025 年 10 月 28 日（星期二）在公司会议室以现场表决结合通 讯表决的方式召开。本次会议通知及会议材料已于 2025 年 10 月 18 日以电子邮 件方式向公司全体董事发出。会议应到董事 9 人，实到 9 人，董事李小勤、徐梅 钧、Liu Chih-Hsiung 以通讯方式参会会议由董事长李小勤女士主持。公司高级管 理人员列席了会议。会议的召集和召开符合《公司法》及《公司章程》的有关规 定，会议合法、有 ...

Company Overview - Jiangxin Home (SZ 301061) announced on October 29 that its 2025 second quarterly board meeting was held on October 28, 2025, to review the third quarter report and its summary [1] - For the first half of 2025, Jiangxin Home's revenue composition was 99.86% from the furniture industry and 0.14% from other businesses [1] - As of the report date, Jiangxin Home's market capitalization was 21.5 billion yuan [1] Industry Context - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - A new "slow bull" market pattern is emerging, indicating a potential shift in investment dynamics [1]

Financial Performance - For the first nine months of 2025, the company achieved a revenue of RMB 2.511 billion, representing a year-on-year growth of 35.8%[13] - The gross profit margin increased to 38.36%, up by 4.92% compared to the same period in 2024[13] - The net profit attributable to shareholders reached RMB 658 million, a significant increase of 52.62% year-on-year, indicating improved profitability and operational efficiency[14] - The company's revenue for the third quarter reached ¥830,093,588.80, representing a 29.25% increase compared to the same period last year[52] - Net profit attributable to shareholders was ¥225,632,111.39, a 55.06% increase year-over-year[52] - The company reported a basic earnings per share of ¥1.04, up 55.22% from the previous year[52] - Total operating revenue for the current period reached ¥2,511,429,964, an increase of 35.7% compared to ¥1,849,333,507.64 in the previous period[70] - Net profit for the current period was ¥657,534,469.55, representing a 52.5% increase from ¥430,822,019.02 in the previous period[70] - The total comprehensive income amounted to approximately ¥617.89 million, compared to ¥410.67 million in the previous period, reflecting a growth of 50.5%[72] - Basic and diluted earnings per share increased to ¥3.02 from ¥1.99, marking a 51.3% rise[72] Customer and Market Expansion - Approximately 92.17% of the company's products were exported to the U.S. market, with 84.65% produced in Vietnam, enhancing cost efficiency and risk management[10] - The top ten customers were all from the U.S. market, with retail customers accounting for 70% of total sales, and nine out of ten customers saw procurement growth ranging from 16.64% to 635.28%[17] - The company added 67 new customers in the first nine months of 2025, with 63 from U.S. retail channels, indicating a strong expansion in the U.S. market[17] - Sales to U.S. retail customers accounted for 67.16% of total revenue, highlighting the growing influence and revenue share from this segment[19] - The company has made substantial progress in acquiring high-quality new clients, including a lifestyle brand with over 100 retail stores across 30 states, which has already placed multiple orders[36] - Another new client, a century-old mid-to-high-end furniture retailer with over 100 stores in 17 states, has transitioned from evaluation to execution, marking a significant partnership milestone[40] - The company has established a new collaboration with a large department store group, confirming product categories and styles for upcoming orders, further penetrating the high-end retail channel[39] Operational Efficiency and Strategy - The company is focusing on improving its electric bed business through product development and sales channel enhancements, aiming to regain growth momentum[14] - The strategic layout in Vietnam is expected to strengthen the company's competitive position in the U.S. market and enhance global competitiveness[10] - Clients have expressed strong trust in the company's operational model, stating that the current product structure and supply chain efficiency are effective, even amidst tariff uncertainties[35] - The company's commitment to innovation and quality has been validated by client feedback, reinforcing its strategic direction and operational effectiveness[34] - The company maintains a frugal culture, avoiding extravagant expenditures and opting for shared accommodations during exhibitions, which fosters team cohesion and reflects its core values[42] Financial Position and Cash Flow - Total assets at the end of the reporting period were ¥5,118,818,579.80, reflecting a 17.78% increase from the end of the previous year[52] - The company experienced a significant increase in sales expenses, which rose by 62.50% to ¥81,118,589.54 due to higher compensation and travel costs related to sales[59] - Research and development expenses increased by 38.88% to ¥126,319,072.08, driven by investments in new product development[59] - The net cash flow from operating activities increased by 28.72% to ¥556,602,258.03, primarily due to increased sales revenue and improved collections[60] - The net cash flow from investing activities decreased significantly by 365.34% to -¥802,999,111.96, mainly attributed to increased purchases of financial products[60] - The net cash flow from financing activities improved by 22.79% to -¥81,826,088.02, primarily due to an increase in short-term borrowings[60] - The cash and cash equivalents at the end of the period were approximately ¥1.74 billion, down from ¥2.09 billion at the beginning of the period[75] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,450, with no preferred shareholders[62] - The largest shareholder, Li Xiaoqin, holds 43.10% of the shares, amounting to 93,774,720 shares[62] - The second-largest shareholder, Ningbo Meishan Free Trade Port Area Suiyuxinrui Investment Co., Ltd., holds 24.01% of the shares, totaling 52,241,280 shares[62] - The company has a total of 125,055,937 restricted shares at the beginning of the period, with 68,875,950 shares released during the period[64] - The company plans to release restricted shares for Li Xiaoqin and others in March 2025[64] - The company has not reported any significant changes in the top 10 shareholders participating in margin trading[63] - There are no preferred shareholders or changes in restricted shares reported for the period[64]

Core Insights - The company reported a third-quarter revenue of 830 million yuan, representing a year-on-year growth of 29.25% [1] - The net profit for the third quarter was 226 million yuan, showing a year-on-year increase of 55.06% [1] - For the first three quarters, the total revenue reached 2.511 billion yuan, with a year-on-year growth of 35.80% [1] - The net profit for the first three quarters was 658 million yuan, reflecting a year-on-year increase of 52.62% [1]

Market Overview - The home goods sector increased by 0.09% compared to the previous trading day, with Longzhu Technology leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers - Longzhu Technology (code: 920445) closed at 14.74, up 11.25% with a trading volume of 286,100 shares and a turnover of 428 million yuan [1] - Ruilite (code: 002790) closed at 9.04, up 9.98% with a trading volume of 146,600 shares and a turnover of 129 million yuan [1] - Taipeng Intelligent (code: 920132) closed at 22.01, up 6.23% with a trading volume of 20,000 shares and a turnover of 43.28 million yuan [1] Underperformers - Zhiou Technology (code: 301376) closed at 18.39, down 6.98% with a trading volume of 95,500 shares and a turnover of 177 million yuan [2] - Meizhi Gao (code: 920765) closed at 26.60, down 4.32% with a trading volume of 31,100 shares and a turnover of 82.09 million yuan [2] - ST Songfa (code: 603268) closed at 55.35, down 3.54% with a trading volume of 34,400 shares and a turnover of 193 million yuan [2] Capital Flow - The home goods sector experienced a net outflow of 322 million yuan from institutional investors, while retail investors saw a net inflow of 306 million yuan [2] - The top stocks by net inflow from retail investors included Ruilite and Tianzhen Co., with net inflows of 30 million yuan and 21.6 million yuan respectively [3] Detailed Capital Flow - Ruilite had a net inflow of 30 million yuan from institutional investors, but a net outflow of 20.17 million yuan from speculative funds [3] - Tianzhen Co. saw a net inflow of 21.68 million yuan from institutional investors, with a net outflow of 2.34 million yuan from retail investors [3] - The overall capital flow indicates a mixed sentiment among different investor types within the home goods sector [3]

Core Viewpoint - The financing balance of the ChiNext market has increased significantly, indicating a positive trend in investor sentiment and market activity, with notable individual stocks experiencing substantial growth in financing balance [1][2]. Financing Balance Overview - The latest financing balance for ChiNext stocks is 527.196 billion yuan, an increase of 9.550 billion yuan compared to the previous period [1]. - The total margin balance for ChiNext stocks reached 529.059 billion yuan, with a day-on-day increase of 9.625 billion yuan [1]. - Among the stocks, 554 experienced an increase in financing balance, with 39 stocks seeing growth exceeding 10% [1]. Notable Stocks with Increased Financing Balance - The stock with the highest increase in financing balance is Jiangxin Home, with a balance of 29.232 million yuan, reflecting a 54.41% increase [3]. - Other significant increases were observed in Dingtai High-Tech (40.62%) and Weston (27.07%) [3]. - On average, stocks with over 10% increase in financing balance rose by 4.23% on the same day, with top performers including Xinle Energy (17.65%), Dingtai High-Tech (14.70%), and Suzhou Tianmai (14.17%) [1][3]. Stocks with Decreased Financing Balance - A total of 392 stocks saw a decrease in financing balance, with 53 stocks experiencing a decline of over 5% [4]. - The largest decrease was recorded by Guanzhong Ecology, with a financing balance of 73.5036 million yuan, down by 39.22% [4]. - Other notable declines included JuJiao Co. (-29.87%) and Weili Transmission (-19.26%) [4]. Capital Flow Insights - Among the stocks with increased financing balance, 23 stocks saw net inflows of main funds, with the highest inflows in Xiechuang Data (288 million yuan), Deepin Technology (193 million yuan), and Oulu Tong (155 million yuan) [2]. - Conversely, 16 stocks experienced net outflows, with the largest outflows in Yiwei Lithium Energy (-585 million yuan), Aerospace Intelligent Equipment (-282 million yuan), and Jinfeng Technology (-208 million yuan) [2].

Summary of Conference Call Notes Company Overview - **Company**: 匠心家居 (Motomotion) - **Industry**: Furniture and Home Furnishings - **Focus**: Smart electric sofas, primarily targeting the U.S. market - **Rating**: Initiated coverage with a "Buy" rating and a target price of Rmb 110.00 Key Points and Arguments Market Outlook - **U.S. Furniture Demand**: Expected to recover from a weak performance in 2022-2024, with projected growth rates of 5% in 2025, 8% in 2026, and 10% in 2027 due to factors such as declining interest rates and stable replacement demand [2][11][27] - **Company Growth**: Anticipated revenue growth of 31% in 2023, 33% in 2024, and 39% in H125, significantly outperforming the industry [2][45] Financial Projections - **Revenue and Profitability**: Projected revenue from Rmb 1,463 million in 2022 to Rmb 6,037 million by 2029, with a net profit increase from Rmb 334 million to Rmb 1,461 million over the same period [5] - **CAGR Estimates**: Expected revenue and net profit CAGRs of 23% and 18% from 2024 to 2027, respectively [1][2] Competitive Positioning - **Market Share Growth**: Current market share in the U.S. electric sofa market is 5.6%, expected to rise to 9.5% by 2027 [2][42] - **Product Innovation**: Focus on high-end market with innovative features such as wireless charging and immersive audio, leading to higher average selling prices (ASP) [51][50] Tariff Impact - **Tariff Strategy**: Company has shifted production to Vietnam, covering over 90% of U.S. sales, mitigating the impact of tariffs [3][4] - **Profit Margin Control**: Anticipated manageable impact on profit margins due to cost-sharing with upstream and downstream partners [3][28] Valuation - **Current Valuation**: Company is currently valued at 22x 2026E PE and 0.9x 2026E PEG, indicating potential for upward adjustment [4][9] - **Target Price**: Rmb 110.00 target price implies a 27x 2026E PE and 1.1x 2026E PEG, suggesting a 22% upside [4][7] Risks and Opportunities - **Market Risks**: Potential negative impact from rising retail prices due to tariffs and consumer sentiment [28][36] - **Opportunities**: Exit of smaller Chinese exporters from the U.S. market could provide market share opportunities for established players like 匠心家居 [3][42] Additional Insights - **Channel Inventory**: Current channel inventory levels are healthy, with a slight increase in inventory-to-sales ratios since Q225, indicating stable demand [34][37] - **Consumer Sentiment**: Despite concerns over consumer sentiment due to tariffs, the overall demand driven by housing transactions is expected to rebound [11][28] Conclusion - **Investment Thesis**: 匠心家居 is positioned as a strong player in the U.S. furniture market, with innovative products and a strategic focus on high-end segments. The anticipated recovery in the housing market and effective tariff management further bolster its growth prospects, justifying the "Buy" rating and target price.

Core Insights - Jiangxin Home Furnishing experienced a stock price increase of 5.23%, reaching 96.84 CNY per share, with a total market capitalization of 21.185 billion CNY [1] Company Overview - Jiangxin Home Furnishing Co., Ltd. was established on May 31, 2002, and went public on September 13, 2021. The company is located at 61 Xinggang Road, Changzhou, Jiangsu Province [1] - The main business activities include the research, design, production, and sales of smart electric sofas, smart electric beds, and their core components. The revenue breakdown is as follows: smart electric sofas 78.76%, components 12.06%, smart electric beds 8.34%, and others 0.84% [1] Fund Holdings - According to data, one fund under Galaxy Fund has a significant holding in Jiangxin Home Furnishing. The Galaxy Beautiful Mixed A Fund (519664) held 117,600 shares in the second quarter, accounting for 4.17% of the fund's net value, making it the seventh-largest holding [2] - The fund has generated an estimated floating profit of approximately 565,800 CNY today [2] Fund Manager Performance - The fund manager Wang Haihua has a tenure of 11 years and 327 days, with a total asset scale of 229 million CNY. The best fund return during his tenure is 206.15%, while the worst is -33.54% [3] - Co-manager Yang Qi has a tenure of 8 years and 292 days, managing assets totaling 520 million CNY. His best fund return is 70.44%, and the worst is -20.34% [3]

Core Viewpoint - The China Securities 1000 Growth ETF (562520) opened at a decline of 0.23%, indicating a slight downturn in the market performance of this fund [1] Group 1: ETF Performance - The China Securities 1000 Growth ETF (562520) opened at 1.285 yuan [1] - Since its establishment on March 8, 2022, the fund has achieved a return of 28.88% [1] - The fund's performance over the past month has been a return of 0.66% [1] Group 2: Top Holdings Performance - Major holdings in the ETF include: - Daotong Technology: down 0.63% [1] - Huatu Shanding: up 0.01% [1] - Tiande Yu: down 0.23% [1] - Lexin Technology: down 0.55% [1] - Hongsoft Technology: down 0.57% [1] - Taicheng Light: down 0.30% [1] - Lante Optical: up 0.03% [1] - Craft Home: up 0.52% [1] - Dahao Technology: down 0.25% [1] - Huabao New Energy: down 0.03% [1] Group 3: Fund Management - The fund is managed by Huaxia Fund Management Co., Ltd. [1] - The fund manager is Zhang Jinzhi [1] - The performance benchmark for the ETF is the China Securities Intelligent Selection 1000 Growth Innovation Strategy Index [1]

证券代码：301061 证券简称：匠心家居 公告编号：2025-043 常州匠心独具智能家居股份有限公司 关于2023年限制性股票激励计划第二个归属期 归属结果暨股份上市的公告 本公司及监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。 重要内容提示： 常州匠心独具智能家居股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日（星期一）召开了第二届董事会第二十次会议，审议通过了《关于 2023 年 限制性股票激励计划第二个归属期归属条件成就的议案》，近日，公司办理了 2023 年限制性股票激励计划（以下简称"本次激励计划"）第二个归属期归属 股份的登记工作。现将相关事宜公告如下： 一、本次股权激励计划简述 2024 年 9 月 13 日公司召开 2024 年第二次临时股东大会，审议通过了《关 于 2023 年限制性股票激励计划（草案修订稿）及其摘要的议案》等相关议案， 公司 2023 年限制性股票激励计划的主要内容如下： （一）本次激励计划采取的激励工具为限制性股票（第二类限制性股票）， 本次归属股票上市流通日：2025 年 10 月 21 日 本次归属股票数 ...