常州匠心独具智能家居股份有限公司 董事会关于独立董事独立性自查情况的专项意见 2025 年 4 月 23 日 根据中国证券监督管理委员会《上市公司独立董事管理办法》和深圳证券交 易所《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》等要求，常州匠心独具智能家居股 份有限公司（以下简称"公司"）董事会，就公司在任独立董事冯建华、郭欣、 王宏宇的独立性情况进行评估并出具如下专项意见： 常州匠心独具智能家居股份有限公司 经核查，独立董事冯建华、郭欣、王宏宇的任职经历以及签署的相关自查文 件，上述人员未在公司担任除独立董事以外的任何职务，也未在公司主要股东公 司担任任何职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其进 行独立客观判断的关系，不存在影响独立董事独立性的情况。因此，公司独立董 事符合《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》中对独立董事独立性的相关要求。 董事会 ...

Financial Performance - In 2024, the company achieved a revenue of 2.548 billion RMB, representing a year-on-year growth of 32.63%[24]. - The gross margin reached 39.35%, an increase of 5.74% compared to the same period in 2023[24]. - The net profit (after deducting share-based payment expenses) was 683 million RMB, a year-on-year increase of 67.64%[25]. - The company's operating revenue for 2024 reached ¥2,548,377,993.75, representing a 32.63% increase compared to ¥1,921,459,431.14 in 2023[72]. - Net profit attributable to shareholders increased by 67.64% to ¥682,935,697.75 in 2024 from ¥407,391,497.05 in 2023[72]. - The basic earnings per share rose to ¥4.10, a 67.35% increase from ¥2.45 in the previous year[72]. - The total assets of the company at the end of 2024 were ¥4,346,134,565.57, reflecting a 22.05% growth from ¥3,560,943,187.30 in 2023[72]. - The company reported a cash flow from operating activities of ¥495,622,447.07, a decrease of 6.44% from ¥529,737,996.29 in 2023[72]. - The weighted average return on equity increased to 20.69% in 2024 from 14.23% in 2023, showing a 6.46% improvement[72]. - The total non-recurring gains and losses for 2024 amounted to approximately 68.61 million, up from 51.20 million in 2023, indicating improved financial performance[78]. Market Presence and Customer Base - The company has deepened its international market presence, with product sales primarily denominated in USD, benefiting from stable USD interest rates and exchange rates, positively impacting foreign exchange gains[30]. - In 2024, all of the company's top 10 customers are from the US market, with 70% being retail customers; nine out of ten customers saw procurement growth ranging from 4.28% to 217.54%, indicating a strong increase in core customer collaboration[32]. - The number of retail customers in the US accounted for 83.78% of the total US furniture customers, with sales to these retailers representing 58.84% of the company's total revenue for the year[33]. - Sales to US retailers constituted 65.03% of the total sales in the US market, reflecting the company's increasing penetration and brand influence in mainstream retail channels[34]. - The company added 96 new retail customers in the U.S. market, with 14 of them listed in the "Top 100 Furniture Retailers in America" by Furniture Today[104]. - The company's products sold to the U.S. market accounted for 90.48% of total sales, aligning with industry trends and enhancing competitive advantage[88]. Product Development and Innovation - Continuous investment in R&D led to the successful launch of multiple new products in 2024, expanding market space and driving sales growth[28]. - The company is focused on developing smart home products, including electric sofas and beds, to meet evolving consumer demands in the furniture sector[82]. - The company launched multiple new products in 2024, effectively expanding market space and driving sales growth[100]. - The company has developed a new type of smart bed with protective functions, enhancing product safety and market competitiveness[131]. - The company has introduced innovative products such as wireless control sofas and massage function sofas, aimed at improving customer experience and expanding market reach[130][131]. Operational Efficiency and Challenges - The company focused on high-quality operations, optimizing production processes and quality control systems, which improved product stability and reduced complaint rates[29]. - The company faced temporary constraints on gross profit margin due to rising shipping costs and container shortages from Vietnam and China to the U.S. and Canada[103]. - From late June 2024, shipping rates from Vietnam and China to the US and Canada surged, creating container capacity shortages that have constrained overall gross margin improvement, which the company has identified as a key area for future optimization[31]. - The company is addressing raw material price volatility by optimizing production processes and strengthening supply chain management[169]. - Labor costs are rising, prompting the company to enhance automation and improve employee skills to mitigate related risks[169]. Strategic Plans and Future Outlook - The company plans to continue enhancing brand terminal construction and optimize in-store displays and interactive experiences with premium retail partners[53]. - The company aims to explore diversified market layouts and localized delivery capabilities to achieve sustainable global development[53]. - The company has planned to establish a new smart furniture production base by 2026, with an initial investment of 78.85 million CNY[153]. - A new R&D center is also planned to be established by 2026, with a committed investment of 9,757 million CNY[153]. - The company aims to deepen brand terminal construction and transition from a "channel participant" to a "brand owner" in major global markets[167]. Governance and Management - The company is committed to improving its governance structure and ensuring equal treatment of all shareholders during meetings[173]. - The board consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[174]. - The company has established a performance evaluation system linking senior management's performance to their compensation[177]. - The company maintains independence in assets, personnel, finance, organization, and business from its controlling shareholders[178]. - The company has a complete production system and independent operational capabilities, including procurement and sales[178]. Financial Management and Fundraising - The company raised a total of RMB 145.38 million by issuing 20 million A-shares at a price of RMB 72.69 per share[151]. - After deducting underwriting and related fees, the net amount raised was RMB 135.26 million[151]. - The company has established dedicated accounts for the management of raised funds, ensuring investor protection[152]. - The company has implemented strict management protocols for the use of raised funds to protect investor interests[152]. - The funds raised are fully deposited in a dedicated account as per regulatory requirements[152].

证券代码：301061 证券简称：匠心家居 公告编号：2025-002 常州匠心独具智能家居股份有限公司 关于首次公开发行前已发行股份上市流通的提示性公告 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、本次解除售股份为常州匠心独具智能家居股份有限公司（以下简称"公 司"或"匠心家居"）首次公开发行前已发行部分股份，本次解除限售的股份数 量为 124,800,000 股，占公司总股本的 74.57%，本次实际可上市流通数量为 34,756,800 股，占公司总股本的 20.77%，申请解除股份限售的股东户数为 5 户； 2、本次解除限售的股份上市流通日期为 2025 年 3 月 14 日（星期五）。 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意常州匠心独具智能家居股份有限公司 首次公开发行股票注册的批复》（证监许可〔2021〕2591 号）同意注册，并经深 圳证券交易所同意，公司首次公开发行的人民币普通股（A 股）股票 2,000 万股， 并于 2021 年 9 月 13 日在深圳证券交易所创 ...

中信建投证券股份有限公司 关于常州匠心独具智能家居股份有限公司首次公开发行前 已发行股份上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为常州匠心独具智能家居股份有限公司（以下简称"匠心家居"或"公司"）首 次公开发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理 办法》《深圳证券交易所创业板股票上市规则》及《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对匠心家居首次 公开发行前已发行股份上市流通的事项进行了核查，核查情况及核查意见如下： 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意常州匠心独具智能家居股份有限公司 首次公开发行股票注册的批复》（证监许可〔2021〕2591 号）同意注册，并经深 圳证券交易所同意，公司首次公开发行的人民币普通股（A 股）股票 2,000 万股， 并于 2021 年 9 月 13 日在深圳证券交易所创业板上市。首次公开发行后的公司总 股本为 80,000,000 股，其中有限售条件股份数量为 60,000,000 股，占发行后总股 ...

中信建投证券股份有限公司 关于常州匠心独具智能家居股份有限公司 培训时间：2025 年 3 月 3 日 培训地点及方式：常州匠心独具智能家居股份有限公司 培训对象：匠心家居董事、监事、高级管理人员、证券事务代表及公司控股 股东和实际控制人 二、培训的主要内容 本次培训结合《证券法》《深圳证券交易所上市公司自律监管指引第 2 号— —创业板上市公司规范运作》《深圳证券交易所创业板股票上市规则》等相关规 定，并结合案例，围绕上市公司信息披露、募集资金管理与使用、规范运作以及 上市公司现场检查等方面向参会人员进行了详细解读。 三、培训的完成情况及效果 本次持续督导培训的工作过程中，匠心家居及参会人员给予了积极配合。全 体参加培训人员均进行了认真深入学习，对于上市公司信息披露、募集资金管理 与使用、规范运作以及上市公司现场检查等有了更加深刻的理解和认识。本次培 训按照本保荐机构的持续督导计划、持续培训制度和培训计划进行，达到了预期 的培训效果。 深圳证券交易所： 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"）作 为常州匠心独具智能家居股份有限公司（以下简称"匠心家居"、"公司"）首次 公开发行股票 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company has released a performance forecast for 2024, which exceeds expectations, with an anticipated net profit attributable to shareholders ranging from 570 to 650 million yuan, representing a year-on-year growth of 39.9% to 59.6% [6]. - The company is actively promoting its own brand development, significantly increasing direct retail customers, and successfully advancing the store-in-store model [6]. - The company has demonstrated strong R&D capabilities, with new product series and innovations contributing to revenue growth and improved profit margins [6]. - The company is enhancing its after-sales service capabilities, leading to improved operational quality and efficiency [6]. - Short-term performance is driven by innovation and brand development, while long-term growth is supported by global expansion and product upgrades [6]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,921 million yuan in 2023 to 4,193 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 22.7% [2]. - Net profit attributable to shareholders is expected to increase from 407 million yuan in 2023 to 917 million yuan in 2026, reflecting a CAGR of about 21.3% [2]. - The gross margin is forecasted to improve slightly from 34.0% in 2023 to 35.1% in 2026 [2]. - The return on equity (ROE) is projected to rise from 13.6% in 2023 to 19.3% in 2026 [2]. Market Data - As of February 6, 2025, the closing price of the company's stock is 77.50 yuan, with a market capitalization of approximately 3,299 million yuan [3]. - The price-to-earnings (PE) ratio for 2024 is estimated at 21, decreasing to 14 by 2026 [2][3].

Investment Rating - The report assigns a "Buy" rating for the company [9]. Core Insights - The report highlights the company's rapid market share growth in the mid-to-high-end functional sofa market in the U.S., driven by manufacturing cost advantages, efficiency, and continuous investment in design innovation [2][4]. - The exploration of the store-in-store model is a key step in the company's brand overseas strategy, which is expected to enhance brand influence and boost product sales [2][4]. - The company is positioned as a leading exporter in the home furnishings sector, with strong product capabilities driving market share growth, and the anticipated U.S. interest rate cuts may further stimulate industry demand [2][4]. Summary by Sections Company Overview - The company focuses on smart electric sofas, which accounted for 74% of revenue in 2023, followed by smart electric beds and smart furniture accessories at 15% and 10%, respectively [4][15]. - The company has strategically strengthened its retail customer base, with retail customers accounting for 81.8% of U.S. furniture customers in the first three quarters of 2024 [4][24]. Financial Performance - In 2023, the company reported revenues and net profits of 1.92 billion and 410 million yuan, respectively, with a CAGR of 14% and 26% since 2017 [5][27]. - The company has seen steady improvement in profitability, with the net profit margin increasing from approximately 16.2% to 20.5% from 2021 to 2023, and is expected to continue this upward trend in 2024 [5][30]. Product and Manufacturing Advantages - The company emphasizes high-end positioning, superior design, and manufacturing advantages, which allow it to compete effectively in the U.S. market [6][40]. - The company has a significant cost advantage in manufacturing, supported by vertical supply chain integration and efficiency improvements [6][40]. Brand Expansion and Store-in-Store Model - The store-in-store model is crucial for brand building and enhancing sales performance, with over 150 stores established in the U.S. by the third quarter of 2024, aiming for 500 by early 2025 [7][85]. - The company has successfully leveraged its strong product capabilities to gain recognition from retail customers, which supports the ongoing exploration of the store-in-store model [7][85]. Market Outlook and Profit Forecast - The U.S. functional sofa market is estimated to be worth approximately 9.8 billion USD, with the company holding a market share of about 4%, indicating significant growth potential compared to industry leaders [8][88]. - The company is projected to achieve net profits of approximately 610 million and 730 million yuan in 2024 and 2025, respectively, with corresponding P/E ratios of 22.2 and 18.5 [8][104].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][16]. Core Insights - The company is projected to achieve a net profit attributable to shareholders of 5.7 to 6.5 billion yuan in 2024, representing a year-on-year growth of 40% to 60% [1]. - The growth in performance is attributed to several factors, including the expansion of self-owned brands, increased direct sales to retail customers, enhanced innovation and product development, improved operational quality and efficiency, and a focus on international markets [1][3]. - The company has successfully established over 150 "store-in-store" setups in retail locations across the U.S., with plans to expand to nearly 500 by Q1 2025, which is expected to drive sales growth [3]. Financial Projections - The company anticipates a net profit of 612.15 million yuan in 2024, with projections of 718.13 million yuan and 840.96 million yuan for 2025 and 2026, respectively [4]. - Revenue is expected to grow from 1,462.65 million yuan in 2022 to 2,542.62 million yuan in 2024, reflecting a growth rate of 32.33% [4][11]. - The projected EBITDA for 2024 is 652.50 million yuan, with a steady increase expected in subsequent years [4]. Market Position and Strategy - The company has expanded its customer base significantly, with all of its top 10 customers being U.S. retailers, and 70% of them being retail merchants [3]. - The focus on international markets, particularly with transactions primarily in U.S. dollars, has positively impacted the company's foreign exchange gains [1]. - The report highlights the need for the company to address challenges related to shipping container availability, which has affected overall gross margin improvement [2].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company has released a performance forecast for 2024, expecting a net profit attributable to shareholders of 570-650 million yuan, representing a year-on-year increase of 39.9% to 59.6%, with a median of 610 million yuan, indicating a 49.7% increase [1] - The fourth quarter net profit is projected to be between 139-219 million yuan, showing a year-on-year growth of 64.1% to 158.4%, with a median of 179 million yuan, reflecting a 111.2% increase [1] - The strong performance is attributed to favorable exchange rates and interest income, an increase in the proportion of high-margin new products, and improvements in operational efficiency and service costs [1][2] Summary by Sections Financial Performance - The company achieved total revenue of 1,463 million yuan in 2022, which increased to 1,921 million yuan in 2023, and is expected to reach 2,540 million yuan in 2024, reflecting a year-on-year growth rate of 32.2% [4][7] - The net profit attributable to shareholders is forecasted to grow from 335 million yuan in 2022 to 613 million yuan in 2024, with a year-on-year growth rate of 50.6% [4][7] - The gross profit margin is expected to improve from 32.6% in 2022 to 34.1% in 2024 [4][7] Market Trends - The recovery in terminal demand is supported by positive macroeconomic data from overseas, with U.S. furniture retail sales showing a year-on-year increase of 1.5% in October, 0.7% in November, and 5.3% in December [2] - The company is actively expanding its proprietary brand and accelerating the "store-in-store" model, with over 300 customer stores applying for this model by October 2024 [2] Competitive Position - The company has established a manufacturing base in Vietnam to mitigate tariff risks, ensuring that it can cover U.S. tax orders effectively [3] - The overseas brand, production, management, and service systems are maturing, enhancing the company's global competitive advantage [3] Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 613 million yuan, 704 million yuan, and 803 million yuan, respectively, with corresponding P/E ratios of 20.0X, 17.4X, and 15.3X [3]

Financial Performance - The company expects net profit attributable to shareholders to be between 570 million and 650 million CNY, representing a year-on-year growth of 39.91% to 59.55%[3] - The net profit after deducting non-recurring gains and losses is projected to be between 516 million and 596 million CNY, indicating a year-on-year increase of 44.87% to 67.33%[3] Operational Improvements - The company has significantly increased direct retail customers and successfully implemented the "store-in-store" model, contributing to performance growth[5] - Continuous enhancement of innovation and R&D capabilities has led to the successful development of new product lines, providing new momentum for revenue growth[6] - The company has focused on improving operational quality and efficiency, which has reduced costs related to customer complaints, returns, and after-sales services[7] Market Strategy - The company is concentrating on international markets, with product transactions primarily settled in USD, benefiting from stable USD interest rates and exchange rates[7] - A significant increase in shipping prices for exports from Vietnam and China to the US and Canada has posed challenges in obtaining sufficient containers, impacting overall gross margin[7]