Core Viewpoint - The financial performance of Senying Windows (森鹰窗业) for the year 2024 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges for the company moving forward [1][2]. Financial Performance Summary - The company's operating revenue for 2024 was 567 million yuan, a decrease of 39.71% year-on-year [1][2]. - The net profit attributable to shareholders was -42.19 million yuan, compared to a profit of 14.60 million yuan in the previous year, marking a decline of 128.90% [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -56.74 million yuan, down 144.42% from 12.77 million yuan in the previous year [1][2]. - The net cash flow from operating activities was 12.43 million yuan, a decrease of 16.32% year-on-year [1][2]. Q1 2025 Performance Summary - In the first quarter of 2025, the company reported an operating revenue of 63.81 million yuan, a decline of 27.96% compared to the same period last year [3]. - The net profit attributable to shareholders for Q1 2025 was -7.98 million yuan, worsening from -1.76 million yuan in the previous year, reflecting a decline of 353.01% [3]. - The net cash flow from operating activities improved to 10.37 million yuan, compared to -17.54 million yuan in the same quarter of the previous year, indicating a 159.10% increase [3]. IPO and Fundraising Information - Senying Windows publicly issued 23.70 million shares, raising a total of 906.53 million yuan, with a net amount of 823.70 million yuan after expenses [4]. - The company initially planned to raise 673.46 million yuan for projects related to energy-efficient wooden windows and working capital [4]. - The total issuance costs amounted to 82.82 million yuan, including underwriting fees of 56.39 million yuan [4].

证券代码：301227 证券简称：森鹰窗业 公告编号：2025-053 哈尔滨森鹰窗业股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 哈尔滨森鹰窗业股份有限公司（以下简称"公司"）于近日收到保荐机构 民生证券股份有限公司（以下简称"民生证券"）出具的《关于变更持续督导 保荐代表人的函》，原保荐代表人崔彬彬先生因工作发生变动，民生证券委派 王嘉麟先生（简历见附件）接替崔彬彬先生的工作，继续履行对公司首次公开 发行股票并在创业板上市的持续督导保荐责任。 民生证券为公司首次公开发行股票并在创业板上市的保荐机构，法定持续 督导期限至2025年12月31日。 本次保荐代表人变更不影响民生证券对公司的持续督导工作，变更后公司 持续督导的保荐代表人为谢国敏先生和王嘉麟先生，将继续履行相关的职责和 义务，直至相关工作全部结束。 公司董事会对崔彬彬先生在公司首次公开发行股票项目保荐发行及持续督 导期间做出的贡献表示衷心的感谢。 特此公告。 2025年6月11日 1 附件：王嘉麟先生简历 王嘉麟，男，现任民生证券投资银行事业部业务副 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][11]. Core Views - The company is experiencing pressure on short-term revenue and profits due to a dual suppression effect from the real estate and consumer demand, leading to weakened industry demand and increased market competition [3][11]. - The report adjusts the profit expectations for 2025-2026 and introduces a new profit expectation for 2027, forecasting EPS of 0.04, 0.44, and 0.56 yuan for 2025-2027, respectively [11]. - The target price is set at 23.37 yuan, reflecting a 1.3x PB for 2025, indicating that the company's profitability still has room for recovery [11]. Financial Summary - Revenue is projected to decline significantly in 2024 to 567 million yuan, a year-on-year decrease of 39.7%, with a return to profitability expected in 2025 [5][11]. - The net profit attributable to the parent company is forecasted to be -42 million yuan in 2024, down from a profit of 146 million yuan in 2023, with a gradual recovery anticipated in subsequent years [5][11]. - The company's gross profit margin is expected to drop to 20.27% in 2024, a decrease of 15.92 percentage points year-on-year, primarily due to increased competition and reduced demand [11]. Market Data - The company's market capitalization is approximately 1,744 million yuan, with a total share capital of 95 million shares [6]. - The stock price has fluctuated between 14.34 and 21.70 yuan over the past 52 weeks [6]. Profitability and Efficiency Ratios - The return on equity (ROE) is expected to be -2.5% in 2024, indicating a challenging year for profitability [12]. - The sales gross margin is projected to recover to 34.7% by 2027, reflecting potential improvements in operational efficiency [12].

证券代码：301227 证券简称：森鹰窗业 公告编号：2025-052 哈尔滨森鹰窗业股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动 后合计持股比例触及1%及5%整数倍的提示性公告 二、持股比例触及 5%整数倍的具体情况 公司于2024年12月12日披露了《关于2023年限制性股票激励计划首次及预 留授予部分第一个归属期归属结果暨股份上市的公告》。公司实施了2023年限 制性股票激励计划，并已办理完成2023年限制性股票激励计划首次及预留授予 部分第一个归属期归属股份登记工作，本次限制性股票归属数量共计430,500股， 占公司当时总股本的比例为0.45%，归属涉及激励对象共计74人，上市流通日为 2024年12月17日。本次股份归属登记完成后，公司总股本由94,800,000股增加至 95,230,500股。 边书平先生、应京芬女士、边可欣女士、边可仁先生、刘楚洁女士保证向本公 司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 哈尔滨森鹰窗业股份有限公司（以下简称"公司"）于近日收到控股股东、 实际控制人 ...

哈尔滨森鹰窗业股份有限公司 简式权益变动报告书 上市公司名称：哈尔滨森鹰窗业股份有限公司 股票上市地点：深圳证券交易所 股票简称：森鹰窗业 股票代码：301227 信息披露义务人一：边书平 通讯地址：黑龙江省哈尔滨市松北区**** 信息披露义务人二：应京芬 通讯地址：黑龙江省哈尔滨市松北区**** 二、信息披露义务人签署本报告书已获得必要的授权和批准。 信息披露义务人三：边可欣 通讯地址：黑龙江省哈尔滨市松北区**** 信息披露义务人四：边可仁 通讯地址：江苏省南京市鼓楼区**** 信息披露义务人五：刘楚洁 通讯地址：江苏省南京市鼓楼区**** 权益变动性质：股份减少，合计持股比例触及 5%的整数倍 签署日期：2025 年 5 月 26 日 1 信息披露义务人声明 一、本报告书系信息披露义务人根据《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变 动报告书》及其他相关法律法规编写。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券 的公司信息披露内容与格式准则第 15 号——权益变动报告书》的规定，本报告 书已全面披露了信息 ...

Core Viewpoint - The energy-saving window industry is gaining traction as a key component of green buildings, driven by rising living standards, government policies, and increasing demand for energy-efficient solutions [1][4][12]. Industry Overview - Energy-saving windows are defined as those utilizing advanced technologies and materials to enhance insulation and airtightness, effectively reducing energy consumption and environmental impact [3]. - The market size of the energy-saving window industry reached 260 billion yuan in 2023, but is expected to decline in 2024 due to weak retail consumption influenced by the real estate market and budget cuts [1][12]. - By 2025, the market size is projected to rebound to 270 billion yuan, supported by ongoing green building initiatives and the demand for the renovation of old residential areas [1][12]. Policy Support - The Chinese government has recognized the importance of energy-saving windows, implementing various policies to promote their development, including the "Green Building Industry High-Quality Development Implementation Plan" and the "2024-2025 Energy Saving and Carbon Reduction Action Plan" [4][7]. - Specific targets include increasing the area of energy-saving renovations by over 200 million square meters by the end of 2025 and improving energy efficiency rates for residential and public buildings [4][7]. Industry Chain - The upstream of the energy-saving window industry includes key materials such as main profiles, glass, hardware accessories, and sealing strips, while the downstream encompasses applications in real estate, decoration, and home renovation [8]. Competitive Landscape - Major companies in the energy-saving window sector include Harbin Senying Window Industry Co., Ltd., Anhui Conch Environmental Protection New Materials Co., Ltd., and Guangdong Huangpai Custom Home Group Co., Ltd., among others [16][17]. Development Trends - There is a growing demand for customized energy-saving windows as consumers seek personalized decoration and functionality [21]. - The industry is also witnessing an acceleration in the adoption of smart technologies, with intelligent energy-saving windows becoming an integral part of smart home systems [22]. - The push for carbon neutrality and energy efficiency is expected to further drive the market for high-performance energy-saving windows, such as those made with thermal break aluminum and Low-E glass [23].

Core Viewpoint - The company reported significant declines in revenue and profit for the year 2024, indicating challenges in the external market environment and a need for strategic adjustments to improve competitiveness and capitalize on market opportunities [1][2][3]. Financial Performance - For the year 2024, the company achieved a revenue of 567 million yuan, a decrease of 39.71% year-on-year [1]. - The net profit was -42.19 million yuan, down 128.90% compared to the previous year [1]. - The non-recurring net profit was -56.74 million yuan, reflecting a decline of 144.42% year-on-year [1]. - The gross margin for the main business was 19.31%, a decrease of 15.10 percentage points year-on-year [1]. - The net cash flow from operating activities was 124 million yuan, down 16.32% from the previous year [1]. Business Model Analysis - The bulk business model generated revenue of 277 million yuan, a decline of 47.08%, with a gross margin decrease of 14.95% [1]. - The distributor business model brought in 275 million yuan, down 31.45%, with a gross margin decrease of 15.09% [1]. - Revenue from energy-efficient aluminum-clad wooden windows was 383 million yuan, a decrease of 51.53%, with a gross margin decline of 14.32% [1]. - Revenue from aluminum alloy windows increased by 27.17% to 146 million yuan, but the gross margin decreased by 8.12% [1]. - Curtain wall and sunroom products saw a revenue increase of 7.27%, although the gross margin declined by 10.96% [1]. Market Environment and Opportunities - The external market environment has significantly impacted the company's bulk business, particularly in aluminum-clad wooden window sales [2]. - The window industry faces challenges but also opportunities due to the dual carbon strategy, which promotes green, low-carbon, and energy-efficient building practices [2]. - The demand for home improvement is becoming a key support for the new housing market, with potential in the renovation market [2]. - There is still significant room for improvement in industry concentration, with leading companies expected to capture more market share [2]. Future Outlook and Strategy - The company anticipates a gradual recovery in the real estate market, supported by policy initiatives that restore market confidence [3]. - The company plans to enhance its core competitiveness through R&D, design innovation, and improved service levels [3][4]. - Strategies include increasing product awareness, implementing a multi-category sales strategy, and expanding into international markets [4]. - The company aims to improve supply chain capabilities and production efficiency while reducing costs through technological upgrades and increased R&D investment [4]. - The company has revised its fundraising projects to focus on enhancing production capacity for energy-efficient window components [5].

Group 1: Company Performance and Financials - In 2024, the company's revenue from bulk business decreased by 47.08% to CNY 277 million, with a gross margin decline of 14.95% [4] - Revenue from the dealer business model fell by 31.45% to CNY 275 million, with a gross margin decrease of 15.09% [4] - Revenue from energy-saving aluminum-clad wooden windows dropped by 51.53% to CNY 383 million, with a gross margin decline of 14.32% [5] - Revenue from aluminum alloy windows increased by 27.17% to CNY 146 million, but gross margin decreased by 8.12% [5] - Overall, the external market environment significantly impacted the company's bulk business, particularly in aluminum-clad wooden window sales [5] Group 2: Market Trends and Opportunities - The energy-saving window industry is undergoing transformation due to the dual carbon strategy, promoting green, low-carbon, and energy-efficient buildings [4][5] - The demand for improvement housing is becoming a key support for the new housing market, with the "old-for-new" renovation market gaining momentum [4] - The market penetration and popularity of high-performance window products remain low, indicating a significant opportunity for growth [4][5] - The industry still has substantial room for improvement in concentration, with leading companies expected to capture more market share [4][5] Group 3: Strategic Initiatives - The company plans to enhance product recognition and brand awareness through a multi-category, large single product, and full-channel sales strategy [3] - There is a focus on channel transformation, expanding the distribution network, and flagship operations in key cities [3] - The company aims to improve supply chain capacity and efficiency through investment in projects related to insulating glass and integrated materials [3] - Continuous innovation and increased R&D investment are prioritized to develop cost-effective products that meet market demands [3] Group 4: Future Outlook - The real estate market is showing signs of gradual recovery after adjustments, with improved market confidence and expectations for demand and supply [5] - The company will leverage industry trends such as increased energy efficiency requirements and accelerated demand for renovation to enhance its competitive edge [5] - The focus will be on providing comprehensive solutions for building openings, improving product diversity, and enhancing management efficiency [5]

证券代码：301227 证券简称：森鹰窗业 公告编号：2025-051 哈尔滨森鹰窗业股份有限公司 关于公司股份回购完成暨股份变动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 哈尔滨森鹰窗业股份有限公司（以下简称"公司"）于2025年3月14日召开 第九届董事会第十八次会议、第九届监事会第十四次会议，于2025年4月10日召 开2025年第二次临时股东大会，审议通过了《关于回购公司股份方案的议案》， 同意公司使用自有资金及自筹资金以集中竞价交易方式回购公司部分人民币普 通股A股股份（以下简称"本次回购"），用于后期员工持股计划或股权激励 计划的实施。若公司未能自本次回购实施完成之日起三年内将已回购的股份用 于前述用途的，未使用部分的回购股份将履行相关程序予以注销。本次用于回 购的资金总额为不低于人民币1,000万元（含），不超过人民币2,000万元（含）， 具体回购资金总额以实际使用的资金总额为准。本次回购股份期限为自公司股 东大会审议通过本次回购方案之日起不超过12个月。具体内容详见公司分别于 2025年3月18日和2025年4月15日披露于巨潮资 ...

证券代码：301227 证券简称：森鹰窗业 公告编号：2025-050 一、首次回购股份的具体情况 交价为17.70元/股，成交总金额为人民币154,420.00元（不含交易费用）。本次 回购符合公司回购股份方案及相关法律法规的要求。 二、其他说明 哈尔滨森鹰窗业股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 重要内容提示： 自筹资金以集中竞价交易方式回购公司部分人民币普通股A股股份（以下简称 "本次回购"），用于后期员工持股计划或股权激励计划的实施。若公司未能 自本次回购实施完成之日起三年内将已回购的股份用于前述用途的，未使用部 分的回购股份将履行相关程序予以注销。本次用于回购的资金总额为不低于人 民币1,000万元（含），不超过人民币2,000万元（含），具体回购资金总额以实 际使用的资金总额为准。具体回购股份的数量以回购结束时实际回购的股份数 量为准。本次回购股份期限为自公司股东大会审议通过本次回购方案之日起不 超过12个月。具体内容详见公司分别于2025年3月18日和2025年4月15日披露于 巨潮资讯网（www.cninfo.com.c ...