证券代码：301227 证券简称：森鹰窗业 公告编号：2025-043 哈尔滨森鹰窗业股份有限公司 第九届董事会第二十次会议决议公告 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。 一、董事会会议召开情况 哈尔滨森鹰窗业股份有限公司（以下简称"公司"）第九届董事会第二十 次会议于2025年4月25日在公司会议室以通讯结合现场方式召开。本次会议通知 于2025年4月22日以邮件方式发出，会议应出席董事7人，实际出席董事7人。会 议由董事长边书平先生召集并主持，公司监事及部分高级管理人员列席本次会 议。本次会议的召集、召开符合《公司法》《证券法》等法律、法规、规范性 文件及《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 经与会董事审议并以记名投票表决的方式，审议并通过了如下议案： 本议案已经公司董事会审计委员会审议通过。 （一）审议通过《关于公司2025年第一季度报告的议案》 公司董事认真审议了公司《2025年第一季度报告》，认为报告相关内容真 实、准确、完整地反映了公司2025年第一季度的财务状况和经营成果，不存在 虚假记载、误导性陈述或重大遗漏 ...

Financial Performance - The company's revenue for Q1 2025 was ¥63,808,512.06, representing a decrease of 27.96% compared to the same period last year[5] - The net profit attributable to shareholders was -¥7,975,519.72, a decline of 353.01% year-over-year[5] - The net profit for the current period is -7,975,377.31, compared to -1,760,572.88 in the previous period, indicating a significant decline[26] - The total profit for the current period is -6,688,893.67, down from -816,445.19 in the previous period[26] - Operating profit for the current period is -6,762,706.93, compared to -783,337.66 in the previous period, reflecting a worsening operational performance[26] - The net profit margin for the current period was impacted by a significant drop in revenue, leading to a loss in profitability[25] - The basic and diluted earnings per share for the current period are both -0.0871, compared to -0.0186 in the previous period[27] - The total comprehensive income for the current period is -7,975,377.31, down from -1,760,572.88 in the previous period[26] Cash Flow - The net cash flow from operating activities improved to ¥10,365,141.86, a significant increase of 159.10% compared to the previous year[5] - Cash flow from operating activities generated a net amount of 10,365,141.86, a recovery from -17,537,195.72 in the previous period[28] - Cash flow from investing activities resulted in a net inflow of 27,759,565.32, compared to a net outflow of -67,465,608.99 in the previous period[29] - Cash flow from financing activities showed a net outflow of -10,116,312.78, compared to -1,531,941.16 in the previous period[29] - The company received cash from the recovery of investments totaling 115,000,000.00, compared to 70,000,000.00 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,177,200,868.23, down 1.39% from the end of the previous year[5] - As of March 31, 2025, the total assets amounted to ¥2,177,200,868.23, a decrease from ¥2,207,792,663.00 at the beginning of the period[22][24] - The total current assets increased to ¥1,323,325,090.97 from ¥1,303,460,491.18, reflecting a growth of approximately 1.67%[22] - The company reported a decrease in accounts receivable from ¥290,942,919.45 to ¥249,268,027.83, a decline of about 14.4%[22] - The inventory increased from ¥130,056,092.30 to ¥150,191,113.36, representing a rise of approximately 15.5%[22] - The company’s cash and cash equivalents rose to ¥655,815,565.38 from ¥612,967,197.98, an increase of about 6.98%[22] - The cash and cash equivalents at the end of the period amount to 598,548,714.25, compared to 508,829,026.76 at the end of the previous period[29] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 7,871[10] - The largest shareholder, Bian Shuping, holds 55.17% of the shares, totaling 52,540,000 shares[10] - The company has a plan to maintain shareholder value and interests through share repurchases and stock incentive plans[14] - The company repurchased a total of 4,113,706 shares, accounting for 4.32% of the total share capital, with a total transaction amount of RMB 100,039,488.65[15] - The maximum transaction price during the repurchase was RMB 31.75 per share, while the minimum was RMB 16.09 per share[15] - The company plans to use no less than RMB 10 million and no more than RMB 20 million for future share repurchases, with at least 30% allocated for employee stock ownership plans[14] - The company’s major shareholders include Bian Shuping and Ying Jingfen, who are husband and wife, with significant shareholdings of 52,540,000 and 6,723,000 shares respectively[13] - The total number of shares held by the top 10 shareholders includes significant holdings by Li Dafei and Dai Minyi, with 386,800 and 323,200 shares respectively[12] Investments and Subsidiaries - The company established a wholly-owned subsidiary, Guangzhou Senying Door and Window Trading Co., Ltd., with a total investment of RMB 1 million[18] - The company established a wholly-owned subsidiary in the U.S., SAYYAS WINDOWS & DOORS INC, with an investment not exceeding $1.5 million[20] - The company completed the registration and filing procedures for changes in registered capital and business scope on January 20, 2025[17] - The company has established new fundraising accounts for the management of raised funds, ensuring compliance with regulatory requirements[19] Financial Management - The company experienced a 74.36% reduction in financial expenses, amounting to -¥1,014,939.12, primarily due to decreased interest income[8] - Investment income rose by 298.50% to ¥153,599.49, attributed to increased financial management returns[8] - The weighted average return on net assets was -0.48%, a decrease of 0.38% from the previous year[5] - The company plans to optimize overseas resource allocation and enhance its strategic layout in the North American market[20]

Core Viewpoint - Harbin Senying Window Industry Co., Ltd. reported its first loss in nearly a decade for the year 2024, with significant declines in both revenue and net profit attributed to the downturn in the real estate market and weak retail consumption [2][4]. Financial Performance - In 2024, the company achieved revenue of 567 million yuan, a decrease of 39.71% year-on-year; the net profit attributable to shareholders was a loss of 42 million yuan, down 128.90% year-on-year; and the net profit after deducting non-recurring items was a loss of 57 million yuan, a decline of 144.42% year-on-year [4][6]. - This marks the first loss since the company went public and the first loss in nearly ten years, with net profits consistently positive since 2011 until 2024 [4][5]. Market Conditions - The company attributed the 2024 performance decline to the deep adjustment phase of the real estate market, which has led to a significant slowdown in revenue recognition from major clients, primarily real estate developers and decoration companies [2][4]. - The company noted that the revenue recognition process has changed, with clients now requiring completion of multiple projects before confirming revenue, compared to previous practices [2][6]. Business Strategy - The company has been actively reducing its traditional bulk business, which previously accounted for about 60% of its sales, down to 50% in 2024 [6]. - The company is accelerating its channel transformation, optimizing distribution channels, and expanding its product range to include various energy-efficient windows [9][10]. Product Performance - The revenue from energy-efficient aluminum-clad wooden windows fell to 383 million yuan in 2024, a decrease of 51.53%, with its contribution to overall revenue dropping from 84.06% to 67.58% [6][7]. - In contrast, the sales volume, production volume, and inventory of metal windows increased significantly, with sales volume rising by 44.09% to 136,100 square meters [8]. Future Outlook - The company plans to enhance its focus on public building projects within its bulk business to improve cash flow and is also looking to expand its dealer network and optimize store layouts across various regions [9][10]. - Additionally, the company is exploring international markets, having registered a subsidiary in the U.S. and planning to develop localized window products for markets in North America, Australia, Europe, and the Middle East [11].

证券代码：301227 证券简称：森鹰窗业 公告编号：2025-042 哈尔滨森鹰窗业股份有限公司 关于美国孙公司完成注销的公告 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。 一、情况概述 为深化哈尔滨森鹰窗业股份有限公司（以下简称"公司"）在北美市场的 战略布局，优化海外资源配置效率，基于对美国区域市场的进一步调研分析， 公司全资子公司森鹰窗业（北京）有限公司以自有资金在美国得克萨斯州出资 设立全资子公司SAYYAS WINDOWS & DOORS INC。同时，公司有序终止原俄 勒冈州的同名孙公司SAYYAS WINDOWS & DOORS INC（以下简称"美国俄勒 冈州孙公司"）的运营并申请注销程序。具体内容详见公司于2025年2月25日及 2025年2月28日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于设立美 国全资孙公司的公告》《关于美国孙公司完成注册登记的公告》。 近日，美国俄勒冈州孙公司已办理完成注销手续，并取得了由俄勒冈州政 府下发的注销文件。 由于美国俄勒冈州孙公司未实际开展业务，注销美国俄勒冈州孙公司不会 ...

公司报告 | 年报点评报告 森鹰窗业（301227） 证券研究报告 打造"独特性"、"高性价比"的产品差异化优势 公司发布年报 24Q4 营收 1.9 亿同减 28%，归母净利-0.1 亿同减 138%，扣非后归母-0.13 亿同减 170%。 24 年收入 5.7 亿同减 40%，归母净利-0.42 亿同减 129%，扣非后归母净利 -0.57 亿同减 144%。 定位"节能·美窗"，稳步提升细分市场品牌知名度及美誉度 2024 年公司结合生产基地主要功能和产成品，分别对双城、王岗、南京工 厂进行主题式改造，并提升工厂的数据可视化功能，将工厂生产中的各种 数据实时采集、分析进行呈现。以线下工业游、线上 VR 展厅等方式打造 森鹰可视化智能工厂形象。 "三窗一门"产品策略，拓宽品类边界，新塑窗锚定存量中端市场 公司制定"三窗一门"中长期产品策略。从聚焦节能铝包木窗，逐步拓展 品类边界，将木窗、铝窗、新塑窗和入户门、幕墙及阳光房等产品组成矩 阵。针对不同区域气候条件、消费者习惯，采用不同产品设计与销售渠道 进行运营，贴近大宗业务和经销商业务的不同客户需求，打造"独特性"、 "高性价比"的产品差异化竞争优势。 2 ...

Core Viewpoint - The company, Senying Windows, reported a significant decline in revenue and net profit for the year 2024, primarily due to adverse market conditions in the real estate sector and increased competition [1][2][3]. Revenue Performance - The company's total revenue for 2024 was 567 million yuan, a decrease of 39.71% compared to 939.65 million yuan in the previous year [2]. - The wood door and window manufacturing segment generated revenue of 403.90 million yuan, down 50.10% year-on-year, with energy-saving aluminum-clad wood windows being the main contributor, generating 382.88 million yuan, a decline of 51.53% [2]. - Conversely, the metal door and window manufacturing segment saw revenue growth of 27.17%, amounting to 145.56 million yuan, partially offsetting the overall revenue decline [2]. Profitability Analysis - The net profit attributable to shareholders was -42.19 million yuan, a drop of 128.90% from a profit of 145.97 million yuan in the previous year [3]. - The net profit excluding non-recurring gains and losses was -56.74 million yuan, reflecting a 144.42% decrease year-on-year [3]. - The gross margin for the company's main business was 19.31%, down 15.10 percentage points, primarily due to insufficient capacity utilization and increased competition leading to price adjustments [3]. Cost and Expense Management - Sales expenses increased by 13.80% to 60.28 million yuan, up from 52.97 million yuan in the previous year, driven by higher employee compensation, advertising, and dealer support costs [4]. - The company is attempting to enhance market promotion efforts and expand sales channels in response to the challenging market environment [4]. Executive Compensation - The chairman's pre-tax salary for 2024 was 69,100 yuan, a further decline from 144,600 yuan in 2023, marking a continuous decrease over the past two years [5].

一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 证券代码：301227 证券简称：森鹰窗业 公告编号：2025-032 所有董事均已出席了审议本报告的董事会会议。 天健会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为天健会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 公司主要产品包括节能铝包木窗、铝合金窗、新塑窗、幕墙及阳光房，生产所需的主要原材料包括木 材、铝材、玻璃、水性漆、塑型材、五金件及密封胶条等。主要产品节能铝包木窗主要应用于具有中高 端需求的建筑外窗领域，公司通过提供定制化服务，在极力节能降耗的同时，满足不同客户的个性化需 求。经过多年的发展，公司在节能铝包木窗领域积累了较强的品牌影响力和认知度；幕墙及阳光 ...

Core Insights - Harbin Senying Window Industry Co., Ltd. reported significant declines in both revenue and net profit for the year 2024, indicating severe challenges faced by the company [1][3]. Financial Performance - The company's revenue for 2024 was 566.54 million yuan, a decrease of 39.71% compared to 939.65 million yuan in the previous year [2]. - The net profit attributable to shareholders was -42.19 million yuan, down 128.90% from 145.97 million yuan in the previous year, marking a shift from profit to loss [3][4]. - The gross profit margin fell to 19.31%, a decrease of 15.10 percentage points year-on-year, primarily due to insufficient capacity utilization and intense market competition [3]. Revenue Breakdown - The wooden door and window manufacturing segment generated 403.90 million yuan, a 50.10% decline, with energy-saving aluminum-clad wooden windows contributing 382.88 million yuan, down 51.53% [2]. - The metal door and window manufacturing segment saw revenue increase by 27.17% to 145.56 million yuan, partially offsetting the overall revenue decline [2]. Cost and Expenses - Sales expenses increased by 13.80% to 60.28 million yuan, driven by higher employee compensation and marketing costs [5]. - Management expenses rose slightly by 4.24% to 48.10 million yuan, reflecting stable operational costs [6]. - Financial expenses decreased significantly by 53.08% to -11.73 million yuan, mainly due to reduced interest income [7]. Cash Flow Analysis - Operating cash flow net amount was 124.34 million yuan, down 16.32% from the previous year, indicating challenges in sales collections [9]. - Investment cash flow net amount improved to -109.34 million yuan, a 20.13% increase, reflecting a rise in cash inflows from investment recoveries [10]. - Financing cash flow net amount decreased to -39.83 million yuan, with cash inflows from borrowings increasing significantly [11]. Research and Development - R&D expenses remained stable at 32.01 million yuan, accounting for 5.65% of revenue, indicating a commitment to innovation despite financial challenges [8][12]. - The number of R&D personnel increased by 23.40% to 116, enhancing the company's innovation capabilities [13]. Market Environment - The real estate market's downturn significantly impacted the company's revenue, with new housing starts and sales declining by 23.0% and 17.1%, respectively [2]. - Increased competition in the energy-saving window sector poses a challenge, necessitating innovation and adaptation to maintain market position [14]. Raw Material Costs - Direct material costs constitute 58.90% of the main business costs, making the company vulnerable to fluctuations in raw material prices [16]. Accounts Receivable - Accounts receivable amounted to 290.94 million yuan, representing 13.18% of total assets, indicating potential cash flow risks if the real estate sector continues to struggle [17].

Financial Performance - The company reported a basic earnings per share of -0.4600 yuan for 2024, a decrease of 129.87% compared to 1.5400 yuan in 2023 [1] - The net profit for 2024 was -0.42 billion yuan, down 128.77% from 1.46 billion yuan in 2023 [1] - Operating revenue decreased by 39.68% to 5.67 billion yuan in 2024 from 9.4 billion yuan in 2023 [1] - The return on equity was -2.43% in 2024, a significant drop from 8.08% in 2023 [1] - The net asset per share fell to 0 yuan in 2024, a 100% decrease from 19.44 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 577.82 million shares, accounting for 17.02% of the circulating shares, a decrease of 167.69 million shares from the previous period [1] - Notable shareholders include Meizhou Oupai Investment Industrial Co., Ltd. with 140.43 million shares (4.14%) and China Industrial Bank's fund with 80.22 million shares (2.36%) [2] - Several new shareholders entered the top ten, while others like Zhongou Growth Preferred Mixed A and Zhou Qin exited [2][3] Dividend Policy - The company has decided not to distribute dividends or increase capital [4]

民生证券股份有限公司 关于哈尔滨森鹰窗业股份有限公司 2024 年度募集资金存放与使用情况的专项核查意见 民生证券股份有限公司（以下简称"民生证券"、"保荐机构"）作为哈尔滨 森鹰窗业股份有限公司（以下简称"森鹰窗业"或"公司"）首次公开发行股票并 在深圳证券交易所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》、《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》以及《上市公司监管指引第2号——上市公 司募集资金管理和使用的监管要求》等相关法律、法规和规范性文件的要求，对森 鹰窗业2024年度募集资金实际存放与使用情况进行了核查，核查情况如下： 一、募集资金基本情况 | | 项目 | 序号 | 金额 | | --- | --- | --- | --- | | 募集资金净额 | | A | 82,370.21 | （一）实际募集资金金额、资金到账时间 根据中国证券监督管理委员会《关于同意哈尔滨森鹰窗业股份有限公司首次公 开发行股票注册的批复》（证监许可〔2022〕1442号），公司由主承销商民生证券 股份有限公司采用余额包销方式，向社会公众 ...