Financial Performance - The company reported a basic earnings per share of -0.0871 yuan for Q1 2025, a decrease of 368.28% compared to -0.0186 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.08 billion yuan, reflecting a 300% decline from -0.02 billion yuan in Q1 2024 [1] - Operating revenue decreased by 28.09% to 0.64 billion yuan in Q1 2025, down from 0.89 billion yuan in Q1 2024 [1] - The return on equity was -0.48% in Q1 2025, a significant drop from -0.10% in Q1 2024 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 5.1222 million shares, accounting for 15.09% of the circulating shares, with a decrease of 656,000 shares compared to the previous period [2] - Notable shareholders include Meizhou Oupai Investment Industrial Co., Ltd. with 1.4043 million shares (4.14%), and new entrant Li Dafei with 386,800 shares (1.14%) [3] - Several shareholders exited the top ten list, including Zhongou Potential Value Flexible Allocation Mixed A and Morgan Stanley & Co. International PLC [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

证券代码：301227 证券简称：森鹰窗业 公告编号：2025-046 （一）本次计提信用减值损失及资产减值损失的原因 为真实、准确反映公司2025年第一季度的财务状况、资产价值与经营成果， 依照《企业会计准则》及公司会计政策的相关规定，基于谨慎性原则，公司对 合并报表范围内截至2025年3月31日的各类资产进行全面清查，对存在减值迹象 的相关资产计提相应的减值损失。 （二）本次计提信用减值损失及资产减值损失的资产范围、金额 公司对截至2025年3月31日合并报表范围内的可能发生减值迹象的资产，如 应收票据、应收账款、其他应收款、存货、合同资产等进行了全面核查和减值 测试，并根据结果相应计提信用减值损失及资产减值损失。 哈尔滨森鹰窗业股份有限公司 关于2025年第一季度计提信用减值损失和 资产减值损失的公告 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。 根据《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上市公司自律监管指南第1号——业务办理》 等相关法律法规的规定，哈尔滨森鹰窗业股份有限公司（以下简称"公司"） ...

证券代码：301227 证券简称：森鹰窗业 公告编号：2025-047 为进一步加强与投资者的互动交流，哈尔滨森鹰窗业股份有限公司（以下 简称"公司"）将参加由黑龙江省上市公司协会与深圳市全景网络有限公司联 合举办的"2025 年黑龙江辖区上市公司投资者集体接待日活动"，现将相关事 项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP，参与本次互动交流。活动时间为 2025 年 5 月 14 日（周三）14:00-16:30。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎 广大投资者踊跃参与。 特此公告。 哈尔滨森鹰窗业股份有限公司董事会 2025 年 4 月 28 日 哈尔滨森鹰窗业股份有限公司 关于参加黑龙江辖区上市公司2025年投资者 网上集体接待日活动的公告 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。 1 ...

证券代码：301227 证券简称：森鹰窗业 公告编号：2025-044 哈尔滨森鹰窗业股份有限公司 第九届监事会第十六次会议决议公告 一、监事会会议召开情况 哈尔滨森鹰窗业股份有限公司（以下简称"公司"）第九届监事会第十六 次会议于2025年4月25日在公司会议室以现场方式召开。本次会议通知于2025年 4月22日以邮件方式发出，会议应出席监事3人，实际出席监事3人。会议由监事 会主席赵丽丽女士召集并主持。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、监事会会议审议情况 经与会监事审议并以记名投票表决的方式，审议并通过了如下议案： （一）审议通过《关于公司2025年第一季度报告的议案》 监事会认为：公司《2025年第一季度报告》的编制与审核程序符合法律、 行政法规、中国证监会和深圳证券交易所的规定，公司《2025年第一季度报告》 的内容真实、准确、完整地反映了公司2025年第一季度经营情况，不存在虚假 记载、误导性陈述或重大遗漏。 具体内容详见公司披露于巨潮资讯网（http://www.cninfo.com.cn）的相关公 告。 本公司及监 ...

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].