中国经济网北京2月25日讯 致欧科技(301376.SZ)今日股价下跌，截至收盘报19.36元，跌幅2.96%。 致欧科技于2023年6月21日在深交所创业板上市，公开发行4,015.00万股新股发行价格为24.66元/股，保 荐机构（主承销商）为广发证券，保荐代表人为肖东东、谭旭。 致欧科技首次公开发行股票募集资金总额为人民币99,009.90万元，募集资金净额为89,208.04万元。致欧 科技实际募资净额比原拟募资少59,368.51万元。致欧科技于2023年6月16披露的招股说明书显示，该公 司原拟募集资金148,576.55万元，用于研发设计中心建设项目、仓储物流体系扩建项目、郑州总部运营 管理中心建设项目、补充流动资金。 致欧科技首次公开发行股票的发行费用总额为9,801.86万元（不含增值税），其中，保荐承销费用 6,565.35万元。 (责任编辑：马欣) ...

2月25日，致欧科技跌2.96%，成交额6949.26万元，换手率1.84%，总市值77.92亿元。 异动分析 来源：新浪证券-红岸工作室 区间今日近3日近5日近10日近20日主力净流入-237.30万93.37万-142.56万-70.98万-1265.34万 跨境电商+宠物经济+露营经济+人民币贬值受益+ChatGPT概念 1、2023年6月9日互动易：公司经过多年持续对仓储物流体系的建设，已建立了具有差异化竞争优势的 "国内外自营仓+平台仓+第三方合作仓"跨境电商出口仓储物流体系。目前，公司在德国、美国等地设 立了多个海外自营仓，可以实现仓储物流自主管控，提高了发货、退换货、售后服务等业务环节的运作 效率，有利于提高消费者满意度， 相对于市场上大多数未设立海外仓的跨境电商企业具有显著的优 势。 2、根据公司招股说明书：公司的宠物系列产品主要包括家庭宠物使用的猫爬架等宠物家具以及猫窝、 狗窝、宠物垫等宠物家居产品。 3、2023年6月1日招股书显示公司庭院系列产品分为庭院家居类、休闲类和运动类。其中,庭院家居类主 要包括藤编家具套装、篱笆、花园桌、太阳伞等产品;休闲类主要包括吊床、吊椅、野餐垫、睡袋、休 ...

Investment Rating - The report assigns an "Increase" rating for the retail and wholesale trade industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by over 15% [5]. Core Insights - The U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal, leading to a proposed 5% reduction in tariffs on Chinese goods through the implementation of Section 122 of the Trade Act of 1974 [2][5]. - The Section 122 tariffs will have a broad exemption list, including critical minerals, energy products, certain agricultural products, pharmaceuticals, and vehicles, ensuring limited scope for the tariffs [4]. - The new tariffs will apply a uniform global rate of up to 15%, eliminating previous country-specific differences, thus impacting most trade partners similarly [4]. Summary by Sections Legal Context - The Supreme Court's decision on February 20, 2026, overturned the previous tariffs under IEEPA, stating that the power to impose taxes lies with Congress, not the President [5]. - The new tariffs under Section 122 are set to be temporary, with a maximum duration of 150 days unless extended by Congress [5]. Tariff Structure - The current tariff structure on Chinese goods includes four categories: 301 tariffs (7.5%-25%), 232 tariffs (25-50%), the new 122 tariffs (15%), and special taxes (e.g., fentanyl and reciprocal tariffs totaling 20%) [5]. - The ruling results in a net reduction of approximately 5% in tariffs on Chinese goods, alleviating some pressure on trade [5]. Investment Recommendations - The report recommends several companies for investment, including Anker Innovations, Ugreen Technology, Saiwei Times, Sumida, Jihong Co., and Zhiou Technology, all rated for "Increase" [5][6].

公司2025年前三季度实现营收60.82亿元，同比增长6.18%；归母净利润为2.72亿元，同比下降2.09%。 应收账款同比增幅显著，需关注年报披露后的财务表现。 以上内容基于公开资料整理，不构成投资建议。 公司股份回购方案已实施完毕，累计回购股份2,905,400股，占总股本的0.72%。剩余股份计划在回购完 成后的36个月内用于股权激励或员工持股计划，若未及时使用将予以注销。 业绩经营情况 经济观察网致欧科技（301376）股份回购方案已实施完毕，部分股份已用于员工持股计划。公司拟向全 体股东每10股派发现金股利2元(含税)。2025年前三季度营收60.82亿元，同比增长6.18%；归母净利润 2.72亿元，同比下降2.09%。 公司状况 ...

格隆汇2月3日丨致欧科技(301376.SZ)公布，截至本公告日，本次回购方案已实施完毕，公司通过股票 回购专用证券账户以集中竞价交易方式回购股份2,905,400股，占公司目前总股本的0.72%，最高成交价 为20.24元/股，最低成交价为14.82元/股，成交金额为50,001,617.00元（不含交易费用）。上述回购符合 公司回购股份方案及相关法律法规的要求。公司回购股份总金额已超回购方案中回购资金总额下限 5,000万元，且未超过回购方案中回购资金总额上限10,000万元。 ...

Investment Rating - The report maintains a positive investment rating for the cross-border e-commerce industry [11]. Core Insights - Cross-border e-commerce is characterized by high customer unit prices and high markup rates, but it has a longer midstream chain, leading to significant fluctuations in profitability [22]. - The industry is currently in a recovery phase, with a projected revenue growth of 26% in 2024 and 15% in Q1-Q3 of 2025, while non-recurring net profits are expected to decline by 46% and grow by 1% respectively [3][7]. - The report emphasizes the cyclical nature of profitability in the industry, with leading sellers gaining a relative advantage [8]. Summary by Sections Introduction: Exploring the Operating Cycle of Cross-Border E-Commerce - Cross-border e-commerce involves pre-stocking goods in overseas warehouses and includes complex logistics processes such as customs clearance and last-mile delivery, making it more intricate than traditional consumer goods [3][7]. Review: Strong Profitability Cycles and Head Seller Advantages - Historical analysis shows that the penetration rate of overseas e-commerce and the share of Chinese sellers are increasing, establishing a high growth baseline for the industry [8]. - The industry is transitioning from a phase dominated by e-commerce dividends to one focused on quality and compliance, with leading sellers outperforming overall industry growth [8]. Current Situation: Negative Impacts Easing, Industry Bottoming Out - The industry is currently in a recovery phase, driven by orderly supply chain transitions and tax reforms in China's e-commerce sector, which enhance competitive dynamics among leading sellers [9]. - Inventory levels among top sellers have reached historical lows, indicating that the inventory destocking phase is nearing its end, and shipping costs still have room to decline [9]. Investment Recommendations: Lightening the Load, Performance Inflection Point Expected - The report suggests that the cross-border e-commerce industry is expected to experience a performance inflection point in 2026, with revenue and profitability on an upward trajectory [10]. - Recommended companies include Anker Innovations and Ugreen Technology, which are leveraging channel and operational advantages to build brand recognition among overseas consumers [10].

证券代码：301376 证券简称：致欧科技 公告编号：2026-002 致欧家居科技股份有限公司 关于回购股份进展暨回购实施结果的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 致欧家居科技股份有限公司（以下简称"公司"）于 2025 年 2 月 10 日召开 第二届董事会第十三次会议、第二届监事会第十一次会议审议，审议通过了《关 于回购公司股份方案的议案》。公司拟使用自有资金及银行回购专项贷款以集中 竞价交易方式回购公司股份（以下简称"本次回购"），用于实施员工持股计划 或股权激励计划。本次回购股份的种类为公司已发行的人民币普通股（A 股）。 本次回购的资金总额不低于人民币 5,000 万元（含）且不超过人民币 10,000 万元 （含），回购价格不超过人民币 28.00 元/股（含）。具体回购股份的数量和金额 以回购期满时实际回购的股份数量和金额为准。本次回购期限为自公司董事会审 议通过回购股份方案之日起不超过 12 个月。具体内容详见公司于 2025 年 2 月 11 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于回购公司股份方 ...

广发证券股份有限公司 | 6.募集资金使用与已披露情况是否一致，项目进度、投资效 | √ | | --- | --- | | 益是否与招股说明书等相符 | | | 7.募集资金项目实施过程中是否不存在重大风险 | √ | | （六）业绩情况 | | | 现场检查手段：1、查阅公司财务报表及相关信息披露文件；2、查阅同行业公司披露 | | | 信息，核查公司业绩与行业情况是否匹配。 | | | √ 1.业绩是否存在大幅波动的情况 | | | 2.业绩大幅波动是否存在合理解释 √ | | | 3.与同行业可比公司比较，公司业绩是否不存在明显异常 | √ | | （七）公司及股东承诺履行情况 | | | 现场检查手段：1、查阅公司及股东出具的相关承诺以及履行情况；2、取得公司关于 | | | 公司及股东承诺履行情况的说明函。 | | | 1.公司是否完全履行了相关承诺 | √ | | 2.公司股东是否完全履行了相关承诺 | √ | | （八）其他重要事项 | | | 现场检查手段：1、查阅公司现金分红相关制度、定期报告和相关临时公告；2、查阅 | | | 公司重大合同、大额资金支付记录原始凭证及相关审批文件；3、对 ...

| 保荐机构：广发证券股份有限公司 | 培训对象：致欧家居科技股份有限公司 | | --- | --- | | 保荐代表人姓名：肖东东 | 联系电话：020-66338888 | | 保荐代表人姓名：谭旭 | 联系电话：020-66338888 | 培训实施人员姓名：肖东东 参加培训人员：致欧科技控股股东、实际控制人和全体董事、高级管理人员及部 分中层以上管理人员 培训时间：2025 年 12 月 29 日 培训对应期间：2025 年度 广发证券股份有限公司关于致欧家居科技股份有限公司 2025 年度持续督导培训工作报告 交流，保证了本次培训的顺利开展。 三、培训效果 通过讲解相关法律法规，介绍相关案例，致欧科技上述人员对上市公司最新 监管规定、政策以及上市公司在公司治理、募集资金使用等方面的规范运作要 求有了更系统、全面的认识，有助于致欧科技进一步提高信息披露质量和规范运 作水平。本次培训达到预期效果。 培训主要内容：解读近期监管新规、政策及上市公司监管案例，并强调公 司治理规范、募集资金使用规范等 一、培训基本情况 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为致欧 家居科技股份有限公司（ ...

Company and Industry Summary Company Overview - **Company Name**: Zhou Technology - **Business Focus**: Cross-border e-commerce, primarily in small to medium-sized home goods - **Revenue Breakdown**: 60% from Europe, over 30% from the US, with the remainder from other regions [doc id='3'][doc id='6'] Core Industry Insights - **Industry Position**: Chinese companies dominate the cross-border e-commerce sector due to high efficiency, low costs, and industrial cluster advantages [doc id='6'] - **Market Dynamics**: The cross-border e-commerce industry is expected to benefit from regulatory normalization and anti-tax avoidance policies, which may optimize the competitive landscape [doc id='2'][doc id='4'] Financial Performance - **2025 Q3 Results**: Revenue increased by 6%, net profit attributable to shareholders decreased by 2%, while non-GAAP net profit grew by 11% [doc id='2'][doc id='7'] - **Regional Performance**: European revenue grew by over 10%, while North American growth slowed to 2% due to tariffs [doc id='7'] Growth Potential - **Future Growth Drivers**: - Positioning as an "online IKEA" with significant category expansion potential - Anticipated operational turnaround in Q4 2025 due to improved product launches and increased capacity in the US and Southeast Asia [doc id='4'][doc id='11] - **Incentive Mechanism**: New equity incentive plan set revenue and profit targets for 2026 and 2027, with a growth target of over 25% for 2025 [doc id='12'] Brand and Logistics Strengths - **Brand Performance**: Strong brand presence in Europe, ranking high on Amazon platforms, with notable positions in France and Italy [doc id='8'][doc id='9'] - **Logistics Efficiency**: Established a robust logistics system in Europe with a self-shipping ratio of 78%, which reduces costs and enhances customer satisfaction [doc id='9][doc id='10'] Market Challenges - **US Market Dynamics**: The US market lags behind Europe in cross-border e-commerce, with a wholesale ratio of only 30% as of June 2025 [doc id='10'] - **Tariff Impact**: Tariffs have affected growth, but increasing procurement from Southeast Asia is expected to mitigate these effects [doc id='7'] Profitability Outlook - **Current Profit Margins**: Currently at historical lows, but expected to improve as the industry landscape stabilizes and tax conditions remain favorable [doc id='13'] - **Interest Rate Sensitivity**: Demand for durable goods in the US is sensitive to interest rate changes, with anticipated rate cuts in 2026 likely to boost demand [doc id='14]