Core Viewpoint - The company, Zhiyou Technology, is experiencing a decline in stock price and has a significant overseas revenue share, benefiting from the depreciation of the RMB. Group 1: Company Performance - On September 18, Zhiyou Technology's stock fell by 2.50%, with a trading volume of 98.86 million yuan and a market capitalization of 7.987 billion yuan [1] - For the first half of 2025, the company achieved a revenue of 4.044 billion yuan, representing a year-on-year growth of 8.68%, and a net profit of 190 million yuan, up 11.03% year-on-year [8] - The company has established a cross-border e-commerce logistics system with self-operated warehouses in Germany and the United States, enhancing operational efficiency and customer satisfaction [2][3] Group 2: Product and Market Strategy - Zhiyou Technology's product lines include outdoor furniture, leisure products, and pet-related items, with a focus on the pet economy and cross-border e-commerce [2][3] - The company collaborates with influencers on platforms like TikTok to promote its products, although current sales contributions from these efforts are relatively small [2] - As of the 2024 annual report, overseas revenue accounts for 98.88% of total revenue, benefiting from the depreciation of the RMB [3] Group 3: Shareholder and Market Dynamics - As of June 30, 2025, the number of shareholders increased by 26.05% to 11,300, while the average circulating shares per person decreased by 20.35% [8] - The stock's average trading cost is 19.29 yuan, with the current price approaching a resistance level of 20.00 yuan, indicating potential for upward movement if the resistance is broken [6]

根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）《深圳证券 交易所创业板股票上市规则》（以下简称"《上市规则》"）《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》（以下简称"《监管指南第 1 号》"） 等相关法律法规的规定，公司对 2025 年限制性股票激励计划（以下简称"本次激 励计划"）授予激励对象的姓名和职务在公司内部进行了公示，公司监事会结合公 示情况对激励名单进行了核查，相关公示情况及核查意见如下： 证券代码：301376 证券简称：致欧科技 公告编号：2025-064 一、公示情况 致欧家居科技股份有限公司 监事会关于 2025 年限制性股票激励计划 授予激励对象名单的公示情况说明及核查意见 本公司及监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 9 月 5 日召开第二 届董事会第十六次会议和第二届监事会第十四次会议，审议通过了《关于公司 <2025 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案，具体内容 详见公司 2025 年 9 月 5 日披露于巨 ...

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of trade-in subsidies for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - A total of 17 listed home furnishing companies reported combined revenue of 43.433 billion yuan, a slight increase of 6.1% year-on-year - Gujia Home ranked first with revenue of 9.801 billion yuan, 1.83 times that of the second-ranked Henglin Shares [1] Cost Control - The operating costs of home furnishing companies generally increased, with over half of the companies experiencing a growth rate in costs higher than revenue growth - Gujia Home had the highest operating cost at 6.577 billion yuan, while Henglin Shares had an operating cost ratio of 82.1% [1] Expense Efficiency - Only Meike Home and *ST Yazhen reduced sales, management, and R&D expenses year-on-year - *ST Yazhen had the highest management expense ratio at approximately 22.2% among the 17 companies [1] R&D Investment - R&D expense ratios for home furnishing companies remained between 2% and 5% - Qisheng Technology and Xiangxin Home led with R&D expense ratios of 5.3% and 5.2% respectively [1] Profitability - Gujia Home reported a net profit of approximately 1.021 billion yuan, a year-on-year increase of 13.9%, surpassing the combined net profit of the second and third-ranked companies by over 76 million yuan [1] Profit Quality - Meike Home, Yongyi Shares, and Zhongyuan Home reported positive cash flow from operating activities, while nearly 60% of companies saw a year-on-year decrease in cash flow [1] - *ST Yazhen had the highest accounts receivable turnover days at approximately 127 days [1]

Group 1: Overview of the Erqi Commercial Circle - The Erqi Commercial Circle in Zhengzhou is a historical commercial hub, known for its significant contributions to the local economy and culture [1][2] - The area has evolved over the years, with notable developments such as the Asia Joy City and the introduction of innovative concepts like the BYD Space for electric vehicles [1][2] - The transformation of traditional commercial landmarks into modern shopping and entertainment spaces reflects the changing consumer preferences, particularly among the younger generation [1][2] Group 2: Economic and Business Landscape - The Erqi District is home to 22 large supermarkets, 283 regulated trade enterprises, and 42 trade markets, employing over 140,000 people in the wholesale and retail sectors [2] - The district is exploring the "Yiwu model" of global trade, aiming to integrate local commerce with digital trade opportunities [2][4] - Companies like Haiyi Cloud Commerce have successfully transitioned from traditional retail to e-commerce, showcasing the potential for growth in the digital economy [2][3] Group 3: Cross-Border E-Commerce Development - Zhiou Home Technology is recognized as the first cross-border e-commerce listed company in Henan, with a strong presence in international markets [3] - The district is focusing on building a robust supply chain and brand incubation platform to enhance its position in the clothing trade [3] - The establishment of logistics hubs and international trade centers is expected to facilitate the growth of cross-border e-commerce in the region [4][5] Group 4: Future Prospects and Strategic Initiatives - The Erqi District aims to develop a high-efficiency trade service platform to support local businesses in accessing global markets [5] - Plans include the construction of various centers to enhance cross-border e-commerce capabilities and foster international trade [5] - The district's strategy emphasizes the integration of digital trade with traditional commerce, positioning it as a key player in the evolving commercial landscape [4][5]

广发证券股份有限公司 关于致欧家居科技股份有限公司 | 股份流通限制及自愿锁定的承诺 | | | | --- | --- | --- | | 控股股东、实际控制人、持股 2. 5% | | | | 以上股东关于持股意向及减持意向 | 是 | 不适用 | | 的承诺 | | | | 3.公司及其控股股东、实际控制人、 | | | | 董事、高级管理人员关于上市后三 | 是 | 不适用 | | 年内稳定股价的预案及承诺 | | | | 4.公司及其控股股东、实际控制人、 | | | | 董事、高级管理人员关于切实履行 | 是 | 不适用 | | 填补被摊薄即期回报措施的承诺 | | | | 5.公司及其控股股东、实际控制人、 | | | | 董事、监事、高级管理人员招股说 | 是 | 不适用 | | 明书信息披露的承诺 | | | | 6.公司关于利润分配政策的承诺 | 是 | 不适用 | | 7.公司及其控股股东、实际控制人关 | 是 | 不适用 | | 于欺诈发行上市的股份回购承诺 | | | | 8.公司及其控股股东、实际控制人、 | | | | 股东、董事、监事、高级管理人员 | 是 | 不适用 | | ...

Core Viewpoint - The company, Zhiyou Technology, is experiencing growth in its overseas revenue, primarily benefiting from the depreciation of the RMB and its strategic partnerships with influencers in the e-commerce space [2][3]. Group 1: Company Overview - Zhiyou Technology was established on January 8, 2010, and is located in Zhengzhou, Henan Province. It specializes in the research, design, and sales of self-owned brand home products [7]. - The company's main business revenue composition is 99.09% from cross-border e-commerce retail and 0.91% from other sources [7]. - As of June 30, 2025, the company reported a revenue of 4.044 billion yuan, representing a year-on-year growth of 8.68%, and a net profit of 190 million yuan, with an increase of 11.03% year-on-year [8]. Group 2: Market Position and Strategy - The company has established a differentiated competitive advantage in its cross-border e-commerce logistics system, which includes domestic and overseas self-operated warehouses, platform warehouses, and third-party cooperative warehouses [2]. - The company has collaborated with influencers on platforms like TikTok to enhance sales, although the current contribution to sales is relatively small [2]. - The company’s product lines include outdoor home products, leisure items, and pet products, catering to various consumer needs [3][7]. Group 3: Financial Performance and Shareholder Information - As of June 30, 2025, the number of shareholders increased by 26.05% to 11,300, while the average circulating shares per person decreased by 20.35% [8]. - The company has distributed a total of 321 million yuan in dividends since its A-share listing [8]. - The average trading cost of the stock is 19.19 yuan, with the stock price nearing a resistance level of 20.00 yuan, indicating potential for upward movement if the resistance is broken [6].

Core Viewpoint - The company, Zhiyou Technology, is benefiting from various economic trends including the influencer economy, cross-border e-commerce, and the pet economy, with a significant portion of its revenue coming from overseas due to the depreciation of the RMB [2][3]. Group 1: Company Overview - Zhiyou Technology was established on January 8, 2010, and is located in Zhengzhou, Henan Province. The company focuses on the research, design, and sales of its own brand home products [7]. - The main business revenue composition is 99.09% from cross-border e-commerce retail and 0.91% from other sources [7]. - As of June 30, 2025, the company had 11,300 shareholders, an increase of 26.05% from the previous period [8]. Group 2: Financial Performance - For the first half of 2025, Zhiyou Technology achieved a revenue of 4.044 billion yuan, representing a year-on-year growth of 8.68%, and a net profit attributable to shareholders of 190 million yuan, up 11.03% year-on-year [8]. - The company has distributed a total of 321 million yuan in dividends since its A-share listing [8]. Group 3: Market Position and Strategy - The company has established a differentiated competitive advantage in its cross-border e-commerce logistics system, with self-operated warehouses in Germany and the USA, enhancing operational efficiency and customer satisfaction [2][3]. - The product range includes outdoor and pet-related items, with a focus on garden furniture, leisure products, and pet furniture [2][3]. Group 4: Stock Performance - On September 10, the stock price of Zhiyou Technology fell by 0.45%, with a trading volume of 60.1833 million yuan and a market capitalization of 8.052 billion yuan [1]. - The average trading cost of the stock is 19.18 yuan, with the current price near a support level of 20.00 yuan [6].

Group 1 - The football concept sector rose by 2.25%, ranking third among concept sectors, with 27 stocks increasing, including Co-Creation Turf, Guangdong Media, and Tianfu Culture Tourism hitting the daily limit [1][2] - Leading stocks in the football concept sector included Jinling Sports, Aibisen, and Kevin Education, which rose by 9.93%, 6.06%, and 4.55% respectively [1][2] - The sector experienced a net inflow of 700 million yuan from main funds, with 19 stocks receiving net inflows, and 8 stocks seeing inflows exceeding 10 million yuan [2][3] Group 2 - Tianfu Culture Tourism topped the net inflow list with 525 million yuan, followed by Guangdong Media, Co-Creation Turf, and Jinling Sports with net inflows of 139 million yuan, 54.5 million yuan, and 28.3 million yuan respectively [2][3] - The net inflow ratios for Tianfu Culture Tourism, Co-Creation Turf, and Guangdong Media were 25.59%, 18.82%, and 12.06% respectively [3] - Stocks with notable performance included Tianfu Culture Tourism with a daily increase of 9.97% and a turnover rate of 22.66%, and Guangdong Media with a daily increase of 9.99% and a turnover rate of 10.99% [3][4]

Core Viewpoint - The company has announced a stock incentive plan for employees, aiming for significant revenue and profit growth from 2025 to 2027, reflecting strong confidence in its development trajectory [1][2]. Revenue Growth Targets - The company targets revenue growth rates of no less than 16.83%, 46.03%, and 67.94% for the years 2025, 2026, and 2027 respectively, with corresponding revenue goals of 94.9 billion, 118.6 billion, and 136.4 billion yuan, representing year-on-year increases of 17%, 25%, and 15% [1]. - Trigger values for revenue growth are set at 10.99%, 38.73%, and 59.54% for the same years, with respective revenue targets of 90.2 billion, 112.7 billion, and 129.6 billion yuan, indicating year-on-year increases of 11%, 25%, and 15% [1]. Profit Growth Targets - The profit growth targets are set at no less than 32.25% and 52.09% for 2026 and 2027, with corresponding profit goals of 4.4 billion and 5.1 billion yuan, reflecting a year-on-year increase of 15% for 2027 [2]. - Trigger values for profit growth are established at 25.64% and 44.48% for the same years, with respective profit targets of 4.2 billion and 4.8 billion yuan, also indicating a year-on-year increase of 15% for 2027 [2]. Recent Financial Performance - In the first half of 2025, the company achieved revenue of 40.44 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 1.90 billion yuan, up 11.03% year-on-year [3]. - The non-recurring net profit attributable to shareholders reached 2.24 billion yuan, reflecting a significant year-on-year increase of 40.10% [3]. - Revenue growth was primarily driven by European and emerging markets, while short-term challenges included U.S. tariff adjustments and changes in Amazon's sales model [3]. Supply Chain and Operational Improvements - The company is optimizing its supply chain by shifting production capacity to Southeast Asia to mitigate U.S. tariff impacts, with approximately 50% of shipments to the U.S. now sourced from this region [4]. - The company has piloted a new sales model in Europe, leveraging lower platform fees and its logistics capabilities, resulting in a 59.50% year-on-year increase in revenue from B2B channels [4]. - The company has also improved its warehousing and logistics efficiency, leading to a net profit margin of 4.1% in Q2, despite external pressures [4]. Profitability Forecast - The company forecasts revenues of 93 billion, 115 billion, and 135 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15%, 23%, and 18% [5]. - Profit projections for the same period are 3.7 billion, 5.0 billion, and 6.3 billion yuan, with corresponding price-to-earnings ratios of 22, 16, and 13 [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Views - The company reported a revenue of 1.953 billion in Q2 2025, a year-on-year increase of 3.9%, and a net profit attributable to the parent company of 80 million, up 12.1% year-on-year. The first half of 2025 saw a revenue of 4.04 billion, an 8.7% increase year-on-year, with a net profit of 190 million, up 11.0% year-on-year [1][2]. - The revenue growth in the first half of 2025 was primarily driven by the European and emerging markets, despite challenges such as fluctuating U.S. tariff policies and increased competition [1][3]. - The company has made strategic adjustments to optimize costs and enhance market insights, leading to growth in both revenue and profit [1][2]. Revenue Breakdown - In the first half of 2025, revenue by category included furniture series at 2.12 billion (up 12%, 53% of total), home series at 1.44 billion (up 7.9%, 36% of total), pet series at 290 million (down 7.3%, 7% of total), and sports and outdoor series at 160 million (up 20.2%, 4% of total) [3]. - Revenue by region showed Europe at 2.57 billion (up 12.77%, 64% of total), North America at 1.37 billion (up 1.94%, 34% of total), and other regions at 41 million (up 86.25%, 1% of total) [3]. Channel Performance - Revenue by channel indicated a decline in B2C sales through Amazon at 2.42 billion (down 4.56%, 60% of total), while other platforms saw significant growth, with a 60% increase to 730 million (18% of total). B2B online sales grew by 59.5% to 460 million (11% of total) [4]. - The company has deepened collaborations with emerging platforms like TEMU and SHEIN, leveraging agile market responses and supply chain advantages [4]. Cost Management and Supply Chain - The company has increased procurement from Southeast Asia, completing about 50% of its capacity transfer for shipments to the U.S. by mid-2025, with a 70% order rate from Southeast Asia [5]. - In logistics, the company has established a significant price advantage in the last-mile delivery segment in Europe, enhancing both efficiency and cost [5]. Financial Projections - The adjusted profit forecast for 2025-2027 estimates net profits of 380 million, 470 million, and 630 million respectively, with corresponding P/E ratios of 21, 17, and 13 [11]. - Revenue projections for 2025 are set at 9.157 billion, with a growth rate of 12.72% [12].