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。 一、担保情况概述 2025 年 2 月 10 日，致欧家居科技股份有限公司（以下简称"公司"）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分别审议通过了《关于为全 资子公司提供担保额度预计的议案》，第二届董事会独立董事专门会议 2025 年第 一次会议就该事项发表了同意的审核意见。为满足全资子公司业务发展需要，公 司拟为全资子公司向银行及其他金融机构申请授信提供担保。预计新增担保额度 不超过人民币 5 亿元。具体内容详见公司于 2025 年 2 月 11 日于巨潮资讯网 （http://www.cninfo.com.cn）披露的相关公告。 2025 年 4 月 27 日，公司召开第二届董事会第十四次会议、第二届监事会第十 二次会议分别审议通过了《关于 2025 年度为全资子公司提供担保额度预计的议案》， 第二届董事会独立董事专门会议 2025 年第二次会议就本事项发表了同意的审核意 见。2025 年 5 月 20 日，公司召开 2024 年度股东大会审议通过了《关于 2025 年度 为全资子公司提供担 ...

证券代码：301376 证券简称：致欧科技 公告编号：2025-043 致欧家居科技股份有限公司 关于 2024 年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市的公告 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。 重要内容提示： 1、本次归属的首次授予部分限制性股票上市流通日：2025 年 5 月 30 日（星 期五）； 2、首次授予部分第一个归属期符合条件的激励对象：40 人； 3、符合归属条件的激励对象可归属的限制性股票数量：88.8475 万股，占目 前公司总股本的 0.2213%； 4、归属来源：公司向激励对象定向发行公司 A 股普通股股票； 5、本次归属的限制性股票除高管限售股外无其他限售安排，股票上市后即 可流通。 致欧家居科技股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开 第二届董事会第十四次会议、第二届监事会第十二次会议，审议通过了《关于 2024 年限制性股票激励计划首次授予部分第一个归属期归属条件成就的议案》。 2024 年限制性股票激励计划首次授予部分第一个归属期归属条件已成就。现将有 关事项说 ...

Group 1: Economic Environment and Market Strategy - The overall economic environment in Europe and the US is unfavorable, leading to consumer downgrading and price comparisons across platforms, which benefits the company's product sales due to its focus on quality and affordability [2][3] - The company plans to enhance its product series in 2024, focusing on standardization to improve efficiency and reduce costs while maintaining unique styles for differentiation [3][4] Group 2: AI Technology and Operational Efficiency - AI technology is a key focus for the company, with applications in customer service and product image creation, improving service efficiency and reducing costs [3][4] - By 2025, the company aims to fully digitize its operations across various ecosystems, enhancing product lifecycle management and operational efficiency [3][4] Group 3: Currency and Trade Risk Management - Approximately 60% of the company's revenue comes from Europe, and recent euro strength has resulted in exchange gains; the company employs a "risk-neutral" approach to currency management [3][4] - The company is preparing for potential fluctuations in the US market by increasing investments in Europe and exploring new markets in Korea, Latin America, and the Middle East [3][4] Group 4: Supply Chain and Cost Management - The company has established a low-cost inventory in the US to stabilize market share and mitigate tariff impacts by increasing procurement from Southeast Asia [4][5] - The company is focusing on optimizing large item sales through structural improvements and enhancing product features to increase market share and profitability [5][6] Group 5: Market Expansion and Sales Strategy - The company plans to focus on headlining new product categories in 2025, aiming to improve sales efficiency and reduce new product launch costs [6][7] - While Amazon remains the primary sales platform, the company is exploring emerging platforms like TEMU, SHEIN, and Walmart for rapid growth [6][7] Group 6: Stock Performance and Investor Relations - The company reported a total revenue of 8.124 billion yuan in 2024, a year-on-year increase of 33.74%, but stock performance has been affected by external factors like tariffs and geopolitical conflicts [6][7] - Measures such as share buybacks, stock incentives, and dividends are being implemented to boost investor confidence and protect small investors' interests [6][7]

Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The home furnishing sector is experiencing marginal recovery, with a high dividend payout ratio. In 2024, the home goods sector is projected to generate revenue of CNY 246.58 billion, a year-on-year increase of 2.3%, while net profit attributable to shareholders is expected to decline by 13.6% to CNY 15.86 billion [4][14]. - The report highlights that domestic demand for home goods is under pressure, but government subsidies are expected to fill the demand gap. The sales of building materials and home goods are projected to decline by 3.9% year-on-year in 2024, but there are signs of improvement in early 2025 [5][26]. - The external sales performance is strong, with furniture exports showing a recovery since November 2023, driven by overseas retailers replenishing inventory. However, the report emphasizes the need to monitor changes in tariff policies, particularly from the U.S. [6][40]. Summary by Sections 1. Home Furnishing Sector 2024 Annual Report & Q1 2025 - The home goods sector is under operational pressure, with only Q1 showing growth due to a low base effect from previous public health events. The profit margin has been declining, reflecting increased competition [4][14]. - In Q1 2025, the sector's revenue increased by 3.9% year-on-year, and net profit rose by 10.6%, indicating a recovery trend [4][14]. 2. Domestic Sales - The report notes that the domestic home goods market is facing challenges, with a projected decline in sales. However, the introduction of government subsidies is expected to stimulate demand, particularly in key cities [5][34]. - The dividend payout ratio for leading companies in the sector has increased, with many companies offering dividend yields exceeding 3% [5][35]. 3. External Sales - The report indicates that external sales have been performing well, with all key export companies reporting revenue growth in Q1 2025. The recovery in exports is attributed to overseas retailers restocking [6][40]. - The report warns of uncertainties related to U.S. tariff policies, which could impact future export orders [6][40]. 4. Investment Recommendations - The report suggests focusing on leading companies with high dividend yields and strong market positions, such as Gujia Home, Sophia, and Zhibang Home, as they are expected to benefit from government subsidies and have resilient performance [5][39].

证券代码：301376 证券简称：致欧科技 公告编号：2025-042 致欧家居科技股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开的时间： （1）现场会议：2025 年 5 月 20 日（星期二）14：30 时； （2）网络投票时间： ①通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 5 月 20 日的 交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； ①通过深圳证券交易所互联网系统（http://wltp.cninfo.com.cn）投票的具体时间 为：2025 年 5 月 20 日 9:15-15:00 的任意时间。 2、会议召开地点：深圳市龙华区民治街道北站社区鸿荣源北站中心 A 塔 3901 公司会议室 3、会议召开方式：本次会议采用现场表决与网络投票相结合的方式召开 4、会议召集人：公司董事会 ...

证券代码：301376 证券简称：致欧科技 公告编号：2025-041 致欧家居科技股份有限公司 关于参加河南辖区上市公司 2025 年投资者网上集体接待日活动的公告 致欧家居科技股份有限公司董事会 2025 年 5 月 19 日 1 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。 为进一步加强与投资者的互动交流，致欧家居科技股份有限公司定于 2025 年 5 月 22 日（周四）15:25-16:55 参加在全景网举办的河南辖区上市公司 2025 年投资 者网上集体接待日活动，本次活动将采用网络远程的方式举行，投资者可登录"全 景·路演天下"(http://rs.p5w.net)参与本次互动交流。 出席本次网上集体接待日活动的人员有:董事会秘书秦永吉先生（如有特殊情 况，参会人员将可能进行调整），欢迎广大投资者积极参与。 特此公告。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved revenue of 8.124 billion yuan in 2024, with a year-on-year growth of 34%, while net profit attributable to the parent company decreased by 19% to 334 million yuan [2][5]. - The company is recognized as a pioneer in cross-border home goods, with a strong competitive edge, particularly in the North American market, where revenue growth reached 39% [12]. - The company is actively optimizing its supply chain and expanding its presence in Southeast Asia to mitigate tariff impacts, with 40% of shipments to the U.S. now coming from this region [12]. Financial Performance Summary - In 2024, the company reported a revenue of 8.124 billion yuan, with a gross profit of 2.815 billion yuan, resulting in a gross margin of 35% [15]. - The net profit for 2024 was 334 million yuan, with an estimated net profit of 439 million yuan for 2025 [15]. - The company expects to achieve net profits of 440 million yuan, 550 million yuan, and 660 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17.3, 13.8, and 11.5 [12][15]. Market Performance - The company has shown strong growth in new channels, with Amazon's basic advantages being reinforced and other channels like OTTO and independent sites showing significant growth of 40% and 58% respectively [12]. - The company has improved its logistics efficiency in Europe, reducing delivery times and increasing the proportion of self-fulfillment [12]. Strategic Initiatives - The company is enhancing its brand strength, ranking first in home furniture categories on Amazon in Germany, France, the UK, and Italy [12]. - The company is diversifying its sales channels to reduce reliance on single platforms, thus activating new market opportunities [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved revenue of 8.124 billion yuan in 2024, with a year-on-year growth of 34%, while net profit attributable to shareholders decreased by 19% to 334 million yuan [2][6]. - The company is recognized as a pioneer in cross-border home goods, with a strong competitive edge and ongoing improvements in brand strength and operational quality [2][12]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 8.124 billion yuan, with a net profit of 334 million yuan and a non-recurring net profit of 309 million yuan, reflecting year-on-year changes of +34%, -19%, and -29% respectively [2][6]. - For Q4 2024, the revenue was 2.396 billion yuan, with net profit dropping to 56 million yuan, showing year-on-year changes of +24% and -56% respectively [6]. - In Q1 2025, revenue is projected to be 2.091 billion yuan, with net profit expected to rise by 10% to 111 million yuan [2][6]. Growth Drivers - The company has shown better performance in the North American market, with a 39% year-on-year growth, and has successfully diversified its sales channels, with significant growth in new channels such as OTTO and independent sites [12]. - The company has made substantial progress in optimizing its internal operations, leading to improved growth quality [12]. Supply Chain and Market Strategy - The company is actively establishing a supply chain in Southeast Asia to mitigate tariff impacts, with 40% of shipments to the U.S. now originating from this region [12]. - The company has enhanced its logistics capabilities in Europe, reducing delivery times and increasing the proportion of self-fulfilled orders [12]. Future Outlook - The company is expected to achieve net profits of 440 million yuan, 550 million yuan, and 660 million yuan in 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 17.3, 13.8, and 11.5 times [12].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [34][17]. Core Views - The company achieved a revenue of 8.124 billion yuan in 2024, representing a year-on-year growth of 33.74%, while the net profit attributable to shareholders decreased by 19.21% to 334 million yuan due to high shipping costs and increased sales expenses [5][6]. - The company is focusing on product innovation and expanding its sales channels, particularly in emerging platforms like TEMU, TikTok, and SHEIN, which have shown significant growth [6][12]. - The logistics optimization strategy, including the establishment of additional warehouses in Europe and the U.S., has improved delivery efficiency and reduced costs [10][11]. Summary by Sections Financial Performance - In 2024, the company reported a net cash flow from operating activities of 2.294 billion yuan, a year-on-year increase of 53.02% [5]. - The gross profit margin for 2024 was 34.65%, a decrease of 1.67 percentage points compared to the previous year [15]. - For Q1 2025, the company achieved a revenue of 2.091 billion yuan, a year-on-year increase of 13.56%, with a net profit of 111 million yuan, up 10.30% [5][16]. Revenue Growth Drivers - The revenue growth was driven by strong performance in new and secondary products, which accounted for 37% of total revenue, with a year-on-year growth of 89% [6]. - The furniture and home goods categories saw significant growth, with revenues of 4.198 billion yuan and 2.953 billion yuan, respectively, both showing over 35% growth [7]. - The company has diversified its sales channels, with B2C and B2B revenues of 6.837 billion yuan and 1.196 billion yuan, respectively, reflecting a year-on-year increase of 38.43% and 14.43% [9]. Supply Chain and Logistics - The company has established a global mixed warehousing network, with a self-operated warehouse area of 334,900 square meters by the end of 2024, covering key markets in Europe and the U.S. [10]. - The logistics strategy includes optimizing warehouse locations to enhance delivery speed and reduce costs, with average shipping costs decreasing by 0.7 to 2.4 USD per package [10][11]. - The company is transitioning its supply chain to Southeast Asia to mitigate geopolitical risks and reduce costs, with 20% of shipments to the U.S. already sourced from this region [14]. Future Outlook - The company is projected to achieve net profits of 385 million yuan, 548 million yuan, and 709 million yuan in 2025, 2026, and 2027, respectively, with corresponding EPS of 0.96 yuan, 1.37 yuan, and 1.76 yuan [19][17]. - The ongoing expansion into new sales channels and the optimization of logistics are expected to support sustained revenue growth and improve profitability in the coming years [12][17].

Group 1: Revenue Growth - The main reason for the company's revenue growth in 2024 is the expansion of third-party platform revenue, which reached 99.7% year-on-year growth, contributing significantly to the overall performance [2][3] - The North American market saw a growth of 38.83%, while the European market experienced a 31.31% increase in sales due to optimized logistics and diversified channels [3][4] Group 2: Market Strategy - The company is focusing on optimizing its warehousing layout and product upgrades to maintain a competitive edge in the European market, which has a fragmented market structure [3][4] - In 2025, the company plans to increase investment in categories with lower market share and large items, as well as enhance multi-channel investments to achieve sustained growth [3][4] Group 3: Tariff and Trade Impact - Following the US-China talks on May 12, 2025, the company anticipates a decrease in tariff costs due to the cancellation of 91% of tariffs imposed on Chinese goods, although some tariffs remain under negotiation [3][4] - The cancellation of the US small package tax exemption policy does not affect the company, as all products are exported through general trade [3][4] Group 4: Overseas Operations - The company currently operates over 300,000 square meters of self-operated overseas warehouses, with more than 200,000 square meters located in Europe [4] - In 2024, the company completed a comprehensive warehousing layout in the US, enhancing coverage and density across various regions [4] Group 5: AI Utilization - The company employs AI for customer service, enabling 24/7 multilingual support and improving service efficiency [4] - AI technology is also utilized in product image creation, reducing costs and shortening the time required for new product launches [4] Group 6: Shipping Costs - The company has signed long-term contracts for 2025 to mitigate the impact of fluctuating shipping costs, which are currently on a downward trend due to oversupply in the shipping market [4]