证券代码：301376 证券简称：致欧科技 公告编号：2025-039 致欧家居科技股份有限公司 关于合计持股 5%以上股东减持股份的预披露公告 公司股东珠海和谐博时一号投资合伙企业（有限合伙）、珠海富邦凯瑞管 理咨询企业（有限合伙）、天津德辉投资管理合伙企业（有限合伙）保证向本 公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 致。 致欧家居科技股份有限公司（以下简称"公司"）股东珠海和谐博时一号投资 合伙企业（有限合伙）（以下简称"和谐博时"）、珠海富邦凯瑞管理咨询企业（有 限合伙）（以下简称"富邦凯瑞"）、天津德辉投资管理合伙企业（有限合伙）（以 下简称"天津德辉"）为公司首次公开发行股票上市前股东，合计持有公司股份 22,462,006 股（占公司总股本比例为 5.5945%，占剔除公司回购专用账户股份后总 股本比例为 5.6162%），上述三位股东之间未签署一致行动协议，遵循谨慎性原则， 减持时比照一致行动人相关规则进行信息披露。 和谐博时、富邦凯瑞、天津德辉计划自本减持计划公告之日起 15 个交易日之 后 3 个月内通过集中竞价和大宗交易方式减持公司股份，减持 ...

Core Insights - The company reported a revenue of 8.124 billion yuan for 2024, a year-on-year increase of 33.74%, but a net profit of 334 million yuan, a decrease of 19.21% year-on-year [1] - The decline in profit margins for 2024 is attributed to rising shipping costs and intensified market competition, with a gross margin of 34.65%, down 1.67 percentage points year-on-year [1] - The company plans to strengthen its presence in the European and emerging markets while optimizing its supply chain to mitigate tariff impacts [2] Financial Performance - 2024 full-year revenue: 8.124 billion yuan (up 33.74% YoY) [1] - 2024 full-year net profit: 334 million yuan (down 19.21% YoY) [1] - Q1 2025 revenue: 2.091 billion yuan (up 13.56% YoY) [1] - Q1 2025 net profit: 111 million yuan (up 10.30% YoY) [1] - 2024 gross margin: 34.65% (down 1.67 percentage points YoY) [1] - 2024 net profit margin: 4.11% (down 2.69 percentage points YoY) [1] Strategic Initiatives - Expansion in the European market through new product development and channel expansion [2] - Collaboration with mainstream platforms to explore opportunities in emerging markets such as Korea, Latin America, and the Middle East [2] - Increased procurement from Southeast Asia to reduce tariff impacts on shipments to the U.S. [2] Future Projections - Expected revenues for 2025-2027: 9.807 billion yuan, 11.734 billion yuan, and 13.998 billion yuan, with growth rates of 20.72%, 19.65%, and 19.29% respectively [2] - Projected net profits for 2025-2027: 364 million yuan, 484 million yuan, and 581 million yuan, with growth rates of 9.09%, 32.94%, and 20.17% respectively [2] - Expected EPS for 2025-2027: 0.91 yuan, 1.20 yuan, and 1.45 yuan per share [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 2.1 billion with a year-on-year growth of 14% in Q1 2025, and a net profit attributable to the parent company of 110 million, up 10.3% year-on-year [1]. - For 2024, the company expects a revenue of 8.1 billion, an increase of 34%, but a decrease in net profit attributable to the parent company by 19% to 330 million [1]. - The company is facing multiple external challenges in 2024, including geopolitical tensions, rising shipping costs, and increased tariffs, which pose significant risks to supply chain stability [1][3]. - Despite these challenges, the company is focusing on product diversification, channel expansion, and logistics optimization to enhance efficiency and reduce costs [1]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 2.1 billion, with a net profit of 110 million, and a non-recurring net profit of 120 million, reflecting a 25% increase year-on-year [1]. - The projected revenue for the furniture series in 2024 is 4.2 billion, up 37%, while the home series is expected to generate 3 billion, up 36% [1]. - The company anticipates a revenue of 4.9 billion from Europe, a 31% increase, and 3 billion from North America, a 39% increase in 2024 [1]. Adjusted Profit Forecast - The profit forecast for 2025-2027 has been adjusted to 380 million, 550 million, and 700 million respectively, reflecting the impact of tariff uncertainties and supply chain transitions [5]. - The adjusted price-to-earnings ratios for 2025-2027 are projected to be 20X, 14X, and 11X respectively [5]. Market and Competitive Landscape - The company plans to transition its main shipping base to Southeast Asia by Q3 2025, with 40% of shipments currently originating from this region [3]. - The cost of furniture procurement in Southeast Asia is approximately 10% higher than domestic costs, with additional logistics costs leading to an overall increase of 25% in operational costs [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company reported a revenue of 2.1 billion in Q1 2025, a 14% year-on-year increase, and a net profit attributable to shareholders of 110 million, up 10.3% year-on-year. The adjusted net profit after excluding non-recurring items was 120 million, reflecting a 25% increase [1]. - For the year 2024, the company expects a revenue of 8.1 billion, a 34% increase, but a decrease in net profit to 330 million, down 19% year-on-year [1]. - The company is facing multiple external challenges in 2024, including geopolitical tensions, rising shipping costs, extended shipping cycles, and increased tariffs, which pose significant risks to supply chain stability and competitive pressures [1]. - The company is focusing on product diversification and channel expansion, with specific strategies including logistics optimization, channel development, and digital ecosystem collaboration [1]. - Revenue projections for 2024 include 4.2 billion from furniture, 3 billion from home goods, 700 million from pet products, and 200 million from sports and outdoor products [1]. Financial Summary - The company’s revenue is projected to grow from 6.1 billion in 2023 to 8.1 billion in 2024, with a growth rate of 33.74% [9]. - The net profit attributable to shareholders is expected to decrease from 412.88 million in 2023 to 333.57 million in 2024, reflecting a decline of 19.21% [10]. - The company’s earnings per share (EPS) is projected to be 0.83 in 2024, down from 1.03 in 2023 [10]. - The company’s total assets are expected to increase from 5.58 billion in 2023 to 6.27 billion in 2024 [10]. - The company’s debt-to-asset ratio is projected to be 48.55% in 2024, up from 44.08% in 2023 [10].

Core Viewpoint - The company experienced revenue growth in Q1 2024, but net profit faced pressure due to rising shipping costs and supply chain shifts [1] Group 1: Financial Performance - In 2024, the company reported revenue of 8.12 billion, an increase of 33.7%, while net profit attributable to shareholders was 330 million, a decrease of 19.2% [1] - For Q4 2024, revenue reached 2.4 billion, up 23.6%, but net profit dropped to 60 million, down 55.7% [1] - In Q1 2025, revenue was 2.09 billion, a growth of 13.6%, with net profit increasing by 10.3% to 110 million [1] Group 2: Channel and Product Strategy - The company optimized its channel structure, focusing on emerging platforms like TEMU, Tiktok, and SHEIN, while enhancing its independent site and offline channels [2] - In 2024, revenue growth rates for various channels were 31.0% for Amazon, 40.3% for OTTO, 57.5% for independent sites, and 99.7% for other channels [2] - New and next-generation products contributed to a revenue increase of 89%, accounting for 37% of total revenue [2] Group 3: Supply Chain and Logistics - The company strengthened local fulfillment capabilities through a diversified warehouse network, with European revenue at 4.9 billion, up 31.3% [3] - In North America, revenue was 3.02 billion, an increase of 38.8%, with improved order fulfillment efficiency [3] - The company is migrating its supply chain to Southeast Asia to mitigate tariff risks, achieving 20% of shipments to the U.S. from Southeast Asia by the end of 2024 [3] Group 4: Profitability Metrics - The company's gross margin for 2024 was 34.7%, down 1.7 percentage points, while the net profit margin was 4.1%, down 2.7 percentage points [3] - In Q1 2025, gross margin improved to 35.4%, and net profit margin increased to 5.3% [3] - The decrease in financial expense ratio was primarily due to increased foreign exchange gains [3]

一、股份回购的进展情况 截至 2025 年 4 月 30 日，在本次回购方案中，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 1,546,500 股，占公司目前总股本的 0.39%，最高 成交价为 19.00 元/股，最低成交价为 14.82 元/股，成交金额为 24,942,375.00 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。 1 证券代码：301376 证券简称：致欧科技 公告编号：2025-038 致欧家居科技股份有限公司 关于回购公司股份的进展公告 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 ...

Group 1: Government Initiatives - The second batch of 81 billion yuan of ultra-long-term special government bond funds has been allocated to support the consumption of old-for-new consumer goods [1] Group 2: Furniture Manufacturing Industry Performance - In the first quarter, China's furniture manufacturing industry reported a total profit of 3.71 billion yuan, a decline of 40.1% year-on-year [2] - The industry's operating revenue was 145.98 billion yuan, down 2.2% year-on-year, with operating costs also decreasing by 2.2% to 121.52 billion yuan [2] Group 3: Regulatory Changes in Real Estate - Dongguan plans to implement new regulations for fully furnished new housing sales starting May 1, 2025, emphasizing quality and transparency in the renovation process [3] Group 4: Company-Specific News - Jiayu Co. received a decision for stock delisting due to its stock price being below 1 yuan for 20 consecutive trading days [4] - TOTO announced the closure of its factories in Beijing and Shanghai, citing a 20.4% decline in revenue from the Chinese market and a significant asset impairment charge of 34 billion yen [5] - Kuka Home exposed 95 unauthorized stores selling non-official products, emphasizing the importance of consumer protection [6] Group 5: Annual Reports of Furniture Companies - Diou Home reported a net loss of 569 million yuan for 2024, a year-on-year increase of 13.53% in losses, with revenue down 27.12% to 2.741 billion yuan [8] - Henglin Co. achieved a net profit of 263 million yuan, a slight decrease of 0.02%, with revenue up 34.59% to 11.029 billion yuan [7] - Qusleep Technology reported a net profit of 28.97 million yuan, a year-on-year increase of 21.4%, with revenue growing by 13.93% to 347 million yuan [7] - Kuka Home's net profit for 2024 was 1.417 billion yuan, down 29.38% year-on-year, with revenue decreasing by 3.81% to 18.48 billion yuan [8] - Other companies like Zhihong Home, Haolaike, and Juran Smart Home reported significant declines in net profits, with losses ranging from 2.15 billion yuan to 11.71 billion yuan [8][9][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [6] Core Views - The company reported a revenue of 8.124 billion yuan for 2024, representing a year-on-year increase of 33.74%, while the net profit attributable to shareholders decreased by 19.2% to 334 million yuan [1] - The company is optimizing its supply chain and enhancing its warehousing capabilities, particularly in North America, which is expected to accelerate growth [2][3] - The company has introduced new product lines and improved its marketing strategies, which are anticipated to drive steady growth post-tariff adjustments [5][11] Financial Performance Summary - For Q4 2024, the company achieved a revenue of 2.396 billion yuan, a year-on-year increase of 23.62%, but the net profit attributable to shareholders fell by 56% to 56 million yuan [1] - In Q1 2025, the company reported a revenue of 2.091 billion yuan, a year-on-year increase of 14%, with a net profit of 111 million yuan, up 10% [1] - The company expects revenues of 9.769 billion yuan in 2025, with a year-on-year growth of 20.25%, and net profits of 388 million yuan, reflecting a growth of 16.45% [11] Product and Market Performance - The furniture segment generated 4.198 billion yuan in revenue, up 37% year-on-year, while the home goods segment saw a 36% increase to 2.953 billion yuan [2] - The company has established a strong market position in Europe, with revenue of 4.896 billion yuan, a 31% increase, and in the US, revenue reached 3.017 billion yuan, up 39% [3] - The company is diversifying its sales channels, with Amazon contributing 5.37 billion yuan in revenue, a 31% increase, and independent sites growing by 58% to 214 million yuan [4] Supply Chain and Product Development - The company is enhancing its supply chain by relocating some operations to Southeast Asia, which is expected to reduce costs while maintaining quality [5] - In 2024, the company launched several new product lines and received 31 international design awards, indicating a commitment to improving product design capabilities [5] Future Outlook - The company anticipates continued revenue growth, projecting revenues of 12.034 billion yuan and net profits of 547 million yuan by 2026, with respective year-on-year growth rates of 23.19% and 40.89% [11] - The ongoing optimization of the Southeast Asian supply chain is expected to mitigate tariff impacts and strengthen long-term competitive advantages [11]

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on growth and profitability recovery, suggesting a favorable investment stance [1]. Core Viewpoints - The company achieved a revenue of 8.124 billion yuan in 2024, representing a year-on-year growth of 33.7%, while the net profit attributable to the parent company was 334 million yuan, down 19.2% [1][6]. - The furniture and home products segment showed strong growth, with revenues of 4.198 billion yuan and a year-on-year increase of 36.8% [2]. - The company is expanding its global supply chain and enhancing brand recognition through the integration of its main brand and sub-brands, which is expected to reduce operational costs and maximize resource utilization [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 81.24 billion yuan, with a net profit of 3.34 billion yuan, and a gross margin of 34.7% [1][3]. - The first quarter of 2025 saw a revenue of 20.91 billion yuan, reflecting a 13.6% increase year-on-year, with a net profit of 1.11 billion yuan, up 10.3% [1][3]. Product and Market Expansion - The company’s product categories, including furniture, home, pet, and outdoor sports, achieved revenues of 4.198 billion yuan, 2.953 billion yuan, 676 million yuan, and 205 million yuan respectively in 2024, with significant year-on-year growth [2]. - The company is focusing on expanding its presence in Europe and North America, with Europe being the largest market, accounting for 61% of revenue [2]. Operational Efficiency - The company maintained a stable inventory turnover period of approximately 75 days in 2024, and generated a net cash flow from operating activities of 2.29 billion yuan [3]. - The gross margin for the first quarter of 2025 was reported at 35.4%, indicating a slight decrease from the previous year [3]. Future Projections - The company forecasts net profits of 4.1 billion yuan, 5.3 billion yuan, and 6.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 17.6X, 13.5X, and 10.8X [4].