志邦家居 20250508 摘要 • 志邦家居 2025 年一季度国内零售业务虽持续下滑，但降幅同比、环比均 收窄，得益于 2024 年管理层调整及扁平化组织结构改革，以省为单位管 理并调整加盟商供价体系，提升店面质量。 • 国内地产工程业务一季度及 4 月签单大幅下滑，因订单重估及付款条件变 化导致收缩。公司正探讨向企业客户、公寓等转型，二季度订单下滑或将 持续。 • 海外业务受中美关税影响，但中东市场发展迅速，预计超预期增长。澳大 利亚业务保持稳健，海外业务总体在预期内有序增长。 • 国补政策主要由加盟商享受省内补贴，异地补贴政策较少且低调。年初已 确定总额度足够全年使用，但释放节奏会调整。新老直营公司均参与异地 补贴。 • 合肥国补政策未完全放开，部分加盟商转用其他公司政策，参与度约五成。 前期参与度高，后期订单正常化后，部分加盟商因成本考虑退出。 • 四月份零售订单降幅收窄主要由零售贡献，大众市场仍有较大拖累，预计 下滑持续数月。一季度毛利率波动与店面调整和支持力度有关，全额法确 认收入也导致毛利下降。 • 2024 年行业价格竞争激烈，但国补政策推动销量回升后价格维持稳定。 经济下行导致橱柜衣柜单价 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 增速环比回升，国补品类及服务消费延续亮眼表现 商务部商务大数据显示， 2025年劳动节期间，全国重点零售和餐饮企业销售额（下称"2025五一销售额"） 比去年同期提升6.3%。2025五一销售额的同比增速相较2024年同期的6.8%下降0.5pct，但环比2025年春节 的同比增速4.1%提升2.2pct，环比有所转暖。 离岛免税销售额跌幅收窄，人均消费延续升势 在 2025年劳动节假期期间，三亚市商务局联合市内离岛免税经营主体推出系列离岛免税消费券，同时各免 税店亦推出多种活动吸引游客参与体验。例如三亚国际免税城旅游区在"五一"期间联合雅诗兰黛集团打 造"主角之夜"快闪店，推出热带主题激光秀、限定派对演出及"一夜店长"等多 ...

Core Viewpoint - Dongpeng Holdings (003012) reported stable operating quality in Q1 2025 despite industry pressures, with revenue of 994 million yuan, remaining flat year-on-year, while net profit decreased due to lower product prices and seasonal factors [2][6]. Financial Performance - In Q1 2025, the company achieved revenue of 994 million yuan, a slight decrease of 1.74% year-on-year, and a net loss of approximately 30.45 million yuan, down 164.42% year-on-year [6]. - The gross profit margin stood at 23.54%, with total expenses decreasing by 11.27% year-on-year [2][6]. - The company reported a debt ratio of 33.81% and investment income of 1.83 million yuan [6]. Market Strategy - The company is focusing on channel optimization and high-margin business development, responding to the national home decoration consumption policy, which has led to a 10.19% year-on-year increase in retail revenue from tiles [2][5]. - Dongpeng is expanding its retail presence, adding 188 new stores in 2024, and launching new product lines to enhance consumer experience [2][3]. Industry Outlook - The ceramic tile industry is expected to face ongoing market consolidation, with a projected production of 5.91 billion square meters in 2024, and a decrease in the number of large-scale enterprises [3][4]. - The industry is shifting towards high-quality development, focusing on high-end, intelligent, and green products, driven by policies supporting consumption upgrades [3][4]. Future Growth Drivers - The company aims to achieve growth through innovation, lean operations, digital empowerment, and green development strategies [4][5]. - Dongpeng is enhancing its product structure and high-end product layout, including strategic partnerships with luxury brands and the acquisition of high-end product lines [5].

Company Performance - In 2024, the company achieved operating revenue of 6.469 billion yuan, a year-on-year decrease of 16.77%, and a net profit of 328 million yuan, down 54.41% year-on-year [1] - The company acknowledged a continued weakening in demand within the ceramic tile industry, with an oversupply issue becoming prominent, leading to a shift from incremental competition to stock competition [1] - The company implemented measures such as channel optimization, lean operations across the entire value chain, and precise expense control to steadily improve operational quality [1][2] Strategic Initiatives - The company launched the DPICASA high-end brand strategy and formed deep strategic partnerships with three top Italian luxury brands, while also upgrading the IW brand to create a designer material aesthetic library [2] - The company acquired Lishi Rock Board to expand into the high-end rock board market [2] - The unit manufacturing cost of the company's tile products was reduced by 3.1 percentage points to cope with market downturn pressures [2] Market Response and Future Outlook - The company reported a 10.19% year-on-year increase in revenue from its large retail tile business in Q1 2025, driven by the national home decoration subsidy policy and product innovation [2][3] - The company noted that the first quarter is traditionally a low season, and the impact of current fluctuations on the overall annual performance is manageable [2] - The company is responding to the national home decoration subsidy policy by launching new products and enhancing in-store experiences through nationwide initiatives [3] - The ceramic tile industry is expected to face challenges from market demand, dual carbon energy consumption policies, and cross-industry competition, while opportunities may arise from the optimization of supply-side factors and policies supporting the replacement of old consumer goods [3]

2025 年 5 月 7 日 行业研究 国补及服务消费表现突出，离岛免税销售额跌幅收窄 ——2025 年劳动节假期零售免税数据点评 要点 增速环比回升，国补品类及服务消费延续亮眼表现 商务部商务大数据显示，2025 年劳动节期间，全国重点零售和餐饮企业销售额 （下称"2025 五一销售额"）比去年同期提升 6.3%。2025 五一销售额的同比 增速相较 2024 年同期的 6.8%下降 0.5pct，但环比 2025 年春节的同比增速 4.1% 提升 2.2pct，环比有所转暖。 从细分品类的维度来看，2025 年春节表现亮眼的赛道仍有较强动能：1）国补相 关品类销售额增长显著。根据商务部数据，五一假期期间商务部重点监测零售企 业家电、汽车、通讯器材销售额同比分别增长 15.5%、13.7%与 10.5%，商务部 重点监测电商平台智能家居产品销售额同比增长超 20%。 2）服务类消费维持高增。商务部数据显示，2025 年劳动节期间重点监测餐饮企 业营业额同比增长 8.7%，表现亦优于大盘。美团旅行数据显示，2025 年五一假 期期间，文旅订单量较 2023 年同期增长 30%，美团酒店预定量创下历史峰值； 抖 ...

Core Insights - The county-level home appliance market is experiencing significant growth, particularly in the air conditioning segment, driven by the "old-for-new" national subsidy policy which stimulates consumption [5][6][9] Market Trends - The "May Day" holiday saw uneven performance in the home appliance retail market, with notable growth in county-level markets, especially in air conditioning sales [5][6] - The "old-for-new" national subsidy policy has been effective in driving consumption upgrades and high-end sales, with an expansion of subsidized products and retail outlets [5][6] - Young consumers in county markets are increasingly demanding quality home appliances, aligning their preferences with those in first and second-tier cities [6] Sales Performance - Sales at Suining International Mall in Xinghua City increased by 200% year-on-year during the first two days of the "May Day" holiday, attributed to local wedding consumption and returning youth buying appliances for their families [6] - The sales of home appliances in Jiangxi during the "May Day" holiday are estimated to have grown by around 5% year-on-year, with significant contributions from third and fourth-tier markets [6] Air Conditioning Market - Air conditioning emerged as the best-selling product category during the "May Day" holiday, with sales revenue and volume increasing by 11.11% and 6.96% respectively [9] - The sales revenue of air conditioning units at Yongsheng increased by 70% year-on-year during the holiday, outperforming other categories like televisions and refrigerators [9][10] - Price competition in the air conditioning market intensified, with many affordable models emerging, benefiting from national subsidies and trade-in offers [10] Future Outlook - The market for quality-demanding home appliances, such as smart toilets and water purifiers, is expected to have greater potential compared to basic necessity items [11] - Price competition in the domestic home appliance market is anticipated to become more intense, with a trend of "the strong getting stronger" [11]

期数： 2025 年 4 月刊 大纲： 温馨提示： * 请 会 员 单 位 通 过 会 员 登 陆 平 台 下 载 或 邮 件 接 收 此 份 报 告 。 * 如 需 了 解 更 多 相 关 信 息 ， 请 订 阅 C I N N O Re s e a r c h 《 中 国 智 能 手 机 市 场 销 量 分 析 报 告 》 。 联系我们 马女士 Ms . Ceres TEL：（+86）137-7604-9049 Emai l：CeresMa@cinno.com.cn 分类： 会员服务—手机市场月度发展趋势概况 主题： 2025 年 Q1 国补政策换机需求释放，国内智能机销量同比增长 4% 概要： 内容涵盖 Q1 中国智能手机市场的销量、品牌、价格段等走势分析 1. Q1 ' 22-Q1 ' 25 中国市场智能机销量及同比趋势 2. Q1 ' 22-Q1 ' 25 中国市场智能机价格段趋势 3. Q1 ' 22-Q1 ' 25 中国折叠屏手机市场销量及环比趋势 4. Q1 ' 22-Q1 ' 25 中国智能机市场手机品牌趋势 5. Q1 ' 23-Q1 ' 25 中国市场 Hu awe i 智能机销量 及价 ...

洛图科技报告数据显示，2025年第一季度，中国智能音箱市场销量为369.9万台，同比下降5.6%；市场 销额为10.3亿元，同比下降5.9%。这是近三年来中国市场规模单季度下降幅度最小的一个季度。在国补 政策的刺激下，市场似乎呈现了止跌企稳的态势。第一季度线上市场的销量为213.1万台，同比增长 4.0%，销额为5.6亿元，同比增长4.4%。 ...

美国总统特朗普：对卡尼唯一的问题是，为什么美国在补贴加拿大。 ...