编号：2026-005 | 投资者关系活动类 | √ 特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 别 | □ 媒体采访 □ 业绩说明会 | | | | 新闻发布会 路演活动 □ □ | | | | □ 现场参观 | | | | √ 其他 （腾讯会议） | | | 活动参与人员 | 国海证券 林昕宇 华宝基金 刘娇 | 赵兰亭 | | | 浙商证券 毕春晖 泰康资管 李金桃 | | | 时间 | 2026 年 3 月 4 日 | | | 地点 | 箭牌总部大厦 | | | 形式 | 线上会议、现场会议 | | | 公司接待人员 | 副总经理、董事会秘书 杨伟华 | | | | 1、公司经营策略调整情况以及 2026 年核心发展规划 | | | | 基于对公司过去几年整体经营情况的复盘，并紧密围绕市场 | | | | 变化，2025 年，公司确立了以零售渠道建设为核心，深耕零售渠 | | | | 道的精细化运营管理，以店效倍增项目为抓手，向经销商持续赋 | | | | 能，重点驱动零售渠道的增长。前三季度，店效倍增项目分阶段 | | | | 稳步推进，经销商试点门店店效实现显 ...

南财智讯2月4日电，箭牌家居在投资者关系活动中表示，2026年将继续推动店效倍增项目由点及面，逐 步覆盖更多门店，实现更大范围的推广与持续增效；同时将零售渠道的精细化管理模式逐步复制到电商 等其他渠道，带动各渠道改善，从而推动全渠道的协同发展。 ...

Group 1: Retail Channel Development - The company focuses on enhancing retail channel efficiency through the "store efficiency doubling project," which has shown significant improvements in pilot stores, leading to increased revenue from retail channels [1] - Future plans include expanding the project to cover more stores, aiming for broader promotion and sustained efficiency gains [1] Group 2: 2026 Business Strategy - The company will continue leveraging the store efficiency doubling project to drive growth in retail channels while replicating refined management practices across other channels for overall improvement [1] - A dual approach of product and sales enhancement will be implemented, focusing on flagship products to optimize sales structure and improve gross margins [1] - Internal management reforms and cost reduction efforts will be prioritized to enhance operational quality [1] Group 3: International Market Expansion - The company is committed to internationalization, increasing strategic investments in overseas markets while tailoring market strategies to local characteristics [2] - Collaborations with local distributors are being established to accelerate the setup of exclusive stores and sales networks, with several physical stores already opened in key overseas markets [2] - Online sales channels are being expanded through major overseas e-commerce platforms and brand partnerships, although overall overseas revenue has declined due to reduced exports to North America [2] - Future efforts will focus on brand building and channel expansion to ensure sustainable growth in international business [2]

Core Insights - Arrow Home (001322) has reported significant improvements in gross margin for the first three quarters of 2025, with a gross margin of 28.51%, up 2.09 percentage points year-on-year, although net profit remains under pressure due to increased expense ratios [1][4] Group 1: Sales Strategy and Performance - The company focuses on retail channel development, implementing a store efficiency enhancement project to empower distributors and improve retail revenue [1] - The gross margin for Q3 2025 was 26.86%, an increase of 1.52 percentage points year-on-year, while net profit showed a slight increase due to a decline in revenue scale leading to higher expense ratios [1][4] - The company plans to replicate its retail management model across other channels to drive overall channel synergy and improve performance [2] Group 2: Future Initiatives - For Q4 2025, the company will continue to promote the store efficiency project and enhance product and marketing strategies to improve gross margin through optimized product sales structure [2] - The company is also focusing on collaboration with a mainstream smart home ecosystem platform to enhance sales of new products like smart bathroom appliances [2] Group 3: International Expansion - The company is pursuing an international strategy by establishing partnerships with local distributors and expanding its online sales channels through major overseas e-commerce platforms [3] - Despite a decline in revenue from the North American market due to international trade environment changes, the company has seen growth in other overseas markets [3] Group 4: Impact of National Subsidy Policies - National subsidy policies have positively influenced home furnishing consumption, and the company is leveraging these opportunities to optimize its sales structure [4] Group 5: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 4.472 billion yuan, a decrease of 7.45% year-on-year, while net profit was 32.548 million yuan, an increase of 1.74% [4] - The company’s debt ratio stands at 48.68%, with investment income of 7.6 million yuan and financial expenses of 32.4714 million yuan [4]

Financial Performance - In the first half of 2025, the company's operating revenue was 2.837 billion CNY, a year-on-year decrease of 8.12% [1] - Gross profit margin was 29.47%, an increase of 2.43 percentage points year-on-year [1] - Net profit decreased by 25.96% year-on-year [1] - The company's net profit after deducting non-recurring gains and losses increased by 6.33% year-on-year [2] Revenue Breakdown - Domestic main business revenue was 2.726 billion CNY, a year-on-year decrease of 5.83%, accounting for 97.37% of total revenue [2] - Retail revenue was 1.138 billion CNY, a year-on-year increase of 4.22% [2] - E-commerce revenue was 576 million CNY, a year-on-year decrease of 7.85%, accounting for 20.59% of total revenue [2] - Home decoration channel revenue was 462 million CNY, a year-on-year decrease of 3.51%, accounting for 16.51% [2] - Engineering channel revenue was 549 million CNY, a year-on-year decrease of 21.35%, accounting for 19.62% [2] Cost and Expenses - Operating expenses increased by 1.19%, with selling expenses rising by 5.41% due to increased strategic investments in overseas markets [3] - The increase in operating expenses led to a 2.53% rise in the expense ratio [3] Market and Strategy - The fluctuation in the new housing market has impacted demand growth in the bathroom industry, but the demand from existing housing continues to be released [3] - The company plans to focus on retail channel construction and refine operational management, expanding the store efficiency enhancement project [3][4] - The company is actively pursuing international expansion, establishing partnerships with local distributors and expanding its online sales through overseas e-commerce platforms [4] Policy Impact - The national subsidy policy has positively influenced the company's sales structure and gross profit margin [4] - The clarity of the national subsidy policy affects the company's operational strategy, but the ongoing refinement of management is deemed more critical [4]