| 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 | | | | | | 活动参与人员 | 东吴证券 黄诗涛 胡颖 陈金伟 朴拙资本 | 鹏华基金 | | | 苗天一 | | | 国源信达 李剑飞 李晓 安联投资 吴珮莹 广发证券 | | | | 陈琳云 | | | 易方达基金 李荣耀 永赢基金 王博 金川 | | 乔钢 | 平安基金 | | | | 诸暨农商银行 倪晓东 | | | | | | 时间 | 2026 年 3 月 5 日 | | | | | | 地点 | 深圳 | | | | | | 形式 | 现场参加东吴证券、广发证券的上市公司交流会 | | | | | | 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 ...

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 ...

Group 1: Retail Channel Development - The company focuses on refining retail channel operations, emphasizing the "store efficiency doubling project" to empower distributors and enhance retail revenue [1] - The project has shown significant improvements in store efficiency, with plans to expand from pilot stores to a broader range of outlets [1] Group 2: Operational Strategy - The company aims to drive overall channel growth through retail channel expansion while systematically exploring growth paths in engineering, home decoration, and e-commerce [1] - A dual approach of product and marketing strategies is being implemented to enhance product strength and optimize sales structure, which is expected to improve gross margins [1] Group 3: International Market Expansion - The company is actively pursuing international strategies, establishing partnerships with local distributors and expanding its store presence overseas [2] - Online sales are being boosted through overseas e-commerce platforms, although the contribution of international business to overall revenue remains low [2] Group 4: Impact of National Subsidy Policies - The company is leveraging national subsidy policies to optimize sales structure, which has positively impacted gross margins [2] - The clarity of subsidy policies influences operational strategies, but the ongoing refinement of management practices is deemed more critical [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The report highlights that the optimization of retail channels is showing positive effects, and there is an expectation for profit recovery [1] - The company is actively adjusting its strategies in response to industry demand pressures and increasing competition, focusing on retail channel expansion and product enhancement [7] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 2.837 billion yuan, a year-on-year decrease of 8.12%, and a net profit attributable to shareholders of 28.28 million yuan, down 25.15% year-on-year [7] - The gross profit margin improved to 29.47%, an increase of 2.44 percentage points year-on-year, attributed to optimized channel structure and strengthened cost control [7] - The company’s net cash flow from operating activities was -519 million yuan, showing improvement compared to -590 million yuan in the same period last year [7] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 247 million, 308 million, and 363 million yuan respectively, with corresponding P/E ratios of 36X, 29X, and 25X [7] - The report emphasizes the company's strong brand, product, and channel capabilities, positioning it well for future growth despite current challenges [7]