董事会议事规则 第一条 宗旨 为规范永艺家具股份有限公司（以下简称"公司"）董事会的议事方式和决 策程序，促使董事会和董事有效履职，提高董事会规范运作和科学决策水平，根 据《中华人民共和国公司法》 《中华人民共和国证券法》 永艺家具股份有限公司 《上海证券交易所股票上 市规则》等法律法规、中国证券监督管理委员会（以下简称"中国证监会"）和 上海证券交易所规则以及《永艺家具股份有限公司章程》 （以下简称《公司章程》） 的有关规定，制订本规则。 第二条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务。 董事会秘书兼任董事会办公室负责人，保管董事会印章。董事会秘书可以指 定证券事务代表等有关人员协助其处理日常事务。 第三条 董事会会议 董事会会议分为定期会议和临时会议。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 第四条 定期会议的提案 在发出召开董事会定期会议的通知前，董事会办公室应董事长要求可以征求 各董事的意见，初步形成会议提案后交董事长拟定。 董事长在拟定会议提案前，可以视需要征求总经理和其他高级管理人员的意 见。 第五条 临时会议 代表十分之一以上表决权的股东、三分之一以上董事、过半 ...

格隆汇9月1日丨顾家家居(603816.SH)公布，公司为落实国际化战略，加大市场辐射的深度和广度，拟 使用人民币11.24亿元投资建设顾家家居印尼自建基地项目(以下简称"本项目")。后续，公司将在印尼注 册全资或控股的具有独立法人资格的项目生产和销售公司作为本项目实施主体。 ...

人民财讯9月1日电，顾家家居（603816）9月1日晚间公告，公司拟使用11.24亿元投资建设印尼自建基 地项目。后续，公司将在印尼注册全资或控股的具有独立法人资格的项目生产和销售公司作为项目实施 主体。该项目建设期为4年，预计在全部建成后的3年内达纲，达纲时预计实现年销售收入约25.2亿元。 ...

Core Viewpoint - The company reported a decline in e-commerce revenue for the first half of 2025, indicating challenges in high-margin platforms while experiencing growth in cross-border e-commerce [1] E-commerce Performance - E-commerce revenue for the first half of 2025 reached 471 million yuan, representing a year-on-year decrease of 14.07% [1] - The gross margin for e-commerce was 51.22%, down by 1.63 percentage points year-on-year [1] Cross-border E-commerce - Cross-border e-commerce revenue saw a significant year-on-year increase of 91.88% in the first half of 2025 [1] Revenue Structure Changes - The decline in e-commerce gross margin is attributed to changes in revenue structure, with a decrease in revenue from high-margin platforms like Tmall, while platforms such as Douyin, Amazon, and Walmart experienced rapid revenue growth [1]

Financial Performance - In the first half of 2025, the company achieved a revenue of 2.478 billion CNY, a decrease of 5.76% year-on-year [2] - The net profit attributable to shareholders was 358 million CNY, representing a year-on-year increase of 3.35% [3] - The comprehensive gross margin for the first half of 2025 was 51.90%, an increase of 0.64 percentage points year-on-year [3] Revenue Breakdown By Product Category - Revenue from mattresses, bed frames, sofas, bedding, and others was 1.256 billion, 695 million, 176 million, 116 million, and 194 million CNY respectively, with year-on-year changes of 1.25%, -10.68%, -15.64%, -22.23%, and -7.97% [3] By Sales Channel - Revenue from distribution, e-commerce, direct supply, direct sales, and others was 1.860 billion, 471 million, 85 million, 16 million, and 46 million CNY respectively, with year-on-year changes of -2.79%, -14.07%, 7.49%, -66.73%, and 11.65% [3] By Region - Domestic and overseas revenue was 2.369 billion and 109 million CNY respectively, with year-on-year changes of -7.71% and 73.97% [3] AI Product Development - AI mattress revenue in the first half of 2025 was 121 million CNY, with a focus on traditional distribution channels and high-traffic core business districts for store placements [4] - The company plans to release new collaborative products in the second half of the year [4] E-commerce Performance - E-commerce revenue was 471 million CNY, a year-on-year decline of 14.07%, with a gross margin of 51.22%, down 1.63 percentage points [4] - Cross-border e-commerce revenue grew by 91.88% year-on-year [4] Overseas Business Strategy - Overseas revenue reached 109 million CNY, a year-on-year increase of 73.97%, focusing on Southeast Asia and major platforms like Wayfair and Amazon [5] National Subsidy Impact - National subsidy-related revenue exceeded 300 million CNY in the first half of 2025, significantly boosting performance in March and April [6] Customer Service and Membership Growth - The company launched the "Musi Gold Manager 4.0" service system, achieving over 3.92 million registered members by the end of the reporting period [7] Dividend Policy - The proposed dividend for the first half of 2025 is 4.5 CNY per 10 shares (tax included), emphasizing a commitment to stable and continuous returns for investors [8]

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 1.90 billion, a decrease from 2.21 billion in the same period last year, representing a decline of about 14.14% [1] - The total profit for the same period was approximately 149.70 million, down from 162.58 million, indicating a decrease of about 7.67% [1] - The net profit attributable to shareholders was approximately 138.04 million, compared to 148.76 million last year, reflecting a decline of about 7.19% [1] - The net profit after deducting non-recurring gains and losses was approximately 87.12 million, down from 125.64 million, showing a decrease of about 30.67% [1] - The net cash flow from operating activities was negative 412.84 million, worsening from negative 256.75 million in the previous year [1] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 3.37 billion, slightly down from 3.40 billion at the end of the previous year [1] - The company's cash and cash equivalents decreased by 34.28%, and contract assets decreased by 24.35%, while inventory increased by 42% [35] - The company's total liabilities included bonds payable, which accounted for 9.08% of total assets, a new addition compared to the previous year [38] Shareholder Structure - As of the end of the first half of 2025, the top ten shareholders included a new shareholder, the National Social Security Fund 413 Portfolio, replacing a previous shareholder [50] - Shareholders Sun Zhiyong and Xu Bangshun increased their holdings, while the Social Security Fund 420 Portfolio reduced its stake [50] Valuation Metrics - As of August 27, the company's price-to-earnings (P/E) ratio was approximately 11.63, the price-to-book (P/B) ratio was about 1.29, and the price-to-sales (P/S) ratio was around 0.88 [1]

Core Insights - Guangdong's economy in Q1 2025 shows a mixed landscape of challenges and highlights, with emerging industries like AI, robotics, and new energy vehicles driving growth despite external pressures and weak domestic demand [1][12]. Economic Overview - The overall economic performance of Guangdong is under pressure, with exports down 4.3% year-on-year, significantly lower than the previous year's decline of 12.7 percentage points [2][14]. - Fixed asset investment decreased by 8.4%, indicating a need for improved market confidence [2][14]. - Retail sales of consumer goods grew by 1.0% year-on-year, showing some recovery in certain sectors due to policy support [2][5]. Industrial Production - Industrial production is characterized by a "new vs. old" dynamic, with traditional sectors like textiles and furniture continuing to struggle, while emerging industries are experiencing rapid growth [3][17]. - Industrial robot production increased by 31.1%, and the output of civilian drones surged by 92.7% [3][17]. - The new energy vehicle sector saw a remarkable 50.9% increase in production, with BYD's sales reaching 1 million units, up 59.81% year-on-year [3][19]. Regional Development - Economic performance varies significantly across regions, with core cities in the Pearl River Delta like Shenzhen, Guangzhou, and Foshan showing weak industrial growth [4][22]. - Some cities like Huizhou and Meizhou have seen industrial growth due to advancements in electronics and traditional industries [4][22]. Investment and Consumption - Overall fixed asset investment fell by 8.4%, but industrial technology upgrades and automotive manufacturing investments showed positive trends [5][30]. - Foreign direct investment reached 23.31 billion yuan, up 5.9% year-on-year, indicating Guangdong's continued attractiveness to foreign investors [5][30]. - Consumer markets are showing signs of recovery, with policies like "trade-in" boosting sales in certain categories, although non-subsidized goods remain weak [5][31]. Foreign Trade - The trade environment is challenging, with U.S. tariffs impacting exports significantly, leading to a 5.9% decline in exports to the U.S. [6][14]. - Despite the overall decline, cities like Guangzhou and Dongguan have shown strong export performance in high-tech products [7][14]. Outlook - Looking ahead, external pressures may increase, but supportive policies and the continued growth of emerging industries are expected to provide a buffer [9][12]. - The implementation of new policies aimed at promoting AI and robotics is anticipated to sustain the momentum of emerging industries [9][12].

Core Viewpoint - Qu Mei Home's recent financial report indicates a decline in revenue and a significant increase in net loss, highlighting challenges in its business model and financial health [1][3]. Financial Performance - Total revenue for the first half of 2025 was 1.731 billion yuan, a decrease of 3.97% year-on-year [1]. - The net profit attributable to shareholders was -46.86 million yuan, an increase of 62.39% compared to the previous year [1]. - The gross margin improved to 36.57%, up 16.34% year-on-year, while the net margin was -2.64%, an increase of 62.78% [1]. - Total expenses (selling, administrative, and financial) amounted to 672 million yuan, accounting for 38.82% of revenue, an increase of 6.14% year-on-year [1]. Cash Flow and Debt Situation - The company's liquidity ratio was 0.82, indicating rising short-term debt pressure [1]. - Cash and cash equivalents decreased by 20.82% to 791 million yuan [1]. - The interest-bearing debt was 2.984 billion yuan, down 2.87% year-on-year [1]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 1.15%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 9.44% since its listing, with three years of losses out of nine annual reports, suggesting a fragile business model [3]. Analyst Expectations - Analysts expect the company's performance in 2025 to yield a net profit of 113 million yuan, with an average earnings per share of 0.16 yuan [4].

Group 1 - The core viewpoint of the article is that Meike Home (600337.SH) reported a decline in revenue and a net loss for the first half of 2025 compared to the previous year [1] Group 2 - The company achieved a total operating revenue of 1.5 billion yuan in the first half of 2025, representing a year-on-year decrease of 8.11% [1] - The net profit attributable to shareholders of the parent company was -87.9815 million yuan, which is an improvement of 188 million yuan compared to the same period last year [1] - The basic earnings per share were -0.06 yuan [1]

Core Insights - The furniture industry in Anji, Zhejiang, is experiencing significant growth, with approximately 70 chairs produced every minute, and one in three swivel chairs globally originating from this region [1] - The local industry is embracing green production practices, utilizing low formaldehyde and biodegradable materials across all stages of production [1][2] - Anji's furniture exports reached 203.1 billion yuan in the first half of the year, marking an 8.9% increase year-on-year, with the green furniture sector accounting for 105.6 billion yuan, or 52% of total exports [2] Industry Overview - Anji has developed a complete industrial chain encompassing chair design, research and development, production, testing, and marketing, with over 1,700 green furniture companies, 60.23% of which are large-scale enterprises [2] - The integration of digital tools is transforming traditional marketing and product selection processes, enabling rapid responses to international market changes [2] Technological Advancements - The industry is leveraging smart manufacturing technologies, such as automated logistics and precise quality control, to enhance production efficiency and capacity [1] - Companies are adopting innovative data-driven product selection methods, leading to significant sales growth, as demonstrated by a young entrepreneur's success in scaling sales from millions to billions within five years [1][2] Export and Market Expansion - Anji's cross-border sales have reached 60 billion yuan this year, supported by the establishment of a cross-border e-commerce industrial park and a comprehensive support policy focusing on talent, infrastructure, and services [2]