Group 1 - The core point of the news is the decline in the stock price of Diou Waterhua, which fell by 5.05% to 6.21 CNY per share, with a trading volume of 48.1 million CNY and a turnover rate of 1.73%, resulting in a total market capitalization of 3.154 billion CNY [1] - Diou Waterhua Group Co., Ltd. is located in Chengdu, Sichuan Province, and was established on March 14, 1994. It was listed on May 25, 2016. The company's main business includes the research, design, manufacturing, and sales of acrylic boards and sanitary ware, as well as mid-to-high-end architectural ceramics [1] - The revenue composition of Diou Waterhua is as follows: ceramic wall and floor tiles account for 78.32%, bathroom products 16.47%, new materials 4.18%, and others 1.03% [1] Group 2 - From the perspective of fund holdings, one fund under Guolian Fund has a significant position in Diou Waterhua. Guolian Xinqidian Mixed A (001413) held 6,500 shares in the second quarter, accounting for 0.51% of the fund's net value, ranking as the tenth largest holding [2] - The estimated floating loss for Guolian Xinqidian Mixed A (001413) today is approximately 2,145 CNY. The fund was established on June 12, 2015, with a latest scale of 567,300 CNY. Year-to-date return is 13.62%, ranking 5,295 out of 8,172 in its category; the one-year return is 16.43%, ranking 6,226 out of 7,995; and the return since inception is 18.23% [2] Group 3 - The fund manager of Guolian Xinqidian Mixed A (001413) is Zhao Fei, who has a tenure of 10 years and 136 days, with a total fund asset size of 272 million CNY. The best fund return during his tenure is 72.58%, while the worst is -96.88% [3] - The co-manager, Huo Shunchao, has a tenure of 2 years and 168 days, managing a total fund asset size of 18.404 billion CNY. The best return during his tenure is 17.61%, and the worst is 0.12% [3]

Core Viewpoint - The construction of a unified national market is a significant national strategy aimed at addressing key issues and promoting quality products while resisting low-quality competition [1][5]. Industry Overview - The Chinese bathroom market is valued at approximately 200 billion yuan, with towns and rural areas accounting for 58% of this market [5]. - The lower-tier markets have been dominated by regional brands and numerous inferior products, which total around 86 billion yuan [5]. - Consumers in these areas have a demand for high-quality bathroom products but face challenges due to limited purchasing channels and poor service [5]. Company Strategy - Xiaomu Bathroom, a brand under Jiumu Group, is actively targeting the rural market as part of its "Rural Revitalization, Beautiful China" initiative [6][12]. - The brand emphasizes quality, aesthetics, and smart features, aiming to cater to the younger generation's evolving consumption preferences [8][21]. - Xiaomu plans to establish a comprehensive channel network in lower-tier markets, covering various retail formats and collaborating with local stores [14][16]. Market Positioning - Xiaomu's brand value has surpassed 18.2 billion yuan, making it one of the top choices for young consumers in the bathroom sector [8]. - The company aims to penetrate the market with high-cost performance products, particularly targeting the younger demographic in rural areas [18][21]. - The strategy focuses on both short-term sales growth and long-term brand establishment in lower-tier markets [18][21]. Competitive Landscape - The bathroom industry has seen many brands attempt to penetrate lower-tier markets, but few have succeeded due to the need for reliable service and quality products [19]. - Xiaomu's approach to enhancing service capabilities alongside product quality is seen as crucial for success in these markets [19][21]. - The company's efforts are expected to drive quality upgrades in the bathroom product sector and promote a more standardized industry development [19][21].

Core Viewpoint - The establishment of Foshan Yusen Clean Sanitary Ware Co., Ltd. indicates a growing interest in the sanitary ware manufacturing sector in China, with a focus on various ceramic and sanitary products [1] Company Overview - Foshan Yusen Clean Sanitary Ware Co., Ltd. has been recently established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Zou Yiwen [1] Business Scope - The company’s business scope includes the manufacturing of sanitary ceramic products, research and development of sanitary ware, and various types of ceramic products [1] - Additional activities include wholesale and retail of kitchen and sanitary products, as well as various types of ceramic materials and building materials [1] - The company is also involved in technical services, project management, and trade activities, including import and export [1]

9月16日，2025金砖国家新工业革命伙伴关系论坛在厦门隆重开幕。作为行业唯一企业代表，九牧集团董事长与中国移动杨杰、小米集团雷军、360集团周 鸿祎、三一重工向文波等知名企业家共同受邀出席本次论坛开幕式。当天下午，九牧集团还受邀参加"产业高级别对话暨金砖创新基地企业家论坛"，分享 九牧在新型工业制造领域的创新成果与实践经验，这为全球新型工业化进程贡献中国智慧和九牧方案。 据悉，本次论坛主题为"释放大金砖合作潜力 实现包容可持续工业化"，由工业和信息化部、福建省人民政府共同主办，金砖国家新工业革命伙伴关系创 新基地、厦门市人民政府、福建省工业和信息化厅、工业和信息化部国际经济技术合作中心共同承办。 为落实习近平主席关于推动"大金砖合作"高质量发展的重要指示精神，本次论坛聚焦人工智能、绿色低碳、数字经济、产业创新等领域，为国内外政产学 研搭建交流平台，促进各国产业政策对接协调，助力企业拓展合作机会，吸引了包括巴西、俄罗斯等新老金砖国家和哈萨克斯坦、古巴、尼日利亚等伙伴 国共34个国家政府部门和产业界代表，以及联合国工业发展组织、新开发银行等有关国际组织代表齐聚鹭岛共谋未来。 在以"创新协同驱动工业化发展"为主题 ...

Core Insights - iResearch has officially certified Jomoo Group for its "Global First Intelligent Toilet Flipping Flush Technology," recognizing its significance in upgrading the smart toilet category through innovation and industry impact [1] Industry Pain Points - Consumers face common issues with traditional flushing methods, such as excessive noise and incomplete flushing. Traditional direct flush toilets can quickly remove waste but cause splashing and noise, while siphonic toilets, although effective, also produce significant sound. These limitations hinder user experience and industry advancement [4][6] Digital Transformation - Jomoo Group, a leader in the bathroom industry for 35 years, emphasizes the use of advanced digital and AI technologies in its factory construction. The company has established a global network of 15 high-end smart factories, supporting product development and industry upgrades across various categories, including smart toilets, hardware, ceramics, bathroom cabinets, and kitchen cabinets [5] Technological Leadership - Jomoo Group maintains originality and leadership in core product technology. Its self-developed flipping flush technology, compared to traditional direct and siphonic flushing, utilizes a revolutionary smart motor and non-jetting structure to effectively prevent aerosol splashing and odor issues. The average noise level during flushing is as low as 38 decibels, significantly below the industry average. Additionally, Jomoo has introduced the industry's largest 65mm drainage pipe, improving capacity by 50% compared to conventional pipes, addressing long-standing issues of incomplete flushing, clogging, and residue buildup [6]

天眼查App显示，近日，佛山市禅城区雅洁品卫浴厂（个人独资）成立，注册资本1万人民币，经营范 围为一般项目：卫生陶瓷制品制造；卫生陶瓷制品销售；日用陶瓷制品制造；日用陶瓷制品销售；厨具 卫具及日用杂品批发；五金产品批发；五金产品零售；金属制品销售；玻璃仪器销售；塑料制品销售； 工艺美术品及礼仪用品销售（象牙及其制品除外）；日用杂品销售；日用百货销售；家居用品销售；电 子产品销售；互联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）。 ...

Group 1 - The core viewpoint of the news is that Diou Waterhua's stock has seen a significant increase of 5.48%, reaching a price of 6.93 yuan per share, with a total market capitalization of 3.519 billion yuan [1] - Diou Waterhua Group Co., Ltd. is based in Chengdu, Sichuan Province, and was established on March 14, 1994. It was listed on May 25, 2016. The company specializes in the research, design, manufacturing, and sales of acrylic boards and sanitary ware, as well as mid-to-high-end architectural ceramics [1] - The main revenue composition of Diou Waterhua includes ceramic wall and floor tiles at 78.32%, bathroom products at 16.47%, new materials at 4.18%, and others at 1.03% [1] Group 2 - From the perspective of fund holdings, Guolian Fund has a fund that heavily invests in Diou Waterhua. The Guolian Xinqidian Mixed A Fund (001413) held 6,500 shares in the second quarter, accounting for 0.51% of the fund's net value, ranking as the tenth largest holding [2] - The Guolian Xinqidian Mixed A Fund (001413) was established on June 12, 2015, with a latest scale of 567,300. The fund has achieved a year-to-date return of 15.58%, ranking 4,956 out of 8,174 in its category [2] - The fund manager Zhao Fei has a tenure of 10 years and 125 days, with a total asset scale of 272 million yuan. The best fund return during his tenure is 72.58% [3]

Core Viewpoint - The long-standing bathroom brand Huida Sanitary (603385.SH) is opting for a "radical" approach to divest its loss-making assets due to continuous losses over its 43-year history [1]. Group 1: Asset Divestiture - Huida Sanitary announced plans to publicly transfer 100% equity and related debts of its subsidiary, Guangxi Xingaosheng Thin Ceramic Co., Ltd. (广西新高盛), through a public listing [3]. - The equity will be transferred at a base price of 1 yuan, while the debts will be sold at nearly a 50% discount, raising market attention [3]. - Guangxi Xingaosheng has been consistently losing money, with a net loss of 29.31 million yuan in the first half of 2025 and a negative net asset of 154 million yuan, currently in a state of suspension [3]. Group 2: Financial Details - The assessment report from Walker (Beijing) International Asset Appraisal Co., Ltd. indicated that as of June 30, 2025, the book value of all shareholders' equity for Guangxi Xingaosheng was -154 million yuan, with an assessed value of -63.08 million yuan [3]. - The total debt owed to Guangxi Xingaosheng amounts to 269 million yuan, with Huida Sanitary's own debt at 138 million yuan, and the debts are listed at a base price of 144 million yuan [3]. Group 3: Strategic Intent - The company aims to adjust and optimize its industrial structure, integrate resources, reduce management costs, and enhance asset operational efficiency and quality through this divestiture [4]. - Huida Sanitary, established in 1997 and listed in 2017, has been facing stock price volatility, with a recent decline of 1.31% to 6.76 yuan on September 5 [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In H1 2025, the company achieved revenue of 2.837 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 28 million yuan, down 25% year-on-year. However, the net profit excluding non-recurring items increased by 6% year-on-year [2][6] - In Q2 2025, the company reported revenue of 1.787 billion yuan, a decrease of 9% year-on-year, with a net profit attributable to shareholders of 102 million yuan, down 21% year-on-year [2][6] - The company is focusing on retail transformation and expects improvements in gross margins, with Q2 2025 gross margin increasing by 1.2 percentage points to 29.7% [6] Revenue Analysis - The company’s revenue decline is attributed to industry downturn and intensified competition, with specific product categories showing varied performance: sanitary ceramics down 13.3%, faucets up 0.7%, bathroom furniture up 1.5%, bathtubs down 20.4%, and tiles down 10% [6] - The smart toilet segment showed resilience, with a 4.2% increase in revenue to 660 million yuan, accounting for approximately 23.3% of total revenue [6] - The company is actively promoting dealer retail growth, with dealer retail revenue increasing by 4% year-on-year, while e-commerce and engineering channels saw declines [6] Profitability Analysis - The improvement in gross margin is attributed to product mix optimization and cost reduction efforts, with the smart toilet's revenue share increasing [6] - The net profit margin for Q2 2025 decreased slightly, reflecting the impact of reduced revenue on expense ratios [6] Market Opportunities - The company is focusing on the existing housing market, leveraging product, channel, and service strategies to capture growth opportunities [6] - Despite challenges in the North American market, the company is expanding its international business in emerging markets [6] Retail Strategy - The company plans to enhance its retail strategy in response to government subsidy policies, which are expected to stimulate demand for bathroom products [6] - A significant expansion of the store sales enhancement project is anticipated in H2 2025, aiming to improve customer engagement and sales conversion [6] Financial Projections - The company forecasts net profits of 231 million yuan, 325 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 25, and 19 [6]

Group 1 - The company Huida Sanitary Ware announced on the evening of September 4 that its seventh board of directors held the eighth meeting, which approved multiple proposals, including the proposal to convene the second extraordinary general meeting of shareholders in 2025 [2]