2025年4月25日，中源家居股份有限公司召开第四届董事会第七次会议和第四届监事会第三次会议，审 议通过《关于回购注销部分限制性股票的议案》。 根据公司《2024年限制性股票激励计划（草案）》相关规定，因《激励计划（草案）》首次授予中的2 名激励对象离职，公司决定回购注销其持有的已获授但未解除限售的1.95万股限制性股票。 本次限制性股票回购注销完成后，公司总股本将由12,590.24万股变更为12,588.29万股，注册资本也将由 12,590.24万元变更为12,588.29万元。在办理本次回购注销完成前，若公司总股本发生变化，回购注销后 公司股权结构变动将按最新股本计算。 由于本次回购注销部分限制性股票涉及注册资本减少，依据《中华人民共和国公司法》和《公司章程》 等法律法规，公司通知债权人，债权人自接到通知书之日起30日内，未接到通知书的自本公告披露之日 起45日内，有权要求公司清偿债务或者提供相应的担保。债权人未在规定期限内行使上述权利，不影响 其债权有效性。 债权申报所需材料方面，公司债权人需持证明债权债务关系存在的合同、协议及其他凭证的原件及复印 件申报债权。若债权人为法人，还需携带法人营业执照副 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.5700 | 0.3200 | 78.13 | -0.1500 | | 每股净资产（元） | 6.51 | 6.15 | 5.85 | 5.81 | | 每股公积金(元) | 2.96 | 2.9 | 2.07 | 2.9 | | 每股未分配利润(元) | 2.30 | 1.94 | 18.56 | 1.66 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 13.09 | 11.76 | 11.31 | 7.99 | | 净利润(亿元) | 1.38 | 0.78 | 76.92 | -0.36 | | 净资产收益率(%) | 8.99 | 5.43 | 65.56 | -2.52 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 18285万股，累计占流通股比： 76.19%，较上期变化 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.3400 | 0.1700 | -300 | -0.4400 | | 每股净资产（元） | 4.19 | 6.17 | -32.09 | 7.1 | | 每股公积金(元) | 2.41 | 3.4 | -29.12 | 4.28 | | 每股未分配利润(元) | 0.58 | 1.37 | -57.66 | 1.42 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 16.02 | 11.01 | 45.5 | 7.22 | | 净利润(亿元) | -0.42 | 0.21 | -300 | -0.42 | | 净资产收益率(%) | -7.48 | 3.68 | -303.26 | -7.08 | | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 安吉 ...

中源家居（603709）公告，2024年营业收入16.02亿元，同比增长45.42%。归属于上市公司股东的净亏 损4173.9万元，去年同期净利润2135.99万元。基本每股收益-0.34元／股。公司2024年度拟不派发现金 红利，不送红股，不以资本公积转增股本。 ...

证券研究报告 | 2025 年 04 月 28 日 晨会集萃 制作：产品中心 重点推荐 《策略|行业比较周报——震荡期后续主线的思考》 1、复盘市场历次底部区域，趋势性上涨前往往会经历多次反弹的下跌期 和 w 型磨底期，较为典型的磨底期成交量先收缩后放量，以过渡开启上 涨行情。2、站在后验的角度，主线必然是政策确定性与产业逻辑确定性 的双击。我们判断，市场主线往往是一个长期逻辑，当某行业本身不具备 长期逻辑或行业的长期逻辑被证伪，由于短期逻辑与长期标准背离，尽管 在磨底期上涨，但可能不会发展成为主线。主要有三种情况：1）防御属 性行业，资金只是短期避险。这种情况多见于电力公用、必选消费等行业， 磨底期结束后资金风险偏好回升，防御板块的吸引力降低。2）行业的政 策支持的逻辑短期相对更弱。如 2005 年民营经济政策催化下的电力板块。 3）行业在磨底期后格局并未优化。如 2016 年上半年磨底期的有色板块， 上涨的本质是供给侧改革驱动的预期行情，但随着产能的释放，需求的证 伪，行业逻辑回归现实，并未发展成主线。 风险提示：1）过去历史经验仅供参考；2）风格分类仅供参考；3）政策 出台和落地具备不确定性。 《策略| ...

沪深交易所各1家，北交所2家。 4月21日～4月27日当周（下同），沪深北三大交易所共有4家拟IPO企业终止审核，其中沪深交易所各1 家，北交所2家。 这4家企业分别为申报沪市主板的浙江升华云峰新材股份有限公司（下称"云峰新材"），申报创业板的 厦门渡远户外用品股份有限公司（下称"渡远户外"），以及申报北交所的西安博达软件股份有限公司、 唐山天和环保科技股份有限公司（下称"天和环保"）。 云峰新材在终止审核前一个月遭到监管警示，原因是未说明商标授权模式下，个别经销商和OEM供应 商由同一自然人控制的情况、研发管理内控制度实际情况与申报文件陈述不符。 该公司销售同时存在经销商模式和商标授权模式，在商标授权模式下OEM供应商直接向经销商销售， 并使用云峰新材品牌。现场检查发现，报告期内，云峰新材前五大经销商之一合肥豪林商贸有限公司 （下称"合肥豪林"），以及商标授权业务前五大OEM供应商之一六安市叶集区瑞驰木业有限公司（下 称"六安瑞驰"）为同一自然人控制的企业。 根据云峰新材2024年12月30日的申报稿，六安瑞驰设立时的股东为汪亮。2021年12月，汪亮将其持有的 六安瑞驰100%股权全部转让给王涛岳父陈绪桌 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant growth driver, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," aiming for quality growth while optimizing asset allocation and improving operational efficiency [4]. Revenue and Profit Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with respective year-on-year growth rates of 2.4%, 10.8%, -8.8%, 2.9%, and 331.1% [2]. - The gross profit margin for 2024 decreased by 5.2 percentage points to 18.5%, primarily due to rising shipping costs and price reductions for cross-border e-commerce inventory [3]. Cost and Expense Management - The company saw a decline in inventory by 4.3 billion RMB to 18.9 billion RMB in Q1 2025, indicating effective inventory optimization [3]. - The expense ratios for sales, management, R&D, and financial expenses for the full year of 2024 were 7.1%, 3.9%, 2.1%, and 0.4% respectively, with a notable decrease in sales expense ratio in Q1 2025 due to reclassification of delivery fees and discounts [3]. Future Projections - The company expects stable performance in traditional OEM business amid steady overseas demand and increasing trade frictions, while overall revenue growth in Q1 2025 is projected at 12.7%, mainly driven by cross-border e-commerce [2][4].

Financial Overview - The total operating revenue of Henglin Co., Ltd. for Q1 2025 reached 2.654 billion yuan, an increase of 12.74% year-on-year, while the net profit attributable to shareholders was 51.8647 million yuan, a decrease of 49.49% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 52.6501 million yuan, down 48.89% year-on-year [1] Key Financial Indicators - The accounts receivable of Henglin Co., Ltd. were significantly high, with accounts receivable accounting for 718.04% of the latest annual net profit [3] - The operating cash flow per share was -0.39 yuan, a decrease of 134.51% year-on-year, indicating cash flow pressure [3] Debt Situation - The company's interest-bearing debt was 2.686 billion yuan, a decrease of 15.95% year-on-year, but the interest-bearing asset-liability ratio remained at 26.28%, necessitating ongoing monitoring of its debt situation [4] Business Model and Performance Evaluation - The company's performance relies heavily on research and marketing efforts, with a return on invested capital (ROIC) of 5.07% last year, indicating average capital returns [5] - The net profit margin was 2.41%, suggesting low added value for the company's products or services [5] Summary - Overall, Henglin Co., Ltd. exhibited weak performance in Q1 2025, particularly in net profit and cash flow, which showed significant declines. The company needs to focus on improving accounts receivable collection and cash flow, while also managing debt levels to ensure future stability [6]

Group 1 - The company plans not to distribute profits or increase capital reserves for the year 2024, with unallocated funds to be used for operational liquidity [3] - The company operates in the soft furniture industry, specifically in memory foam products, which is classified under the furniture manufacturing sector [4][5] - The global mattress market has shown stable growth over the past decade, with a consumption volume increase from $26.1 billion in 2014 to $30.2 billion in 2023, although there has been a decline in demand due to macroeconomic factors in recent years [5][6] Group 2 - The online sales channel has become a significant change in the mattress market, with online penetration expected to rise from 16% in 2019 to 23% in 2023 [7] - The U.S. mattress market is the largest globally, with a consumption volume increase from $6.699 billion in 2014 to $9.098 billion in 2023, reflecting a compound annual growth rate of 3.46% [7] - The European mattress market is also substantial, with a consumption volume exceeding $6 billion in 2023, and countries like Germany and France showing high import consumption ratios [8] Group 3 - The company is a pioneer in the memory foam home products sector in China, focusing on enhancing deep sleep and changing consumer habits regarding mattress firmness [11][12] - The company has established multiple production bases globally, including in Serbia, the U.S., Thailand, and Spain, and has developed several core technologies in home product manufacturing [12] - The company has a stable customer base and distribution channels, exporting products to over 110 countries and regions [12] Group 4 - The global functional sofa market is projected to reach $41.6 billion by 2027, with a compound annual growth rate of 7.9% from 2020 to 2027 [9] - The Chinese functional sofa market is experiencing rapid growth, with a market size of approximately 12.68 billion yuan in 2022, a 24% increase from 2021 [9] - The smart electric bed market is also expanding, with the U.S. market expected to reach $4.72 billion by 2027, growing at a compound annual growth rate of 14.5% [10] Group 5 - The company employs a diversified sales model, including direct sales through stores, e-commerce platforms, and partnerships with hotels [20][21] - The company has upgraded its store formats to enhance customer experience, including various themed experience centers [21] - The company utilizes a combination of order-based and inventory-based production models to meet market demand efficiently [26]

中国经济网北京4月25日讯亚振家居（603389）(603389.SH)今日收报6.58元，跌幅5.19%。 亚振家居昨晚发布关于筹划控制权变更事项复牌的公告。因亚振家居控股股东上海亚振投资有限公司(以下简称"控股股东"或"亚振投资")筹 划控制权变更事项已取得进一步进展，经公司向上海证券交易所申请，公司股票(证券代码：603389，证券简称：亚振家居)将于2025年4月 25日(星期五)开市起复牌。 公司于2025年4月17日收到公司控股股东的通知，控股股东正在筹划公司股份协议转让事宜，该事项可能导致公司控制权发生变更。鉴于上 述事项正在洽谈当中，尚存在不确定性，为保证公平信息披露，维护投资者利益，避免造成公司股价异常波动，根据《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第4号——停复牌》等有关规定，经公司向上海证券交易所申请，公司股票(证券代 码：603389，证券简称：亚振家居)于2025年4月18日(星期五)开市起停牌。 同时，亚振投资及其一致行动人浦振投资、恩源投资不可撤销地承诺，自本次股份转让完成之日至本次要约收购完成之日止，亚振投资及 其一致行动人浦振投资、恩源投资放弃各 ...