登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603326 证券简称：我乐家居 公告编号：2025-027 南京我乐家居股份有限公司 关于2024年度暨2025年第一季度 业绩说明会召开情况的公告 一、业绩说明会召开情况 公司于2025年5月29日在上海证券交易所网站（www.sse.com.cn）和《中国证券报》《上海证券报》 《证券时报》《证券日报》披露《关于召开2024年度暨2025年第一季度业绩说明会的公告》（公告编号 2025-026）。2025年6月6日，公司董事长NINA YANTI MIAO（缪妍缇）女士、副董事长兼总经理汪春 俊先生、副总经理兼董事会秘书徐涛先生、财务总监黄宁泉女士、独立董事黄奕鹏先生出席了本次说明 会，与投资者进行互动交流和沟通，就投资者关注的问题进行了回复。 二、投资者提出的主要问题及公司回复情况 问题1：公司如何看待房地产行业深度调整对定制家居业务的冲击？ 回复：房地产行业深度调整对定制家居行业的冲击是深刻且持续的，这个影响并非单向的破坏力，而是 行业格局重塑的催化剂，它打破了以往过度依赖新房增量的发展模式，从短期看确实是严峻挑战，但从 长期看也是倒逼企业 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码： 603801 证券简称：志邦家居 公告编号：2025-049 债券代码：113693 债券简称：志邦转债 志邦家居股份有限公司（以下简称"公司"）于2025年4月29日在《证券日报》《证券时报》《上海证券 报》和上海证券交易所网站（www.sse.com.cn）上披露了公司《2024年年度报告》及《2025年第一季度 报告》。为便于广大投资者更深入、全面地了解公司经营情况，公司于2025年5月22日召开了"2024年年 度暨2025年第一季度业绩说明会"。现将会议召开情况公告如下： 一、业绩说明会召开基本情况 公司于2025年4月29日在上海证券交易所网站(www.sse.com.cn)和《证券日报》《证券时报》《上海证券 报》披露了公司《2024年年度报告》及《2025年第一季度报告》。 2025年5月22日15:00-16:30，公司通过上海证券报·中国证券网(https://roadshow.cnstock.com)以视频直播 和网络互动方式召开了"2024年年度暨2025年第一季度业绩说明会"。公司董事长孙志勇先生、董事会秘 书兼财务总监孙 ...

Group 1: Company Strategy and Innovation - The company leverages flexible production technology to meet the increasing demand for personalized furniture while maintaining cost control [2] - The introduction of the "AI Design Factory" aims to enhance operational efficiency and transform the business model through systematic AI deployment [2][3] - The launch of integrated wall and cabinet products represents an advancement in the company's "whole-house customization" model, enhancing overall design coherence [3] Group 2: Financial Performance and Shareholder Returns - The company has maintained a cash dividend of 9 RMB per 10 shares for two consecutive years, with plans to continue this trend based on operational performance [4] - The profit distribution plan for 2024 aims for a total cash dividend of no less than 100 million RMB, reflecting a commitment to shareholder returns [4] - The company reported a significant net cash flow exceeding 1.1 billion RMB over the past two years, indicating strong cash-generating capabilities [4] Group 3: Cost Management and Operational Efficiency - The company reduced its workforce by 16.22% to 7,689 employees by the end of 2024 as part of ongoing organizational restructuring [5] - Continuous cost control measures and operational efficiency optimizations have been implemented to enhance profitability [5][7] - The integration of a comprehensive knowledge base covering 300,000 product types and 3 million housing designs has improved operational processes and customer interaction [5][7] Group 4: Market Expansion and Future Plans - The company plans to expand its market presence through a "1+N" city development model and aims to open 500 stores across 9 cities [6][7] - The strategic focus for 2025 includes enhancing product quality, optimizing supply chain management, and leveraging AI technology for overseas business expansion [6][7] - The company is committed to adapting to the fourth-generation housing market by developing suitable products and services [8]

Core Insights - The real estate market is entering a post-cycle phase, with new housing sales area and sales revenue declining by 12.9% and 17.1% respectively in 2024 compared to 2023 [1] - The overall net profit of nine major custom home companies decreased by nearly 30% to 4.048 billion yuan in 2024, influenced by a sluggish real estate sector and increased competition in the existing market [1] Group 1: Company Performance - In the first quarter of 2024, only three companies (Zhihong Home, Pinao, and Top Solid) reported a decline in net profit, with Pinao and Top Solid experiencing significant losses of 122.4% and 339.1% respectively [2] - Euopei Home led with a net profit of 2.18 billion yuan, a 43% increase year-on-year, due to its centralized procurement advantages [2] - In the second quarter, nearly 90% of companies reported negative net profit growth, with an average decline of 59% [2] - In the fourth quarter, Iole Home's net profit surged nearly 13 times to 40.92 million yuan, while Sophia's net profit increased by 38.8% to 463 million yuan [3] Group 2: Financial Metrics - The average net profit margin for the nine custom home companies in 2024 was approximately -1.4%, a significant drop from 7.8% in 2023 [9] - Top companies like Euopei Home and Sophia had net profit margins of 13.8% and 13.7% respectively, showing slight increases from the previous year [9] - Smaller brands like Top Solid and Pinao had net profit margins of -17.1% and -42.7%, compared to 1.4% and 6.3% in 2023 [9] Group 3: Cost Management - Iole Home had the highest sales expense ratio at 24.8%, an increase of 3 percentage points from 2023, while Sophia managed to reduce its sales expense ratio by 10.2% [5] - Top Solid had the highest management expense ratio at 10.4%, up 1.8% year-on-year, while Zhihong Home's management expenses decreased significantly due to reduced share-based payment costs [6] - R&D expense ratios for Gold Medal Home and Euopei Home were 6.1% and 5.8% respectively, with both companies investing in digital transformation and product innovation [7]

出品：新浪财经上市公司研究院 作者：木予 据国家统计局数据显示，2024年新建商品房销售面积共97385万平方米，同比下降12.9%，新建商品房销售额共96750亿元，同比下降17.1%。其中，住宅销 售面积和销售额分别较2023年下降14.1%、17.6%。步入房地产后周期时代，新房市场家居消费持续疲软，二手房装修、存量房翻新、旧改房装修需求虽然 显著提升，但短期内难以弥补缺口。 截至4月30日，欧派家居、索菲亚、志邦家居、尚品宅配、金牌家居、好莱客、我乐家居（维权）、顶固集创和皮阿诺9家A股上市的定制家居公司均已发布 2024年业绩报告。 经营活动现金流净额总和降逾20% 金牌家居现金流降幅远超营收 受上游房地产行业低迷、消费信心不足及存量市场竞争加剧等多重不利因素影响，报告期内，九大公司经营活动现金流净额合计87.24亿元，较2023年整体 下降21.4%，接近八成公司经营活动现金流净额出现缩水。 值得关注的是，金牌家居2024年经营活动现金流净额较2023年骤降40.7%，远高于同期营收及净利润降幅。现金回收效率降低，或与房地产行业阶段性承 压，销售回款减少有关。报告期内，公司应收账款坏账损失以及其他 ...

就单季表现而言，2024年第一季度，超七成定制家居公司营业成本保持增长态势，好莱客、索菲亚、金牌家居和顶固集创单季营业成本同比分别增长 20.1%、18.1%、13.2%、12.0%，尤其好莱客、金牌家居和顶固集创的增幅甚至超过同期营业收入增幅。而欧派家居和我乐家居已有意识地采取供应链改 革、自动化产线升级、工艺研发优化等措施，压缩冗余成本，营业成本较2023年同期下降0.5%、3.1%。 进入第二季度和第三季度，感受到寒意的公司纷纷大刀阔斧地降本增效。4-6月，欧派家居、我乐家居、尚品宅配和皮阿诺营业成本降幅皆在20%以上，好 莱客单季营业成本录得3.31亿元，较2023年第二季度减少17.2%。7-9月，索菲亚和顶固集创营业成本分别同比下降20.0%、21.8%，我乐家居和欧派家居降幅 扩大至25%左右，尚品宅配和皮阿诺同指标则逼近30%。相较之下，志邦家居受板材、五金等大宗商品价格上涨影响，报告期内营业成本只分别小幅缩减 6.3%、4.6%。 第四季度，处于尾部的中小公司顶固集创和皮阿诺，由于终端需求疲软、产能利用率不足，营业成本被动同比下降35.9%、40.7%。欧派家居、尚品宅配、 好莱客和志邦家居 ...

出品：新浪财经上市公司研究院 作者：木予 据国家统计局数据显示，2024年新建商品房销售面积共97385万平方米，同比下降12.9%，新建商品房销售额共96750亿元，同比下降17.1%。其中，住宅销 售面积和销售额分别较2023年下降14.1%、17.6%。步入房地产后周期时代，新房市场家居消费持续疲软，二手房装修、存量房翻新、旧改房装修需求虽然 显著提升，但短期内难以弥补缺口。 截至4月30日，欧派家居、索菲亚、志邦家居、尚品宅配、金牌家居、好莱客、我乐家居（维权）、顶固集创和皮阿诺9家A股上市的定制家居公司均已发布 2024年业绩报告。 受上游房地产行业低迷、消费信心不足及存量市场竞争加剧等多重不利因素影响，报告期内九大公司收入全面下滑，总营收合计471.95亿元，同比减少 15.2%。欧派家居收入规模最高，全年实现189.25亿元，约为总收入贡献四成；金牌家居营收降幅最小，仅比2023年微降不超过5个百分点；皮阿诺以8.86亿 元规模和-32.7%降幅双双垫底，与头部公司业绩表现相比进一步分化。 进入第二季度和第三季度，房地产下行对定制家居行业的冲击明显。4-6月，我乐家居、欧派家居、尚品宅配和皮阿诺 ...

作为行业增长引擎的标杆，森歌以"智造+场景"双轮驱动战略重构产业格局。其亚洲智能厨电+不锈钢定制领域最大的5G黑灯标杆工厂——占 地200亩的智能厨电基地，以"黑灯生产"模式实现年产能百万台，成为全球首个实现全链路信息化管理的企业。这一数智化标杆不仅吸引众 多央媒聚焦报道，更被国检中心和行业协会授予行业唯一的"5G黑灯标杆工厂"的称号，为行业树立智能制造范本。 在第九个中国品牌日来临之际，HOME家饰界联合中国建筑材料流通协会发布了"2025年中国品牌日第六届家居新国货品牌指数(HNBI)"，森 歌集成灶以2217.5的品牌指数强势登顶，环比上涨4%，并一举斩获"2025家居新国货集成灶行业领军品牌"、"2025新质生产力标杆企 业"、"2025国货之光"三大核心奖项，成为集成灶行业唯一包揽三项至高荣誉的品牌。这一殊荣不仅是对森歌品牌价值的权威认证，更是家居 新国货厨电行业"智造"的跨越式突破。 冠军品牌铸就品牌增长新范式 在品牌增长层面，森歌通过破圈式"体育营销"，实现品牌势能裂变，极大地提升了品牌的知名度与美誉度，"冠军IP"深入人心。森歌作为国 家体育总局训练局唯一指定集成灶品牌，为13支国家队运动员提 ...

百川能源：股东拟减持不超2%公司股份 5月12日，百川能源（600681）发布公告称，公司股东曹飞计划自2025年6月3日至2025年9月2日期间， 通过集中竞价交易或大宗交易方式减持公司股份不超过2681.71万股，占公司总股本的2%。本次减持系 因曹飞个人投资及资金安排需求。 资料显示，百川能源成立于1992年3月，主营业务是城市管道燃气销售、燃气工程安装、燃气具销售。 所属行业：公用事业–燃气Ⅱ–燃气Ⅲ 金宏气体：拟每10股派现1元 5月12日，金宏气体（688106）发布2024年年度权益分派实施公告，拟以每10股派发现金红利1.00元 （含税），股权登记日为2025年5月15日，除权（息）日及现金红利发放日均为2025年5月16日。 资料显示，金宏气体成立于1999年10月，主营业务是气体研发、生产、销售和服务。 所属行业：电子–电子化学品Ⅱ–电子化学品Ⅲ 所属行业：计算机–软件开发–垂直应用软件 佳都科技：注销部分回购股份 5月12日，佳都科技（600728）发布公告称，公司将注销回购专用证券账户中已完成回购且尚未使用的 1020.49万股股份，占公司总股本的0.476%。本次注销完成后，公司总股 ...

Core Viewpoint - The company is experiencing a decline in revenue and net profit, but there are signs of improvement in the upcoming quarters due to government subsidies and strategic changes in its business model [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 3.789 billion yuan, with a net profit attributable to shareholders of -215 million yuan and a non-deducted net profit of -228 million yuan, representing a 23% year-on-year decline in revenue [1]. - For Q4 2024, the revenue was 1.057 billion yuan, with net profits of -101 million yuan and -95 million yuan for non-deducted net profit, showing a 24% year-on-year decline [1]. - In Q1 2025, the revenue is projected to be 741 million yuan, with net profits of -39 million yuan and -45 million yuan for non-deducted net profit, indicating a 5% year-on-year decline, but a narrowing of losses [1]. Market Trends and Business Model - Since Q4 2024, government subsidies have started to show effects, leading to a narrowing of revenue decline from 29% in Q3 2024 to 17% overall for Q4 2024 to Q1 2025 [2]. - The company is focusing on a customized and supporting business model, with a significant emphasis on the "随心选" full-house customization package as a key strategy [2]. - The company is also innovating with a "30万一价全包" model to lower the entry barriers for franchisees, allowing for quicker store openings and shared resources between franchisees and direct stores [2]. Cost Management and Efficiency - In 2024, the company's gross margin and net profit margin decreased by 1.9 and 7.0 percentage points, respectively, while sales, management, R&D, and financial expense ratios increased [3]. - In Q1 2025, the gross margin and net profit margin improved by 7.4 and 5.9 percentage points, respectively, indicating a reduction in loss margins and a decrease in various expense ratios [3]. Channel Strategy and Expansion - The company is implementing a "1+N+Z" model for direct sales cities, transitioning direct stores into flagship stores that support distributors in logistics and delivery [4]. - For franchise cities, the company is focusing on a "1+N+Z" model to leverage local resources and reduce operational requirements for franchisees, aiming to expand into lower-tier cities [4]. - The company plans to continue its focus on high-quality development in its traditional strengths of customization and supporting businesses, with expectations of improved demand and market conditions due to accelerating government subsidies [4]. Dividend and Future Projections - In 2024, the company distributed dividends amounting to 187 million yuan, corresponding to a dividend yield of nearly 7% [4]. - The projected net profit attributable to shareholders for 2025-2027 is approximately 70 million, 100 million, and 150 million yuan, with corresponding price-to-earnings ratios of 39, 27, and 18 times [4].