（编辑 何成浩） 证券日报网讯 8月22日晚间，真爱美家发布公告称，2025年半年度公司实现营业收入389，864，199.77 元，同比增长21.82%；归属于上市公司股东的净利润为196，879，752.04元，同比增长484.48%。 ...

证券代码：003041 证券简称：真爱美家 公告编号：2025-027 浙江真爱美家股份有限公司 关于 2025 年半年度利润分配预案的公告 在符合利润分配政策、保证公司正常经营和持续发展的前提下，同时为体现 对广大股东的回报，按照中国证监会相关规定及公司章程的规定，公司 2025 年 半年度的利润分配预案为：截至 2025 年 6 月 30 日，以公司总股本 144,000,000 股为基数，每 10 股派 4 元人民币（含税），不送红股，不以公积金转增股本。 以此计算合计拟派发现金红利 5,760 万元（含税）,占 2025 年半年度归属于上市 司股东的净利润比例为 29.26%。如在本公告披露之日起至实施权益分派股权登 记日期间，公司总股本发生变动的，公司拟维持每股现金分配金额不变，相应调 整现金派发总金额。 三、本次利润分配预案的合理性说明 公司已于 2025 年 5 月 19 日召开 2024 年度股东会，审议通过了《关于制定 公司 2025 年度中期分红的方案》，授权董事会在符合利润分配的条件下制定 2025 年中期利润分配方案： 公司拟于 2025 年中期（包含半年度、前三季度),在当期盈利、累 ...

（编辑 何成浩） 证券日报网讯 8月22日晚间，罗莱生活发布公告称，2025年半年度公司实现营业收入2，181，225， 983.82元，同比增长3.60%；归属于上市公司股东的净利润为185，490，847.45元，同比增长16.97%。 ...

证券研究报告|公司点评报告 [Table_Title] 线上及线下直营高增，海外业务仍有亏损 [Table_Title2] 罗莱生活(002293) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002293 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 9.96/6.12 | | 目标价格： | | 总市值(亿) | 71.98 | | 最新收盘价： | 8.63 | 自由流通市值(亿) | 71.34 | | | | 自由流通股数(百万) | 826.61 | [Table_Summary] 事件概述 2025H1 公司收入/归母净利/扣非归母净利/经营性现金流分别为 21.81/1.85/1.54/3.77 亿元，同比增长 3.60%/16.97%/9.77%/28.93%；2025H1 美国莱克星顿净亏损 2875 万元，24H1 为亏损 2183 万元，剔除莱克星顿 影响后主业扣非净利为 4.32 亿元、同比增长 18.8%；非经常性损益主要为政府补助 0.28 亿元，同比增加 10.5%。经营现金流 ...

真爱美家公告，2025年上半年营业收入3.9亿元，同比增长21.82%。净利润1.97亿元，同比增长 484.48%。拟向全体股东每10股派发现金红利4元（含税）。 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.587 billion CNY, with a net profit of 246 million CNY, reflecting a year-on-year growth of 10.92% [2] - The non-recurring net profit reached a historical high of 250 million CNY, up 15.71% year-on-year [2] - Operating cash flow net amount was 447 million CNY, a significant increase of 197.95% year-on-year [2] Group 2: Business Segments - The home textile business generated revenue of 1.807 billion CNY, with a gross margin of 26.38%, an increase of 3.02 percentage points compared to the previous year [3] - The new materials segment saw revenue of 215 million CNY, a year-on-year growth of 43.47% [3] - Coating materials and electrolyte additive businesses achieved revenues of 97.71 million CNY and 117 million CNY respectively, with growth rates of 18.97% and 73.13% [4] Group 3: Market Dynamics - The company faced challenges due to U.S. tariffs, which affected order volumes but managed to recover some orders by actively communicating with overseas clients [3][7] - Exports to the U.S. decreased, but there was a slight increase in exports to Europe and Japan [3] - The company is exploring new markets in Southeast Asia and Africa for future factory setups [9] Group 4: Strategic Initiatives - The company is focusing on differentiated product development to avoid low-price competition, particularly in the domestic market [6] - Plans for the second half of the year include expanding differentiated product offerings and enhancing brand presence on e-commerce platforms [6] - The company aims to improve gross margins by phasing out low-margin channels and promoting high-end products [8] Group 5: Production and Capacity - The coating materials business has a capacity utilization rate of around 50%, with expectations for improvement as business expands in the shipbuilding and automotive sectors [12] - The company has achieved IATF 16949 certification for automotive quality management and is actively promoting its products in the shipbuilding sector [10][14] - The VC project has a total capacity of 10,000 tons, with a current production rate of over 25 tons per day [16] Group 6: Industry Outlook - The market price for vinyl carbonate (VC) has decreased by 4.17% from the previous quarter, with expectations for recovery as industry capacity clears [18] - The company is positioned among the top three in the domestic electrolyte additive industry, benefiting from a full supply chain and cost advantages [17] - The company anticipates no significant impairments in 2025, with gradual improvement expected as the market recovers [19]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 25.87 billion and net profit attributable to shareholders at 2.46 billion, marking a year-on-year growth of 10.92% [2][3]. Financial Performance - Revenue for 2025 H1 was 25.87 billion, compared to 18.07 billion in the previous year [3][5]. - Net profit attributable to shareholders for 2025 H1 was 2.46 billion, up from 2.22 billion in 2024 H1 [3][2]. - Total assets amounted to 76.16 billion, with cash flow from operating activities at 4.47 billion [3]. Market Expansion - The company is actively expanding its global market presence, achieving a total export of home textile products worth 234 million USD, with slight growth in exports to Europe and Japan [8]. - Domestic home textile business revenue reached 3.42 billion, indicating a strong performance in the local market [8]. Product Development - The company has implemented a differentiated product strategy, achieving a sample production rate of 83.3% for bedding products, which is a 58.3% increase compared to the same period last year [8]. - Group purchase business revenue grew by 11.6%, while e-commerce initiatives focused on product and brand image upgrades, resulting in a 194% increase in average order value during the 618 shopping festival [8]. Brand Promotion - The company has intensified brand promotion efforts, achieving over 80 million exposures [9]. New Materials Business - The new materials segment is experiencing rapid growth, with revenue from coating materials and electrolyte additives showing significant increases [10][11]. - Revenue from functional coating materials grew by 18.97%, while revenue from lithium battery electrolyte additives surged by 73.13% [12][16]. Strategic Partnerships - The company has strengthened collaborations with leading electrolyte enterprises, achieving a sales volume of 2,793.69 tons, which is a 71.92% increase year-on-year [16].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][7]. Core Viewpoints - The company is positioned as a leading brand in the new national silk market, integrating intangible cultural heritage into its development strategy [5][9]. - The company has maintained its status as the top-selling brand of silk quilts in China for six consecutive years, focusing on product design and brand operation [6][9]. - The rise of the "Guochao" economy presents new growth opportunities for the company, particularly through the integration of silk products with cultural elements [9][40]. Summary by Sections 1. Industry Leadership and Business Overview - The company has been deeply engaged in the silk industry for 19 years, focusing on high-value-added business development through research and design, brand promotion, and sales [14][17]. - The main revenue source is silk quilts, which accounted for 54.97% of total revenue in 2024, despite a year-on-year revenue decline of 9.46% [17][21]. 2. Market Dynamics and Growth Drivers - The home textile market is large and fragmented, providing opportunities for leading brands. The domestic market for home textiles reached 1,427.58 billion yuan in 2021 [38][40]. - The silk industry is expected to grow, with a projected market size of approximately 260 billion yuan for silk quilts in 2024, reflecting a 10% year-on-year increase [51][52]. 3. Brand Strength and Sales Strategy - The company has established a robust brand presence, successfully implementing a brand strategy that positions it as the go-to choice for silk quilts [9][34]. - The sales network is comprehensive, with a balanced approach to online and offline channels, and online sales are expected to account for about 50% of total sales in 2024 [6][9]. 4. Financial Projections and Valuation - The company forecasts a net profit of 0.40 billion yuan in 2025, with corresponding P/E ratios of 47.0, 33.2, and 25.0 for 2025-2027 [5][7]. - Revenue projections for 2023-2027 indicate a steady growth trajectory, with expected revenues of 594 million yuan in 2025, reflecting a 15.11% year-on-year increase [5][7].

Investment Rating - The report maintains a "Buy" rating for several key companies in the textile and apparel sector, including Anta Sports, Li Ning, and Bosideng, among others [5][10][36]. Core Insights - The textile and apparel industry is experiencing fluctuations in revenue, with notable differences in performance between companies in China and Southeast Asia. For instance, Vietnam's textile exports have shown significant growth compared to China's [1][18]. - The report emphasizes the importance of product differentiation and brand strength in the jewelry sector, predicting that companies with these attributes will outperform the industry in 2025 [3][34]. - The report highlights the impact of changing tariff policies in Southeast Asia, which may affect profit distribution within the manufacturing sector in the short term, while long-term competition is expected to improve for integrated and internationalized companies [4][35]. Summary by Sections Textile and Apparel - In July 2025, revenue performance varied among apparel manufacturers, with Feng Tai Enterprises reporting a -8.8% year-on-year decline, while Yu Yuan Group saw a +0.5% increase [1][13]. - China's apparel and accessory exports from January to July 2025 totaled $88.62 billion, down 0.3% year-on-year, while textile exports increased by 1.6% to $82.12 billion [18]. - Vietnam's textile exports during the same period reached $22.59 billion, up 13.7%, and footwear exports were $14.09 billion, up 9.9% [18]. Footwear and Sportswear - The report indicates a stable recovery in the consumer environment for clothing and home textiles, with a focus on the robust performance of the sportswear segment [2][33]. - Companies like Anta Sports and Xtep International are highlighted for their strong growth potential, with respective 2025 PE ratios of 17 and 11 [36]. Jewelry Sector - Companies like Chow Tai Fook and Chao Hong Ji are recommended for their improving product strength and channel efficiency, with Chow Tai Fook expected to see a 10% increase in operating profit for FY2025 [3][34]. Manufacturing Sector - The report suggests that companies with lower exposure to the U.S. market and stable profitability, such as Shenzhou International, are well-positioned, with a 2025 PE ratio of 12 [4][35]. - The report also notes the importance of new customer collaborations and international capacity expansion for companies like Huali Group and Weixing Co., both with a 2025 PE ratio of 17 [32][35].

Core Viewpoint - Nantong Shuzhise Home Textile Technology Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the home textile industry [1] Company Summary - The legal representative of the company is Song Qianwei, which may suggest a leadership structure focused on innovation and technology in the home textile sector [1] - The company’s business scope includes a wide range of activities such as technology services, home goods manufacturing and sales, office supplies sales, and various types of product manufacturing and sales, indicating a diversified business model [1] Industry Summary - The establishment of this company reflects ongoing growth and diversification in the home textile and related industries, with a focus on technology and innovation [1] - The inclusion of services such as technology transfer and consulting suggests a trend towards integrating technology into traditional manufacturing processes within the industry [1]