内容概要：节能门窗，作为绿色建筑的关键组成部分，正逐渐成为市场新宠。过去十年，房地产行业的 迅猛发展，虽然带来了经济的繁荣，但也催生了一些房地产商为了追求利润而忽视质量，导致优质门窗 的发展受阻。然而，近几年受绿色建筑理念的普及和人们生活水平提升影响，节能门窗发展速度逐步加 快。国家政策的推动以及对建筑节能的更高要求，使得节能门窗在绿色技术、绿色建材的领域中脱颖而 出，受到了越来越多的关注和青睐。数据显示，2023年节能门窗行业市场规模达到2600亿元。但到了 2024年中国节能门窗行业市场规模有所下降，这主要受房地产市场传导及家装预算压缩等影响，节能门 窗零售消费疲弱。但随着绿色建筑的持续发展，以及老旧小区改造需求的增加，我国节能门窗行业市场 规模在2025年有望达到2700亿元。 相关上市企业：坚朗五金（002791）、森鹰窗业（301227）、*ST嘉寓（300117）、海螺新材 （000619）、豪美新材（002988）、兴发铝业（00098）、恒尚节能（603137）、南山铝业 （600219）、江山欧派（603208）、中国铝业（601600）等。 相关企业：浙江瑞明门窗股份有限公司、安徽省仕航建 ...

Core Viewpoint - The company reported significant declines in revenue and profit for the year 2024, indicating challenges in the external market environment and a need for strategic adjustments to improve competitiveness and capitalize on market opportunities [1][2][3]. Financial Performance - For the year 2024, the company achieved a revenue of 567 million yuan, a decrease of 39.71% year-on-year [1]. - The net profit was -42.19 million yuan, down 128.90% compared to the previous year [1]. - The non-recurring net profit was -56.74 million yuan, reflecting a decline of 144.42% year-on-year [1]. - The gross margin for the main business was 19.31%, a decrease of 15.10 percentage points year-on-year [1]. - The net cash flow from operating activities was 124 million yuan, down 16.32% from the previous year [1]. Business Model Analysis - The bulk business model generated revenue of 277 million yuan, a decline of 47.08%, with a gross margin decrease of 14.95% [1]. - The distributor business model brought in 275 million yuan, down 31.45%, with a gross margin decrease of 15.09% [1]. - Revenue from energy-efficient aluminum-clad wooden windows was 383 million yuan, a decrease of 51.53%, with a gross margin decline of 14.32% [1]. - Revenue from aluminum alloy windows increased by 27.17% to 146 million yuan, but the gross margin decreased by 8.12% [1]. - Curtain wall and sunroom products saw a revenue increase of 7.27%, although the gross margin declined by 10.96% [1]. Market Environment and Opportunities - The external market environment has significantly impacted the company's bulk business, particularly in aluminum-clad wooden window sales [2]. - The window industry faces challenges but also opportunities due to the dual carbon strategy, which promotes green, low-carbon, and energy-efficient building practices [2]. - The demand for home improvement is becoming a key support for the new housing market, with potential in the renovation market [2]. - There is still significant room for improvement in industry concentration, with leading companies expected to capture more market share [2]. Future Outlook and Strategy - The company anticipates a gradual recovery in the real estate market, supported by policy initiatives that restore market confidence [3]. - The company plans to enhance its core competitiveness through R&D, design innovation, and improved service levels [3][4]. - Strategies include increasing product awareness, implementing a multi-category sales strategy, and expanding into international markets [4]. - The company aims to improve supply chain capabilities and production efficiency while reducing costs through technological upgrades and increased R&D investment [4]. - The company has revised its fundraising projects to focus on enhancing production capacity for energy-efficient window components [5].

Group 1: Company Performance and Financials - In 2024, the company's revenue from bulk business decreased by 47.08% to CNY 277 million, with a gross margin decline of 14.95% [4] - Revenue from the dealer business model fell by 31.45% to CNY 275 million, with a gross margin decrease of 15.09% [4] - Revenue from energy-saving aluminum-clad wooden windows dropped by 51.53% to CNY 383 million, with a gross margin decline of 14.32% [5] - Revenue from aluminum alloy windows increased by 27.17% to CNY 146 million, but gross margin decreased by 8.12% [5] - Overall, the external market environment significantly impacted the company's bulk business, particularly in aluminum-clad wooden window sales [5] Group 2: Market Trends and Opportunities - The energy-saving window industry is undergoing transformation due to the dual carbon strategy, promoting green, low-carbon, and energy-efficient buildings [4][5] - The demand for improvement housing is becoming a key support for the new housing market, with the "old-for-new" renovation market gaining momentum [4] - The market penetration and popularity of high-performance window products remain low, indicating a significant opportunity for growth [4][5] - The industry still has substantial room for improvement in concentration, with leading companies expected to capture more market share [4][5] Group 3: Strategic Initiatives - The company plans to enhance product recognition and brand awareness through a multi-category, large single product, and full-channel sales strategy [3] - There is a focus on channel transformation, expanding the distribution network, and flagship operations in key cities [3] - The company aims to improve supply chain capacity and efficiency through investment in projects related to insulating glass and integrated materials [3] - Continuous innovation and increased R&D investment are prioritized to develop cost-effective products that meet market demands [3] Group 4: Future Outlook - The real estate market is showing signs of gradual recovery after adjustments, with improved market confidence and expectations for demand and supply [5] - The company will leverage industry trends such as increased energy efficiency requirements and accelerated demand for renovation to enhance its competitive edge [5] - The focus will be on providing comprehensive solutions for building openings, improving product diversity, and enhancing management efficiency [5]

Market Position and Competition - The aluminum-clad wooden window industry has a low concentration with a CR5 of less than 2%, and the company's market share is only 0.3% [2] - The company has established strong competitive barriers through core technology, production processes, and a nationwide sales network [3] - The company's products have a higher retail price compared to competitors due to superior performance in thermal transmittance, air tightness, and water tightness [3] Financial Performance - In 2024, revenue from energy-saving aluminum-clad wooden windows decreased by 51.53% to 383 million yuan, with a gross margin decline of 14.32 percentage points [4] - The overall revenue for 2024 dropped by 39.71% to 567 million yuan, and the net profit turned to a loss of 42.19 million yuan [13] - The company's cash flow improved, with operating cash flow turning positive at 10.36 million yuan in Q1 2025 [8] Product Development and Innovation - The company has developed a range of passive building products, with nearly 20 products certified by Germany's PHI [3] - New product lines, including pure plastic windows and aluminum-clad plastic windows, are being developed to target the renovation market [9] - The company plans to enhance its digital transformation and supply chain management through the implementation of MES systems [5] Strategic Initiatives - The company aims to increase its overseas revenue share to 20%-25% by 2028, focusing on markets like North America and Australia [7] - A strategy to expand terminal store layouts and improve single-store output is being implemented [10] - The company is adjusting its traditional bulk business scale, reducing its proportion from 60% to 50% in 2024 [10] Risk Management - The company emphasizes strengthening accounts receivable management, especially in light of extended payment cycles from real estate clients [14] - A cautious approach to bad debt provisions is maintained, with 100% provisions for receivables over three years old [14] Shareholder Returns - The company plans to maintain a cash dividend of no less than 30% of distributable profits, but due to losses in 2024, cash dividends are not feasible [15]

Group 1 - The company, Harbin Senying Window Industry Co., Ltd., experienced a significant decline in revenue, with a year-on-year decrease of 39.71% due to the downturn in the real estate market [3] - The net profit attributable to shareholders turned negative, amounting to -42.19 million yuan, indicating a shift from profit to loss compared to the previous year [3] - The company's accounts receivable ratio stands at 14.39%, with major clients being real estate developers, which exposes the company to accounts receivable impairment risks due to the real estate market decline [3] Group 2 - The company is under continuous observation by the sponsor institution, which will monitor its performance and ensure compliance with information disclosure obligations [3] - The sponsor institution emphasizes the need for the company to strengthen its collection of receivables and actively improve its operational results [3]

Core Viewpoint - The company is experiencing significant revenue and profit declines in 2024, with a focus on expanding its dealer network despite challenging market conditions [1][2]. Revenue Performance - In 2024, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items are projected to be 3.001 billion, 109 million, and 71 million yuan, respectively, representing declines of 20%, 72%, and 79% [1]. - For Q4 2024, revenue is expected to decline by 28%, with bulk and dealer sales down by 23% and 36%, respectively [2]. - In Q1 2025, revenue is projected to decline by 36%, with bulk and dealer sales down by 35% and 46%, respectively [2]. Business Structure and Strategy - The company is optimizing its business structure, with an increasing share of non-direct sales and non-residential demand, while the share of direct engineering business is decreasing [3]. - The company is actively expanding into non-residential clients such as hotels and schools, reducing reliance on new residential demand [3]. - The dealer network is expanding, with a net increase of 25,951 dealers in 2024, bringing the total to 62,518, and a further increase of 6,303 dealers in Q1 2025 [2][4]. Profitability and Margins - Short-term profitability is under pressure, with gross margins declining due to reduced revenue scale and a lower proportion of high-margin direct engineering business [3]. - The net profit margin attributable to the parent decreased by 16.9 and 3.7 percentage points in Q4 2024 and Q1 2025, respectively [3]. Growth Opportunities - The company is focusing on marketing transformation and expanding its dealer and agency channels to identify new growth points [4]. - The AAM and brand cooperation models are enhancing product offerings and improving profitability, with a significant increase in non-main business income [4]. - Projected net profits for 2025-2027 are estimated at 150 million, 220 million, and 290 million yuan, corresponding to PE ratios of 17, 11, and 9 times [4].

Summary of Conference Call for Jiangshan Oupai Company Overview - Jiangshan Oupai reported a revenue of approximately 400 million yuan in Q1 2025, indicating a slight profit status, showcasing initial profitability [2][3] Core Products and Market Performance - The core product is the molded door, with a gross margin of about 21%, surpassing the industry average of 18%, indicating a competitive advantage [2][4] - The solid wood composite door business has significantly declined due to the impact of Evergrande, with revenue dropping from over 300 million yuan in 2023 to around 150 million yuan in 2024, leading to a decrease in gross margin for this category [2][4] Channel Development - The agency channel grew by 14% year-on-year in 2024, while the foreign trade export channel saw nearly a 100% increase in Q1 2025, reflecting positive channel expansion results [2][5] - The franchise channel generated over 100 million yuan in revenue in 2024, with a gross margin exceeding 90%, making it a key focus for the company [2][6] Overseas Business Expansion - Overseas business primarily exports to countries such as Saudi Arabia, Romania, Southeast Asia, Africa, and the UAE, closely aligned with "Belt and Road" countries [2][7] - A local service company was established in Saudi Arabia to enhance installation and after-sales services, with expectations for overseas business performance to exceed last year's results [2][7] Cost and Pricing Dynamics - The decline in raw material prices positively impacts costs; however, a decrease in certain categories or channels may lead to increased fixed cost allocation, affecting overall costs [2][11] - The company has a total production capacity of approximately 10 billion yuan (under a two-shift system), with high capacity utilization at the headquarters in Quzhou, while the industry faces overall overcapacity [2][12] Financial Performance and Risk Management - For the full year of 2024, the company expects total revenue of about 3 billion yuan and a profit of around 100 million yuan, including 140 million yuan in impairments, primarily from Evergrande [3] - Most accounts receivable have been fully provisioned, with a low risk of asset impairment due to effective management of receivables [2][15] Domestic Market and Policy Impact - Domestic demand showed signs of improvement in Q2 2025, with recent subsidy policies potentially having a positive impact on certain building materials, although the company does not mandate dealer participation [9][10] Production Goals and Strategy - The company does not set quantitative production targets for 2025 but focuses on collaborating with quality cash-and-carry businesses and developing non-residential projects within the agency channel [14]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603208 证券简称：江山欧派 公告编号：2025-023 债券代码：113625 债券简称：江山转债 江山欧派门业股份有限公司 关于2024年度暨2025年第一季度业绩说明会召开情况的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 江山欧派门业股份有限公司（以下简称"公司"或"江山欧派"）于2025年5月6日（星期二）上午11:00- 12:00在上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/）以网络文字互动的方式召 开"2024年度暨2025年第一季度业绩说明会"。关于本次业绩说明会的召开事项，公司已于2025年4月24 日在上海证券交易所网站（www.sse.com.cn）及公司其他指定信息披露媒体披露了《江山欧派关于召开 2024年度暨2025年第一季度业绩说明会的公告》（公告编号：2025-009）。现将本次说明会召开情况公 告如下： 一、本次说明会召开情况 2025年5月6日，公司董事长吴水根先生、财 ...

一、主要会计数据和财务指标 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 梅州欧派投资实业有限公司 | 140.43 | 4.14 | 不变 | | 孙春海 | 58.00 | 1.71 | 不变 | | 边可欣 | 57.95 | 1.71 | 不变 | | 刘远红 | 53.66 | 1.58 | 不变 | | 陈玉梅 | 43.74 | 1.29 | -0.50 | | 李大飞 | 38.68 | 1.14 | 新进 | | 刘楚洁 | 34.69 | 1.02 | 不变 | | 戴敏毅 | 32.32 | 0.95 | 不变 | | 邱东 | 28.91 | 0.85 | 不变 | | BARCLAYS BANK PLC | 23.84 | 0.70 | -8.18 | | 较上个报告期退出前十大股东有 | | | | | 中欧潜力价值灵活配置混合A | 80.22 | 2.36 | 退出 | | 中欧成长优选混合A | 39.08 | 1.15 | 退出 | | 赵兰仙 | 37.23 ...

哈尔滨森鹰窗业股份有限公司（301227.SZ，以下简称"森鹰窗业"）迎来近十年来首次亏损。 日前，森鹰窗业发布2024年年报。年报显示，2024年度，森鹰窗业营收净利均出现较大幅度下滑，其中 归母净利润及扣非净利润均亏损，且同比降幅都超100%。 森鹰窗业将2024年度业绩变动归因于房地产市场传导及零售消费疲弱等。值得注意的是，即便同样面临 下游行业需求压力的不利局面，该公司2023年度营收净利均实现增长，为何2024年度却呈现出另一种局 面？ 对此，森鹰窗业方面回复《中国经营报》记者采访时表示，公司业绩前两年也受到房地产行业低迷因素 影响，但没2024年度明显。 "公司大宗业务客户主要为房地产商、装修装饰公司。前几年公司相应业务有签单，确认收入的节奏可 能也比较稳健。但从去年开始，可能受房地产商施工进度因素的影响，相应业务确认收入明显变慢 了。"森鹰窗业方面对记者举例称，同样是房地产客户，以前多是公司产品安装完一栋就确认一栋的收 入，现在大多数需要公司安装完十栋或一个小区才会确认收入。 营收净利双降 公开资料显示，森鹰窗业主要从事定制化节能铝包木窗研发、设计、生产及销售，拟构建以节能铝包木 窗为主，以铝合 ...