淳厚稳鑫债券C（基金代码：007931）是淳厚基金旗下的一只债券型基金，成立于2020年6月30日。现 任基金经理江文军自2020年9月10日起任职，总管理规模达190.68亿元。该基金在注重风险和流动性管 理的前提下，力争获取超越业绩比较基准的投资收益。拉长时间看，截至2025年5月9日，基金在长期收 益方面表现优秀，近两年收益排名同类债券型基金前5%。详细来看，近两年基金收益率为21.64%，优 于业绩基准（6.08%）和中证债券型基金指数回报（6.24%）。从风控能力来看，截至2025年5月9日， 近三年基金最大回撤为1.05%，最大回撤优于同类债券型基金平均水平。从持有人结构来看，根据2024 年年度报告数据，该基金的机构持有人比例达84.68%。 根据披露的机构调研信息2025年4月29日，淳厚基金对上市公司恒林股份进行了调研。 附调研内容：一、介绍公司2024年度及2025年第一季度经营情况2024年，面对全球经济复苏的复杂形 势、行业竞争的激烈态势，以及消费需求的深刻变革，恒林家居以"创新驱动，持续精进"为战略指引， 以"制造出海与品牌出海"双轨并行的策略破局，坚持"多元化发展、专业化经营、差异 ...

来源：环球网 ·一季度中国主要林木机械产品出口49.05亿美元 ·《人造板及其制品中总有机碳的测定方法》将于6月1日起实施 ·红星美凯龙"以旧换新"战报 今年累计销售额已破43亿 ·曲美家居拟优化债务结构 计划2025年偿还海外债券 ·恒林股份1.24亿元土地补偿款已全部收到 ·顾家家居拟向盈峰集团定增募资近20亿投向六大项目 ·炬森精密火速启动北交所IPO辅导 ·全筑股份与添曙实业达成资产处置交易 金额9510万元 ·欧派家居2025年将在20%城市启动代理商体系迭代 ·TATA木门荣获沙利文认证 全新营销IP"爱拼日"启动 ·玫瑰岛通过北交所上市议案 拟募资5.5亿投资定制家居等项目 ·志邦家居进军非洲市场 首店落地肯尼亚 1.一季度中国主要林木机械产品出口49.05亿美元 5月7日，国家林草局发布2025年一季度我国主要林木机械产品进出口数据。2025年一季度，我国主要林 木机械产品进出口总额505248万美元，同比增长20.32%；其中，进口额14760万美元，同比增长 7.27%；出口额490488万美元，同比增长20.76%。其中，木工机械进出口总额59481万美元，同比增长 11.25%；木工刀 ...

中国经济网北京5月12日讯我乐家居（603326）(603326.SH)昨晚披露的股东减持股份计划公告显示，公 司股东南京开盛咨询管理合伙企业(有限合伙)(以下简称"开盛咨询")计划自公告日起15个交易日后的3个 月内通过集中竞价方式减持不超过1,542,528股，即不超过公司总股本的0.4778%(根据中国证监会及上海 证券交易所相关规定禁止减持的期间除外)，并保证任意连续90个自然日内通过集中竞价交易方式减持 股份总数不超过公司总股本的1%，减持价格按照市场价格确定。 | 股东名称 | 南京开盛咨询管理合伙企业(有限合伙) | | --- | --- | | 计划减持数量 | 不超过:1,542,528 股 | | 计划减持比例 | 不超过:0.4778% | | 减持方式及对应减持数量 | 集中竞价减持,不超过:1,542,528 股 | | 减持期间 | 2025年6月3日~2025年9月2日 | | 拟减持股份来源 | IP0 前取得 | | 拟减持原因 | 合伙人资金需求 | 2024年，公司实现营业收入14.32亿元，同比下降16.29%；归属于上市公司股东的净利润1.21亿元，同 比下降22. ...

证券代码：603326 证券简称：我乐家居 公告编号：2025-024 南京我乐家居股份有限公司 本公司董事会、全体董事及相关股东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。 重要内容提示： ? 股东持股的基本情况 截至本公告披露日，南京我乐家居股份有限公司（以下简称"公司"）股东 南京开盛咨询管理合伙企业（有限合伙） （以下简称"开盛咨询"）持有公司股份 ? 减持计划的主要内容 开盛咨询计划自本公告日起 15 个交易日后的 3 个月内通过集中竞价方式减 持不超过 1,542,528 股，即不超过公司总股本的 0.4778%（根据中国证监会及上 海证券交易所相关规定禁止减持的期间除外），并保证任意连续 90 个自然日内通 过集中竞价交易方式减持股份总数不超过公司总股本的 1%，减持价格按照市场 价格确定。 一、减持主体的基本情况 股东名称 南京开盛咨询管理合伙企业（有限合伙） 控股股东、实控人及一致行动人 √是 □否 直接持股 5%以上股东 □是 √否 股东身份 董事、监事和高级管理人员 □是 √否 其他：不适用 持股数量 4,886,700股 ...

Core Insights - The article discusses the challenges faced by foreign trade enterprises in transitioning to domestic sales while highlighting the efforts made by Huzhou, a major foreign trade city in Zhejiang, to overcome these difficulties [1] Group 1: Market Expansion Efforts - Huzhou is actively working to expand its domestic market, with a focus on addressing the obstacles encountered by foreign trade companies [1] - A recent event aimed at promoting foreign trade products for domestic sales attracted over 100 companies, exceeding initial expectations of 70 [4] Group 2: Channel and Standardization Challenges - The local business department is identifying companies facing export challenges and is collaborating with e-commerce platforms to provide hands-on guidance for entering the domestic market [7] - A significant issue is the lack of unified standards, which the Huzhou Business Bureau and Market Supervision Bureau are addressing by offering one-on-one support for companies seeking "three-same" certification (same line, same standard, same quality) [7] Group 3: Innovation and Product Development - Companies are encouraged to leverage core technological advantages to navigate the ongoing market challenges, with examples of successful innovation in product development [9] - A green home products company is capitalizing on the "trade-in" policy for consumer goods by increasing its research and development efforts to attract more customers [11]

Core Viewpoint - The company, Dream Lily Home Technology Co., Ltd., is preparing for its 2024 annual shareholder meeting, focusing on maintaining shareholder rights and ensuring orderly proceedings. The company reported a revenue of 8.449 billion yuan for 2024, a year-on-year increase of 5.94%, but a net loss of 151 million yuan, a decrease of 242.04% compared to the previous year [4][24]. Group 1: Company Overview - Dream Lily Home Technology Co., Ltd. aims to enhance its global market competitiveness and accelerate market expansion [4]. - The company achieved a revenue of 14.36 billion yuan from its ODM business, marking a year-on-year growth of 48.72% [4]. - The company has established a strong partnership with major European clients, contributing to the growth of its ODM business [4]. Group 2: Market Performance - The European market has seen continuous double-digit growth in the company's main business revenue for two consecutive years [4]. - The North American market has stabilized, with a reduction in revenue decline by 12.20 percentage points compared to the previous year [5]. - The company's online brand EGOHOME ranked among the top 20 best-selling mattress products on Amazon [5]. Group 3: Strategic Initiatives - The company is focusing on enhancing its ODM and OBM business models, with plans to strengthen regional market development and expand its customer base [11]. - The company aims to promote its brand internationally, particularly in the U.S. market, leveraging local supply chain advantages [11]. - The company plans to optimize its offline channels and enhance brand awareness through various marketing strategies [12]. Group 4: Financial Performance - The company reported a net profit attributable to shareholders of -151 million yuan for 2024, with a significant decrease in profitability [25]. - The total assets of the company decreased by 4.40%, with current assets amounting to 442.29 million yuan [24]. - The company’s cash flow from operating activities was -395.10 million yuan, a decrease of 8.87% compared to the previous year [24]. Group 5: Governance and Compliance - The company’s supervisory board has conducted regular meetings to ensure compliance with legal and regulatory requirements [20]. - The supervisory board has confirmed that the company’s financial management and internal controls are sound and comply with relevant regulations [22][23]. - The company has adhered to proper procedures regarding related party transactions and external guarantees [22].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a continued downward trend in Q1 2025, although some product lines showed growth [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 3.475 billion, a year-on-year decrease of 4.68%, and a net profit of 199 million, down 31.76% [1]. - Q4 2024 revenue was 1.059 billion, a decline of 3.61%, with net profit at 80 million, down 36.61% [1]. - Q1 2025 revenue was 587 million, a decrease of 8.35%, while net profit was 35 million, down 4.16% [1]. Product Performance - In 2024, revenue from kitchen cabinets, wardrobes, and wooden doors was 2.025 billion, 1.059 billion, and 250 million respectively, with year-on-year changes of -9.30%, +1.41%, and +1.82% [2]. - In Q1 2025, kitchen cabinets, wardrobes, and wooden doors generated revenue of 322 million, 206 million, and 36 million, with year-on-year changes of -17.15%, +8.26%, and +43.92% [2]. Channel Performance - In 2024, revenue from distribution stores, direct sales, bulk business, and overseas markets was 1.756 billion, 10 million, 1.242 billion, and 335 million, with year-on-year changes of -6.62%, -89.59%, -2.64%, and +22.34% [2]. - In Q1 2025, revenue from distribution stores, bulk business, and overseas markets was 306 million, 187 million, and 74 million, with year-on-year changes of +7.17%, -20.21%, and -9.47% [2]. Strategic Focus - The company will continue to focus on the "four-horsepower" strategy, which includes retail, home decoration, refined decoration, and overseas markets, aiming to enhance R&D management and accelerate digital transformation [3]. - The home decoration channel is expected to achieve approximately 40% growth year-on-year in 2024 [3]. Profitability and Cost Management - The gross margin for 2024 was 28.68%, a decrease of 0.91 percentage points, while Q4 2024 gross margin was 31.81%, an increase of 0.65 percentage points [3]. - The company’s expense ratio for 2024 was 24.03%, an increase of 1.22 percentage points, with specific expense rates for sales, management, R&D, and financial expenses [4]. Investment Outlook - The company is expected to achieve revenues of 3.731 billion, 4.074 billion, and 4.345 billion from 2025 to 2027, with year-on-year growth rates of 7.36%, 9.22%, and 6.65% [5]. - The projected net profit for the same period is 217 million, 231 million, and 265 million, with corresponding growth rates of 8.87%, 6.30%, and 14.89% [5].

Core Viewpoint - Huzhou, a major foreign trade city in Zhejiang, faces challenges in transitioning from export to domestic sales due to U.S. tariffs, prompting local businesses to seek solutions for market expansion and channel access [1][10]. Group 1: Market Transition Challenges - Huzhou's foreign trade enterprises are actively exploring domestic markets, with over 100 companies participating in a recent event aimed at enhancing e-commerce channels for domestic sales [2]. - Many companies, previously focused solely on exports, lack brand recognition and advertising in the domestic market, making the transition challenging [4]. - The local government has initiated efforts to assist businesses in overcoming channel barriers by creating supply-demand matching platforms and providing hands-on guidance for entering the domestic e-commerce market [6][8]. Group 2: Standardization Issues - A significant challenge for foreign trade products transitioning to domestic sales is the lack of unified standards, which complicates the listing of products on e-commerce platforms [13][17]. - The local government is working on "Three Consistencies" certification (same line, same standard, same quality) to help businesses align their products with domestic standards, facilitating quicker market entry [19][21]. - The certification process can be completed in about five working days, allowing products to be listed rapidly on e-commerce platforms [24]. Group 3: Innovation and Adaptation - Companies are recognizing the need for innovation and adaptation to thrive in the changing market landscape, with some investing heavily in R&D and new product development [39][41]. - A company specializing in fans has leveraged its core technology to expand into new markets, achieving a 20% increase in profit margins [35]. - Another company has diversified its product offerings to over 1,000 styles, with annual R&D investments exceeding 20 million yuan, focusing on avoiding homogenization in the market [41][48]. Group 4: Growth in Domestic Market - The domestic market for high-end customized and engineering products is experiencing annual growth rates of approximately 20% [48]. - Companies are expanding their production facilities to accommodate the growing demand for customized products, reflecting a strategic shift from traditional export-oriented production [50].

Core Insights - The article emphasizes the importance of enhancing consumption quality and expanding domestic demand as key topics for the 2025 National Two Sessions, highlighting the need for consumers to feel confident and willing to spend [1] - Lin's Home has established a quality ecosystem through its smart manufacturing industrial cluster, focusing on "assured consumption" and implementing comprehensive quality control measures to boost consumer confidence and stimulate demand in the home furnishing industry [1][15] Group 1: Quality Management System - Lin's Home has created a traceable and actionable management system, moving away from traditional self-owned factory models to a "cooperative supplier" model, which presents higher management challenges but allows for innovative quality control [3][4] - The industrial park has introduced a "four aspects in place" management system that covers 13 quality inspection checkpoints, ensuring accountability at every stage of production [4] - The use of upgraded raw materials, such as ENF-grade boards and odorless coconut fiber, is part of Lin's Home's commitment to quality, with a focus on improving user experience through product development [6] Group 2: Digital Transformation - The industrial park leverages digitalization to enhance the quality management system, transforming traditional isolated production into a highly efficient collaborative model [8] - Lin's Home has developed a Manufacturing Operations Management (MOM) system to streamline business processes and ensure timely and quality delivery of products [8][10] - The introduction of automated equipment in production, such as advanced cutting machines, has improved resource utilization by 10% and enhanced quality management [10] Group 3: Market Impact and Future Outlook - The industrial park serves as a testing ground for Lin's Home's "quality-price ratio" strategy, focusing on ergonomic designs and optimizing product features based on user data [12][14] - The successful launch of popular products like the "Dynamic Island Sofa" and "Zero Fatigue Mattress" has demonstrated the effectiveness of the quality management system, with over 80% of production capacity handled by the industrial park [14] - Lin's Home's approach is creating a ripple effect in the industry, promoting a shift from decentralized manufacturing to collaborative quality production, thus providing a replicable model for small and medium suppliers [14][15]

每经记者｜陈利 每经编辑｜陈梦妤 ｜2025年5月9日 星期五｜ NO.1 北京：支持租住京津冀地区保障性租赁住房提取住房公积金 5月8日，成都住房公积金管理中心发布通知，就支持缴存人购买和租赁保障性住房有关政策征求意见建 议。其中拟加大贷款支持。购买保障性住房使用住房公积金贷款的，最低首付款比例为15%，最高贷款 额度上浮50%，即由现行的单人60万元、双人100万元提高至单人90万元、双人150万元。 点评：政策通过"租购衔接"和区域协同，推动住房租赁产业链整合，加速保障性住房市场规模化发展， 倒逼房企优化产品结构以适应政策导向，但需关注公积金审批效率与房源供给的匹配度对政策实际效能 的制约。 NO.3 上海第四批地块开拍 总起拍价84.1亿元 5月8日，上海市发布2025年第四批地块挂牌公告，宣布将推出4宗涉宅地，于今日（5月9日）出让。此 次挂牌的地块分布在虹口区、杨浦区、松江区和青浦区，总出让面积达10.1万平方米，总建筑面积为 23.7万平方米，起拍总价高达84.1亿元。其中，虹口区hk196-08地块和hk196-06地块，起价为21.57亿 元，起始楼面价为67130元/平方米。 点评：此次土 ...