证券代码：603208 证券简称：江山欧派 公告编号：2025-020 债券代码：113625 债券简称：江山转债 （二）2025 年第一季度主营业务分产品情况 江山欧派门业股份有限公司 关于 2024 年度及 2025 年第一季度 主要经营情况的公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十五号——家具制造 （2022 年修订）》的有关规定，江山欧派门业股份有限公司（以下简称"公司） 现将 2024 年度及 2025 年第一季度主要经营情况报告如下： 一、报告期经营情况 （一）2024 年度主营业务分产品情况 注：上述表中数据尾差系四舍五入所致。 分产品 营业收入 营业成本 毛利率 （%） 营业收入同 比增减（%） 营业成本同 比增减（%） 毛利率同比 增减（%） 夹板模压门 168,868.96 133,430.61 20.99 -22.16 -17.21 -4.72 实木复合门 48,146.83 42,271.47 12.20 -41.95 -36.11 -8.0 ...

| 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） | 0.6200 | 2.2200 | -72.07 | -1.6900 | | 每股净资产（元） | 7.22 | 8.47 | -14.76 | 10.11 | | 每股公积金(元) | 2.43 | 2.53 | -3.95 | 3.57 | | 每股未分配利润(元) | 3.19 | 4.34 | -26.5 | 4.76 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 30.01 | 37.38 | -19.72 | 32.09 | | 净利润(亿元) | 1.09 | 3.9 | -72.05 | -2.99 | | 净资产收益率(%) | 7.63 | 26.45 | -71.15 | -18.17 | 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： 13675.93万股，累计占流通股比： 77.19%，较上期变 ...

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-032 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | | | | | | 转债 | | 欧派家居集团股份有限公司 （一）2024 年年度主营业务分产品情况 单位：人民币万元 | | | | | | 营业收入 | 营业成本 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分产品 | | 营业收入 | 营业成本 | 毛利率 （%） | 比上年同 期增减 | 比上年同 期增减 | | 毛利率比上年同期 增减 | | | | | | | （%） | （%） | | | | 橱 | 柜 | 544,984.58 | 350,838.72 | 35.62 | -22.48 | -24.01 | 增加 1.29 | 个百分点 | | 衣柜及配套 家具产品 | | 979,144.46 | 593,178.50 | 39.42 | -18.06 | -21.81 | 增加 2.91 | 个百分点 | | ...

Group 1 - The Beijing Municipal Bureau of Economy and Information Technology has developed the "Implementation Plan for the Service-Oriented Manufacturing Navigation Project (2025-2027)", focusing on high-precision industries and proposing 13 measures to optimize the service-oriented manufacturing ecosystem [1] - The plan encourages enterprises to explore new service-oriented manufacturing models, including "product + service + ecosystem", "complete machine + data + full lifecycle service", and "production + experience service", aimed at extending the value chain of advanced manufacturing [1] - The plan emphasizes enhancing innovation capabilities in service-oriented manufacturing, urging companies to leverage AI and big data to improve lifecycle management, customized R&D, and supply chain management [2][3] Group 2 - Qu Mei Home is responding to the plan by integrating home decoration services with manufacturing capabilities, transitioning from traditional furniture manufacturing to comprehensive solutions [2] - Yiwen Group has established a digital customization service platform that supports the entire process from 3D measurement to personalized design, enhancing efficiency and shortening delivery times [3] - The plan also aims to create benchmark demonstration projects for service-oriented manufacturing, establishing a gradient cultivation system for service-oriented manufacturing enterprises [3][4] Group 3 - The plan highlights the importance of talent in industrial transformation, encouraging collaboration among academia, research, and industry to cultivate a new generation of innovative and versatile talents [4] - It proposes the establishment of innovation R&D and industrial service platforms to provide diversified services for enterprise transformation [4]

Group 1: Industry Overview - The steel furniture industry in Luoyang, Henan, has over a thousand enterprises, generating nearly 20 billion yuan in total output value, with products exported to over 100 countries and regions [1] - Despite the impact of tariffs on exports to the U.S., many companies report increased orders and busy production lines [1][7] Group 2: Company Strategies - Luoyang Kofeya Furniture Co., led by Wei Pengfei, has attracted international clients, including a recent visit from Indonesian buyers, due to their advanced production capabilities and competitive pricing [1][5] - The company has developed a new line of steel furniture that mimics the aesthetics and feel of wooden furniture, with a lifespan three times longer than wood, leading to significant pre-orders from distributors [5][11] - Another company, Henan Gangmei Technology Co., is pivoting to domestic markets after losing millions in canceled orders due to U.S. tariffs, utilizing short video marketing to reach younger consumers [9][11] Group 3: Market Adaptation - The outdoor leisure industry in Pingyu County, which heavily relied on exports to the U.S., is facing challenges due to high tariffs, prompting companies to explore new markets, including Africa [13][15] - Companies are adjusting their products to meet the needs of the African market, focusing on cost-effectiveness and practicality, resulting in a sales increase from under 10% to 20% in that region [15] - The shift from foreign trade to domestic sales is becoming a priority, with companies increasing their e-commerce presence and adapting products based on domestic consumer demands [15][17]

Performance Summary - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items decreased by 3.81%, 29.38%, and 26.92% year-on-year to 18.48 billion, 1.417 billion, and 1.301 billion yuan respectively, with Q4 2024 revenue down 7.8% to 4.68 billion yuan [1] - In Q1 2025, revenue, net profit attributable to shareholders, and net profit excluding non-recurring items increased by 12.9%, 23.5%, and 22.2% year-on-year to 4.91 billion, 520 million, and 460 million yuan respectively [1] - The company declared a cash dividend of 1.38 yuan per share [1] Operational Analysis - The company experienced steady growth in exports, with 2024 export revenue increasing by 11.3% year-on-year to 8.367 billion yuan, while domestic sales faced challenges with a 14.4% decline [2] - Q4 2024 saw some improvement in domestic orders due to government subsidy policies, although shipment delays continued to pressure financial results [2] - Q1 2025 is expected to show a recovery in domestic sales growth, while exports are anticipated to maintain double-digit growth despite limited impacts from tariffs [2] Profitability and Cost Structure - The decline in overall profit for 2024 was primarily due to a 213 million yuan impairment on the Hongxing 03 bond and a 50 million yuan goodwill impairment, along with the divestment of certain subsidiaries [3] - The gross margin for 2024 and Q1 2025 decreased by 0.1 and 0.7 percentage points to 32.72% and 32.40% respectively, attributed to a higher proportion of low-margin customized furniture in domestic sales and increased low-margin export revenue [3] - The company's expense ratios for sales, management, R&D, and financial costs showed slight increases in 2024, with Q1 2025 reflecting mixed changes across these categories [3] Retail Transformation and Export Strategy - The company is actively pursuing a retail transformation, shifting from a manufacturing and wholesale model to a retail-oriented operation, which is expected to support domestic sales growth [4] - In response to U.S.-China trade tensions, the company is focusing on expanding non-U.S. market clients and enhancing its own brand presence abroad, while also accelerating new overseas capacity development [4] - The overall strategy for both domestic and international sales is clear, with expectations for continued growth [4] Earnings Forecast and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 2.28, 2.48, and 2.71 yuan respectively, with current stock price corresponding to PE ratios of 10, 9, and 8 times [5]

Group 1: Steel Furniture Industry in Luoyang - The steel furniture industry in Luoyang's Yibin District has over a thousand enterprises, generating nearly 20 billion yuan in total output value, with products exported to over 100 countries and regions [1] - Despite the impact of tariffs on exports to the U.S. expected by 2025, many factories are experiencing increased orders rather than a decline [1][12] - The introduction of smart production technologies, such as laser cutting and intelligent welding, has significantly improved production precision, achieving ten times the accuracy of traditional methods [3] Group 2: Market Expansion and Innovation - The visit from Indonesian clients was unexpected, highlighting the effectiveness of networking at trade shows, where the client was impressed by the quality and pricing of the products [4][9] - The company has identified a new market opportunity in Southeast Asia, where steel furniture can replace wood furniture due to the latter's susceptibility to humidity [6] - Innovations in product design, including special treatments to mimic wood's appearance and feel, have led to strong pre-orders from distributors [8] Group 3: Challenges and Adaptations in Outdoor Leisure Industry - The outdoor leisure industry in Pingyu County, heavily reliant on exports to the U.S., has faced significant order cancellations due to high tariffs, prompting a shift towards the domestic market [11][15] - Companies are adapting by enhancing their e-commerce capabilities and targeting the African market, which values cost-effectiveness and practicality over aesthetics [19][20] - The internal trade ratio has shifted from 1:9 to 4:6 as companies increase their focus on domestic sales, supported by local government initiatives to train e-commerce talent [22][26]

业绩简评 4 月 28 日公司发布 24 年报和 25Q1 季报，24 年公司营收/归母净 利 / 扣非净利 分别同比 -3.81%/-29.38%/-26.92% 至 184.8/14.17/13.01 亿元，其中 24Q4 收入同比-7.8%至 46.8 亿元。 25Q1 营收/归母净利/扣非净利分别同比+12.9%/+23.5%/+22.2%至 49.1/5.2/4.6 亿元。分红为每股现金分红 1.38 元。 经营分析 外销持续稳健增长，内销 25Q1 预计恢复增长：分区域看，公司外 销依托海外区域持续拓展叠加海外产能优势，24 年收入同比增长 11.3%至 83.67 亿元。内销方面，2024 年地产整体销售、竣工偏 弱，外部环境令公司业绩承压，公司 24 年内销收入同比-14.4%, 其中 24Q4 随着国补政策刺激，前端接单情况有所改善，而出货节 奏滞后预计使得报表端仍承压。25Q1 内销随着出货节奏加快叠加 25 年国补延续，预计整体已恢复个位数增长，而外销 25Q1 受关税 影响有限，预计仍延续双位数增长态势。 计提减值影响 24 年业绩，收入结构变化致毛利率小幅下降：公司 24 年整体利润 ...

Core Insights - The company achieved a revenue of 2.548 billion yuan in 2024, representing a year-on-year increase of 32.63%, and a net profit attributable to shareholders of 683 million yuan, up 67.64% year-on-year [1][2] - The growth was driven by the success of the company's proprietary brand, increased sales through direct retail channels, and cost advantages from manufacturing in Vietnam [1][2][4] Revenue and Profit Growth - In Q4 2024, the company reported revenue of 699 million yuan, a significant increase of 49.78% year-on-year, and a net profit of 252 million yuan, up 197.20% year-on-year [2] - The company's core net profit reached 614 million yuan, reflecting a 72.47% increase year-on-year [2] Product Performance - The smart electric sofa segment generated revenue of 1.96 billion yuan, with a year-on-year growth of 37.1%, driven by an 18.4% increase in sales volume and a 15.8% increase in unit price [3] - The smart electric bed and accessories also saw revenue growth, with the bed segment increasing by 20.5% and accessories achieving growth despite a decline in sales volume [3] Brand and Channel Development - The company made significant strides in building its proprietary brand, MotoMotion, with a notable increase in high-margin new products [4] - The number of direct retail partners increased by 96 in 2024, including 14 of the top 100 furniture retailers in the U.S., enhancing the company's market presence [4] Profitability and Cost Management - The gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, with Q4 gross margin reaching 54.3% [5] - The company managed to reduce manufacturing costs by 18.9% year-on-year, contributing to improved profitability [6] Cash Flow and Operational Efficiency - Operating cash flow in Q4 2024 was 63 million yuan, experiencing a decline compared to the previous year [6] - The company maintained a robust overseas manufacturing and operational system, with 84% of products exported from Vietnam, minimizing tariff risks [6] Investment Outlook - The company is expected to continue its growth trajectory, with projected net profits of 790 million yuan, 930 million yuan, and 1.08 billion yuan for 2025 to 2027, respectively [7][8] - The current price-to-earnings ratio is at a low of 14.8x, supporting a "strong buy" investment rating [1][8]

Financial Performance - The company reported a basic earnings per share of -2.01 yuan for 2024, a decrease of 536.96% compared to 0.46 yuan in 2023 [1] - The net profit for 2024 was -3.75 billion yuan, down 536.05% from 0.86 billion yuan in 2023 [1] - The operating revenue decreased by 32.67% to 8.86 billion yuan in 2024 from 13.16 billion yuan in 2023 [1] - The return on equity was -32.21% in 2024, a significant decline from 6.57% in 2023 [1] - The net asset per share fell by 30.39% to 5.04 yuan in 2024 from 7.24 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 53.2964 million shares, accounting for 40.28% of the circulating shares, a decrease of 2.212 million shares from the previous period [2] - Notable shareholders include Zhuhai Honglu Enterprise Management Partnership with 23.7842 million shares (17.97%) and Ma Libin with 17.8884 million shares (13.52%), both unchanged [3] - New entrants among the top shareholders include Zhu Ze with 1.9580 million shares (1.48%), Wang Bing'an with 1.3275 million shares (1.00%), and Zhu Kaifei with 1.2375 million shares (0.94%) [3] Dividend Policy - The company has announced no distribution or capital increase for the current period [4]