法狮龙家居建材股份有限公司 会议资料 二零二五年五月十九日 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利， 根据《公司法》、中国证监会《上市公司股东会规则》和公司《股东大会议事规 则》等有关规定，特制定本会议须知： 一、公司负责本次股东大会的议程安排和会务工作，出席会议人员应当听从 公司工作人员安排，共同维护好会议秩序。 二、为保证股东大会的正常秩序，除出席会议的股东或者股东代理人、董事、 监事、董事会秘书、其他高级管理人员、见证律师、本次会议议程有关人员及会 务工作人员以外，公司有权拒绝其他人员进入会场。对于影响股东大会秩序和损 害其他股东合法权益的行为，公司将按规定加以制止。 三、出席股东大会的股东、股东代理人应当持身份证或者营业执照复印件、 授权委托书和证券账户卡等证件按股东大会通知登记时间办理签到手续，在大会 主持人宣布现场出席会议的股东和股东代理人人数及所持有表决权的股份总数 之前，会议终止登记。未签到登记的股东原则上不能参加本次股东大会。 四、与会股东依法享有发言权、质询权、表决权等各项权利。股东应认真履 行法定义务，自觉遵守大会纪律，不得影响大会的正常程序或者会议秩序，不得 ...

Group 1 - The new marriage registration policy allows residents from outside Beijing to obtain marriage certificates with just their ID cards, enhancing convenience for non-local individuals [1] - On the first day of implementation, over 1,400 marriage registrations were completed in Beijing, with 31.9% being nationwide registrations, and both Xicheng and Haidian districts registering over 200 couples [1] - The revised marriage registration regulations, effective from May 10, 2025, eliminate the need for household registration documents, allowing individuals to register at any marriage registration office in Beijing [1] Group 2 - Xicheng district has established the first outdoor marriage registration point in Beijing, providing a "one-stop" service that includes free copying, policy consultation, marriage registration, and certificate issuance [2] - The outdoor registration point aims to enhance the registration experience for couples by integrating services from various traditional brands and offering discounts on wedding-related products and services [2] - The Beijing marriage registration authorities plan to promote standardized construction of registration offices and explore the establishment of park-style registration points to further implement the new regulations [2]

Core Insights - The recent "Liveable Wuhan, Happy Shopping in Jiangcheng" housing promotion and the 2025 Wuhan Spring Home Buying Festival significantly boosted the real estate market, with new residential property sales in Wuhan reaching 66,800 square meters from May 1 to May 5, a year-on-year increase of 296% [1][2] Group 1: Policy Impact - The Wuhan Municipal Housing and Urban Renewal Bureau introduced nine key housing policies aimed at stabilizing the real estate market, including optimizing housing loan services for young people and expanding support for families with multiple children [2] - The combination of pre-holiday policies and the Spring Home Buying Festival led to a noticeable recovery in the real estate market, with over 20,000 visitors and 3,600 consultations during the event [2] Group 2: Market Activity - Multiple real estate projects experienced a surge in visitor numbers during the festival, with some projects reporting over 1 billion yuan in sales, indicating strong buyer interest [8][12] - The event also attracted significant foot traffic to various sectors, including home appliances and furniture, with the home appliance market seeing double-digit growth compared to the previous year [12] Group 3: Consumer Behavior - The festival's innovative model integrated various industries, allowing consumers to experience a one-stop shopping experience for housing, home decoration, and smart home products, which stimulated consumer demand [13] - The marketing strategies employed during the festival effectively matched diverse consumer needs, contributing to the overall revitalization of the real estate market in Hubei [16]

Group 1 - The "May Day" holiday in Nantong saw the launch of the first "Wuwu Shopping Season" aimed at boosting consumption, achieving approximately 600 million yuan in sales from 77 key commercial enterprises, a year-on-year increase of about 6.7% [1] - Various shopping districts organized diverse promotional activities, including discounts on clothing and jewelry, AI robot parades, and a new energy vehicle exhibition, contributing to a vibrant consumer experience [1] - Six major commercial complexes reported a total sales revenue of approximately 180 million yuan, reflecting a year-on-year growth of 12.5%, while a local outlet attracted 125,000 visitors and generated nearly 15 million yuan in sales [1] Group 2 - The "trade-in for new" initiative continued to be a significant driver of consumption during the holiday, with a focus on automobiles, home appliances, and electric bicycles [2] - The 2025 Nantong Broadcasting May Day Auto Expo featured over 60 car brands and attracted 52,000 visitors, resulting in the sale of 2,600 vehicles with a transaction value exceeding 300 million yuan [2] - Local electronics stores achieved sales exceeding 30 million yuan, marking a year-on-year increase of 26.9%, while home building materials sales reached 31.26 million yuan with 11,256 items sold [2]

在实控人被留置13天，并且进行了一次年报延期之后，居然智家（000785）终于在4月末公布了2024年 的业绩。 财报显示，居然智家去年营收约为129.66亿元，同比下降4.04%；归属上市公司股东净利润7.69亿元， 同比大降40.83%；经营活动产生的现金流量净额约为26.35亿元，同比下降31.31%；总资产缩水7.46%， 降至496.75亿元。 作为国内头部的家居卖场，居然之家在去年12月更名为"居然智家"，主要强调公司从传统家居卖场到智 能家居体验中心的转型升级，因此这也是居然智家更名后的首份业绩报，但同时也成为近3年最差业 绩。 今年以来，这一下滑趋势并未得到太多好转。根据同期公布的今年一季度财报，除了营收有所上升，达 到约33.12亿元，公司其他核心业绩指标均呈现下滑。 其中，归属上市公司股东净利润同比下滑39.39%，降至约2.12亿元；归属上市公司股东扣非后净利润同 比下滑42.84%，降至约2.13亿元；经营活动产生的现金流量净额降至1.84亿元，同比下滑42.2%；总资 产较去年末有0.65%的缩水。 就在今年4月17日晚间，居然智家实控人、董事长兼CEO汪林朋被武汉市江汉区监察委留置 ...

Investment Rating - The investment rating for the company is "Buy" [7][21]. Core Views - The company has shown impressive performance in its digital transformation and is awaiting the release of efficiencies from its main business adjustments [4]. - In 2024, the company achieved a revenue of 12.97 billion yuan, a year-on-year decrease of 4.04%, and a net profit attributable to shareholders of 770 million yuan, down 40.8% year-on-year [3]. Financial Performance Summary - The leasing and management business generated a revenue of 5.54 billion yuan, down 13.8% year-on-year, while the franchise management business earned 430 million yuan, down 15.0% year-on-year, primarily due to rental and management fee reductions to support merchants [5]. - The product sales business achieved a revenue of 6.3 billion yuan, an increase of 13.8% year-on-year, with the company's smart home segment generating over 6.33 billion yuan in sales, a growth of 43.4% year-on-year [6]. - The gross profit margin for 2024 was 27.35%, a decrease of 6.8 percentage points year-on-year, influenced by rental reductions [6]. - The company expects net profits for 2025-2027 to be 840 million yuan, 930 million yuan, and 1.03 billion yuan, respectively, with growth rates of 9.3%, 10.1%, and 11.1% [7]. Strategic Initiatives - The company is actively innovating its market strategies, including a new store cooperation model and a "one store, two systems" recruitment strategy, which has improved recruitment rates by 5.3% [5]. - The company has expanded its digital marketing services and international presence, opening two stores in Cambodia and Macau, achieving a recruitment rate of over 97% [6]. Valuation Metrics - The current stock price corresponds to a PE ratio of 24X for 2025 [7]. - The company maintains a debt-to-asset ratio of 57.07% and a net asset value per share of 3.28 yuan [7].

Core Viewpoint - Filinger's financial reports for 2024 and Q1 2025 indicate significant revenue decline and increased losses, raising concerns about the company's financial health and governance issues related to unapproved related-party transactions [1][5]. Financial Performance - In Q1 2025, Filinger reported operating revenue of 33.89 million yuan, a year-on-year decrease of 33.9% [1]. - For the full year 2024, the company achieved revenue of 336.21 million yuan, down 14.86% from 2023 [2]. - The net profit attributable to shareholders for 2024 was a loss of 37.31 million yuan, compared to a loss of 24.18 million yuan in the previous year, indicating an increase in losses [2][4]. Revenue Breakdown - The main business segments include engineered flooring, custom home furnishings, and related products, with revenue contributions of approximately 46% from engineered flooring, 31% from engineered wood flooring, 14% from cabinetry, and 6% from doors and wood veneers [3]. - Revenue from engineered flooring, engineered wood flooring, and cabinetry saw declines of 10.66%, 32.09%, and 17.27% respectively, while revenue from doors and wood veneers surged by 824.32% [3]. Profitability and Cost Structure - The gross margins for the main product categories have decreased, with declines of 5.34%, 1.28%, 1.17%, and 32.85% respectively [4]. - The company cited reduced demand in the home decoration market due to real estate adjustments and intensified price competition as factors impacting revenue and profitability [4]. Governance and Compliance Issues - The chairman, Jürgen Vöhringer, stated that the company cannot guarantee the authenticity and completeness of the annual report due to unapproved related-party transactions totaling 33.70 million yuan [5]. - Filinger has faced regulatory scrutiny for failing to disclose related-party transactions and not adhering to required approval processes since 2020 [4][5]. Management Changes - The company has experienced frequent changes in senior management, with the chairman opposing several appointments, including the new board secretary and financial director [6][7]. - The board has seen resignations from key positions, including the vice president and independent directors, contributing to instability within the management team [7]. Market Position - As of April 30, 2024, Filinger's stock was priced at 7.21 yuan per share, with a total market capitalization of 2.563 billion yuan [7].

Core Insights - The company, Juran Smart Home, reported a revenue of 12.97 billion yuan for 2024, with a net profit of 890 million yuan after deducting non-recurring gains and losses, showcasing resilience and innovation in a complex market environment [1] - Despite slight revenue decline due to domestic economic fluctuations and cyclical impacts from the real estate market, the company's operational efficiency remains strong, with impressive performance in key metrics such as total asset return and net asset return [1] - Juran Smart Home has embarked on a digital transformation journey, leveraging AI technology across design, smart home, and intelligent home decoration sectors, establishing three major digital platforms: "Juran Design Home," "Juran Smart Home," and "Dongwo" [3] Business Strategy - The company continues to enhance the management of its chain home furnishing stores through a dual model of direct sales and franchising, operating 407 home furnishing stores across 30 provinces and cities in China and overseas by the end of 2024, solidifying its leading position in the home building materials sector [5] - Juran Smart Home is actively cultivating new growth drivers by developing shopping center formats as a second growth curve for physical commerce, successfully operating four shopping centers under the "Zhongshang World" brand in cities like Changchun and Wuhan, along with multiple modern department stores and supermarkets in key urban areas [5] - With ongoing digital transformation and expansion of new business territories, Juran Smart Home is expected to further unleash its potential in market competition, providing enhanced services and experiences for consumers while offering new ideas and directions for industry development [5]

Core Insights - In 2024, Fashilong Home Building Materials Co., Ltd. faced significant challenges, with key financial indicators showing drastic changes, including a net profit decrease of 325.69% and a net cash flow from financing activities decline of 218.81% [1] Financial Performance Summary - Revenue declined by 17.62% to 609,605,971.17 yuan in 2024 from 740,021,268.18 yuan in 2023, indicating difficulties in market expansion and a contraction in business scale [2] - The net profit attributable to shareholders was -28,987,333.20 yuan, down from 12,843,744.94 yuan in 2023, reflecting immense operational pressure and a need for improved profitability [3] - The net profit after excluding non-recurring items was -28,525,735.16 yuan, a decrease of 173.03% from 39,061,912.21 yuan in 2023, indicating severe issues in core business profitability [4] - Basic earnings per share fell to -0.23 yuan from 0.10 yuan in 2023, a 330.00% decrease, while the diluted earnings per share also dropped significantly [5] Expense Analysis - Sales expenses decreased by 22.83% to 63,952,006.93 yuan from 82,874,689.18 yuan in 2023, suggesting cost-cutting measures that may impact market promotion and brand building [6] - Management expenses increased by 31.89% to 46,918,971.33 yuan from 35,574,898.85 yuan in 2023, potentially exerting additional pressure on profits [7] - Financial expenses improved to -2,850,755.03 yuan from -8,894,821.77 yuan in 2023, indicating a change in financing structure or interest income [8] Research and Development - R&D expenses decreased by 23.29% to 22,874,793.11 yuan from 29,818,504.64 yuan in 2023, which may affect the company's innovation capabilities and long-term growth potential [10] - The number of R&D personnel was 144, accounting for 17.67% of the total workforce, with a low educational background among R&D staff, which could impact future technological advancements [11] Cash Flow Analysis - Net cash flow from operating activities improved to 17,824,373.34 yuan from -81,399,090.19 yuan in 2023, indicating better cash management and operational cash generation [12] - Net cash flow from investing activities improved to 59,146,269.21 yuan from -244,234,773.20 yuan in 2023, suggesting a more cautious investment strategy [13] - Net cash flow from financing activities dropped significantly to -171,386,693.77 yuan from 144,248,181.72 yuan in 2023, reflecting challenges in financing and potential tightening of credit policies [14] Management Compensation - The total pre-tax compensation for key management personnel remained relatively stable, with the chairman and general manager receiving 876,000 yuan, while the significant drop in net profit raises concerns about management's ability to navigate the company out of its current challenges [15]

近期，各大公司将陆续发布2024年年报。而我乐家居、顶固集创已率先于19、20日发布正式年报。家居新范式联想已发业绩预告的几家企业发现，作为定 制家居行业的典型代表，8家上市公司去年几乎面临了相似的业绩困局，普遍营收净利双降，下滑程度也是近十年来罕见的。那各家都在想哪些应对办 法，后市预估如何？ | 品牌简称 | 净利润 | 同比变化 | 营业收入 | 同比变化 | | --- | --- | --- | --- | --- | | 欧派家居 | 23.34~26.08亿元 | 減少5%~15% | 182.26~205.04 亿元 | 減少10%~20% | | 索菲亚 | 家居新 西式 13.24~14.5亿元 | 5%~15% | 104.9~116.66 亿元 | 減少10%~0% | | 尚品宅配 | 亏损1.8~2.2亿元 | 上年盈利 6484.54万元 | HOFUR 家居新正式 | | | 志邦家居 | 4.35亿元 | -26.86% | 55.97亿元 | -8.49% | | 家居葡 已式 好莱客 | 0.68~0.90万元 | 减少 | | | | | | 58.57%~68.70% ...