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。 重要内容提示： ?会议召开时间：2025 年 6 月 6 日（星期五）下午 15:00 至 16:00； ?会议召开地点：上海证券报·中国证券网路演中心（网址： https://roadshow.cnstock.com/）； ?会议召开方式：网络文字互动； ?投资者可于 2025 年 5 月 30 日（星期五）至 2025 年 6 月 5 日(星期四)下 午 15:00 前 ， 将 问 题 发 送 至 公 司 邮 箱 ： mkzq@markor.com.cn 、 mkzq1@markor.com.cn 进行提问，公司将在业绩说明会上就投资者普遍关注的问 题进行回答。 证券代码：600337 证券简称：美克家居 编号：临 2025-025 美克国际家居用品股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 6 月 6 日（星期五）下午 15：00 至 16：00 （二）会议召开地点：上海证券 ...

Summary of Key Points Core Viewpoint - The article discusses the salary disclosures of 54 A-share listed companies in Foshan for the year 2024, highlighting the highest-paid executives and the overall compensation trends in the region's corporate landscape [1]. Group 1: Executive Salaries - In 2024, the total compensation for chairpersons of Foshan's A-share listed companies reached 88.7447 million yuan, with an average salary of 1.6744 million yuan per person [1]. - The highest-paid chairperson is Fang Hongbo, Chairman of Midea Group, with an annual salary of 13.78 million yuan, an increase of 240,000 yuan from 2023 [2]. - Zhao Lei, Vice President of Midea Group, surpassed Fang with a salary of 15 million yuan, making him the highest-paid executive among Foshan's listed companies [3]. Group 2: Company Performance and Salary Correlation - Midea Group reported total revenue of 409.084 billion yuan and a net profit of 38.539 billion yuan in 2023, reflecting year-on-year growth of 9.47% and 14.29%, respectively, which may have influenced the salary adjustments [2]. - Cheng Xue, Chairman of Haitian Flavoring and Food, received a salary of 9.1348 million yuan, marking her first year as chairman after succeeding Pang Kang [3]. Group 3: Salary Distribution Among Companies - Among the top ten highest salaries, five chairpersons lead companies with revenues exceeding 10 billion yuan, including Midea Group, Haitian Flavoring, Xinbao Co., Foshan Gas, and Keda Manufacturing [4]. - Some chairpersons, such as Huang Yuhui of Jingyi Co. and Shi Pingxiang of Huate Gas, reported significantly lower salaries, with Huang earning only 80,000 yuan and Shi 39,600 yuan [4][5]. Group 4: Reasons for Low Salaries - The low salaries for some executives may be attributed to their roles in shareholder units where they also receive compensation, such as Huang Yuhui, who is also the chairman of a controlling shareholder [5].

Group 1 - The new tariff policy has led to an upgrade in supply chains, with emerging markets like Russia and Europe becoming growth engines for companies [1][4][6] - Following the tariff adjustments on May 12, companies have reported a surge in orders from the U.S., indicating a recovery in demand despite initial uncertainties [4][6][10] - Companies are increasingly focusing on brand development and global procurement strategies to adapt to the changing foreign trade environment [3][6] Group 2 - Many companies have established stable relationships with U.S. clients, which are not significantly affected by tariff changes, allowing for collaborative solutions to share cost burdens [5][6] - The overall impact of the tariff changes on business operations has been manageable, with some companies reporting increased orders post-May 12 compared to the previous months [4][6] - Companies are exploring diversified market layouts and enhancing their product offerings to maintain competitiveness in the international market [6][7] Group 3 - The shift towards domestic sales is being considered by some companies, although challenges such as intense competition and lack of operational experience in the domestic market exist [8][10] - E-commerce platforms like 1688 are adapting to the changing competitive landscape by launching initiatives to support companies transitioning from foreign trade to domestic sales [9] - Companies are focusing on integrating domestic and foreign trade strategies to mitigate risks associated with fluctuating overseas markets [9][10]

Core Insights - The article discusses significant events in the international business landscape, focusing on Asian companies seeking growth outside the US, particularly in Europe and Asia [5][6] - It highlights the challenges faced by TikTok's US e-commerce division, including potential layoffs due to new tax policies affecting cross-border packages [8] - Temu has surpassed Shopee to become the second-largest e-commerce platform in Brazil, indicating rapid growth in the region [10] - Taobao's global expansion efforts are emphasized, with the 618 shopping festival extending to 12 countries, including Kazakhstan and Mongolia for the first time [19] - The article also notes the recent IPO of Taile Technology, which reported annual revenues of 1 billion yuan [15][17] Group 1: Major Events - Asian companies are encouraged to seek growth in Asia and Europe amid US-China tensions, with Alibaba focusing on e-commerce, cloud computing, and AI integration [5][6] - TikTok's US e-commerce division is undergoing restructuring, with potential layoffs due to new tax implications affecting profitability [8] - Temu has achieved a 25.8% increase in traffic, becoming the second-largest e-commerce platform in Brazil with a 9% market share [10] Group 2: Company Developments - Taile Technology has successfully listed on the Shenzhen Stock Exchange, with a market capitalization of approximately 4.5 billion yuan [15][17] - Taobao's 618 shopping festival has expanded its global reach, now covering 12 countries, enhancing its international sales strategy [19] - Meituan's Keemart has launched operations in Saudi Arabia, marking its entry into the Middle Eastern market [22] Group 3: International Trade and Policy - Trump threatens to impose a 50% tariff on EU imports, escalating trade tensions and affecting international business dynamics [29][30] - The EU proposes a 2 euro fee on small packages, primarily targeting e-commerce shipments from China, which could impact cross-border trade [33] - Amazon and Walmart are both undergoing significant layoffs, reflecting broader economic challenges and shifts in the retail landscape [36][43] Group 4: Investment and Financing - Whale, a Singapore-based AI company, has completed a C-round financing of over $60 million to expand its technology applications [46] - Meitu has secured a $250 million strategic investment from Alibaba to enhance its AI-driven e-commerce tools [48] - Stord, a US logistics startup, has acquired UPS's Ware2Go to strengthen its position in the e-commerce logistics sector [50]

Group 1 - The overall quality of companies waiting for listing on the Beijing Stock Exchange (BSE) is high, with an average net profit of 89.67 million yuan for 94 companies, significantly higher than the average of 42.11 million yuan for 266 listed companies [3][15][17] - The average subscription rate for companies that raised over 200 million yuan is 0.14%, compared to 0.06% for those that raised less than 200 million yuan, indicating a correlation between fundraising size and subscription success [14][21] - The expected new stock subscription yield for 2025 is estimated to be between 4.8% and 10.80%, based on various assumptions regarding market conditions and investor participation [20][21] Group 2 - The BSE 50 index experienced a decline of 3.68% this week, closing at 1370.04 points, following a previous high of 1500 points, indicating potential volatility in the market [4][25][29] - The overall price-to-earnings (PE) ratio for BSE A-shares has decreased to 48.45X, with 53.79% of companies having a PE ratio exceeding 45X, suggesting a high valuation environment [22][26][27] - The five major industries on the BSE, including high-end equipment and information technology, have varying PE ratios, with information technology at 92.82X, indicating sector-specific valuation disparities [32][34] Group 3 - The average first-day price increase for newly listed companies from January 1, 2024, to May 23, 2025, is 303.91%, with the highest recorded increase being 731.41% for Tongguan Mining [44] - The IPO review process is active, with two companies awaiting approval and two newly accepted for review, reflecting ongoing market activity [5][42] - The report highlights the importance of focusing on companies with stable performance and reasonable valuations, particularly those classified as "little giants" in their respective sectors [39][41]

证券代码：600337 证券简称：美克家居 公告编号：临2025-023 美克国际家居用品股份有限公司2024年度股东大会决议公告 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年5月22日 (二)股东大会召开的地点：新疆乌鲁木齐市北京南路506号美克大厦6楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，副董事长牟莉主持。本次会议的召集、召 开、表决符合《公司法》《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席9人，因工作原因，董事长冯陆（Mark Feng）以线上方式出席； 2、公司在任监事3人，出席3人； 3、董事会秘书黄新出席了本次会议；其他高级管理人员列席了本次会议。 二、议案审议情况 (一)非累积投票议案 1、议案名称：公司《202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][17]. Core Insights - The company achieved a revenue of 190 million in Q1 2025, a year-on-year increase of 13%, while the net profit attributable to the parent company was 23 million, down 1% year-on-year. For 2024, the company is projected to achieve a revenue of 820 million, up 28% year-on-year, with a net profit of 120 million, up 34% year-on-year [1]. - The company has a strong order backlog of 2-3 months, indicating robust demand and the ability to dynamically adjust production capacity based on orders [1]. - The company has successfully expanded its global sales network, particularly in North America and Europe, leading to a significant increase in revenue from regions outside mainland China, which grew by 48% year-on-year [2]. - The company is enhancing its brand marketing capabilities and expanding its marketing channels, including the establishment of overseas warehouses to improve logistics efficiency and customer service [3]. Financial Performance - The company's revenue is expected to grow from 637.33 million in 2023 to 1,663.08 million by 2027, with a compound annual growth rate (CAGR) of approximately 27.69% [10]. - The net profit attributable to the parent company is projected to increase from 91.14 million in 2023 to 242.05 million by 2027, reflecting a strong growth trajectory [10]. - The company's earnings per share (EPS) is expected to rise from 0.48 in 2023 to 1.26 in 2027, indicating improving profitability [10]. Strategic Initiatives - The company has completed the main construction of its "New Material Expansion Project" for building shading, which will support future sales growth by increasing production capacity [2]. - A stock incentive plan has been implemented to bind key personnel, with performance targets set for revenue growth over the next three years, reflecting confidence in the company's future performance [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.25 CNY [5][18]. Core Views - The company achieved a revenue of 790 million CNY in Q1 2025, showing a year-on-year growth of 4%. However, the net profit attributable to the parent company slightly decreased by 1% to 40 million CNY [1]. - For the year 2024, the company is projected to have a revenue of 3 billion CNY, a decrease of 5% year-on-year, with a net profit of 160 million CNY, down 24% [1]. - The company is expanding its domestic and international customer base, focusing on maintaining relationships with major clients in North America while seeking new partnerships [2]. - The successful launch of the Vietnam factory is expected to enhance the company's production capacity and flexibility in responding to overseas market demands [3]. - The company is actively developing its "Shufude" brand in the domestic market, with plans to open over 111 new stores by 2024 [2]. Financial Summary - The company’s revenue for 2025 is estimated at 3.3 billion CNY, with a projected net profit of 200 million CNY, reflecting a growth rate of 28.26% [11]. - The earnings per share (EPS) for 2025 is expected to be 0.56 CNY, with a price-to-earnings (P/E) ratio of 22.46x [4][11]. - The company’s gross margin for 2024 is projected to be 34.85%, with a net profit margin of 5.28% [13].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 12.25 CNY [5] Core Views - The company has successfully launched its factory in Vietnam, enhancing its production capacity and flexibility in responding to overseas market demands [3] - The company is focusing on expanding its customer base both domestically and internationally, particularly in the North American and European markets [2] - The financial outlook has been adjusted, with expected net profits for 2025-2027 projected at 200 million, 230 million, and 280 million CNY respectively [4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 790 million CNY, a year-on-year increase of 4%, while the net profit slightly decreased by 1% to 40 million CNY [1] - For the year 2024, the company is expected to generate revenue of 3 billion CNY, a decrease of 5% year-on-year, with a net profit of 160 million CNY, down 24% [1] - The gross profit margin for furniture manufacturing in 2024 was 35.7%, a decrease of 1.2 percentage points year-on-year [1] Product and Market Breakdown - In 2024, the revenue from smart electric beds was 2.4 billion CNY, accounting for 84% of total revenue, while mattress revenue was 220 million CNY, down 7% [1] - The company’s domestic revenue in 2024 was 180 million CNY, a decline of 18%, while overseas revenue was 2.7 billion CNY, down 3% [1] - The company is actively expanding its "Shufude" brand in the domestic market, with plans to open over 111 new stores in 2024 [2]

Core Viewpoint - The supply side of non-financial enterprises in the A-share market is still in a bottoming phase, with both inventory and capacity remaining weak, but there are signs of marginal recovery on the demand side [1][3][6]. Supply Side Analysis - The supply side is characterized by weak replenishment and expansion intentions, with inventory growth for Q1 2025 at -1.63% year-on-year and stock growth at -4.46%, both showing declines compared to 2024 [1][3]. - The capacity utilization rate for Q1 2025 is at 2.32, down 0.04 from 2024, marking 12 consecutive quarters of decline since mid-2022 [3]. - Expansionary capital expenditure for Q1 2025 has a year-on-year decline of 20.69%, the first negative value since 2018, indicating weak investment intentions among listed companies [3]. Industry Focus - Key industries to focus on include those with relatively tight supply and good profitability, those that have shown signs of recovery from the bottom, and those still on the left side of the turning point but entering the later stages of clearing [1][10]. - Specific industries identified for potential support to performance include metal products, broiler farming, entertainment products, and gaming, with only the entertainment products sector showing high levels of expansionary capital expenditure [1][70]. Detailed Industry Breakdown Cyclical Sector - Industries with tight supply include those with high capacity utilization and low inventory, indicating potential for profitability improvement [12]. - Industries at the bottom include construction materials, chemicals, and photovoltaic power, which are experiencing supply structure optimization [12][25]. Manufacturing Sector - Tight supply industries include cable components, photovoltaic auxiliary materials, and metal products, with low expansionary capital expenditure [26][40]. - Bottomed industries include the new energy chain and military electronics, which are likely to face hard constraints on future production capacity [26][37]. Consumer Sector - Tight supply industries include broiler farming and entertainment products, with the latter showing high expansionary capital expenditure [41][54]. - Bottomed industries include pharmaceuticals and food processing, with signs of marginal improvement in capacity utilization and profitability [41][49]. TMT Sector - Tight supply industries include gaming, with low expansionary capital expenditure, indicating hard constraints on future supply [55][69]. - Industries at the bottom include electronic components and security equipment, with potential for recovery in capacity utilization and profitability [55][63].