Core Viewpoint - In Q1 2025, the company's revenue decreased by 1.76% year-on-year, with stable performance expected from its own brand, showing a decline in offline sales but over 30% growth online, while engineering business grew steadily by over 10% [1][3] - The net profit attributable to shareholders in Q1 2025 decreased by 4.02% year-on-year, mainly due to the pre-expensing of brand costs [1][3] - The mattress products led growth in 2024, with national subsidies accelerating online growth and offline channels turning positive in Q4 2024 [1][4] Financial Performance - In 2024, the company achieved revenue of 8.729 billion yuan, an increase of 0.59%, while the net profit attributable to shareholders was 322 million yuan, a decrease of 24.84% [2] - In Q1 2025, the company reported revenue of 1.73 billion yuan, down 1.76% year-on-year, and a net profit of 71 million yuan, down 4.02% [2][3] - The basic EPS for Q1 2025 was 0.19 yuan, remaining flat compared to the previous year [2][3] Business Segments - In 2024, the company's mattress, soft bed and supporting products, sofa, and wooden furniture revenues were 5.27 billion, 2.44 billion, 720 million, and 170 million yuan, respectively, with the mattress segment showing steady growth [4][5] - The online revenue for the company's own brand in 2024 was 1.98 billion yuan, an increase of 9.9%, with Q4 growth exceeding 20% [5] Cost and Profitability - The gross margin for 2024 was 33.67%, a decrease of 0.70 percentage points, with the mattress segment gross margin at 38.40% [6] - The net profit margin for 2024 was 3.69%, down 1.25 percentage points, primarily due to increased sales expenses [6] - The company plans to optimize its expense allocation strategy, expecting an improvement in profitability [1][6] Future Outlook - The company aims to focus on the retail sector, optimizing offline channels and enhancing store efficiency while expanding online channels to new platforms [1] - Revenue projections for 2025-2027 are 9.46 billion, 10.11 billion, and 10.76 billion yuan, with expected year-on-year growth rates of 8.3%, 6.9%, and 6.4% respectively [6]

Industry Overview - The Chinese furniture industry is undergoing profound changes driven by globalization and consumption upgrades, with brand competitiveness becoming a key indicator of maturity [1] - The China Furniture Association has released a list of the top ten furniture brands, highlighting companies like Saint-Ao Technology, Kuka Home, and Qianyu Furniture as industry benchmarks [1] Company Highlights - **Saint-Ao Technology**: Founded in 1991, it focuses on office commercial furniture and has developed a dual-driven strategy for ecological office development. The company emphasizes innovation and has established a global R&D network, leading to a range of smart office furniture products [3] - **Kuka Home**: Established in 1982, it offers a comprehensive range of furniture products, focusing on comfort, fashion, and environmental sustainability. The brand has made significant advancements in smart furniture and maintains a robust sales and logistics network [6] - **Xilinmen**: Founded in 1984, it specializes in high-quality mattresses and has a strong focus on sleep health. The brand integrates advanced materials and manufacturing techniques to enhance product quality and comfort [7] - **Qianyu Furniture**: Established in 1986, it aims to provide one-stop green and personalized home solutions. The brand emphasizes quality, environmental protection, and value, with a strong focus on board furniture and sofas [9] - **Tian Tan Furniture**: Founded in 1956, it offers a diverse range of products and has a strong market presence in China. The brand focuses on green home development and has a comprehensive sales and service network [8] - **Hai Tai Ou Lin**: Established in 1996, it specializes in smart office and healthcare furniture, emphasizing sustainable development and quality craftsmanship [10] - **Changjiang Furniture**: Founded in 1986, it focuses on high-quality office furniture and has a strong technical foundation in product development [11] - **Fengyang Furniture**: Established in 1973, it specializes in mattresses and aims to create a new healthy sleep environment while promoting Eastern sleep culture [12] - **Yonghua Red Wood**: Founded in 1986, it is a leader in the redwood furniture sector, combining traditional craftsmanship with modern design elements [13] Conclusion - The release of the top ten furniture brands not only recognizes their achievements but also showcases the high-quality development of the entire furniture industry. These brands set new benchmarks in product quality, design innovation, market expansion, and social responsibility [13][14]

证券代码：603389 证券简称：*ST 亚振 公告编号：2025-022 ? 生产经营风险。公司 2024 年度经审计的扣除非经常性损益后的净利润为 负值，且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入 低于 3 亿元，触及《上海证券交易所股票上市规则》第 9.3.2 条第一款第（一） 项规定，公司股票于 2025 年 5 月 6 日起实施退市风险警示。公司 2025 年第一季 度营业总收入为 4,067.57 万元（未审计），归属于上市公司股东的净利润为 -2,131.38 万元，归属于上市公司股东的扣除非经常性损益的净利润为-2,047.67 万元（未审计）。 ? 敬请广大投资者注意风险，理性决策，审慎投资。 公司于 2025 年 5 月 6 日、7 日、8 日连续三个交易日内收盘价格涨幅偏离值 累计超过 12%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异 常波动情况。公司已于 2025 年 5 月 9 日在指定信息披露媒体及上海证券交易所 网站（www.sse.com.cn）披露了《亚振家居股份有限公司股票交易异常波动暨风 险提示公告》（公告编号：2025-021）。 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.82 CNY, while the current stock price is 10.34 CNY [5]. Core Views - The company is focusing on expanding its smart home segment and has launched a new service model for its integrated home solutions, which has shown significant growth despite market pressures [2][3]. - The company is expected to see a recovery in revenue and profit margins in the coming years, with projected revenues of 23.13 billion CNY, 24.45 billion CNY, and 26.50 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 21.11%, 5.72%, and 8.39% [11][12]. Financial Performance Summary - In 2024, the company reported a revenue of 1.91 billion CNY, a decrease of 15.69% year-on-year, and a net profit of 0.81 billion CNY, down 62.93% year-on-year [1]. - The gross margin for 2024 was 33.41%, a decline of 1.66 percentage points compared to the previous year, primarily due to support provided to distributors [4]. - The company’s net profit margin for 2024 was 4.22%, down 5.38 percentage points year-on-year, with a significant drop in Q4 2024 [11]. Business Segment Performance - The integrated home solutions channel saw a revenue increase of over 60% in 2024, indicating strong demand for this service model [2]. - The sales of overall wardrobes and supporting furniture decreased by 18.59% to 1.44 billion CNY in 2024, while kitchen cabinet sales increased slightly by 0.95% to 299 million CNY [2]. - The company has expanded its international presence, generating 8 million CNY in revenue from international markets in 2024 [2]. Future Outlook - The company is expected to continue its focus on the integrated home strategy and smart home innovations, which are anticipated to drive future revenue growth [11]. - The projected net profit for 2025 is 2.16 billion CNY, representing a significant increase of 167.95% compared to 2024 [11][12].

2025 年 05 月 09 日 好莱客(603898.SH) 整装持续向好， 开拓智能家居新赛道 事件：公司发布 2024 年年度报告和 2025 年一季报。24 年公司 实现营业收入 19.10 亿元，同比下降 15.69%；归母净利润 0.81 亿元，同比下降 62.93%；扣非后归母净利润 0.52 亿元，同比下 降 67.18%。24Q4 公司实现营业收入 4.65 亿元，同比下降 27.03%； 归母净利润-0.10 亿元，同比下降 126.73%；扣非后归母净利润- 0.13 亿元，同比下降 148.66%。25Q1 公司实现营业收入 3.91 亿 元，同比下降 3.03%；归母净利润 0.02 亿元，同比下降 82.60%； 扣非后归母净利润-0.04 亿元，同比下降 171.06%。 24 年整装快速增长，成立合觅科技布局智能家居 2024 年面对家居消费市场压力环境，整装渠道作为公司重要补充渠 道，24 年公司正式推出"五好两易"装企服务模式，24 年整装渠道 业务营业收入同比增长超 60%。24 年公司工程大宗渠道营业收入同 比增长 18.30%。分产品看，1）24 年整体衣柜及配套家具 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In April, the sales of new energy vehicles increased. The estimated wholesale sales of new energy passenger vehicles by manufacturers nationwide in April were 1.14 million, a year - on - year increase of 42% and a month - on - month increase of 1%. The cumulative wholesale from January to April this year was estimated to be 4 million, a year - on - year increase of 42 [1]. - In the first quarter, under the support of a series of policies to expand domestic demand and promote consumption, large - scale light industrial enterprises achieved an operating income of 5.4 trillion yuan, a year - on - year increase of 4.8%, and a profit of over 300 billion yuan, a year - on - year increase of 1.4% [1]. - In April, the China Logistics Prosperity Index was 51.1%. The overall demand for logistics services maintained an expansion trend, with a significant recovery in the western region. The fixed - asset investment completion index reached a three - year high, and both railway and waterway investments maintained rapid growth [1]. - During the "May Day" holiday, consumption demand was strong. The sales revenue of national consumption - related industries increased by 15.2% year - on - year. Driven by the "trade - in" policy, the sales revenue of household appliances and audio - visual equipment increased by 167.5% year - on - year, communication equipment increased by 118% year - on - year, and furniture increased by 1.7 times year - on - year [1]. - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [3]. Summary According to Related Catalogs Industry Overview Upstream - Energy: International oil prices continued to fluctuate due to tariffs [2]. - Non - ferrous metals: The prices of copper, zinc, and nickel fluctuated due to tariffs [2]. - Building materials: The prices of cement and building materials continued to decline [2]. - Chemical industry: The prices of PTA and soda ash declined compared to the same period last week [2]. Midstream - Chemical industry: The operating rate of PTA recovered; the operating rate of PX declined recently; the operating rates of polyester and urea were at this year's high [2]. - Infrastructure: The operating rate of asphalt reached a three - year low [2]. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities were the same as the same period last year, at a three - year low [2]. - Services: The number of international flights increased, while the number of domestic flights decreased compared to the same period [2]. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [3]. Industry Credit Spread Tracking | Industry | Last Year's Same Period | One Quarter Ago | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry, and Fishery | 69.91 | 82.75 | 79.77 | 76.10 | 77.76 | 9.80 | | Mining | 37.70 | 48.62 | 46.09 | 46.92 | 47.91 | 26.10 | | Chemical Industry | 68.63 | 69.46 | 66.11 | 62.01 | 63.09 | 3.30 | | Steel | 45.28 | 58.70 | 55.06 | 55.91 | 55.99 | 17.10 | | Non - ferrous Metals | 49.62 | 57.51 | 54.99 | 57.70 | 58.77 | 30.20 | | Electronics | 59.65 | 79.88 | 71.75 | 70.84 | 77.65 | 51.60 | | Automobile | 65.91 | 77.15 | 48.35 | 51.29 | 51.29 | 2.50 | | Household Appliances | 46.53 | 54.97 | 47.18 | 51.64 | 53.02 | 17.80 | | Food and Beverage | 44.33 | 44.75 | 44.82 | 45.90 | 45.51 | 14.70 | | Textile and Apparel | 51.60 | 63.87 | 52.58 | 54.15 | 55.00 | 12.90 | | Light Industry Manufacturing | 80.48 | 191.11 | 199.42 | 167.39 | 165.50 | 9.10 | | Pharmaceutical and Biological | 59.52 | 67.28 | 69.00 | 72.61 | 73.82 | 33.80 | | Public Utilities | 27.75 | 33.02 | 33.01 | 33.96 | 33.99 | 28.80 | | Transportation | 35.15 | 37.54 | 36.21 | 37.50 | 38.14 | 16.80 | | Real Estate | 417.18 | 333.93 | 158.87 | 126.02 | 125.70 | 8.70 | | Commerce and Trade | 51.18 | 53.14 | 49.64 | 51.14 | 51.36 | 15.20 | | Leisure Services | 70.79 | 103.17 | 111.30 | 124.07 | 127.15 | 100.00 | | Banking | 28.82 | 22.57 | 26.31 | 20.39 | 19.75 | 6.80 | | Non - banking Finance | 34.34 | 35.93 | 34.43 | 35.19 | 35.76 | 19.10 | | Comprehensive | 67.08 | 52.21 | 47.75 | 50.35 | 51.02 | 7.70 | | Building Materials | 38.98 | 47.52 | 45.49 | 46.85 | 47.38 | 25.60 | | Building Decoration | 47.99 | 57.41 | 54.00 | 55.04 | 56.84 | 19.00 | | Electrical Equipment | 60.42 | 85.96 | 82.28 | 80.41 | 83.45 | 48.10 | | Machinery and Equipment | 38.80 | 45.15 | 42.70 | 45.46 | 48.31 | 37.00 | | Computer | 72.69 | 73.92 | 64.40 | 62.63 | 62.98 | 2.00 | | Media | 229.75 | 46.00 | 46.89 | 46.31 | 46.41 | 4.60 | | Communication | 232.58 | 39.43 | 32.45 | 29.14 | 28.75 | 3.60 | [46] Key Industry Price Index Tracking | Industry Name | Index Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | Past 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 5/7 | 2282.9 | 1.33% | | | | Spot price of eggs | Daily | Yuan/kg | 5/7 | 6.6 | 2.22% | | | | Spot price of palm oil | Daily | Yuan/ton | 5/7 | 8584.0 | - 2.01% | | | | Spot price of cotton | Daily | Yuan/ton | 5/7 | 14124.3 | - 1.04% | | | | Average wholesale price of pork | Daily | Yuan/kg | 5/7 | 21.0 | 2.09% | | | | Spot price of copper | Daily | Yuan/ton | 5/7 | 78520.0 | 0.46% | | | | Spot price of zinc | Daily | Yuan/ton | 5/7 | 22758.0 | - 1.85% | | | Non - ferrous Metals | Spot price of aluminum | Daily | Yuan/ton | 5/7 | 19630.0 | 2.26% | | | | Spot price of nickel | Daily | Yuan/ton | 5/7 | 125683.3 | 0.52% | | | | Spot price of aluminum | Daily | Yuan/ton | 5/7 | 16637.5 | - 1.41% | | | | Spot price of rebar | Daily | Yuan/ton | 5/7 | 3177.2 | 0.81% | | | Ferrous Metals | Spot price of iron ore | Daily | Yuan/ton | 5/7 | 781.4 | - 0.23% | | | | Spot price of wire rod | Daily | Yuan/ton | 5/7 | 3377.5 | 1.43% | | | | Spot price of glass | Daily | Yuan/square meter | 5/7 | 15.2 | 2.57% | | | Non - metals | Spot price of natural rubber | Daily | Yuan/ton | 5/7 | 14578.3 | 0.76% | | | | China Plastic City Price Index | Daily | - | 5/7 | 833.0 | - 0.86% | | | | Spot price of WTI crude oil | Daily | US dollars/barrel | 5/7 | 59.1 | 2.20% | | | | Spot price of Brent crude oil | Daily | US dollars/barrel | 5/7 | 62.2 | - 1.79% | | | Energy | Spot price of liquefied natural gas | Daily | Yuan/ton | 5/7 | 4282.0 | 0.23% | | | | Coal price: coal | Daily | Yuan/ton | 5/7 | 788.0 | - 0.38% | | | | Spot price of PTA | Daily | Yuan/ton | 5/7 | 4552.8 | 1.38% | | | Chemical Industry | Spot price of polyethylene | Daily | Yuan/ton | 5/7 | 7500.0 | - 0.88% | | | | Spot price of urea | Daily | Yuan/ton | 5/7 | 1906.7 | 1.60% | | | | Spot price of soda ash | Daily | Yuan/ton | 5/7 | 1462.5 | - 2.66% | | | | National cement price index | Daily | - | 5/7 | 144.9 | - 2.24% | | | Real Estate | Building materials composite index | Daily | - | 5/7 | 116.1 | - 0.96% | | | | National concrete price index | Daily | Point | 5/7 | 100.3 | 0.00% | | [47]

Group 1 - The overall performance growth has turned positive, with technology and certain cyclical sectors showing strong results, particularly in emerging technologies and the "two new" sectors driving growth in automotive, home appliances, and engineering machinery [1][2] - In Q1 2025, the net profit growth of the entire A-share non-financial sector improved to +4.7% year-on-year, driven by a significant reduction in expense ratios and stabilization of gross margins [2][4] - The technology sector, particularly AI hardware, continues to show strong growth, while cyclical industries like non-ferrous metals and chemicals also reported high growth rates [3][4] Group 2 - The real estate sector has seen some financial indicators improve, with a notable increase in dividend yields, indicating potential investment value [6][7] - In 2024, the revenue growth of key property companies was +4.2%, while profits continued to decline by -28.3%, highlighting a divergence in performance among different companies [7][8] - The average dividend yield for key property companies reached 5.04%, with three companies exceeding 10% [7][9] Group 3 - The food and beverage sector experienced a slowdown, with overall revenue growth of +2% and net profit growth of +4% in 2024, while Q1 2025 showed minimal growth [10][11] - The liquor segment remains stable, with high-end brands showing strong performance, while the consumer goods segment is seeing structural growth opportunities, particularly in snacks and beverages [11][12] - The dairy segment faced challenges, with a significant decline in revenue and profit in 2024, but showed signs of recovery in Q1 2025 [12][13] Group 4 - The beauty and personal care sector reported a revenue increase of 13% and a slight net profit increase of 0.2% in 2024, with individual segments like personal care showing significant growth [14][15] - The medical aesthetics segment is led by collagen products, while the cosmetics segment showed mixed performance, particularly in the Hong Kong market [15][16] - The sector is expected to benefit from product innovation and the rise of domestic brands, with a focus on long-term growth potential [14][16] Group 5 - The apparel and luxury goods sectors are facing mixed performance, with overseas sports brands showing strong revenue growth while luxury brands are under pressure [18][19] - The U.S. apparel retail market grew by 2.6% in 2024, with outdoor and high-end sports segments performing well [18][19] - The luxury goods sector is cautious about 2025, with many brands indicating limited price increases due to rising costs rather than for revenue generation [21][22] Group 6 - The semiconductor equipment and materials sectors are expected to benefit from increased capital expenditures in advanced processes, with significant growth projected for 2025 [30][31] - The semiconductor equipment sector reported a revenue increase of 27.01% in 2024, while the materials sector also showed robust growth [31][32] - The valuation of the semiconductor sector remains reasonable, with a focus on growth potential and the performance of leading companies [33] Group 7 - The optical industry is experiencing varied performance, with strong growth in the Apple supply chain while Android-related products face challenges [35][36] - Companies like Crystal Optoelectronics and Lantech Optical reported significant revenue growth in Q1 2025, driven by increased demand for specific products [35][36] - The automotive optical segment showed stable performance, with some companies reporting growth despite seasonal challenges [36] Group 8 - The computer industry is showing signs of recovery, with an increase in the number of companies reporting positive revenue and profit growth in Q1 2025 [38][39] - The overall revenue for the computer sector in 2024 was 12,693.99 billion, with a notable recovery in Q1 2025 [39][40] - Large-cap companies are performing more steadily compared to mid and small-cap companies, with AI and energy IT sectors showing significant recovery [40][41]

NO.1 央行等部门5月7日上午将介绍"金融政策支持稳市场稳预期"有关情况 国务院新闻办公室5月6日消息，国务院新闻办公室将于5月7日上午9时举行新闻发布会，请中国人民银 行、国家金融监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳预 期"有关情况，并答记者问。 NO.2 财政部蓝佛安：有信心实现2025年的5%左右增长目标 每经记者 杨建 每经编辑 肖芮冬 ｜2025年5月7日 星期三｜ 2025年5月4日至7日，亚洲开发银行理事会第58届年会在意大利米兰举行。蓝佛安指出，中国是经济全 球化的受益者也是贡献者，近年来对全球经济增长的贡献率保持在30%左右。今年一季度GDP同比增长 5.4%，实现良好开局。中方将采取更加积极有为的宏观政策，有信心实现2025年的5%左右增长目标。 中国将继续建设国内统一大市场，扩大高水平对外开放，同世界特别是亚太成员分享中国发展机遇与红 利，携手应对时代挑战，共创亚太美好未来。 NO.3 我国首次海洋性冰川航空探测启动，调查点位海拔超过4700米 据央视新闻报道，5月6日，自然资源部中国地质调查局将在西藏昌都正式开展我国首次海洋性冰川航空 探测，以掌 ...

1至3月份，家用电器和音像器材类商品零售额增长19.3%，自上年9月份以来保持两位数增长。消费品 以旧换新政策有力促进了产业发展和绿色转型，家用电器和音像器材类中的高能效等级家电和智能家电 销售连续保持高速增长态势，家电市场呈现明显的消费升级趋势。 本报北京5月6日电 （记者韩鑫）记者从中国轻工业联合会获悉：一季度，在系列扩内需、促消费政策 支持下，规模以上轻工企业实现营收5.4万亿元、同比增长4.8%，实现利润超3000亿元、同比增长 1.4%，轻工业经济运行总体平稳、稳中有进。 生产回升向好。一季度，规模以上轻工业增加值同比增长7.3%，增速较去年末加快2.2个百分点。得益 于消费品以旧换新政策，3月份，电动自行车、洗衣机、空调等产品产量实现两位数增长。 投资较快增长。轻工行业发展信心持续增强，一季度，轻工主要行业投资增速均保持两位数增长，投资 增速高于制造业投资增速。 今年以来，消费品以旧换新支持资金规模翻番、商品种类扩围。"随着政策效应持续向供给端传导，轻 工相关产业规模不断扩大，国内市场持续回暖，带动轻工业经济增长。"中国轻工业联合会会长张崇和 表示。 家具、家装厨卫相关行业市场规模迎来快速增长。在 ...

Group 1 - The article discusses the increasing trend of Chinese companies expanding overseas, particularly in Europe and Southeast Asia, highlighting the competitive landscape [2][3] - European consumers have a long-standing negative perception of Chinese products, which has persisted for over 40 years despite improvements in quality and design [5][6] - The complexity of the supply chain means that "Made in China" does not always equate to products being entirely produced by Chinese companies, affecting perceptions of quality [6][10] Group 2 - The European market has stringent standards for design and quality, making it difficult for Chinese products to gain acceptance if they do not meet these expectations [6][12] - The core issue in the European market revolves around intellectual property protection, leading to significant anxiety among local producers regarding design theft and quality [11][12] - The introduction of ESG (Environmental, Social, and Governance) standards by Europe poses a new challenge for Chinese products, as compliance is necessary for market access [13][16] Group 3 - Current geopolitical tensions, such as the Ukraine-Russia conflict, have created unique opportunities for Chinese companies in Europe, particularly in the energy sector [20][22] - European countries are seeking to diversify their energy sources, which opens avenues for collaboration with Chinese firms in clean energy technologies [22][25] - However, strict EU regulations on subsidies and local production requirements complicate the entry of Chinese companies into the European market [24][26] Group 4 - The article outlines the challenges posed by the ongoing trade war and the need for Chinese companies to adapt to local standards and regulations in Europe [48][52] - In Southeast Asia, the industrialization level is lower, and Chinese products can disrupt local industries, leading to potential social unrest [55][56] - Chinese companies are advised to adopt a "middle to upper" standard strategy in Southeast Asia to build trust and create job opportunities [56][58] Group 5 - The article emphasizes the importance of understanding local cultures and building good relationships with local communities in Southeast Asia for long-term success [60][64] - Companies must navigate the complex political and economic landscape in Southeast Asia, which varies significantly from country to country [72][74] - The need for a balanced approach between local policy compliance and operational efficiency is crucial for Chinese enterprises operating in these regions [75][78]