天眼查App显示，近日，佛山市禅城区雅洁品卫浴厂（个人独资）成立，注册资本1万人民币，经营范 围为一般项目：卫生陶瓷制品制造；卫生陶瓷制品销售；日用陶瓷制品制造；日用陶瓷制品销售；厨具 卫具及日用杂品批发；五金产品批发；五金产品零售；金属制品销售；玻璃仪器销售；塑料制品销售； 工艺美术品及礼仪用品销售（象牙及其制品除外）；日用杂品销售；日用百货销售；家居用品销售；电 子产品销售；互联网销售（除销售需要许可的商品）。（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）。 ...

Group 1 - The core viewpoint of the news is that Diou Waterhua's stock has seen a significant increase of 5.48%, reaching a price of 6.93 yuan per share, with a total market capitalization of 3.519 billion yuan [1] - Diou Waterhua Group Co., Ltd. is based in Chengdu, Sichuan Province, and was established on March 14, 1994. It was listed on May 25, 2016. The company specializes in the research, design, manufacturing, and sales of acrylic boards and sanitary ware, as well as mid-to-high-end architectural ceramics [1] - The main revenue composition of Diou Waterhua includes ceramic wall and floor tiles at 78.32%, bathroom products at 16.47%, new materials at 4.18%, and others at 1.03% [1] Group 2 - From the perspective of fund holdings, Guolian Fund has a fund that heavily invests in Diou Waterhua. The Guolian Xinqidian Mixed A Fund (001413) held 6,500 shares in the second quarter, accounting for 0.51% of the fund's net value, ranking as the tenth largest holding [2] - The Guolian Xinqidian Mixed A Fund (001413) was established on June 12, 2015, with a latest scale of 567,300. The fund has achieved a year-to-date return of 15.58%, ranking 4,956 out of 8,174 in its category [2] - The fund manager Zhao Fei has a tenure of 10 years and 125 days, with a total asset scale of 272 million yuan. The best fund return during his tenure is 72.58% [3]

Core Viewpoint - The long-standing bathroom brand Huida Sanitary (603385.SH) is opting for a "radical" approach to divest its loss-making assets due to continuous losses over its 43-year history [1]. Group 1: Asset Divestiture - Huida Sanitary announced plans to publicly transfer 100% equity and related debts of its subsidiary, Guangxi Xingaosheng Thin Ceramic Co., Ltd. (广西新高盛), through a public listing [3]. - The equity will be transferred at a base price of 1 yuan, while the debts will be sold at nearly a 50% discount, raising market attention [3]. - Guangxi Xingaosheng has been consistently losing money, with a net loss of 29.31 million yuan in the first half of 2025 and a negative net asset of 154 million yuan, currently in a state of suspension [3]. Group 2: Financial Details - The assessment report from Walker (Beijing) International Asset Appraisal Co., Ltd. indicated that as of June 30, 2025, the book value of all shareholders' equity for Guangxi Xingaosheng was -154 million yuan, with an assessed value of -63.08 million yuan [3]. - The total debt owed to Guangxi Xingaosheng amounts to 269 million yuan, with Huida Sanitary's own debt at 138 million yuan, and the debts are listed at a base price of 144 million yuan [3]. Group 3: Strategic Intent - The company aims to adjust and optimize its industrial structure, integrate resources, reduce management costs, and enhance asset operational efficiency and quality through this divestiture [4]. - Huida Sanitary, established in 1997 and listed in 2017, has been facing stock price volatility, with a recent decline of 1.31% to 6.76 yuan on September 5 [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In H1 2025, the company achieved revenue of 2.837 billion yuan, a year-on-year decrease of 8%, and a net profit attributable to shareholders of 28 million yuan, down 25% year-on-year. However, the net profit excluding non-recurring items increased by 6% year-on-year [2][6] - In Q2 2025, the company reported revenue of 1.787 billion yuan, a decrease of 9% year-on-year, with a net profit attributable to shareholders of 102 million yuan, down 21% year-on-year [2][6] - The company is focusing on retail transformation and expects improvements in gross margins, with Q2 2025 gross margin increasing by 1.2 percentage points to 29.7% [6] Revenue Analysis - The company’s revenue decline is attributed to industry downturn and intensified competition, with specific product categories showing varied performance: sanitary ceramics down 13.3%, faucets up 0.7%, bathroom furniture up 1.5%, bathtubs down 20.4%, and tiles down 10% [6] - The smart toilet segment showed resilience, with a 4.2% increase in revenue to 660 million yuan, accounting for approximately 23.3% of total revenue [6] - The company is actively promoting dealer retail growth, with dealer retail revenue increasing by 4% year-on-year, while e-commerce and engineering channels saw declines [6] Profitability Analysis - The improvement in gross margin is attributed to product mix optimization and cost reduction efforts, with the smart toilet's revenue share increasing [6] - The net profit margin for Q2 2025 decreased slightly, reflecting the impact of reduced revenue on expense ratios [6] Market Opportunities - The company is focusing on the existing housing market, leveraging product, channel, and service strategies to capture growth opportunities [6] - Despite challenges in the North American market, the company is expanding its international business in emerging markets [6] Retail Strategy - The company plans to enhance its retail strategy in response to government subsidy policies, which are expected to stimulate demand for bathroom products [6] - A significant expansion of the store sales enhancement project is anticipated in H2 2025, aiming to improve customer engagement and sales conversion [6] Financial Projections - The company forecasts net profits of 231 million yuan, 325 million yuan, and 433 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 25, and 19 [6]

Group 1 - The company Huida Sanitary Ware announced on the evening of September 4 that its seventh board of directors held the eighth meeting, which approved multiple proposals, including the proposal to convene the second extraordinary general meeting of shareholders in 2025 [2]

Core Viewpoint - Huida Sanitary Ware (603385) announced that it will hold the second extraordinary general meeting of shareholders in 2025 on September 23, 2025, to review the proposal for expanding its business scope and amending the Articles of Association [1] Group 1 - The extraordinary general meeting is scheduled for September 23, 2025 [1] - The agenda includes a proposal to increase the business scope and amend the company's Articles of Association [1]

Group 1: Asset Management Industry - The total scale of asset management products reached 75.38 trillion yuan by the end of Q2 2025, with public funds accounting for 34.39 trillion yuan [1] - Private asset management products from securities companies and their subsidiaries reached 6.14 trillion yuan, while private funds totaled 20.6 trillion yuan [1] - The scale of pension funds managed by fund management companies was 6.3 trillion yuan, and asset-backed special plans (ABS) reached 2.13 trillion yuan [1] Group 2: Private Equity Market - As of August 31, 2025, the private equity market registered a total of 7,907 private securities products, marking an 82.19% year-on-year increase [2] - The number of registered stock strategy products surged to 5,173, reflecting a significant increase of 91.31% compared to the same period in 2024 [2] - Quantitative product registrations also saw a remarkable growth of 100.34%, with 3,584 products registered [2] Group 3: Electronics Manufacturing Industry - The "2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry" aims for an average growth rate of around 7% in the manufacturing value added of major electronic equipment sectors [2] - The electronic information manufacturing industry is expected to achieve an annual revenue growth rate of over 5%, with five provinces projected to have revenues exceeding 1 trillion yuan by 2026 [2] - The server industry is anticipated to exceed 400 billion yuan in scale, and the domestic market penetration rate for 75-inch and larger color TVs is expected to surpass 40% [2] Group 4: Learning Tablet Market - The shipment volume of learning tablets in China reached 1.54 million units in Q2 2025, representing a year-on-year growth of 44.6% [3] - Factors contributing to market expansion include enhanced product functionality, intensified price competition, and expanded sales channels [3] - The top five manufacturers accounted for a combined market share of 82.3% in terms of shipment volume [3] Group 5: PC Market - In Q2 2025, the PC market in mainland China (excluding tablets) experienced a year-on-year growth of 12%, with shipments reaching 10.2 million units [3] - Both consumer and commercial demand showed positive performance, with respective year-on-year growth rates of 13% and 12% [3] - Tablet shipments also increased by 18%, totaling 9.1 million units in the same quarter [3] Group 6: Automotive Industry - BYD has reportedly lowered its 2025 sales target by 16%, from 5.5 million to 4.6 million vehicles [4] - As of August 2025, BYD's cumulative sales reached 2.86 million vehicles, reflecting a year-on-year growth of 23% [4] - Analysts view the adjustment of sales targets as a rational decision, especially ahead of the peak sales season [4] Group 7: Corporate Governance - ByteDance reported that 100 employees were dismissed in Q2 2025 for violating company policies, with 18 cases involving serious misconduct [5] - Eight individuals suspected of criminal activities have been handed over to judicial authorities [5] Group 8: Regulatory Actions - Sino Medical received an administrative regulatory decision from the Tianjin Securities Regulatory Bureau for inaccurate information disclosure in its financial reports [6] - The company’s chairman and financial director were held primarily responsible for the violations [6] Group 9: Corporate Developments - Hubei Yihua announced the successful commissioning of a 200,000-ton caustic soda project [9] - Ningbo Construction won construction projects totaling 1.117 billion yuan [10] - Huida Sanitary Ware plans to publicly transfer 100% equity and debt of its subsidiary [11]

证券代码：603385 证券简称：惠达卫浴 公告编号：2025-036 惠达卫浴股份有限公司 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： ? 股东会召开日期：2025年9月23日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一)股东会类型和届次 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 23 日 14 点 30 分 召开地点：河北省唐山市丰南区黄各庄镇惠达路 2 号办公楼八楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 23 日 至2025 年 9 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00； ...

General Provisions - The company aims to protect the legal rights of its shareholders, employees, and creditors, and to regulate its organization and behavior according to relevant laws [1][3] - The company is established as a joint-stock company in accordance with the Company Law and other regulations [1][2] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 71.04 million shares on April 5, 2017, and is listed on the Shanghai Stock Exchange [1][3] Company Information - The registered capital of the company is RMB 380,664,968 [2] - The company is located at No. 7, Huida Road, Huanggezhuang Town, Fengnan District, Tangshan City, with a postal code of 063307 [2] - The company is a permanent joint-stock company [2] Management Structure - The chairman of the board serves as the legal representative of the company, and if the chairman resigns, it is considered a simultaneous resignation from the legal representative position [2][3] - The legal representative is responsible for civil activities conducted in the name of the company, and the company bears the legal consequences of these activities [2][3] Business Objectives and Scope - The company's business philosophy emphasizes "people-oriented, quality first, and pursuit of innovation," aiming to provide high-quality sanitary products and services to consumers [4] - The business scope includes manufacturing and sales of sanitary ceramics, sanitary ware, furniture, building materials, and various other products [5] Shares and Capital Structure - The company's shares are issued in the form of stocks, with all shares being ordinary shares [6][21] - The total number of shares issued by the company is 380,664,968 [6] - The company may increase capital through various methods, including issuing shares to unspecified objects or existing shareholders [9][21] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions, as well as obligations to comply with laws and regulations [12][16] - Shareholders holding more than 10% of shares can request the board to convene a temporary shareholders' meeting [28][29] Shareholder Meetings - The company holds annual and temporary shareholders' meetings, with the annual meeting required to be held within six months after the end of the previous fiscal year [48] - Shareholders can propose agenda items for meetings, and the company must notify shareholders of meeting details in advance [58][61]

Core Viewpoint - Hefei Tianhui Sanitary Ware Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the sanitary ware industry [1] Company Summary - The legal representative of Hefei Tianhui Sanitary Ware Co., Ltd. is Ji Weikun [1] - The company’s registered capital is 1 million RMB [1] Business Scope - The company’s business scope includes the sale and manufacturing of sanitary ware and sanitary ceramic products [1] - It also engages in the sale of daily ceramic products, building materials, and various metal products [1] - Additional activities include the sale of household goods, hardware products, lighting fixtures, furniture, kitchenware, personal hygiene products, and internet sales [1] - The company offers furniture installation and maintenance services, excluding licensed business activities [1]