以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广 州最值得投资的企业"榜单50强，广州市新阶联自媒体分会副会长单位，入驻全网20多个平台，覆盖 1000万+商务人群，中国财经新媒体的中坚力量之一。 延迟发财报，股价跌跌不休。 来源：无冕财经 作者：杨一轩 编辑：陈涧 "家居一哥"突逢变故。 随着灵魂人物汪林朋被留置，其个人所持股份被司法冻结半年，居然智家（000785.SZ）的股 票就开始阴跌不止。 4月18日，居然智家一字跌停，次日又下跌近4%，截至4月24日，四个交易日股价累计下滑逾 19%。 4月22日，居然智家发布公告，将2024年年报及2025年一季报的发布时间，往后延迟了几 天。 焦躁的投资者心里更没底了，近几天，不断有人在互动易平台上询问汪林朋被留置原因及进 展，公司董秘的回复都是"尚未知悉上述事项的进展及结论"。 汪林朋一手做大居然智家，一个多月前还意气风发地宣称"没有退休打算"，如今突然就被留 置，外界猜测声四起。 居然智家从国企改制而来，上市前还上演了一出"蛇吞象"，种种资本往事，都给留 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on exploring new growth opportunities and strategic adjustments [1]. Core Viewpoints - The company is undergoing a deep transformation strategy in 2024, focusing on "whole home integration, product leadership, digital intelligence, and service excellence" to identify new growth points [1]. - The company aims to build integrated capabilities and expand into niche channels, leveraging opportunities from the domestic market adjustments and accelerating brand expansion into new markets [2]. - The company is committed to product innovation based on customer needs, enhancing its product lineup and service offerings to maintain market competitiveness [3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 5.258 billion yuan, a year-on-year decrease of 14.0%, and a net profit attributable to shareholders of 385 million yuan, down 35.2% [1]. - For Q1 2025, the company reported revenue of 818 million yuan, a slight decrease of 0.3%, and a net profit of 42 million yuan, down 10.9% [1]. - The overall gross margin for 2024 was 36.27%, a decrease of 0.80 percentage points, with a net profit margin of 7.33%, down 2.40 percentage points [4]. Business Segments - Retail business revenue in 2024 was 2.533 billion yuan, down 18.94%, with a gross margin of 34.45% [2]. - Bulk business revenue was 1.684 billion yuan, down 16.18%, with a gross margin of 36.37% [2]. - Overseas business revenue grew to 205 million yuan, an increase of 37.25%, with a gross margin of 27.97% [2]. Product Strategy - The company reported revenues for its main product categories in 2024: kitchen cabinets at 2.394 billion yuan, custom wardrobes at 2.121 billion yuan, and wooden doors at 373 million yuan, with respective year-on-year changes of -15.62%, -15.35%, and -9.05% [3]. - The company is enhancing its product system to cover a full range of spaces and price points, launching the 10th generation showroom to provide personalized whole-home solutions [3]. Profitability and Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 416 million yuan, 443 million yuan, and 471 million yuan, respectively, with corresponding P/E ratios of 11.5X, 10.7X, and 10.1X [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on exploring new growth opportunities and strategic adjustments in response to market conditions [1]. Core Viewpoints - The company is undergoing a deep transformation strategy in 2024, focusing on "whole-home integration, product leadership, digital intelligence, and service excellence" to identify new growth points [1]. - The company is actively adjusting its business model to capture opportunities in the domestic market, particularly in the context of existing housing and national subsidies, while also expanding its brand internationally [2]. - The company aims to enhance its product offerings and services to meet one-stop needs and personalized full-space design, particularly in the home improvement sector [2]. - The company is committed to maintaining a leading product strategy, continuously innovating around customer needs, and expanding its product system across various categories and price ranges [3]. Financial Performance Summary - In 2024, the company reported total revenue of 5.258 billion yuan, a year-on-year decrease of 14.0%, and a net profit attributable to shareholders of 385 million yuan, down 35.2% year-on-year [1][7]. - The company's gross margin for 2024 was 36.3%, a decrease of 0.80 percentage points compared to the previous year, while the net profit margin was 7.33%, down 2.40 percentage points [4]. - The company’s revenue from retail business in 2024 was 2.533 billion yuan, a decline of 18.94% year-on-year, while the revenue from overseas business increased by 37.25% to 205 million yuan [2][3]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.95 yuan, with a price-to-earnings (P/E) ratio of 11.45 times [5][7]. Operational Efficiency - The company maintained a healthy operational capacity with a cash dividend amount of 262 million yuan and a payout ratio of 67.95% as of the first quarter of 2025 [4][5]. - As of the first quarter of 2025, the company’s inventory turnover days were 204.45 days, a decrease of 24.67 days year-on-year, indicating improved inventory management [4].

Core Points - Zhejiang Province has implemented a comprehensive "old for new" consumption policy to stimulate consumer spending, focusing on three main areas: increasing the types of subsidized products, enhancing subsidy amounts, and expanding participating merchants [1][3]. Group 1: Subsidy Categories - The subsidy categories have been expanded to include 3C digital products such as smartphones and smartwatches, with a price limit of 6,000 yuan per item. The total number of subsidized product categories has increased from 12 to 85, with over 60 new categories added [3]. Group 2: Subsidy Amounts - The subsidy for electric bicycles has been significantly increased, with the purchase subsidy ratio rising from 20% to 40% and the maximum subsidy amount increasing from 500 yuan to 1,200 yuan. Consumers can enjoy these subsidies through the "scrap for new" program [3]. Group 3: Participating Merchants - The number of national e-commerce platforms participating in the program has grown from 9 to over 20, with more than 50 brand merchants establishing a presence in Zhejiang. Currently, there are 18,000 business entities and over 30,000 sales outlets involved in the initiative [3]. Group 4: Process Optimization - Zhejiang has optimized the subsidy application process to address slow payment issues, ensuring that subsidies for the automotive sector are paid within 20 working days. The process for home renovation and elderly-friendly modifications has also been streamlined [4]. Group 5: Elderly-Friendly Modifications - The application process for elderly-friendly modifications has been simplified by removing the requirement for property proof. New categories of products for elderly care have been added, bringing the total to 75, covering various needs such as home safety and health monitoring [5].

Group 1: Core Insights - The 137th Canton Fair has generated over 2 billion USD in intended transaction volume from participating companies in Guangzhou during its first two phases [1] - The fair has stimulated economic and cultural activities in Guangzhou and the Greater Bay Area, showcasing a variety of products from smart home appliances to traditional handicrafts [1][2] - The event has facilitated connections between existing clients and new potential buyers, enhancing the international reach of Guangzhou's manufacturing sector [2] Group 2: Exhibition Insights - The first two phases of the fair featured 366 and 302 exhibitors respectively, focusing on product quality and innovation [2] - Companies like JunKai and PuGeSi have reported significant interest from international buyers, with expected orders reaching 50,000 USD from Russian importers [2] - The fair has also supported local manufacturers in expanding their market presence both domestically and internationally, with companies reporting over 20 container orders [2] Group 3: External Economic Impact - Outside the exhibition, there has been a notable increase in shopping activity among international visitors, with a 168% year-on-year rise in daily tax refund applications since the fair began [3] - The new "immediate refund" policy has significantly improved the shopping experience for foreign tourists, reducing refund processing time to approximately five minutes [3] - The number of foreign visitors shopping in Guangzhou has increased by 20% to 30%, particularly among exhibitors who are purchasing souvenirs and household items after the fair [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600337 证券简称：美克家居 编号：临2025-021 美克国际家居用品股份有限公司 关于终止实施2022年股票期权激励计划 暨注销股票期权的公告 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。 2025年4月28日，美克国际家居用品股份有限公司（以下简称"公司"）召开了第八届董事会第三十五次 会议和第八届监事会第二十三次会议，分别审议通过了《关于终止实施2022年股票期权激励计划暨注销 股票期权的议案》，根据《上市公司股权激励管理办法》、公司《2022年股票期权激励计划（草案）》 （以下简称"激励计划"或"本激励计划"、"本次激励计划"）的有关规定，结合公司实际情况，公司拟终 止实施2022年股票期权激励计划并注销激励计划已授予但尚未行权的股票期权，本事项尚需提交公司股 东会审议。现将有关事项说明如下： 一、本次激励计划已履行的决策程序和信息披露情况 1、2022年1月6日，公司召开第八届董事会第九次会议及第八届监事会第七次会议，审议通过了关于 《公司2022年 ...

Core Viewpoint - The Shandong Provincial Government is launching the "2025 Shandong Foreign Trade Quality Products Shopping Season" to support local foreign trade enterprises facing challenges due to increased tariffs from the United States, aiming to stabilize foreign trade and expand domestic sales [2] Group 1: Event Overview - The shopping season will run from mid-May to late June 2025, featuring a theme of "Foreign Trade Quality Products, Quality Enjoyment in Qilu" [2] - Five specialized events will be held, focusing on textiles, daily consumer goods, food, agricultural products, building materials, home appliances, crafts, and electromechanical products [2][3] - The first event is scheduled for May 15-19, 2025, focusing on textiles, daily consumer goods, and toys [3] Group 2: Support Measures - The Shandong Provincial Commerce Department plans to conduct extensive research on export products affected by external changes, with a focus on consumer and electromechanical products [2] - The department will implement three key strategies: enhancing policy support, increasing financial assistance, and expanding service coverage for foreign trade enterprises [4] - Specific measures include developing targeted policies to assist enterprises in transitioning from export to domestic sales, increasing the scale of "Qilu E-commerce Loans," and improving the efficiency of insurance products for market risks [4]

Investment Rating - The report assigns no rating to the company [1] Core Views - The company is focusing on consolidating its leading position in the home furnishing sector and is actively developing its integrated channel strategy [1] - In 2024, the company reported a revenue of 10.494 billion yuan, a year-on-year decrease of 10.0%, while the net profit attributable to the parent company was 1.371 billion yuan, an increase of 8.7% [1][2] - The company is implementing a "multi-brand + all-channel + all-category" strategy to enhance market share and maintain stable operations [1][2] Revenue and Profitability - The company's revenue from the integrated channel reached 2.216 billion yuan in 2024, showing a year-on-year increase of 16.22% [3] - The gross profit margin for 2024 was 35.43%, a decrease of 0.72 percentage points year-on-year, while the net profit margin was 13.06%, an increase of 2.25 percentage points [4] - The company expects net profits for 2025-2027 to be 1.48 billion, 1.61 billion, and 1.79 billion yuan respectively, with corresponding P/E ratios of 9.9X, 9.1X, and 8.2X [6] Brand and Channel Strategy - The company operates four major brands to meet diverse customer needs, with significant upgrades in product categories in 2024 [2] - The number of exclusive stores for the main brand, Sophia, decreased to 2,503 by the end of 2024, down by 224 stores year-on-year [2] - The company is expanding its digital and integrated marketing efforts, with over 30 million followers in its private domain matrix [3] Financial Performance - The company reported a significant decline in operating cash flow in Q1 2025, amounting to -700 million yuan, although it was an improvement of 317 million yuan year-on-year [6] - The company maintained a high dividend payout ratio of 77.54% in 2024, with total cash dividends and buybacks amounting to 1.063 billion yuan [6] - The company’s inventory turnover days were 35.85 days, a decrease of 2.74 days year-on-year, indicating efficient inventory management [4]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company is focusing on consolidating its leading position in the home furnishing sector and is actively developing its integrated channel strategy [1] - In 2024, the company reported a revenue of 10.494 billion yuan, a year-on-year decrease of 10.0%, while the net profit attributable to the parent company was 1.371 billion yuan, an increase of 8.7% [1][2] - The company is implementing a "multi-brand + all-channel + all-category" strategy to enhance market share and maintain stable operations [1][2] Summary by Sections Revenue and Profitability - In 2024, the company's revenue was 10.494 billion yuan, down 10.0% year-on-year, with a net profit of 1.371 billion yuan, up 8.7% [1][6] - The gross margin for 2024 was 35.43%, a decrease of 0.72 percentage points year-on-year, while the net profit margin was 13.06%, an increase of 2.25 percentage points [4] Brand and Product Strategy - The company is expanding its product categories and brands to meet the demand for one-stop customized solutions, with four major brands targeting different customer segments [2] - The main brand, Sophia, saw a revenue of 9.448 billion yuan in 2024, a decrease of 10.46%, but achieved a record high average transaction value of 23,370 yuan [2] Channel Development - The company is optimizing its retail store strategy by enhancing online traffic and focusing on integrated channels, achieving a revenue of 2.216 billion yuan from integrated channels, a year-on-year increase of 16.22% [3] - The company has expanded its digital marketing efforts, with over 30 million followers across its private domain matrix [3] Financial Forecast - The company forecasts net profits for 2025, 2026, and 2027 to be 1.48 billion yuan, 1.61 billion yuan, and 1.79 billion yuan respectively, with corresponding P/E ratios of 9.9X, 9.1X, and 8.2X [6][8]

Core Insights - The company reported a revenue of 8.124 billion yuan for 2024, representing a year-on-year growth of 33.74%, while the net profit attributable to shareholders decreased by 19.21% to 334 million yuan [1] - The performance for Q1 2025 showed a revenue of 2.091 billion yuan, a year-on-year increase of 13.56%, and a net profit of 111 million yuan, up 10.3% [1] Revenue and Profit Analysis - For 2024, the company achieved quarterly revenues of 1.842 billion, 1.879 billion, 2.007 billion, and 2.396 billion yuan, with year-on-year growth rates of +45.3%, +36.55%, +34.49%, and +23.62% respectively [1] - The net profit for the same quarters was 101 million, 71 million, 106 million, and 56 million yuan, with year-on-year changes of +15.06%, -27.94%, +5.44%, and -55.68% respectively [1] Segment Performance - Revenue growth by category showed furniture, home, pet, and garden segments increasing by 36.79%, 35.87%, 19.16%, and 19.82% respectively, with total revenues of 4.198 billion, 2.953 billion, 675 million, and 205 million yuan [2] - The gross margins for furniture and home segments decreased by 1.75 and 1.91 percentage points to 34.56% and 35.50% respectively [2] Regional Performance - Revenue growth by region indicated Europe, North America, and Japan with increases of 31.31%, 38.83%, and 29.76%, totaling 4.896 billion, 3.017 billion, and 62 million yuan respectively [2] - The gross margins for Europe and North America also saw declines of 2.38 and 0.51 percentage points to 36.54% and 31.85% respectively [2] Cost and Margin Impact - The company faced high shipping costs, resulting in a gross margin of 34.65% for 2024, down 1.67 percentage points [2] - The operating expense ratio for 2024 was 30.09%, an increase of 2.24 percentage points, with specific expense ratios for sales, management, R&D, and financial costs being 24.7%, 3.69%, 0.95%, and 0.76% respectively [2] Strategic Initiatives - The company aims to optimize its supply chain and expand market presence to counteract tariff disruptions, with 60% of revenue from Europe and 38% from the U.S. [3] - Plans include strengthening the European market position, accelerating new product launches, and penetrating offline channels in Germany, while addressing cost pressures in the U.S. through price increases [3] Profit Forecast and Valuation - The profit forecast for 2025 has been revised down by 26% to 378 million yuan, with a new forecast for 2026 at 493 million yuan [3] - The current stock price corresponds to a price-to-earnings ratio of 19 and 15 times for 2025 and 2026, respectively, with a target price maintained at 23 yuan, indicating a potential upside of 27% from the current price [3]