天眼查App显示，近日，金寨万事通装饰材料有限公司成立，法定代表人为徐用发，注册资本100万人 民币，经营范围为一般项目：建筑装饰材料销售；建筑材料销售；保温材料销售；防腐材料销售；合成 材料销售；建筑物清洁服务；建筑砌块销售；建筑陶瓷制品销售；雨棚销售；防火封堵材料销售；技术 玻璃制品销售；木竹材加工机械销售；木材销售；木材加工；电线、电缆经营；五金产品零售；机械设 备销售；金属材料销售；门窗销售；建筑防水卷材产品销售；塑料制品销售；建筑用钢筋产品销售；劳 务服务（不含劳务派遣）；人力资源服务（不含职业中介活动、劳务派遣服务）；工程技术服务（规划 管理、勘察、设计、监理除外）；土石方工程施工；园林绿化工程施工（除许可业务外，可自主依法经 营法律法规非禁止或限制的项目）许可项目：建筑劳务分包（依法须经批准的项目，经相关部门批准后 方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）。 ...

本报讯 （记者刘晓一）8月26日，东莞市华立实业股份有限公司（以下简称"华立股份"）交出亮眼的中 期成绩单。上半年，公司在装饰复合材料与智慧水务双主业驱动下，实现营业收入5.33亿元，同比增长 40.05%；扣非净利润1651.21万元，同比增长64.15%，展现出强劲的发展韧性与多元业务协同优势。 智慧水务业务成为公司重要增长引擎。其子公司苏州尚源智能科技有限公司（以下简称"尚源智能"）加 速全国布局，成功开拓山西阳泉、川西康定等西部市场，市政供水项目中标实现突破，千吨/万吨级集 镇水厂占比显著提升。核心产品"S7系列一体化装备水厂"融合智能化与模块化优势，同步上线智能反 洗、AI诊断等核心模块，新增23项专利与11项软件著作权，技术硬实力不断夯实。尚源智能子公司江 苏诺莱智慧水务装备有限公司研发的新型PVDF干化膜丝及自支撑型浸没式超滤膜组件，有效解决行业 痛点，为业务扩张奠定基础。 分业务来看，在家居建材核心业务板块，报告期内，华立股份通过饰面板同步对纹技术革新、自动线程 序改良及智能分拣线与ERP系统深度集成，显著提升生产效率与产品良率。旗下"华富立"饰板凭借绿色 环保特性与前沿设计，销量实现突破性增 ...

格隆汇8月25日丨华立股份(603038.SH)公布2025年半年度报告，报告期实现营业收入5.33亿元，同比增 长40.05%；归属于上市公司股东的净利润1811.43万元，同比下降1.49%；归属于上市公司股东的扣除非 经常性损益的净利润1651.21万元，同比增长64.15%；基本每股收益0.07元。 ...

丨证券研究报告丨 公司研究丨点评报告丨兔宝宝（002043.SZ） [Table_Title] 经营稳定，高分红持续 报告要点 [Table_Summary] 2025 年上半年实现营业收入 36.34 亿，同降 7.01%；实现归属净利润 2.68 亿，同增 9.71%； 扣非归属净利润 2.38 亿，同增 1.35%。折合 Q2 实现营业收入 23.63 亿，同降 2.55%；归属净 利润 1.67 亿，同增 7.15%；扣非归属净利润 1.51 亿，同降 2.05%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 兔宝宝（002043.SZ） cjzqdt11111 [Table_Title2] 经营稳定，高分红持续 [Table_Summary2] 事件描述 2025 年上半年实现营业收入 36.34 亿，同降 7.01%；实现归属净利润 2.68 亿，同增 9.71%； 扣非归属净利润 2.38 ...

Investment Rating - The report maintains a "Buy" rating for the company, emphasizing the value of dividends [5][13]. Core Insights - The company reported a revenue of 3.63 billion yuan for H1 2025, a year-on-year decrease of 7%, while the net profit attributable to the parent company was 270 million yuan, reflecting a year-on-year increase of 10% [2][3]. - The net profit margin for H1 2025 was 7.4%, an increase of 0.9 percentage points compared to the full year of 2024. The gross profit margin for H1 2025 was 18.3%, up by 0.8 percentage points year-on-year [3]. - The company’s decorative materials business saw a revenue of 2.99 billion yuan in H1 2025, down 9% year-on-year, with a significant decline in board product revenue, which fell by 16% [3][4]. - The custom home business remained stable, achieving a revenue of 620 million yuan in H1 2025, a year-on-year increase of 4% [4]. - The company announced a mid-term dividend of 230 million yuan, with a payout ratio of 87% for H1 2025 [4]. Financial Summary - The projected net profit for the company from 2025 to 2027 is estimated at 660 million yuan, 740 million yuan, and 820 million yuan, respectively, with year-on-year growth rates of 13%, 12%, and 10% [5]. - The company’s revenue for 2025 is expected to be 8.45 billion yuan, reflecting a decrease of 8.1% compared to 2024 [6]. - The earnings per share (EPS) for 2025 is projected to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 13 times [6].

天眼查App显示，近日，九江泰福装饰材料有限公司成立，法定代表人为尹绪可，注册资本20万人民 币，经营范围为一般项目：轻质建筑材料销售，建筑材料销售，建筑装饰材料销售，轻质建筑材料制 造，石灰和石膏销售，五金产品零售，五金产品批发，五金产品制造，金属制品销售，非金属矿物制品 制造，非金属矿及制品销售，包装服务，涂料销售（不含危险化学品），劳务服务（不含劳务派遣）， 专用化学产品销售（不含危险化学品），建筑防水卷材产品销售，专用化学产品制造（不含危险化学 品），日用化学产品销售，涂料制造（不含危险化学品），软木制品销售，日用木制品销售，建筑用木 料及木材组件加工，总质量4.5吨及以下普通货运车辆道路货物运输（除网络货运和危险货物）（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）。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company shows steady profit growth and margin improvement, with a reported revenue of 3.634 billion yuan in H1 2025, a year-on-year decrease of 7.0%, while net profit attributable to shareholders increased by 9.7% to 268 million yuan [5] - The company is optimizing its product and channel structure in response to pressures in the decorative materials segment, with a revenue of 2.985 billion yuan in H1 2025, down 9.05% year-on-year [5] - The custom home business is growing steadily, with revenue of 621 million yuan in H1 2025, an increase of 4.46% year-on-year [5] - The profit forecast for 2025-2027 has been revised down, with expected net profits of 706 million, 832 million, and 923 million yuan respectively, corresponding to PE ratios of 12, 10, and 9 [5] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 8.602 billion yuan, with a year-on-year growth rate of -6.4% [4] - Net profit attributable to shareholders for 2025 is projected at 706 million yuan, with a year-on-year growth rate of 20.7% [4] - The company’s gross margin is expected to improve to 19.6% in 2025, with a return on equity (ROE) of 22.7% [4]

Core Viewpoint - Shijiazhuang Zonglin Decoration Materials Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the decoration materials industry [1] Company Summary - The legal representative of the company is Liu Wenlong, which may suggest a centralized management structure [1] - The company’s business scope includes the sale of cork products, daily wooden products, doors and windows, indoor wooden door and window installation services, retail of hardware products, manufacturing and sales of metal structures, sales of metal tools, sales of metal products, sales of furniture accessories, and sales of building decoration materials [1] - The company is allowed to operate independently within the scope of its business license, except for projects that require legal approval [1]

Core Viewpoint - A new company, Shanghai Wu Suo Wei Decoration Materials Co., Ltd., has been established with a registered capital of 50,000 RMB, focusing on various construction and decoration materials and related services [1] Company Summary - The legal representative of the company is Wu Jiangjiang [1] - The registered capital of the company is 50,000 RMB [1] - The company operates in multiple sectors including sales of construction decoration materials, manufacturing of specialized machinery for construction materials, and production of automotive decoration products [1] Business Scope - The business scope includes general projects such as: - Sales of building decoration materials - Manufacturing of specialized machinery for construction materials - Manufacturing of automotive decoration products - Manufacturing of plastic products - Installation services for general machinery equipment - Manufacturing of metal materials - Retail of hardware products - Manufacturing of waterproof roll materials for construction - Sales of daily necessities and ceramic products - Sales of packaging materials and products - Leasing services for storage equipment - General cargo storage services (excluding hazardous chemicals requiring approval) - Sales of paper products [1]

Core Viewpoint - The company,兔宝宝, reported a revenue of 3.634 billion yuan and a net profit of 268 million yuan for the first half of 2025, reflecting a year-on-year growth of 9.71% in net profit and 10% in basic earnings per share, indicating a stable performance amidst a transitioning market towards high-quality development [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 36.34 billion yuan and a net profit of 2.68 billion yuan, with a year-on-year increase of 9.71% in net profit [1][2]. - The main business segments, including decorative materials and brand usage fees, generated revenues of 28.00 billion yuan and 201 million yuan, respectively, with gross margins of 12.20% and 99.22% [2]. - The company’s sales expenses, management expenses, and financial expenses were 116 million yuan, 204 million yuan, and -34.04 million yuan, reflecting a year-on-year increase of 8.39% in sales expenses and a decrease of 23.04% in management expenses [7]. Market Position and Strategy - The company has established a vast terminal network with over 6,000 specialized stores, positioning itself as a leading player in the board material industry [1]. - The company has formed stable business partnerships with over 20,000 custom furniture enterprises, driving strong momentum for industry transformation [1][2]. - The company is focusing on high-quality development and has optimized its operational strategies across various channels, including furniture factories, home decoration companies, and construction projects [3][4][6]. Industry Trends - The Chinese building decoration materials market is projected to reach 4.2 trillion yuan in 2024, with an expected compound annual growth rate of over 7% [2]. - The demand for decorative materials is anticipated to be significantly boosted by real estate stimulus policies and expanding consumer subsidy programs [2]. Innovation and Sustainability - The company is committed to green innovation, focusing on the development of high-quality, environmentally friendly decorative materials, and has maintained a leading position in the high-end eco-friendly furniture board market [8][9]. - The company has received a BBB ESG rating, ranking 19th among 50 companies in the paper and forestry products sector, reflecting its commitment to sustainable development [8]. Shareholder Returns - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares, amounting to 229 million yuan for the first half of 2025, as part of its commitment to enhancing shareholder returns [10]. - The company has a three-year shareholder return plan, committing to distribute at least 50% of its distributable profits in cash annually [10][11].