从深圳流水线上的月薪600元，到如今年营收十几亿元的办公椅企业掌门人，广东精一家具股份有限公司（以下简称"精一"）董事长兼总经理朱政臣的创 业故事里，没有传奇转折，只有顺势而为的朴素逻辑。 2026年初春，广东顺德龙江镇的精一产业园里，朱政臣坐在主要由自己公司产品打造的办公室内，和我们聊起了他的创业故事。他说话时偶尔会停顿思 考，但用词简单直接。当被问及企业文化时，他想了想说："公司有自己的使命、愿景和核心价值观，但最重要的是比较厚道，做事情比较老实，不是那 种聪明的企业。" 这或许就是这家办公椅制造企业能在十几年内从零做到行业前列的底层密码——在人人追逐风口、热衷模式创新的时代，朱政臣却相信最朴素的商业道 理：把产品做好，对人厚道，剩下的交给时间。 编者按 为进一步凝聚行业智慧、促进经验共享，佛山市服务贸易和外包协会即日起推出"行有掌门，业有航向"——《掌门说》系列品牌推介活动，聚焦优秀企 业，对话企业掌门人，分享创业智慧与经营洞见。 本期访谈，我们跟随执行会长郝泽林，走进精一集团，对话董事长朱政臣，听他讲述从月薪600元到掌舵年营收十几亿元企业的创业历程，揭秘这家自 嘲"比较憨"的企业，如何以"厚道"哲学 ...

Group 1 - Henglin Home Furnishings Co., Ltd. has seen its stock price increase by 5.75% to 35.29 CNY per share, with a total market capitalization of 4.908 billion CNY as of January 22 [1] - The company has experienced a cumulative increase of 3.34% over the past three days, with a trading volume of 37.6745 million CNY and a turnover rate of 0.79% [1] - The company's main business includes the research, production, and sales of office chairs, sofas, massage chairs, and accessories, with revenue contributions from various segments: 28.76% from comprehensive home products, 27.17% from office furniture, 12.78% from soft furniture, 12.25% from others, 11.90% from new material flooring, and 7.14% from panel furniture [1] Group 2 - Among the top ten circulating shareholders of Henglin, the "Zhaoshang Quantitative Selected Stock Fund A" (001917) has entered the list, holding 653,900 shares, which is 0.47% of the circulating shares [2] - The fund has reportedly gained approximately 1.2555 million CNY in floating profit today, with a floating profit of 706,200 CNY during the three-day increase [2] - The fund, managed by Wang Ping, has a total asset size of 3.692 billion CNY and has achieved a year-to-date return of 8.08%, ranking 1780 out of 5542 in its category [2]

Core Insights - Amazon's report serves as a guide for merchants to identify product opportunities and market trends in e-commerce [1][2] Group 1: AI-Driven Consumer Trends - Trend 1: AI Quality Space emphasizes the transformation of homes into emotionally interactive environments, with over 65% of consumers in Europe and the US willing to spend more on smart home products [3][4] - Trend 2: The Sleep Economy is emerging as 37% of American adults reported a decline in sleep quality in 2023, leading to increased consumer spending on sleep-related products and services [8][10][12] - Trend 3: Happiness in the Workplace highlights the growing demand for ergonomic office furniture and environments that enhance comfort and productivity [13][14] Group 2: Lifestyle and Experience Trends - Trend 4: Technology's Subtle Integration reflects consumer preferences for seamless tech experiences that enhance quality of life without being intrusive [15] - Trend 5: The Pet Economy is projected to grow by 45% over the next six years, with 55% of pet owners in Europe and Japan willing to invest more in pet healthcare and products [16][17][19] - Trend 6: Outdoor Cooking is gaining popularity, driven by a desire for social experiences and quality time in nature, leading to demand for specialized outdoor cooking equipment [20][21][22] Group 3: Emerging Consumer Demographics - Trend 7: The Mobile Treasure Chest concept illustrates how vehicles are evolving into multifunctional spaces, enhancing comfort and utility for consumers [23][26][27] - Trend 8: Generation Z is becoming a significant consumer force, characterized by values-driven purchasing, a focus on sustainability, and a preference for personalized experiences [28][29][30] - Trend 9: The Fitness Vanguard emphasizes the importance of health, with a shift towards personalized and technology-enhanced fitness solutions [31][34] Group 4: Gaming and Esports - Trend 10: The Esports Geek market is rapidly expanding, particularly in emerging markets, with consumers seeking high-performance gaming equipment and immersive experiences [35][36][37] - The report identifies three key drivers of these trends: accelerated technology, emotional shifts, and lifestyle evolution, reflecting the complex needs of modern consumers [39][40]

Core Viewpoint - Shunde is positioning itself as a "World Green Design Capital" by leveraging green design as a core engine for high-quality economic development, responding to global sustainable development challenges [1][10]. Group 1: Importance of Green Design - Green design has become a global consensus and is supported by strong policy frameworks, with over twenty countries incorporating it into their policy systems [3][12]. - The application for "World Green Design Capital" has significant implications for Shunde on three levels: enhancing brand influence, driving comprehensive upgrades in manufacturing and consumption, and promoting social green transformation through government-led initiatives [3][12][4]. Group 2: Historical and Practical Foundations - Shunde's application is rooted in historical wisdom and current practices, with a legacy of sustainable agricultural models and a strong industrial design foundation [4][13]. - The region has established a robust ecosystem for green design, with over 8,000 designers and advanced manufacturing facilities, fostering innovation and collaboration [4][14]. Group 3: Collaborative Efforts for Green Design - A systems approach is essential for the successful establishment of the "World Green Design Capital," requiring collaboration among government, society, and enterprises [6][14]. - Government policies should incentivize the adoption of green design methods, while social resources should be integrated to support innovation in materials and technologies [14][15]. Group 4: Practical Implementation by Enterprises - Companies are encouraged to explore practical pathways for green design, transforming concepts into reality, such as recycling resources and adhering to stringent environmental standards [15][17]. - The focus on green design is expected to enhance Shunde's global competitiveness and contribute to sustainable development, positioning it as a model for international cooperation [9][17].

Investment Rating - The report maintains a "Buy" rating for the company [8][10]. Core Views - The company is expected to benefit from improving external demand and a recovery in the ergonomic chair market driven by self-care consumption trends. The report highlights the potential for the company's export business to enter a new phase, supported by its global production layout and the introduction of new products [6][9][11]. Summary by Sections Industry Overview - The demand for furniture in the U.S. is expected to improve due to reduced tariff disruptions and a declining interest rate environment, which is anticipated to boost housing sales and, consequently, furniture demand. The U.S. is the largest consumer of office chairs globally, with China and Vietnam being the main producers [22][29][35]. Company Performance - The company is projected to face challenges in 2025 due to tariff impacts but is expected to see growth in 2026. Revenue for 2024 is estimated at 47.49 billion yuan, with a year-on-year growth of 34.2%. The net profit for 2024 is expected to be 296 million yuan, a slight decline of 0.6% year-on-year [7][58]. - For the first three quarters of 2025, the company reported revenue of 34.83 billion yuan, a year-on-year increase of 2.8%, while net profit was 191 million yuan, down 14.8% year-on-year [58][61]. Growth Drivers - The company is expanding its overseas production capabilities in Vietnam and Romania, which enhances its supply chain advantages. The report emphasizes the importance of these locations in the context of U.S. tariff policies [64][71]. - The company is actively broadening its customer base and product categories, successfully entering new markets and channels, including partnerships with major retailers like Costco and Sam's [75][78]. Market Potential - The ergonomic chair market in China is projected to reach 22 billion yuan in 2025, with a year-on-year growth of 22.1%. The report notes that the perception of ergonomic chairs is evolving from mere tools to symbols of quality living, indicating a significant market opportunity [9][11][22]. Financial Projections - The company’s net profit is forecasted to be 295 million yuan in 2025, with subsequent increases to 401 million yuan in 2026 and 495 million yuan in 2027. The report adjusts the profit estimates slightly upward for 2026 and 2027 based on expected improvements in both export and domestic sales [10][11][58].

Core Insights - Henglin Co., Ltd. has been recognized in four categories of the 2025 Zhejiang Province Private Enterprises List, highlighting its strong performance in the private sector and innovation [1] - The rankings aim to guide enterprises towards strengthening and optimizing their operations, promoting traditional industry upgrades, and enhancing their position in the value chain [1] Group 1: Company Performance - Henglin Co., Ltd. ranked among the "Top 200 Private Enterprises in Zhejiang," "Top 200 Private Manufacturing Enterprises in Zhejiang," "Top 200 Private Enterprises in R&D Investment," and "Top 200 Private Enterprises in Invention Patents" [1] - The company's recognition reflects its long-term stable operations, focus on manufacturing fundamentals, and commitment to innovation-driven development [1] Group 2: Financial Performance - Over the past decade, the proportion of Henglin's overseas business revenue has consistently exceeded 75%, with a notable increase to over 90% in the first half of 2023 [3] - The company's overseas business revenue growth is driven by sales in the Americas, which saw a year-on-year increase of over 10% [3] - For the fiscal year 2024, Henglin's total revenue is projected to grow by 34.59%, while overseas business revenue is expected to grow by nearly 50% [3][4] Group 3: Strategic Initiatives - Henglin adopts a dual strategy of "manufacturing going global and brand going global," following a path of "manufacturing out—capital out—brand out" to create a virtuous cycle of "efficient production—precise service—continuous innovation" [3] - The company's ESG rating has improved, achieving an AA rating, indicating a strong commitment to social responsibility that may contribute to its revenue growth [3]

Core Viewpoint - The report from Zheshang Securities indicates that Henglin Co., Ltd. has shown steady performance in Q3, with expectations for improved cross-border performance during the peak season [1] Group 1: Business Performance - The cross-border e-commerce business has experienced stable growth, driven by scale effects and strong cost control capabilities, leading to a gradual recovery in profit margins [1] - Key brands on Amazon in the U.S., including Sweetcrispy, Dumos, and Smug, have performed well from July to September, with Sweetcrispy's sales increasing by 34.5%, 32.3%, and 38.8% year-on-year respectively [1] - Popular products such as storage cabinets and office chairs have shown strong sales performance [1] Group 2: Profitability Outlook - As the profitability of the cross-border e-commerce business gradually improves and the contract manufacturing business shows operational enhancements, there remains potential for profit recovery [1] - The company has adjusted its profit forecasts considering changes in cross-border e-commerce operations and the impact of tariffs on the contract manufacturing business, while maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported Q3 2025 performance with revenue of 3.14 billion, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 97 million, up 112% year-on-year, driven by stable growth in cross-border e-commerce [1][3] - The cross-border e-commerce business showed robust growth, with significant sales increases for key brands on Amazon in the U.S. [2] - The gross profit margin improved to 17.56%, up 3.24 percentage points year-on-year, contributing to the overall profit enhancement [3] Summary by Sections Q3 Performance - Revenue reached 3.14 billion, a 4.4% increase year-on-year - Net profit attributable to shareholders was 97 million, a 112% increase year-on-year - Non-recurring net profit was 93 million, up 110% year-on-year [1] Cross-Border E-commerce Growth - The cross-border e-commerce business maintained steady growth despite tariff fluctuations - Key brands such as Sweetcrispy, Dumos, and Smug showed strong sales performance from July to September, with Sweetcrispy sales increasing by 34.5%, 32.3%, and 38.8% year-on-year [2] - Dumos sales increased by 89.0%, 54.8%, and 147.9% year-on-year, while Smug saw increases of 24.2%, 9.8%, and 130.1% year-on-year [2] Profitability and Margin Improvement - The gross profit margin for Q3 was 17.56%, reflecting a year-on-year increase of 3.24 percentage points - The operating expense ratio was 13.29%, up 0.52 percentage points year-on-year, with sales expense ratio at 7.31%, up 2.28 percentage points [3] - The net profit margin was 3.1%, an increase of 1.57 percentage points year-on-year, indicating potential for further profit recovery [3] Earnings Forecast - Revenue projections for 2025-2027 are 12.035 billion, 13.074 billion, and 14.180 billion, representing year-on-year growth of 9%, 8.64%, and 8.45% respectively - Net profit forecasts for the same period are 384 million, 500 million, and 605 million, with year-on-year growth of 45.98%, 30.26%, and 20.90% respectively [4][6]

Group 1 - The 2025 Guangdong Province Live Job Recruitment Event will host 40 online job fairs from July to December 2025, guided by the China Small and Medium Enterprises Development Promotion Center and co-hosted by various provincial departments [2] - The 31st session of the event will focus on the Foshan area, scheduled for November 11, 2025, from 10:00 to 12:00 [4] Group 2 - Guangdong Dianjiangjun Energy Technology Co., Ltd. is a large comprehensive energy solution provider established in 2013, focusing on advanced energy storage systems and covering the entire industry chain [5] - The company has a total investment of 2 billion yuan and operates in four core areas: small power batteries, eVTOL batteries, AI industrial power supplies, and marine batteries [5] - The company is recruiting for various positions, including Process Engineer (1 position, monthly salary 8k-15k), Electronic Engineer (1 position, monthly salary 12k-18k), and Sales Manager (2 positions, monthly salary 12k-15k) [5][6] Group 3 - Yiao Group, founded in 1983, specializes in the research, production, and sales of mattresses, sofas, and pillows, and has been a leading exporter for 30 consecutive years [6] - The company has a production capacity of over 6 million mattresses annually and operates more than 3,600 stores globally [6] Group 4 - Guangdong Shenglu Communication Technology Co., Ltd., established in 1998, is a national high-tech enterprise specializing in antenna and RF technology, listed on the Shenzhen Stock Exchange in 2010 [8] - The company has over 400 patents, with nearly 25% being invention patents, and is recognized as a national intellectual property demonstration enterprise [9] - The company is hiring for multiple positions, including Antenna R&D Engineer (10 positions, monthly salary 8k-15k) and Microwave Engineer (10 positions, monthly salary 8k-15k) [9] Group 5 - Guangdong Xiong Plastic Technology Group Co., Ltd., founded in 1996, is a leading brand in the plastic pipe industry with an annual output value exceeding 2 billion yuan [10] - The company has six production bases and has been recognized as one of the "Top 500 Manufacturing Enterprises in Guangdong Province" [10] - The company is looking to fill various positions, including Assistant to the Chairman (1 position, monthly salary 20k-30k) and Audit Manager/Supervisor (1 position, monthly salary 10k-15k) [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company achieved revenue of 3.483 billion yuan, net profit attributable to shareholders of 191 million yuan, and net profit excluding non-recurring items of 185 million yuan for the first three quarters of 2025, representing a year-on-year change of +3%, -15%, and -18% respectively. In Q3 2025, the revenue was 1.294 billion yuan, with a net profit attributable to shareholders of 59 million yuan and a net profit excluding non-recurring items of 55 million yuan, showing a year-on-year decline of -3%, -40%, and -44% respectively. The current operations are gradually recovering, and future demand is expected to benefit from interest rate cuts [2][6]. Summary by Sections Company Overview - The company is expanding its market presence overseas, diversifying product categories, and enhancing customer relationships through a dual-driven strategy of international and domestic brand development. It is focusing on non-U.S. markets by establishing offices in the top 30 GDP countries and developing products tailored to local styles in Europe and emerging markets in Asia [8]. Financial Performance - In Q3, revenue increased by 10% compared to Q2 but decreased by 3% year-on-year. The decline in year-on-year revenue is attributed to the order rhythm of OEM clients being affected by tariffs. However, there has been a recovery in orders since September, with strong growth in proprietary brands. The net profit margin for Q3 was 4.6%, down 2.8 percentage points year-on-year [14]. Future Outlook - The demand for real estate and furniture in the U.S. is sensitive to interest rates. With the anticipated resumption of interest rate cuts in the U.S., it is expected that the demand for real estate and furniture will recover. The current annualized home sales in the U.S. are at 4.66 million units, which is at the 16th percentile since 2005, indicating significant room for recovery [14]. Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 290 million yuan, 350 million yuan, and 420 million yuan for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 13, 11, and 9 times [8]. Dividend Policy - The mid-term dividend plan for 2025 includes a distribution of 0.16 yuan per share (before tax), with a dividend payout ratio of 40%. If the payout ratio is calculated at 50% or more (with a 2024 payout ratio of 51.4%), the expected dividend yield would be 3.8% [8].