2025年上半年，公司实现营业收入2.47亿元，较上年同期增长3.89%；主营业务毛利率23.73%，同比增 加2.56个百分点，收入及毛利率均有所企稳回升。然而，受产品结构变化、期间费用上升及计提资产减 值损失等因素综合影响，报告期归属于上市公司股东的净利润-1274.88万元，归属于上市公司股东的扣 除非经常性损益的净利润为-1711.47万元，同比减少128.76%。 森鹰窗业（301227）8月22日晚披露2025年半年度报告，报告期内，公司实现营业收入2.47亿元，同比 增长3.89%；实现归属于上市公司股东的净利润-1274.88万元，上年同期为50.49万元；实现归属于上市 公司股东的扣除非经常性损益的净利润-1711.47万元，上年同期为-748.14万元；基本每股收益-0.14元。 森鹰窗业目前的主要产品从节能铝包木窗，逐步延伸扩展至铝合金窗、新塑窗等多品类节能窗。节能窗 行业整体处于快速发展期，行业市场空间巨大，行业集中度较低，处于从传统建筑围护结构向定制家居 消费品的转化过程中。影响行业发展进程的因素主要包括高性能门窗产品的消费普及，居民可支配收入 的提升及消费者观念的转变，城镇化进程及 ...

Core Viewpoint - The company has adjusted the performance assessment targets for its 2023 restricted stock incentive plan to ensure its smooth implementation and to motivate the participants effectively [2][10][14]. Summary by Sections Incentive Plan Overview - The 2023 restricted stock incentive plan involves granting 1.8 million shares, accounting for 2.32% of the company's total share capital of 94.8 million shares [2][3]. - The plan is designed for middle management and core business personnel, excluding directors, senior management, and significant shareholders [3][5]. Performance Assessment Adjustments - The performance assessment targets for the company level in 2025 have been adjusted based on actual operating conditions [2][10]. - The original target for 2023 was set at 1.02 billion yuan, with a trigger value of 930 million yuan [9][10]. - The adjusted targets will now consider revenue growth rates compared to 2024, enhancing the scientific and rational basis of the performance goals [11][12]. Market Conditions - The company faces external challenges such as a downturn in the real estate market, leading to reduced demand in the mid-to-high-end window retail sector [10][11]. - The overall retail sales of building and decoration materials have declined by 3.85% year-on-year, reflecting a broader market contraction [10]. Internal Strategy - The company aims to transition from bulk business channels to retail channels, which is crucial for its growth strategy [11][12]. - The adjustments in the incentive plan are intended to stimulate employee motivation and align with the company's strategic goals [12][14]. Compliance and Approval - The adjustments have been reviewed and approved by the board of directors and the supervisory board, ensuring compliance with relevant regulations [13][15]. - Legal opinions confirm that the adjustments do not harm the interests of the company or its shareholders [14][15].

Market Position and Competition - The aluminum-clad wooden window industry has a low concentration with a CR5 of less than 2%, and the company's market share is only 0.3% [2] - The company has established strong competitive barriers through core technology, production processes, and a nationwide sales network [3] - The company's products have a higher retail price compared to competitors due to superior performance in thermal transmittance, air tightness, and water tightness [3] Financial Performance - In 2024, revenue from energy-saving aluminum-clad wooden windows decreased by 51.53% to 383 million yuan, with a gross margin decline of 14.32 percentage points [4] - The overall revenue for 2024 dropped by 39.71% to 567 million yuan, and the net profit turned to a loss of 42.19 million yuan [13] - The company's cash flow improved, with operating cash flow turning positive at 10.36 million yuan in Q1 2025 [8] Product Development and Innovation - The company has developed a range of passive building products, with nearly 20 products certified by Germany's PHI [3] - New product lines, including pure plastic windows and aluminum-clad plastic windows, are being developed to target the renovation market [9] - The company plans to enhance its digital transformation and supply chain management through the implementation of MES systems [5] Strategic Initiatives - The company aims to increase its overseas revenue share to 20%-25% by 2028, focusing on markets like North America and Australia [7] - A strategy to expand terminal store layouts and improve single-store output is being implemented [10] - The company is adjusting its traditional bulk business scale, reducing its proportion from 60% to 50% in 2024 [10] Risk Management - The company emphasizes strengthening accounts receivable management, especially in light of extended payment cycles from real estate clients [14] - A cautious approach to bad debt provisions is maintained, with 100% provisions for receivables over three years old [14] Shareholder Returns - The company plans to maintain a cash dividend of no less than 30% of distributable profits, but due to losses in 2024, cash dividends are not feasible [15]