编号：2025-002 | 投资者活动类 | □特定对象调研 分析师会议 □媒体采访 业绩说明会 | | --- | --- | | 别 | □新闻发布会 □路演活动 □现场参观 | | | □其他______ | | | 董事、总裁 吴志雄先生 | | 公司接待 | 财务总监 蔡军先生 | | 成员名单 | 副总裁 胡谦先生 | | | 副总裁 陈宇超先生 | | | 董事会秘书 代雨女士 | | 接待时间 2025 | 年 8 月 26 日 | | 地点 | 电话会议形式召开 | | | 民生加银基金管理有限公司、同泰基金管理有限公司、前海开源 基金管理有限公司、敦和资产管理有限公司、大家资产管理有限 | | 参与单位名称 | | | 及人员姓名 | 责任公司、广银理财有限责任公司、长信基金管理有限责任公司、 | | | 深圳深高私募证券基金管理有限公司、北京高熵资产管理有限公 | | | 司、华夏久盈资产管理有限责任公司 | | | 一、公司董事会秘书代雨女士简要介绍公司 年半年度经营情 2025 | | | 况，如下： 感谢大家对公司的关注和支持。过去几年公司实施了一系列 | | 投资者关系活 | ...

箭牌家居（001322） 2025 年中报点评：零售渠道优化效果显现， 期待盈利修复 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,648 | 7,131 | 6,860 | 7,202 | 7,572 | | 同比（%） | 1.79 | (6.76) | (3.81) | 4.99 | 5.13 | | 归母净利润（百万元） | 424.64 | 66.77 | 246.74 | 308.24 | 362.59 | | 同比（%） | (28.43) | (84.28) | 269.56 | 24.93 | 17.63 | | EPS-最新摊薄（元/股） | 0.44 | 0.07 | 0.26 | 0.32 | 0.37 | | P/E（现价&最新摊薄） | 20.93 | 133.12 | 36.02 | 28.84 | 24.51 | [Table_Tag] [Table_Summary] 投资要 ...

太平洋证券股份有限公司孟昕,赵梦菲,金桐羽近期对箭牌家居（001322）进行研究并发布了研究报告《箭 牌家居：2025Q2收入业绩承压，产品渠道端优化或助力经营迎来拐点》，给予箭牌家居买入评级。 箭牌家居 事件：2025年8月21日，箭牌家居发布2025年半年报。2025H1公司实现营收28.37亿元(-8.12%)，归母净利 润0.28亿元(-25.15%)，扣非归母净利润0.14亿元(+6.33%)。单季度看，2025Q2公司营收17.87亿元 (-8.51%)，归母净利润1.02亿元(-20.86%)，扣非归母净利润0.98亿元(-18.09%)。 2025H1智能坐便器占比提升助力产品结构升级，直销电商渠道实现高个位数增长。1)分业务看：2025H1 公司浴室家具、龙头五金、瓷砖、卫生陶瓷、浴缸浴房收入分别为3.39亿元(+1.46%)、8.39亿元 (+0.72%)、1.18亿元(-10.04%)、13.60亿元(-13.34%)、1.20亿元(-20.38%)；其中智能坐便器收入达6.61亿元 (+4.20%)，占比达23.32%(+2.76pct)，占比提升助力公司产品结构升级。2)分地区看：2 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][3][7] Core Views - The company reported a revenue of 2.84 billion yuan for the first half of 2025, a year-on-year decline of 8.1%, with a net profit attributable to shareholders of 30 million yuan, down 25.2% year-on-year [3][6] - The gross profit margin improved from 27.0% in the same period last year to 29.5%, driven by the government's old-for-new policy and optimization of sales structure [6][7] - The company plans to implement internal management reforms and cost reduction measures in the second half of the year to further improve gross margins and reduce expense ratios [6][7] Financial Performance Summary - Revenue projections for 2025-2027 are 2.0 billion yuan, 3.1 billion yuan, and 3.9 billion yuan respectively, with corresponding P/E ratios of 44.6, 29.0, and 23.1 [7][9] - The company’s revenue from domestic distribution and retail increased by 4.03% year-on-year to 1.132 billion yuan, while e-commerce revenue decreased by 7.85% [6][7] - R&D investment for the first half of the year was 160 million yuan, accounting for 5.48% of revenue, focusing on upgrading core technologies [6][7] Market Outlook - The report highlights that the demand in the sanitary ware industry may improve due to the old-for-new policy and the increasing penetration of smart toilet products [7][9] - The company is positioned as a leading domestic brand in the sanitary ware sector, with strong advantages in brand, channel, and product offerings, particularly in smart products [7][9]

登录新浪财经APP 搜索【信披】查看更多考评等级 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 证券代码：001322 证券简称：箭牌家居 公告编号：2025-045 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 注1：公司股东、实际控制人谢岳荣先生上述股份被司法冻结系其为西安市乐华恒业泾河新城房地产开 发项目合作框架协议项下的义务提供连带责任担保，因相关合同发生纠纷并正在仲裁中，导致上述股份 冻结，谢岳荣先生已督促协议各方积极交涉，争取早日解决诉争事宜，具体情况详见公司2024年4月2日 于巨潮资讯网（http://www.cninfo.com.cn/）等披露的《关于股东股份冻结的 ...

Financial Performance - In the first half of 2025, the company's operating revenue was 2.837 billion CNY, a year-on-year decrease of 8.12% [1] - Gross profit margin was 29.47%, an increase of 2.43 percentage points year-on-year [1] - Net profit decreased by 25.96% year-on-year [1] - The company's net profit after deducting non-recurring gains and losses increased by 6.33% year-on-year [2] Revenue Breakdown - Domestic main business revenue was 2.726 billion CNY, a year-on-year decrease of 5.83%, accounting for 97.37% of total revenue [2] - Retail revenue was 1.138 billion CNY, a year-on-year increase of 4.22% [2] - E-commerce revenue was 576 million CNY, a year-on-year decrease of 7.85%, accounting for 20.59% of total revenue [2] - Home decoration channel revenue was 462 million CNY, a year-on-year decrease of 3.51%, accounting for 16.51% [2] - Engineering channel revenue was 549 million CNY, a year-on-year decrease of 21.35%, accounting for 19.62% [2] Cost and Expenses - Operating expenses increased by 1.19%, with selling expenses rising by 5.41% due to increased strategic investments in overseas markets [3] - The increase in operating expenses led to a 2.53% rise in the expense ratio [3] Market and Strategy - The fluctuation in the new housing market has impacted demand growth in the bathroom industry, but the demand from existing housing continues to be released [3] - The company plans to focus on retail channel construction and refine operational management, expanding the store efficiency enhancement project [3][4] - The company is actively pursuing international expansion, establishing partnerships with local distributors and expanding its online sales through overseas e-commerce platforms [4] Policy Impact - The national subsidy policy has positively influenced the company's sales structure and gross profit margin [4] - The clarity of the national subsidy policy affects the company's operational strategy, but the ongoing refinement of management is deemed more critical [4]

Core Insights - The aging population is driving rapid expansion in the elderly consumer market, with increasing attention on age-friendly home modifications and products [1][6] - Policies are being introduced to support the elderly market, including subsidies for home modifications and the promotion of age-friendly products [1][9] - The home furnishing industry is transitioning from single product offerings to comprehensive solutions for elderly needs, creating new growth opportunities [4][7] Group 1: Market Demand and Trends - The number of consumers aware of age-friendly modifications is rising, with significant interest in products designed for the elderly, such as toilets and washbasins [3][4] - Social media platforms like Xiaohongshu show high engagement with topics related to age-friendly design and modifications, indicating a growing consumer interest [6] - The elderly population in China is projected to reach 31.03 million by the end of 2024, representing 22% of the total population, highlighting the urgent need for age-friendly living environments [6][7] Group 2: Industry Developments - Companies like IKEA are launching initiatives such as the "Elderly-Friendly Living" project to provide tailored home solutions for seniors, enhancing their quality of life [4][5] - Various home furnishing companies are developing age-friendly products, including electric cabinets and smart toilets, to address specific challenges faced by the elderly [5][8] - The industry is witnessing a shift towards digital services and comprehensive solutions, moving beyond traditional retail experiences [4][9] Group 3: Challenges and Opportunities - The market faces challenges such as a lack of standardized services and professional expertise in age-friendly modifications, leading to inconsistent quality [8][9] - There is a disconnect between the purchasing decision-makers (often children) and the actual users (the elderly), which can lead to mismatched needs [7][8] - The industry is exploring diverse solutions, including government initiatives and technological advancements, to enhance service quality and meet the growing demand for age-friendly modifications [9]

Core Viewpoint - The participation of Chaozhou ceramics at the 15th Kashgar Central Asia South Asia Commodity Fair highlights the efforts to expand into the Eurasian market and strengthen trade relationships, showcasing the strength and diversity of Chaozhou's ceramic industry [2][4][30]. Group 1: Event Overview - The 15th Kashgar Central Asia South Asia Commodity Fair opened on August 15 at the Kashgar International Exhibition Center, supported by Guangdong's assistance to Xinjiang [2][3]. - Nearly 50 Chaozhou ceramic enterprises showcased their products, aiming to deepen trade cooperation with the Eurasian market [3][4]. Group 2: Product Highlights - The exhibition featured a wide range of products, including daily-use items and technologically advanced bathroom products, demonstrating the integration of tradition and modernity in Chaozhou ceramics [6][7]. - The focus was on showcasing a full range of bathroom and sanitary ware products, including toilets and bathroom cabinets, catering to diverse market needs [8][9]. Group 3: Strategic Collaborations - In April, a strategic cooperation agreement was signed between Chao'an District of Chaozhou and Kashgar City to establish a ceramic industry park, integrating manufacturing capabilities with Kashgar's geographical advantages [12][13]. - The exhibition of Chao'an bathroom products serves as a practical example of this strategic collaboration and an attempt to leverage Xinjiang as a hub for expanding into the Eurasian market [14][15]. Group 4: Market Insights - The rise of smart home technology has created a "new blue ocean" in the sanitary ceramics market, with products like smart toilets gaining popularity [17][18]. - Chaozhou's ceramics industry has a rich history of over 1,300 years and has developed a complete and mature ceramic industry chain, becoming the largest ceramic production area in China [22][23]. - Chaozhou's daily-use ceramics account for 30% of global sales, decorative ceramics for 40%, and architectural sanitary ceramics for 55% [24][25]. Group 5: Export and Cultural Adaptation - Companies like Jinrunfeng Ceramics have been exporting products to Kazakhstan and Kyrgyzstan for over a decade, tailoring designs to local preferences [26][27]. - Specific products, such as a tea set favored by Kazakh consumers, illustrate the cultural adaptation of Chaozhou ceramics in international markets [28]. Group 6: Conclusion - The participation of Chaozhou ceramics at the fair exemplifies the "Southern Products Northward, Northern Products Southward" initiative, enhancing cooperation between Guangdong and Xinjiang and facilitating quicker access to the Eurasian market [30][31][32].

注意尺寸匹配。一体式需要注意坑距，分体式智能坐便器购买前需要测量家中已有坐便器的实际尺寸。 注意用电安全。查看智能坐便器铭牌标识中的额定输入功率或额定电流，判定是否与家中的线路相互匹 配，并且请正规厂家上门安装维修，确保消费者用电安全。 注意使用模拟。实体店选购时建议通电检查，查看各项功能是否正常，操作（遥控器、按钮、旋钮等） 是否方便，运行是否有较大的噪声和震动，坐圈加热温度是否合适，温度升高后是否有异常气味等。 注意节水节能。查看水效标识确定产品的节水、节能性。智能坐便器的水效能效等级共分为3级，其中3 级节水节能效果最差，1级节水节能效果最好。 注意附加功能。除了臀部清洗、坐圈加热、妇女清洗、烘干功能等基础功能外，夜灯、自动除臭、通 便、自动开盖等功能也很实用，消费者可以根据自己的预算按需选购。 新京报讯（记者陈琳）8月14日，河北省消费者权益保护委员会联合北京阳光消费大数据研究院发布智 能坐便器商品比较试验结果。结果显示，8个智能坐便器样本全部符合相应标准要求。 本次比较试验以普通消费者身份，在石家庄线下实体店随机购买8个品牌智能坐便器，价格从7999元到 21999元不等。样品分别为：九牧（ZD96 ...

Group 1 - AI is becoming the first point of contact for patients, with models like Quark Health achieving a diagnostic accuracy of 90.78% [3] - The refrigerator market is experiencing a dual pressure of price wars and structural upgrades, with low-end models competing on price and high-end models focusing on technology and scenarios [4] - The average air conditioner ownership in China is 145.9 units per 100 households, with significant growth in regions like Yunnan and Qinghai due to climate changes [5] Group 2 - The smart bathroom industry is rapidly growing, with the production of smart toilets expected to reach 13.72 million units in 2024, despite a slight decline in domestic sales revenue [6] - Companies like Zhiyuan and Magic Atom are launching quadruped robots to compete for market dominance, with the quadruped robot market projected to reach 850 million yuan by 2025 [7][8] - The AI toy market is booming, with products like AI plush toys achieving significant sales, but challenges such as homogenization and data privacy remain [18] Group 3 - The demand for window-cleaning robots surged during the 618 shopping festival, with online sales growth exceeding 90% [19][20] - Meituan's founder Wang Xing has invested over 10 billion yuan in more than 30 robotics companies, focusing on embodied intelligence [21] - WeChat and Alipay are competing for dominance in the AI payment space, with new protocols being developed to simplify integration [22] Group 4 - Google's Q2 2025 earnings report shows growth in search and cloud services, but faces challenges from AI competition and antitrust lawsuits [23] - JD and Meituan are shifting their focus to embodied intelligence, with JD adopting a vertical integration strategy and Meituan pursuing a broad investment approach [24] - Haier Group and Changan Automobile have signed a strategic cooperation agreement to develop interconnected systems for vehicles and home appliances [25] Group 5 - Honor is accelerating its market presence with new AI smartphones and plans for an IPO by 2025-2026 [26][27] - Yushu Technology is initiating its A-share listing process, aiming to become a leading player in the humanoid robot market [28] - Lingyun Smart Mining has completed a funding round to expand its AI-driven mineral exploration technology globally [29]