登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603801 证券简称：志邦家居 公告编号：2025-087 债券代码：113693 债券简称：志邦转债 志邦家居股份有限公司 关于2025年三季度业绩说明会召开情况的公告 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个别及连带责任。 二、投资者提出的主要问题及公司回复情况 在本次说明会上，公司对预征集问题及网络文字互动的问题给予了答复，主要问题及答复如下： 问题1：行业传统业务普遍承压，公司在产品力、渠道开拓、品牌推广、数字化等方面有哪些能够在未 来提升公司核心竞争力的创新举措？ 答：产品力方面，当前家居行业市场已从增量市场转向存量市场，消费者总体需求减少。近期公司已着 手重新规划产品体系，提升产品竞争力。本次产品规划一方面要遵循整家一体化的战略，要有完整的产 品品类以提供整家一体化解决方案；另一方面要体现产品的独特性，让产品更有魅力。真正在行业不景 气的环境下凸显出产品力，回归到产品本身、客户价值本身。产品力构建时，一是要把衣柜、橱柜作为 双核心品类带动全品类的发展，包括 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603801 证券简称：志邦家居 公告编号：2025-085 债券代码：113693 债券简称：志邦转债 志邦家居股份有限公司 关于召开2025年三季度业绩说明会的公告 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个别及连带责任。 重要内容提示： 会议召开时间：2025年11月25日(星期二)下午 15:00-16:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 会议问题征集：投资者可于 2025 年11月25日(星期二)前访问网址https://eseb.cn/1sHSabsfyFy或使用微信 扫描下方小程序码进行会前提问，公司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关 注的问题进行回答。 ■ 本次投资者说明会以视频结合网络互动召开，公司将针对2025年三季度经营成果及财务指标的具体情况 与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 （三）会议召开方式：网络互动方式 三、参加人 ...

Core Viewpoint - The company is actively promoting its whole-home integration strategy, with significant growth in its wood door and wall panel business complementing its wardrobe category [1] Group 1: Business Performance - The wood door and wall panel business achieved a revenue growth of 62.01% year-on-year for the period from January to September 2025, increasing its contribution to total revenue to 12.66% [1] - In the third quarter, this business segment experienced a remarkable year-on-year growth of 140% [1]

证券代码：603801 证券简称：志邦家居 公告编号：2025-082 债券代码：113693 债券简称：志邦转债 志邦家居股份有限公司 关于 2025 年三季度主要经营情况的公告 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个别及连带责任。 （二）主营业务分渠道情况 | 分渠道 | 营业收入（元） | 营业成本（元） | 毛利率 | 营业收入比 | 营业成本比 | 毛利率比上 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 上年增减 | 上年增减 | 年同期增减 | | | 零售业务 | 2,005,041,227.76 | 1,248,594,404.15 | 37.73% | -7.57% | -3.69% | 下降 2.51 | 个 | | | | | | | | 百分点 | | | 大宗业务 | 629,727,365.57 | 420,356,454.25 | 33.25% | -43.03% | -40.13% | 下降 3.24 | 个 | ...

Investment Rating - The investment rating for the company is "Increase" (downgraded) [1] Core Views - The company has shown marginal improvement in profitability in Q2 despite significant drag from bulk business, with a notable decline in revenue and net profit in H1 2025 [4] - The retail channel has demonstrated resilience amidst industry pressures, while the bulk channel has seen a substantial decline in revenue [4] - The company is adjusting its profit forecasts downward due to H1 performance, projecting net profits of 340 million, 380 million, and 440 million for 2025-2027 [4] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved revenue of 1.899 billion, down 14.14% year-on-year, and a net profit of 138 million, down 7.21% year-on-year [4] - The revenue breakdown shows a significant decline in the bulk channel, with revenue of 322 million, down 46.86% year-on-year, while the retail channel showed mixed results [4] - The gross margin for H1 2025 was 35.97%, a decrease of 0.72 percentage points year-on-year, but Q2 showed a gross margin improvement to 38.84% [4] Revenue Breakdown - Retail channel revenue was 768 million, down 34.18%, while direct sales revenue surged by 200.25% to 525 million [4] - The company operates 3,779 stores, a reduction of 315 stores from the end of 2024, attributed to store optimization and transformation efforts [4] Profitability Metrics - The company’s net profit margin improved to 7.27% in H1 2025, an increase of 0.55 percentage points year-on-year [4] - The projected earnings per share (EPS) for 2025 is 0.79, down from previous estimates [5] Future Outlook - The company anticipates a challenging environment due to macroeconomic factors affecting home furnishing demand, leading to a revised "Increase" rating [4][6]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on the company's strategic initiatives and financial performance [1]. Core Insights - The company is advancing its integrated whole-home strategy and expanding its product categories, including smart home products, while also increasing its market presence through various channels [2]. - The company reported a revenue of 1.899 billion yuan in H1 2025, a decrease of 14.1% year-on-year, with a net profit of 138 million yuan, down 7.2% year-on-year [1][2]. - The company is experiencing a significant increase in its direct sales business, which grew by 200.25% year-on-year, while its distribution business saw a decline of 34.18% [2]. Financial Performance Summary - In H1 2025, the company achieved revenues of 7.11 million yuan for kitchen cabinets, 9.05 million yuan for custom wardrobes, and 1.46 million yuan for wooden doors and wall panels, with respective year-on-year changes of -26.42%, -2.54%, and +5.13% [3]. - The overall gross margin for H1 2025 was 35.97%, a decrease of 0.72 percentage points year-on-year, while the net profit margin improved to 7.27%, an increase of 0.54 percentage points [4]. - The company’s cash flow from operating activities was negative at -413 million yuan in H1 2025, a decline of 156 million yuan year-on-year [4]. Revenue and Profit Forecast - The company is projected to achieve net profits of 364 million yuan, 373 million yuan, and 394 million yuan for the years 2025, 2026, and 2027, respectively [8]. - The expected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 11.9X, 11.6X, and 11.0X, respectively [6].

志邦家居股份有限公司 关于 2025 年半年度主要经营情况的公告 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个别及连带责任。 志邦家居股份有限公司（以下简称"公司"）根据上海证券交易所《上市公司行业信息披 露指引第二十七号——家具制造》的要求，现将公司 2025 年半年度主要经营情况披露如下： 一、报告期经营情况 | 分产品 | 营业收入（元） | 营业成本（元） | 毛利率 | 营业收入比 | 营业成本比 | 毛利率比上 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 上年增减 | 上年增减 | 年同期增减 | | 整体厨柜 | 710,960,450.15 | 449,451,653.47 | 36.78 | -26.42% | -24.03% | 下降 1.99 个 | | | | | % | | | 百分点 | | 定制衣柜 | 904,686,685.68 | 536,539,096.56 | 40.69 | -2.54% | -2.26% | 下降 个 0. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a decline in revenue and net profit for 2024, with a revenue of 5.258 billion (down 14.04% YoY) and a net profit of 385 million (down 35.23% YoY) [5][11] - The first quarter of 2025 showed a slight revenue decrease of 0.30% YoY, amounting to 818 million, while net profit decreased by 10.90% YoY to 42 million [5][11] - The company is focusing on optimizing its store layout and expanding its overseas channels, with significant growth in direct sales [2][3] Revenue Performance - In 2024, the revenue from kitchen cabinets was 2.394 billion (down 15.6% YoY), while the revenue from wardrobes was 2.121 billion (down 15.4% YoY) [2] - The company closed 262 stores in Q1 2025, optimizing its store network [2] - Direct sales revenue in Q1 2025 increased significantly by 205.81% YoY to 296 million [3] Financial Metrics - The operating cash flow for 2024 was 491 million, down 35.13% YoY due to decreased sales receipts [4] - The gross margin for 2024 was 36.27%, a decrease of 0.80 percentage points YoY [4] - The company expects revenue growth of 7.88% in 2025, reaching 5.672 billion, and a net profit increase of 28.19% to 494 million [11] Future Outlook - The company aims to enhance its integrated home strategy, focusing on product service and supply chain improvements [5] - There is a significant market opportunity in the stock housing market, which the company plans to leverage through its R&D capabilities [5] - The company is actively expanding into innovative project areas such as offices, apartments, and hotels, aligning with customer trends [5]

Core Viewpoint - Zhibang Home Collection Co., Ltd. is issuing convertible bonds totaling 670 million yuan, with the aim of raising funds for business expansion and development [2][12][16]. Overview - The convertible bonds are named "Zhibang Convertible Bonds" with the code 113693 [2][4]. - The total issuance amount is 670 million yuan, equivalent to 6.7 million bonds [2][4]. - The bonds will be listed on the Shanghai Stock Exchange on April 8, 2025 [4]. Bond Details - The duration of the convertible bonds is from March 18, 2025, to March 17, 2031 [3][16]. - The conversion period for the bonds is from September 24, 2025, to March 17, 2031 [3]. - The annual interest payment date is set for each anniversary of the issuance date [3][17]. - The bonds are rated AA by China Chengxin International Credit Rating Co., Ltd., with a stable outlook [5][12]. Company Profile - Zhibang Home Collection Co., Ltd. was established on April 4, 2005, and is headquartered in Hefei, Anhui Province [6][8]. - The company specializes in the design, research and development, production, sales, and installation of customized furniture products, including overall kitchen cabinets and custom wardrobes [8][9]. - As of June 30, 2024, the company's registered capital is approximately 436.51 million yuan [6]. Shareholding Structure - As of June 30, 2024, the total number of shares is approximately 43.65 million, with 99.50% being tradable shares [8]. - The top two shareholders, Sun Zhiyong and Xu Bangshun, hold 20.86% and 20.25% of the shares, respectively [10][11]. Fund Utilization - The total investment for the projects funded by the bond issuance is approximately 876.45 million yuan, with the raised funds of 670 million yuan allocated to these projects [16].