Company Overview - 罗莱生活科技股份有限公司 is located in Shanghai and was established on May 23, 2002, with its listing date on September 10, 2009 [2] - The company specializes in the production and sales of household textiles, hotel textiles, and hats [2] - Main business revenue composition includes: comforters 32.16%, standard sets 30.03%, furniture 17.98%, pillows 6.91%, summer products 6.58%, and others 6.33% [2] Stock Performance - As of August 29, 罗莱生活's stock price increased by 2.01% to 8.61 CNY per share, with a market capitalization of 7.182 billion CNY [1] - Year-to-date stock price growth is 16.35%, with a recent 5-day decline of 0.23%, a 20-day increase of 1.77%, and a 60-day decline of 2.93% [2] - The stock saw a net inflow of 1.3613 million CNY from main funds, with large orders accounting for 12.24% of purchases [1] Financial Performance - For the first half of 2025, 罗莱生活 achieved a revenue of 2.181 billion CNY, representing a year-on-year growth of 3.60% [2] - The net profit attributable to shareholders for the same period was 185 million CNY, showing a year-on-year increase of 16.97% [2] Shareholder Information - As of June 30, 2025, the number of shareholders was 23,200, a decrease of 3.95% from the previous period [2] - The average circulating shares per person increased by 4.12% to 35,663 shares [2] - Cumulative cash dividends since the A-share listing amount to 5.181 billion CNY, with 1.504 billion CNY distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 23.3957 million shares, an increase of 13.7603 million shares from the previous period [3]

Investment Rating - The report gives a "Buy" rating for the company, 罗莱生活 (002293.SZ) [2][39]. Core Views - The company is a leading player in the home textile industry, focusing on bed products and covering high-end, mid-high-end, and mass-market segments. The company has shown resilience in its operations despite recent challenges [7][9]. - The company is expected to stabilize and recover in 2025, with projected revenues of 48.42 billion yuan and a net profit of 5.29 billion yuan, reflecting a 22.2% year-on-year growth [2][39]. - The company is actively optimizing its channel layout and enhancing its retail transformation, which includes expanding direct sales and improving operational efficiency [28][39]. Financial Forecasts - The company is projected to achieve total revenue of 45.59 billion yuan in 2024, with a year-on-year decline of 14.2%. However, it is expected to recover with revenues of 48.42 billion yuan in 2025, 52.22 billion yuan in 2026, and 55.59 billion yuan in 2027 [2][40]. - The net profit forecast for 2025 is 5.29 billion yuan, with further increases to 5.80 billion yuan in 2026 and 6.34 billion yuan in 2027 [2][40]. - The company's gross margin is expected to improve gradually, reaching 48.9% by 2027 [2][40]. Market Position and Strategy - The company has a strong market presence, with a significant share in the domestic home textile market, particularly in the East China region, which accounted for 41.3% of its revenue in 2024 [18][19]. - The company employs a multi-channel sales strategy, integrating online and offline channels, and has been expanding its direct sales while optimizing its franchise operations [29][32]. - The company is also investing in smart manufacturing through the establishment of a smart industrial park, which is expected to enhance production capacity and efficiency [28][33]. Sales and Revenue Breakdown - In 2024, the company's revenue from online sales was 13.82 billion yuan, while direct sales and franchise sales were 4.01 billion yuan and 14.48 billion yuan, respectively [19][30]. - The company has been focusing on high-value products, which has contributed to an increase in gross margin, with the overall gross margin rising from 43.2% in 2020 to 48% in 2024 [25][26]. Investment Recommendation - The report suggests that the company is well-positioned for future growth due to its strategic initiatives in retail transformation and supply chain optimization. The current valuation is deemed sustainable, with potential for further appreciation [39][41].