建材是家装消费品"以旧换新"的主要领域，也是改善老百姓居住条件、提升家居生活品质的重要载体。 近年来，建材行业受到房地产市场调整等多重挑战，国家出台"以旧换新"政策，旨在通过补贴和优惠措 施，推动建材行业平稳增长和转型升级。 "以旧换新"政策既利好建材企业，也让消费者得实惠。自"2024年建材行业以旧换新行动"开展至今，行 业内已形成涵盖多品类建材产品的全国联动模式。目前，建材"以旧换新"涉及轻质建材、陶瓷卫浴、家 具地板等多个领域，在加速产业升级和技术创新的同时，也为广大消费者提供价格优惠的优质产品和服 务，让"去旧更容易、换新更愿意"。 挖掘存量市场潜力 "'以旧换新'政策对现阶段建材行业稳增长具有重要意义，能够有效刺激消费需求，激活存量房装修市 场，促进旧房翻新、厨卫等局部改造，对建材行业特别是家装建材产品拉动效应明显。"中国建筑材料 联合会驻会副会长孙星寿说。 2024年3月国务院常务会议审议通过的《推动大规模设备更新和消费品以旧换新行动方案》提出，通过 政府支持、企业让利等多种方式，支持居民开展旧房装修、厨卫等局部改造，持续推进居家适老化改 造，积极培育智能家居等新型消费。 2025年1月，商务部等 ...

水，是生命的诗行，也是奢享的艺术。 2025年中国国际厨卫展（KBC）上，德国高仪再次携旗下奢华子品牌高仪SPA耀目登场，以全球领先的卫浴科技与 人性化设计，续写未来水生活的美学篇章。本次展会上，德国高仪以重磅产品和前沿空间设计，用技术实力、设计美学和情感链接，重构沉浸式卫浴体验， 诠释"畅享舒适水生活"理念，让每一滴水都成为链接身心的纽带，卫浴空间也将蜕变为滋养灵魂的"水艺新境"，成就每一个人专属的感官松弛时刻。 水艺新生 演绎"畅享舒适水生活" 以水为媒，科技创想未来，德国高仪Aqua Intelligence®继法兰克福卫浴展和米兰设计周后，在中国首发亮相。该技术体系基于用户行为数据的深度洞察与真 实体验，以24项核心专利与专有技术为基石，重新定义多场景下的智能用水体验，重塑人与水的感知关系，持续引领行业创新。 焕新水生活场景，引领感官革新。德国高仪丝悠美泡沫淋浴系统以颠覆性"淋浴式泡泡浴"重塑沐浴仪式感的更多可能。结合一体式泡沫生成技术与雨淋模 式，以丰盈白丝绒泡沫温柔洗净疲惫。搭配专属KINUAMI丝悠美香氛沐浴露，五种专业香调，配方温和亲肤，复配多种保湿成分，带来滋润、柔滑、持久 留香的护肤级洁净 ...

司公开发行可转换公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【78】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客 观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修改、 ...

证券之星消息，2025年5月20日松霖科技（603992）发布公告称公司于2025年5月19日召开业绩说明会。 具体内容如下： 问：请公司未来的战略规划是什么？ 答：您好！公司以"三三一"战略为核心，聚焦机器人、大健康软硬件及智能厨卫三大领域，深化技术、设 计、制造三大底层共享能力，打造"技术+设计+智造"三位一体竞争力，服务全球客户。在机器人领域，依 托松霖机器人科技公司构建全产业链，涉及大健康机器人、工业机器人、I陪伴机器人、人形机器人；大 健康板块通过智能测肤仪、止鼾枕等硬件构建检测-预防-治疗-康复全场景生态；智能厨卫体系则融合智能 控制、节能环保技术，升级并满足消费者需求的智能厨卫空间。公司全面推进智能制造体系升级，通过数 字化车间改造和自动化设备迭代实现生产效率提升；同时构建IoT+I融合技术平台，驱动产品创新矩阵迭 代，在核心算法优化和工业设计突破领域实现技术双驱动。基于发展策略，公司通过全球化布局覆盖 50+国家及地区市场，整合跨国研发资源与供应链，以多品类协同优势实现细分领域差异化竞争，最终形 成高质量可持续增长引擎。再次感谢您的关注与支持！我们将继续秉持创新精神，为客户创造更大价值， 为投 ...

Financial Data and Key Metrics Changes - FGI reported total revenue of $35.6 million in the fourth quarter, representing a year-over-year increase of 15% [8][16] - Gross profit was $8.7 million, a decrease of 3.2% compared to the prior year, with gross margin declining to 24.6% from 29.2%, a drop of 460 basis points [8][16] - Operating expenses increased by 28.4% to $10 million from $7.8 million in the prior year, primarily due to investments in growth initiatives [17] - GAAP operating income was negative $1.3 million in the quarter, down from a positive $1.2 million in the prior year [17] Business Line Data and Key Metrics Changes - Bath Furniture revenue increased by 40.2% year over year, driven by market-aligned pricing and new business wins [10] - Shower Systems business reported a revenue increase of 17%, supported by new customer programs and order growth [11] - Covered Bridge revenue in custom kitchen cabinetry increased by 68.3% due to order momentum and expanded geographies [11] Market Data and Key Metrics Changes - Revenue grew by 14.7% in the US, 9.9% in Canada, and 23.3% in Europe during the quarter [10] - Sanofi revenue increased by 5.8% year over year in the fourth quarter [10] Company Strategy and Development Direction - The company is focused on organic growth initiatives across brands, products, and channels, referred to as the BPC strategy [7] - Geographic expansion in Europe and India is seen as a significant growth driver for upcoming quarters [12] - The company is actively working to diversify sourcing in response to the increasing tariff environment [13][25] Management's Comments on Operating Environment and Future Outlook - The industry outlook is relatively flat, with minimal growth expected in 2025, but the company anticipates outpacing the market through its BPC strategy [9][27] - Management expressed confidence in new programs and business wins to drive growth despite a flat market [50][55] - Tariff pressures are acknowledged as a significant factor impacting the business outlook, with management taking a conservative approach in guidance [35][36] Other Important Information - The company has $15.6 million in total liquidity, deemed sufficient to fund growth initiatives [18] - Initial 2025 revenue guidance is set between $135 million and $145 million, with adjusted operating income guidance ranging from negative $2 million to positive $1.5 million [18] Q&A Session Summary Question: Impact of tariffs on the business - Management is working closely with suppliers and customers to mitigate tariff impacts and is diversifying sourcing to navigate the situation [22][24][25] Question: Outlook for operating income - The guidance includes tariff pressures, with a conservative approach taken due to the fluid nature of the situation [33][35] Question: Pricing strategies in response to tariffs - The company adjusts pricing as necessary and works with customers on timing and inventory mix to manage tariff costs [39][41] Question: Sourcing adjustments due to tariffs - The company is actively diversifying sourcing to mitigate tariff impacts, with ongoing adjustments being made [44][45] Question: Risks and upside in the R&R market - The overall R&R market outlook remains flat, but new programs and business wins are expected to buffer against this [49][50]