森鹰窗业是一家典型的家族企业。除了边书平和边可仁外，边可仁的妻子刘楚洁任职公司财务总监。 智通财经记者 | 陶知闲 森鹰窗业（301227.SZ）开启了"二代接班"。 这家公司董事、董事长（法定代表人）、实际控制人（直接持股5254万股，占公司总股本比例的 55.17%）边书平因个人原因申请辞去董事、董事长（法定代表人）及董事会专门委员会委员职务，辞 职后将担任名誉董事长。接棒的是边书平之子边可仁。在此之前，边可仁为公司副董事长。 应收的暗雷 森鹰窗业主要从事定制化节能铝包木窗研发、设计、生产及销售。主要客户多为区域性中小房地产商。 其中，节能铝包木窗主要应用于具有中高端需求的建筑外窗领域，2024年该业务实现营收3.83亿元，较 上期同比减少51.53%，占总营收比例的68%，毛利率为22.26%，较上期同比减少14.32个百分点。此 外，铝合金窗产品营业收入1.46亿元，较上期同比增加27.17%，毛利率仅为9.32%，较上期同比减少 8.12个百分点。 业绩无力，最为核心的大客户端则藏着暗雷。森鹰窗业应收账款高企，这与其所开展的大宗业务有关。 该模式下，公司直接与客户对接，向房地产商、装修装饰公司等大宗 ...

关于调整2023年限制性股票激励计划公司层面 证券代码：301227 证券简称：森鹰窗业 公告编号：2025-057 哈尔滨森鹰窗业股份有限公司 业绩考核目标并修订相关文件的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 哈尔滨森鹰窗业股份有限公司（以下简称"公司"）于2025年6月20日召开 第九届董事会第二十一次会议、第九届监事会第十七次会议，审议通过了《关 于调整2023年限制性股票激励计划公司层面业绩考核目标并修订相关文件的议 案》，为保障公司2023年限制性股票激励计划的顺利实施，充分调动激励对象 的工作积极性和创造性，公司综合考虑实际经营情况，对2023年限制性股票激 励计划中2025年公司层面业绩考核目标进行调整，并相应修订《哈尔滨森鹰窗 业股份有限公司2023年限制性股票激励计划（草案）》（以下简称"本激励计 划"）及其摘要和《哈尔滨森鹰窗业股份有限公司2023年限制性股票激励计划 实施考核管理办法》中的相关内容。公司董事会经过综合评估、审慎研究，同 意公司对2023年限制性股票激励计划中2025年公司层面业绩考核目标进行调整。 现将相关 ...

Core Viewpoint - The company reported significant declines in revenue and profit for the year 2024, indicating challenges in the external market environment and a need for strategic adjustments to improve competitiveness and capitalize on market opportunities [1][2][3]. Financial Performance - For the year 2024, the company achieved a revenue of 567 million yuan, a decrease of 39.71% year-on-year [1]. - The net profit was -42.19 million yuan, down 128.90% compared to the previous year [1]. - The non-recurring net profit was -56.74 million yuan, reflecting a decline of 144.42% year-on-year [1]. - The gross margin for the main business was 19.31%, a decrease of 15.10 percentage points year-on-year [1]. - The net cash flow from operating activities was 124 million yuan, down 16.32% from the previous year [1]. Business Model Analysis - The bulk business model generated revenue of 277 million yuan, a decline of 47.08%, with a gross margin decrease of 14.95% [1]. - The distributor business model brought in 275 million yuan, down 31.45%, with a gross margin decrease of 15.09% [1]. - Revenue from energy-efficient aluminum-clad wooden windows was 383 million yuan, a decrease of 51.53%, with a gross margin decline of 14.32% [1]. - Revenue from aluminum alloy windows increased by 27.17% to 146 million yuan, but the gross margin decreased by 8.12% [1]. - Curtain wall and sunroom products saw a revenue increase of 7.27%, although the gross margin declined by 10.96% [1]. Market Environment and Opportunities - The external market environment has significantly impacted the company's bulk business, particularly in aluminum-clad wooden window sales [2]. - The window industry faces challenges but also opportunities due to the dual carbon strategy, which promotes green, low-carbon, and energy-efficient building practices [2]. - The demand for home improvement is becoming a key support for the new housing market, with potential in the renovation market [2]. - There is still significant room for improvement in industry concentration, with leading companies expected to capture more market share [2]. Future Outlook and Strategy - The company anticipates a gradual recovery in the real estate market, supported by policy initiatives that restore market confidence [3]. - The company plans to enhance its core competitiveness through R&D, design innovation, and improved service levels [3][4]. - Strategies include increasing product awareness, implementing a multi-category sales strategy, and expanding into international markets [4]. - The company aims to improve supply chain capabilities and production efficiency while reducing costs through technological upgrades and increased R&D investment [4]. - The company has revised its fundraising projects to focus on enhancing production capacity for energy-efficient window components [5].

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]

2025年4月，哈尔滨森鹰窗业股份有限公司发布2024年年度报告，报告期内，公司实现营业收入 56,654.40万元，较上年同期下降39.71%；归属于上市公司股东净利润为-4,219.08万元，较上年同期下降 128.90%。这两项数据的大幅变动，凸显了森鹰窗业在过去一年面临的严峻挑战。 关键财务指标解读 营收下滑显著，市场环境影响大 森鹰窗业2024年营业收入为56,654.40万元，与上一年度的93,964.71万元相比，下降了39.71%。从业务 板块来看，木门窗制造业务收入40,390.11万元，同比减少50.10%，其中节能铝包木窗作为主要产品， 收入38,288.24万元，同比减少51.53% ，是营收下滑的主要因素。金属门窗制造业务收入14,556.20万 元，同比增长27.17%，一定程度上缓冲了整体营收的下降趋势。 房地产市场深度调整，是导致森鹰窗业营收下滑的重要原因。2024年全国房屋新开工面积、房屋竣工面 积、新建商品房销售额分别下降23.0%、27.7%、17.1%，新房市场筑底，房地产企业销售承压，新项目 减少，直接影响了森鹰窗业大宗业务的开展。同时，家装预算压缩，中高端门窗零售消 ...