Core Viewpoint - The company,兔宝宝, reported a revenue of 3.634 billion yuan and a net profit of 268 million yuan for the first half of 2025, reflecting a year-on-year growth of 9.71% in net profit and 10% in basic earnings per share, indicating a stable performance amidst a transitioning market towards high-quality development [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 36.34 billion yuan and a net profit of 2.68 billion yuan, with a year-on-year increase of 9.71% in net profit [1][2]. - The main business segments, including decorative materials and brand usage fees, generated revenues of 28.00 billion yuan and 201 million yuan, respectively, with gross margins of 12.20% and 99.22% [2]. - The company’s sales expenses, management expenses, and financial expenses were 116 million yuan, 204 million yuan, and -34.04 million yuan, reflecting a year-on-year increase of 8.39% in sales expenses and a decrease of 23.04% in management expenses [7]. Market Position and Strategy - The company has established a vast terminal network with over 6,000 specialized stores, positioning itself as a leading player in the board material industry [1]. - The company has formed stable business partnerships with over 20,000 custom furniture enterprises, driving strong momentum for industry transformation [1][2]. - The company is focusing on high-quality development and has optimized its operational strategies across various channels, including furniture factories, home decoration companies, and construction projects [3][4][6]. Industry Trends - The Chinese building decoration materials market is projected to reach 4.2 trillion yuan in 2024, with an expected compound annual growth rate of over 7% [2]. - The demand for decorative materials is anticipated to be significantly boosted by real estate stimulus policies and expanding consumer subsidy programs [2]. Innovation and Sustainability - The company is committed to green innovation, focusing on the development of high-quality, environmentally friendly decorative materials, and has maintained a leading position in the high-end eco-friendly furniture board market [8][9]. - The company has received a BBB ESG rating, ranking 19th among 50 companies in the paper and forestry products sector, reflecting its commitment to sustainable development [8]. Shareholder Returns - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares, amounting to 229 million yuan for the first half of 2025, as part of its commitment to enhancing shareholder returns [10]. - The company has a three-year shareholder return plan, committing to distribute at least 50% of its distributable profits in cash annually [10][11].

风险提示：地产竣工下滑；品牌形象受损；工程业务需求下滑和信用风险。 减值对24 年利润仍有一定拖累，但现金流和分红水平依然保持在高位。24年公司计提资产减值和信用 减值分别为1.45、2.8 亿，其中资产减值主要是公司对收购的青岛裕丰汉唐商誉新计提1.31 亿减值准 备，信用减值主要是在下游房企资金持续紧张的情况下，控股子公司青岛裕丰汉唐工程业务回款受影响 所导致。24 年兔宝宝本部在剔除商誉减值影响后的扣非利润为8.11 亿（同比+23.36%），稳健经营业绩 之下公司24 年经营活动净现金为11.52 亿，大幅超越净利润规模，24 年公司拟向全体股东每10 股派发 现金3.2 元，如预案获得通过，24 年累计分红总额4.93 亿，分红率达到84.21%。 25Q1 装饰材料品牌使用费占比增加推动盈利稳健增长。25Q1 装饰材料业务实现收入10.68 亿（同 比-13.02%），其中板材业务实现收入5.88 亿（同比-22.53%），其他装饰材料业务实现收入3.8 亿（同 比+2.8%），装饰材料品牌使用费9985 万元（同比+0.91%）。定制业务方面，兔宝宝全屋定制业务完 成收入1.25 亿元（同比-2 ...