WEIXING NBM(SZ:002372)2025-12-28 14:58Group 1: Company Overview - The company has a strong core competitiveness developed over more than 20 years, reflected in brand operation, marketing capabilities, R&D strength, corporate culture, and management team [2] - The manufacturing process is advanced and highly automated, driven by a commitment to sustainable development and high product quality [2] Group 2: Sales and Marketing Strategy - The main sales channels for retail business include home decoration companies, project managers, and direct purchases by homeowners, with varying sales proportions across regions [2] - The company has chosen not to engage in price wars, focusing instead on enhancing product and service quality to maintain a stable pricing system [3] Group 3: Financial Performance and Projections - The company has experienced an increase in sales expenses due to intensified market competition and acquisitions, but aims to control expense ratios in the long term [3] - The company maintains a stable dividend policy with an average payout ratio of 70-80% since its listing [3] Group 4: Market Demand and Future Outlook - The market demand in Q4 remains weak, and the company holds a cautious outlook for industry demand in the coming year, influenced by economic conditions and government policies [3] - The company has over 1,000 primary distributors and more than 30,000 marketing outlets, indicating a stable distribution network [3] Group 5: Asset Management - The company plans to fully recognize goodwill impairment of CNY 21.26 million for Guangzhou Hexin and CNY 52.71 million for Zhejiang Kerui in 2024, with over CNY 13 million yet to be recognized [3][4]