恒林家居股份有限公司2024年年度股东大会会议资料 恒林家居股份有限公司 2024 年年度股东大会 会议资料 证券代码：603661 中国·安吉 2025 年 5 月 16 日 1 恒林家居股份有限公司2024年年度股东大会会议资料 | | | | 会议议程 | 3 | | --- | --- | | 会议须知 | 6 | | 公司2024年度董事会工作报告 | 7 | | 公司2024年度监事会工作报告 | 15 | | 公司2024年年度报告及其摘要 | 19 | | 公司2024年度财务决算报告 | 20 | | 公司2024年度利润分配预案 | 23 | | 关于公司及子公司2025年度向银行等金融机构申请综合授信额度的议案 | 25 | | 关于公司2025年度对外担保额度预计的议案 | 26 | | 关于续聘2025年度会计师事务所的议案 | 31 | | 关于取消监事会并修订《公司章程》和部分公司治理制度的议案 | 35 | | 关于公司董事、高级管理人员2024年度薪酬执行情况及2025年度薪酬考核方案的 | | | 议案 | 82 | | 关于公司监事2024年度薪酬执行情况的议案 | 84 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-021 恒林家居股份有限公司 关于控股股东部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1 | 解质时间 | 2025 年 5 月 6 日 | | --- | --- | | 持股数量（股） | 82,657,866 | | 持股比例 | 59.44% | | 剩余被质押股份数量（股） | 19,000,000 | | 剩余被质押股份数量占其所持股份比例 | 22.99% | | 剩余被质押股份数量占公司总股本比例 | 13.66% | 本次王江林先生解除质押的股份暂无后续质押计划。未来如有变动，公司将 按照相关要求及时履行信息披露义务。 二、股东及其一致行动人股份累计质押情况 截至本公告披露日，王江林先生及其一致行动人累计质押股份情况如下： 恒林家居股份有限公司（以下简称公司）控股股东、实际控制人王江林 先生持有公司股份 82,657,866 股，占公司总股本的 59.44%；本次股份解除质押 后，王江林先生累计质押公司 ...

关于收到土地征收补偿款的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603661 证券简称：恒林股份 公告编号：2025-020 一、情况概述 恒林家居股份有限公司（以下简称公司）于 2023 年 5 月 15 日召开第六届董 事会第十三次会议，审议通过《关于公司及控股子公司签署土地征收补偿款的议 案》。为促进安吉县工业园区有机更新，优化功能布局需要，安吉县政府就公司 及子公司永裕家居的部分厂房、土地进行征收，预计将获得征收补偿款合计 12,383.56 万元，最终征收补偿款以结算单记载的补偿款为准，详见《恒林股份 关于公司及控股子公司签署土地征收补偿款的公告》（公告编号：2023-014）、 《恒林股份关于收到土地征收补偿款的进展公告》（公告编号：2024-009）。 恒林家居股份有限公司 2025 年 4 月 30 日，公司合计收到征收补偿款 1,949.04 万元。截至本公告 披露日，公司及子公司总计收到征收补偿款 12,383.56 万元。公司将根据《企业 会计准则》等相关规定对上述征收补偿款进 ...

证券代码：603661 证券简称：恒林股份 公告编号：2025-019 恒林家居股份有限公司 关于控股股东部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 恒林家居股份有限公司（以下简称公司）控股股东、实际控制人王江林先生 持有公司股份 82,657,866 股，占公司总股本的 59.44%；本次股份质押后，王江林 先生累计质押公司股份 33,300,000 股，占其所持公司股份的 40.29%，占公司目前 总股本的 23.95%。 王江林先生及其一致行动人安吉恒林商贸有限公司（以下简称恒林商贸）、 王雅琴、王凡合计持有公司股份 99,750,000 股，占公司总股本的 71.73%。截至本 公告披露日，王江林先生及其一致行动人累计质押本公司股份数量为 37,800,000 股 （含本次），占其合计所持本公司股份的 37.89%，占公司目前总股本的 27.18%。 公司于 2025 年 4 月 29 日接到公司控股股东、实际控制人王江林先生的通知， 获悉其将持有的本公司部分股份办理了质押手续， ...

公司报告 | 年报点评报告 恒林股份（603661） 证券研究报告 公司发布 2024 年报及 2025 年一季报 25Q1 公司收入 26.54 亿元，同比+12.7%，归母净利润 0.52 亿元，同比-49.5%， 扣非归母净利润 0.53 亿元，同比-48.9%； 24Q4 公司收入 32.2 亿元，同比+33.0%，归母净利润-0.03 亿元，减亏 97.2%， 扣非归母净利润 0.16 亿元，同比+115.8%； 24 年公司收入110.29 亿元，同比+34.6%，归母净利润2.63 亿元，同比-0.02%， 扣非归母净利润 2.81 亿元，同比+19.5%。 24 年公司毛利率 18.64%，同减 5.1pct；归母净利率 2.39%，同减 0.8pct。 24 年公司营业收入创历史新高，首次突破 100 亿元大关，主要系跨境电商 业务增长所致；利润承压主要系厨博士计提商誉减值损失 7895 万元及股份 支付成本 2231 万元。 跨境电商构建外贸发展新动能 分产品，①24 年办公家具收入 35.52 亿元，同比+2.4%，毛利率 22.07%， 同比-1.36pct，其中办公椅销量 981.9 ...

2024年公司研发支出2.26亿元，创上市以来新高。截至2024年末，公司共拥有有效专利1630项，同比增 加了185项，其中发明专利142项，同比增加了34项。 公开资料显示，恒林股份是一家集研发、生产、销售办公椅、沙发、按摩椅等健康坐具及民用家具产品 于一体的国家高新技术企业。经过近三十年的技术积淀和市场积累，公司在办公家具制造领域占据较高 的市场份额，特别是在办公椅制造和出口方面，市场占有率和综合竞争实力位列办公家具行业第一梯 队。 过去一年，面对全球经济复苏的复杂形势、行业竞争的激烈态势，以及消费需求的深刻变革，恒林家居 以"创新驱动，持续精进"为战略指引，以"制造出海与品牌出海"双轨并行的策略破局，坚持"多元化发 展、专业化经营、差异化竞争"的发展模式，打造"分则能战、合则能胜"的联合舰队，构建"高效生产— 精准服务—持续创新"的良性循环。 恒林股份的沙发、按摩椅等软体家具产品秉持"创新、功能、舒适"三合一的发展理念，紧密跟随时代发 展的潮流。凭借公司垂直配套供应链的优势，在功能方面不断实现技术创新，不断尝试环保可降解材 料，以及天然可再生的面料，持续引领舒适家居的绿色革命，致力于让人们享受低碳幸福 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant growth driver, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," aiming for quality growth while optimizing asset allocation and improving operational efficiency [4]. Revenue and Profit Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with respective year-on-year growth rates of 2.4%, 10.8%, -8.8%, 2.9%, and 331.1% [2]. - The gross profit margin for 2024 decreased by 5.2 percentage points to 18.5%, primarily due to rising shipping costs and price reductions for cross-border e-commerce inventory [3]. Cost and Expense Management - The company saw a decline in inventory by 4.3 billion RMB to 18.9 billion RMB in Q1 2025, indicating effective inventory optimization [3]. - The expense ratios for sales, management, R&D, and financial expenses for the full year of 2024 were 7.1%, 3.9%, 2.1%, and 0.4% respectively, with a notable decrease in sales expense ratio in Q1 2025 due to reclassification of delivery fees and discounts [3]. Future Projections - The company expects stable performance in traditional OEM business amid steady overseas demand and increasing trade frictions, while overall revenue growth in Q1 2025 is projected at 12.7%, mainly driven by cross-border e-commerce [2][4].

Financial Overview - The total operating revenue of Henglin Co., Ltd. for Q1 2025 reached 2.654 billion yuan, an increase of 12.74% year-on-year, while the net profit attributable to shareholders was 51.8647 million yuan, a decrease of 49.49% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 52.6501 million yuan, down 48.89% year-on-year [1] Key Financial Indicators - The accounts receivable of Henglin Co., Ltd. were significantly high, with accounts receivable accounting for 718.04% of the latest annual net profit [3] - The operating cash flow per share was -0.39 yuan, a decrease of 134.51% year-on-year, indicating cash flow pressure [3] Debt Situation - The company's interest-bearing debt was 2.686 billion yuan, a decrease of 15.95% year-on-year, but the interest-bearing asset-liability ratio remained at 26.28%, necessitating ongoing monitoring of its debt situation [4] Business Model and Performance Evaluation - The company's performance relies heavily on research and marketing efforts, with a return on invested capital (ROIC) of 5.07% last year, indicating average capital returns [5] - The net profit margin was 2.41%, suggesting low added value for the company's products or services [5] Summary - Overall, Henglin Co., Ltd. exhibited weak performance in Q1 2025, particularly in net profit and cash flow, which showed significant declines. The company needs to focus on improving accounts receivable collection and cash flow, while also managing debt levels to ensure future stability [6]

Core Viewpoint - The company reported a revenue of 11.03 billion yuan for 2024, reflecting a year-on-year increase of 34.6%, while the net profit attributable to shareholders remained stable at 260 million yuan, showing no change compared to the previous year [1] Financial Performance - For Q4 2024, the company achieved a revenue of 3.22 billion yuan, up 33.0% year-on-year, but recorded a net loss of 2.92 million yuan [1] - In Q1 2025, the company reported a revenue of 2.65 billion yuan and a net profit of 50 million yuan, representing year-on-year changes of +12.7% and -49.5%, respectively [1] - The dividend proposal for shareholders is set at 0.72 yuan per share (before tax) [1] Business Analysis - The cross-border e-commerce business is a significant growth driver, with revenue contributions from various segments: office furniture (3.55 billion yuan), soft furniture (1.43 billion yuan), panel furniture (1.02 billion yuan), new material flooring (1.53 billion yuan), and comprehensive home products (3.46 billion yuan), showing year-on-year changes of +2.4%, +10.8%, -8.8%, +2.9%, and +331.1%, respectively [2] - Domestic revenue decreased by 27.5% to 1.11 billion yuan, while overseas revenue increased by 48.9% to 9.89 billion yuan [2] - The OEM business generated 5.06 billion yuan in revenue, up 5.0% year-on-year, while the OBM business saw a significant increase of 77.0% to 5.94 billion yuan, primarily driven by the expansion of cross-border e-commerce [2] - In Q1 2025, overall revenue growth of 12.7% is expected to be mainly supported by the cross-border e-commerce business, while traditional OEM business is anticipated to remain stable due to steady overseas demand and increasing trade frictions [2] Margin and Cost Analysis - The company's gross margin decreased by 5.2 percentage points year-on-year to 18.5% for 2024, with Q4 2024 and Q1 2025 gross margins at 18.9% and 16.3%, respectively [3] - The decline in gross margin is attributed to rising shipping costs and price reductions for cross-border e-commerce inventory [3] - Inventory decreased by 430 million yuan from the end of 2024 to 1.89 billion yuan in Q1 2025 [3] - The expense ratios for sales, management, R&D, and financial costs for 2024 were 7.1%, 3.9%, 2.1%, and 0.4%, respectively, with year-on-year changes of -1.2%, -1.2%, -0.7%, and +0.1 percentage points [3] - In Q1 2025, the expense ratios were 7.3%, 3.6%, 1.7%, and 0.6%, with notable decreases in sales expense ratio due to reclassification of delivery fees and promotional discounts [3] Strategic Outlook - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad" amidst trade frictions, expanding production capacity in Vietnam and actively exploring non-U.S. markets [3] - The company aims to optimize asset allocation by disposing of low-efficiency and low-relevance assets while improving manufacturing and operational efficiency to achieve profit growth with positive cash flow [3] Earnings Forecast and Valuation - The company forecasts EPS for 2025, 2026, and 2027 to be 2.95 yuan, 3.60 yuan, and 4.10 yuan, respectively, with current stock prices corresponding to PE ratios of 9, 8, and 7 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant driver of growth, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The gross margin faced pressure, declining by 5.2 percentage points to 18.5% in 2024, primarily due to rising shipping costs and inventory clearance [3]. Performance Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with significant growth in the comprehensive home furnishings segment at 331.1% [2]. - The company’s domestic revenue decreased by 27.5% to 1.11 billion RMB, while overseas revenue increased by 48.9% to 9.89 billion RMB [2]. - The company’s inventory decreased by 4.3 billion RMB to 1.89 billion RMB in Q1 2025, indicating effective inventory management [3]. Strategic Outlook - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," focusing on expanding sales channels and optimizing asset allocation while improving manufacturing and operational efficiency [4]. - The company aims for quality growth by disposing of low-efficiency assets and enhancing cash flow profitability [4].