Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 18.925 billion yuan in 2024, a decrease of 16.9% year-on-year, and a net profit attributable to shareholders of 2.599 billion yuan, down 14.4% year-on-year [5][10] - Despite challenges in the real estate market, the direct sales channel experienced growth, with revenue from direct sales reaching 0.83 billion yuan, up 0.6% year-on-year [6][7] - The company is actively pursuing a home furnishing strategy, with a significant increase in the number of large clients and a rise in multi-category collaborative sales [7][10] Revenue Performance - The company’s revenue by product for 2024 was as follows: cabinets 5.45 billion yuan (down 22.5%), wardrobes 9.79 billion yuan (down 18.1%), bathrooms 1.09 billion yuan (down 3.6%), and wooden doors 1.13 billion yuan (down 17.7%) [6] - The revenue by channel showed direct sales at 0.83 billion yuan (up 0.6%), distribution at 14.04 billion yuan (down 20.1%), and bulk sales at 3.05 billion yuan (down 15.1%) [6] Profitability and Margins - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, with a net profit margin of 13.7%, up 0.4 percentage points [8][10] - The gross margin by product was as follows: cabinets 35.6%, wardrobes 39.4%, bathrooms 27.8%, and wooden doors 25.7% [8] Cost and Expenses - The company’s expense ratio for 2024 was 21.0%, an increase of 2.5 percentage points year-on-year, with sales expenses rising due to increased advertising costs [9][10] - The fourth quarter of 2024 saw an expense ratio of 24.5%, up 3.6 percentage points year-on-year [9] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 20.574 billion yuan and 22.953 billion yuan, respectively, reflecting a 6% downward adjustment [10] - The company is expected to benefit from government policies aimed at boosting consumer spending in the home furnishing sector, which may enhance market confidence [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 18.925 billion yuan in 2024, a decrease of 16.9% year-on-year, and a net profit attributable to shareholders of 2.599 billion yuan, down 14.4% year-on-year [5] - Despite the overall market downturn, the direct sales channel experienced growth, while the distribution and bulk channels faced challenges [6][7] - The company is actively pursuing a home furnishing strategy, which is expected to enhance market share in the future [10] Revenue Performance - In 2024, the company’s revenue from various products was as follows: kitchen cabinets 5.45 billion yuan, wardrobe 9.79 billion yuan, bathroom 1.09 billion yuan, and wooden doors 1.13 billion yuan, with year-on-year changes of -22.5%, -18.1%, -3.6%, and -17.7% respectively [6] - The direct sales channel generated 830 million yuan, a year-on-year increase of 0.6%, while the distribution and bulk channels saw declines of 20.1% and 15.1% respectively [6] Gross Margin and Profitability - The company's gross margin for 2024 was 35.9%, an increase of 1.8 percentage points year-on-year, with a net profit margin of 13.7%, up 0.4 percentage points [8] - The gross margin for the fourth quarter of 2024 was 36.9%, reflecting a year-on-year increase of 2.3 percentage points [8] Cost Structure - The company’s expense ratio for 2024 was 21.0%, an increase of 2.5 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 10.0%, 6.9%, 5.4%, and -1.3% respectively [9] Market Outlook - The home furnishing consumption subsidy policy is expected to boost consumer enthusiasm and industry confidence, with a special fund of 300 billion yuan aimed at promoting consumption upgrades [9] Financial Forecast - The company’s revenue forecast for 2025 and 2026 has been slightly adjusted to 20.574 billion yuan and 22.953 billion yuan, respectively, with net profit forecasts of 2.768 billion yuan and 3.044 billion yuan [10] - The earnings per share (EPS) for 2025-2027 are projected to be 4.54 yuan, 5.00 yuan, and 5.46 yuan, with corresponding price-to-earnings (P/E) ratios of 15, 13, and 12 times [10]

Core Viewpoint - The custom home furnishing industry, including leading companies like Oppein Home, faced significant revenue and profit declines in 2023, but there are signs of recovery due to policy support and evolving consumer demands [1][2][3]. Group 1: Financial Performance - Oppein Home reported a revenue of 18.9 billion yuan and a net profit of 2.6 billion yuan for 2023, representing declines of 16.93% and 14.38% year-on-year, respectively [1][2]. - The company experienced its first dual decline in revenue and profit in 30 years due to market demand contraction and industry restructuring [2]. - Despite the declines, Oppein Home improved its gross margin to 35.91%, up 1.76 percentage points year-on-year, and its net profit margin to 13.76%, up 0.48 percentage points [2]. Group 2: Industry Trends - The custom home furnishing industry is undergoing a significant transformation, with a shift from standardized products to personalized solutions, driven by changing consumer preferences [4][5]. - The market structure remains dominated by new and existing housing, with a forecasted "442" market structure (new homes 40%, existing homes 40%, second-hand homes 20%) indicating ongoing pressure on both engineering and retail channels [2][3]. Group 3: Strategic Initiatives - Oppein Home is implementing supply chain reforms and automation upgrades to reduce operating costs, which have decreased by 19.15% to 12.128 billion yuan in 2023 [2]. - The company aims to transition from a "full-category home manufacturer" to a "full-scenario ecological service provider," emphasizing digital technology to enhance consumer experiences [4][5]. - Oppein Home has launched a new brand IP "Love Home Season" to support its strategy as an ecological service provider while maintaining clear boundaries in its role within the industry [5].

Group 1 - The core viewpoint of the news is the disclosure of shareholding information for Oppein Home (603833.SH) as of April 25, 2025, highlighting the involvement of institutional investors and changes in their holdings [1] - A total of 477 institutional investors disclosed holding shares in Oppein Home, with a combined holding of 75.77 million shares, representing 12.44% of the total share capital [1] - The top ten institutional investors collectively hold 6.49% of the shares, with a decrease of 1.07 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds increased their holdings, while 19 funds reduced their holdings, with a decrease rate of 0.36% [2] - A total of 441 new public funds were disclosed this period, indicating active market participation [2] - For social security funds, one fund increased its holdings, while two funds decreased their holdings, with a reduction rate of 0.43% [2]

Group 1 - The company plans to enhance services for small and medium investors by using the Shanghai Stock Exchange's shareholder meeting reminder service to notify shareholders about meeting participation and voting [1] - Shareholders can vote through the Shanghai Stock Exchange's network voting system or the internet voting platform, with specific instructions provided for first-time users [4][6] - The company will ensure that all voting rights are counted accurately, even for shareholders with multiple accounts, and that the first voting result will be considered valid in case of duplicate votes [5][6] Group 2 - The company will hold its annual shareholder meeting on May 28, 2025, with registration details provided for both corporate and individual shareholders [10][11] - The meeting will be attended by company directors, supervisors, senior management, and appointed lawyers, with specific registration requirements outlined for different types of shareholders [7][8] - The company has announced a change in accounting policy based on new regulations from the Ministry of Finance, which will not significantly impact its financial status or operations [16][20][25]

Core Viewpoint - The company Oupai Home announced a cash distribution plan for the fiscal year 2024, proposing a dividend of 24.8 yuan per 10 shares, totaling approximately 1.502 billion yuan, which represents 57.80% of its net profit and a dividend yield of 4.04% based on the average trading price for the year [2][3]. Financial Performance - For the fiscal year 2024, Oupai Home reported total revenue of 18.925 billion yuan, a year-on-year decrease of 16.93%, and a net profit of 2.599 billion yuan, down 14.38% year-on-year, with basic earnings per share of 4.29 yuan [3][2]. Dividend History - The company has a history of cash distributions since its listing, with the following details for the last eight years: - 2024: 10 shares pay 24.8 yuan (total 1.502 billion yuan, yield 4.04%) - 2023: 10 shares pay 27.6 yuan (total 1.672 billion yuan, yield 2.73%) - 2022: 10 shares pay 17.7066 yuan (total 1.075 billion yuan, yield 1.50%) - 2021: 10 shares pay 17.5 yuan (total 1.066 billion yuan, yield 1.22%) - 2020: 10 shares pay 12 yuan (total 0.725 billion yuan, yield 1.07%) - 2019: 10 shares pay 10.9 yuan (total 0.458 billion yuan, yield 1.01%) - 2018: 10 shares pay 7.5 yuan (total 0.315 billion yuan, yield 0.67%) - 2017: 10 shares pay 10 yuan (total 0.420 billion yuan, yield 0.90%) [3][2]. Market Activity - The stock experienced a net inflow of 6.8793 million yuan from major funds today, with a total net inflow of 10.432 million yuan over the past five days [4]. - The latest margin financing balance for the stock is 104 million yuan, with an increase of 4.54% (4.5227 million yuan) over the past five days [5]. Industry Comparison - In the light industry manufacturing sector, Oupai Home ranks second in terms of cash distribution for the fiscal year 2024, with a total payout of 1.502 billion yuan, following Gongniu Group, which distributed 3.101 billion yuan [5][6].

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-026 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | 转债 | | 欧派家居集团股份有限公司 关于 2024 年度"提质增效重回报"行动方案评估报 告的公告 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。 为深入贯彻党的二十大和中央经济工作会议精神，落实国务院《关于进一步 提高上市公司质量的意见》，积极响应上海证券交易所《关于开展沪市公司"提质 增效重回报"专项行动的倡议》，推动公司高质量发展，保护投资者尤其是中小投 资者合法权益，公司于 2024 年 4 月 25 日发布了《欧派家居集团股份有限公司 2024 年度"提质增效重回报"行动方案》（以下简称《" 2024 年提质增效重回报行动 方案》"）。自方案发布以来，公司积极推进落实相关工作，现将方案的执行情况 报告如下： 一、以经营质量提升应对行业调整，夯实大家居战略根基 报告期内，公司所处的家居行业正面临深度调整与转型挑战，在市 ...

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-031 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | 转债 | | 欧派家居集团股份有限公司 关于会计政策变更的公告 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： 本次会计政策变更是欧派家居集团股份有限公司（以下简称"公司"）根 据中华人民共和国财政部（以下简称"财政部"）颁布的《企业数据资源相关会 计处理暂行规定》（财会〔2023〕11号）（以下简称"数据资源暂行规定"），《企 业会计准则解释第18号》（财会〔2024〕24号，以下简称"《解释第18号》"）相关 规定进行的调整，无需提交董事会、监事会和股东大会审议。 本次会计政策变更不会对公司财务状况、经营成果和现金流量产生重大 影响，不存在损害公司、全体股东特别是中小股东利益的情况。 一、本次会计政策变更概述 （一）本次会计政策变更的原因 2023年8月21日，财政部发布了《企业数据资源相关会计处理暂行规定》（ ...

按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制 进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、 监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对 报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息 真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性， 故仅能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部控制变得不恰 当，或对控制政策和程序遵循的程度降低，根据内部控制评价结果推测未来内部控制的有 效性具有一定的风险。 二. 内部控制评价结论 1. 公司于内部控制评价报告基准日，是否存在财务报告内部控制重大缺陷 □是 √否 2. 财务报告内部控制评价结论 √有效 □无效 公司代码：603833 公司简称：欧派家居 欧派家居集团股份有限公司 2024年度内部控制评价报告 欧派家居集团股份有限公司全体股东： 根据《企业内部控制基本 ...

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-029 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | 转债 | | 欧派家居集团股份有限公司 关于续聘会计师事务所的公告 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： 拟聘任的会计师事务所名称：华兴会计师事务所（特殊普通合伙）（以下 简称"华兴会计师事务所"） 欧派家居集团股份有限公司（以下简称"公司"或"欧派家居"）于2025年4 月24日召开第四届董事会第二十二次会议，审议通过了《关于续聘华兴会计师事 务所（特殊普通合伙）为公司2025年度财务报告审计机构和内部控制审计机构的 议案》，拟续聘华兴会计师事务所为公司2025年度财务报告与内部控制审计机构， 该事项尚须提交公司股东大会审议，现将有关事宜公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、华兴会计师事务所的基本信息 华兴会计师事务所前身系福建华兴会计师事务所，创立于 1981 年，隶属福 ...