20190430 富安娜 2018 年年报&2019 年一季报投资者交流电话会议纪要 时间：2019 年 4 月 30 日下午 4 点 嘉宾：董事会秘书龚总 调研机构： 广发证券：糜韩杰、赵颖婕；万家基金：丁玉杰；国开泰富：陈晴；宽远资产：周栋伟； 德邦证券：石林；摩根大通：姚倩；深圳市裕晋投资：石宁；百年人寿：李振亚；鑫然投 资：李会坤。 一、公司介绍： 公司 2018 年年报对整个 2018 年全年的总结和 2019 年的计划都已经进行披露， 尤其在 2018 年报告中致股东开篇中，也表达了公司对未来的一些关注点，实际上我们从 2018 年下半年就开始调整线上、线下的组织构架，以便让 2019 年的经营计划落地。 关于一季度的的财报可能有几个经营指标大家比较关注： 1、收入下滑同比 5.5%，扣非净利润下滑 15%，主要的原因： 1）公司历年一季度都是淡季，且一季度营业收入在全年占比为 15+%，所以很多费 用在全年均摊而收入会滞后表现，因此，公司历年一季度利润表现会慢于收入表 现。 2）公司是立足于做终端消费品牌的龙头公司，未来行业的竞争会越来越分化，公司 2019 年会进行管理变革，一季度我们实施了对 ...

20190430 富安娜 2018 年年报&2019 年一季报投资者交流电话会议纪要 时间：2019 年 4 月 30 日上午十点 嘉宾：董事会秘书龚总 调研机构： 东吴证券：陈腾曦；浙商证券：姜楠；浙商基金：韩嘉伟；悦泰铭峰资产管理公司：罗杰 贤；阳光保险：陈拓；兴业基金：姜寒雨；浦泓投资：余辉武；华鑫证券：周学；国寿安 保基金：邓义路；东北证券：张娴静；得邦证券：石林；彬元资本：肖璐；安信基金：郭 陈杰；上海旭为投资：郁栋杰；浦银安顺基金：阮安钊；林富资产：杨景；深圳凯丰资本： 王东升。 一、公司介绍： 公司简介： 公司主要从事高档床上用品及家居生活类产品的研发、设计、生产及销售。经历 25 年成长，公司旗 下拥有 VERSAI（轻奢艺术品牌）、富安娜（时尚经典品牌）、馨而乐（大众潮流品牌）、酷智奇（儿童 品牌）等以满足不同消费者的需求。营销渠道方面，公司采取直营、加盟和电商构建多渠道营销网络。 东吴纺服分析师陈腾曦： 富安娜 2019Q1 收入和利润虽有所下滑，但这是管理调整上的正常反馈。公司经营性现金流情况良好， 是本季报表的亮点。考虑到公司经营趋势以及现金流、分红，我们认为公司价值底明确。 龚总介绍 ...

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富安娜 2020 年年报及 2021 年一季报投资者交流会议 时间：2021 年 4 月 27 日 参会人员：董事会秘书龚总 参会机构： 1、上海明河投资管理有限公司 2、交通银行股份有限公司 3、红土创新基金管理有限公司 4、上海名禹资产管理有限公司 5、深圳市红筹投资有限公司 6、横琴淳臻投资管理中心（有限合伙） 7、海南元谦证券投资基金管理有限公司 | --- | --- | |-------|----------------------------------| | | | | | | | 8 | 、上海混沌投资（集团）有限公司 | | 9 | 、浙江国恬资产管理有限公司 | | 10 、 | 安邦资产管理有限责任公司 | | 11 、 | 三和创赢资产管理（深圳）有限公司 | | 12 、 | 上海利檀投资管理有限公司 | | 13 、 | 上海中域资产管理中心（有限合伙 | | 14 、 | 西藏源乘投资管理有限公司 | | 15 、 | 华安基金管理有限公司 | | 16 、 | 星泰投资管理有限公司 | | 17 、 | 广东红树林投资管理有限公司 | | 18 、 | 红土创新基金管理有限公 ...

投资者关系记录 时间：2021 年 4 月 28 日 方式：电话会议 参会机构： 1、中金公司 2、英大证券 3、玄卜投资 4、东方证券投资部 5、红土创新基金管理有限公司 6、雪石资产 7、NTF Asset 新同方资管 8、湘财基金管理有限公司 9、北京黑水磐石资产管理有限责任公司 10、 农银汇理 | --- | --- | |-------|----------------------| | | | | 11 、 | 宝盈基金管理有限公司 | | 12 、 | 尚诚资产管理 | | 13 、 | 华夏未来资本 | | 14 、 | 鹏华基金管理有限公司 | | 15 、 | 高盛资产管理(香港 ) | | 16 、 | 中海基金 | | 17 、 | 中海基金 | | 18 、 | 华商基金 | 19、 申万宏源 20、中意资产 21、安信基金 22、宝盈基金管理有限公司 23、中天国富证券资管投资部 24、东方基金 25、大成基金 26、长江证券资产管理有限公司 | --- | --- | |-------|----------------------------| | | | | 27 | 、大成 ...

富安娜 2021 年半年报投资者交流电话会议 时间：2021 年 8 月 24 日 参会机构： 1、中国国际金融股份有限公司资产管理部 2、泰康资产管理有限责任公司 3、上海海通证券资产管理有限公司 4、上海明河投资管理有限公司 4、平安资本有限责任公司 5、平安养老保险股份有限公司 6、东方阿尔法基金管理有限 7、 杭州睿银投资管理有限公 8、上海光大证券资产管理有限公司 9、上海承周资产管理有限公司 10、信达澳银基金管理有限公 11、北信瑞丰基金管理有限公司 12、星泰投资管理有限公司 13、华融证券股份有限公司 14、芜湖弘唯基石投资基金管理合伙企业 15、中天国富证券有限公司 16、东方证券股份有限公司 17、上海勤远投资管理中心（有限合伙） 18、江苏瑞华投资控股集团有限公司 19、广东惠正投资管理有限公司 20、恒安标准人寿 | --- | --- | |-------|----------------------------| | | | | 21 | 、明亚基金管理有限责任公司 | | 22 | 、长城基金管理有限公司 | | 23 | 、招商银行股份有限公司 | | 24 | 、大成基金管 ...

富安娜三季报业绩交流会议 20211028 时间：2021.10.28 参会人： 副总经理、董秘&财务总监龚总、王总 参会机构：华金证券、中欧基金、长江证券、东兴证券、首创证券、天风证券 21Q3 业绩概况： 利润增速不及收入增速且与一二季度有差距主要系： （1）所得税率+2pct，21Q3 的税费约 2000 多万，主要是完成了库存一体，递延所得税资产转为费用。不考虑所 得税情况，Q3 的营业利润+18%。四季度预计同期税率水平会恢复正常波动水平。 （2）因为未来流量市场变化较大，基于 5G 及新平台分化，未来线下门店重要性凸显，公司有客单价高、会员数 据丰富的优势，21Q3 公司直营抢占线下市场，电商、加盟、团购稳健增长，公司综合毛利率-1.88pct，。 所得税率的原因：主要系公司完成了库存一体化。以往库存分布在 30 多家的子公司，产品结转、调货、分配麻烦， 公司采取了 SAP 升级，库存打通，未来线下直营和加盟商的商品调货速度将接近电商，为公司未来线下互联网运 营提供重要赋能。 Q&A Q：Q3 直营收入高，毛利率有影响和 SAP 变革有关吗？ Q3 直营毛利有所波动主要是公司提前线下门店做波段营销 ...

Financial Performance - Q3 2022 revenue was CNY 646,840,106, a decrease of 5.02% year-over-year[6] - Net profit attributable to shareholders was CNY 116,285,802.78, an increase of 8.22% compared to the same period last year[6] - Basic earnings per share for the quarter was CNY 0.1400, up 7.69% year-over-year[6] - Total operating revenue reached CNY 1,982,155,572.63, with e-commerce contributing 40.37% of total revenue[19] - The net profit for the period was CNY 388,560,268.32, slightly down from CNY 396,987,265.16 in the same quarter last year[35] - The net profit for the current period is 327,618,878.90, an increase from 317,350,222.72 in the previous period, representing a growth of approximately 0.8%[36] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 299,948,906.26, a significant increase of 173.85%[6] - Operating cash flow increased by 173.85% compared to the previous period, primarily due to a decrease in cash paid for goods and services[16] - The company reported a decrease in cash outflows from operating activities by 11.23% compared to the previous period[16] - The cash and cash equivalents balance at the end of the period increased by 102.78% to CNY 210,455,105.21[16] - The net cash flow from operating activities for the current period is 299,948,906.26, significantly higher than 109,531,594.21 in the previous period, indicating a growth of approximately 174.3%[41] - The total cash and cash equivalents at the end of the period amounted to 210,455,105.21, up from 103,785,754.01, indicating a significant increase of approximately 102.5%[44] Investment and Income - Other income increased by 272.07% year-over-year, reaching CNY 7,607,451.81[15] - Investment income rose by 153.81% year-over-year, totaling CNY 80,234,794.26[15] - The company reported a financial investment income of CNY 80,234,794.26, up from CNY 31,612,297.15, highlighting improved investment performance[35] - Cash inflow from investment activities totaled 1,776,424,441.42, compared to 1,630,617,897.15 in the previous period, marking an increase of about 8.9%[41] - The cash outflow from investment activities was 1,763,825,258.37, up from 1,536,498,468.42, which is an increase of approximately 14.8%[41] Expenses and Costs - R&D expenses increased by 93.23% year-over-year, totaling CNY 73,017,999.21[12] - Total operating costs increased to CNY 1,621,830,269.61, up from CNY 1,614,149,462.02, reflecting a rise in operational expenses[35] - The company paid 1,019,667,606.18 for goods and services, down from 1,256,546,700.08, which is a decrease of approximately 18.9%[41] - The company reported a tax expense of 79,442,210.79, down from 93,185,685.62, indicating a reduction of about 14.8%[36] Assets and Liabilities - Total assets decreased by 5.55% from the end of the previous year, amounting to CNY 4,450,857,539.93[6] - Total current assets increased marginally to CNY 2,375,363,659.39 from CNY 2,367,730,122.88, showing stability in asset management[29] - Total liabilities decreased to CNY 897,538,484.30 from CNY 1,012,804,189.04, reflecting improved financial health[31] - The company's total equity decreased to CNY 3,553,319,055.63 from CNY 3,699,747,559.99, indicating a reduction in shareholder value[31] - Inventory levels increased to CNY 885,783,078.60 from CNY 812,181,515.46, suggesting a buildup of stock[29] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 23,880[21] - The largest shareholder, Lin Guofang, holds 39.75% of the company's shares[21] Accounting Changes - The company reclassified transportation costs related to customer contracts from selling expenses to operating costs, impacting the financial statements[20]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,335,315,466.63, representing a 2.06% increase compared to CNY 1,308,362,087.24 in the same period last year[22]. - Net profit attributable to shareholders was CNY 211,333,076.12, a slight increase of 0.68% from CNY 209,902,028.54 year-on-year[22]. - The net cash flow from operating activities surged by 89.71%, reaching CNY 199,513,185.29, compared to CNY 105,165,426.48 in the previous year[22]. - Total assets decreased by 7.57% to CNY 4,355,807,561.69 from CNY 4,712,551,749.03 at the end of the previous year[22]. - The net assets attributable to shareholders fell by 7.47% to CNY 3,423,313,132.69 from CNY 3,699,747,559.99 at the end of the previous year[22]. - The basic earnings per share remained stable at CNY 0.26, unchanged from the previous year[22]. - The weighted average return on net assets was 5.93%, a decrease of 0.13% compared to 6.06% in the previous year[22]. - The company reported a total of CNY 19,272,898.27 in non-recurring gains and losses for the period[28]. Revenue Sources - The company's revenue distribution for the first half of 2022 was approximately 24.76% from franchise, 24.96% from direct sales, and 42.27% from e-commerce[47]. - The e-commerce channel accounted for 42.27% of the company's total revenue in the first half of 2022, with a year-on-year revenue growth of 0.62% and a gross margin of 44.76%[74]. - The revenue from the bedding product category was ¥630,549,697.07, accounting for 47.22% of total revenue, with a year-on-year growth of 2.41%[90]. - The revenue from the South China region was ¥450,544,196.52, accounting for 33.74% of total revenue, with a year-on-year increase of 1.32%[90]. - Online sales generated ¥564,486,746.76, with a gross margin of 44.76%, reflecting a year-on-year increase in revenue of ¥3,460,513.45[100]. Market Presence and Strategy - The management highlighted a focus on expanding market presence and enhancing product development strategies moving forward[30]. - The company is positioned as a high-end brand in the home textile industry, emphasizing quality and cultural elements in its products[41]. - The company has shifted a significant portion of its production to western regions to leverage lower labor costs and improve logistics efficiency[44]. - The company anticipates that the growth of consumer brands will be driven by high-quality development in the lower-tier markets, with a focus on personalized and culturally rich products[41]. - The company has expanded its marketing management centers and flagship stores to include second-tier and some third-tier cities, enhancing its market presence[138]. Product Development and Innovation - The company focuses on design innovation as its core competitive advantage, with over 60% of its business coming from direct sales and e-commerce channels[44]. - The company has developed new products focusing on material and design innovations, including the "A-Class Silk Quilt" and "Chris Ultra Soft Goose Down Quilt" using upgraded fabric technology[51]. - The company continues to innovate in memory foam products, expanding its range of pillows to meet diverse consumer needs[60]. - The company has a design and R&D team of over 200 people, focusing on product design and process development, which is a core competitive advantage[65]. Operational Efficiency - The company has invested in logistics information systems to improve warehouse turnover and reduce logistics costs compared to the same period last year[64]. - The company has implemented a comprehensive quality management system, ensuring effective operation through six teams under the quality management department[76]. - The company has established a complete supply chain quality management system, controlling quality costs while meeting customer demands[76]. - The company has introduced the SAP ERP system to enhance financial management and streamline business processes, improving overall operational efficiency[75]. - The company has a total warehouse area of nearly 210,000 square meters, optimizing logistics efficiency and reducing transportation costs[76]. Investment and Financial Management - Research and development investment increased significantly by 76.20%, reaching CNY 46.61 million, up from CNY 26.45 million in the previous year[87]. - The company reported a significant decrease in cash flow from investment activities, down 77.15% to CNY 77.35 million from CNY 338.47 million in the previous year[87]. - The company’s financial expenses showed a significant improvement, with a decrease of 224.04%, reflecting substantial interest income from large deposits[87]. - The total amount of raised funds was ¥73,497.23 million, with ¥60.79 million used in the current period and a cumulative total of ¥63,610.16 million used[129]. - The company plans to utilize the remaining raised funds for operational purposes, with a total of ¥10,000 million allocated for working capital[132]. Corporate Governance and Social Responsibility - The company has not experienced any major changes in project feasibility[4]. - The actual controller and chairman, Mr. Lin Guofang, donated 200 million RMB for the construction of cultural centers and healthcare facilities in Lufeng City, setting an example of social responsibility for employees[185]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[181]. - The company has not experienced any significant litigation or arbitration matters during the reporting period[196]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[190]. Employee and Stock Management - The company has conducted eight stock incentive plans, benefiting a total of 1,700 employees, to strengthen team cohesion and support business development[79]. - The employee stock ownership plan (ESOP) involves 10 employees holding a total of 17,869,151 shares, representing 2.15% of the company's total equity[172]. - The ESOP's funding sources include employee self-funding up to 40 million yuan and a loan from the controlling shareholder, with a total fund amounting to 200 million yuan[172]. - The ESOP's duration was initially set for 48 months from September 25, 2015, and has been extended to September 24, 2024, after multiple approvals[172]. - The company has shifted the management of the ESOP from Guangfa Securities Asset Management to its own management committee[178].

Financial Performance - The company's operating revenue for 2021 was ¥3,179,282,836.06, representing a 10.62% increase compared to ¥2,874,049,807.28 in 2020[23] - The net profit attributable to shareholders for 2021 was ¥545,866,740.77, which is a 5.69% increase from ¥516,462,867.24 in 2020[23] - The net cash flow from operating activities for 2021 was ¥774,941,886.08, showing a 16.34% increase from ¥666,095,033.41 in 2020[23] - The basic earnings per share for 2021 was ¥0.67, an increase of 8.06% compared to ¥0.62 in 2020[23] - The total assets at the end of 2021 were ¥4,712,551,749.03, reflecting a 5.19% increase from ¥4,480,016,554.77 at the end of 2020[23] - The net assets attributable to shareholders at the end of 2021 were ¥3,699,747,559.99, up 3.37% from ¥3,579,136,181.35 at the end of 2020[23] - The company reported a weighted average return on equity of 15.73% for 2021, an increase from 14.27% in 2020[23] - The net profit after deducting non-recurring gains and losses for 2021 was ¥516,091,454.68, which is a 7.01% increase from ¥482,261,893.11 in 2020[23] Revenue Breakdown - E-commerce revenue accounted for 41.63% of total revenue in 2021, with a year-on-year growth of 16.64% and a gross margin of 46.19%[68] - The textile segment accounted for ¥3,079,711,954.60, or 96.87% of total revenue, with a year-on-year growth of 10.50%[97] - E-commerce sales contributed ¥1,323,406,426.28, making up 41.63% of total revenue, with a growth rate of 16.64% compared to the previous year[97] - The company’s direct sales revenue accounted for approximately 24.13% of total revenue, while franchise revenue contributed about 25.61%[56] Cost and Expenses - The total operating cost for the home textile/furniture industry in 2021 was approximately ¥1,524,000,000, with a year-on-year increase of 15.06% compared to 2020[105] - The material cost accounted for 78.36% of the total operating cost in 2021, amounting to ¥1,192,343,396.40, up from 77.70% in 2020[105] - The total sales expenses for 2021 were ¥734,101,776.46, reflecting a year-on-year increase of 7.87%[114] Market Presence and Strategy - The company has achieved a membership base of 1.3 million in its direct sales stores, enhancing its market presence in first and second-tier cities[48] - The company plans to continue expanding its e-commerce presence and direct store network to enhance market reach and customer engagement[99] - The company is focusing on personalized product offerings to better connect with consumers, which is expected to drive future sales growth[45] - The company anticipates that the concentration of the textile and apparel industry will increase, benefiting strong brands like itself in gaining market share[45] Research and Development - The company invested in product development focusing on material and design innovation, introducing functional fabrics and seasonal products[58] - Research and development expenses for 2021 were ¥75,998,343.38, representing an increase of 8.30% compared to 2020[114] - The company has invested in R&D projects, including the development of a new type of natural fiber blended fabric aimed at enhancing comfort and user experience[130] - The number of R&D personnel increased by 8.96% from 268 in 2020 to 292 in 2021, representing 6.33% of the total workforce[133] Supply Chain and Logistics - The company has implemented a comprehensive supply chain quality management system, ensuring quality control from product development to consumer delivery[81] - The company has a total warehouse area of nearly 210,000 square meters, enhancing logistics efficiency and reducing transportation costs[84] - The company is actively monitoring raw material price trends and has established strong relationships with multiple suppliers to mitigate cost pressures[50] Corporate Governance - The company emphasizes compliance with corporate governance regulations to protect shareholder interests[184] - The company has a structured board with independent directors to enhance decision-making effectiveness[187] - The company maintains an independent business system, fully capable of self-operation, independent from the controlling shareholder[196] - The company has established a transparent performance evaluation and incentive mechanism for its executives[192] Investment and Fund Management - The total amount of raised funds was CNY 73,497.23 million, with CNY 211.69 million utilized in the current period and a cumulative utilization of CNY 63,549.37 million[151] - The company has not engaged in any significant equity or non-equity investments during the reporting period[148][149] - The company has not made any changes to the feasibility of its investment projects during the reporting period[156] Future Outlook - The company plans to continue enhancing its product design and technological content to offset rising manufacturing costs and maintain profitability[50] - The company aims to enhance store efficiency in first and second-tier cities while targeting market penetration in third and fourth-tier cities[176] - Increased investment in live streaming channels, including self-broadcasting and collaborations with influencers[177]