603208.SH上海证券交易所 · 主板 Main
Jiangshan Oupai 江山欧派
Home Furnishings 家居用品
¥11.34+¥0.06 · +0.53%
Open 开盘
¥11.33
High 最高
¥11.47
Low 最低
¥11.12
Prev Close 昨收
¥11.28
Volume 成交量
170.7万股
Turnover 成交额
¥1,940.0万
Mkt Cap 总市值
¥20亿
P/E 市盈率
−6.7×
Recent Activity 近期动态All Filings 全部公告 →
6 significant filings since 31 May 2026: 4 on share issue, 1 on earnings pre-announcement and 1 on major holder selling. The latest, on 5 Sep 2026: 国泰海通证券股份有限公司关于江山欧派门业股份有限公司可转债回售相关事项的核查意见.
自 31 May 2026 起有 6 份重大公告：share issue 4 份、earnings pre-announcement 1 份、major holder selling 1 份。最新一份（5 Sep 2026）：国泰海通证券股份有限公司关于江山欧派门业股份有限公司可转债回售相关事项的核查意见。
10.0020.0030.0040.0050.0060.0070.00
Volume 成交量
2,058.2万
20172019202120242026
Overview 概览Deep Report 深度报告Financials 财务Valuation 估值Ownership 股东Analysts 券商Estimates 预测News 动态Events 事件Peers 同业
As of 25 Sep 2026 截至2026年9月25日
Assessment 评估
Jiangshan Oupai is a home furnishings company listed on the Shanghai Stock Exchange since 10 Feb 2017. The company reported a net loss of -RMB194.9m in 2025, down from a profit of RMB108.9m in 2024, with revenue falling 45.8% to RMB1.62bn. Operating cash flow per share was -RMB0.37 in 2025, indicating cash outflows from core operations. Receivables took 259 days to collect as of 30 Jun 2026, well above the 180-day threshold. A litigation filing was disclosed on 3 Apr 2026. The company's stock has declined 25.8% over the past year, and its P/E is not meaningful due to losses. Risks include sustained losses, weak cash generation, shrinking revenue and high receivables.
江山欧派是一家家居用品公司，于2017年2月10日在上交所上市。2025年归母净利润为-1.95亿元，由2024年盈利1.09亿元转为亏损，营业收入同比下降45.8%至16.25亿元。2025年每股经营现金流为-0.37元，显示主业现金流出。截至2026年6月30日，应收账款周转天数为259天，远超180天阈值。2026年4月3日披露一份诉讼公告。过去一年股价下跌25.8%，因亏损市盈率不适用。主要风险包括持续亏损、经营性现金流为负、收入大幅下滑及回款周期过长。
Risk Register 风险登记
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported a net loss in 2025. 公司2025年出现净亏损。 | A net loss of -RMB194.9m in 2025, compared to a profit of RMB108.9m in 2024, reflects a sharp deterioration in profitability. This weak earnings performance could undermine investor confidence and limit internal funding for operations. 2025年净利润为-1.95亿元，相较2024年盈利1.09亿元，盈利能力显著恶化。盈利疲软可能削弱投资者信心，并限制公司内部运营资金来源。 |
| Operating cash outflow 经营现金净流出 | The company generated negative operating cash flow in 2025. 公司2025年经营性现金流为负。 | Operating cash flow per share was -RMB0.37 in 2025, compared to RMB0.20 in 2024, indicating the core business consumed more cash than it generated. This could increase reliance on external financing and strain liquidity. 2025年每股经营现金流为-0.37元，2024年为0.20元，表明主业现金消耗大于产生。这可能加大对外部融资的依赖，加剧流动性压力。 |
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue declined by more than 20% year-on-year in 2025. 2025年营业收入同比下滑超20%。 | Revenue fell 45.8% to RMB1.62bn in 2025 from RMB3.00bn in 2024, signaling a significant contraction in business scale. Such a drop may reflect weakening demand or competitive pressures, affecting long-term viability. 2025年营业收入从2024年30.01亿元降至16.25亿元，同比下滑45.8%，显示业务规模大幅收缩。这一下滑可能反映需求疲软或竞争加剧，影响长期生存能力。 |
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take over 180 days to collect. 应收账款回款周期超过180天。 | As of 30 Jun 2026, receivable days were 259, far above the 180-day threshold. Prolonged collection periods tie up working capital and increase credit risk, potentially leading to bad debt losses. 截至2026年6月30日，应收账款周转天数为259天，远超180天阈值。回款周期过长占用营运资金，增加信用风险，可能导致坏账损失。 |
What to Watch 关注要点
- Change in attributable net profit for the full year 2026 compared to 2025.
2026全年归母净利润相较2025年的变动情况。 - Operating cash flow per share in the 2026 full-year report.
2026年全年每股经营现金流。 - Receivable days as of 31 Dec 2026 in the next annual report.
下一年报中截至2026年12月31日的应收账款周转天数。 - Revenue trend in the 2026 full-year report compared to 2025.
2026年全年营业收入相较2025年的变动趋势。 - Disclosure of any new litigation or resolution of existing cases.
任何新增诉讼或现有案件的解决情况披露。 - Net profit excluding non-recurring items in 2026.
2026年扣除非经常性损益后的净利润。
Facts 事实
- Company: Jiangshan Oupai 江山欧派, Shanghai Stock Exchange 603208; industry Home Furnishings; listed 10 Feb 2017.
公司：江山欧派，上海证券交易所 603208；行业：家居用品；上市日期：2017年2月10日。 - Close on 24 Sep 2026 RMB11.34; close on 24 Sep 2025 RMB15.29; one-year change -25.8%.
2026年9月24日收盘价11.34元；2025年9月24日收盘价15.29元；一年涨跌幅-25.8%。 - 52-week range RMB9.37 to RMB16.17.
52周区间9.37元至16.17元。 - Market capitalisation RMB1.99bn; P/E TTM not meaningful (loss-making); price to book 2.08x.
总市值19.94亿元；市盈率（TTM）不适用（亏损）；市净率2.08倍。 - Revenue 2025 RMB1.62bn; 2024 RMB3.00bn; change -45.8%.
营业收入2025年16.25亿元；2024年30.01亿元；同比-45.8%。 - Attributable net profit 2025 -RMB194.9m; 2024 RMB108.9m; change -279.1% (from a profit to a loss).
归属于母公司股东的净利润2025年-1.95亿元；2024年1.09亿元；同比-279.1%（由盈转亏）。 - Net profit excluding non-recurring items, 2025 change -444.0%.
2025年扣除非经常性损益后的净利润同比-444.0%。 - Basic EPS 2025 -RMB1.11; 2024 RMB0.62.
基本每股收益2025年-1.11元；2024年0.62元。 - Operating cash flow per share 2025 -RMB0.37; 2024 RMB0.20.
每股经营现金流2025年-0.37元；2024年0.20元。 - 2025 gross margin 17.4%; net margin -12.0%; ROE -16.3%.
2025年毛利率17.4%；净利率-12.0%；净资产收益率-16.3%。 - At 30 Jun 2026: liabilities to assets 62.1%; current ratio 1.44; quick ratio 1.31; receivable days 259; inventory days 86.
截至2026年6月30日：资产负债率62.1%；流动比率1.44；速动比率1.31；应收账款周转天数259；存货周转天数86。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB435.7m, change -49.8%; attributable net profit -RMB92.5m, change -1,017.1% (from a profit to a loss); operating cash flow per share -RMB0.71.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入4.36亿元，同比-49.8%；归母净利润-9,251.4万元，同比-1,017.1%（由盈转亏）；每股经营现金流-0.71元。 - In the 12 months to 25 Sep 2026: 1 distinct filing classed critical, high or as a lift; by class: 1 filing classed Litigation. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共1份；按类别：归为诉讼仲裁的公告1份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 3 Apr 2026, Litigation (high): filing titled 《江山欧派关于公司及子公司诉讼的公告》.
2026年4月3日，诉讼仲裁：公告《江山欧派关于公司及子公司诉讼的公告》。 - Ownership: actual controller 吴水根; largest holder at 30 Jun 2026: 吴水根, 29.36%.
股权：实际控制人：吴水根；2026年6月30日第一大股东：吴水根，持股29.36%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Aurelian Grade E, score 9.6 of 100, graded within a peer group of 76 companies in its industry; no rank among peers is given.
金源评级E，得分9.6（满分100），于行业同业76家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。