证券代码：600337 证券简称：美克家居 公告编号：临 2025-052 美克国际家居用品股份有限公司 关于为控股子公司提供担保的进展公告 | | 被担保人名称 | 美克数创（赣州）家居智造有限公司（以 下称"美克数创"）。 | | --- | --- | --- | | | 本次担保金额 | 990.00 万元 | | 担保对象 | 实际为其提供的担保余额 | 46,640.00 万元 | | | 是否在前期预计额度内 | □否 □不适用：_________ 是 | | | 本次担保是否有反担保 | 是 □否 □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公 | 146,064.39 | | 司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期经 | 53.19 | | 审计净资产的比例（%） | | | 特别风险提示 | 对外担保总额（含本次）超过上市公司最近一期经 | | | 审计净资产 50% | | | □对外担保总额（含本次）超过上市公司最近一期经 | | | 审计 ...

Market Overview - The home goods sector experienced a decline of 0.68% on September 25, with Chahua Co. leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Top Performers - Shuangqiang Technology (001211) saw a significant increase of 9.98%, closing at 27.43 with a trading volume of 47,400 shares and a turnover of 127 million [1] - Filinger (603226) rose by 7.18%, closing at 35.23 with a trading volume of 138,800 shares and a turnover of 493 million [1] - ST Huapeng (603021) increased by 4.98%, closing at 4.64 with a trading volume of 53,500 shares and a turnover of 24.4 million [1] Underperformers - Yuhua Co. (603615) declined by 6.57%, closing at 25.19 with a trading volume of 108,900 shares and a turnover of 280 million [2] - Mona Lisa (002918) fell by 5.86%, closing at 17.04 with a trading volume of 222,800 shares and a turnover of 393 million [2] - Haotaitai (603848) decreased by 4.77%, closing at 20.96 with a trading volume of 138,900 shares and a turnover of 294 million [2] Capital Flow - The home goods sector saw a net outflow of 116 million from institutional investors, while retail investors experienced a net outflow of approximately 38.7 million [2] - Conversely, speculative funds recorded a net inflow of 154 million [2] Individual Stock Capital Flow - Filinger (603226) had a net inflow of 28.27 million from institutional investors, while it faced a net outflow of 21.85 million from speculative funds [3] - Shuangqiang Technology (001211) experienced a net inflow of 21.93 million from institutional investors, with a net outflow of 11.60 million from speculative funds [3] - Tianzhen Co. (301356) saw a net inflow of 21.10 million from institutional investors, while it had a net inflow of 13.48 million from speculative funds [3]

Group 1 - The core viewpoint of the news is that Meike Home's stock has experienced fluctuations, with a year-to-date increase of 26.22% but a recent decline of 14.07% over the past five trading days [1] - As of September 25, Meike Home's stock price was 2.32 yuan per share, with a market capitalization of 3.334 billion yuan [1] - The company has seen a net outflow of 172,500 yuan in principal funds, with significant buying and selling activity in large orders [1] Group 2 - Meike Home's main business involves the production and sales of mid-to-high-end furniture and related products, with international wholesale home goods accounting for 53.78% of revenue and domestic retail home goods 45.24% [1][2] - For the first half of 2025, Meike Home reported operating revenue of 1.5 billion yuan, a year-on-year decrease of 8.11%, while the net profit attributable to the parent company was -87.9815 million yuan, an increase of 68.09% year-on-year [2] - The company has a total of 28,900 shareholders as of June 30, with a decrease of 10.85% from the previous period [2] Group 3 - Meike Home has distributed a total of 1.321 billion yuan in dividends since its A-share listing, with 17.2225 million yuan distributed in the last three years [3]

Group 1 - The stock of Meike Home has experienced a significant increase, with three limit-ups recorded in five trading days, resulting in a cumulative increase of 9.42% and a turnover rate of 51.23% [2] - As of 9:40 AM, the stock's trading volume reached 53.72 million shares, with a transaction amount of 126 million yuan, and a turnover rate of 3.74% [2] - The total market capitalization of the stock in the A-share market is currently 3.506 billion yuan [2] Group 2 - The latest margin trading data shows that as of September 22, the margin balance for the stock is 99.4717 million yuan, with a financing balance of 99.3598 million yuan, which increased by 13.8379 million yuan from the previous trading day, reflecting a growth of 16.18% [2] - Over the past five days, the margin balance has cumulatively increased by 22.4761 million yuan, representing a growth of 29.23% [2] - The stock has appeared on the Dragon and Tiger list twice due to a cumulative deviation in the increase of 20% over three consecutive trading days, with a daily deviation of 7% and a daily fluctuation of 15% [2] Group 3 - The company's semi-annual report indicates that it achieved an operating income of 1.5 billion yuan in the first half of the year, a year-on-year decrease of 8.11%, while the net profit was -87.9815 million yuan, an increase of 68.09% year-on-year [2] - The basic earnings per share for the company is -0.0600 yuan [2] - Meike International Home Products Co., Ltd. was established on August 16, 1995, with a registered capital of 1.436998137 billion yuan [2]

Market Overview - On September 22, the home goods sector declined by 1.08%, with Meike Home leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Top Performers in Home Goods Sector - The following companies showed significant gains: - Senying Windows (301227) closed at 44.00, up 11.25% with a trading volume of 49,700 shares and a turnover of 213 million [1] - Yuma Technology (300993) closed at 22.41, up 10.61% with a trading volume of 464,700 shares and a turnover of 1.01 billion [1] - Filinger (603226) closed at 31.45, up 10.00% with a trading volume of 79,300 shares and a turnover of 23.9 million [1] - Hango Group (001221) closed at 67.41, up 10.00% with a trading volume of 104,000 shares and a turnover of 671 million [1] - Meng Tian Home (603216) closed at 18.40, up 6.30% with a trading volume of 150,600 shares and a turnover of 28.2 million [1] Underperformers in Home Goods Sector - The following companies experienced notable declines: - Meike Home (600337) closed at 2.22, down 8.64% with a trading volume of 1,839,600 shares and a turnover of 414 million [2] - Haotaitai (603848) closed at 27.18, down 8.18% with a trading volume of 85,700 shares and a turnover of 241 million [2] - Meizhi Gao (834765) closed at 22.53, down 5.73% with a trading volume of 23,500 shares and a turnover of 53.5 million [2] Capital Flow Analysis - On the same day, the home goods sector saw a net outflow of 130 million from institutional investors, while retail investors experienced a net outflow of 56.57 million [2] - The following companies had significant capital inflows from institutional investors: - Meng Tian Home (603216) had a net inflow of 21.19 million, accounting for 7.52% of total capital [3] - Filinger (603226) had a net inflow of 9.49 million, accounting for 3.98% of total capital [3] - Senying Windows (301227) had a net inflow of 8.21 million, accounting for 3.86% of total capital [3]

New Stock Issuance - New stock issuance for Aomeisen (证券代码: 920080) is priced at 8.25 RMB per share[1] - The last trading day for Zitian (证券代码: 300280) is in 9 trading days[1] - Zhonghuan Hailu (证券代码: 301040) and Jishi Media (证券代码: 601929) have recent announcements regarding their stock status[1] Market Alerts - Significant abnormal fluctuations reported for Xian Dao Intelligent (证券代码: 300450) and Hangke Technology (证券代码: 688006)[2] - ST Green Kang (证券代码: 002868) and ST Gao Hong (证券代码: 000851) are under scrutiny due to recent trading activities[1] - ST Xin Tong (证券代码: 600289) and ST Ya Zhen (证券代码: 603389) have also been flagged for unusual market behavior[1] Trading Insights - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring and regulatory compliance[1] - The document highlights the importance of tracking stock performance and regulatory updates for informed investment decisions[1]

Core Viewpoint - The renovation and building materials sector experienced a slight decline, with the index closing at 15,104.15 points, down 0.66% on September 22. This decline affected individual stocks within the sector, leading to varying degrees of losses and gains among them [1]. Sector Performance - The renovation and building materials sector index closed at 15,104.15 points, reflecting a decrease of 0.66% [1]. - Major decliners included: - Meike Home, closing at 2.21 CNY per share, down 9.05% [1]. - Gongyuan Co., closing at 4.87 CNY per share, down 4.51% [1]. - Guditech, closing at 4.21 CNY per share, down 3.44% [1]. - Major gainers included: - Youbang Ceiling, closing at 26.77 CNY per share, up 9.98% [1]. - Senying Windows, closing at 42.86 CNY per share, up 8.37% [1]. - Filinger, closing at 30.43 CNY per share, up 6.44% [1]. Market Outlook - CITIC Securities forecasts that by the first half of 2025, the transaction area of residential land (including comprehensive plots) will show a year-on-year increase, indicating a recovery in land acquisition enthusiasm among companies, which is expected to positively impact new construction areas [1]. - The waterproofing sector is recommended due to its correlation with construction activity and the noticeable increase in industry concentration. Additionally, prices of waterproof products are stabilizing amid the "anti-involution" trend in China [1].

Core Viewpoint - The company, Meike Home (600337.SH), acknowledges facing operational challenges due to macroeconomic conditions, ongoing adjustments in the real estate sector, and fluctuations in consumer markets, prompting a strategic transformation towards a "direct sales + franchise" dual-driven model to enhance efficiency and stability [1][2][4]. Group 1: Operational Challenges and Responses - The company emphasizes the importance of addressing various operational challenges and is committed to optimizing cash flow and asset structure while ensuring employee rights are protected [1][2]. - Measures have been implemented to enhance cash flow and maintain operational stability, including collaboration with banks and partners to manage payables effectively [1][4]. - The company has closed four underperforming stores and reduced redundant space in larger stores to lower rental and operational costs, demonstrating a focus on employee welfare during the transition [2][4]. Group 2: Strategic Transformation - The strategic shift towards a "direct sales + franchise" model aims to optimize cost structures and improve expansion efficiency, with significant progress noted in store cost control [2][3]. - The company is focusing on retaining flagship stores in core cities to maintain brand image and service quality while expanding its franchise network to penetrate lower-tier markets [3][4]. - The brand's image and visual systems are being upgraded to enhance market presence and brand recognition [3][10]. Group 3: Growth Engines - The company's bulk business has emerged as a new growth engine, with a focus on large enterprises and high-end real estate developers, effectively countering retail market volatility [4][7]. - International business has become a highlight, with successful market penetration in South America and the Middle East, contributing significantly to revenue [7][10]. - The company’s participation in international events, such as the Milan International Furniture Fair, has bolstered its global brand influence [8][10]. Group 4: Brand and Market Positioning - The company has developed a multi-brand strategy to cater to diverse consumer needs, enhancing its market adaptability and reach [10]. - The brand value of "Meike Home" reached 36.19 billion yuan, while "A.R.T." surpassed 10 billion yuan, indicating a positive trend in brand valuation [10]. - Future strategies will focus on digital transformation, optimizing brand portfolios, and expanding bulk and international business to transition from a traditional retailer to a comprehensive home solution provider [10].

Core Viewpoint - The company, Meike Home, is facing significant challenges due to a combination of a declining real estate market and tightening consumer spending, leading to a continuous drop in revenue and persistent losses over the past three years [1][5]. Financial Performance - Meike Home has experienced a cumulative loss exceeding 1.6 billion yuan from 2022 to 2024, with a loss of 879.8 million yuan in the first half of this year, although this is a significant reduction from the 2.76 billion yuan loss in the same period last year [5][6]. - The company's revenue for 2024 was 3.395 billion yuan, down 18.83% year-on-year, while operating costs only decreased by 6.23% to 2.243 billion yuan [6]. - The direct sales business, which is a core segment, saw a revenue decline of 25.74% in 2024, with operating costs increasing by 0.70% [7]. Operational Challenges - The company has been facing cash flow issues, with a debt ratio of 63.10% and only 156 million yuan in cash as of June 2025, indicating that short-term assets cannot cover short-term liabilities [7]. - The number of Meike Meijia stores decreased from 141 in 2023 to 111 in 2024, with a further closure of 12 stores in the first half of this year [7]. Employee and Supplier Issues - There have been reports from employees about delayed salary payments, with some claiming wages have not been paid for several months [2][3]. - Suppliers have also reported unpaid debts, with one supplier winning a lawsuit against Meike Home for unpaid renovation fees from 2022 [3]. Market Adaptation and Strategy - The company is attempting to adapt to market trends by introducing modern minimalist furniture designs, but the pace of change has been slow due to its large scale [9]. - Meike Home is diversifying its business model by combining direct sales and franchising, while also expanding into new markets and product lines, including aging-friendly and integrated home solutions [10][11].

Core Viewpoint - Employees of Meike Home have reported multiple months of unpaid wages, indicating significant financial distress within the company [2][3][4] Employee Compensation Issues - Employees have claimed that wage delays began in 2024, initially extending to one week and later escalating to several months [3] - A group of over 400 employees has formed to address wage disputes, with many reporting unpaid commissions and severance [4] - Meike Home has also been accused of owing payments to suppliers, with one supplier winning a court case for unpaid renovation fees [4] Financial Performance and Challenges - Meike Home has experienced a decline in revenue for three consecutive years, with cumulative losses exceeding 1.6 billion yuan from 2022 to 2024 [6][7] - In the first half of 2024, the company reported a loss of 87.98 million yuan, although this was a significant reduction from the previous year's loss of 276 million yuan [6] - The company's revenue for 2024 was 3.395 billion yuan, down 18.83% year-on-year, while operating costs decreased only by 6.23% [7] Operational Adjustments - The company has been reducing its store footprint, with the number of Meike Home stores decreasing from 141 in 2023 to 111 in 2024 [8] - Despite reducing store area by 19.20%, rental and property costs increased by 12.47% to 496 million yuan [8] - As of mid-2025, the company's debt situation has worsened, with a debt-to-asset ratio of 63.10% and cash reserves of only 156 million yuan [9] Market Adaptation and Product Strategy - Employees have noted a mismatch between Meike Home's product offerings and current market trends, particularly a shift towards minimalist designs preferred by younger consumers [10] - The company has attempted to adapt by introducing modern minimalist products, but the pace of change has been slow due to its large scale [10] - Meike Home is also diversifying its business model by combining direct sales with franchising to enhance market penetration [11] Growth Initiatives - The company is expanding its international business, achieving over 807 million yuan in revenue from international operations in the first half of 2025, accounting for more than 50% of total revenue [11] - Meike Home is focusing on large-scale business collaborations with leading real estate companies and high-end hotels, which have become a new growth driver [11]