证券代码：600337 证券简称：美克家居 公告编号：临 2025-049 美克国际家居用品股份有限公司 关于完成工商变更登记的公告 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。 名称：美克国际家居用品股份有限公司 统一社会信用代码：916501006255516701 类型：其他股份有限公司（上市） 注册资本：壹拾肆亿叁仟陆佰玖拾玖万捌仟壹佰叁拾柒元整 成立日期：1995 年 8 月 16 日 美克国际家居用品股份有限公司（以下称"公司"）于 2025 年 7 月 11 日、 2025 年 7 月 28 日分别召开第八届董事会第三十七次会议、2025 年第三次临时股 东大会，审议通过了《关于变更公司注册地址、取消监事会、修订<公司章程> 并办理工商变更登记的议案》。具体内容详见公司于 2025 年 7 月 12 日、2025 年 7 月 29 日在《上海证券报》 《证券时报》及上海证券交易所网站 （www.sse.com.cn）披露的相关公告。 近日，公司完成了工商变更登记手续并取得了赣州市行政审批局换发的《营 业执照》， ...

Group 1 - The company Meike Home (600337.SH) announced that as of August 31, 2025, it has repurchased a total of 1.79 million shares, which accounts for 0.12% of the company's total share capital [1] - The highest purchase price for the repurchased shares was 1.57 CNY per share, while the lowest was 1.47 CNY per share [1] - The total amount paid for the repurchased shares, excluding transaction taxes and fees, was 2.6748 million CNY [1]

Core Viewpoint - Meike Home's financial performance for the first half of 2025 shows a decline in revenue and an increase in net loss, indicating ongoing challenges in its business model and financial health [1][5]. Financial Performance Summary - Total revenue for the first half of 2025 was 1.5 billion yuan, a decrease of 8.11% year-on-year [1]. - The net profit attributable to shareholders was -879.815 million yuan, an increase in loss of 68.09% compared to the previous year [1]. - In Q2 2025, total revenue was 774 million yuan, down 4.51% year-on-year, with a net profit of -193 million yuan, a decline of 61.67% [1]. - The gross margin was 33.68%, down 13.41% year-on-year, while the net margin was -5.63%, an improvement of 66.37% [1]. - Total expenses (selling, administrative, and financial) amounted to 770 million yuan, accounting for 51.32% of revenue, a decrease of 13.68% year-on-year [1]. Cash Flow and Debt Analysis - The cash flow from operating activities showed a significant increase of 2283.26%, indicating improved cash management despite ongoing losses [4]. - The liquidity ratio was 0.84, indicating rising short-term debt pressure [1][7]. - The company’s cash and cash equivalents decreased by 67.49% year-on-year, highlighting liquidity concerns [1]. Accounts Receivable and Other Financial Metrics - Accounts receivable increased by 82.01% year-on-year, suggesting potential issues with cash collection [1][2]. - The company’s financial expenses decreased by 14.41%, reflecting reduced interest expenses [3]. - The research and development expenses decreased by 6.80%, indicating potential cutbacks in innovation efforts [4]. Business Model and Historical Performance - The company's business model relies heavily on research and marketing, which requires careful evaluation of underlying drivers [6]. - Historical performance shows a median Return on Invested Capital (ROIC) of 6.63% over the past decade, with a particularly poor ROIC of -9.43% in 2024 [5].

Group 1 - The core viewpoint of the article is that Meike Home (600337.SH) reported a decline in revenue and a net loss for the first half of 2025 compared to the previous year [1] Group 2 - The company achieved a total operating revenue of 1.5 billion yuan in the first half of 2025, representing a year-on-year decrease of 8.11% [1] - The net profit attributable to shareholders of the parent company was -87.9815 million yuan, which is an improvement of 188 million yuan compared to the same period last year [1] - The basic earnings per share were -0.06 yuan [1]

Group 1 - The core viewpoint of the news is that Meike Home's shareholder count has decreased significantly while the average shareholding value has increased, indicating a shift in investor behavior despite a rise in stock price [1][2] - As of June 30, 2025, Meike Home had 28,928 shareholders, a decrease of 3,521 shareholders or 10.85% from March 31, 2025 [1][2] - The average shareholding per shareholder increased from 44,300 shares to 49,700 shares, with an average market value of 109,800 yuan [1][2] Group 2 - The stock price of Meike Home increased by 26.29% from March 31, 2025, to June 30, 2025, despite the reduction in shareholder count [1][2] - During the same period, the net outflow of main funds was 66.54 million yuan, while retail investors saw a net inflow of 95.24 million yuan [2] - The company experienced a net outflow of financing of 7.36 million yuan and a decrease in financing balance, along with a net outflow of 31,100 yuan in securities lending [2]

Core Viewpoint - Meike Home (600337) reported its 2025 semi-annual results, highlighting the challenges faced by the home furnishing industry amid a complex global economic environment. The company is focusing on high-quality development by optimizing its operations and leveraging AI technology as an innovation driver [1] Group 1: Operational Efficiency and Financial Performance - In the first half of 2025, Meike Home implemented a "business entity" reform, establishing a market-oriented operational system that enhances organizational efficiency through a closed-loop management model [2] - The company achieved a revenue of 1.5 billion yuan, with domestic retail contributing 679 million yuan and international wholesale contributing 807 million yuan. Cost reduction measures included closing four inefficient stores and optimizing store sizes, leading to significant rent savings and improved operational efficiency [2] - The company experienced a strategic breakthrough in its bulk business, with revenue growth of 183% compared to the same period in 2024, targeting large enterprises and high-end clients [3] Group 2: Marketing and Customer Engagement - Meike Home is transitioning to a "light asset model" in the domestic market, focusing on high-end real estate collaborations and social engagement to penetrate premium customer segments [4] - The company has established deep partnerships with leading real estate developers and conducted over 30 community events, creating a private domain pool of over 3,000 high-value members, contributing to 57% of channel sales [4] - The company segments its customer base to efficiently respond to diverse B2B and B2C needs, enhancing its marketing strategies through targeted approaches [4] Group 3: Technological Innovation - Meike Home is a pioneer in applying AI technology in the domestic home furnishing sector, launching AI tools that have generated significant user engagement and sales conversion [7] - The company’s self-developed platform has undergone significant upgrades, enhancing user experience and operational efficiency through integrated functionalities [7] - Future plans include launching advanced customization features and further enhancing AI applications to improve sales consultant efficiency and user experience [7] Group 4: Global Expansion and Supply Chain Management - Meike Home has established a robust global supply chain with production bases in North America, Southeast Asia, and China, effectively managing external risks [8] - The company has initiated cost restructuring and supply chain reconfiguration in response to tariff impacts, ensuring stable gross margins [8] - The company has made significant inroads into non-U.S. markets, including Brazil and the Middle East, and plans to increase investments in emerging markets [8]

证券代码：600337 证券简称：美克家居 编号：临 2025-045 美克国际家居用品股份有限公司 第八届董事会第三十八次会议决议公告 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。 美克国际家居用品股份有限公司（以下称"公司"）第八届董事会第三十八 次会议于 2025 年 8 月 28 日以通讯方式召开，会议通知已于 2025 年 8 月 22 日以 书面形式发出。公司董事共 9 人，参会董事 9 人，会议召集、召开符合《公司法》 和《公司章程》的规定。与会董事以通讯表决方式一致通过如下决议： 一、审议通过了公司《2025 年半年度报告及摘要》 表决结果：同意 9 票、反对 0 票、弃权 0 票 本议案在提交董事会审议前已经公司第八届董事会审计委员会审议通过。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的 《2025 年半年度报告》及《2025 年半年度报告摘要》。 2 为保障公司生产经营发展需要，2024 年 9 月，公司与江苏资管以债务重组 方式开展业务合作，期限 1 年，于 2025 ...

Core Viewpoint - The report highlights the financial performance and operational strategies of Markor International Home Furnishings Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit while emphasizing the company's efforts to adapt to market challenges and enhance operational efficiency [1][9]. Financial Performance - The company reported a revenue of approximately 1.5 billion yuan for the first half of 2025, representing an 8.11% decrease compared to the same period in the previous year [2][3]. - The total profit for the period was a loss of approximately 92.43 million yuan, an improvement from a loss of 322.94 million yuan in the previous year [2][3]. - The net profit attributable to shareholders was a loss of about 87.98 million yuan, compared to a loss of 275.69 million yuan in the same period last year [2][3]. - The net cash flow from operating activities was approximately 56.20 million yuan, a significant increase from 2.36 million yuan in the previous year [2][3]. - The company's total assets decreased by 8.96% to approximately 7.26 billion yuan compared to the end of the previous year [2][3]. Industry Overview - The domestic home furnishing market is experiencing a moderate recovery, with retail sales of furniture reaching 78.2 billion yuan, a year-on-year increase of 3.8% [3][9]. - The report notes that the home furnishing industry is facing challenges due to ongoing adjustments in the real estate market, weak consumer confidence, and international market uncertainties [3][9]. - The company is positioned as a comprehensive home furnishing provider, focusing on multi-brand and multi-channel strategies to meet diverse consumer needs [5][9]. Business Strategy - The company is implementing a market-oriented operational framework to enhance efficiency, including closing underperforming stores and optimizing retail space [9][10]. - Markor is focusing on high-end real estate partnerships and expanding its presence in core urban markets to drive sales growth [10][11]. - The company is leveraging AI technology to enhance customer experience and streamline design processes, with tools like "AI Smart Home" and "AI Xiaomei" [12][17]. Brand Value and Recognition - Markor's brands, including Meike Home and A.R.T., have been recognized in the "China's 500 Most Valuable Brands" list, with Meike Home valued at approximately 36.19 billion yuan, marking a significant increase from the previous year [19].

Core Insights - Markor International Home Furnishings Co., Ltd. reported a significant decline in total assets and net profit for the first half of 2025 compared to the previous year, indicating financial challenges [1][2]. Financial Performance - Total assets decreased to CNY 7,258.45 million, down 8.96% from CNY 7,972.83 million at the end of the previous year [1]. - Net assets attributable to shareholders fell to CNY 2,651.15 million, a decrease of 3.47% from CNY 2,746.32 million [1]. - Operating revenue for the period was CNY 1,500.38 million, representing an 8.11% decline from CNY 1,632.78 million in the same period last year [1]. - The total profit for the period was reported as a loss of CNY 92.43 million, an improvement from a loss of CNY 322.94 million in the previous year [1]. - Net profit attributable to shareholders was a loss of CNY 87.98 million, compared to a loss of CNY 275.69 million in the same period last year [1]. - The net cash flow from operating activities was CNY 56.20 million, a significant increase from CNY 2.36 million in the previous year [1]. Shareholder Information - The total number of shareholders as of the report date was 28,928 [1]. - The largest shareholder, Markor Investment Group Co., Ltd., holds 33.99% of the shares, totaling 488,449,350 shares [2].

Core Points - The company held its 38th meeting of the 8th Board of Directors on August 28, 2025, via telecommunication, with all 9 directors present and voting unanimously on key resolutions [1] - The company approved its 2025 semi-annual report and summary, which had previously been reviewed by the Audit Committee [1] - The company agreed to extend the mortgage guarantee for debt restructuring with Jiangsu Asset Management for an additional year, ensuring continued operational support [1] Summary by Sections - **Board Meeting Details** - The meeting was convened in accordance with the Company Law and Articles of Association, with all directors participating and voting [1] - **Approval of Semi-Annual Report** - The semi-annual report was approved with a unanimous vote of 9 in favor, with no opposition or abstentions [1] - **Debt Restructuring Guarantee** - The company decided to extend the mortgage guarantee related to a debt restructuring agreement initiated in September 2024, which is set to expire on September 9, 2025, for an additional year [1]