Core Viewpoint - The home furnishing industry is experiencing a wave of control changes among companies, driven by a need for restructuring due to mismatches in supply and demand, leading to a shift from scale expansion to quality competition [1][3][5]. Group 1: Control Changes - In early 2026, several home furnishing companies announced significant changes in control, including *ST Dongyi completing its restructuring and adopting a "home decoration + computing power" operational model [2][3]. - Other companies, such as Yibang Ceiling and Keli Da, are also undergoing control changes, with Yibang Ceiling's actual controller planning to transfer control to Shicheng Group's founder [3][4]. - The trend of control changes is seen as a necessary response to the industry's adjustment period and declining terminal demand, indicating a shift towards self-rescue and proactive transformation among traditional home furnishing enterprises [3][5]. Group 2: Performance Challenges - Many home furnishing companies are facing declining performance, with *ST Dongyi reporting a revenue drop of 52.02% year-on-year to 544 million yuan in the first three quarters of 2025, alongside a net loss of 58 million yuan [4]. - Other companies, such as Pinao and Yibang Ceiling, also reported significant revenue declines, with Pinao's revenue decreasing by 37.27% and Yibang Ceiling's by 20.59% in the same period [4]. Group 3: Industry Restructuring - The influx of new controlling parties is bringing cross-industry resources and strategies, with a focus on integrating AI technology into traditional business models, as seen with *ST Dongyi's new operational approach [6][7]. - The home furnishing industry is attracting new players from technology and capital sectors, which is expected to drive a transformation from product manufacturing to intelligent solution service providers [6][7]. - The ongoing control changes are accelerating industry reshuffling, concentrating advantageous resources among high-quality enterprises, while companies lacking core technology and operational capabilities face potential elimination from the market [6][7].

华福证券在研报表示，在反内卷加速供给侧改革预期下，建材产能周期有望迎来拐点，并且预期来看， 利率下行有利购房意愿修复，收储及城改有助购房能力修复，购房意愿及能力边际修复预期预计推动房 地产市场基本面企稳概率增加，亦有望推动地产后周期需求修复。 北京商报讯（记者 翟枫瑞）1月20日，装修建材板块增长，以17486.43点收盘，涨幅为1.30%。在板块 带动下，多只装修建材股股价实现增长。康欣新材以4.72元/股收盘，涨幅为10.02%，领涨装修建材 股。三棵树以48.38元/股收盘，涨幅为10.00%，涨幅位列装修建材股第二。顾家家居以33.80元/股收 盘，涨幅为7.81%，涨幅位列装修建材股第三。除此之外，美克家居以2.86元/股收盘，跌幅为8.33%， 领跌装修建材股。雄塑科技以10.70元/股收盘，跌幅为4.12%，跌幅位列装修建材股第二。悦心健康以 5.08元/股收盘，跌幅为2.68%，跌幅位列装修建材股第三。 ...

Industry Overview - The home building materials industry is experiencing a significant downturn, with many listed companies reporting declines in net profit or losses for 2025, reflecting common challenges faced across the sector [1] - The ongoing slump in the real estate market is the primary factor affecting demand for home building materials, leading to reduced engineering orders and weak retail market demand, which in turn has resulted in sales revenues falling short of expectations [1] - Intense market competition has pressured product prices, and the slow recovery of end-consumer spending has eroded gross margins for many companies [1] - Some companies have made substantial asset impairment provisions based on asset recoverability and industry outlook adjustments, further dragging down current profits [1] - Many companies are proactively implementing measures such as executive salary reductions, optimizing channels, and advancing global capacity layouts to improve efficiency [1] Company-Specific Insights - Mona Lisa (002918.SZ) expects a net profit of 45 million to 66 million yuan for 2025, a decline of 47.18% to 63.99% year-on-year, primarily due to intense competition and reduced orders from the real estate sector [3] - ILO Home (603326.SH) anticipates a net profit of 171 million to 190 million yuan for 2025, representing a year-on-year increase of 40.78% to 56.42%, driven by a differentiated brand strategy and improved retail operations [4] - Red Star Macalline (601828.SH) expects to report a loss for 2025, attributed to the ongoing downturn in the real estate market and a significant decline in rental income [4] - Jinyu Group (601992.SH) forecasts a loss of 900 million to 1.2 billion yuan for 2025, impacted by the downturn in the building materials and real estate sectors [5] - Haolaike (603898.SH) projects a net profit of 13.5 million to 20 million yuan for 2025, a decrease of 75.16% to 83.23% year-on-year, due to a sluggish home consumption market [5] - Qu Mei Home (603818.SH) expects a net loss of 110 million to 75 million yuan for 2025, with a reduction in losses compared to the previous year [6] - Songlin Technology (603992.SH) anticipates a net profit of 180 million to 210 million yuan for 2025, a decrease of 52.96% to 59.68% year-on-year, affected by macroeconomic challenges and trade tensions [6] - Meike Home (600337.SH) is also expected to report a negative net profit for 2025, influenced by macroeconomic fluctuations and insufficient market demand [7]

Core Viewpoint - The recent shutdown of Meike Home's Tianjin factories has raised significant concerns about the company's operational status and financial health, with reports of unpaid wages and ongoing losses since 2022 [2][3][5]. Group 1: Company Operations and Financial Performance - Meike Home announced the suspension of operations at its two wholly-owned subsidiaries in Tianjin due to a combination of internal and external factors, including a downturn in the real estate market and poor demand in the home furnishing industry [5]. - The company has faced substantial financial losses, with cumulative losses exceeding 1.8 billion yuan over three years, and revenue declining from 4.496 billion yuan in 2022 to 3.395 billion yuan in 2024 [3][9]. - As of September 2025, Meike Home's cash reserves were only 116 million yuan, while short-term borrowings reached 946 million yuan, indicating severe liquidity issues [11]. Group 2: Employee Issues and Labor Relations - Workers at the Tianjin factories reported being owed wages for five months prior to the shutdown, leading to dissatisfaction with the company's proposal to compensate with a mix of cash and furniture [4][5]. - The company has committed to clearing all wage arrears through a government-regulated account, but employees are still pursuing promised severance compensation [4][5]. Group 3: Management and Strategic Direction - The company's management has been criticized for being outdated, with an average age of 49 among senior executives, which may hinder its ability to adapt to market changes [13]. - Despite attempts at reform under the leadership of the founder's son, who took over as chairman in 2022, the company's performance has continued to decline [13]. Group 4: Market Challenges and Industry Context - The challenges faced by Meike Home reflect broader issues within the home furnishing industry, which is experiencing weak demand and financial pressure due to the real estate market's downturn [11]. - Other companies in the sector, such as Oppein and Kuka Home, have also reported declining performance, indicating a widespread trend [11]. Group 5: Controversial Strategic Moves - In a surprising move, Meike Home announced plans to acquire Shenzhen Wandeng Technology, aiming to diversify into the AI computing sector despite its ongoing financial struggles [20]. - This acquisition has sparked debate among investors, as it may exacerbate the company's cash flow issues while lacking relevant experience in the new industry [20].

Group 1 - The renovation and building materials sector experienced growth, closing at 17,261.91 points with an increase of 1.75% [1] - Several stocks in the renovation and building materials sector saw price increases, with Aibang Ceiling (002718) leading at 61.08 CNY per share, up 9.99% [1] - Meike Home (600337) closed at 3.12 CNY per share, with a rise of 9.86%, ranking second in the sector [1] - Kaier New Materials (300234) closed at 6.23 CNY per share, increasing by 7.79%, ranking third in the sector [1] Group 2 - Jiangshan Oupai (603208) led the decline in the sector, closing at 15.22 CNY per share with a drop of 3.85% [1] - Xilinmen closed at 21.10 CNY per share, down 2.27%, ranking second in the decline [1] - Songlin Technology (603992) closed at 42.04 CNY per share, decreasing by 2.12%, ranking third in the decline [1] Group 3 - Dongwu Securities indicated that the improvement in the market structure will become more evident due to the effects of good housing and urban renewal policies on both supply and demand [1] - The application of AI is expected to accelerate the development of smart home appliances by 2026, driven by the matching of models and computing power [1]

证券之星消息，1月19日家居用品板块较上一交易日上涨1.0%，美克家居领涨。当日上证指数报收于 4114.0，上涨0.29%。深证成指报收于14294.05，上涨0.09%。家居用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600337 | 美克家居 | 3.12 | 9.86% | 127.62万 | 3.81亿 | | 301055 | 张小泉 | 25.40 | 4.35% | 9.47万 | 2.37亿 | | 603221 | 爱刚家居 | 13.68 | 4.11% | 11.08万 | 1.50亿 | | 605099 | 共创草坪 | 43.30 | 4.06% | 1 6.37万 | 2.79亿 | | 603408 | 建雲家居 | 13.63 | 3.65% | 7.88万 | 1.07亿 | | 002615 | 哈尔斯 | 8.04 | 3.61% | 16.97万 | 1.35亿 | | 300616 | 尚品宅配 | 15.32 | 3. ...

证券之星消息，1月16日家居用品板块较上一交易日下跌0.28%，美克家居领跌。当日上证指数报收于 4101.91，下跌0.26%。深证成指报收于14281.08，下跌0.18%。家居用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301595 | 太力科技 | 53.55 | 10.53% | 8.67万 | | 4.58亿 | | 603216 | 梦天家居 | 49.16 | 10.00% | 7.28万 | | 3.48亿 | | 603272 | 联翔股份 | 23.17 | 7.77% | 7.39万 | | 269 T | | 301575 | 艾芬达 | 55.36 | 7.16% | 4.47万 | | 2.44亿 | | 603389 | *ST亚振 | 48.37 | 4.99% | 2.68万 | | 1.28亿 | | 001221 | 悍高集团 | 62.70 | 4.71% | 4.08万 | | 2.51亿 | | 3007 ...

Core Viewpoint - The home furnishing industry is undergoing a deep adjustment period, leading to the accelerated elimination of inefficient production capacity. Companies like Meike Home are seeking new breakthroughs through cross-industry transformations and acquisitions to navigate this challenging landscape [1][3]. Financial Performance - Meike Home expects a negative profit total for 2025, with a projected net profit loss for shareholders. In the first three quarters of 2025, the company reported revenue of 2.223 billion yuan, a year-on-year decline of 10.10%, and a net profit loss of 220 million yuan [3][4]. - The company's revenue has been on a downward trend since 2020, with cumulative net profit losses of 1.625 billion yuan from 2022 to 2024. Historical revenue figures show a decline from 5.588 billion yuan in 2019 to 3.395 billion yuan in 2024 [5][6]. Operational Adjustments - Meike Home has decided to suspend operations at its subsidiaries in Tianjin due to an average production capacity utilization rate of less than 20%. This move aims to optimize idle capacity and reduce losses while accelerating strategic transformation [4][6]. - The company is also reducing its number of stores from 471 to 327 between 2022 and 2024, indicating a strategic shift to address inefficiencies in its traditional large-store model [6]. Strategic Transformation - Meike Home is planning to acquire 100% of Wande Guangdian, a company focused on high-speed copper cable, as part of its strategy to enter the AI computing power sector. This acquisition is seen as a way to diversify and enhance the company's growth potential [7][8]. - The AI market is experiencing rapid growth, with projections indicating a 20% increase in general computing power and a 43% increase in intelligent computing power in China by 2025. This presents a significant opportunity for Meike Home's strategic pivot [7][8]. Industry Context - The home furnishing industry is witnessing increased brand differentiation, and Meike Home's actions reflect a proactive approach to navigate the cyclical challenges faced by traditional enterprises. The success of its transformation will depend on effective resource integration and balancing core business recovery with new business expansion [3][8].

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。 证券代码：600337 证券简称：美克家居 公告编号：临 2026-007 美克国际家居用品股份有限公司 股票交易异常波动公告 （二）重大事项情况 重要内容提示： 美克国际家居用品股份有限公司（以下称"公司"）股票于 2026 年 1 月 9 日、1 月 12 日、1 月 13 日连续三个交易日内收盘价格跌幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动情 形。 经公司自查并向公司控股股东、实际控制人核实，截至本公告披露日， 公司不存在应披露而未披露的重大信息。 敬请广大投资者注意二级市场交易风险，审慎决策，理性投资。 一、股票交易异常波动的具体情况 公司股票于 2026 年 1 月 9 日、1 月 12 日、1 月 13 日连续三个交易日内收盘 价格跌幅偏离值累计超过 20%，根据《上海证券交易所交易规则》相关规定，属 于股票交易异常波动。 二、公司关注并核实的相关情况 针对公司股票交易异常波动情况，公司对相关事项进行了核查，现就有关情 ...

美克家居公告称，公司股票于2026年1月9日、1月12日、1月13日连续三个交易日内收盘价格跌幅偏离值 累计超20%，属异常波动。经自查，公司经营情况、内外部环境未变，无应披露未披露重大信息，未发 现影响股价的媒体报道、市场传闻及热点概念事项，董高控在此期间无买卖公司股票情况。公司提示投 资者注意交易风险。 ...