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。 ...

Core Viewpoint - Meike Home (600337) is undergoing a strategic restructuring by acquiring 100% equity of Wande Optical, marking its entry into the AI computing infrastructure sector, particularly in high-speed interconnect manufacturing [1] Group 1: Acquisition Details - The acquisition involves issuing shares and cash payments, along with raising supporting funds, aligning with regulatory encouragement for quality mergers and industrial upgrades [1] - The transaction has been approved by the board of directors, and the company's stock has resumed trading as the related procedures progress as planned [1] Group 2: Target Company Overview - Wande Optical is a key technology provider in the high-speed interconnect field, specializing in high-speed copper cables and LOOPBACK intelligent loopback testing modules, essential for efficient AI computing cluster operations [1] - The company has established a technological advantage in the domestic market with its self-developed 1.6T specification high-speed direct connection copper cables and active copper cable products [2] Group 3: Market Context and Future Trends - The acquisition occurs at a pivotal moment as data center interconnect technology transitions from electrical to optical solutions, with copper cables currently dominating short-distance transmission due to cost advantages [2] - The industry is expected to see a shift towards optical technology, which integrates optical engines with computing chips to significantly reduce power consumption and enhance transmission efficiency, with commercialization anticipated to begin in 2026 [2] Group 4: Strategic Implications - The acquisition allows Meike Home to capitalize on the surging demand for high-speed copper cables in the early stages of AI infrastructure development, potentially translating existing technological leadership into market advantages [3] - Successfully integrating Wande Optical could enable Meike Home to escape traditional business cycle constraints and transition into the core of the global technology industry, reshaping its business structure and growth potential [3]

Core Viewpoint - Meike Home is struggling with a transition between traditional and new business models, as evidenced by the recent announcement of factory shutdowns while planning a cross-industry acquisition of an optoelectronic company [1][4]. Group 1: Factory Shutdowns - Meike Home announced the shutdown of its subsidiaries, Meike International Furniture (Tianjin) Manufacturing Co., Ltd. and Meike International Furniture Processing (Tianjin) Co., Ltd., effective January 1 of this year [1]. - The shutdown is a response to significant operational losses, with average capacity utilization at the Tianjin factories below 20% [2][3]. - The Tianjin factory, established in 1997, is crucial to Meike Home's operations, being the site of its first chain store and a key asset for the company [1][2]. Group 2: Financial Performance - The Tianjin factories reported revenues of 602 million yuan and 281 million yuan for 2024 and the first nine months of 2025, respectively, with net profits of 3 million yuan and losses of 56 million yuan [3]. - The processing subsidiary reported revenues of 145 million yuan and 76 million yuan for the same periods, with net losses of 2.3 million yuan and 1.2 million yuan [3]. - Meike Home's overall revenue for the first three quarters of 2025 is projected at 2.223 billion yuan, a 10.1% decline year-on-year, with an expected net loss of 220 million yuan [4][5]. Group 3: Strategic Shift and Acquisition - Concurrently with the factory shutdown, Meike Home announced a cash acquisition of Shenzhen Wande Technology Co., Ltd., which has led to significant stock price volatility [4][5]. - The acquisition's details, including the transaction price, remain uncertain, raising questions about the company's ability to successfully transition from traditional to new business models [5].

Group 1 - The home goods sector increased by 1.17% on January 12, with QuSleep Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - QuSleep Technology's stock price rose by 9.56% to 62.60, with a trading volume of 62,100 shares and a transaction value of 383 million yuan [1] Group 2 - The home goods sector experienced a net outflow of 355 million yuan from institutional investors, while retail investors saw a net inflow of 288 million yuan [2] - Among the top gainers, Dinggu Jichuang and Zhang Xiaoqin also saw significant increases of 9.39% and 7.45%, respectively [1] - The trading data indicates that the sector's performance was mixed, with some stocks like Senying Windows and Meike Home experiencing declines of 9.33% and 2.60% [2] Group 3 - The net inflow of funds for major stocks included 27.43 million yuan for Oppein Home and 24.87 million yuan for QuSleep Technology, indicating strong interest from institutional investors [3] - Conversely, QuSleep Technology faced a net outflow of 7.61 million yuan from speculative funds, suggesting some volatility in investor sentiment [3] - The overall trading activity reflects a diverse range of investor behaviors, with retail investors showing a preference for certain stocks despite the overall net outflow from institutional investors [2][3]

Core Viewpoint - Meike Home is strategically restructuring by acquiring 100% equity of Wande Optical, marking its entry into the AI computing infrastructure sector, particularly in high-speed interconnect manufacturing, in response to market demands for technological innovation and industry upgrades [1] Group 1: Acquisition Details - The acquisition involves issuing shares and cash payments to acquire Wande Optical, which is a significant player in the high-speed interconnect technology field [1] - The transaction has been approved by the board of directors, and the company's stock has resumed trading as the related procedures are progressing as planned [1] Group 2: Target Company Technology - Wande Optical specializes in high-speed copper cables and LOOPBACK intelligent loopback testing modules, which are essential for efficient data exchange in AI computing clusters [2] - The company has developed 1.6T specification high-speed direct connection copper cables and active copper cable products, establishing a technological advantage in the domestic market [2] Group 3: Industry Trends - The acquisition aligns with the transition from electrical to optical interconnect technologies, which is crucial for meeting the performance demands of rapidly growing AI models [3] - While optical interconnects are the future, copper cables will continue to coexist in the market for the foreseeable future, providing a complementary role [3] Group 4: Market Implications - The acquisition is seen as a strategic move for Meike Home to escape traditional business cycles and enter the core of the global technology industry [4] - Successful integration of Wande Optical could allow Meike Home to benefit from the high growth potential in the AI infrastructure sector, fundamentally reshaping its business structure and valuation [4]

Core Viewpoint - Meike Home (600337) has announced a significant asset restructuring plan to fully acquire 100% equity of Wande Guangdian through a combination of share issuance and cash payment, marking its entry into the "AI + high-end manufacturing" sector and establishing a dual development model of "light asset operation in the home furnishing main business + AI high-tech as the second main business" [1] Group 1 - Meike Home is transitioning from a single home furnishing business to a diversified model, focusing on strategic emerging industries supported by national policies [2] - The acquisition target, Wande Guangdian, operates in the high-speed interconnection sector, which is expected to experience significant growth due to the explosive increase in AI computing power and the advancement of the "East Data West Computing" project [2] - According to Frost & Sullivan, the global high-speed copper cable market is projected to grow from 1.9 billion to 4.9 billion from 2025 to 2029, with a compound annual growth rate (CAGR) of 27%, while the ultra-high-speed circuit market is expected to exceed 58 billion by 2025, maintaining a high CAGR of 18.5% [2] Group 2 - Wande Guangdian has established strong competitive barriers by launching a full range of high-speed interconnection solutions, achieving stable transmission at 9 meters with 800Gbps speed, and developing a 25G-1.6T LOOPBACK testing module with power monitoring accuracy better than the industry average [2] - The company has secured deep partnerships with international semiconductor giants like Marvell and Maxlinear, with products entering the supply chains of Source Photonics and Infraeo, and has received bulk orders from North American supercomputing centers [2] - The restructuring and acquisition process is progressing as planned, with Meike Home committed to adhering to relevant laws and regulations, aiming for a smooth strategic transition and enhancing operational efficiency through resource optimization [3]

Group 1 - The stock of Meike Home (600337) experienced a limit down today, with a turnover rate of 5.33% and a transaction amount of 308 million yuan, showing a fluctuation of 11.20% [2] - The stock was listed on the Shanghai Stock Exchange's watch list due to a daily decline of 10.99%, with a total net sell of 6.0049 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 90.9453 million yuan, with a buying amount of 42.4702 million yuan and a selling amount of 48.4751 million yuan, resulting in a net sell of 6.0049 million yuan [2] Group 2 - In the past six months, the stock has been listed on the watch list seven times, with an average price drop of 1.62% the next day and an average drop of 4.66% over the following five days [3] - The stock saw a net outflow of 108 million yuan in main funds today, with a significant outflow of 100 million yuan from large orders [3] - The latest margin trading data shows a total margin balance of 161 million yuan, with a financing balance of 161 million yuan and a securities lending balance of 196,800 yuan, indicating a recent increase of 18.53 million yuan in financing balance, a rise of 13.03% [3] Group 3 - The third-quarter report released on October 31, 2025, indicated that the company achieved an operating income of 2.223 billion yuan, a year-on-year decrease of 10.10%, and a net profit of -220 million yuan [3] - The top buying brokerage seat was Guotai Junan Securities Co., Ltd. Shanghai Changning District Tianshan Road Securities Business Department, with a buying amount of 18.4151 million yuan [4] - The top selling brokerage seat was Huayuan Securities Co., Ltd. Shenzhen Branch, with a selling amount of 12.795 million yuan [4]

Group 1 - The core viewpoint of the article highlights that Meike Home (美克家居) is proactively optimizing its operations by shutting down two underperforming subsidiaries in Tianjin, which have been operating at less than 20% capacity utilization and incurred a combined loss of 0.68 billion yuan in the first three quarters of 2025 [1][2] - The shutdown is aimed at cutting losses and reallocating resources to core domestic retail and strategic transformation areas, thereby enhancing efficiency through a "subtract to add" approach [1] - Meike Home's overseas business, which accounts for over 56% of its operations, has smoothly transitioned production to Vietnam, ensuring stable delivery while avoiding international trade barriers [1] Group 2 - The anticipated loss for 2025 is attributed to cyclical adjustments in the home furnishing industry rather than a decline in the company's core competitiveness [2] - Positive signals are emerging in the industry, with furniture retail sales revenue increasing by 33.2% year-on-year in the first three quarters of 2025, driven by demand for home renovations and upgrades [2] - Meike Home is strategically positioning itself to benefit from policy incentives aimed at green home products and smart solutions, with a focus on intelligent design services and partnerships with leading real estate developers [2] Group 3 - Meike Home is planning to acquire 100% of Shenzhen Wandeng Technology Co., Ltd. through a combination of stock issuance and cash payment, which specializes in high-speed copper cable products essential for AI data centers [2][3] - The acquisition is seen as a strategic extension of Meike Home's global supply chain management experience, aiming to diversify its business model beyond home furnishings [3] - The company is expected to benefit from a dual-driven growth model, combining a recovery in its home furnishing business with rapid growth in the computing power sector, potentially overcoming previous growth bottlenecks [3]