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]

Group 1 - The company reported no new store openings in the second quarter of 2025, but closed four stores across different regions [1] - The closed stores include two in Liaoning, one in Jiangsu, and one in Tianjin, with a total area of 4,960 square meters [1] - There are no plans to open any new stores in the second quarter of 2025 [1] Group 2 - For the first half of 2025, the company's domestic direct sales revenue was approximately 624.89 million yuan, with a gross margin of 45.28%, reflecting a decrease of 15.22% year-on-year [2] - The franchise business generated about 53.90 million yuan in revenue, with a gross margin of 25.94%, showing a year-on-year decrease of 37.59% [2] - The company's international wholesale business reported revenue of approximately 806.93 million yuan, with a gross margin of 25.34%, indicating a year-on-year increase of 1.85% [2]

公司代码：600337 公司简称：美克家居 美克国际家居用品股份有限公司 2025 年半年度报告 1 / 221 美克国际家居用品股份有限公司2025 年半年度报告 美克国际家居用品股份有限公司2025 年半年度报告 重要提示 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及公司未来计划、发展战略等前瞻性陈述不构成公司对投资者的实质承诺，请投 资者注意投资风险，充分理解计划、预测与承诺之间的差异 七、是否存在被控股股东及其他关联方非经营性占用资金情况 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 详见"第三节管理层讨论与分析、五、其他披露事项、（一）可能面对的风险" 2 / 221 一、本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人冯陆（Mark Feng）、主管会计工作负责人张莉及会计机构负责人（会计主管人 员）黄丽君 ...

证券代码：600337 证券简称：美克家居 编号：临 2025-046 美克国际家居用品股份有限公司 关于 2025 年第二季度主要经营数据的公告 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。 按照上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第四号—零售》以及《关于做好主板上市公司 2025 年半年度报告披露 工作的重要提醒》等规定，美克国际家居用品股份有限公司（以下称公司）现将 2025 年第二季度主要经营数据披露如下： 一、2025 年第二季度门店变动情况 （一）新增门店 二○二五年八月三十日 无。 （二）关闭门店 | 地区 | 经营业态 | 数量 | 停业时间 | 建筑面积（㎡） | | --- | --- | --- | --- | --- | | 辽宁 | 自营 | 2 | 2025-4 | 1281 | | 江苏 | 自营 | 1 | 2025-6 | 485 | | 天津 | 自营 | 1 | 2025-6 | 3194 | 二、2025 年第二季度拟增加未开业门店情况： 无。 ...

证券代码：600337 证券简称：美克家居 编号：临 2025-047 美克国际家居用品股份有限公司 关于担保的进展公告 重要内容提示： 被担保人名称：美克国际家居用品股份有限公司（以下称"公司"）。 2024 年 9 月，公司与江苏资产管理有限公司（以下称"江苏资管"）开 展业务合作，公司以自有房产、全资子公司美克国际家私（天津）制造有限公司 （以下称"天津美克"）以自有房产为江苏资管持有公司的 125,573,031.02 元 债权提供担保，具体期限与担保内容以合同为准。基于双方良好的合作基础，同 意将原业务合作期限延长一年，相应担保期限同时延长一年。 一、担保情况概述 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。 （一）担保基本情况 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 年 9 月 9 日到期。公司全资子公司美克 数创（赣州）家居智造有限公司（以下称"美克数创"）、天津美克及其全资子 公司美克国际家私加工（天津）有限公司（以下称"天津加 ...

Group 1 - The company announced a guarantee for a financing business of 15 million yuan for its subsidiary, Meike Shuchuang [1] - Prior to this guarantee, the total guarantee balance for Meike Shuchuang was 466.5 million yuan, which remains unchanged after this guarantee [1] - The remaining available guarantee amount for the current year is 133.5 million yuan [1]