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]

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 15,204.12 points with a growth rate of 0.81% [1] Group 1: Stock Performance - Multiple stocks in the renovation and building materials sector saw price increases, with Wanli Stone leading at 31.24 CNY per share, up 10.00% [1] - Gongyuan Co. closed at 5.10 CNY per share, with a growth of 9.91%, ranking second in the sector [1] - ST Nachuan closed at 2.43 CNY per share, up 8.97%, ranking third [1] - On the downside, Meike Home closed at 2.43 CNY per share, down 10.00%, leading the declines [1] - Yabo Co. closed at 1.88 CNY per share, down 6.47%, ranking second in declines [1] - Del Future closed at 4.99 CNY per share, down 6.38%, ranking third in declines [1] Group 2: Industry Insights - Leading companies in the consumer building materials sector are leveraging a "domestic + overseas" dual market strategy to drive growth [1] - Domestically, companies are actively promoting "anti-involution" to help reshape a healthy operating order in the industry, which aids in restoring their profitability [1] - Additionally, leading companies are accelerating their overseas capacity layout, with international business expected to become a significant source of future performance growth [1]

Core Viewpoint - The renovation and building materials sector experienced a slight increase, closing at 15,102.41 points with a gain of 0.14% on September 19, indicating positive market sentiment in this industry [1] Company Performance - Wanli Stone led the sector with a closing price of 31.24 yuan per share, achieving a gain of 10.00% [1] - Gongyuan Co. followed with a closing price of 5.10 yuan per share, marking a gain of 9.91% [1] - Youbang Ceiling closed at 24.64 yuan per share, with a gain of 6.44%, ranking third in the sector [1] - Meike Home, on the other hand, saw a decline, closing at 2.47 yuan per share with a drop of 8.52%, leading the losses in the sector [1] - Yabo Co. closed at 1.90 yuan per share, down by 5.47%, ranking second in losses [1] - Del Future closed at 5.08 yuan per share, with a decline of 4.69%, ranking third in losses [1] Industry Outlook - According to Galaxy Securities, the building materials industry is expected to undergo further reforms during the "14th Five-Year Plan" period, focusing on high-quality development [1] - The industry aims to achieve breakthroughs in four key areas: structural optimization, green transformation, digital upgrading, and international layout [1]

Group 1 - The core point of the article highlights the recent decline in the stock price of Meike Home, which fell by 6.3% to 2.53 CNY per share, with a trading volume of 172 million CNY and a turnover rate of 4.35%, resulting in a total market capitalization of 3.636 billion CNY [1] - Meike International Home Products Co., Ltd. is based in Urumqi, Xinjiang, and was established on August 16, 1995, with its listing date on November 27, 2000. The company specializes in the production and sales of mid-to-high-end furniture and related products [1] - The revenue composition of Meike Home includes 53.78% from international wholesale home goods, 45.24% from domestic retail home goods, and 0.98% from other supplementary sources [1] Group 2 - From the perspective of fund holdings, one fund under GF Fund has a significant position in Meike Home. The GF Xinhao Mixed A Fund (004750) held 953,000 shares in the second quarter, accounting for 0.21% of the fund's net value, making it the sixth-largest holding [2] - The GF Xinhao Mixed A Fund was established on January 16, 2018, with a current scale of 171 million CNY. Year-to-date returns are 3.49%, ranking 7045 out of 8172 in its category, while the one-year return is 7.02%, ranking 7283 out of 7980 [2] - The fund manager, Wu Di, has been in position for 5 years and 137 days, overseeing total assets of 77.42 billion CNY, with the best fund return during his tenure being 25.09% and the worst being 1.43% [2]

Core Viewpoint - The stock of Meike International Home Furnishings Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from September 16 to September 18, 2025 [2][4]. Group 1: Stock Trading Abnormality - The stock price deviation was identified as exceeding 20% over three consecutive trading days, which qualifies as an abnormal trading fluctuation according to the Shanghai Stock Exchange trading rules [2][4]. - The company conducted a self-examination and confirmed that there were no undisclosed significant information affecting the stock price [5][6]. Group 2: Company Operations and Major Events - The company reported that its production and operational conditions are normal, with no significant changes in disclosed operational status or external environment [5]. - There are no undisclosed major events such as asset restructuring, share issuance, or significant business collaborations that could impact the stock price [6]. - The company did not find any media reports or market rumors that could have influenced the stock trading price [7]. Group 3: Insider Trading and Board Confirmation - During the period of stock trading fluctuation, there were no stock transactions by the company's directors, senior management, or controlling shareholders [8]. - The board confirmed that there are no undisclosed matters that should have been reported according to the relevant regulations, and previous disclosures do not require correction or supplementation [10].

Core Viewpoint - Meike Home announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from September 16 to September 18, 2025 [1] Company Summary - The company conducted a self-examination and confirmed with its controlling shareholder and actual controller that there is no undisclosed significant information as of the date of the announcement [1]

Group 1 - Meike Home (600337) experienced a limit-up trading day with a turnover rate of 12.21% and a transaction amount of 463 million yuan, with an amplitude of 8.00% [2] - The stock was listed on the Shanghai Stock Exchange due to a price deviation of 11.36%, with a net buying amount of 15.42 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 126 million yuan, with a buying amount of 70.76 million yuan and a selling amount of 55.34 million yuan, resulting in a net buying of 15.42 million yuan [2] Group 2 - The largest buying brokerage was Huatai Securities with a buying amount of 23.05 million yuan, while the largest selling brokerage was Goldman Sachs (China) with a selling amount of 17.13 million yuan [3] - The stock saw a net inflow of 27.39 million yuan from main funds, with a significant single net inflow of 32.11 million yuan, while large single funds experienced a net outflow of 4.72 million yuan [2] - Over the past five days, the net inflow of main funds totaled 39.15 million yuan [2] Group 3 - As of September 17, the margin trading balance for the stock was 84.09 million yuan, with a financing balance of 83.98 million yuan and a securities lending balance of 0.12 million yuan [3] - In the past five days, the financing balance increased by 0.88 million yuan, representing a growth of 1.05%, while the securities lending balance increased by 0.015 million yuan, a growth of 15.16% [3] - The company's semi-annual report released on August 30 indicated 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%, and a net profit of -87.98 million yuan [3]

证券代码：600337 证券简称：美克家居 公告编号：临 2025-051 美克国际家居用品股份有限公司 股票交易异常波动公告 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。 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 2025 年 9 月 16 日、9 月 17 日、9 月 18 日连续三个交易日内收盘价格涨幅偏离值累计超过 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 2025 年 9 月 16 日、9 月 17 日、9 月 18 日连续三个交易日内收 盘价格涨幅偏离值累计超过 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 况说明如下： （ ...