| 证券代码：603180 | 证券简称：金牌家居 | | 公告编号：2025-064 | | --- | --- | --- | --- | | 债券代码：113670 | 债券简称：金 转债 | 23 | | 金牌厨柜家居科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 09 月 09 日（星期二）至 09 月 15 日（星期 一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 goldenhome@canc.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 金牌厨柜家居科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 会议召开时间：2025 年 09 月 16 日 （星期二） 15:00-16:00 会议召开地 ...

| 证券代码：603180 | 证券简称：金牌家居 | | | 公告编号：2025-063 | | --- | --- | --- | --- | --- | | 转债代码：113670 | 转债简称：金 | 23 | 转债 | | 金牌厨柜家居科技股份有限公司 关于 2025 年半年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个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十五号—— 家具制造》的有关规定，金牌厨柜家居科技股份有限公司（以下简称 "公司"）现将 2025 年半年度主要经营数据公告如下： 一、 报告期经营情况 （一）主营业务分产品情况 单位：人民币元 产品 营业收入 营业成本 毛利率 （%） 营业收入比 上年同期增 减（%） 营业成本 比上年同 期增减（%） 毛利率比 上年同期 增减（%） 整体厨柜 785,101,601.12 584,504,677.54 25.55% -17.13% -17.40% 0.25% 整体衣柜 514,663,645.80 359,537,062.6 ...

Core Insights - The demand for whole-house customization in the housing market is expected to exceed 100 billion yuan for the first time by 2025, driven by the renovation needs of existing homes [4] - The Z generation is becoming the main consumer force in the home furnishing market, significantly influencing market dynamics through their unique consumption behaviors and preferences [5][6] - The industry is transitioning from single product competition to system capability competition, with a focus on integrated solutions that meet the personalized and holistic needs of consumers [11] Market Trends - The rise of "light high-end" products emphasizes a balance between quality and price, aligning with current consumer trends [5][6] - Brands are increasingly adopting scene-based designs that cater to specific lifestyles, such as pet ownership, gaming, and fitness, enhancing personalization and technological integration [6][8] - The use of metal materials like stainless steel and eco-aluminum is on the rise, reflecting a shift in consumer preferences towards innovative and durable materials [8] Industry Dynamics - The integration of upstream and downstream industries is becoming more pronounced, with brands increasingly recognizing the importance of whole-house customization as a future development consensus [9][10] - The competitive landscape is evolving, with new entrants aiming to establish themselves in the whole-house customization market alongside established players [9][10] - The market is experiencing a "Matthew effect," where brand concentration and the survival of the fittest are expected to intensify in the coming quarters [10] Future Outlook - The success of whole-house customization as a core driver of the home furnishing industry will depend on companies' ability to balance user demand insights, supply chain collaboration, and delivery service efficiency [11] - The transformation from "customization" to "whole-house" represents a critical leap for the Chinese home furnishing industry towards higher-end positions in the global value chain [11]

Group 1 - The company, Jinpai Home, announced on August 19 that it has signed a supplementary agreement for the supervision of raised funds with China Industrial Bank Co., Ltd. Xiamen Tong'an Branch and Industrial Securities Co., Ltd. [1] - The purpose of the raised funds has been expanded to include the Phase I project of the production base in Thailand [1]

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个别及连带责任。 近日，金牌厨柜家居科技股份有限公司（以下简称为"公司"） 与中国工商银行股份有限公司厦门同安支行、兴业证券股份有限公司 签订《募集资金三方监管补充协议》，募集资金的用途增加泰国生产 基地一期项目。现将有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准金牌厨柜家居科技股份有 限公司非公开发行股票的批复》（证监许可[2020]3578 号）核准，公 司向特定对象非公开发行人民币普通股(A)股 10,017,513 股,每股面值 1.00 元,每股发行价格为人民币 28.55 元,募集资金总额为人民币 285,999,996.15 元，扣除与发行有关的费用（不含税）人民币 6,461,073.46 元后,实收募集资金净额为人民币 279,538,922.69 元。华兴会计师事务 所（特殊普通合伙）对公司上述非公开发行股票的资金到位情况进行 了审验，并于 2021 年 6 月 18 日出具华兴验字[2021]21008640041 号《验 资报告》。前述募 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Suzano announced a price increase of $20 per ton for commodity pulp in the Asian market for August, indicating a potential recovery in pulp and paper prices from current cyclical lows [2][4] - The report highlights the ongoing price adjustments in the paper industry, with various paper types experiencing different price movements, suggesting a recovery trend driven by supply-demand dynamics [4][50] - The report emphasizes the importance of policy catalysts in the home furnishing sector, particularly in light of recent housing policy optimizations in Beijing [4][31] Summary by Sections Home Furnishing - Recent policy changes in Beijing allow families to purchase multiple properties outside the city center, which is expected to stimulate the housing market [4][31] - Major home furnishing companies are currently valued at historical lows, presenting potential investment opportunities as market sentiment improves [4][31] Paper Industry - As of August 8, 2025, various paper prices are reported: double glue paper at 4993.75 CNY/ton (unchanged), copper plate paper at 5320 CNY/ton (unchanged), white card paper at 3955 CNY/ton (down 35 CNY/ton), box board paper at 3463.4 CNY/ton (up 12.8 CNY/ton), and corrugated paper at 2582.5 CNY/ton (up 46.25 CNY/ton) [4][50] - The report notes that the current pulp and paper prices are at cyclical lows, with expectations for a rebound due to supply-demand imbalances [4][50] Consumer Goods - The report discusses the launch of new health-focused products in the personal care sector, indicating a shift towards higher quality and compliance with health standards [4][6] - The collaboration between Morning Glory stationery and popular anime IPs is expected to enhance brand visibility and sales [4][6] Export Chain - In July, China's total exports increased by 7.2% year-on-year, with significant growth in exports to ASEAN countries [4][6] - The report suggests that the ongoing shift of production capacity to Southeast Asia may enhance the long-term competitiveness of companies with overseas supply chain layouts [4][6] Packaging - New regulations in Shanghai aimed at reducing single-use plastics are expected to drive demand for recyclable and biodegradable packaging solutions [4][6] - The report recommends companies involved in eco-friendly packaging solutions as potential investment opportunities [4][6] New Tobacco Products - The introduction of new electronic cigarette products in the UK is anticipated to boost market share for refillable devices [4][6] - The report highlights the potential for growth in the new tobacco sector, particularly for companies with strong partnerships and product offerings [4][6] Textile and Apparel - The textile and apparel sector has shown resilience, with notable increases in revenue for key players despite some challenges [4][6] - The report identifies leading companies in the apparel sector as potential investment opportunities based on their performance [4][6]

Core Insights - The home decoration industry is facing long-standing issues such as high information costs, low trust, and low transaction rates, which are now being addressed through AI-driven transformations [1][2][3] - The launch of the Flyflow AI Home Decoration Design Intelligent Agent 2.1 by King Home aims to reconstruct the entire home decoration process using AI tools, targeting three major pain points: vague user demands, inefficient design communication, and difficulties in implementing solutions [1][4] Industry Challenges - A report indicates that 89% of first-time renovation users struggle to articulate their needs, leading to significant challenges for designers [2] - 72% of homeowners do not understand floor plans and renderings, resulting in repeated modifications and extended renovation timelines [2] - 64% of consumers feel that designers lack professionalism, with an average of 28 days spent comparing proposals, incurring unnecessary costs and negatively impacting user experience [2][3] Company Initiatives - Companies are increasingly entering the AI smart design sector to address industry pain points and enhance user engagement [4] - King Home has proactively upgraded its Flyflow AI design tool to adapt to market changes and improve service experiences [4][5] Technological Advancements - The Flyflow AI 2.1 version features significant upgrades, including one-click generation of high-quality design renderings and 3D space scenes, enhancing communication efficiency among designers, sales staff, and users [5][9] - It supports multi-modal interactions, allowing for a deeper understanding of user needs through conversational AI [5][10] - The tool intelligently optimizes designs based on ergonomic, aesthetic, and budgetary considerations, providing users with a clearer understanding of renovation costs [5][8] User Experience - Users have reported that the Flyflow AI 2.1 generates realistic renderings and immersive 720-degree panoramic views, significantly improving their understanding of the final results [8][9] - The tool allows for interactive modifications to layouts, making the design process more intuitive and reducing misunderstandings [9][11] Addressing Stakeholder Pain Points - The Flyflow AI 2.1 effectively addresses the challenges faced by users, designers, and sales staff by facilitating clearer communication and reducing the time spent on revisions [10][11] - It enhances user satisfaction and trust, potentially increasing conversion rates by generating tailored design solutions quickly [11][12] Future Outlook - King Home emphasizes the importance of user feedback in the ongoing development of the Flyflow AI 2.1, aiming for continuous optimization based on user experiences [12] - The ultimate goal of AI in home decoration is to alleviate industry inefficiencies, allowing designers to focus on creativity while providing homeowners with a clearer understanding of their design options [14]

Core Viewpoint - The company has decided not to lower the conversion price of the "Jin 23 Convertible Bond" despite triggering conditions for a downward adjustment due to stock price performance [2][7]. Group 1: Convertible Bond Details - The company issued 7.7 billion yuan worth of convertible bonds on April 17, 2023, with a face value of 100 yuan each and a maturity of six years [3]. - The initial conversion price was set at 39.57 yuan per share, with the conversion period from October 21, 2023, to April 16, 2029 [3]. - The latest adjusted conversion price is 37.64 yuan per share, effective from July 9, 2025 [4]. Group 2: Trigger Conditions and Board Decision - From July 17 to August 6, 2025, the company's stock price closed below 80% of the current conversion price on 15 out of 30 trading days, triggering the adjustment clause [2][5]. - The board of directors unanimously decided not to adjust the conversion price during the board meeting on August 6, 2025 [6][7]. - The decision will remain in effect for three months, during which any further triggers will also not result in a downward adjustment [2][7].

Group 1 - The stock price of Golden Home as of August 6, 2025, closed at 20.75 yuan, down 0.08 yuan or 0.38% from the previous trading day [1] - The company primarily engages in the research, production, and sales of integrated home products, including overall cabinets, wardrobes, and wooden doors [1] - The latest announcement indicates that from July 17 to August 6, 2025, the company's stock price has been below 80% of the current conversion price for 15 trading days, triggering the downward adjustment clause for the conversion price [1] Group 2 - The board of directors decided not to adjust the conversion price of the "Golden 23 Convertible Bonds" and will not make adjustments even if the clause is triggered again within the next three months [1] - Recently, the company established a wholly-owned subsidiary in Nanjing, named Nanjing Suxin'an Installation Service Co., Ltd., which will provide furniture installation and maintenance services, as well as home appliance installation [1] - On August 6, the net inflow of main funds was 11.1262 million yuan, with a cumulative net inflow of 34.4504 million yuan over the past five days [1]

Core Viewpoint - The company announced that it will not adjust the conversion price of the "Jin 23 Convertible Bond" despite triggering the downward adjustment clause due to stock price performance [1] Summary by Relevant Sections - **Company Announcement** - On August 6, the company disclosed that from July 17, 2025, to August 6, 2025, its stock price closed below 80% of the current conversion price (30.11 CNY/share) for 15 out of 30 trading days, triggering the downward adjustment clause for the "Jin 23 Convertible Bond" [1] - **Board Decision** - The company's board of directors decided not to adjust the conversion price of the "Jin 23 Convertible Bond" and stated that if the adjustment clause is triggered again within the next three months, they will also refrain from making any adjustments [1]