格隆汇9月15日丨金牌家居(603180.SH)公布，公司于近日收到控股股东厦门市建潘集团有限公司（以下 简称"建潘集团"）出具《关于增持股份实施进展暨权益变动触及1%刻度的通知》，建潘集团自2025年6 月16日至2025年9月15日期间，通过上海证券交易所系统以集中竞价交易方式累计增持公司股份158.19 万股，占公司总股本的1.0255%；其持股比例由42.0280%增加至43.0535%，本次权益变动触及1%刻 度。 ...

Core Insights - The home goods sector experienced a slight decline of 0.02% on September 11, with C艾芬达 leading the drop [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Market Performance - The top-performing stocks in the home goods sector included 美之尚, which rose by 19.29% to a closing price of 21.71, and 梦天家居, which increased by 5.51% to 16.66 [1] - Conversely, C文分达 led the declines with a drop of 4.36% to 71.51, followed by 中源家居, which fell by 4.04% to 14.74 [2] Trading Volume and Capital Flow - The home goods sector saw a net outflow of 284 million yuan from institutional investors, while retail investors contributed a net inflow of 313 million yuan [2] - The trading volume for the top stocks included 美之尚 with 95,800 shares traded and a transaction value of 191 million yuan [1] Individual Stock Analysis - 好太太 experienced a net outflow of 31.96 million yuan from institutional investors, while retail investors contributed a net inflow of 8.19 million yuan [3] - C艾芬达 had a net inflow of 16.09 million yuan from institutional investors, but saw a net outflow of 11.72 million yuan from retail investors [3]

Core Viewpoint - The stock price of Kingboard Home has shown a slight increase of 0.38% year-to-date, with a recent rise of 3.71% over the past five trading days, indicating a mixed performance in the market [2]. Group 1: Stock Performance - As of September 9, Kingboard Home's stock rose by 2.12%, reaching a price of 20.70 CNY per share, with a trading volume of 33.52 million CNY and a turnover rate of 1.06% [1]. - The stock has experienced a 2.59% decline over the past 20 days, but a 9.51% increase over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Kingboard Home reported a revenue of 1.469 billion CNY, reflecting a year-on-year decrease of 3.37%, while the net profit attributable to shareholders was 63.65 million CNY, down 8.37% year-on-year [2]. - Cumulatively, the company has distributed 737 million CNY in dividends since its A-share listing, with 299 million CNY distributed over the past three years [3]. Group 3: Company Overview - Kingboard Home, established on January 26, 1999, and listed on May 12, 2017, is located in Xiamen, Fujian Province, specializing in the research, design, production, sales, installation, and after-sales service of integrated kitchen cabinets [2]. - The company's revenue composition includes integrated kitchen cabinets (58.27%), integrated wardrobes (30.47%), wooden doors (7.20%), and other products (4.06%) [2]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders for Kingboard Home was 10,800, a decrease of 1.84% from the previous period, with an average of 14,292 circulating shares per shareholder, an increase of 1.87% [2]. - Among the top ten circulating shareholders, Everbright Prudential Credit Enhancement Bond A (360013) held 1.684 million shares, a decrease of 481,600 shares from the previous period, while ICBC Strategic Transformation Stock A (000991) entered the top ten with 1.358 million shares [3].

Core Viewpoint - The actual controller of the company, Wen Jianhuai, has engaged in a share pledge repurchase transaction with Zheshang Securities, with the pledge renewal extending the maturity dates to September 4 and 5, 2026 [2] Group 1 - On September 4, 2023, the company announced the share pledge repurchase transaction [2] - The renewal of the pledge was completed recently, maintaining the same number of pledged shares [2] - The original maturity dates of the pledge were extended from September 4 and 5, 2024, to September 4 and 5, 2026 [2]

Group 1 - The actual controller of the company, Wen Jianhuai, and Pan Xiaozhen, hold a total of 94,464,489 shares, accounting for 61.24% of the total share capital [1] - After the pledge renewal, the total number of pledged shares by the actual controller is 40,884,282, which represents 43.28% of their total holdings and 26.50% of the company's total share capital [1] - The pledge renewal was completed on September 4, 2024, with new maturity dates set for September 4 and September 5, 2026, without changing the number of pledged shares [1] Group 2 - The controlling shareholder, Xiamen Jianpan Group Co., Ltd., has pledged 65,653,302 shares, which is 42.56% of its holdings, with 27,399,282 shares pledged before the renewal [2] - The actual controller's pledge does not involve new financing arrangements, and their credit status is good, indicating an ability to repay [2] - The overall pledge risk is controllable and will not impact the company's production and operations [2]

| 证券代码：603180 | 证券简称：金牌家居 | | 公告编号：2025-066 | | --- | --- | --- | --- | | 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 关于实际控制人部分股票质押续期的公告 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。 重要内容提示： 上述质押事项如若出现其他重大变动情况，公司将按规定及时披 露相关情况。 2023 年 9 月 4 日，公司实际控制人温建怀与浙商证券办理了股份 质押式回购交易业务，并于 2024 年 9 月 4 日就上述质押办理了续期 手续，续期后到期日为分别为 2025 年 9 月 4 日、2025 年 9 月 5 日， 具体详见公司披露的《关于部分股票质押续期及补充质押的公告》 （2024-085 号）。近日，公司实际控制人温建怀针对上述质押办理了 续期手续，续期后到期日分别为 2026 年 9 月 4 日、2026 年 9 月 5 日， 上述交易涉及的股份质押数量不变。 二、股东累计质押股份 ...

Industry Overview - The overall revenue and net profit of custom home furnishing companies have declined to levels seen four years ago, with 9 out of 10 companies experiencing a drop in revenue, sales expenses, and R&D expenses [1][8][9] - The average revenue decline among the 10 companies analyzed is 12.54%, with only Wo Le Home experiencing a slight increase of less than 2% [8][9] Company Performance - Oppein Home achieved a revenue of 8.241 billion yuan, with a net profit of 1.018 billion yuan, marking a 20.88% year-on-year growth, solidifying its leading position in the industry [5][10] - Other companies, such as PIANO and MAG, faced significant challenges, with PIANO's revenue nearly halving and MAG's revenue declining by 23.07% [8][9] Profitability Analysis - Oppein Home leads in net profit margin at 12.39%, followed by Wo Le Home at 9.77%, indicating a strong profitability position [32][36] - The gross profit margin shows a clear tiered structure, with Wo Le Home leading at over 40%, while several other companies maintain margins above 30% [28][30] Channel Changes - Traditional distribution channels are under pressure, with only King Cabinet and Wo Le Home reporting revenue growth in this area; other companies have seen declines, particularly Zhihong Home with a 34.18% drop [12][13] - Direct sales channels and overseas markets have shown positive growth, with significant increases reported by companies like Topsolid and Sophia [12][16] Cost Control Measures - Companies are focusing on cost control, with many reducing sales expenses by over 14%, although excessive cuts have led to revenue declines for some [17][20] - R&D investments have generally decreased, except for Oppein Home, which saw a slight increase of 2.53% [24][26] Store Count Changes - Most companies have seen a net reduction in store counts, with Oppein and Zhihong Home closing over 100 stores each, while Wo Le Home and Haoleke have increased their store counts [14][15]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the market while also highlighting strategic upgrades across its business segments [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.469 billion yuan, a year-on-year decrease of 3.37%, and a net profit attributable to shareholders of 64 million yuan, down 8.37% [1]. - In Q2 2025, the company recorded revenue of 882 million yuan, a slight increase of 0.26% year-on-year, while net profit attributable to shareholders was 29 million yuan, reflecting a decline of 13.01% [1]. Group 2: Strategic Upgrades - The company undertook a comprehensive upgrade of its "four horses" strategy (retail, home decoration, refined decoration, and overseas), with revenues from these segments being 820 million, 292 million, 439 million, and 151 million yuan respectively, showing year-on-year growth of 20.27%, 30%, -26.94%, and -8.96% [2]. - The retail segment is advancing with a new retail strategy, establishing a four-tier store system to enhance traffic conversion and revenue growth [2]. - In the home decoration sector, the company positioned itself as a "first partner" through digital empowerment and supply chain support, achieving approximately 30% growth [2]. - The refined decoration segment is facing challenges due to a sluggish real estate market, prompting the company to seek new channels to enhance business resilience [2]. - The overseas market, particularly the U.S., is experiencing uncertainty due to tariff policies, but emerging markets are showing strong growth, which helps offset performance [2]. Group 3: Product Structure and Profitability - The company’s cabinet, wardrobe, and wooden door segments generated revenues of 785 million, 515 million, and 107 million yuan respectively, with year-on-year changes of -17.13%, +23.18%, and +16.56% [3]. - The cabinet business is under pressure from downstream demand, while the wardrobe and wooden door segments continue to show robust growth [3]. - The gross margin for H1 2025 was 27.84%, an increase of 1.13 percentage points year-on-year, while the net profit margin was 4.33%, a decrease of 0.24 percentage points [3]. - In Q2 2025, the gross margin was 26.42%, up 0.71 percentage points year-on-year, and the net profit margin was 3.26%, down 0.5 percentage points [3].

| 证券代码：603180 | 证券简称：金牌家居 | 公告编号：2025-065 | | --- | --- | --- | | 债券代码：113670 | 债券简称：金 23 转债 | | 金牌厨柜家居科技股份有限公司 关于接待机构调研情况的公告 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。 金牌厨柜家居科技股份有限公司（以下简称"公司"）于近日通 过电话会议交流形式接待了机构调研，现将主要情况公告如下： 一、调研基本情况 （一）调研时间：2025年8月28日、8月29日 （二）调研方式：电话会议交流 （三）调研机构名称（排名不分先后）：信达证券、长江证券、同 泰基金、财通基金、安信资管、鑫元基金、明河投资、申万证券、华 福证券、东财证券、招商证券、国海证券、中信证券、富国基金、国 联基金、交银施罗德基金、华泰保兴、兴全基金、中信资管、民生加 银基金、广发基金、中泰资管、宝盈基金、华泰证券（上海）资管、 大家资管、中国人寿养老保险、长城基金、宏利基金、汇丰晋信、海 富通基金、东吴基金、金鹰基金、泓德基金、中信建投自 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth strategies. Core Viewpoints - The company is experiencing significant growth in its new retail and home decoration channels, with a strategic focus on integrating its four main business areas: retail, home decoration, refined decoration, and overseas markets [2]. - The retail business achieved revenue of 820 million yuan in H1 2025, representing a year-on-year increase of 20.27%, indicating the effectiveness of the new retail strategy [2]. - The home decoration channel saw a revenue of 292 million yuan in H1 2025, with an impressive growth rate of approximately 30% [2]. - The overall gross profit margin improved to 27.86% in H1 2025, reflecting the company's ongoing efforts to enhance efficiency and reduce costs [4]. Summary by Sections Financial Performance - In H1 2025, the company reported total revenue of 1.469 billion yuan, a decrease of 3.4% year-on-year, and a net profit attributable to shareholders of 64 million yuan, down 8.4% year-on-year [1]. - The company’s Q2 2025 revenue was 882 million yuan, showing a slight increase of 0.3% year-on-year, while the net profit decreased by 13% [1]. Business Segments - Retail: Revenue reached 820 million yuan in H1 2025, with a gross margin of 31.89%, up 0.60 percentage points year-on-year [2]. - Home Decoration: Revenue from home decoration channels was 292 million yuan, achieving about 30% growth [2]. - Refined Decoration: Revenue was 439 million yuan, down 26.94% year-on-year, with a gross margin of 13.87% [2]. - Overseas: Revenue was 151 million yuan, down 8.96% year-on-year, with a gross margin of 29.48% [2]. Profitability and Efficiency - The company’s gross profit margin improved to 27.86% in H1 2025, while the net profit margin was 4.33%, slightly down from the previous year [4]. - The operating cash flow was negative at -230 million yuan in H1 2025, a decrease of 35 million yuan year-on-year [4]. Future Projections - The company is projected to achieve net profits of 240 million yuan, 260 million yuan, and 290 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 13.0X, 11.7X, and 10.8X [5].