Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of trade-in subsidies for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - A total of 17 listed home furnishing companies reported combined revenue of 43.433 billion yuan, a slight increase of 6.1% year-on-year - Gujia Home ranked first with revenue of 9.801 billion yuan, 1.83 times that of the second-ranked Henglin Shares [1] Cost Control - The operating costs of home furnishing companies generally increased, with over half of the companies experiencing a growth rate in costs higher than revenue growth - Gujia Home had the highest operating cost at 6.577 billion yuan, while Henglin Shares had an operating cost ratio of 82.1% [1] Expense Efficiency - Only Meike Home and *ST Yazhen reduced sales, management, and R&D expenses year-on-year - *ST Yazhen had the highest management expense ratio at approximately 22.2% among the 17 companies [1] R&D Investment - R&D expense ratios for home furnishing companies remained between 2% and 5% - Qisheng Technology and Xiangxin Home led with R&D expense ratios of 5.3% and 5.2% respectively [1] Profitability - Gujia Home reported a net profit of approximately 1.021 billion yuan, a year-on-year increase of 13.9%, surpassing the combined net profit of the second and third-ranked companies by over 76 million yuan [1] Profit Quality - Meike Home, Yongyi Shares, and Zhongyuan Home reported positive cash flow from operating activities, while nearly 60% of companies saw a year-on-year decrease in cash flow [1] - *ST Yazhen had the highest accounts receivable turnover days at approximately 127 days [1]

Meeting Overview - The shareholders' meeting was held on September 12, 2025, at the company's museum in Jiangsu Province [1] - The meeting was chaired by the company's chairman, Mr. Fan Weihua, and utilized both on-site and online voting methods [1] - Attendance included 4 out of 5 current directors and all 3 current supervisors, while the board secretary and one director were absent due to scheduling conflicts [1] Resolutions Passed - The following resolutions were approved during the meeting: 1. Cancellation of the supervisory board and amendments to the Articles of Association and related systems [1] 2. Revision of the Related Party Transaction Management Measures [1] 3. Revision of the Independent Director Work System [1] 4. Appointment of the accounting firm for the year 2025 [2] 5. Related party transaction involving the subsidiary Guangxi Zirconium Technology Co., Ltd. [2] Voting Details - The first resolution required a special resolution, passing with over two-thirds of the valid voting rights [2] - The fifth resolution involved a related party transaction, with Mr. Wu Tao and Mr. Fan Weihua abstaining from the vote due to their control over the related entity [2] - Voting for resolutions 1 to 5 was conducted separately for shareholders holding less than 5% of the company's shares [2] Legal Verification - The meeting was witnessed by Guohao Law Firm, confirming that the procedures followed were in compliance with laws, regulations, and the company's Articles of Association [2]

华泰联合证券有限责任公司 关于 吴涛 要约收购 亚振家居股份有限公司 之 2025 年半年度持续督导意见 财务顾问 二〇二五年九月 声 明 根据《上市公司收购管理办法》等法律法规的要求，华泰联合证券有限责任 公司作为吴涛要约收购亚振家居股份有限公司的财务顾问，按照证券行业公认的 业务标准、道德规范，本着诚实信用、勤勉尽责的态度，结合亚振家居股份有限 公司 2025 年半年度报告，经过审慎核查，出具了本持续督导意见。 本财务顾问对本次收购所出具持续督导意见的依据是收购各方提供的资料。 各方对其所提供的所有资料真实性、准确性、完整性和及时性负责，保证资料无 虚假记载、误导性陈述和重大遗漏，并对所提供资料的合法性、真实性和完整性 承担个别和连带法律责任。 本持续督导意见不构成对亚振家居股份有限公司的任何投资建议，投资者根 据本持续督导意见所做出的任何投资决策而产生的相应风险，本财务顾问不承担 任何责任。 本财务顾问未委托或授权其他任何机构或个人提供未在本持续督导意见中 列载的信息和对本持续督导意见做任何解释或者说明。 2 释 义 除非另有说明，以下简称在本持续督导意见中的含义如下： | 本持续督导意见 | 指 | ...

国浩律师（上海）事务所 股东大会法律意见书 国浩律师（上海）事务所 关于亚振家居股份有限公司 2025 年第三次临时股东大会的法律意见书 致：亚振家居股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受亚振家居股 份有限公司（以下简称"公司"）的委托，指派本所律师出席了公司 2025 年第三次临时股东大会（以下简称"本次股东大会"）。现依据 《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人 民共和国公司法》（以下简称"《公司法》"）、中国证券监督管理 委员会《上市公司股东会规则》等法律、法规和规范性文件以及《公 司章程》的规定，就公司本次股东大会的召集与召开程序、出席会议 人员的资格、表决程序等有关事项的合法有效性出具本法律意见书。 为出具本法律意见书，本所律师对本次股东大会所涉及的事项进 行了审查，查阅了本所律师认为出具本法律意见书所必需查阅的文 件，并对有关文件进行了必要的核查和验证。 本法律意见书仅供本次股东大会见证之目的使用，不得用作其他 任何目的。 本所律师同意将本法律意见书随公司其他公告文件一并予以公 告，并依法对本所出具的法律意见承担相应的责任。 本所律师根据对事实的了解和对 ...

一、 会议召开和出席情况 证券代码：603389 证券简称：*ST 亚振 公告编号：2025-090 亚振家居股份有限公司 2025年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 | 1、出席会议的股东和代理人人数 | 437 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 167,737,645 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 64.1526 | | 份总数的比例（%） | | 1、 议案名称：关于取消监事会、修订《公司章程》及其附件与相关制度并办理 工商变更登记的议案 二、 议案审议情况 (一) 非累积投票议案 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，公司董事长范伟浩先生主持会议。会议采用现 场投票和网络投票相结合的方式进行表决。会议的召开和表决符合《公司法》和 《公司章程》的规定，会议合法有效。 1 (一) 股东大会 ...

Group 1 - The Shanghai Stock Exchange has implemented self-regulatory measures against 164 cases of abnormal trading behaviors, including price manipulation and false declarations [1] - Stocks under risk warning for abnormal fluctuations include *ST Yazhen (603389) and Tianpu Co., Ltd. (605255), which are under close monitoring due to severe abnormal price movements [1] - The exchange has conducted special investigations into 27 major corporate events and reported 6 suspected illegal activities to the China Securities Regulatory Commission [1]

Market Overview - The home goods sector experienced a decline of 0.29% on September 10, with Zhongyuan Home leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers included: - N Wenfenda: closed at 74.77, up 170.03% with a trading volume of 137,200 shares and a turnover of 1.11 billion yuan [1] - Bingtai Turf: closed at 36.07, up 10.00% with a trading volume of 83,000 shares and a turnover of 290 million yuan [1] - Filinger: closed at 29.18, up 6.30% with a trading volume of 84,100 shares and a turnover of 238 million yuan [1] - Major decliners included: - Zhongyuan Home: closed at 15.36, down 10.02% with a trading volume of 179,300 shares and a turnover of 278 million yuan [2] - Songgu Technology: closed at 28.99, down 7.38% with a trading volume of 80,800 shares and a turnover of 243 million yuan [2] - Yuma Technology: closed at 17.40, down 6.10% with a trading volume of 291,000 shares and a turnover of 509 million yuan [2] Capital Flow - The home goods sector saw a net inflow of 108 million yuan from institutional investors, while retail investors experienced a net outflow of 119 million yuan [2][3] - Key stocks with significant capital flow included: - N Wenfenda: net inflow of 282.1 million yuan from institutional investors, with a net outflow of 35.25 million yuan from retail investors [3] - Gongchuang Turf: net inflow of 57.01 million yuan from institutional investors, with a net outflow of 30.83 million yuan from retail investors [3] - Opai Home: net inflow of 22.03 million yuan from institutional investors, with a net outflow of 9.07 million yuan from retail investors [3]

Group 1 - The Shanghai Stock Exchange announced self-regulatory measures against 174 cases of abnormal trading behaviors, including price manipulation and false declarations, from September 1 to September 5, 2025 [1] - Stocks under risk warning for abnormal fluctuations include *ST Yazhen (603389) and Tianpu Shares (605255), which are under key monitoring due to severe abnormal volatility [1] - The exchange conducted special investigations into 32 major events related to listed companies and reported 5 suspected illegal activities to the China Securities Regulatory Commission [1]

亚振家居股份有限公司 2025 年第三次临时股东大会 会议材料 二〇二五年九月十二日 亚振家居股份有限公司 2025 年第三次临时股东大会材料 | | | | 一、 | 会议须知·························· | 1 | | --- | --- | --- | | 二、 | 会议议程·························· | 3 | | 三、 | 年第三次临时股东大会议案·············· 2025 | 4 | | | 议案一：关于取消监事会、修订《公司章程》及其附件与相关制度并 | | | | 办理工商变更登记的议案···················· | 4 | | | 议案二：关于修订《关联交易管理办法》的议案·········· | 5 | | | 议案三：关于修订《独立董事工作制度》的议案·········· | 6 | | | 议案四：关于聘任 年度会计师事务所的议案·········· 2025 | 7 | | | 议案五：关于子公司广西锆业科技有限公司关联交易的议案····· | 8 | 亚振家居股份有限公司 2025 年第三次临时股东大会材料 ...

Core Viewpoint - The company is facing significant financial challenges, including a negative net profit and risks related to its stock listing status due to poor financial performance [1][2]. Group 1: Financial Performance - For the first half of 2025, the company's net profit attributable to shareholders was -33.09 million yuan, and the net profit after deducting non-recurring gains and losses was -31.22 million yuan, with an operating revenue of 105.99 million yuan (unaudited) [1][2]. - The company's stock has been under delisting risk warning since May 6, 2025, and if the audited net profit for 2025 remains negative, with operating revenue below 300 million yuan after excluding unrelated business income, the stock may face termination of listing risk [1][2]. Group 2: Subsidiary Integration Risks - The company has acquired a 51% stake in Guangxi Zirconium Industry Technology Co., Ltd. for 55.45 million yuan, and the integration of this subsidiary poses uncertainties in terms of business type, operational model, management systems, corporate culture, and financial management [3][4]. - There are risks associated with the subsidiary's ability to achieve expected profit levels due to various factors such as macroeconomic conditions, industry cycles, downstream markets, and environmental regulations [4]. Group 3: Market Trading Risks - On September 3, 2025, the company's stock price hit the daily limit, with a trading volatility of 9.76%. The latest rolling P/E ratio is reported as a loss, while the P/B ratio stands at 28.61, significantly higher than industry standards, indicating potential irrational market speculation [2][5]. - The company emphasizes the need for investors to make rational decisions and be cautious of trading risks in the secondary market [5]. Group 4: Other Relevant Information - The company has not identified any other significant events that could impact its stock price, and there are no reported insider trading activities among its executives or major shareholders [6][7].