Group 1 - The company, Zhihong Home (603801), stated on October 28 that it currently has no investments in low-altitude economy, embodied intelligence, or brain-computer interface fields [1]

Core Insights - The home decoration industry is witnessing a shift towards "one-stop shopping," with the integration of various home furnishing categories becoming mainstream, leading to increased consumer awareness of "whole home" and "whole decoration" concepts [1][3]. Company Strategies - **Oppein Home**: The company reported a 7% year-on-year growth in its whole decoration channel revenue in the first half of the year, with some regional dealers achieving over 50% growth. However, it faces challenges from disordered competition among industry players, impacting the stability of cooperation with renovation companies [3][4]. - **Sofia**: Sofia is focusing on the whole decoration channel as a key growth area, establishing exclusive products and pricing systems to differentiate from retail channels. The company achieved revenue of 8.52 billion yuan from its whole decoration channel in the first half of the year, collaborating with 270 renovation companies across 211 cities [6][4]. - **Zhibang Home**: The company is implementing a dual approach by partnering with both national and regional large-scale decoration companies, providing product, sales, and service support while the renovation companies handle design and construction [7][9]. - **Golden Home**: The company is committed to deepening its "first partner in home decoration" strategy, enhancing its capabilities in digital empowerment, intelligent design, and supply chain management. It reported a 30% year-on-year growth in home decoration channel revenue, with 1,458 stores established by mid-2025 [10][12]. - **Iole Home**: The company is pursuing a dual-channel development strategy, focusing on both whole decoration and retail channels. It emphasizes comprehensive capability competition and has transformed traditional stores into experiential centers and community service hubs [13][15]. Industry Trends - The collaboration between home furnishing companies and renovation firms is characterized by two main trends: balancing interests between decoration channels and retail channels, and increasing empowerment of renovation companies through product development and technical support [16].

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-081 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于股东减持公司可转债的公告 二、本次减持可转债情况 公司于近日收到控股股东孙志勇、许帮顺及其一致行动人安徽谨志、安徽谨 兴的函告，获悉其于 2025 年 9 月 26 日至 2025 年 10 月 21 日期间通过大宗交易 和集中竞价方式减持公司可转债 701,810 张，占公司可转债发行总量的 10.47%。 具体减持情况如下： | 持有人 | 本次减持 前持有数 量（张） | 本次减持 前占发行 数量比例 （%） | 减持方式 | 本次减持 数量（张） | 本次减持 后持有数 量（张） | 本次减持后 占发行总量 比例（%） | | --- | --- | --- | --- | --- | --- | --- | | 孙志勇 | 1,396,910 | 20.85 | 大宗交易 | 265,000 | 1,131,910 | 16.89 | | 许帮顺 | 1,356,230 | 20.24 | ...

Core Viewpoint - Zhigang Home (603801.SH) announced that its controlling shareholders, Sun Zhiyong and Xu Bangshun, along with their concerted parties, have notified the company of their plan to reduce their holdings of convertible bonds by 701,800 units, accounting for 10.47% of the total issuance of the company's convertible bonds [1] Group 1 - The reduction of convertible bonds will take place between September 26, 2025, and October 21, 2025 [1] - The total amount of convertible bonds being reduced is 701,800 units [1] - The percentage of the total issuance being reduced is 10.47% [1]

Core Viewpoint - Zhigang Home (603801.SH) announced that its controlling shareholders, Sun Zhiyong and Xu Bangshun, along with their concerted parties, have notified the company of their plan to reduce their holdings of convertible bonds by 701,800 units, accounting for 10.47% of the total issuance of the company's convertible bonds [1] Summary by Category - **Shareholder Actions** - The controlling shareholders will reduce their holdings of convertible bonds from September 26, 2025, to October 21, 2025 [1]

Core Points - The company has completed the registration change and obtained a new business license from the Hefei Market Supervision Administration [2] - The total share capital of the company has been reduced from 436,505,713 shares to 434,349,842 shares, and the registered capital has changed accordingly [1] - The company’s new registered capital is 434,349,842 RMB [2] Company Information - The company is named "Zhihong Home Co., Ltd." and is classified as a joint-stock company [2] - The legal representative of the company is Sun Zhiyong [2] - The company is located at 19 Lianshui Road, Luyang Industrial Zone, Hefei City, Anhui Province [2] Business Scope - The company’s business scope includes furniture manufacturing, sales, and installation services, as well as various home appliance manufacturing and sales [2] - It also engages in the production and sale of building materials, household goods, and provides supply chain management services [2] - The company is involved in internet sales and various consulting and design services [2]

Core Viewpoint - Zhigang Home (603801) announced a reduction in total share capital and registered capital following the approval of a stock incentive plan [1] Summary by Sections Company Actions - The company will hold the ninth meeting of the fifth board of directors on August 27, 2025, and the second extraordinary shareholders' meeting on September 17, 2025 [1] - The company approved a proposal to change its total share capital from 436,505,713 shares to 434,349,842 shares, and its registered capital from 436,505,713 yuan to 434,349,842 yuan [1] - The company has completed the necessary business registration changes and received a new business license from the Hefei Market Supervision Administration [1]

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号:2025-080 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于完成工商变更并换发营业执照的公告 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。 志邦家居股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开第五 届董事会第九次会议，2025 年 9 月 17 日召开 2025 年第二次临时股东会，审议 通过了《关于变更注册资本、经营期限及修订<公司章程>并办理工商变更登记的 议案》，同意根据 2025 年 7 月 15 日披露的《关于部分股权激励限制性股票回购 注销实施公告》（公告编号：2025-058），将公司总股本由 436,505,713 股减少至 434,349,842 股，注册资本由 436,505,713 元变更为 434,349,842 元，并对《公 司章程》进行修订。 具体情况详见公司于 2025 年 8 月 28 日披露的《关于变更注册资 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The report emphasizes the importance of valuation switching logic in the new consumption sector, highlighting stable operational performance in the sports brand sector for Q3 [6][4] - It suggests a focus on high-growth tracks in new consumption and the valuation switching logic within the sector, particularly in the collectible toy segment [6][4] - The report identifies several companies with strong growth potential and suggests monitoring their performance closely [6][4] Summary by Sections Industry Overview - The industry consists of 175 listed companies with a total market value of 10,672.79 billion and a circulating market value of 8,623.31 billion [2] Market Performance - The Shanghai Composite Index decreased by 1.47%, while the Shenzhen Component Index fell by 4.99% during the week of October 13-17, 2025 [6][11] - The light industry manufacturing index dropped by 2.22%, ranking 13th among 28 Shenwan industries, while the textile and apparel index decreased by 0.31%, ranking 5th [6][11] Key Company Insights - Companies such as Bubble Mart are expected to release Q3 operational data, with new product launches anticipated to drive performance in Q4 [6] - 361 Degrees reported a stable performance with a 10% increase in offline and children's clothing sales, and a 20% increase in e-commerce sales [6] - Anta Sports, Li Ning, and other functional apparel brands are highlighted for their growth potential [6] Investment Opportunities - The report suggests focusing on the acceleration of the Chinese consumption supply chain going overseas, particularly in non-woven fabric manufacturing [6][7] - Companies like Yanjiang Co. are recommended for their advanced production techniques and global supply chain capabilities [7] - The pet supplies sector is also highlighted, with companies like Yuanfei Pet expected to benefit from growth in both OEM and OBM businesses [6][7] Sector Recommendations - The report recommends monitoring companies in the home furnishing sector, such as Xilinmen and Gujia Home, for potential recovery in performance and valuation [6] - In the paper industry, Sun Paper is recommended due to its integrated advantages and expected improvement in profitability [6][7] - The textile manufacturing sector suggests a focus on companies like Jingyuan International for their market share growth potential [6][7]

Market Overview - On October 17, the home goods sector declined by 1.52%, with Yuma Technology leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable gainers included: - Mengbaihe (603313) with a closing price of 9.33, up 10.02% on a trading volume of 269,100 shares and a turnover of 246 million yuan [1] - Longzhu Technology (920445) closed at 11.97, up 9.02% with a trading volume of 84,800 shares and a turnover of 104 million yuan [1] - Significant losers included: - Yuma Technology (300993) closed at 18.24, down 6.46% with a trading volume of 178,300 shares and a turnover of 332 million yuan [2] - Qisheng Technology (603610) closed at 16.84, down 6.18% with a trading volume of 128,300 shares [2] Capital Flow - The home goods sector experienced a net outflow of 248 million yuan from institutional investors, while retail investors saw a net inflow of 255 million yuan [2] - The capital flow for key stocks showed: - Mengbaihe had a net inflow of 84.29 million yuan from institutional investors, but a net outflow of 43.88 million yuan from retail investors [3] - Delu Future (002631) had a net inflow of 29.35 million yuan from institutional investors, with a net outflow of 26.12 million yuan from retail investors [3]