2023 年限制性股票激励计划 法律意见书 安徽天禾律师事务所 关于志邦家居股份有限公司 回购注销部分限制性股票实施情况 之法律意见书 安徽天禾律师事务所 ANHUITIANHELAWOFFICE 地址：合肥市蜀山区怀宁路288号置地广场A座35楼 电话：（0551）62642792 传真：（0551）62620450 法律意见书 安徽天禾律师事务所 关于志邦家居股份有限公司 2023年限制性股票激励计划 回购注销部分限制性股票实施情况之法律意见书 天律意2025第01808号 致：志邦家居股份有限公司 安徽天禾律师事务所（以下简称"本所"）依法接受志邦家居股份有限公 司（以下简称"志邦家居"或"公司"）的委托，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券 法》）、中国证券监督管理委员会（以下简称"中国证监会"）、《上市公司股 权激励管理办法》（以下简称《管理办法》）和《志邦家居股份有限公司章程》 （以下简称《公司章程》）等有关规定，就志邦家居股份有限公司根据其 《2023年限制性股票激励计划（草案）》（以下简称《激励计划（草案）》） 回购注销部分限制性股票实 ...

Group 1 - The report highlights the emergence of new consumer demands driven by generational changes, with the Z generation becoming the main consumer force, leading to a restructuring of the competitive landscape in the consumer goods sector [3][5][11] - The growth of domestic brands is emphasized, particularly in categories such as personal care, pet products, and home goods, where companies like Baiya Co., Ltd. and Dengkang Oral Care are gaining market share through innovative products and effective marketing strategies [5][19][24] - The report identifies significant opportunities in the AI-driven product categories, such as AI mattresses and AI glasses, which are expected to see high growth in the medium to long term [5][19][29] Group 2 - The housing market is projected to stabilize, with policies encouraging home upgrades and replacements, which will drive demand for home goods, particularly in the AI mattress segment [6][9] - The packaging industry is undergoing a global supply chain restructuring, leading to accelerated consolidation and improved profitability for leading companies [7][10] - The report notes that the export sector is expected to see a reduction in the impact of tariff policies, allowing for better growth prospects in overseas markets [10][19] Group 3 - The report discusses the rise of IP-derived products, particularly in the emotional consumption space, where younger consumers are increasingly drawn to products that fulfill social and emotional needs [34][37][43] - Companies like Bluku and Chengyuan Co., Ltd. are highlighted for their innovative approaches in the IP toy market, leveraging strong brand partnerships and diverse product offerings to capture market share [44][49][56] - The report emphasizes the importance of digital marketing and e-commerce strategies in driving sales for companies in the consumer goods sector, particularly in the context of changing consumer behaviors [50][52][61]

Group 1 - Jay Chou's official entry into Douyin has sparked significant interest in related stocks, with Giant Legend's share price soaring over 160% and market capitalization exceeding 10 billion HKD [1][4] - Other A-share stocks, such as Fengshang Culture and Zhibang Home, also experienced remarkable gains, with both hitting the daily limit [1][6] - Analysts highlight the strong commercial energy of the "Jay Chou effect," indicating that the expansion of a top-tier IP's social influence can enhance its value and extend its lifecycle [1][6] Group 2 - Jay Chou's Douyin account quickly gained over 500,000 followers within hours, showcasing his strong appeal and potential for attracting new fans [2][3] - The entry into Douyin is expected to inject new momentum into the star IP business and boost sales of related products and brand collaborations [2][6] - The account currently has no public content, yet its follower count surged, indicating a high demand for Jay Chou's presence on social media [2][3] Group 3 - Giant Legend, which is closely tied to Jay Chou, saw its stock price rise significantly, with a peak increase of 165.62% and a trading volume of 8.3 billion HKD [4][6] - The company, which focuses on IP creation and new retail, has established a unique monetization path through its star IPs, including Jay Chou and Liu Genghong [5][6] - Giant Legend's business model has shown independent revenue-generating capabilities, indicating a potential new growth cycle [6]

Core Viewpoint - The entry of Jay Chou into Douyin (TikTok) has led to a significant increase in his follower count and a surge in related stocks, indicating the strong market impact of celebrity IPs in the digital economy [2][3][5]. Group 1: Douyin Account and Follower Growth - Jay Chou officially joined Douyin on July 9, 2023, under the name "周同学" (Zhou Tongxue), and quickly gained over 265,000 followers within 15 minutes [2][3]. - By July 9 at 1:39 PM, his follower count exceeded 2.65 million, showcasing his strong appeal on social media platforms [3]. Group 2: Stock Market Reaction - Following the announcement of Jay Chou's Douyin account, several "Jay Chou concept stocks" experienced significant price increases, with Hong Kong-listed Giant Legend rising over 100% at one point and closing up over 70% [5][6]. - In the A-share market, stocks like Zhihong Home and Fengshang Culture also saw substantial gains, with Zhihong Home hitting the daily limit and Fengshang Culture rising over 9% [9]. Group 3: Collaborations and Business Models - Giant Legend, controlled by Jay Chou's mother, operates on a business model that combines "Jay Chou IP + new retail," and reported a 65% increase in IP business revenue last year due to the popularity of "周游记2" [6]. - Zhihong Home has been collaborating with Jay Chou since January 2019, where he serves as the brand ambassador [10]. - Fengshang Culture has engaged in several projects with Jay Chou in 2024 and will be involved in the planning of his 2025 "Carnival" world tour [11]. Group 4: IP Development and Market Impact - The "周同学" IP is backed by Giant Legend, which focuses on creating and operating unique IPs for various artists to maximize their influence [12]. - Analysts believe that Jay Chou's presence on Douyin will enhance his ability to attract followers, which can lead to increased sales of merchandise and brand collaborations [12]. - The integration of music with short video platforms is expected to drive content creation and consumption, benefiting both the platforms and the artists involved [12].

本次行权数量 公司 2023 年股票期权激励计划第一个行权期可行权数量为 206.745 万份， 行权期为 2024 年 11 月 27 日-2025 年 9 月 18 日（行权日须为交易日）。2025 年 第二季度累计行权并完成股份登记数量为 0 股，占本次可行权总量的 0%；截至 2025 年 6 月 30 日，累计行权并完成登记数量为 0 股，占本次可行权总量的 0%。 本次行权股票上市流通时间 | 债券代码：113693 | 债券简称：志邦转债 | | | --- | --- | --- | | 证券代码：603801 | 证券简称：志邦家居 | 公告编号：2025-057 | 志邦家居股份有限公司 关于 2023 年股票期权激励计划 2025 年第二季度 自主行权结果暨股份变动公告 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个别及连带责任。 重要内容提示： 公司本次行权采用自主行权模式，激励对象行权所得股票于行权日（T 日）后的第一个交易日（T+1 日）到达股票账户，并于第二个交易日（T+2 日）上市交易。 一、本次股票期 ...

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。 | 证券代码：603801 | 证券简称：志邦家居 | 公告编号:2025-056 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 5、法定代表人：孙志勇 6、注册资本：人民币肆亿叁仟陆佰伍拾万伍仟柒佰壹拾叁圆整 7、成立日期：2005 年 04 月 04 日 8、经营范围：许可项目:道路货物运输(不含危险货物)(依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或 许可证件为准) 志邦家居股份有限公司（以下简称"公司"）于 2025 年 1 月 9 日召开第五届 董事会第五次会议、第五届监事会第五次会议，2025 年 1 月 27 日召开 2025 年 第一次临时股东大会，审议通过了《关于调整公司回购专用证券账户股份用途并 注销的议案》，同意对回购专用证券账户中，2022 年回购方案回购的且尚未使用 的 100 股公司股份 ...

Core Viewpoint - The credit rating of Zhibang Home Furnishing Co., Ltd. is affirmed at AA with a stable outlook, reflecting its strong market position and brand recognition in the customized home furnishing industry [3][5][9]. Company Overview - Zhibang Home Furnishing holds a significant market position and brand awareness in the customized home furnishing sector, with a diverse product range and financing channels [3][7][9]. - The company has successfully issued convertible bonds in March 2025, enhancing its financing capabilities [6][10]. Financial Performance - As of March 2025, the total assets of the company reached 67.23 billion, with total liabilities at 31.91 billion, and total equity at 35.32 billion [6][20]. - The company's operating revenue for 2022 was 53.89 billion, which increased to 61.16 billion in 2023, but saw a decline to 52.58 billion in 2024 [20][24]. - The net profit for 2022 was 5.37 billion, which decreased to 3.85 billion in 2024 [20][24]. Market Environment - The customized home furnishing industry is experiencing intense competition, and fluctuations in the real estate market are impacting the sector [3][9]. - The government has introduced various policies to support the home furnishing industry, aiming to stabilize the real estate market and promote consumption [9][10]. Risks and Challenges - The company faces challenges related to high accounts receivable, with a significant amount tied to the real estate sector, which may affect cash flow and financial stability [3][9][20]. - The operational management of a large number of distributors and the geographical spread of these distributors present additional management difficulties [4][9]. Future Outlook - The company is expected to maintain a stable credit level in the near future, with potential for upward adjustments if market share and profitability improve significantly [5][6]. - The integration of the customized home furnishing industry is anticipated, with leading companies likely to capture more market share [9][10].

Group 1 - The core viewpoint of the announcement is that Zhihong Home has maintained its credit ratings for both the company and its convertible bonds, indicating stability in its financial standing [1][2] - The previous bond rating was "AA" and the issuer rating was also "AA," with a stable outlook, which remains unchanged in the current assessment [1][2] - The tracking credit rating was conducted by China Chengxin International Credit Rating Co., Ltd., based on a comprehensive analysis of the company's operational and financial conditions [2] Group 2 - The tracking rating report was issued on June 26, 2025, confirming the company's credit rating and outlook as stable [2] - The previous rating was conducted on August 5, 2024, and the results have not changed since then [1][2] - The detailed tracking rating report can be found on the Shanghai Stock Exchange website [2]

| 证券代码：603801 | 证券简称：志邦家居 | 公告编号:2025-055 | | --- | --- | --- | | 债券代码：113693 | 债券简称：志邦转债 | | 志邦家居股份有限公司 关于公开发行可转换公司债券 2025 年跟踪评级结果 的提示性公告 上述跟踪评级报告详见上海证券交易所网站（http://www.sse.com.cn/）。 特此公告。 志邦家居股份有限公司董事会 ●本次债项评级："AA"，主体评级："AA"，评级展望：稳定 ●本次评级结果较前次没有变化。 根据《上市公司证券发行注册管理办法》《上海证券交易所股票上市规则》 等相关规定，志邦家居股份有限公司（以下简称"公司"）委托信用评级机构中 诚信国际信用评级有限责任公司（以下简称"中诚信国际"）对公司 2025 年 3 月发行的"志邦转债"进行跟踪信用评级。 公司前次主体信用评级结果为 AA，前次评级展望为"稳定"，"志邦转债" 前次评级结果为 AA，评级机构为中诚信国际，评级时间为 2024 年 8 月 5 日。 中诚信国际在对公司经营情况、财务状况等进行综合分析与评估的基础上， 于 2025 年 6 月 26 日 ...

志邦家居股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 1396 号 志邦家居股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 26 日 2 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 ...