Core Viewpoint - Zhibang Home achieved significant revenue and profit rankings in the customized furniture industry, indicating strong market presence and operational performance [2][3]. Group 1: Company Overview - Zhibang Home was established on April 4, 2005, and listed on the Shanghai Stock Exchange on June 30, 2017, with its headquarters in Hefei, Anhui Province [1]. - The company specializes in customized home furniture, focusing on integrated kitchen cabinets and custom wardrobes, and has a strong market recognition in the industry [1]. Group 2: Financial Performance - In Q3 2025, Zhibang Home reported revenue of 3.074 billion yuan, ranking third among 15 companies in the industry, with the top competitor, Oppein Home, generating 13.214 billion yuan [2]. - The main business segments include custom wardrobes (905 million yuan, 47.63%), integrated kitchen cabinets (711 million yuan, 37.43%), wooden doors (146 million yuan, 7.71%), and others (137 million yuan, 7.23%) [2]. - The net profit for the same period was 173 million yuan, also ranking third in the industry, with Oppein Home leading at 1.835 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, Zhibang Home's debt-to-asset ratio was 46.72%, higher than the industry average of 41.92% [3]. - The gross profit margin was 34.24%, which, despite being lower than the previous year's 36.83%, exceeded the industry average of 29.57% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 20.66% to 25,300, while the average number of shares held per shareholder decreased by 17.12% to 17,100 shares [5]. - Notably, Hong Kong Central Clearing Limited became the third-largest shareholder with 11.5941 million shares, marking its entry into the top ten shareholders [5]. Group 5: Market Outlook - Analysts from Huachuang Securities noted that while domestic sales faced challenges, overseas growth presented new opportunities, with retail channels benefiting from national subsidies [5]. - Longjiang Securities highlighted that the company is optimizing its operations and organizational structure to enhance market development in southern regions and is committed to its overseas expansion strategy [5].

证券代码：603801 证券简称：志邦家居 公告编号：2025-082 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 2025 年三季度主要经营情况的公告 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。 （二）主营业务分渠道情况 | 分渠道 | 营业收入（元） | 营业成本（元） | 毛利率 | 营业收入比 | 营业成本比 | 毛利率比上 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 上年增减 | 上年增减 | 年同期增减 | | | 零售业务 | 2,005,041,227.76 | 1,248,594,404.15 | 37.73% | -7.57% | -3.69% | 下降 2.51 | 个 | | | | | | | | 百分点 | | | 大宗业务 | 629,727,365.57 | 420,356,454.25 | 33.25% | -43.03% | -40.13% | 下降 3.24 | 个 | ...

志邦家居股份有限公司 2025 年第三季度报告 证券代码：603801 证券简称：志邦家居 志邦家居股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 12 志邦家居股份有限公司 2025 年第三季度报告 | 量净额 | | | | | | --- | --- | --- | --- | --- | | 基本每股收益（元/股） | 0.0811 | -69.84 | 0.3997 | -34.44 | | 稀释每股收益（元/股） | 0.0811 | -70.00 | 0.3997 | -34.69 | | 加权平均净资产收益率 （%） | 1.09 | 减少 2.48 个百分点 | 5. ...

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]