顾家家居股份有限公司 简式权益变动报告书 上市公司名称：顾家家居股份有限公司 股票上市地点：上海证券交易所 股票简称：顾家家居 股票代码：603816 信息披露义务人名称：TB Home Limited 注册地址：FLAT A316, 3/F, WAH WAI INDUSTRIAL BUILDING, 1-7 WO HEUNG ST, FO TAN, SHATIN, HONG KONG 通讯地址：杭州市上城区东宁路 599 号顾家大厦 B1 座 11 楼 股份变动性质：股份减少（司法拍卖） 签署日期：2026 年 3 月 23 日 信息披露义务人声明 一、本报告书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容格式与准则第 15 号 —权益变动报告书》及相关的法律、行政法规和规范性文件编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或者内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在顾家家居股份有限公司中拥有 ...

证券代码：603816 证券简称：顾家家居 公告编号：2026-009 顾家家居股份有限公司 关于持股 5%以上股东权益变动触及 5%刻度暨披露简 式权益变动报告书的提示性公告 TB Home Limited 及其一致行动人杭州德烨嘉俊企业管理有限公司保证向本公司提 供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | | √其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（仅适用于无控 | | | 股股东、实际控制人） | | | □其他______________（请注明） | 2.信息披露义务人信息 | TB Home | Limited | □ | 控股股东/实控人 | √ _1173649______ | | --- | --- | --- | --- | --- | | | | □ | 控股股东/实控人的一致行动人 | | ...

Group 1: Space Photovoltaics and Computing - The TERAFAB project aims to establish a chip manufacturing facility with a target annual capacity of 1 terawatt (1TW), with 80% of production dedicated to space missions[9] - The demand for solar power is expected to surge due to the deployment of AI satellites and the need for high-efficiency solar systems in space[10] - The transition of space photovoltaics from auxiliary power units to essential energy infrastructure for space computing is anticipated to drive significant growth in this sector[10] Group 2: 3D Printing Advancements - The 3D printing industry is experiencing growth due to improved equipment efficiency and reduced material costs, particularly in aerospace and consumer electronics[11] - Metal 3D printing is becoming a key technology for intelligent manufacturing, with applications expanding in various fields including AI computing and aerospace[11] - The price of titanium alloy powder for 3D printing has halved from 600 yuan/kg to below 300 yuan/kg, opening new application scenarios[33] Group 3: Home Products and AI Integration - Companies like Gujia Home and Mousse are focusing on smart and functional home products, with Gujia's new product line achieving over 15,000 orders within 24 hours of launch[44] - Mousse is collaborating with Huawei to create a comprehensive sleep solution, integrating AI technology into their product offerings[49] - The home furnishings sector is witnessing a shift towards smart, functional products that address consumer pain points, enhancing market competitiveness[44]

顾家家居 20260320 摘要 推荐顾家家居的核心逻辑在于，行业贝塔已显现明确的筑底信号，而公司自身 的阿尔法效应尤为突出。具体而言，公司基本面最核心的变化体现在产品力的 显著提升，同时，此前布局的零售信息化系统、仓配服体系等长期能力正持续 兑现积极成效。从行业层面看，家居行业竞争格局依然分散，顾家在沙发品类 的市场份额约为 6-7%，床垫品类不足 4%，定制品类更低，这为龙头企业提供 了巨大的整合空间。尽管 2024 至 2025 年新房竣工量降幅较大，但随着 2026 至 2027 年降幅预期收窄，以及二手房交易占比已提升至 45%-50%， 需求结构的变化正在减缓对家居行业总量的冲击。行业价格竞争已趋于底部， 企业策略正从单纯的价格战转向供给侧改革。顾家家居在这一转型中已于 2025 年率先实现超额增长，成为最早走出拐点、进入基本面右侧的公司。 顾家家居在产品力提升方面取得了哪些具体进展，尤其是在功能沙发品类上有 何突出表现？ 公司产品力提升最显著的体现是在功能沙发品类。从增速看，功能品类是 2025 年增长最快的品类。在 2022 至 2024 年期间，公司功能品类内外销合 计复合增速达到 13.4 ...

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The durable consumer goods industry is experiencing a recovery phase, with various segments showing signs of stabilization and growth potential. The report highlights the importance of new product launches and strategic partnerships in driving market dynamics [1][2][5] Segment Summaries 1. Trend Toys - The collaboration between Pop Mart and Sony Pictures for the LABUBU movie is expected to enhance the commercial ecosystem and deepen fan engagement with IP [9] - Upcoming product launches include several new series of toys, which could expand the proprietary IP matrix and improve profitability [10] 2. New Tobacco Products - The appointment of a new leader at the National Tobacco Monopoly Administration is anticipated to bring favorable policies for the new tobacco sector [13] - The U.S. smoking rate has dropped to a historical low, indicating a shift towards electronic alternatives [13] 3. Home Furnishings - Domestic real estate transactions are showing signs of recovery, with a slight improvement in sales figures for new and second-hand homes [14] - Furniture exports from China have surged by 67.83% year-on-year in February, indicating strong demand [14] 4. Paper and Packaging - Recent price fluctuations in pulp and paper products indicate a mixed market, with some products seeing price increases while others remain stable [18] - The consumer demand for packaging is gradually recovering, as indicated by retail sales data across various sectors [18] 5. Personal Care and AI Glasses - The personal care segment is seeing a recovery in sales, particularly in high-end tissue products, while AI glasses are entering a rapid growth phase with significant increases in shipment volumes [21][3] 6. Xiaomi Group - Xiaomi is leveraging its AI capabilities to create a unique ecosystem that integrates hardware and software, enhancing its competitive edge in the market [20] - The launch of the new Xiaomi SU7 models has generated significant pre-orders, indicating strong market interest [24] 7. Pet Food and Supplies - The pet food sector is aligning with international standards, with significant growth in exports and new product developments aimed at enhancing nutritional standards [25][27] - The establishment of new production facilities is expected to improve cost efficiency and product quality in the pet food market [26] 8. AI and 3D Printing - The industry is moving towards compliance and official authorization in IP usage, which is expected to benefit leading companies in the sector [34] - The TCT Asia Exhibition showcased advancements in 3D printing technology, highlighting its potential for broader applications [35] 9. Two-Wheeled Vehicles - The electric vehicle segment is set for growth, with companies like Niu Technologies targeting significant sales increases for the year [42] - The introduction of new safety features and AI technology is expected to enhance product appeal and market competitiveness [42]

顾家家居公司跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 新一轮智能旗舰产品上市，产品力显著提升，彰显研发技术基因。 产品为王，全新智能旗舰新品发布 顾家家居(603816) 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 19,212 | 18,480 | 19,966 | 22,770 | 25,569 | | (+/-)% | 6.7% | -3.8% | 8.0% | 14.0% | 12.3% | | 净利润(归母) | 2,006 | ...

风险提示 家居需求相对不足；内外部市场竞争加剧；改革效果不及预期。 事件简评 智能旗舰新品重磅发布，软体智能化打开成长新空间。3 月 19 日， 公司举办"进化之力 智享新生"春季发布会，发布赫兹 S9 智能沙 发、月影 M8 智能床垫、青云座智能单椅、星耀旗舰软床四大单品， 发布会特邀全球代言人吴磊亲临现场，助力新品破圈。 需求侧思维产品运营，科技赋能核心品类，全场景智睡系统落地。 公司突破行业参数内卷竞赛，25 年与头部社媒合作掌握流行趋势， 根据消费者需求打造的赫兹沙发 4 个月内销售 2 万套，珠玉在前， 26 年公司推新赫兹 S9 智能沙发，在专业按摩功能的同时以简约高 端适配主流家居，以及 64cm 坐深、85cm 坐宽的包裹感与支撑性， 弥补当前行业内功能沙发造型和舒适度方面空缺。月影 M8 智能床 垫波浪式舒压，自适应动态调节贴合护脊撑腰，精准覆盖追求实 用功能与高性价比的主流家庭客群，聚焦左右分区互不打扰、轻 柔唤醒、智能减鼾等核心睡眠痛点。青云座智能单椅以全脊支撑 3D 承托设计关注久坐劳损，并 90-160 度自由调节，适配办公、小 憩、午休多层次需求。星耀旗舰软床则通过渐进式舒雅，全方 ...

家居需求相对不足；内外部市场竞争加剧；改革效果不及预期。 事件简评 智能旗舰新品重磅发布，软体智能化打开成长新空间。3 月 19 日， 公司举办"进化之力 智享新生"春季发布会，发布赫兹 S9 智能沙 发、月影 M8 智能床垫、青云座智能单椅、星耀旗舰软床四大单品， 发布会特邀全球代言人吴磊亲临现场，助力新品破圈。 需求侧思维产品运营，科技赋能核心品类，全场景智睡系统落地。 公司突破行业参数内卷竞赛，25 年与头部社媒合作掌握流行趋势， 根据消费者需求打造的赫兹沙发 4 个月内销售 2 万套，珠玉在前， 26 年公司推新赫兹 S9 智能沙发，在专业按摩功能的同时以简约高 端适配主流家居，以及 64cm 坐深、85cm 坐宽的包裹感与支撑性， 弥补当前行业内功能沙发造型和舒适度方面空缺。月影 M8 智能床 垫波浪式舒压，自适应动态调节贴合护脊撑腰，精准覆盖追求实 用功能与高性价比的主流家庭客群，聚焦左右分区互不打扰、轻 柔唤醒、智能减鼾等核心睡眠痛点。青云座智能单椅以全脊支撑 3D 承托设计关注久坐劳损，并 90-160 度自由调节，适配办公、小 憩、午休多层次需求。星耀旗舰软床则通过渐进式舒雅，全方位 覆盖肩 ...

NOVI, Mich., March 19, 2026 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ: THRM), a global market leader of innovative thermal management and pneumatic comfort technologies, today announced the official product launch with KUKA Home in Asia, extending Gentherm’s scalable technology platforms beyond automotive into home furniture applications. The launch is a result of our previous announcement in October 2025. These programs highlight Gentherm’s role as a collaborative innovation partner, working closely with KUKA f ...

证券代码：603816 证券简称：顾家家居 公告编号：2026-008 顾家家居股份有限公司 1 股东名称 欧亚非 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 √是 □否 其他：不适用 持股数量 2,343,900股 持股比例 0.29% 当前持股股份来源 集中竞价交易取得：2,249,260股 股权激励取得：94,640股 一、减持主体的基本情况 高级管理人员持股的基本情况：截至本次减持计划实施前，顾家家居 股份有限公司（以下简称"公司"或"本公司"）高级管理人员欧亚非 先生持有本公司股票 2,343,900 股，占本公司总股本的 0.29%。 减持计划的主要内容：因个人资金需求，欧亚非先生计划自本公告披 露之日起 15 个交易日后的 3 个月内（即 2026 年 4 月 13 日至 2026 年 7 月 12 日）（窗口期不减持），通过集中竞价的方式减持不超过其所持有 公司股份总数的 23.47%，计划减持不超过 550,000 股，占公司总股本 的 0.07%。减持价格按照减持时的市场价格确定。若在上述减持期间， 公司发生派发红利、送 ...