Core Viewpoint - The company has recently faced a shareholder equity freeze while its nearly 2 billion yuan private placement plan has been approved, and its performance in the first three quarters remains strong [1] Group 1: Stock Performance - On February 3, 2026, the company announced that approximately 15.43 million shares held by major shareholder TB Home Limited, accounting for 1.88% of the total share capital, were subject to judicial freeze due to pending legal matters [2] - Another shareholder, Hangzhou Deyejiajun Enterprise Management Co., Ltd., also had all its shares frozen, but these shareholders are not controlling shareholders, and the incident does not affect the company's control or daily operations [2] Group 2: Private Placement - In early December 2025, the company's nearly 2 billion yuan private placement application was approved by the Shanghai Stock Exchange and has entered the "registration submission" phase, with the controlling shareholder, Yingfeng Group, fully subscribing [3] - Upon completion, Yingfeng Group's shareholding will increase from 29.42% to 37.37%, further consolidating its control [3] - The funds raised will be used for projects related to production line automation, marking the first large-scale capital action since Yingfeng Group took over [3] Group 3: Performance and Operations - In the first three quarters of 2025, the company reported revenue of 15.012 billion yuan and a net profit attributable to shareholders of 1.539 billion yuan, representing year-on-year growth of 8.77% and 13.24%, respectively [4] - During the Q3 2025 earnings call, management emphasized a focus on functional and intelligent innovation, as well as advancing the transformation of domestic retail and the globalization of foreign trade strategies [4] - The company expects positive growth in revenue and profit for 2026 [4]

Investment Rating - The report indicates a positive investment outlook for the home furnishing and paper industries, with specific recommendations for companies with high dividend safety margins and growth potential [3][5]. Core Insights - The home furnishing sector is at a valuation bottom, with real estate policies expected to catalyze upward valuation movements. Industry consolidation is accelerating, and companies like Gujia Home, Sophia, and Oppein are highlighted for their strong dividend safety margins [3][5]. - In the paper industry, short-term stability in boxboard prices is noted, with an optimistic mid-term supply-demand balance expected to enhance industry profitability. Companies like Nine Dragons Paper are recognized for exceeding performance expectations [3][5]. - Bull Group is positioned for steady recovery in its traditional business due to improving real estate and consumer sentiment, while new business areas such as overseas expansion and smart lighting present growth opportunities [3][5]. - Consumer sentiment is rebounding, with a focus on personal care growth stocks like Baiya, Dengkang Dental, and Zhongshun Jierou [3][5]. Summary by Sections Home Furnishing - The home furnishing sector is experiencing a valuation bottom, with real estate policies likely to improve market sentiment and demand. The increase in second-hand housing transactions is expected to support the demand side, leading to a long-term expansion of the industry [5][6]. - The report emphasizes the acceleration of industry consolidation since 2025, with mid-tier companies exiting the market and capital entering leading firms, enhancing industry concentration [6][16]. - Companies to watch include Gujia Home, Sophia, Oppein, Mousse, and Xilinmen, which are expected to benefit from valuation recovery [5][6]. Paper Industry - The report notes that boxboard prices are stable in the short term, with an anticipated improvement in the supply-demand structure that could enhance profitability in the mid-term. Companies like Sun Paper and Nine Dragons Paper are highlighted for their strong positions [3][5]. - The report suggests monitoring the potential impact of anti-involution policies and demand changes, which could contribute to cyclical elasticity in the paper sector [7][8]. - Specific recommendations include focusing on companies with integrated supply chains and significant cost advantages, such as Sun Paper and Nine Dragons Paper [7][8]. Bull Group - The Bull Group is expected to see steady recovery in its traditional business due to improving real estate and consumer sentiment. The company is also expanding into new areas such as smart lighting and renewable energy, which are anticipated to drive growth [10][11]. - The report highlights the company's competitive advantages in product, channel, and supply chain management, which are expected to support stable growth in 2026 [10][11]. Consumer Goods - The report indicates a rebound in consumer sentiment, with a focus on personal care growth stocks. Companies like Baiya, Dengkang Dental, and Zhongshun Jierou are noted for their potential in the market [13][14].

Investment Rating - The report maintains a positive outlook on the home furnishing and paper industries, indicating potential for valuation recovery and growth opportunities [3][5]. Core Insights - The home furnishing sector is at a valuation bottom, with real estate policies expected to catalyze upward valuation movements. Industry consolidation is accelerating, with a focus on companies with high dividend safety margins such as Gujia Home, Sophia, and Oppein [3][5]. - In the paper industry, short-term stability in corrugated box prices is noted, with an optimistic mid-term supply-demand balance expected to enhance industry profitability. Companies like Nine Dragons Paper are highlighted for exceeding performance expectations [3][5]. - Bull Group is positioned for steady recovery in its traditional business due to improving real estate and consumer sentiment, while new ventures in overseas markets, smart lighting, and renewable energy are opening growth avenues [3][5]. - Consumer sentiment is rebounding, with a focus on personal care growth stocks such as Baiya, Dengkang Dental, and Zhongshun Jierou [3][5]. Summary by Sections Home Furnishing - The sector is experiencing a valuation bottom, with real estate policies likely to improve market sentiment and demand. The increase in second-hand housing transactions is expected to support home furnishing demand, leading to a long-term expansion of the industry [5][6]. - The ongoing consolidation in the industry is pushing mid-tier companies out, while capital from industrial players is entering leading home furnishing firms, enhancing market concentration [5][6]. Paper Industry - Short-term price stability in corrugated boxes is observed, with a potential mid-term improvement in supply-demand dynamics expected to boost profitability. The report emphasizes the importance of integrated supply chains and cost advantages in companies like Sun Paper and Nine Dragons Paper [7][9]. - The report suggests that the paper industry is nearing a bottom, with cost structures supporting price stability and potential for upward movement in demand [7][9]. Bull Group - The company is expected to benefit from improving real estate conditions and consumer sentiment, with traditional business lines poised for recovery. New business areas such as smart lighting and renewable energy are anticipated to contribute to growth [11][12]. Consumer Goods - The report highlights a rebound in consumer sentiment, with a focus on personal care companies that are expected to show growth potential. Companies like Baiya and Dengkang Dental are noted for their promising performance in 2026 [14][15]. Packaging Industry - The report discusses the performance of overseas packaging companies, with Ball Corporation and Amcor showing strong results. Ball's revenue for FY25 reached $13.2 billion, a 12% increase year-on-year, while Amcor's revenue for FY26H1 was $11.2 billion, a 70% increase [15][16].

Investment Rating - The report rates the light industry export chain as "Buy" [2] Core Insights - The growth potential of companies is derived from the alignment of industry characteristics and their own competitive advantages [3] - The report emphasizes that leading companies in niche markets can achieve differentiation and higher profitability due to limited competition and market capacity [6][7] - The report identifies key investment opportunities in companies such as Jiangxin Home, Gongchuang Lawn, Zhongxin Co., Gujia Home, Yingke Medical, Songlin Technology, Jianlin Home, Zhejiang Natural, and Yiyi Co. [4] Summary by Sections 1. Company Growth Sources: Industry Characteristics and Competitive Matching - Niche market leaders often achieve differentiation and alpha due to limited competition and high growth potential, with leading companies maintaining a market share of over 20% and net profit margins of 15%-20% [6][7] - Zhongxin Co. benefits from cost advantages through equipment optimization and raw material selection, achieving significant savings in fixed asset investment compared to peers [9] - Gongchuang Lawn excels in R&D innovation and comprehensive production efficiency, maintaining superior unit profit margins despite market price fluctuations [18][19] 2. Overseas Capacity Migration: Accelerated Diversification - The trend of sourcing from the U.S. is evident, with major retailers like Home Depot and Lowe's increasing their domestic procurement [4] - The report notes that U.S. tariffs and geopolitical factors are accelerating the shift of production capacity to North America, particularly in response to the 2025 tariff changes [4] 3. Investment Recommendations - The report suggests that leading companies in the export chain can achieve excess profits through precise positioning in niche markets, cost control, and differentiated product and channel operations [4] - The report highlights the importance of innovation and agile market response in driving product iterations, particularly for Jiangxin Home, which has rapidly developed new features in its product lines [27][30]

Group 1: Domestic Market Transformation - The domestic furniture industry is transitioning from an incremental market to a stock market, with operational growth potential through retail transformation and refined operations [1] - There is a significant increase in demand for functional and intelligent furniture, presenting structural growth opportunities [1] - The company is enhancing internal operational efficiency through lean production and cost improvement while increasing investment in product technology innovation to maintain stable gross margins [1] Group 2: Policy Impact on Consumption - The "old-for-new" national subsidy policy, effective from 2024, has significantly stimulated furniture consumption [2] - Since Q2 2025, the impact of the subsidy policy on terminal retail has gradually weakened, returning to normal levels [2] - The company plans to increase technological innovation in functionality and intelligence to meet diverse consumer demands for high-quality products [2] Group 3: International Trade and Market Expansion - The U.S. market is a key area for the company's overseas business, with changes in U.S. tariff policies presenting both opportunities and challenges [3] - The company is expanding production capacity in Vietnam and Mexico to mitigate the impact of tariffs and enhance production efficiency [3] - The company has a global presence in over 120 countries, with a focus on direct exports and self-owned brands in the EU market [3] Group 4: Retail and Global Strategy Progress - The company has achieved phase results in its retail transformation, with consistent growth in retail sales despite market pressures [4] - The global deepening strategy is progressing steadily, with increased localization of personnel and the establishment of integrated local value chains [4] - Foreign trade revenue has shown steady growth, maintaining double-digit growth from 2024 to H1 2025 [4] Group 5: Financial Projections - The company maintains its profit forecast, expecting net profits of 1.87 billion, 2.08 billion, and 2.33 billion yuan for the years 2025 to 2027, corresponding to P/E ratios of 15X, 14X, and 12X respectively [5]

Core Viewpoint - The company emphasizes a user-centered approach as its core business philosophy, focusing on product quality management and establishing a comprehensive quality management system that ensures traceability throughout the product lifecycle [1] Group 1: Company Operations - The company has implemented strict quality control standards for both online and offline products [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 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： ● 截至本公告披露日，TB Home Limited（以下简称"TB Home"）持有顾家家居股份有限公司（以下简 称"公司"或"本公司"）41,176,766股股票，占本公司总股本的5.01%；TB Home所持本公司股份累计被冻 结（含轮候冻结）和司法标记41,176,766股，占其所持有本公司股数的100%，占本公司总股本的 5.01%。杭州德烨嘉俊企业管理有限公司（由顾家集团有限公司变更名称而来，以下简称"德烨嘉俊"） 持有本公司88,471,483股股票，占本公司总股本的10.77%；德烨嘉俊所持本公司股份累计被冻结（含轮 候冻结）和司法标记88,471,483股，占其所持有本公司股数的100%，占本公司总股本的10.77%。 ● TB Home及德烨嘉俊不属于公司控股股东、实际控制人，该事项不会导致公司控制权发生变更，不会 对公司日常经营和管理造成影响。 公司近日收到通知，TB Home持有本公司股份被 ...

（文章来源：证券日报） 证券日报网讯 2月3日，顾家家居发布公告称，公司持股5%以上股东TBHomeLimited所持15428208股股 份被浙江省杭州市中级人民法院轮候冻结，冻结股份占其持股37.47%，占公司总股本1.88%，冻结起始 日分别为2025年12月4日、2025年12月8日及2026年1月30日。 ...

顾家家居股份有限公司 关于持股 5%以上股东股份被轮候冻结的公告 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法律责任。 重要内容提示： 截至本公告披露日，TB Home Limited（以下简称"TB Home"）持有顾家 家居股份有限公司（以下简称"公司"或"本公司"）41,176,766 股股票，占 本公司总股本的 5.01%；TB Home 所持本公司股份累计被冻结（含轮候冻结）和 司法标记 41,176,766 股，占其所持有本公司股数的 100%，占本公司总股本的 5.01%。杭州德烨嘉俊企业管理有限公司（由顾家集团有限公司变更名称而来， 以下简称"德烨嘉俊"）持有本公司 88,471,483 股股票，占本公司总股本的 10.77%； 德烨嘉俊所持本公司股份累计被冻结（含轮候冻结）和司法标记 88,471,483 股， 占其所持有本公司股数的 100%，占本公司总股本的 10.77%。 TB Home 及德烨嘉俊不属于公司控股股东、实际控制人，该事项不会导 致公司控制权发生变更，不会对公司日常经营和管理造成影响。 公司近日 ...

证券之星消息，2月2日家居用品板块较上一交易日下跌2.02%，顾家家居领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。家居用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300749 | 顶固集创 | 18.00 | 7.53% | 22.84万 | | 4.14亿 | | 003011 | 海象新材 | 24.16 | 2.90% | 8.78万 | | 2.17亿 | | 301588 | 美新科技 | 22.60 | 2.36% | 5.44万 | | 1.25亿 | | 603208 | 江山欧派 | 15.12 | 1.89% | 6.15万 | 9334.15万 | | | 603195 | 公牛集团 | 42.49 | 1.70% | 5.77万 | | 2.47亿 | | 603610 | 麒盛科技 | 17.58 | 1.09% | 6.40万 | | 1.13亿 | | 603 ...