顾家家居股份有限公司（以下简称"公司"）于 2025 年 11 月 20 日披露了 《关于法院裁定受理持股 5%以上股东重整的公告》（公告编号：2025-079）：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"）于 2025 年 10 月 15 日以其不能清偿到期债务且资产不足以清偿全部债 务，具备重整原因、重整价值及重整可行性为由，向杭州市钱塘区人民法院提出 重整申请。杭州市钱塘区人民法院裁定受理德烨嘉俊的重整申请。 二、法院指定管理人情况 证券代码：603816 证券简称：顾家家居 公告编号：2025-090 顾家家居股份有限公司 关于法院裁定受理持股 5%以上股东重整的进展公告 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。 一、重整概述 公司近日收到通知，杭州市钱塘区人民法院对上述重整事项出具了《决定书》 （（2025）浙 0114 破 44 号），具体内容如下： 经采用竞争方式，依照《中华人民共和国企业破产法》第十三条，《最高人 民法院关于审理企业破产案件指定管理人的规定》第十 ...

顾家家居股份有限公司 关于为全资子公司提供担保的公告 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。 证券代码：603816 证券简称：顾家家居 公告编号：2025-089 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 简称"顾家宁波"） | | 顾家家居（宁波）有限公司（以下 | | --- | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 | 29,800 | 万元 | | | 象一 | | 实际为其提供的担保余额 | 96,628.97 万元 | | | | | | 是否在前期预计额度内 | √是 | □否 | □不适用 | | | | 本次担保是否有反担保 | □是 | √否 | □不适用 | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保余额（万元） | 117,272.92 | | 对外担保余额占上市公司最近一 期经审计净资产的比例（%） | 11.91 ...

每经AI快讯，顾家家居（SH 603816，收盘价：31.26元）12月19日晚间发布公告称，截至本公告日，公 司对全资子（孙）公司、控股子（孙）公司提供的担保余额约为11.73亿元，占公司最近一期经审计归 属于母公司股东的净资产的11.91%；公司除为全资子（孙）公司、控股子（孙）公司提供担保外，无 其他对外担保。 截至发稿，顾家家居市值为257亿元。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 曾健辉） 2025年1至6月份，顾家家居的营业收入构成为：家居制造占比92.94%，信息技术服务占比3.81%，其他 业务占比3.25%。 ...

Core Viewpoint - The company announced a comprehensive credit facility agreement with Ping An Bank, indicating a strategic move to support its operational development through financial backing [1] Group 1: Credit Facility Agreement - The company’s wholly-owned subsidiary, Gujia Home (Ningbo) Co., Ltd., signed a comprehensive credit facility contract with Ping An Bank, with a maximum credit limit of RMB 600 million [1] - The credit facility is aimed at supporting the subsidiary's operational development needs [1] Group 2: Guarantee Agreement - The company also signed a maximum guarantee contract with Ping An Bank, providing a joint liability guarantee for Gujia Ningbo with a maximum principal balance of RMB 298 million [1] - The actual guarantee amount will be determined based on the business development within the credit limit [1] Group 3: Financial Position - As of the announcement date, the total amount of guarantees provided by the company to its wholly-owned and controlling subsidiaries is RMB 1,172.73 million, which accounts for 11.91% of the company's most recent audited net assets [1] - There are no overdue guarantees reported by the company [1]

证券代码：603816 证券简称：顾家家居 公告编号：2025-088 顾家家居股份有限公司 关于董事调整暨选举职工代表董事及董事会专门委 员会成员的公告 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： 一、董事离任情况 （1）提前离任的基本情况 董事会战略与 ESG 委员会成员及董事会提名委员会成员职务。李东来先生的辞职 不会导致公司董事会成员低于法定最低人数。辞任后李东来先生在公司继续担任 总裁、法定代表人职务。李东来先生不存在未履行完毕的公开承诺。 | 姓名 | 离任职务 | | | | | 是否继续在上 | 具体职 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 离任时间 | 原定任期 到期日 | | 离任原因 | 市公司及其控 | 务（如 | 履行完毕的 | | | | | | | | 股子公司任职 | 适用） | 公开承诺 | | 李东来 | 董事、董事会战略与 ESG 委员会成员及董事会提 | 2025 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-087 顾家家居股份有限公司 2025年第三次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 192 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 422,030,756 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 51.3831 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场记名投票表决与网络投票表决相结合的方式召开。会 (一) 股东大会召开的时间：2025 年 12 月 17 日 (二) 股东大会召开的地点：浙江省杭州市上城区东宁路 599 号顾家大厦一楼 会议中心 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次股东大会的召集、召开和表决方式符合《公司法》 ...

法律意见书 国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 2025 年第三次临时股东大会的 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十二月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 2025 年第三次临时股东大会的 规、规范性文件及《公司章程》的规定发表法律意见。在本法律意见书中，本所 律师仅对本次股东大会的召集、召开程序、出席会议人员资格、召集人资格、会 议的表决程序及表决结果的合法有效性发表意见，不对会议所审议的议案内容和 该等 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the home furnishing and light industry sectors, highlighting the impact of real estate downturns on furniture manufacturing and related businesses [1][5][6]. Core Insights and Arguments - **Revenue and Profit Decline**: In the first three quarters of 2025, the furniture manufacturing industry experienced a revenue decline of 6.7% and a profit drop of 19.1%, with 30% of companies reporting losses [1][5]. - **Government Support**: The Chinese government has allocated 150 billion yuan in 2024 for consumer goods replacement programs, with retail sales in the home furnishing sector expected to grow by 3.6% [1][5][6]. - **Market Adaptation**: Leading home furnishing companies are expanding their product offerings and services, focusing on comprehensive design and one-stop services, while also increasing their international presence [1][6]. - **Smart Mattress Market Growth**: The smart mattress market is projected to reach nearly 60 billion yuan by 2030, with a compound annual growth rate (CAGR) of 15% [1][7]. - **Packaging Industry Dynamics**: The packaging sector is facing challenges due to raw material cost fluctuations and competition, but consolidation efforts are expected to improve profitability [3][8]. Additional Important Content - **Toy Market Growth**: The toy market in China is experiencing growth, driven by IP culture, with retail sales of licensed products reaching 140.4 billion yuan in 2023, a 0.8% increase year-on-year [3][11]. - **Durable Consumer Goods Export Outlook**: The export chain for durable consumer goods is expected to perform well due to recovering demand and depleted overseas inventories, with key companies to watch including Yongxin Co., Hengli Co., and Songlin Technology [3][14]. - **Market Performance Comparison**: From the beginning of 2025 to the present, the light manufacturing sector has seen a performance increase of 16.83%, closely mirroring the 16.85% increase of the CSI 300 index [4][13]. Investment Recommendations - **Focus on Leading Companies**: Investment recommendations include leading custom home furnishing companies such as Oppein Home, Sophia, and Zhihong Home, as well as soft furniture companies like Kuka Home and Mousse [3][13]. - **Emerging Opportunities**: Companies with strong international growth potential in the toy industry, such as Pop Mart and Blukoo, are highlighted for their robust overseas performance [3][12].

Investment Rating - The report maintains an "Overweight" rating for the retail sector, focusing on companies with strong operational resilience or signs of bottom reversal [6][63]. Core Insights - The focus has shifted from policy catalysts to fundamental performance, with an emphasis on companies demonstrating operational resilience or potential recovery from low points [2][15]. - The retail sector experienced a relatively small decline of -0.21% during the week of December 8-12, 2025, outperforming other consumer-related sectors [1][7]. - The report highlights specific stocks that have shown significant price movements, such as Guai Bao Pet and TCL Electronics, which saw increases due to various catalysts [2][16]. Summary by Sections Market Overview - The retail sector's performance was relatively stable compared to other sectors, with a decline of only -0.21%, ranking 12th among all sectors [1][7]. - The overall market sentiment has shifted towards technology and high-end manufacturing, leading to weaker returns in consumer and cyclical sectors [2][15]. Stock Performance - Notable gainers included Guai Bao Pet, which rose by 2.7%, and TCL Electronics, which increased by 2.5%, attributed to factors such as oversold rebounds and improved performance expectations [2][16]. - Conversely, stocks like Pop Mart faced declines due to disappointing sales during the overseas Black Friday promotions, raising concerns about future growth [2][16]. Future Outlook - The report suggests that investment opportunities may be limited as policy expectations have stabilized, recommending stocks with strong fundamentals and low valuation percentiles [3][17]. - Three main investment themes are proposed: benefiting from holiday travel and tourism, domestic brands with competitive advantages, and durable goods companies likely to benefit from U.S. interest rate cuts [3][17]. Sector News - In the cosmetics sector, sales on major platforms reached 37.64 billion yuan in the first 11 months, with Proya leading in several categories [4][18]. - The home appliance sector saw the launch of a new smart air conditioning factory by Xiaomi, enhancing its production capabilities [4][19]. - The furniture sector is addressing consumer pain points with new commitments from leading companies to ensure quality and service [4][20].

Core Viewpoint - The home decoration industry is experiencing a shift from traditional price wars to capital-driven acquisitions, fundamentally altering the competitive landscape. Companies like Beike, JD.com, and Yingfeng are leveraging their capital to acquire established players, posing a greater threat to traditional businesses than mere price competition [1][22][50]. Group 1: Beike's Strategy - In 2021, Beike acquired Saintu for 8 billion yuan, marking the largest merger in the home decoration industry that year, which was initially seen as a business expansion but revealed Beike's deeper ambitions [2][29]. - Saintu, founded in 2002, had revenues exceeding 4 billion yuan in 2020 and provided Beike with a mature supply chain and delivery capabilities, which were essential for Beike's growth [4][31]. - By mid-2025, Beike's home decoration business transformed from a marginal player to a significant profit generator, with total revenue from 2022 to 2024 reaching 30.747 billion yuan, and a net income of 10.9 billion yuan in 2023 [6][34]. Group 2: JD.com's Expansion - JD.com has been strategically entering the home decoration market since 2011, launching its home decoration channel and expanding its offline presence to over 300 stores by 2025 [11][38]. - In June 2025, JD.com acquired a stake in Sichuan Living Home, enhancing its offline delivery capabilities and integrating its online and offline services [13][41]. - JD.com has launched its self-operated home decoration brand stores and plans to create a comprehensive experience space that combines home decoration, home goods, and home appliances [15][43]. Group 3: Yingfeng's Moves - Yingfeng Group, under the leadership of He Jianfeng, has been quietly building a "big home" industry platform by acquiring leading home furnishing companies, including a 29.42% stake in Gujia Home for 8.88 billion yuan [16][44]. - Yingfeng's strategy includes integrating Gujia and Sophia to create a comprehensive ecosystem that combines soft furnishings and customized furniture with home appliances [21][49]. - Despite Sophia's declining revenue, Yingfeng sees potential in its brand value and the customized home furnishing sector, supported by Midea's supply chain and digital capabilities [22][49]. Group 4: Impact of Capital Acquisitions - Capital acquisitions are seen as more destructive than price wars because they fundamentally change the competitive dynamics of the industry, allowing companies to bypass traditional customer acquisition challenges [22][50]. - The shift from price competition to capital-driven acquisitions is leading to a concentration of resources among a few major players, diminishing the survival space for smaller companies [25][53]. - The entry of cross-industry players like Beike, JD.com, and Yingfeng signifies a transition from product and price competition to a deeper contest of capital and ecosystem integration [25][53].