国浩律师（杭州）事务所 关于 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 二零二五年十一月 顾家家居股份有限公司 2025 年向特定对象发行 A 股股票 之 补充法律意见书（一） 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 | 正文 《审核问询函》回复 3 | | --- | | 《审核问询函》1.关于本次发行方案 3 | | 签署页 30 | 国浩律师（杭州）事务所 补充法律意见书（一） 国浩律师（杭州）事务所 关于 顾家家居股份有限公司 2025 年向特定对象发行 A 股股票之 补充法律意见书（一） 致：顾家家居股份有限公司 国浩律师（杭州 ...

股票简称：顾家家居 股票代码：603816.SH 二〇二五年十一月 顾家家居股份有限公司 审核问询函回复 上海证券交易所： 顾家家居股份有限公司（以下简称"顾家家居""发行人"或"公司"）于 2025 年 10 月 24 日收到上海证券交易所（以下简称"上交所"）出具的《关于顾 家家居股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上审（再 融资）〔2025〕315 号）（以下简称"审核问询函"）。广发证券股份有限公司（以 下简称"广发证券""保荐人"或"保荐机构"）作为公司本次向特定对象发行股 票的保荐人（主承销商），会同发行人及国浩律师（杭州）事务所（以下简称"发 行人律师"）、天健会计师事务所（特殊普通合伙）（以下简称"申报会计师"）等 相关方，本着勤勉尽责、诚实守信的原则，就审核问询函所列示的问题逐项进行 了核查、落实和认真讨论，现回复如下，请予审核。 本回复的字体代表以下含义： 关于顾家家居股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐机构（主承销商） （广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） | 审核问询函所列问题 | 黑体（加粗）、黑体 | ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-076 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 截至本公告披露日，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"杭州德烨"）持有顾家家居股份有限公司（以下 简称"公司"或"本公司"）88,471,483 股股票，占本公司总股本的 10.77%； 杭州德烨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 Limited （以下简称"TB Home"）持有本公司 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%。 杭州德烨及 TB Home 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，杭州德烨持有本公司股份被轮候冻结，具体情况如下： 注：杭州德烨 ...

公司会同相关中介机构对审核问询函所列问题进行了认真研究和逐项落实， 并按审核问询函要求对有关问题进行了说明和论证分析，现根据要求对审核问询 函 回 复 进 行 公 开 披 露 ， 具 体 内 容 详 见 同 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）刊登的《关于顾家家居股份有限公司向特定对象发行股票申 请文件的审核问询函的回复》。 公司本次向特定对象发行 A 股股票事项尚需上交所审核通过，并获得中国证 券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后方可实施。 最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存在不 确定性。公司将根据该事项的进展情况，严格按照有关法律法规的规定和要求及 时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 证券代码：603816 证券简称：顾家家居 公告编号：2025-077 顾家家居股份有限公司 关于向特定对象发行 A 股股票申请文件 的审核问询函回复的提示性公告 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。 顾家家居 ...

目 录 | 一、关于融资规模………………………………………………… | 第 1—31 | 页 | | --- | --- | --- | | 二、关于业务与经营情况…………………………………………第 | 31—66 | 页 | | 三、关于货币资金及交易性金融资产……………………………第 | 66—81 | 页 | | 四、关于其他应收款………………………………………………第 | 81—83 | 页 | 上海证券交易所 ： 我们已对《关于顾家家居股份有限公司向特定对象发行股票申请文件的审核 问询函》（上证上审（再融资）〔2025〕315 号，以下简称审核问询函）所提及 的顾家家居股份有限公司（以下简称顾家家居、顾家家居公司或公司）财务事项 进行了审慎核查，现汇报说明如下： 一、关于融资规模 根据申报材料，本次募集资金总额不超过 199,699.06 万元，家居产品生 产线智能化技改项目达产后预计年均新增净利润 2,949.44 万元、功能铁架生产 线扩建项目达产后的内部收益率为 14.2%、年均新增净利润 2,967.27 万元， 智能家居产品研发项目、AI 及零售数字化转型项目、品牌建设数字化提升项目 不直 ...

Core Viewpoint - The announcement reveals that two shareholders, Hangzhou Deyue and TBHome Limited, hold significant stakes in the company, but their shares are currently frozen due to legal actions, which does not affect the company's control or daily operations [1] Group 1: Shareholder Information - Hangzhou Deyue holds 88.4715 million shares, accounting for 10.77% of the total share capital [1] - TBHome Limited holds 41.1768 million shares, representing 5.01% of the total share capital [1] - The total shares held by both shareholders are 100% frozen (including pending freezes) and marked by judicial actions [1] Group 2: Legal Actions - Hangzhou Deyue's 88.4715 million shares have been provisionally frozen by the Intermediate People's Court of Hengshui City, Hebei Province, starting from November 5, 2025, with a debt amount of 434 million yuan [1] - Both shareholders are not controlling shareholders or actual controllers of the company [1] - The legal matters do not impact the company's control or daily operations [1]

Core Insights - Kuka Home has launched a new flagship electric sofa product, integrating advanced technology and aiming to break the homogenization in the home furnishing industry [1] - The company focuses on user value enhancement and has transitioned from simple functional upgrades to a new stage defined by user experience [2] Group 1: Technological Innovation - Kuka Home's electric sofa emphasizes a systematic approach to comfort, introducing the "Golden Zero Pressure Angle" to reduce spinal pressure and distribute body weight evenly [2] - The company has developed a complete "Comfort Matrix," utilizing cloud-like elastic foam and memory function technology to provide a personalized comfort experience [2] Group 2: Design and Space Utilization - Kuka Home addresses the "impossible triangle" challenge in traditional electric sofas by creating a design that allows for true "zero wall" placement while maintaining aesthetic appeal [3] - The new sofa features a 14cm "true high leg" design, enhancing modern decor compatibility and facilitating cleaning by allowing robotic vacuums easy access [3] Group 3: Value Proposition - The company elevates its product value proposition to encompass "healthy relaxation" and "quality living," responding to diverse user needs and providing solutions for deep rest [4] - The home furnishing industry is entering a new era defined by core technology, deep experience, and lifestyle, which will activate the existing market and explore new growth opportunities [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has demonstrated operational resilience with steady growth in both domestic and foreign trade, achieving a revenue of 15.01 billion yuan (+8.8%) and a net profit of 1.54 billion yuan (+13.2%) for the first three quarters of 2025 [1][3] - The company is expected to maintain steady growth in Q3, with domestic trade growth slightly outpacing foreign trade, particularly in functional sofas and mattresses [2] - The company has effectively controlled costs, leading to an increase in profitability, with a gross margin of 31.4% (+1.6 percentage points) in Q3 [2] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 5.21 billion yuan (+6.5%) and a net profit of 520 million yuan (+12.0%) [1] - The company’s gross margin improved due to ongoing efficiency initiatives, with a net profit margin of 9.9% (+0.5 percentage points) [2] Revenue and Profit Forecast - The company forecasts a net profit of 1.868 billion yuan for 2025, representing a year-on-year growth of 31.8% [3] - The expected earnings per share (EPS) for 2025 is 2.27 yuan, with a corresponding price-to-earnings (PE) ratio of 13.5x [4][3] Market Position and Strategy - The company is focusing on transforming its domestic retail operations and expanding its global footprint, with production bases established in Vietnam, Mexico, and the United States to mitigate tariff risks [2] - The company is also enhancing its product offerings and operational efficiency, which is expected to drive steady growth in both domestic and foreign markets [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported better-than-expected performance in Q3 2025, with revenue growth remaining stable and a focus on retail transformation and integration [6][7] - The company is pursuing efficiency improvements and a comprehensive home furnishing strategy, while also expanding its global presence to mitigate trade risks [7] Financial Data and Profit Forecast - Total revenue for Q1-3 2025 reached 15,012 million yuan, representing an 8.8% year-on-year increase, while net profit attributable to the parent company was 1,539 million yuan, up 13.2% year-on-year [6] - The company forecasts total revenue of 19,878 million yuan for 2025, with a projected net profit of 1,938 million yuan, reflecting a 36.8% year-on-year growth [5][7] - The gross profit margin for Q1-3 2025 was 32.4%, showing a 0.5 percentage point increase year-on-year, while the net profit margin was 10.7%, up 0.6 percentage points year-on-year [6]

Investment Rating - The report indicates that most sectors are at the bottom, suggesting opportunities for alpha layout [2] Core Viewpoints - The home furnishing sector is experiencing pressure in domestic sales, while export performance shows resilience. The overall revenue for the domestic home furnishing sector in Q1-Q3 2025 decreased by 0.96% year-on-year, and the net profit attributable to the parent company fell by 23.80% [10][12] - In the paper packaging sector, upstream pulp mills are reducing supply due to profit pressures, while downstream paper demand is gradually recovering, leading to a stabilization in prices [2][10] - The personal care sector is facing challenges in online sales, but offline performance remains stable, with major companies adjusting their marketing strategies to improve profitability [2][10] - The new consumption sector, driven by IP and AI glasses, is showing growth potential, with companies like Pop Mart and Meta launching new products [2][10] Summary by Sections Home Furnishing - Domestic sales in Q3 2025 are under pressure, with revenue down 1.19% year-on-year and net profit down 15.79%. The external sales sector shows resilience with a 1.91% increase in revenue [10][12] - The performance of soft furniture companies is better than that of custom furniture companies, attributed to faster product iteration and successful online channel strategies [10][12] Paper Packaging - The paper sector is stabilizing, with net profit margins for pulp, waste paper, and specialty paper showing slight improvements. The packaging sector is experiencing stable growth, particularly in plastic and paper packaging [2][10] Personal Care - The sector is facing pressure from online competition, but offline sales remain steady. Major companies are focusing on brand and channel management to enhance profitability [2][10] New Consumption - The sector is driven by IP and AI glasses, with significant growth in emotional consumption. Companies are actively launching new products to capture market share [2][10]