格隆汇8月22日丨顾家家居(603816.SH)公布半年度报告，2025年上半年，公司营业收入98.01亿元，同比 增长10.02%，归属于母公司的净利润10.21亿元，同比增长13.89%；经营活动产生的现金流量净额10.94 亿元，同比增长71.89%。 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-065 顾家家居股份有限公司 关于持股 5%以上股东部分股份被司法拍卖 的结果公告 ? 顾家集团本次被司法拍卖的股票数量为 14,700,000 股,占其所持有本公 司股数的 14.25%，占本公司总股本的 1.79%。截至拍卖结束，本次股份司法拍卖 竞价成功，成交金额人民币 377,725,320 元。竞价成功的司法拍卖后续仍涉及缴 纳竞价成交价余款、办理股权过户等相关手续，其最终结果存在一定的不确定性。 公司将密切关注该事项的进展情况，并按照相关规定及时履行信息披露义务。 ? 顾家集团不是公司控股股东，其所持股份被司法拍卖不会导致公司控制 权变更，亦不会对公司正常生产经营活动产生影响。 ? 根据《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、 高级管理人员减持股份》的相关规定，本次司法拍卖股份受让方在受让后 6 个月 内不得减持。 一、本次司法拍卖的基本情况 顾家集团收到浙江省杭州市中级人民法院的《网络拍卖告知书》（[2025]浙 拍卖网络平台对顾家集团持有的本公司 14,700,000 股无限售流通股票的价值进 行公开拍卖。 ...

顾家家居股份有限公司 关于持股 5%以上股东部分股份被司法拍卖 的结果公告 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，顾家集团有限公司（以下简称"顾家集团"）持有顾 家家居股份有限公司（以下简称"公司"或"本公司"）103,171,483 股股票， 占本公司总股本的 12.55%，上述股份目前均处于冻结状态。 顾家集团本次被司法拍卖的股票数量为 14,700,000 股,占其所持有本公 司股数的 14.25%，占本公司总股本的 1.79%。截至拍卖结束，本次股份司法拍卖 竞价成功，成交金额人民币 377,725,320 元。竞价成功的司法拍卖后续仍涉及缴 纳竞价成交价余款、办理股权过户等相关手续，其最终结果存在一定的不确定性。 公司将密切关注该事项的进展情况，并按照相关规定及时履行信息披露义务。 顾家集团不是公司控股股东，其所持股份被司法拍卖不会导致公司控制 权变更，亦不会对公司正常生产经营活动产生影响。 证券代码：603816 证券简称：顾家家居 公告编号：2025-065 根据《上海 ...

Core Viewpoint - The company, Juran Zhijia, has shown a positive stock performance and significant revenue generation, indicating a stable business model and potential for growth in the commercial retail sector [1]. Group 1: Company Performance - As of August 20, 2025, Juran Zhijia's stock price is 2.98 yuan, reflecting a 1.02% increase from the previous trading day, with a trading volume of 294 million yuan [1]. - In the first quarter of 2025, the company reported a revenue of 3.312 billion yuan and a net profit attributable to shareholders of 212 million yuan [1]. Group 2: Business Segments - The company's revenue composition for 2024 indicates that product sales accounted for 48.77% of total revenue, while leasing and franchise management services contributed 46.06% [1]. Group 3: Management Changes - On August 20, 2025, Juran Zhijia announced the election of Wang Ning as the chairman of the 11th board of directors and appointed him as the CEO [1]. Group 4: Capital Flow - On August 20, 2025, the net inflow of main funds was 6.4908 million yuan, with a cumulative net inflow of 4.7909 million yuan over the past five days [1].

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [6][8]. Core Views - The report highlights that the domestic price of broadleaf pulp has recently increased, while cultural paper and white card paper remain under pressure due to supply and demand factors. However, the waste paper sector shows a strong willingness to raise prices, continuing its upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. Summary by Sections 1. Recent Research Tracking and Investment Thoughts - The domestic price of broadleaf pulp has risen slightly, while cultural paper and white card paper prices are still under pressure. The waste paper sector continues to show strong price increase intentions, maintaining an upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. 2. Key Data Tracking - In July, China's furniture retail sales increased by 20.6% year-on-year, while sales in building materials and home furnishing markets decreased by 12.9% year-on-year. The total retail sales of social consumer goods in July reached 38,780 billion yuan, with a year-on-year increase of 3.7% [39]. - The domestic price of broadleaf pulp has increased by 109 yuan/ton compared to July, influenced by international production cuts and price increases. The waste paper sector has also seen price increases, with waste paper prices rising by 21 yuan/ton for old books and 100 yuan/ton for old yellow board paper [18][22]. - In July, the U.S. furniture and home decor store sales increased by 5.1% year-on-year, maintaining a single-digit growth for 11 consecutive months. The inventory turnover ratios for U.S. furniture wholesalers and retailers indicate stable conditions, suggesting resilience in overseas demand [25][26]. 3. Company Announcements and Industry Dynamics - The report recommends focusing on leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Gujia Home, which are expected to benefit from the recovery in home consumption. In the paper and packaging sector, it highlights Sun Paper as a key player benefiting from new capacity releases [5][14][15].

资金流向方面，今日主力资金净流出1057.45万元，占比成交额7.65%。其中，超大单净流入233.35万 元、占成交额1.69%，大单净流出1290.80万元、占成交额9.34%，中单净流出流出50.56万元、占成交额 0.37%，小单净流入1108.00万元、占成交额8.02%。 来源：金融界 顾家家居最新一期业绩显示，截至2025一季报，公司营业总收入49.14亿元、同比增长12.95%，归属净 利润5.19亿元，同比增长23.53%，扣非净利润4.59亿元，同比增长22.15%，流动比率1.160、速动比率 0.875、资产负债率38.96%。 天眼查商业履历信息显示，顾家家居股份有限公司，成立于2006年，位于杭州市，是一家以从事家具制 造业为主的企业。企业注册资本82189.1519万人民币，实缴资本82189.15万人民币。公司法定代表人为 李东来。 金融界消息 截至2025年8月14日收盘，顾家家居（603816）报收于27.04元，上涨0.04%，换手率 0.63%，成交量5.10万手，成交金额1.38亿元。 通过天眼查大数据分析，顾家家居股份有限公司共对外投资了46家企业，参与招投标项目2 ...

Core Insights - The report highlights a significant shift in China's consumption structure from goods to services, with per capita service consumption expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of consumer spending [2] - The establishment of the Xinjiang-Tibet Railway Company marks the beginning of a major infrastructure project that is expected to enhance regional economic collaboration and reduce logistics costs, with an estimated investment of around 500 billion yuan [7][8] - The report emphasizes the positive impact of major infrastructure projects on China's economic stability and growth, particularly in the context of external uncertainties [9][10] Economic News - The Ministry of Commerce indicates a rapid transition in China's consumption structure, with service consumption growing at an annual rate of 9.6% from 2020 to 2024 [2] - The Ministry of Finance has introduced a one-year "dual interest subsidy" policy aimed at boosting consumer loans for various sectors, including automotive and healthcare [2] - The People's Bank of China is encouraging increased credit support for the service consumption sector to ensure effective policy implementation [4] Company Insights - Alibaba Health has signed a strategic cooperation agreement with Innovent Biologics to enhance supply chain solutions for cold-chain delivery of specific medications [5] - Didi has recently invested in a driverless commercial vehicle company, indicating a strategic move towards autonomous transportation [5] - Jiangfeng Electronics is planning to integrate its flat panel display target material business with Japan's Aifuka Corporation, showcasing international collaboration [5] Infrastructure Projects - The Xinjiang-Tibet Railway is expected to significantly lower logistics costs and enhance economic cooperation between regions, with a construction period projected to exceed 20 years [8][9] - The report outlines that the construction of the Xinjiang-Tibet Railway will provide a safety net for China's economy against external uncertainties, contributing approximately 0.18% to GDP growth annually [8][9] - Other major infrastructure projects are also set to commence, which will serve as important engines for domestic demand and economic stability [10] Investment Recommendations - The report suggests that leading companies in the construction and materials sector will benefit significantly from the Xinjiang-Tibet Railway project, including major state-owned enterprises [9] - It emphasizes that the implementation of major projects will not only yield long-term benefits but also stabilize the economy amid external challenges [11]

Market Performance - The home goods sector increased by 0.5% on August 12, with Qisheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] Top Gainers - Qisheng Technology (603610) closed at 14.40, up 10.01% with a trading volume of 513,300 shares and a transaction value of 724 million [1] - Jiangxin Home (301061) closed at 104.00, up 4.93% with a trading volume of 16,600 shares and a transaction value of 171 million [1] - Tianan New Materials (603725) closed at 10.79, up 4.76% with a trading volume of 233,700 shares and a transaction value of 252 million [1] Notable Decliners - Meng Tian Home (603216) closed at 14.22, down 4.37% with a trading volume of 202,800 shares and a transaction value of 300 million [2] - Yuma Technology (300993) closed at 18.39, down 3.67% with a trading volume of 352,600 shares and a transaction value of 653 million [2] - Songyun Technology (603992) closed at 29.11, down 2.54% with a trading volume of 101,000 shares and a transaction value of 293 million [2] Capital Flow - The home goods sector saw a net inflow of 2.9085 million from institutional investors, while retail investors experienced a net outflow of 5.96732 million [2] - Speculative funds had a net inflow of 56.7647 million into the sector [2]

Investment Rating - The report indicates a positive investment outlook for the IP toy sector, paper industry, and home furnishing sector, highlighting specific companies to watch [2][4][17]. Core Insights - The IP toy market continues to thrive, with Sanrio's FY26Q1 performance exceeding expectations, driven by strong IP character sales, particularly Hello Kitty, across various regions [2][4]. - The paper industry is entering a peak demand season in Q3, with expectations for price stabilization and potential upward movement due to supply-side improvements [14][15]. - The home furnishing sector is poised for recovery as Beijing relaxes housing purchase restrictions, which may enhance valuation and stimulate demand [17][19]. Summary by Sections 1. IP Toy Sector - Sanrio's FY26Q1 revenue reached 431 billion JPY, a 49% year-on-year increase, with operating profit up 88% and net profit up 38%, attributed to strong IP character performance [2][4]. - Companies such as Morning Glory, Chuangyuan, Chaohongji, Guobo, and Blucor are highlighted for their innovative IP collaborations and product launches [2][4][6][9][10]. 2. Paper Industry - The report notes that Q3 demand is gradually increasing, with expectations for paper prices to stabilize and potentially rise, supported by reduced production from overseas suppliers [14][15]. - Key companies to monitor include Sun Paper, Nine Dragons, and Bohui Paper, as they are positioned to benefit from the improving supply-demand dynamics [14][15]. 3. Home Furnishing Sector - The easing of purchase restrictions in Beijing is expected to boost the home furnishing sector, with companies like Sophia, Oppein, Gujia, and others identified as having strong dividend safety margins [17][19][23]. - The report emphasizes the potential for valuation recovery in the home furnishing sector, driven by improved consumer confidence and demand from the secondary housing market [19][23].

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Suzano announced a price increase of $20 per ton for commodity pulp in the Asian market for August, indicating a potential recovery in pulp and paper prices from current cyclical lows [2][4] - The report highlights the ongoing price adjustments in the paper industry, with various paper types experiencing different price movements, suggesting a recovery trend driven by supply-demand dynamics [4][50] - The report emphasizes the importance of policy catalysts in the home furnishing sector, particularly in light of recent housing policy optimizations in Beijing [4][31] Summary by Sections Home Furnishing - Recent policy changes in Beijing allow families to purchase multiple properties outside the city center, which is expected to stimulate the housing market [4][31] - Major home furnishing companies are currently valued at historical lows, presenting potential investment opportunities as market sentiment improves [4][31] Paper Industry - As of August 8, 2025, various paper prices are reported: double glue paper at 4993.75 CNY/ton (unchanged), copper plate paper at 5320 CNY/ton (unchanged), white card paper at 3955 CNY/ton (down 35 CNY/ton), box board paper at 3463.4 CNY/ton (up 12.8 CNY/ton), and corrugated paper at 2582.5 CNY/ton (up 46.25 CNY/ton) [4][50] - The report notes that the current pulp and paper prices are at cyclical lows, with expectations for a rebound due to supply-demand imbalances [4][50] Consumer Goods - The report discusses the launch of new health-focused products in the personal care sector, indicating a shift towards higher quality and compliance with health standards [4][6] - The collaboration between Morning Glory stationery and popular anime IPs is expected to enhance brand visibility and sales [4][6] Export Chain - In July, China's total exports increased by 7.2% year-on-year, with significant growth in exports to ASEAN countries [4][6] - The report suggests that the ongoing shift of production capacity to Southeast Asia may enhance the long-term competitiveness of companies with overseas supply chain layouts [4][6] Packaging - New regulations in Shanghai aimed at reducing single-use plastics are expected to drive demand for recyclable and biodegradable packaging solutions [4][6] - The report recommends companies involved in eco-friendly packaging solutions as potential investment opportunities [4][6] New Tobacco Products - The introduction of new electronic cigarette products in the UK is anticipated to boost market share for refillable devices [4][6] - The report highlights the potential for growth in the new tobacco sector, particularly for companies with strong partnerships and product offerings [4][6] Textile and Apparel - The textile and apparel sector has shown resilience, with notable increases in revenue for key players despite some challenges [4][6] - The report identifies leading companies in the apparel sector as potential investment opportunities based on their performance [4][6]