证券代码：603816 证券简称：顾家家居 公告编号：2025-003 顾家家居股份有限公司 关于持股 5%以上股东股份解除轮候冻结的公告 | 剩余被轮候冻结股份数量 | 103,171,483 股 | | --- | --- | | 剩余被轮候冻结股份数量占其所持股份比例 | 100.00% | | 剩余被轮候冻结股份数量占公司总股本比例 | 12.55% | 截至本公告披露日，顾家集团持有的本公司 103,171,483 股股票仍全部处于 轮候冻结状态。 二、其他事项 公司将根据有关法律、行政法规和规范性文件的相关规定，及时履行信息披 露义务。公司所有信息均以在指定信息披露媒体和上海证券交易所网站 （www.sse.com.cn）刊登的正式公告为准，敬请广大投资者注意投资风险。 特此公告。 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 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-002 顾家家居股份有限公司 关于持股 5%以上股东股份解除轮候冻结的公告 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，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%。本次股份解除轮候冻结后，顾家集团所持本公司股 份累计被轮候冻结 103,171,483 股，占其所持有本公司股数的 100%，占本公司 总股本的 12.55%。 顾家集团所持本公司 101,191,483 股股票被浙江省杭州市中级人民法院轮 候冻结，具体内容详见公司于 2024 年 12 月 23 日在上海证券交易所网站 （www.sse.com.cn）及公司指定信息披露媒体《中国证券报》《上海证券报》《证 券日报》《证券时报》刊登的《关于持股 5%以上股东股份被轮候冻结的公告》（公 告编号：2024-087）。 | 剩余被轮候冻结股份数量 | 1 ...

Summary of Conference Call Records Industry Overview - The discussion primarily revolves around the home furnishing industry, with a focus on the company Gujia and its market dynamics [1][2]. Key Points and Arguments 1. **Market Demand and Recovery**: The home furnishing sector is experiencing a demand boost, particularly from Gujia, which is seen as a leading player in the industry. The demand has been notably reflected since the third quarter of this year, especially from September to October [1][2]. 2. **International Market Changes**: There is a significant shift in the international landscape, where leading companies have adapted to regulatory environments, enhancing operational efficiency and resource accumulation through compliant practices [1][2]. 3. **Domestic Sales Performance**: Domestic sales have been under pressure over the past year, but there is optimism for recovery starting from this year, with expectations that the positive trend will continue into 2025 and possibly 2026 [1][2]. 4. **Impact of Real Estate Decline**: The decline in the real estate market has negatively impacted industry demand, but the emergence of Gujia is helping to mitigate these effects, potentially accelerating the industry's recovery timeline by one to two years [1][2]. 5. **Operational Efficiency**: Improvements in management intelligence and operational turnover are expected to enhance the overall business performance of Gujia, positioning it favorably within the furniture industry [3][4]. 6. **Growth in Political Business**: Gujia has shown strong growth in its political business segment, with triple-digit growth rates in the first three quarters of the year, contrasting with a general industry decline of 10% to 20% [3][4]. 7. **Retail Center Development**: The company has been accelerating the development of regional retail centers since 2018, with a target to increase the debt ratio of these centers from 30% last year to 55% this year, which is expected to improve consumer experience [3][4]. 8. **Export Business Dynamics**: Gujia's export business accounts for over 40% of its revenue, with the U.S. market representing 60% of its export activities. The company has been increasing its production capacity in Vietnam, which is expected to continue through 2025 [5][6]. 9. **Global Supply Chain Considerations**: The company is exploring global supply chain strategies, particularly in Southeast Asia, to maintain efficiency and cost advantages. There is a belief that the sensitivity to U.S.-China trade relations is decreasing [7][8]. 10. **Valuation Insights**: Current estimates suggest a valuation of approximately 12 times earnings for domestic sales and 10 times for exports, indicating a potential undervaluation compared to peers in the industry [8][9]. Additional Important Insights - The company is facing challenges in keeping pace with service demands compared to competitors, which could be a limiting factor for growth [6]. - There is a strong belief in the long-term potential of Gujia's business model and its ability to adapt to changing market conditions [9]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of Gujia and the home furnishing industry.

Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company is transitioning from a single product operation to a comprehensive home furnishing model, leveraging its strong brand power, organizational capabilities, R&D design strength, channel strength, and product strength to create a robust competitive moat [1][26]. - Despite facing severe challenges in both domestic and international markets, the company's performance has shown stable growth, with revenue increasing from 2.682 billion to 19.212 billion yuan from 2013 to 2023, representing a CAGR of 21.76% [1][63]. - The company has implemented a "1+N+X" development strategy to enhance retail transformation and channel organization, which has improved management efficiency and decision-making flexibility [1][26]. Summary by Sections Overview - The company is recognized globally for providing integrated home solutions and is evolving from a single product focus to a full-category home furnishing approach [1][26]. - The company has experienced significant growth in revenue and net profit over the past decade, with a notable increase in brand recognition and market presence [1][63]. Product Categories - The company has diversified its product offerings, focusing on sofas as the core category while expanding into mattresses and customized products, which are expected to drive future growth [1][26]. - The sofa segment has a wide price range, contributing significantly to revenue, while the customized furniture segment is rapidly expanding [1][64]. Channels - The "1+N+X" channel strategy is being executed to create a multi-category integrated store model, enhancing retail capabilities and improving the overall customer experience [1][26]. - The company is also transforming its retail centers and organizational structure to empower distributors and enhance channel vitality [1][26]. Globalization - The company has established a comprehensive production base layout, enhancing its global market presence and supply chain efficiency [1][26]. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 18.964 billion, 20.465 billion, and 21.872 billion yuan, with corresponding net profits of 1.878 billion, 2.057 billion, and 2.241 billion yuan [1][30]. - The company is expected to maintain a stable growth trajectory, with a focus on expanding its product matrix and enhancing channel strategies [1][30].

证券代码：603816 证券简称：顾家家居 公告编号：2024-087 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，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%；顾家集团所持本公司股份累计被轮候冻结 103,171,483 股，占其所持有本公司股数的 100%，占本公司总股本的 12.55%。 顾家集团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，顾家集团持有本公司股份被轮候冻结，具体情况如下： 注：本次事项债权金额为 6,231 万元。 二、股份累计被冻结情况 截至本公告披露日，上述股东累计被冻结股份情况如下。 三、其他事项及风险提示 1、顾家集团本次股份被轮候冻结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。 ...

Summary of Conference Call Records Company and Industry - The conference call discusses the home furnishing industry, specifically focusing on a leading company in this sector, referred to as "the company" or "the leading company" throughout the records. Key Points and Arguments 1. **Market Dynamics and Regional Performance** - The leading company is experiencing a shift in market dynamics, with benchmark cities like Guangzhou, Foshan, Sichuan, and Xiamen showing a demonstration effect, leading to expansion into lower-progress regions such as Jiangsu and Guizhou in Q4 [1][2][3]. 2. **Sales Performance** - In the first half of 2024, the company's revenue from bedding products is expected to decline by 20% year-on-year, while revenue from supporting products is projected to drop by 17% [1][2][3]. - The company's domestic sales performance is slightly weaker than its peers [1][2][3]. 3. **Consumer Demand and Subsidies** - The overall consumer budget remains unchanged, with subsidies ranging from 15% to 20% for home furnishings, which has led to an increase in transaction prices for listed companies [1][2][3]. - The company anticipates that the "old-for-new" policy will continue to stimulate incremental demand, particularly benefiting soft furnishings due to higher replacement demand [1][2][3]. 4. **Organizational Changes and Strategy** - The company has implemented organizational changes to enhance product focus and marketing strategies, which are expected to lead to positive growth in key product categories such as mattresses and supporting products [2][3]. - A new round of organizational adjustments was initiated, with four new vice presidents appointed to oversee various segments [2][3]. 5. **Financial Projections** - For 2024, the company projects revenues of 19 billion CNY and profits of 1.87 billion CNY, with domestic sales expected to contribute 9.7 billion CNY in revenue and 1.25 billion CNY in profit [1][2][3]. - The company anticipates significant growth in domestic sales in 2025 [1][2][3]. 6. **Retail Strategy and Efficiency** - The company is focusing on improving retail efficiency and reducing inventory levels, with a target to lower overall inventory in 2024 [4][5]. - The integration of logistics and retail operations is expected to enhance brand recognition and customer satisfaction [4][5]. 7. **Valuation and Market Concerns** - The company's stock is currently valued at approximately 11.5 times its projected profits for 2025, reflecting concerns over its export business [4][5]. - The company is expected to maintain a dividend yield of 5%, indicating a solid value proposition with potential for upward movement [4][5]. 8. **Risks and Challenges** - Potential risks include fluctuations in export due to tariffs, particularly concerning the U.S. market [5]. - The overall performance of the domestic market remains a concern, with indications that growth may not meet expectations [5]. Other Important but Overlooked Content - The company’s strategy emphasizes a shift towards a more integrated retail model, which is seen as a fundamental condition for success in the home furnishing market [2][3]. - The coverage rate of logistics services is projected to increase from 30% in 2023 to over 50% in 2024, which is expected to further enhance operational efficiency [4][5]. - The company’s approach to product marketing is evolving towards a more combination-based strategy, which is becoming increasingly dominant in the industry [2][3].

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the furniture industry and a specific company within that sector, focusing on its strategies and outlook for the upcoming year [1][2][12]. Key Points and Arguments 1. **Policy Impact on Furniture Sector**: Recent political meetings have indicated strong support for the real estate market and measures to boost domestic demand, suggesting a clear direction for operational improvement in the furniture sector next year [1]. 2. **Sales Strategy Adjustments**: The company has made changes to its marketing strategies and organizational structure since September, aiming to adapt to new policies and improve sales performance [2]. 3. **Revenue Growth Expectations**: The company anticipates maintaining double-digit growth in revenue for the fourth quarter, with a focus on increasing domestic sales while also being optimistic about foreign trade growth [3]. 4. **Foreign Trade and Tariff Concerns**: The company is closely monitoring the impact of tariffs, particularly with the inauguration of a new administration in January. They are assessing their production capacity and export strategies in response to potential trade tensions [3][4]. 5. **Production Capacity in Southeast Asia**: The company plans to establish a second base in Southeast Asia, which is expected to enable 80-90% of exports to the U.S. to be supplied from overseas facilities, reducing reliance on domestic production [5]. 6. **Response to Tariff Increases**: The company has evaluated the potential impact of increased tariffs on exports, particularly from Mexico, and believes it can manage these challenges effectively [4][5]. 7. **Domestic Market Dynamics**: The company acknowledges the challenges posed by the real estate market but sees opportunities in the growing second-hand housing market and believes there is still room for growth despite competitive pressures [14][15]. 8. **Organizational Restructuring**: The company has restructured its internal organization to enhance flexibility and responsiveness to market changes, creating dedicated divisions for different product categories [12][13]. 9. **E-commerce and New Channels**: The company is expanding its sales channels, including e-commerce and community-based sales, to capture new customer segments and drive growth [15][26]. 10. **Product Pricing Strategy**: The company is adjusting its pricing strategy across different product lines to remain competitive while ensuring brand integrity as the market recovers [22][23]. 11. **Focus on Customization**: The company is emphasizing its customization capabilities in response to market demands, integrating soft furnishings with customized solutions [27][28]. 12. **Growth in Southeast Asia**: The company is optimistic about its expansion in Southeast Asia, viewing it as a high-potential market for its products, particularly with a focus on high-end branding [30][31]. Other Important Insights - **Tariff Strategy**: The company has developed strategies to mitigate the impact of tariffs, including relocating production to Southeast Asia [4][31]. - **Market Trends**: There is a noted shift in the real estate market dynamics, with a focus on existing homes rather than new builds, which may influence future sales strategies [14][15]. - **Sales Performance Metrics**: The company is tracking sales performance closely, particularly in relation to new policies and market conditions, to ensure effective responses to changing consumer behavior [33]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic focus and market outlook in the furniture industry.

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is positioned as a leading player in the home furnishing sector, with expectations for revenue and profit growth to exceed forecasts due to a new organizational adjustment and strong retail capabilities [3][4] Summary by Sections 1. Performance Expectations - The company has initiated a new round of organizational adjustments to enhance product categories, with expectations for growth in bedroom, supporting, and customized products [4] - The company’s revenue from bedroom products is projected to improve after a decline of 20% year-on-year in the first half of 2024, while supporting products saw a 17% decline [4] 2. Retail Strategy - The company is accelerating the opening of integrated large stores, with over 35% of sales coming from whole-home package sales, which is expected to increase average transaction values [5] - The logistics and distribution coverage is expected to rise from 30% in 2023 to over 50% in 2024, enhancing turnover and customer satisfaction [5] 3. International Trade Outlook - The company plans to expand its operations in Vietnam to mitigate the impact of tariffs and has seen its foreign trade revenue grow from 3.5 billion in 2018 to 7.5 billion in 2023, with a 13% year-on-year increase in the first half of 2024 [6][11] 4. Industry Catalysts - The home furnishing sector is expected to benefit from government subsidies and a strong demand for home renovations, particularly in major cities [12] 5. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 192.17 billion, 208.08 billion, and 225.2 billion respectively, with corresponding net profits of 18.79 billion, 20.36 billion, and 22.22 billion [14]

Group 1 - Guizhou Gujia Home Furnishing Trading Co., Ltd. has been established with Meng Zhixuan as the legal representative [1] - The company's business scope includes furniture sales, sales of furniture accessories, home appliance sales, sales of home appliance accessories, retail and wholesale of hardware products, sales of building decoration materials, and sales of automotive decoration products [1] - Gujia Home Furnishing holds indirect full ownership of the newly established company [2]

证券代码：603816 证券简称：顾家家居 公告编号：2024-086 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。 重要内容提示： 一、担保情况概述 顾家家居股份有限公司（以下简称"公司"）全资子公司顾家香港贸易因经 营发展需要，于 2024 年 12 月 2 日与 JPMorgan Chase Bank, N.A., acting through its Hong Kong Branch（摩根大通银行）签署《非承诺性银行授信函》（以下简 称"《授信函》"），申请额度合计不超过 700 万美元授信。同日公司就上述授信事 项与 JPMorgan Chase Bank, N.A., acting through its Hong Kong Branch（摩 根大通银行）签署《保证函》，为顾家香港贸易提供最高担保金额 700 万美元的 担保，实际担保金额将在授信额度范围内按授信业务开展情况确定。 公司第五届董事会第二次会议和 2023 年年度股东大会审议通过了《关于向 银行申 ...