Corporate Announcements - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, with Zhang holding 147,100 shares of A-shares [4] - Jiangbolong reported that its self-developed main control chip deployment exceeded 100 million units by the end of Q3, with ongoing rapid growth [5] - Asia-Pacific Pharmaceutical received a notice of disapproval for the consistency evaluation application of Diltiazem Hydrochloride Tablets, which will not significantly impact current performance [6] - Fuxiang Pharmaceutical successfully passed the FDA's cGMP inspection, marking the third successful inspection, enhancing its qualification for international market supply [7] - Biaobang Co. terminated its control change planning due to failure to reach consensus on core terms, leading to stock resumption [8] - Jingjin Equipment announced the release of its actual controller and chairman from detention, allowing normal operations [9] - Sand Membrane reported that part of its fundraising account was frozen, amounting to 11.74 million yuan, related to a contract dispute [10] - Renfu Pharmaceutical's subsidiary received approval for clinical trials of HWH217 tablets for treating pulmonary arterial hypertension [12] - Wanye Enterprises will change its stock name to "Xian Dao Ji Dian" effective November 12 [13] - Huahai Pharmaceutical's subsidiary passed the FDA inspection, ensuring compliance with international standards [14] Performance Metrics - Daqin Railway reported a cargo transport volume of 32.51 million tons in October, a decrease of 4.7% year-on-year [19] - Jingji Agriculture announced sales of 233,300 pigs in October, generating revenue of 317 million yuan [20] - Baiyun Airport reported a passenger throughput of 7.64 million in October, a year-on-year increase of 12.04% [21] - Dongfeng Motor's total vehicle production decreased by 23.4% year-on-year in October, with significant declines in commercial vehicle categories [22] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October [23][24] Shareholding Changes - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [25] - Tonghua Dongbao conducted its first share buyback, acquiring 0.01% of its shares for 1.29 million yuan [26] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [27] - Xili Technology announced multiple shareholders plan to reduce their stakes [28] Major Contracts - Dayu Water announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [29] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [30] - Longjian Co. won a bid for a 441 million yuan project for road construction in Heilongjiang [31] - Chongqing Construction's subsidiary won a bid for a 781 million yuan project in Chongqing [32]

Group 1 - The core point of the article is that Gujia Home Furnishing has significant shareholding issues, with major shareholders' stocks being fully frozen and marked for judicial purposes [1] - Hangzhou Deyejia Jun holds approximately 88.47 million shares, accounting for 10.77% of the total share capital, with all shares frozen [1] - TB Home holds about 41.18 million shares, representing 5.01% of the total share capital, with all shares also frozen [1] Group 2 - For the first half of 2025, Gujia Home Furnishing's revenue composition is as follows: home manufacturing accounts for 92.94%, IT services for 3.81%, and other businesses for 3.25% [1] - As of the report date, Gujia Home Furnishing has a market capitalization of 25 billion yuan [1]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 41.37 CNY, maintaining the rating [5][8]. Core Insights - The company has demonstrated resilient growth in both domestic and international markets despite challenging conditions, with a reported revenue of 150.12 billion CNY for the first three quarters of 2025, reflecting an 8.77% year-on-year increase [1]. - The company's profitability has improved significantly, with a gross margin of 32.38% for the first three quarters of 2025, up by 0.50 percentage points year-on-year [3]. - The management team is recognized for its excellence, and the integrated development of soft furnishings and customization is showing advantages, with strong growth in high-potential new categories expected in the future [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 52.11 billion CNY, a 6.50% increase year-on-year, and a net profit of 5.18 billion CNY, up 11.99% year-on-year [1][2]. - The gross margin for Q3 2025 was 31.42%, reflecting a 1.62 percentage point increase year-on-year, indicating effective cost management and operational efficiency [3]. Market Analysis - In the domestic market, the company has managed to achieve stable growth despite limited subsidies, with functional sofas leading in growth due to increased innovation and product breakthroughs [2]. - Internationally, the company has maintained revenue growth despite tariff pressures, benefiting from its global production bases in Vietnam, Mexico, and the USA, which enhance localized operations [2]. Future Projections - Revenue projections for 2025-2027 are estimated at 200.31 billion CNY, 216.36 billion CNY, and 233.93 billion CNY, with year-on-year growth rates of 8.39%, 8.01%, and 8.12% respectively [4]. - Net profit projections for the same period are 18.93 billion CNY, 20.77 billion CNY, and 22.70 billion CNY, with growth rates of 33.67%, 9.70%, and 9.31% respectively [4].

Corporate Governance - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, effective immediately [3] - Jiang Guiting, the actual controller and chairman of Jingjin Equipment, has had his detention lifted, allowing him to resume his duties [8] - Biao Bang Co. has terminated its plans for a change in control, with stock resuming trading [7] Industry Developments - Jiangbolong reported that its self-developed main control chip deployment has exceeded 100 million units, with rapid growth expected [4] - Asia Pacific Pharmaceutical received a notice of disapproval for its consistency evaluation application for a drug, which will not significantly impact its current performance [5] - Fuxiang Pharmaceutical successfully passed a cGMP inspection by the FDA, marking its third successful inspection [6] - Huahai Pharmaceutical's subsidiary passed an FDA inspection, enhancing its international market capabilities [13] Financial Performance - Daqin Railway reported a cargo transport volume of 32.51 million tons in October 2025, a year-on-year decrease of 4.7% [18] - Jingji Zhino achieved sales revenue of 317 million yuan from selling 233,300 pigs in October 2025 [19] - Baiyun Airport reported a passenger throughput of 7.64 million in October 2025, a year-on-year increase of 12.04% [20] - Dongfeng Motor's total vehicle production in October 2025 was 6,536 units, a year-on-year decrease of 23.40% [21] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October 2025 [22] Shareholder Actions - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [24] - Tonghua Dongbao conducted its first share buyback, acquiring 143,500 shares for 1.29 million yuan [25] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [26] Project Wins - Dayu Water-saving announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [28] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [29] - Longjian Co. won a project bid worth 441 million yuan for road construction in Heilongjiang [30] - Chongqing Construction's subsidiary won a project bid worth 781 million yuan for a residential project in Chongqing [31]

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 ...

顾家家居公告称，截至公告披露日，杭州德烨嘉俊企业管理有限公司持有公司8847.15万股，占总股本 10.77%；TBHome Limited持有4117.68万股，占总股本5.01%，二者所持公司股份累计被冻结（含轮候 冻结）和司法标记比例均为100%。近日，杭州德烨持有的8847.15万股被河北省衡水市中级人民法院轮 候冻结，起始日为2025年11月5日，债权金额4.34亿元。两股东均非控股股东、实控人，该事项不影响 公司控制权和日常经营。 ...