家居行业近期资本动态愈发频繁，盈峰集团入股索菲亚一事引发行业内外广泛关注。9月29日，盈峰集 团已成功跻身索菲亚第五大流通股东行列，目前持股数量达到1876.24万股，分别占索菲亚流通股的 2.88%和总股本的1.95%。值得注意的是，这并非盈峰集团首次在家居领域布局，此前盈峰集团以近百 亿元资金控股顾家家居。纵观近年来家居行业发展，资本入局家居行业并非个例。近年来，京东、建发 股份、贝壳等众多资本巨头纷纷涉足家居赛道，通过收购、入股等多种方式参与行业发展。 业内人士表示，资本入局可以为家居行业带来资金、技术和资源支持，不仅可以加速产业链整合，而且 可以有效推动行业向数字化、智能化以及AI技术的落地应用进行转型。从当前资本动作来看，不同背 景的资本正凭借自身技术或资源优势，为家居行业的数字化升级注入新动能。 资本密集入局 在家居行业发展潜力不断释放的背景下，诸多资本通过入股、全资收购等多样化策略纷纷进场布局。盈 峰集团在家居领域布局动作频频，此前以近百亿资金控股顾家家居，如今又入股索菲亚，进一步扩大在 家具行业的版图。 值得注意的是，除盈峰集团外，京东也在积极布局家居行业。2025年6月，京东全资收购生活家家 ...

Investment Rating - The report provides a positive outlook for the home furnishing sector, new tobacco, and packaging industries, while indicating a stable recovery for the paper industry and a potential upward trend for trendy toys and light consumer goods [3][4][6]. Core Insights - The home furnishing sector is expected to benefit from the easing of real estate policies, with a focus on companies with high dividend support and growth certainty for 2025 [4][9]. - The new tobacco sector shows resilience, with significant growth in e-cigarette exports to the U.S. and a favorable regulatory environment for heated tobacco products [10][11]. - The paper packaging industry is experiencing stable demand, with price increases anticipated due to seasonal demand and inventory reductions [11][12]. - The light consumer goods and trendy toys sectors are witnessing innovation and brand development, with a focus on new product cycles and market expansion [13][14]. Summary by Sections Home Furnishing Sector - Domestic demand is expected to recover as financial policies are implemented, while export figures show a slight decline due to tariffs imposed by the U.S. [4][9]. - Key companies to watch include 欧派家居, 索菲亚, and 顾家家居, which are positioned for growth in the domestic market [4][9]. New Tobacco Sector - E-cigarette exports from China increased by 4.25% year-on-year, with exports to the U.S. rising by 32.62% [10][16]. - Companies like 思摩尔国际 are highlighted for their strategic positioning in the market [10][11]. Paper Packaging Sector - Prices for various paper products remain stable, with a notable increase in demand leading to anticipated price hikes post-holidays [11][12]. - Recommended companies include 裕同科技 and 太阳纸业, which are expected to benefit from market conditions [11][12]. Light Consumer Goods and Trendy Toys - The sector is focusing on new product launches and expanding offline channels, with companies like 泡泡玛特 and 名创优品 leading the way [13][14]. - The AI glasses market is also emerging, with significant growth potential as new technologies are introduced [13][14]. Key Data and Trends - The report tracks various industry metrics, including furniture export data, domestic retail sales, and the performance of key sectors [16][23][34].

Core Insights - The smart sofa industry is experiencing significant growth driven by rising consumer demand for quality, comfort, and smart features, with the market size expected to reach 7.22 billion yuan in 2024, a year-on-year increase of 10.9% [1][6] - The younger generation is becoming the main consumer force, showing a high acceptance of innovative products and a willingness to pay for smart features [1][6] - The expansion of the home furnishing market, particularly in new home renovations and old home upgrades, provides ample market space for smart sofas [1][6] Industry Overview - Smart sofas, also known as electric sofas, integrate information technology, microelectronics, sensors, and mechanical technology to enhance user experience with features like massage, heating, and personalized adjustments [3] - The industry has evolved through three stages: initial development in the 1980s-90s, rapid growth from 2000-2018, and a current phase of innovation driven by IoT, big data, and AI technologies [3] Market Dynamics - The smart sofa industry is characterized by increasing competition as more companies enter the market, leading to higher R&D investments and innovative product launches [1][6] - The supply chain includes raw material suppliers (leather, microfibers, batteries), manufacturers, and various application fields such as homes, offices, and cinemas [5] Competitive Landscape - Major players in the smart sofa market include established furniture brands like Kuka Home, Mousse, and Qumei, as well as emerging tech companies like Xiaomi and Baidu, which leverage technology to enhance product offerings [8] - Kuka Home reported a revenue of 10.204 billion yuan from its sofa business in 2024, reflecting a year-on-year increase of 9.14% [8][9] Future Trends - The integration of AI and IoT technologies will deepen, allowing smart sofas to monitor user health metrics and adjust settings automatically for optimal comfort [10] - Customization demand is expected to rise as younger consumers seek personalized designs and features, expanding the market beyond traditional living spaces [11] - Companies are increasingly looking to expand into international markets to enhance competitiveness and growth opportunities [12]

国海证券研报指出，顾家家居中报业绩亮眼，2025H1收入利润双位数增长。公司内贸零售企稳向好， 外贸收入持续增长。结构性增长靓丽，多品类布局持续推进。效率驱动，"效本费"工作持续收获成效。 另外，9月2日，顾家家居发布公告，公司拟使用人民币11.24亿元投资建设顾家家居印尼自建基地项 目，项目计划于2025年三季度启动，总体建设周期计划为4年，建设期内部分产线陆续投产，预计在全 部建成后的3年内达纲，达纲时预计实现年营业收入约25.20亿元。公司是我国软体家居龙头，内贸聚焦 客厅、卧室、餐厅三大空间，通过整家策略发展定制业务，持续进行产品与渠道拓展，外贸持续高景 气，成长性可期，首次覆盖，给予"买入"评级。 ...

Core Viewpoint - The transition of Chinese home furnishing companies from simple product sales abroad to strategic brand operations is highlighted, indicating a shift from opportunistic exploration to strategic deepening in international markets [1][2]. Group 1: Industry Trends - The home furnishing industry is experiencing a transformation where companies are increasingly viewing overseas markets as a second growth curve rather than just a supplement to domestic business [1]. - The Shanghai Home Expo is creating a comprehensive support system for brands going abroad, utilizing social media platforms like Facebook and TikTok to help Chinese companies integrate into the international home furnishing ecosystem [2]. - Companies are moving from "light asset attempts" to "heavy asset investments" in their overseas operations, focusing on localized operations and global supply chains [2]. Group 2: Company Developments - Jinpai Home has established wholly-owned subsidiaries in the US, Canada, Australia, Singapore, and Thailand; Zhibang Home has expanded its overseas business to 41 countries with 36 stores; Oppein Home has a sales network in 146 countries; and Kuka Home plans to open 15 new stores by mid-2025 [3]. - The home furnishing market is seeing significant growth in overseas revenue, with companies like Kuka Home achieving 4.258 billion yuan in overseas revenue, a 9.55% increase year-on-year [8]. Group 3: Market Dynamics - The domestic home furnishing market is becoming saturated, with growth rates slowing down, prompting companies to seek new opportunities abroad [7]. - The global furniture market is projected to reach $800 billion by 2025, with a compound annual growth rate of 9% for online furniture sales from 2021 to 2025 [12]. Group 4: Challenges - Chinese home furnishing companies face challenges such as increasing compliance barriers in overseas markets, including various safety and environmental regulations [10][11]. - Low brand recognition in international markets remains a long-term challenge, necessitating a shift from mere product sales to building brand value and awareness [11].

2025 年 09 月 25 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 外贸业务稳步增长，一体两翼持续推进 9 月 2 日，顾家家居发布公告，公司拟使用人民币 11.24 亿元投资建 设顾家家居印尼自建基地项目，项目计划于 2025 年三季度启动，总 体建设周期计划为 4 年，建设期内部分产线陆续投产，预计在全部 建成后的 3 年内达纲，达纲时预计实现年营业收入约 25.20 亿元。 中报业绩亮眼，2025H1 收入利润双位数增长。2025H1，公司实现 营业收入 98.01 亿元/同比增长 10.02%；实现归母净利润 10.21 亿元 /同比增长 13.89% ...

Core Viewpoint - The company Kuka Home has launched a "Full Leather Sofa Popularization Storm," offering a significant benefit of upgrading to a full leather sofa for 899 yuan, aiming to break the price barrier and make high-quality full leather sofas accessible to ordinary consumers [1][3]. Group 1: Market Trends and Consumer Behavior - The trend in home furnishing consumption is shifting from "having" to "quality," with over 84.81 million users interested in leather furniture and a 30% increase in related search volume over the past year [1]. - Full leather sofas are gaining popularity due to their superior texture and durability, but consumers face challenges such as high costs and a lack of standardized quality assessment for leather [1][3]. Group 2: Company Strategy and Innovations - Kuka Home has updated over ten core processes required for upgrading from genuine leather to full leather sofas, demonstrating internal mechanism innovation to meet consumer demand for high-quality living [3]. - The company has optimized production costs through strong supply chain integration and lean production management, leveraging large-scale procurement of cowhide [3][4]. Group 3: Consumer Experience and Market Positioning - The "Full Leather Sofa Popularization Storm" enhances home aesthetics and significantly improves user experience, shifting the perception of full leather sofas from luxury items to practical household goods [4]. - Kuka Home's initiative represents a "value return" revolution, focusing on quality-to-price ratio and transparent consumption, thereby gaining market leadership and accelerating the popularization of full leather sofas [4]. Group 4: Industry Impact and Future Outlook - The full leather upgrade strategy positions Kuka Home as a leader in the transformation of the Chinese home furnishing industry towards higher quality and sustainability [4]. - This industry change, driven by "full leather quality," is reshaping product value standards and shifting competition from price to value, marking a new chapter in the quality upgrade of the home furnishing sector [4].

证券代码：603816 证券简称：顾家家居 公告编号：2025-073 重要内容提示： 公司已于 2025 年 8 月 23 日发布公司 2025 年半年度报告，为便于广大投资 者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 10 月 10 日（星期五）下午 15:00-16:00 举行 2025 年半年度业绩说明会，就 投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 顾家家居股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 三、本次参加人员 二、说明会召开的时间、地点 1、会议召开时间：2025 年 10 月 10 日（星期五）下午 15:00-16:00 会议召开时间：2025 年 10 月 10 日（星期五）下午 15:00-16:00 会议召开地点 ...

Core Viewpoint - The company announced the progress of guarantees for the fiscal year 2025, with a total guarantee limit not exceeding 124 million yuan, indicating a strategic financial management approach [1] Group 1: Guarantee Details - The total guarantee amount for the company and its subsidiaries for 2025 is capped at 124 million yuan, with the home furnishing chain guaranteeing up to 70 million yuan for the subsidiary [1] - Recently, the subsidiary, Juran Intelligent, extended a credit line of 80 million yuan with the Bank of China, Beijing Dongcheng Branch, until December 18, 2025, with a guarantee contract supplement signed by the home furnishing chain [1] - The guarantee is within the approved limit and has been reviewed by the shareholders' meeting, with no counter-guarantee set [1] Group 2: Financial Health - Juran Intelligent, a wholly-owned subsidiary of the company, shows good operational performance based on financial indicators [1] - The current guarantee balance for the company and its controlled subsidiaries is considered reasonable [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 注：关于本次司法拍卖详情请见杭州市中级人民法院淘宝网司法拍卖网络平台公示的相关信息。 二、其他说明及风险提示 ● 本次司法拍卖尚处于公示阶段，后续涉及竞拍、缴款、股权变更过户等环节，拍卖的结果具有不确定 性，公司将密切关注上述事项的进展情况，并根据相关法律法规的要求及时履行信息披露义务。敬请广 大投资者注意风险。 公司近日收到杭州德烨的通知，其收到浙江省杭州市中级人民法院的《拍卖公告》（[2025]浙01执828 号）、《拍卖公告》（[2025]浙01执829号）及《拍卖公告》（[2025]浙01执920号）：浙江省杭州市中 级人民法院将在杭州市中级人民法院淘宝网司法拍卖网络平台对其持有的本公司13,894,961股无限售流 通股票的价值进行公开拍卖。 公司近日收到TB Home的通知，其收到浙江省杭州市中级人民法院的《拍卖公告》（[2025]浙01执920 号）：浙江省杭州市中级人民法院将在杭州市中级人民法院淘宝网司法拍卖网络平 ...