Core Viewpoint - The recent share freeze announcement by Gujia Home (603816) has raised concerns in the capital market, as significant portions of shares held by major shareholders are locked due to a debt dispute totaling 434 million yuan [1][2]. Shareholder Information - Major shareholder Hangzhou Deyejia Jun Enterprise Management Co., Ltd. holds 10.77% of the shares, with 88.47 million shares frozen due to a 434 million yuan debt dispute [1][3]. - Another shareholder, TB Home Limited, holds 5.01% of the shares, with 41.18 million shares also fully frozen, resulting in a total of 15.78% of the company's shares being locked [1][3]. Control Change and Financial Impact - In November 2023, Gujia Home underwent a significant change in control, with the founder's group transferring shares to Yingfeng Ruihe Investment for 8.88 billion yuan, leading to a new actual controller [2]. - The company reported a decline in both revenue and net profit for 2024, with revenue of 18.48 billion yuan, down 3.81%, and net profit down 29.38% to 1.417 billion yuan [3][4]. Performance Recovery - In the first three quarters of 2025, Gujia Home showed a strong rebound, achieving revenue of 15.01 billion yuan and net profit of 1.539 billion yuan, surpassing the total net profit for 2024 [4][6]. - The recovery is attributed to strategic adjustments under the new management, including a focus on integrating home appliance and furniture businesses [4][6]. Market Reaction - As of November 6, 2023, Gujia Home's stock price was 30.48 yuan per share, with a total market capitalization of 25.04 billion yuan, reflecting cautious optimism in the market regarding the company's strategic direction [5][6]. - The stock experienced fluctuations but showed signs of stabilization, indicating market expectations for the new management's strategies [5][6]. Industry Context - The share changes and performance fluctuations of Gujia Home reflect broader trends in the home furnishing industry, where companies face challenges from a cooling real estate market and increased competition [5][6]. - The integration of capital and industry resources is seen as a crucial strategy for companies to navigate the current market landscape [5][6].

| 股东名称 | 持股数量(股) | 持股比 | 累计被冻 | 累计被标记 | 合计占其 | 合计已 | | --- | --- | --- | --- | --- | --- | --- | | | | 例 (%) | 结数量 | 数量(股) | 所持股份 | 司总服 | | | | | (股) | | 比例(%) | 比例 ( | | 杭州德烨 | 88, 471, 483 | 10. 77 | 911, 805 | 87, 559, 678 | 100.00 | 10. | | TB Home | 41, 176, 766 | 5.01 | 8, 066 | 41, 168, 700 | 100. 00 | 5 | 顾家家居表示，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。 11月6日晚间，顾家家居（603816）发布公告，持股5%以上股东股份轮候冻结进展。 公告显示，公司股东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，简称"杭州德烨"）因4.34亿元债权相关事宜，所持公司8847.15万 股股份被河北省衡 ...

Group 1 - The core theme of the event was the launch of a new generation of electric smart sofas, showcasing the company's commitment to innovative technology in a competitive home furnishing industry [1] - The innovation is not merely a functional upgrade but a significant enhancement in user experience, moving from "function stacking" to "experience definition" [1] - The company introduced a "golden zero-pressure angle" design, which effectively reduces spinal pressure and evenly distributes body weight, enhancing comfort [1] Group 2 - The company addressed the "impossible triangle" challenge in the industry, which involves balancing true zero-gravity comfort, aesthetic appeal, and space utilization [2] - The K-TRON Space Z functional framework allows the electric sofa to achieve zero-gravity mode without compromising on space, breaking traditional design constraints [2] - The design features a 14cm "true high leg" that creates a light and elegant floating effect, aligning with modern minimalist decor while overcoming the bulky image of traditional electric sofas [2]

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 ...