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 ...

Core Viewpoint - The announcement reveals that two shareholders, Hangzhou Deyue and TBHome Limited, hold significant stakes in the company, but their shares are currently frozen due to legal actions, which does not affect the company's control or daily operations [1] Group 1: Shareholder Information - Hangzhou Deyue holds 88.4715 million shares, accounting for 10.77% of the total share capital [1] - TBHome Limited holds 41.1768 million shares, representing 5.01% of the total share capital [1] - The total shares held by both shareholders are 100% frozen (including pending freezes) and marked by judicial actions [1] Group 2: Legal Actions - Hangzhou Deyue's 88.4715 million shares have been provisionally frozen by the Intermediate People's Court of Hengshui City, Hebei Province, starting from November 5, 2025, with a debt amount of 434 million yuan [1] - Both shareholders are not controlling shareholders or actual controllers of the company [1] - The legal matters do not impact the company's control or daily operations [1]

Core Insights - Kuka Home has launched a new flagship electric sofa product, integrating advanced technology and aiming to break the homogenization in the home furnishing industry [1] - The company focuses on user value enhancement and has transitioned from simple functional upgrades to a new stage defined by user experience [2] Group 1: Technological Innovation - Kuka Home's electric sofa emphasizes a systematic approach to comfort, introducing the "Golden Zero Pressure Angle" to reduce spinal pressure and distribute body weight evenly [2] - The company has developed a complete "Comfort Matrix," utilizing cloud-like elastic foam and memory function technology to provide a personalized comfort experience [2] Group 2: Design and Space Utilization - Kuka Home addresses the "impossible triangle" challenge in traditional electric sofas by creating a design that allows for true "zero wall" placement while maintaining aesthetic appeal [3] - The new sofa features a 14cm "true high leg" design, enhancing modern decor compatibility and facilitating cleaning by allowing robotic vacuums easy access [3] Group 3: Value Proposition - The company elevates its product value proposition to encompass "healthy relaxation" and "quality living," responding to diverse user needs and providing solutions for deep rest [4] - The home furnishing industry is entering a new era defined by core technology, deep experience, and lifestyle, which will activate the existing market and explore new growth opportunities [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company has demonstrated operational resilience with steady growth in both domestic and foreign trade, achieving a revenue of 15.01 billion yuan (+8.8%) and a net profit of 1.54 billion yuan (+13.2%) for the first three quarters of 2025 [1][3] - The company is expected to maintain steady growth in Q3, with domestic trade growth slightly outpacing foreign trade, particularly in functional sofas and mattresses [2] - The company has effectively controlled costs, leading to an increase in profitability, with a gross margin of 31.4% (+1.6 percentage points) in Q3 [2] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 5.21 billion yuan (+6.5%) and a net profit of 520 million yuan (+12.0%) [1] - The company’s gross margin improved due to ongoing efficiency initiatives, with a net profit margin of 9.9% (+0.5 percentage points) [2] Revenue and Profit Forecast - The company forecasts a net profit of 1.868 billion yuan for 2025, representing a year-on-year growth of 31.8% [3] - The expected earnings per share (EPS) for 2025 is 2.27 yuan, with a corresponding price-to-earnings (PE) ratio of 13.5x [4][3] Market Position and Strategy - The company is focusing on transforming its domestic retail operations and expanding its global footprint, with production bases established in Vietnam, Mexico, and the United States to mitigate tariff risks [2] - The company is also enhancing its product offerings and operational efficiency, which is expected to drive steady growth in both domestic and foreign markets [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported better-than-expected performance in Q3 2025, with revenue growth remaining stable and a focus on retail transformation and integration [6][7] - The company is pursuing efficiency improvements and a comprehensive home furnishing strategy, while also expanding its global presence to mitigate trade risks [7] Financial Data and Profit Forecast - Total revenue for Q1-3 2025 reached 15,012 million yuan, representing an 8.8% year-on-year increase, while net profit attributable to the parent company was 1,539 million yuan, up 13.2% year-on-year [6] - The company forecasts total revenue of 19,878 million yuan for 2025, with a projected net profit of 1,938 million yuan, reflecting a 36.8% year-on-year growth [5][7] - The gross profit margin for Q1-3 2025 was 32.4%, showing a 0.5 percentage point increase year-on-year, while the net profit margin was 10.7%, up 0.6 percentage points year-on-year [6]

Investment Rating - The report indicates that most sectors are at the bottom, suggesting opportunities for alpha layout [2] Core Viewpoints - The home furnishing sector is experiencing pressure in domestic sales, while export performance shows resilience. The overall revenue for the domestic home furnishing sector in Q1-Q3 2025 decreased by 0.96% year-on-year, and the net profit attributable to the parent company fell by 23.80% [10][12] - In the paper packaging sector, upstream pulp mills are reducing supply due to profit pressures, while downstream paper demand is gradually recovering, leading to a stabilization in prices [2][10] - The personal care sector is facing challenges in online sales, but offline performance remains stable, with major companies adjusting their marketing strategies to improve profitability [2][10] - The new consumption sector, driven by IP and AI glasses, is showing growth potential, with companies like Pop Mart and Meta launching new products [2][10] Summary by Sections Home Furnishing - Domestic sales in Q3 2025 are under pressure, with revenue down 1.19% year-on-year and net profit down 15.79%. The external sales sector shows resilience with a 1.91% increase in revenue [10][12] - The performance of soft furniture companies is better than that of custom furniture companies, attributed to faster product iteration and successful online channel strategies [10][12] Paper Packaging - The paper sector is stabilizing, with net profit margins for pulp, waste paper, and specialty paper showing slight improvements. The packaging sector is experiencing stable growth, particularly in plastic and paper packaging [2][10] Personal Care - The sector is facing pressure from online competition, but offline sales remain steady. Major companies are focusing on brand and channel management to enhance profitability [2][10] New Consumption - The sector is driven by IP and AI glasses, with significant growth in emotional consumption. Companies are actively launching new products to capture market share [2][10]

Investment Rating - The investment rating for Gujia Home Furnishing (603816) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - Gujia Home Furnishing has demonstrated resilience and growth through its retail transformation and global expansion strategies, achieving a revenue of 15.012 billion yuan in the first three quarters of 2025, representing an 8.8% year-on-year increase [1][2]. - The company is focusing on product innovation and channel management to drive growth in the domestic market, particularly in functional sofas and other potential segments [2]. - The global expansion strategy includes establishing production bases in countries like Vietnam, Mexico, and the United States, which is expected to enhance export growth despite global trade tensions [2]. Summary by Sections Domestic Sales - The retail transformation is showing positive results, with expected modest growth driven by product innovation and market share gains [2]. - The company is transitioning towards a comprehensive home retail operator model, focusing on soft furnishings and integrated home solutions [2]. International Sales - Gujia Home Furnishing has diversified its export markets and established production bases in multiple countries, which is anticipated to support stable growth in international sales [2]. - The company is expected to benefit from improved order conditions in the U.S. market during the fourth quarter, aided by easing tariffs [2]. Financial Performance - For Q3 2025, the company reported a gross margin of 31.4%, a year-on-year increase of 1.6 percentage points, and a net profit margin of 9.9%, up by 0.5 percentage points [3]. - The operating cash flow for Q3 was 761 million yuan, reflecting a decrease of 162 million yuan year-on-year [3]. - Profit forecasts for 2025-2027 indicate a steady increase in net profit, with estimates of 1.978 billion yuan, 2.243 billion yuan, and 2.559 billion yuan respectively [3].

Core Insights - The domestic soft home furnishing industry shows a clear divergence in Q3 2025, with leading companies experiencing revenue and profit growth, while some others face revenue declines and profit losses. Group 1: Company Performance - Gujia Home achieved a revenue of 15.012 billion yuan, a year-on-year increase of 8.77%, and a net profit of 1.539 billion yuan, up 13.24% [1] - Mengbaihe reported a revenue of 6.756 billion yuan, a year-on-year increase of 10.29%, and a net profit of 161 million yuan, a significant increase of 205.18% [2] - Xilinmen's revenue reached 6.196 billion yuan, up 3.68%, with a net profit of 399 million yuan, an increase of 6.45% [2] - Mousse experienced a revenue decline to 3.761 billion yuan, down 3.01%, and a net profit of 467 million yuan, down 10.61% [2] - Qisheng Technology reported a revenue of 2.224 billion yuan, a slight increase of 0.08%, but a net profit of 147 million yuan, down 2.74% [2] - Zhongyuan Home reported a revenue of 1.125 billion yuan, a slight decline of 0.05%, and a net loss of 17.44 million yuan, a significant drop of 802.46% [2] Group 2: Business Operations - Gujia Home's cash flow from operating activities reached 1.855 billion yuan, a substantial increase of 18.97%, with cash received from sales totaling 14.905 billion yuan [1] - Mengbaihe's core product line, mattresses, generated a revenue of 3.606 billion yuan, a year-on-year increase of 14.02%, with a gross margin of 41.81%, up 4.5 percentage points from the previous year [2] - Xilinmen optimized its store count to over 5,300, improving single-store efficiency while expanding its distribution network in lower-tier markets [2]