证券代码：603816 证券简称：顾家家居 上海荣正企业咨询服务（集团）股份有限公司 关于 顾家家居股份有限公司 2024 年限制性股票激励计划 回购注销部分限制性股票及调整回购价格 相关事项 之 一、释义 1. 公司、顾家家居：指顾家家居股份有限公司。 2. 本激励计划、2024 年激励计划：指顾家家居股份有限公司《2024 年限制性股 票激励计划（草案）》。 3. 限制性股票：指公司根据激励计划规定的条件和价格，授予激励对象一定数 量的本公司股票，该等股票设置一定期限的限售期，在达到激励计划规定的解 除限售条件后，方可解除限售流通。 4. 股本总额：指本报告签署时已发行的股本总额。 5. 激励对象：指按照激励计划规定，获得限制性股票的在公司（含子公司）任 职的核心骨干。 独立财务顾问报告 2025 年 7 月 | 目 录 | | --- | | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、本激励计划的批准和授权 | 6 | | 五、独立财务顾问意见 | 9 | | 六、备查文件及咨询方式 | 11 | 13. 《证券法》：指《中华人民共 ...

法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 调整回购注销股份回购价格 及回购注销 2024 年限制性股票激励计划部 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年七月 分限制性股票 之 法律意见书 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 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 1 法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关于 顾家家居股份有限公司 调整回购注销股份回购价格及回购注销 2024 年限制 性股票激励计划部分限制性股票 之 法律意见书 致：顾家家居股份有限公司 根据顾家家居股份有限公司（以下简称" ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-056 顾家家居股份有限公司 关于召开2025年第二次临时股东大会的通知 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、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 24 日 14 点 30 分 召开地点：浙江省杭州市上城区东宁路 599 号顾家大厦一楼会议中心 股东大会召开日期：2025年7月24日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 24 日 至2025 年 7 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日 ...

1、审议通过《关于调整 2024 年限制性股票激励计划回购注销股份回购价格 的议案》； 根据《顾家家居股份有限公司 2024 年限制性股票激励计划（草案）》（以下 简称"《激励计划》"）规定，回购价格的调整不存在损害公司及全体股东利益的 情形。因此，监事会同意将回购价格由 11.84 元/股调整为 10.46 元/股。 证券代码：603816 证券简称：顾家家居 公告编号：2025-052 顾家家居股份有限公司 第五届监事会第九次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 顾家家居股份有限公司（以下简称"顾家家居"或"公司"）于 2025 年 7 月 8 日以通讯表决方式召开了第五届监事会第九次会议。公司于 2025 年 7 月 3 日以电子邮件等方式向公司全体监事发出了召开第五届监事会第九次会议的通 知和资料。会议应参加表决监事 3 名，实际参加表决监事 3 名。本次会议的召开 符合《公司法》和《公司章程》的有关规定，会议决议合法、有效。 二、监事会会议审议情况 会议审议并通过了如下 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-051 顾家家居股份有限公司 第五届董事会第十一次会议决议公告 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。 二、董事会会议审议情况 会议审议并通过了如下议案： 1、审议通过《关于调整 2024 年限制性股票激励计划回购注销股份回购价 格的议案》； 本议案已经公司董事会薪酬与考核委员会审议通过，并同意提交公司董事 会审议。薪酬与考核委员会认为：鉴于公司 2024 年度利润分配方案已实施完毕， 根据《顾家家居股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称 "《激励计划》"）规定，对回购价格进行调整符合规定，不存在损害公司及全体 股东利益的情形。因此，薪酬与考核委员会同意将回购价格由 11.84 元/股调整 为 10.46 元/股，并将此议案提交董事会审议。 审议结果：赞成 9 名，反对 0 名，弃权 0 名。 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）及公司指定 披露媒体《中国证券报》《上海证券报》《证券日报》《证券时报 ...

Core Viewpoint - The recent announcement by Gujia Home Furnishing (603816.SH) regarding the judicial auction of shares held by its major shareholder, Gujia Group, indicates potential financial distress and governance issues within the company, stemming from aggressive expansion strategies and subsequent financial challenges [1][2][3] Group 1: Shareholder and Auction Details - Gujia Group's 29.32 million shares, representing 3.57% of the total share capital, were initially put up for judicial auction but failed to sell, with a second auction scheduled [1] - The shares have a market value of approximately 717 million yuan based on the closing price of 24.44 yuan per share on July 7 [1] - Gujia Group is not the controlling shareholder of Gujia Home Furnishing, and the judicial auction of its shares will not lead to a change in the company's control [1] Group 2: Financial Performance and Challenges - Gujia Home Furnishing's revenue for 2024 was approximately 18.48 billion yuan, a year-on-year decrease of 3.81%, while net profit fell by 29.38% to about 1.42 billion yuan [3] - The company's traditional business segments, such as fixed sofas and bedroom products, faced significant revenue declines, with bedroom product revenue down 20.80% and integrated product revenue down 19.52% [3] - The overall home furnishing industry is experiencing pressure, with over 60% of listed home furnishing companies reporting revenue growth, but less than 40% achieving net profit growth [3] Group 3: Market Sentiment and Stock Performance - Gujia Home Furnishing's stock price has been on a downward trend, with a cumulative decline of over 9% since 2025, reflecting diminishing market confidence [3] - The stock price hit a low of 20.00 yuan on April 9, indicating investor concerns regarding the company's operational challenges and the impact of the judicial auction on management efficiency [3]

Core Viewpoint - The announcement details the judicial auction of shares held by a major shareholder, Gujia Group, which may impact the company's stock and ownership structure [1][2][3]. Group 1: Shareholder Information - Gujia Group holds 103,171,483 shares of Gujia Home Furnishing Co., Ltd., accounting for 12.55% of the total share capital, with all shares currently frozen [1]. - The number of shares to be auctioned is 29,324,717, representing 28.42% of Gujia Group's holdings and 3.57% of the total share capital of the company [1][3]. Group 2: Auction Details - The auction is scheduled to take place from July 21, 2025, at 10:00 AM to July 22, 2025, at 10:00 AM, with the possibility of extension [1][3]. - The auction has already failed in its first attempt, and the shares will be subject to a second auction [1][2]. Group 3: Legal and Regulatory Context - The auction is being conducted under the supervision of the Hangzhou Intermediate People's Court, which has issued a public auction notice [2][3]. - The company will closely monitor the auction process and fulfill its information disclosure obligations as required by relevant laws and regulations [2][4].

证券代码：603816 证券简称：顾家家居 公告编号：2025-050 一、本次司法拍卖的基本情况 顾家集团收到浙江省杭州市中级人民法院的《网络拍卖告知书》（[2024]浙 01 执 1607 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 法拍卖网络平台对顾家集团持有的本公司 29,324,717 股无限售流通股票的价值 进行公开拍卖，具体内容详见公司于 2025 年 6 月 3 日在上海证券交易所网站 （www.sse.com.cn）及公司指定披露媒体《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%以上股东部分股份将被司法拍卖的提示性 公告》（公告编号：2025-044）。 二、本次司法拍卖的进展情况 （一）股份一拍的进展情况 顾家家居股份有限公司 关于持股 5%以上股东部分股份将被司法拍卖 的进展公告 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"） ...

Core Viewpoint - The article emphasizes that Kuka Home is transforming from a real estate supplier to a lifestyle leader, focusing on user value and retail transformation to drive sustainable growth [1][7]. Group 1: Historical Context and Market Dynamics - Kuka Home originated from a small furniture company established in the 1990s, which has now become a leading player in the home furnishing industry [2]. - The home furnishing market in China has seen a significant decline, with new home sales dropping by 40% compared to peak levels, leading to a cautious consumer approach towards home purchases [2][3]. - The top five home furnishing companies in China hold less than 15% market share, indicating a fragmented market with structural opportunities for growth [3]. Group 2: User-Centric Approach and Business Transformation - Kuka Home is shifting its focus to user value, aiming to redefine its role from a real estate supplier to a lifestyle leader, emphasizing long-term value creation [7][8]. - The company is undergoing a transformation that includes digital capabilities enhancement and a new business paradigm centered around user insights [4][8]. - Kuka Home's strategy involves a comprehensive capability building and organizational change to align with user needs, including digital marketing, product design, and supply chain management [8][9]. Group 3: Product Innovation and Market Adaptation - Kuka Home has successfully transitioned from fixed sofas to functional sofas, overcoming significant industry barriers and establishing a unique technological advantage in the functional sofa category [12][15]. - The company has invested heavily in R&D, drawing inspiration from the automotive industry to innovate its product offerings [14][15]. - The growth of functional sofas has been promising, with continuous investment expected to enhance future development prospects [16]. Group 4: Integrated Value Chain and User Experience - Kuka Home is implementing a value chain integration strategy to enhance user experience across different product lines, focusing on holistic home solutions [24][25]. - The company aims to provide deep service through its integrated approach, enhancing customer relationships and overall user value [29][30]. - The establishment of a comprehensive infrastructure, including AI design platforms and efficient delivery systems, is crucial for maintaining high service quality [31][33]. Group 5: Retail Transformation and Operational Efficiency - Kuka Home is transitioning from a wholesale model to a retail-oriented approach, emphasizing end-user sales performance as a key metric [39][50]. - The company has developed several foundational systems to support its retail transformation, including a user marketing system and a retail distribution system [41][43]. - The integration of data-driven decision-making processes is expected to enhance operational efficiency and improve customer engagement [48][49]. Group 6: Global Expansion and Strategic Partnerships - In 2024, Kuka Home's revenue from domestic and international markets was 9.4 billion and 8.4 billion respectively, with international revenue showing an 11% increase [53]. - The company has established production bases in Vietnam, Mexico, and the United States, aiming to leverage local manufacturing capabilities for global expansion [55][56]. - Kuka Home is shifting from OEM/ODM to OBM strategies, targeting higher-end markets and enhancing brand influence in emerging markets [58][59]. Group 7: Governance and Long-Term Strategy - The governance structure of Kuka Home allows for significant autonomy for the management team to drive transformation, with a focus on strategic clarity and long-term goals [60][63]. - The company is committed to a long-term investment strategy in infrastructure and technology, which may not yield immediate profits but is essential for industry restructuring [63][64]. - Kuka Home's approach emphasizes user demand as a guiding principle for its strategic decisions, aiming to build a sustainable and resilient business model [66].

Core Viewpoint - The future sustainable growth of the home furnishing industry must focus on creating long-term value centered around users, moving away from short-term strategies like expanding product categories and aggressive promotions [1][11]. Group 1: Industry Context - The home furnishing industry is undergoing significant changes due to the deep restructuring of the real estate sector, which has heavily impacted related industries [2]. - The industry has transitioned from a "parasitic" model reliant on real estate to a more independent approach, especially as new housing transactions have plummeted [8][9]. Group 2: Company Strategy - Gujia Home (603816.SH) is positioned as a stable player in the home furnishing sector, with consistent revenue growth and a solid cash flow, indicating potential for transformative changes [3]. - The company is moving away from traditional wholesale models to a retail transformation that directly addresses user value, which involves a comprehensive restructuring of its dealer and supplier systems [3][15]. Group 3: Market Dynamics - The home furnishing industry is characterized by a fragmented market with increasing competition and a shift in consumer demand towards more personalized and diverse needs [9][10]. - The past reliance on promotional strategies is no longer effective; understanding and addressing the real needs of consumers has become crucial [9][10]. Group 4: Consumer Behavior - Recent consumer trends indicate a slowdown in transactions, with buyers seeking better quality products at lower prices, reflecting a shift in purchasing behavior [34]. - The increase in product factory prices over the past two years suggests an improvement in supply quality, despite a decrease in overall demand [35]. Group 5: Retail Transformation - Gujia's retail transformation has been ongoing for seven years, focusing on building a user-centered approach rather than a factory-centered one [15][46]. - The company is implementing a digital platform, iKUKA, to enhance retail operations and improve efficiency by connecting directly with consumers [48]. Group 6: Strategic Focus - Gujia aims to redefine itself from merely selling furniture to becoming a brand that leads lifestyle choices, emphasizing a gradual approach from single products to comprehensive lifestyle solutions [19][20]. - The company is focusing on three strategic categories: sofas, mattresses, and customization, which are expected to drive significant revenue growth [26][27]. Group 7: International Expansion - Gujia's overseas business is projected to contribute nearly half of its revenue by 2024, with a focus on developing markets in Southeast Asia and Central Asia [55]. - The company is adopting a focused approach to international expansion, ensuring that resources are aligned to support marketing and sales efforts in strategic countries [56][57]. Group 8: Long-term Value Creation - The company emphasizes the importance of strategic assets and contributions that create long-term value, rather than short-term financial metrics [60][62]. - Gujia's management is committed to maintaining a balance between immediate business performance and long-term capability building, ensuring that strategic initiatives are not compromised during challenging times [63][64].