Investment Rating - The report maintains an "Outperform" rating for the light industry sector [6][10]. Core Insights - The light industry exports continued to weaken in May, while U.S. furniture retail sales showed resilience with a year-on-year increase of 8.8%. Domestic furniture retail sales in China rose by 25.6% year-on-year, supported by the progress of the "old-for-new" subsidy program, which has reached 54% [2][3][18]. - Meta has launched a new AI sports eyewear product, Oakley Meta HSTN, which is expected to catalyze industry innovation [4][30]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the recovery of the home furnishing sector as the "old-for-new" subsidy program is implemented in key cities, improving customer traffic and order data. It recommends leading companies in customized home furnishing, such as Oppein Home, Sophia, and Kuka Home, as well as Bull Group and Good Wife for their growth potential in smart home products [16][17]. 2. Research Tracking and Investment Thoughts - In May, light industry exports fell by 9.4% year-on-year, with the decline accelerating compared to April. The U.S. furniture retail sector remains robust, reflecting strong demand [2][19]. - The "old-for-new" subsidy program has driven significant retail sales growth in furniture, with a total of 1.1 trillion yuan in sales supported by 1.75 billion subsidies issued [3][25]. - The launch of Meta's AI eyewear is seen as a potential catalyst for innovation in the industry [4][30]. 3. Market Review - The light industry sector experienced a decline of 3.06% last week, underperforming the broader market [31]. 4. Key Data Tracking - In May, furniture retail sales in China reached 170 billion yuan, up 25.6% year-on-year, while building materials sales fell by 2.9% [34]. - The report notes a decrease in domestic prices for various paper products, with significant drops in packaging paper prices [42][50]. - Real estate data indicates a 3.3% year-on-year decline in property transaction volumes in 30 major cities [58]. - The furniture export value in May was 5.64 billion USD, down 9.4% year-on-year, while paper and paper products exports also saw a slight decline [67].

Investment Rating - The report suggests a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic furniture sector, as well as certain export companies with strong growth logic or overseas production capacity advantages [4][9]. Core Insights - The furniture retail sales in China saw a year-on-year increase of 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the overall order situation has weakened since June, indicating a potential fatigue in demand stimulation from national subsidies [4][9]. - In the new tobacco sector, the glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, supported by strong marketing resources from BAT [4][12]. - The paper packaging sector is experiencing price stability, with a focus on growth-oriented packaging companies. The report highlights the need to monitor the performance of major paper types and the overall supply pressure in the market [4][15]. - The light consumer goods and pet sectors are seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. Summary by Sections Furniture Sector - Domestic retail sales of furniture increased by 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the order situation has weakened since June, indicating potential fatigue in demand stimulation [4][9]. - Recommended companies include Sofía, Gujia Home, Mousse, and others, focusing on those with high earnings growth certainty and dividend support [4][9]. New Tobacco - The glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, with strong marketing support from BAT [4][12]. - Recommended companies include Smoore International, which is expected to benefit from the expansion of the overseas compliant market [4][12]. Paper and Packaging - The paper sector is experiencing price stability, with major paper types showing no significant improvement in orders. The report emphasizes the importance of monitoring growth-oriented packaging companies [4][15]. - Recommended companies include Yutong Technology and others, focusing on those with stable operations and growth potential [4][15]. Light Consumer Goods & Pets - The light consumer goods sector is seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - Recommended companies include Guibao Pet and others, focusing on those with resilient consumer demand and growth potential [4][16]. Two-Wheeler Market - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. - Recommended companies include Yadi Holdings and others, focusing on those with strong product capabilities and market expansion potential [4][19].

Core Insights - The 2024 China Chain Top 100 report indicates a sales scale of 2.13 trillion yuan and a total of 257,200 stores, representing a year-on-year growth of 4.9% and 13.5% respectively [1][2]. Group 1: Sales Performance - Walmart (China) leads the 2024 rankings with a sales revenue of 158.845 billion yuan, showing a year-on-year increase of 19.6% [1]. - Juran Smart Home ranks second with sales of 122.1 billion yuan, reflecting a growth of 3.8% year-on-year [1]. - Suning.com ranks third with sales of 80.8 billion yuan, but experienced a decline of 14.1% year-on-year [1]. Group 2: Store Count - Meiyijia maintains its position as "China's Convenience Store King" with 37,943 stores by the end of 2024, and the number is projected to exceed 39,000 by April 30, 2025 [1]. - Sinopec Easy Joy follows with a store count of 28,635 by the end of 2024 [1]. Group 3: Growth in Top Companies - The number of companies in the 2024 China Chain Top 100 with sales exceeding 30 billion yuan increased from 21 to 24 compared to 2023 [2]. - Ten companies achieved double-digit growth in both sales and store count, including Hema, Mingming Very Busy, Wancheng Biological, Qiyi Shiyi, Costco, Shizhu, Biyoute, Koodong, Xinguo Technology, and Old Neighbor [2].

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"）103,171,483 股股票， 占本公司总股本的 12.55%；顾家集团所持本公司股份累计被冻结（含轮候冻结） 和司法标记 103,171,483 股，占其所持有本公司股数的 100%，占本公司总股本 的 12.55%。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%。 证券代码：603816 证券简称：顾家家居 公告编号：2025-047 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 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： 1、顾家集团及 TB Home 本次股份被轮候冻结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 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-046 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 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。 股东名称 冻结/标记股 份数量（股） 占其所 持股份 比例（%） 占公司 总股本 比例（%） 冻结/标记 股份是否为 限售股 冻结/标 记起始日 冻结/标 记到期日 冻结申请人 冻结 原因 顾家集团 1,580,000 1.53 0.19 否 2025 年 6 月 16 日 / 浙江省杭州市 中级人民法院 轮候 冻结 TB Home 41,176,766 100.00 5.01 否 2025 年 6 月 16 日 / 浙江省杭州市 中级人民法院 轮候 冻结 一、本次股份被轮候冻结的基本情况 二、股份累计被冻结情况 | 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 | 合计占公 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 例（% ...

所持股票被全部冻结、2900多万股股份即将被拍卖、大股东进一步发起要约收购，顾江生及其家族，正 一步一步远离其一手创立的顾家家居（603816）。 发行完成后，盈峰集团将直接持有公司11.26%的股权，其和顾家家居目前的第一大股东、也是一致行 动人盈峰睿和投资，将合计持有公司37.37%的股比。 圣奥集团旗下企业疑对顾家集团提出6.53亿仲裁 从顾家家居的公告来看，不论是股权冻结还是拍卖，主要来自于顾家集团所持有的股份比例。 阿里拍卖平台显示，上述将在7月1日拍卖的2932.47万股无限流通股，目前起拍价约为7.0458亿元，已经 引来154人设定提醒，以及3563次围观，但至今仍是0人出价。 观察者网注意到，6月13日时这一股份对应的拍卖价还是6.53亿元，至6月15日时已经提升至7亿元，不 排除公司股价波动影响。因此不排除在7月1日前，起拍价仍有变动的可能。 顾家家居6月11日公告称，持有公司12.55%股比的第二大股东顾家集团，和持有公司5.01%股比的第三 大股东TB Home Limited(以下简称"TB Home")，所持股票被全部冻结，其中包含轮候冻结，合计约为 1.443亿股。 顾家集团及T ...

Group 1: Zhejiang Special Bonds for Real Estate - Zhejiang and Sichuan issued special bonds totaling 19.2 billion yuan for the acquisition of existing residential properties, with Zhejiang's issuance at 17.5 billion yuan, accounting for 3.2% of its new special bonds [1] - The acquisition projects involve 11 projects, with 7 owned by local state-owned enterprises, 2 by mixed-ownership enterprises, and 2 by private enterprises [1] - This initiative aims to alleviate real estate inventory pressure and stabilize market expectations, providing a new approach for high-inventory third and fourth-tier cities [1] Group 2: Vanke's Stock Sale - Vanke announced the sale of 22 million A-shares, representing 0.18% of its total share capital, raising approximately 1.458 billion yuan [2] - The shares were sold at an average price of 6.63 yuan per share, lower than the repurchase cost, indicating a book loss but significant for Vanke's liquidity [2] - This move is part of a 2022 repurchase plan and aims to alleviate cash flow pressures faced by real estate companies [2] Group 3: Independent Director of Nandu Property - Nandu Property announced the removal of independent director Gao Qiang due to his detention by supervisory authorities, proposing Zhao Rongxiang as the new independent director [3] - This incident may raise market concerns regarding corporate governance and prompt other companies in the property sector to review their governance structures [3] Group 4: Gujia Home's Share Freeze - Gujia Home reported that all shares held by Gujia Group (12.55% of total shares) and TB Home (5.01% of total shares) have been frozen and marked judicially [4] - The company clarified that this situation will not change its control or affect daily operations, but may raise concerns about potential debt risks and the stability of its equity structure [4] - Other companies in the home furnishing sector may adopt more cautious approaches to capital and equity management due to this event [4] Group 5: Jianfa's Loan to Jianfa Real Estate - Jianfa announced a loan of 2 billion yuan to its subsidiary Jianfa Real Estate, with a term from June 10, 2025, to July 9, 2025, at an interest rate of 4.5% [5] - This loan aims to support the development of Jianfa Real Estate's business and is considered manageable in terms of operational risk [5] - The funding will help alleviate liquidity pressures in the real estate sector and support project advancement and operations [5]

Summary of Conference Call Records Industry Overview - The records primarily discuss the home furnishings industry, focusing on the impact of national subsidy policies on sales performance and market dynamics in 2025 [1][5][10]. Key Points and Arguments Sales Performance and Expectations - Initial sales expectations for 2025 were set at 50 million yuan, but actual performance has been disappointing due to changes in national subsidy policies, with April showing a 50% year-on-year decline and May a 20% decline [1][4]. - The overall sales for January to May 2025 remained flat compared to the previous year, indicating significant market pressure [1][4]. - A specific dealer reported a sales drop from 45 million yuan in 2023 to 33 million yuan in 2024, with a projected 50 million yuan for 2025, which now seems unlikely [2]. Impact of National Subsidy Policies - The suspension of subsidies in Hubei province has led to a decrease in customer traffic, although the conversion rate has improved as customers focus more on product quality and actual prices rather than subsidies [1][9]. - The cancellation of subsidies has resulted in a pessimistic outlook for sales growth in the second half of 2025, with dealers preparing for the worst-case scenario [10]. - The national subsidy orders from 2024 have mostly been fulfilled, with 90% delivered by March 2025 [11]. Customer Behavior and Market Dynamics - Customers are increasingly prioritizing product quality over subsidies, as evidenced by improved conversion rates despite lower foot traffic [9]. - The market has shown seasonal trends, with significant sales peaks in the fourth quarter of the previous year [13]. - The average customer transaction value has not significantly increased due to the subsidy policies, as customers still opt for lower-priced options [18]. Financial Metrics - The net profit margin for 2024 was negative, with a stable gross margin for cabinets at over 50%, while wardrobe margins decreased from 48.5% to around 47% [19]. - Rent reductions have been implemented, decreasing from 150,000 yuan to 110,000 yuan per month, saving approximately 500,000 yuan annually [21][45]. - Tax costs have increased due to the subsidy policies, putting additional pressure on profit margins [22]. Future Outlook - The overall market sentiment for the second half of 2025 is not optimistic, with expectations of low growth due to market contraction and competition from local processing plants [10][33]. - The company aims to achieve a retail target of 1.05 billion yuan for the year, despite challenges faced in the first half [33]. Additional Insights - The records highlight the challenges faced by dealers in adapting to the changing subsidy landscape and the need for improved service quality to maintain customer satisfaction [8][10]. - There is a noted increase in the average transaction value for finished and customized furniture, but the actual conversion rates have not improved correspondingly [41]. Conclusion The conference call records provide a comprehensive overview of the challenges and dynamics within the home furnishings industry, particularly in relation to national subsidy policies and their impact on sales performance, customer behavior, and financial metrics. The outlook for the remainder of 2025 appears cautious, with significant adjustments needed to navigate the evolving market landscape.

Core Points - The announcement details that Gujia Group holds 103,171,483 shares of Gujia Home, accounting for 12.55% of the total share capital, and all of these shares are frozen and marked judicially [1][2] - TB Home Limited holds 41,176,766 shares, which also represents 5.01% of the total share capital, and these shares are similarly frozen and marked [1][2] - Both Gujia Group and TB Home are not the controlling shareholders or actual controllers of the company, and this situation will not lead to any change in control or affect the daily operations and management of the company [1][2] Summary of Frozen Shares - As of the announcement date, Gujia Group's shares frozen and marked total 103,171,483, which is 100% of its holdings and 12.55% of the company's total shares [1][2] - TB Home's frozen and marked shares total 41,176,766, which is also 100% of its holdings and 5.01% of the company's total shares [1][2] - The debt amount related to Gujia Group's frozen shares is 858 million yuan, while for TB Home, it is 1.104 billion yuan [1][2]

证券代码：603816 证券简称：顾家家居 公告编号：2025-045 顾家家居股份有限公司 关于持股 5%以上股东股份被冻结和司法标记的公告 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。 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"顾家家居"、"公司"或"本公司"）103,171,483 股股票，占本公司总股本的 12.55%；顾家集团所持本公司股份累计被冻结（含 轮候冻结）和司法标记 103,171,483 股，占其所持有公司股数的 100%，占本公 司总股本的 12.55%。TB Home Limited（以下简称"TB Home"）持有顾家家居 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，占其所持有公司股数的 100%， 占本公司总股本的 5.01%。 顾家集团及 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 ...