Core Points - Company has received acceptance from Shanghai Stock Exchange for the issuance of A-shares to specific investors [1][2] - The application documents were found complete and in compliance with legal requirements by the exchange [1] - The approval from the exchange and the China Securities Regulatory Commission is still pending, introducing uncertainty regarding the timeline [2] Summary by Sections - **Company Announcement**: Company announced the acceptance of its application for A-share issuance by Shanghai Stock Exchange on October 14, 2025 [1][4] - **Regulatory Process**: The issuance is subject to approval from both the Shanghai Stock Exchange and the China Securities Regulatory Commission, with no guaranteed timeline for approval [2]

Core Viewpoint - The company, Gujia Home Furnishing, has received acceptance from the Shanghai Stock Exchange for its application to issue A-shares to specific investors, indicating a step forward in its capital-raising efforts [1] Group 1: Company Actions - On October 14, Gujia Home Furnishing announced that it received a notification from the Shanghai Stock Exchange regarding the acceptance of its application for issuing securities [1] - The Shanghai Stock Exchange has verified that the application documents are complete and comply with legal requirements, leading to the decision to accept the application for review [1] - The issuance of shares is contingent upon approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission [1]

证券代码：603816 证券简称：顾家家居 公告编号：2025-074 顾家家居股份有限公司 关于向特定对象发行 A 股股票申请获得 上海证券交易所受理的公告 上交所依据相关规定对公司报送的沪市主板上市公司发行证券的募集说明 书及相关申请文件进行了核对，认为该项申请文件齐备，符合法定形式，决定予 以受理并依法进行审核。 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。 顾家家居股份有限公司董事会 2025 年 10 月 14 日 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。 顾家家居股份有限公司（以下简称"公司"）于2025年10月14日收到上海证 券交易所（以下简称"上交所"）出具的《关于受理顾家家居股份有限公司沪市 主板上市 ...

格隆汇10月14日丨顾家家居(603816.SH)公布，公司于2025年10月14日收到上海证券交易所（以下简 称"上交所"）出具的《关于受理顾家家居股份有限公司沪市主板上市公司发行证券申请的通知》（上证 上审（再融资）【2025】298号）。上交所依据相关规定对公司报送的沪市主板上市公司发行证券的募 集说明书及相关申请文件进行了核对，认为该项申请文件齐备，符合法定形式，决定予以受理并依法进 行审核。 ...

（文章来源：每日经济新闻） 每经AI快讯，10月14日，顾家家居(603816.SH)公告称，公司于2025年10月14日收到上交所出具的《关 于受理顾家家居股份有限公司沪市主板上市公司发行证券申请的通知》。上交所对公司报送的募集说明 书及相关申请文件进行了核对，认为申请文件齐备，符合法定形式，决定予以受理并依法进行审核。本 次发行股票事项尚需上交所审核通过，并获得中国证监会同意注册的决定后方可实施。 ...

Core Points - The company received a notification from the Shanghai Stock Exchange on October 14, 2025, regarding the acceptance of its application for issuing securities on the main board [1] - The Shanghai Stock Exchange has verified the company's submitted fundraising prospectus and related application documents, deciding to accept and review them according to the law [1] - The issuance of A-shares to specific investors is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission before implementation [1] - The company will fulfill its information disclosure obligations in a timely manner based on the progress of the application [1]

Core Viewpoint - The company reported a positive performance in the first half of 2025, with significant revenue and profit growth despite previous challenges in 2024 [1][3]. Financial Performance - In the first half of 2025, the company achieved an operating income of 9.801 billion yuan, representing a year-on-year increase of 10.02% [1]. - The net profit attributable to shareholders was 1.021 billion yuan, reflecting a year-on-year growth of 13.89% [1]. Industry Outlook - The chairman expressed optimism about the furniture industry's future, highlighting the transition from an incremental market to a stock market, with substantial market space and opportunities for structural growth in functionality and intelligence [3]. - The company is focusing on enhancing production efficiency in overseas bases in Vietnam, Mexico, and the United States, which are gradually releasing capacity [3]. External Factors - The chairman noted that short-term tariff policies would have a certain impact on foreign trade retail orders, but the company plans to mitigate this by improving production efficiency in its overseas bases [3]. - The national subsidy policy has significantly stimulated furniture consumption since its implementation last year, although its effects have become more sporadic since the second quarter of this year [3]. Future Growth Drivers - The company aims to improve internal operational efficiency through lean production and cost management initiatives [3]. - There will be an increased focus on product technology innovation and structural adjustments to maintain stable gross margins [3].

Core Insights - In 2025, Yingfeng Group achieved a revenue of 33.336 billion yuan, ranking third among private enterprises in Shunde [1] - He Jianfeng, the leader of Yingfeng Group, is the son of He Xiangjian, the founder of Midea Group, and has chosen an independent entrepreneurial path [3][5] Group 1: Business Development - He Jianfeng founded Shunde Modern Industry in 1994, initially focusing on OEM production for Midea [3] - The sale of his companies, Modern Industry and Dongze Electric, to Midea in 2004 for a total of 110 million yuan helped him accumulate initial capital [5] - In 2006, He Jianfeng acquired shares in the listed company "Shangfeng Gaoke" for 135 million yuan, marking his entry into the capital market [6] Group 2: Strategic Acquisitions - Yingfeng Group was renamed Yingfeng Investment Holding Group in 2008, indicating a shift towards an investment platform [8] - Significant acquisitions include the purchase of Yuxing Technology for 1.7 billion yuan and a 15.2 billion yuan acquisition of Zhonglian Environment in 2018, making Yingfeng Environment the largest sanitation equipment manufacturer in China [8][10] - In 2023, He Jianfeng acquired 29.42% of Gujia Home for 10.299 billion yuan, aligning with Midea's smart home strategy [10] Group 3: Industry Collaboration - Yingfeng Group maintains close ties with Midea, with many executives coming from Midea's system [12] - Collaborations in smart manufacturing and home solutions are expected to reduce supply chain costs by approximately 15% [12] - He Jianfeng's exit from Midea's board in June 2024 further emphasizes his focus on Yingfeng's development [12] Group 4: Company Growth and Recognition - By 2025, Yingfeng Group has grown into a comprehensive industrial group with nearly 90 billion yuan in assets and over 60,000 employees, operating in over 200 countries [13] - Yingfeng Group was included in the Fortune China 500 list in August 2025, ranking 409th [15] - The He Xiangjian family was listed as the richest in Foshan on the 2025 Hurun Global Rich List, with He Jianfeng recognized as one of China's most successful second-generation entrepreneurs [15]

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The report highlights robust growth in consumption during the National Day and Mid-Autumn Festival holidays, driven by overlapping holidays and increased travel intentions, with daily cross-regional passenger flow reaching 304 million, a year-on-year increase of 6.2% [2][16] - The report identifies structural opportunities in the consumption sector, particularly in emotional consumption, the rise of domestic brands, and AI-driven consumer experiences [2][5] Retail Sector Summary - Retail sales for key retail and catering enterprises increased by 3.3% year-on-year during the first four days of the holiday [2] - Popular tourist provinces and lower-tier cities showed strong performance, with cities like Qingdao (+8.2%) and Nanjing (+5.9%) leading the way [2][11] - Emotional consumption trends are emerging, with significant sales increases in products like projectors and gaming consoles, which saw year-on-year growth of 245% and 292% respectively [2][12] Tourism Sector Summary - The long holiday period has amplified travel intentions, with long-distance and cross-border travel demand remaining strong [3][16] - Domestic long-distance travel orders increased by 3 percentage points year-on-year, with popular tourist destinations experiencing significant visitor growth [3][17] - Outbound tourism to Hong Kong and Macau saw daily visitor numbers increase by 6.4% and 7.8% respectively [22] Dining and Hospitality Summary - The dining and hotel sectors experienced moderate growth, with average prices remaining stable [4][37] - The average daily sales for duty-free shopping in Hainan reached approximately 1.2 billion yuan, reflecting an 11% year-on-year increase [27] - Hotel revenue per available room (RevPAR) showed a year-on-year increase of 6.27%, driven by growth in average daily rates (ADR) [37] Investment Recommendations - The report emphasizes institutional investment opportunities in the consumer sector for 2025, recommending four main investment themes: the rise of domestic brands, high-growth emotional consumption, the silver economy, and AI-driven consumer experiences [5][9]

Core Viewpoint - Gujia Home's stock price has shown a mixed performance in recent trading sessions, with a year-to-date increase of 15.34% but a recent decline over the last five days [1] Financial Performance - As of June 30, Gujia Home achieved a revenue of 9.801 billion yuan, representing a year-on-year growth of 10.02% [2] - The net profit attributable to the parent company for the same period was 1.021 billion yuan, reflecting a year-on-year increase of 13.89% [2] Shareholder Information - The number of shareholders for Gujia Home reached 23,500, an increase of 14.88% compared to the previous period [2] - The average number of circulating shares per shareholder decreased by 12.95% to 34,547 shares [2] Dividend Distribution - Since its A-share listing, Gujia Home has distributed a total of 6.339 billion yuan in dividends, with 3.173 billion yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, the sixth largest circulating shareholder is China Europe Pension Mixed A, holding 10.8777 million shares, an increase of 176,400 shares from the previous period [3] - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 10.3095 million shares, a decrease of 1.4921 million shares from the previous period [3]