证券代码：603816 证券简称：顾家家居 公告编号：2026-002 顾家家居股份有限公司 关于持股 5%以上股东部分股份解除轮候冻结的公告 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: 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"德烨嘉俊"）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%； 德烨嘉俊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%。 德烨嘉俊所持本公司 42,181,805 股股票被浙江省杭 ...

顾家家居公告称，截至公告披露日，德烨嘉俊持有公司88,471,483股，占总股本10.77%，TBHome持有 41,176,766股，占总股本5.01%，二者股份均全部被冻结（含轮候冻结）和司法标记。近日公司收到通 知，德烨嘉俊被浙江省杭州市中级人民法院轮候冻结的42,181,805股于2026年1月13日解除轮候冻结，占 其所持股份比例47.68%，占公司总股本比例5.14%。目前，德烨嘉俊和TBHome所持公司股份仍全部处 于冻结和司法标记状态。 ...

Core Viewpoint - The market is expected to gradually refocus on the consumer sector due to the recovery of high-end consumption and certain mass-market products, along with the implementation of national subsidy policies and funding demands for "high-cut low" strategies [1] Group 1: Market Trends - High-end consumption, including luxury goods and gambling, shows improvement in demand, while some mass consumer goods like beer and dairy products are experiencing governance and structural enhancements [3] - The long-term policy encouragement and low interest rate environment are expected to boost equity allocation dynamics, particularly in high-dividend, stable performance stocks with valuation advantages [1][2] Group 2: Investment Opportunities - Companies with strong global competitive power, particularly in the white goods sector, are enhancing their operational models and supply chains, which is expected to positively impact overall performance [2] - The selected consumer sector stocks have an average dividend yield of over 5% and a projected PE ratio of 13X for 2026, indicating potential for long-term investment [4]

Group 1 - The original actual controller of the company, Wang Linpeng, has passed away, and his spouse, Yang Fang, has acquired the company shares through property division and inheritance, becoming the new actual controller [1] - The 100% equity of Zhongtian Jiyie, held by Wang Linpeng, has completed the industrial and commercial change, and Yang Fang now holds 100% equity of Zhongtian Jiyie [1] - The transfer procedures for the equity of Juran Holdings and Zhida Building Materials, directly held by Wang Linpeng, are still in process [1]

Core Viewpoint - The recent sales success of a sofa by Gujia Home, generating over 100 million yuan in revenue through a live-streaming event, has sparked both excitement and skepticism regarding the company's production capabilities and profit margins [1][3][5]. Sales Performance - Gujia Home's sofa sales during the live-stream event reached over 100 million yuan, with prices ranging from 3,471 to 4,491 yuan, indicating more than 20,000 families placed orders [1]. - The company's sofa business accounts for approximately 60% of total revenue, highlighting its significance as a core product [3]. Production and Profitability Concerns - There are concerns on social media about the authenticity of the orders, with rumors suggesting that no factories are willing to accept the orders due to low profit margins [3][5]. - The estimated production cost of the sofa is around 2,400 yuan, with additional logistics and installation costs bringing the total to nearly 3,000 yuan, leading to a gross margin of only about 16%, which is significantly lower than the reported 36% gross margin for sofas in the company's financial report [6][7]. Company Strategy and Market Position - Gujia Home is undergoing a transformation to adapt to changing market conditions, focusing on multi-channel sales and efficiency-driven strategies to enhance competitiveness [8][9]. - The company has recently experienced a decline in revenue and net profit, prompting a need to innovate and improve operational efficiency [7][8]. - The new ownership under He Jianfeng aims to drive the company towards greater scale and efficiency, with a strategic focus on retail transformation and global expansion [8]. Industry Context - The furniture industry is facing challenges due to reliance on traditional distribution channels, necessitating a shift towards online sales and competitive pricing strategies [8]. - The collaboration with popular live-streaming hosts is seen as a critical test of Gujia Home's supply chain and operational capabilities, as it must fulfill large orders efficiently [9][13].

证券代码：603816 证券简称：顾家家居 公告编号：2026-001 顾家家居股份有限公司 关于法院同意持股 5%以上股东在重整期间继续营业 并自行管理财产和营业事务的公告 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。 杭州市钱塘区人民法院于 2026 年 1 月 5 日收到德烨嘉俊管理人提交的《关 于提请人民法院许可债务人继续营业的报告》，经研究，许可德烨嘉俊在重整期 间继续营业。 2、《决定书》主要内容： 德烨嘉俊于 2026 年 1 月 5 日向杭州市钱塘区人民法院提出申请，请求杭州 市钱塘区人民法院许可德烨嘉俊在重整期间自行管理财产和营业事务。 杭州市钱塘区人民法院认为，债务人德烨嘉俊的内部治理机制仍正常运转， 债务人自行管理有利于其继续经营，目前也未发现债务人存在隐匿、转移财产或 者其他严重损害债权人利益的行为，在重整期间由其自行管理财产和营业事务有 利于重整工作的推进，德烨嘉俊的申请符合法律规定，杭州市钱塘区人民法院予 以准许。依照《中华人民共和国企业破产法》第七十三条规定，准许德烨嘉俊在 其管理人的监督下自行 ...

顾家家居公告称，公司持股5%以上股东德烨嘉俊于2025年10月15日向法院提出重整申请。杭州市钱塘 区人民法院于2026年1月5日，许可德烨嘉俊在重整期间继续营业；并依据其申请，准许德烨嘉俊在管理 人监督下自行管理财产和营业事务。法院认为其申请符合规定，自行管理有利于重整工作推进。德烨嘉 俊非控股股东、实控人，该事项不影响公司控制权及日常经营管理。 ...

Core Viewpoint - The stock price of Kuka Home has shown a slight increase of 1.01% year-to-date, with recent trading activity indicating a mixed performance in terms of capital flow and stockholder engagement [2][3]. Group 1: Stock Performance - As of January 9, Kuka Home's stock price decreased by 2.05%, trading at 31.05 yuan per share with a total market capitalization of 25.506 billion yuan [1]. - Year-to-date, Kuka Home's stock has increased by 1.01%, with a 4.86% rise over the past 20 days and a 0.49% increase over the past 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Kuka Home reported a revenue of 15.012 billion yuan, reflecting a year-on-year growth of 8.77%, and a net profit attributable to shareholders of 1.539 billion yuan, which is a 13.24% increase year-on-year [2]. - Cumulatively, Kuka Home has distributed 6.339 billion yuan in dividends since its A-share listing, with 3.173 billion yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Kuka Home had 18,200 shareholders, a decrease of 22.71% from the previous period, with an average of 44,700 circulating shares per shareholder, an increase of 29.39% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 16.1573 million shares, an increase of 5.8478 million shares from the previous period, while ICBC Value Selection Mixed A has entered the top ten with 7.4068 million shares [3].

Core Viewpoint - The report from Southwest Securities indicates that the performance of the light industry sector in 2025 is expected to be flat, with cyclical and traditional manufacturing valuations under pressure, while packaging, exports, and personal care sectors show differentiated performance [1] 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, the packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [1] - The export sector showed some differentiation due to tariff policy disruptions, with companies that have balanced production capacity, strong demand resilience, and low tariff impact performing better [1] - The personal care sector achieved excess returns in the first half of the year but entered a valuation digestion phase in the second half due to intensified competition in e-commerce channels. However, domestic brands are expected to continue their growth trajectory due to product structure optimization and channel expansion [1] 2026 Stock Selection Strategy - The focus will be on undervalued cyclical assets as valuation recovery is anticipated amid changes in the bulk commodity cycle, gradually realizing allocation value [2] - There is a need to balance the valuation and growth potential of new consumption and export sectors, favoring high-growth or low-valuation, high-safety stocks [2] - Four main lines of focus for stock selection include: 1. Gradually emphasizing undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by "anti-involution" and traditional peak season factors, with net profit per ton likely to recover [2] 2. Export stocks with strong demand resilience and manufacturing capabilities are still considered valuable for allocation, especially those with good growth potential in niche categories and minimal tariff impact [2] 3. Domestic personal care brands are expected to see upward trends in market share and growth potential due to rapid product iteration and competitive pricing [2] 4. New consumption trends in AI glasses, new tobacco products, pet supplies, and trendy toys are expected to continue their upward trajectory, contributing to the growth of the consumption sector [2] Recommended Stocks - Recommended stocks include Sun Paper, Bohui Paper, Weigao Medical, Baiya Co., Nobon Co., Yiyi Co., Mengbaihe, and Gujia Home [3]

Core Insights - The report emphasizes the importance of capitalizing on emotional consumption trends and reassessing cyclical value in the light of the 2026 investment strategy for the light industry sector [1][3]. 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [4]. - The export sector showed some differentiation due to tariff policy disruptions, with companies that had balanced production capacity and strong demand performing better. The personal care sector saw excess returns in the first half of the year but faced valuation digestion in the second half due to intensified e-commerce competition [4][5]. - The report suggests a dual focus for stock selection in 2026: on one hand, to pay attention to undervalued cyclical assets for valuation recovery; on the other hand, to balance the valuation and growth potential of new consumption and export sectors [4]. Stock Selection Strategy - The report recommends four main lines for stock selection: 1. Gradually focus on undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by seasonal demand and low channel inventory [4]. 2. Maintain a high allocation to export stocks with strong demand resilience and manufacturing capabilities, especially those less affected by tariffs [4]. 3. Invest in high-quality domestic personal care brands benefiting from product structure optimization and channel expansion [4]. 4. Explore new consumption trends in categories like AI glasses, new tobacco products, pet supplies, and trendy toys, which are expected to see significant growth [4]. Recommended Stocks - The report lists several recommended stocks, including: - Sun Paper Industry (002078.SZ) - Bohui Paper Industry (600966.SZ) - Weigao Medical (300888.SZ) - Baiya Co., Ltd. (003006.SZ) - Nobon Co., Ltd. (603238.SH) - Yiyi Co., Ltd. (001206.SZ) - Mengbaihe (603313.SH) - Gujia Home (603816.SH) [4]. 2025 Sector Performance Data - As of December 31, 2025, the SW light industry manufacturing sector had an overall increase of 20.1%, outperforming the Shanghai Composite Index by 1.7 percentage points. The packaging and printing sector performed particularly well with a 35.4% increase [12]. - The report highlights that the packaging sector benefited from price increases and cross-industry transformations, while the home and entertainment sectors also saw significant gains [12][14]. Export Sector Insights - The report notes that from November 2025, the U.S. reduced tariffs on Chinese imports to 20%, leading to a gradual recovery in orders. The fluctuations in tariff policies had previously caused delays in orders from U.S. buyers [76]. - The report indicates that the export sector is expected to see a return to competitive pricing against ASEAN countries following the tariff adjustments, which may accelerate industry consolidation [76][81]. Personal Care Sector Trends - The personal care sector is experiencing product structure upgrades and channel benefits, with brands focusing on high-demand segments such as oral care and women's hygiene products [31][50]. - The report forecasts that the market for women's hygiene products will reach 1079.6 billion yuan in 2025, with a compound annual growth rate (CAGR) of 3.0% from 2025 to 2029 [50][51]. Baby Care Market Dynamics - The baby care market is projected to grow at a CAGR of 3.1% from 2025 to 2029, with a focus on premiumization and specialized products to counteract declining birth rates [59][66]. - The report highlights that single-child consumption is increasing, which helps mitigate the impact of declining birth rates on the market [69].