广发证券股份有限公司 关于顾家家居股份有限公司 收购报告书 之 财务顾问报告 2025 年 5 月 广发证券关于顾家家居收购报告书之财务顾问报告 财务顾问声明和承诺 本部分所述词语或简称与本财务顾问报告"释义"所述词语或简称具有相同 含义。 一、财务顾问声明 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 16 号——上市公 司收购报告书》及相关法律、法规的规定，广发证券股份有限公司（以下简称"本 财务顾问"）就《顾家家居股份有限公司收购报告书》进行核查，并出具财务顾 问报告。 本财务顾问按照证券行业公认的业务标准、道德规范和勤勉尽责精神，发表 独立的财务顾问意见，并在此特作如下声明： （一）本财务顾问报告所依据的文件、资料及其他相关材料均由收购人提供， 收购人已向本财务顾问保证其提供的材料均真实、准确、完整。 （二）本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的 工作程序，旨在就收购报告书相关内容发表意见，发表意见的内容仅限收购报告 书正文所列内容，除非中国证监会另有要求，并不对与本次收购行为有关的其他 方面发表意见。 ...

Core Viewpoint - The strategic partnership between Juran Zhijia and Meituan aims to create a new home consumption model that integrates online precision marketing with offline immersive experiences, setting a benchmark for digital transformation in the industry [1] Group 1: Digital Marketing Innovations - Juran Zhijia has developed a comprehensive digital marketing system that includes cloud marketplaces, cloud merchants, and cloud guides, enhancing its "people-goods-scene" collaborative ecosystem [3] - The collaboration with Meituan expands Juran Zhijia's traffic strategy, leveraging Meituan's vast public traffic to provide more targeted and personalized user experiences [3][4] - The partnership focuses on optimizing transaction processes, creating a complete transaction loop from in-store consumption to online feedback and data accumulation [3] Group 2: Ecosystem Synergy - The collaboration enhances both B-end merchant digital empowerment and C-end user precision operations, aiming to improve consumer experiences and merchant operational efficiency [5] - Meituan's data analysis capabilities will allow for precise targeting of Juran Zhijia's marketplace and brand merchant information to potential customers based on various user tags [5] - The integration of Juran Zhijia's and Meituan's systems will streamline operations and enhance the visibility and sales opportunities for merchants [5] Group 3: Implementation Strategies - Ahead of the upcoming 618 shopping festival, Juran Zhijia and Meituan have customized multi-dimensional incentive policies to boost sales activity [6] - The partnership will provide traffic subsidies and commission discounts to enhance online exposure and conversion rates during the promotional period [6][7] - Over a thousand stores will be launched on Meituan, with digital renovations and promotional products being made available to maximize sales during the peak shopping season [7] Group 4: Future Outlook - The partnership signifies a deep integration of local physical marketplaces with online local services, redefining the ecosystem logic of new retail in the home furnishing sector [8] - Future explorations may include the integration of smart home solutions with local lifestyle services, making home renovations an immediate and accessible experience [8] - The collaboration is expected to foster innovative scenarios that contribute to high-quality development in the industry [8]

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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年5月19日 (二)股东大会召开的地点：浙江省杭州市上城区东宁路599号顾家大厦一楼会议中心 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场记名投票表决与网络投票表决相结合的方式召开。会议由公司董事会提议召开， 并由公司董事长邝广雄先生主持。 本次股东大会的召集、召开和表决方式符合《公司法》《公司章程》等法律、行政法规及规范性文件的 规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席3人，其中董事顾江生先生、杨榕桦先生、吴芳女士、独立董事谢诗蕾女 士、郭鹏先生、徐起平先生因公出差未能出席会议； 2、公司在任监事3人，出席1人，其中任扩延先生、葛玉者女士因公出差未能出席会议； 3、公司董事会秘书陈邦灯先生出席了本次股东大会的出席情况 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-041 顾家家居股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 19 日 (二)股东大会召开的地点：浙江省杭州市上城区东宁路 599 号顾家大厦一楼会议 中心 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 213 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 410,532,520 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 49.9564 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场记名投票表决与网络投票表决相结合的方式召开。会 议由公司董事会提议召开，并由公司董事长邝广雄先生主持。 本次股东 ...

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 国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 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 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 2024 年年度股东大会的 法律意见书 致：顾家家居股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受顾家家居股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简 称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公司 法》 ...

国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 2024 年年度股东大会的 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 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 2024 年年度股东大会的 法律意见书 致：顾家家居股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受顾家家居股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简 称"本次股东大会"），并依据《中华人民共和国公司法 ...

Core Viewpoint - The leading home furnishing company, Kuka Home, reported strong growth in Q1 2025, driven by government policies and demand for home renovation, achieving record highs in revenue and net profit [1][4]. Group 1: Financial Performance - Kuka Home's revenue for Q1 2025 increased by 12.95% to 4.914 billion yuan, while net profit surged by 23.53% to 519 million yuan, both reaching new highs in nearly three years [1]. - The company's net assets surpassed 10 billion yuan for the first time, indicating robust growth amidst global uncertainties [1]. Group 2: Market Dynamics - The overall performance of the home furnishing industry in 2024 faced challenges, but Kuka Home's growth in Q1 2025 boosted industry morale and market confidence [4]. - The furniture market saw a significant increase in retail sales, with March 2025 retail sales reaching 16.8 billion yuan, a year-on-year growth of 29.5% [5]. Group 3: Strategic Innovations - Kuka Home's growth is attributed to its dual subsidy model and free recycling services, which significantly enhanced terminal sales [4]. - The company focused on strategic categories such as functional sofas, mattresses, and whole-home customization, achieving over 30% year-on-year growth in these segments [6][7]. Group 4: Technological Advancements - Kuka Home invested in technology innovation, with R&D spending increasing by 22% in Q1 2025, leading to the development of advanced sofa technologies [6]. - The flagship Hertz functional sofa sold over 20,000 units within nine months, showcasing the company's commitment to comfort and design [6]. Group 5: Channel Expansion - Kuka Home is building a multi-channel growth matrix, with significant progress in integrated services and e-commerce channels [8][10]. - The company expanded its showroom area to over 100,000 square meters and increased the number of large stores to over 375 [8]. Group 6: New Business Development - Kuka Home is accelerating its OBM (Own Brand Manufacturing) business internationally, with over 34 stores established in various countries [11]. - The company launched the "Gu Jia Le Huo" brand, promoting a healthy and eco-friendly lifestyle, and introduced innovative products like the environmentally friendly LSB-5 core board [11][13].

Group 1: Core Insights - The external trade environment is highly uncertain, and traditional domestic consumption is relatively weak, making it difficult to show an overall upward trend [1] - The investment logic suggests a bottom-up approach to select leading companies with differentiated competitive advantages and strong earnings certainty [1] Group 2: New Consumption Sectors - The overall consumption is under pressure, but some sub-sectors show high growth potential; companies are adapting to channel changes and industry opportunities [2] - In the personal care sector, domestic brands are leveraging e-commerce and product upgrades to gain market share, with recommendations for companies like Baiya Co. and Haoyue Care [2] - The AI glasses sector is expected to see accelerated product launches by 2025, with Mingyue Lens recommended for its unique advantages [2] - The emotional consumption sector is gaining traction, with recommendations for companies like Chenguang Co. that are investing in IP resources [2] Group 3: Traditional Consumption Sectors - The home and paper industries face pressure from the overall consumption environment; investment points include the ability of quality stocks to leverage policy support and operational advantages [4] - In the home sector, the expansion of subsidy categories and amounts in 2025 presents opportunities for leading companies like Oppein and Sophia [4] - The paper industry is closely tied to economic cycles, with recommendations for Sun Paper due to its cost control capabilities and upcoming production [4] Group 4: Export Sector - Due to high uncertainty regarding tariffs, companies with established overseas production capabilities are at an advantage; some export sectors are highly dependent on U.S. and Vietnamese production [5] - Companies with lower exposure to U.S. exports are considered safer, while certain sub-sectors still show high growth potential due to rigid demand and changing consumption habits [5] - Recommended companies in the export sector include Jiayi Co., Gongchuang Turf, and Deou Technology [5]

Core Viewpoint - The recent announcement by Kuka Home Furnishing Co., Ltd. regarding a private placement of shares to its controlling shareholder, Yingfeng Group, is seen as a significant step in promoting the integration strategy of "home furnishing + home appliances" following the entry of the Midea Group into Kuka Home [2][5]. Group 1: Share Issuance Details - Kuka Home plans to issue up to 104 million A-shares at a price of 19.15 yuan per share, raising a total of no more than 1.997 billion yuan [1][4]. - The issuance is directed solely to Yingfeng Group, which will increase its shareholding from 29.42% to 37.37%, thereby strengthening its control over the company [5][6]. Group 2: Financial Performance - For the fiscal year ending December 31, 2024, Kuka Home reported a revenue of 18.48 billion yuan, a year-on-year decrease of 3.81%, and a net profit attributable to shareholders of 1.417 billion yuan, down 29.38% [9]. - This marks the first instance since the company's listing in 2016 that both revenue and net profit have declined simultaneously [9]. Group 3: Business Strategy and Market Position - Kuka Home is recognized as a leading soft furniture enterprise, maintaining the position of "China's largest sofa sales brand globally" for three consecutive years from 2021 to 2024, according to Frost & Sullivan [4]. - The company is undergoing a transformation towards smart and integrated home solutions, particularly in response to the downturn in the real estate market [11]. Group 4: Financial Health and Fund Utilization - As of March 31, 2025, Kuka Home reported cash and cash equivalents totaling 3.616 billion yuan, with a low debt-to-asset ratio of 38.96%, indicating a relatively healthy financial position [7]. - The largest portion of the raised funds, amounting to 1 billion yuan, will be allocated to supplementing working capital, despite the company appearing financially stable [6][7].

Group 1 - The core point of the news is that Kuka Home intends to issue up to 104 million A-shares at a price of 19.15 yuan per share, raising a total of no more than 1.997 billion yuan, marking a significant capital move since the "Midea system" took control of the company in early 2024 [2][4] - The funds raised will be used for various projects, including smart upgrades of home product production lines, expansion of functional frame production lines, R&D of smart home products, digital transformation projects, and to supplement working capital, with 1 billion yuan allocated for working capital [5] - Kuka Home has maintained its position as the number one global sofa seller in China for three consecutive years from 2021 to 2024, according to Frost & Sullivan [4] Group 2 - Kuka Home's revenue for 2024 was 18.48 billion yuan, a year-on-year decrease of 3.81%, and the net profit attributable to shareholders was 1.417 billion yuan, down 29.38%, marking the first time since its listing in 2016 that both revenue and net profit declined simultaneously [6] - The company's domestic business revenue was 9.361 billion yuan, a decline of 14.4%, compounded by a full impairment of 213 million yuan on bonds from Red Star Macalline, further dragging down profit levels [6] - The company's main business segments include furniture manufacturing, information technology services, and others, with furniture manufacturing being the primary revenue source, generating 17.03 billion yuan, accounting for 92.13% of total revenue [9]