证券代码：603816 证券简称：顾家家居 公告编号：2025-069 顾家家居股份有限公司 关于投资建设印尼自建基地项目的公告 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、土地取得风险：截至本公告披露日，本项目尚未签订正式的土地购 买协议，土地的取得及取得土地的面积均存在一定的不确定性。 2、建设审批流程风险：本项目立项及建设需取得相关政府部门的审批， 存在一定的不确定性。 3、市场风险：印尼的法律、政策、商业环境、文化环境等与国内存在 较大差异，印尼的外贸形势及进出口政策也可能发生变动，存在一定的 风险。 （一）对外投资的基本情况 顾家家居股份有限公司（以下简称"顾家家居"或"公司"）为落实国际化 战略，加大市场辐射的深度和广度，拟使用人民币 112,372.85 万元投资建设顾 家家居印尼自建基地项目（以下简称"本项目"）。后续，公司将在印尼注册全 资或控股的具有独立法人资格的项目生产和销售公司作为本项目实施主体。 （二）董事会审议情况 2025 年 9 月 1 日，公司召开第五届董事会第十四次会 ...

每经AI快讯，9月1日，顾家家居(603816.SH)公告称，公司拟投资112,372.85万元建设印尼自建基地项 目，预计在全部建成后的3年内达纲，达纲时预计实现年营业收入约25.20亿元。项目建设期为4年，用 地约19.56万方。项目存在土地取得、建设审批流程及市场风险。 ...

人民财讯9月1日电，顾家家居（603816）9月1日晚间公告，公司拟使用11.24亿元投资建设印尼自建基 地项目。后续，公司将在印尼注册全资或控股的具有独立法人资格的项目生产和销售公司作为项目实施 主体。该项目建设期为4年，预计在全部建成后的3年内达纲，达纲时预计实现年销售收入约25.2亿元。 ...

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 燃料电池 群 项目团队自主研发了预冷加注系统一体化加氢机和高精度高压氢气加注流量计、超高压微通道换热 器、加氢枪等核心部件和产品，填补了多项技术空白。加氢机精度误差< ±1%，平均加氢速度不低 于1.66kg/min。 近日，内蒙古自治区科技重大专项"70MPa加氢站用加压加注关键设备"项目顺利完成结题验收。 "70MPa加氢站用加压加注关键设备"重大项目，由内蒙古东源科技有限公司牵头，联合清华大学、 西安交通大学、丰电金凯威（苏州）压缩机有限公司、江苏国富氢能技术装备有限公司、内蒙古大 学、浙江浙华投资有限公司、江阴市富仁高科股份有限公司、中国寰球工程有限公司共同承担实 施。经过联合攻关，项目团队圆满完成研发任务，取得系列技术突破并成功实现了工程应用。 项目团队成功研制了国内首台90MPa加氢站用隔膜压缩机，实现高压力隔膜压缩机技术突破，填补 了国内空白。 该氢气隔膜压缩机排气压力≥87.5MPa，排气流量≥200Nm 3 /h（进气压力12.5MPa 时），当量轴功率≤42kW；连续无故障运行≥500h（ ...

Industry - Home furnishing companies have reported significant growth in overseas revenue despite the overall industry adjustment, with companies like Kuka Home achieving a revenue of 9.801 billion yuan, a year-on-year increase of 10.02%, and overseas revenue of 4.258 billion yuan, up 9.55% [1] - Other companies such as Mengbaihe and Mousse also reported revenue growth, with Mengbaihe's revenue at 4.316 billion yuan, a 9.35% increase, and overseas revenue at 3.418 billion yuan, up 8.10% [1] - Some companies experienced a decline in overall revenue but saw substantial growth in overseas markets, such as Mousse with a 5.76% decrease in revenue but a 73.97% increase in overseas revenue, and Jiannong Hardware with a 14.18% decline in revenue but a 30.75% increase in overseas revenue [1] Company - The State Administration for Market Regulation has approved the release of the national standard for "Design Guidelines for Elderly Furniture," which will be implemented on February 1, 2026, focusing on the needs and characteristics of the elderly [2] - ST Yazhen announced an abnormal fluctuation in stock trading, with a cumulative decline of 12% over two trading days, confirming no undisclosed significant events or risks [2] - Aux Electric plans to globally issue approximately 207 million shares, with a maximum price of 17.42 HKD per share, expecting net proceeds of about 3.2874 billion HKD if the shares are priced at 16.71 HKD [3] - Bear Electric announced that major shareholder Shi Mingtai has released the pledge of 1.38 million shares, accounting for 10.38% of his holdings and 0.88% of the total share capital [4] - Haier Group's Cartech Holding Company has successfully completed a strategic investment in Autohome, including a board restructuring [5]

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

8月28日，北京商报记者梳理多家家居企业半年报发现，顾家家居、索菲亚、慕思股份、坚朗五金、好 莱客等的海外营收均实现不同程度增长。事实上，随着家居产业升级与全球消费需求回暖，国内家居品 牌正加速"出海"。中国建筑材料流通协会会长秦占学表示，作为引领行业发展的全国行业组织，中国建 筑材料流通协会近年来尝试"借展出海"+"一带一路"节点建设海外仓，突破"外循环"发展，引领中国建 材与家居行业从"产品出海"向"品牌出海"，最终走向"供应链出海"。据了解，部分头部企业通过参加米 兰国际家具展等全球级展会，将品牌带入国外市场，打破"低端代工"的标签。此外，还有部分企业在海 外建厂，深耕当地市场。然而，从市场现状来看，中国家居品牌"出海"仍面临消费者认知度偏低、物流 成本高、本土化服务体系不完善等多重挑战。 对此，业内人士表示，随着家居行业智能化升级，国内家居品牌正从"产品出口"向"品牌出海"转型。不 过，国内家居企业"出海"仍面临诸多问题，想要获得海外消费者认可，仍需时日。 海外营收增长 寻求新市场机遇 家居企业相继"出海"的背后，是国内家居市场趋于饱和叠加传统发展模式的双重影响。亿欧智库发布的 《2024中国家居行业 ...

Core Insights - The article highlights the growth of overseas revenue for several Chinese home furnishing companies, indicating a shift towards international markets as domestic growth slows down [1][3][5] Group 1: Overseas Revenue Growth - Companies like Kuka Home, Mousse, and others have reported significant increases in overseas revenue despite overall revenue declines in some cases. For instance, Kuka Home achieved 4.258 billion yuan in overseas revenue, a 9.55% increase year-on-year [3] - Mousse's overseas revenue surged by 73.97% despite a 5.76% decline in total revenue, while Jianlang Hardware and Haolaike also saw substantial overseas growth of 30.75% and 25.99% respectively [3][4] - The growth in overseas markets is attributed to global supply-demand mismatches and the rising middle class in Southeast Asia, where Chinese companies have competitive advantages in cost efficiency and supply chain integrity [3][6] Group 2: Market Saturation and Strategic Shifts - The domestic home furnishing market is becoming saturated, with growth rates slowing down. The retail scale is projected to grow from 4.36 trillion yuan in 2022 to 4.56 trillion yuan in 2024, with annual growth rates declining [5][6] - As the domestic market enters a phase of stock competition, companies are increasingly looking to international markets as a viable growth strategy [6][7] - The shift from OEM to brand export is seen as a necessary evolution for companies to enhance their market presence and consumer recognition abroad [8] Group 3: Challenges in Brand Internationalization - Chinese home furnishing brands face challenges in gaining recognition in international markets due to a history of operating primarily as OEMs, leading to low consumer awareness [8][9] - The transition to brand export requires a comprehensive strategy involving brand positioning, product adaptation, and local market engagement, which necessitates long-term planning and investment [7][9] - Companies must navigate cultural differences, channel barriers, and weak brand perception while leveraging local teams and digital channels to enhance their market entry strategies [9][10]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved revenue of 9.801 billion yuan in H1 2025, a year-on-year increase of 10.02%, and a net profit attributable to shareholders of 1.021 billion yuan, up 13.89% year-on-year [1][6] - The company has shown strong growth in both domestic and foreign trade, with domestic revenue of 5.225 billion yuan and foreign revenue of 4.258 billion yuan in H1 2025, reflecting increases of 10.65% and 9.55% respectively [1] - The company is focusing on retail transformation and organizational efficiency, which are starting to yield results despite ongoing market pressures [1][3] Revenue and Profit Analysis - In H1 2025, the company's revenue from sofas, bedrooms, integrated products, and custom furniture was 5.667 billion, 1.693 billion, 1.163 billion, and 0.553 billion yuan respectively, with growth rates of 14.68%, 10.37%, -8.22%, and 12.55% [2] - The gross profit margin improved to 32.89% in H1 2025, driven by lower raw material prices and enhanced production efficiency [2] - The company's expense ratios for sales, management, R&D, and financial costs decreased, indicating effective cost control measures [2] Future Profit Forecast - The company is expected to achieve net profits of 1.862 billion, 2.116 billion, and 2.312 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 31.5%, 13.7%, and 9.2% respectively [3][4]

丨证券研究报告丨 公司研究丨点评报告丨顾家家居（603816.SH） [Table_Title] 顾家家居 2025H1 点评：增长超预期，兼具 高股息与长期 Alpha 报告要点 [Table_Summary] 2025H1 公司实现营收 / 归 母 净 利 润 / 扣 非 净 利 润 98.01/10.21/9.00 亿元，分别同增 10%/14%/15%；其中 25Q2 分别对应 48.87/5.01/4.41 亿元，分别同增 7%/5%/9%。内销业务 韧性表现，功能沙发增长优，床具延续修复。外销业务沙发延续不错增势，床垫延续修复。经 营维度盈利质量超预期，单 Q2 经营利润率稳定。看好公司内销矢志大家居，外销提质增效。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 事件评论 %% %% %% %% research.95579.com 1 顾家家居（603816.SH） cjzqdt11111 [Table_Ti ...