Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The escalation of tariffs is reshaping global supply chains, leading to a structural impact on China's exports, while domestic demand is expected to benefit [1][11] - Companies with high domestic sales ratios are positioned to capitalize on the emerging opportunities in the local market as domestic brands continue to rise [1] Summary by Sections Home Appliances - Major home appliance companies like Haier are leveraging localization and production in Mexico to mitigate tariff impacts, thereby strengthening their market share in the U.S. [2][15] - The black appliance sector is seeing a shift towards Mexican production to buffer supply chain pressures, with companies like Hisense and TCL benefiting from cost control [2][16] Cleaning Appliances - The U.S. market remains highly dependent on Chinese manufacturing for cleaning appliances, with significant price increases expected due to high tariffs on imports from China and Vietnam [3][20] - Chinese companies are rapidly iterating products to gain market share in the U.S., with brands like Roborock surpassing local competitors in revenue [25][26] Light Industry and Home Furnishings - Southeast Asian production is likely to face challenges due to increased tariffs, but Chinese companies are actively seeking to adapt by expanding export regions and enhancing price transmission capabilities [4][29] - The reliance on the U.S. market for home furnishings has decreased, with exports expected to recover post-tariff adjustments [30][31] Cross-Border E-commerce - The supply chain disruptions are evident, but the competitive landscape may improve as smaller sellers face greater pressure due to the cancellation of the $800 tax exemption policy [5][39] - Major players are expected to benefit from market share consolidation as smaller competitors exit the market [40][41]

Investment Rating - The report provides a positive investment outlook for various sectors, particularly recommending companies in the home furnishing, new tobacco, light consumer goods, and paper packaging industries [5][23][24][26]. Core Insights - The home furnishing sector is expected to stabilize with the introduction of consumer subsidies, leading to improved order intake for many companies [5][19]. - New tobacco products, particularly from Smoore International, are anticipated to benefit from market expansion despite tariff challenges [23]. - The paper packaging industry is facing high pulp inventory levels, which may slow down profit recovery, but consolidation efforts are expected to improve competition [24]. - The light consumer goods sector, especially in pet products, is likely to see accelerated domestic brand growth due to increased tariffs on imports [26]. Summary by Sections Home Furnishing Sector - Domestic sales are improving as consumer subsidies are rolled out, with expectations for further stimulus policies [5][19]. - Companies like Gujia Home and Sophia are highlighted for their strong market positions and growth potential [5][19]. - Export challenges due to increased tariffs are noted, but companies with strong domestic sales channels are expected to perform well [5][19]. New Tobacco - Smoore International is positioned to adapt to tariff impacts due to its production capabilities in Indonesia [23]. - The electronic cigarette market is expected to maintain consumer demand despite potential price increases from tariffs [23]. - The overall market for compliant brands is projected to expand, providing growth opportunities [23]. Paper Packaging - High pulp inventory levels are suppressing price increases, with a slow recovery in profitability expected [24][25]. - The acquisition of Zhongliang Packaging by Aorijin is expected to enhance competitive dynamics in the industry [24]. - The introduction of new consumer electronics subsidies is anticipated to benefit leading packaging companies [24]. Light Consumer Goods - The pet food market is expected to see a shift towards domestic brands as tariffs on imports increase [26]. - Companies like Guibao Pet are positioned to capture market share due to their competitive pricing and product quality [26]. - The AI glasses segment is highlighted for its growth potential, with recommendations to focus on key supply chain players [26].

证券代码：603816 证券简称：顾家家居 公告编号：2025-008 顾家家居股份有限公司 关于持股 5%以上股东部分股份将被司法拍卖 的进展公告 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"公司"或"本公司"）103,171,483 股股票， 占本公司总股本的 12.55%，上述股份目前均处于冻结状态。 顾家集团拟被司法拍卖的股票数量为 14,700,000 股,占其所持有本公司 股数的 14.25%，占本公司总股本的 1.79%。拍卖股票将拆分成三次进行，分别为 5,000,000 股二次，4,700,000 股一次。其中第一次 5,000,000 股股票已于 2025 年 3 月 27 日 10 时至 2025 年 3 月 28 日 10 时进行司法拍卖，截至拍卖结束，因 无人出价，本次股份司法拍卖已流拍。上述 5,000,000 股股票将于 2025 年 4 月 15 日 10 时至 2025 年 4 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-007 重要内容提示: 二、其他说明及风险提示 1、顾家集团不属于公司控股股东，其所持公司股份被司法拍卖不会导致公 司控制权发生变更，不会影响公司的生产经营。 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。 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%，上述股份目前均处于冻结状态。 顾家集团拟被司法拍卖的股票数量为 14,700,000 股,占其所持有本公司 股数的 14.25%，占本公司总股本的 1.79%。拍卖股票将拆分成三次进行，分别为 5,000,000 股各二次，4,700,000 股一次。本次拟被司法拍卖的股票数量为 4,700,000 股（第三次）。 本次司法拍卖尚处于公示阶段，后续涉及竞拍、缴款、股权变更过户等 环节，拍卖的结果具有不确定性，公司将密切关注上述事项的进展情况，并根据 相关法律法规的要求及时履行信息披 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [1]. Core Viewpoints - The collaboration between Gujia Home and Qunhe Technology has led to the launch of the industry's first AI design solution, "AI Design Brain," which covers the entire process from demand insight to production integration [2][3]. - The AI Design Brain aims to enhance the customization experience, reduce design delivery time to 5 minutes, and transform the home customization market from "high price, low frequency" to "high quality, affordable" [3][4]. - The company is expected to benefit from the recovery in the second-hand housing market and government policies promoting home renovation and consumption upgrades [5]. - Recent management changes and restructuring of shareholding are anticipated to accelerate the company's development and enhance operational efficiency [6][7]. Summary by Sections Company Overview - Gujia Home is a leading player in the soft furniture industry, focusing on becoming a user-oriented, digital, and whole-home enterprise [8]. Financial Performance - Revenue projections for 2024-2026 are estimated at 187.51 billion, 206.26 billion, and 226.89 billion yuan respectively, with net profits of 18.10 billion, 20.89 billion, and 23.59 billion yuan [8]. - The earnings per share (EPS) are forecasted to be 2.20, 2.54, and 2.87 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 12.90, 11.18, and 9.90 [8]. Market Trends - The report highlights a significant increase in second-hand housing transactions, with a 30.58% year-on-year rise in major cities, which is expected to boost home furnishing demand [5]. - The government's emphasis on consumption upgrades and green home improvement initiatives is likely to further stimulate the home furnishing sector [5]. Management and Strategy - The new management team, led by Chairman Kuang Guangxiong, is expected to leverage their experience to enhance supply chain efficiency and drive digital innovation [6][7].

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"公司"或"本公司"）103,171,483 股股票， 占本公司总股本的 12.55%，上述股份目前均处于冻结状态。 顾家集团拟被司法拍卖的股票数量为 14,700,000 股,占其所持有本公司 股数的 14.25%，占本公司总股本的 1.79%。拍卖股票将拆分成三次进行，分别为 5,000,000 股各二次，4,700,000 股一次。本次拟被司法拍卖的股票数量为 5,000,000 股（第二次）。 证券代码：603816 证券简称：顾家家居 公告编号：2025-006 顾家家居股份有限公司 关于持股 5%以上股东部分股份将被司法拍卖 的进展公告 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。 二、其他说明及风险提示 1、顾家集团不属于公司控股股东，其所持公司股份被司法拍卖不会导致公 司控制权发生变更，不会影响公司的生产经营。 2、本次司法拍卖尚处于公示阶段，后续涉及竞拍、缴款、股权变更过户等 环节，拍卖的结果具有不 ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-005 顾家家居股份有限公司 重要内容提示： 一、担保情况概述 （一）本次担保的基本情况 顾家家居股份有限公司（以下简称"公司"）因全资子公司顾家宁波的经营 发展需要，于 2025 年 2 月 27 日与中国工商银行股份有限公司杭州朝晖支行（以 下简称"工商银行"）签署《最高额保证合同》，为顾家宁波提供最高金额人民 币 30,000 万元的连带责任担保，实际担保金额将在授信额度范围内按授信业务 开展情况确定。 （二）本次担保履行的内部决策程序及担保调剂情况 公司第五届董事会第二次会议和 2023 年年度股东大会审议通过了《关于为 全资子（孙）公司、控股子（孙）公司提供担保额度的议案》，同意公司为全资 子（孙）公司、控股子（孙）公司提供担保总额不超过人民币 693,500 万元的担 保，授权管理层在上述额度范围内办理具体担保业务。具体内容详见公司于 2024 年 4 月 30 日在上海证券交易所网站（www.sse.com.cn）及公司指定法披媒体《中 被担保人名称：顾家家居(宁波)有限公司（以下简称"顾家宁波"） 本次担保金额及已实际为其提供的担 ...

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"公司"或"本公司"）103,171,483 股股票， 占本公司总股本的 12.55%，上述股份目前均处于冻结状态。 本次顾家集团拟被司法拍卖的股票数量为 14,700,000 股,占其所持有本 公司股数的 14.25%，占本公司总股本的 1.79%。本次拟拍卖股票将拆分成三次进 行，分别为 5,000,000 股各二次，4,700,000 股一次。 本次司法拍卖尚处于公示阶段，后续涉及竞拍、缴款、股权变更过户等 环节，拍卖的结果具有不确定性，公司将密切关注上述事项的进展情况，并根据 相关法律法规的要求及时履行信息披露义务。敬请广大投资者注意风险。 证券代码：603816 证券简称：顾家家居 公告编号：2025-004 顾家家居股份有限公司 关于持股 5%以上股东部分股份将被司法拍卖 的提示性公告 一、股份拟被司法拍卖的基本情况 | 股东 | 是否为 | 拟被司法 | 占 ...

Group 1 - A new company named Shanghai Chunxu Yueyou Furniture Sales Co., Ltd. has been established with a registered capital of 1 million yuan [1] - The legal representative of the new company is Wang Qunwei [1] - The business scope of the company includes research and development, sales, and installation services of household appliances and their components [1] Group 2 - The company is jointly held by Gujia Home Furnishing's wholly-owned subsidiary Gujia Home Furnishing (Ningbo) Co., Ltd. and others [1]

证券代码：603816 证券简称：顾家家居 公告编号：2025-003 顾家家居股份有限公司 关于持股 5%以上股东股份解除轮候冻结的公告 | 剩余被轮候冻结股份数量 | 103,171,483 股 | | --- | --- | | 剩余被轮候冻结股份数量占其所持股份比例 | 100.00% | | 剩余被轮候冻结股份数量占公司总股本比例 | 12.55% | 截至本公告披露日，顾家集团持有的本公司 103,171,483 股股票仍全部处于 轮候冻结状态。 二、其他事项 公司将根据有关法律、行政法规和规范性文件的相关规定，及时履行信息披 露义务。公司所有信息均以在指定信息披露媒体和上海证券交易所网站 （www.sse.com.cn）刊登的正式公告为准，敬请广大投资者注意投资风险。 特此公告。 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"公司"或"本公司"）103,171,483 股股票， 占本公司总股本的 12 ...