软体家具头部企业顾家家居（603816）(603816.SH)加快扩产步伐。 近日，顾家家居发布关于向特定对象发行A股股票申请获得上交所受理的公告，公司本次拟融资金额为 19.97亿元，发行对象为盈峰集团有限公司(下称"盈峰集团")，为公司的间接控股股东。盈峰集团以现金 方式认购本次发行的全部股票。 此次募集资金将重点投向智能家居研发、AI及零售数字化转型等核心领域，旨在推动业务发展与提升 核心竞争力。 盈峰集团实控人为美的集团（000333）创始人何享健之子何剑锋。按本次发行股票数量的上限计算，本 次发行完成后，何剑锋通过盈峰睿和投资、盈峰集团合计控制顾家家居的股份比例将提高至37.37%， 对公司的控制权进一步强化。 长江商报记者注意到，顾家家居本次发行股票的发行对象只有1名，为盈峰集团。 据了解，盈峰集团实控人为美的集团创始人何享健之子何剑锋。 2023年11月，盈峰睿和投资(盈峰集团全资子公司)以102.99亿元收购顾家家居29.42%的股权，每股价格 42.58元。交易完成后，何剑锋成为顾家家居实际控制人，原实控人顾江生家族持股比例降至15.63%， 退居第二大股东。 顾家家居自1982年创立以来， ...

Core Viewpoint - Gujia Home intends to issue A-shares to a specific group, raising up to 199,699.06 million yuan for various projects including smart production line upgrades and digital transformation [1][3][4] Trading Information Summary - On October 16, Gujia Home's stock closed at 30.39 yuan, down 1.65%, with a turnover rate of 0.39% and a trading volume of 31,800 shares, amounting to 97.3735 million yuan [1] - The net outflow of main funds was 1.799 million yuan, accounting for 1.85% of total trading volume, while retail funds saw a net outflow of 0.2813 million yuan [1] Company Announcement Summary - Gujia Home plans to issue up to 104,281,493 A-shares at a price of 19.15 yuan per share, with the funds allocated for smart production line upgrades, expansion of functional iron frame production lines, smart home product R&D, AI and retail digital transformation, and brand enhancement projects [1][2][3][4] - The issuance has been approved by the board and shareholders, pending review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [2][4] Financial Performance Summary - For the first half of 2025, Gujia Home reported revenue of 980,105.68 million yuan and a net profit of 102,055.87 million yuan [1][4] - The 2024 annual revenue was reported at 1,847,971.72 million yuan, with a net profit of approximately 1,416.54 million yuan [2]

Core Insights - The company launched three new electric smart sofa models at a flagship product release event, showcasing significant technological advancements that address industry challenges and enhance user comfort [1][2] - The new products feature a self-developed K-TRON Space Z framework, which enables a unique "zero gravity" experience and improved ergonomic support, setting a new standard for electric sofas [1][2] Product Innovations - The new electric sofas achieve a "zero gravity" and "zero wall" experience, providing a floating comfort that meets modern user demands for relaxation [1] - The "cloud comfort sofa" exemplifies the innovative design, focusing on a "floating experience" through optimized body posture and enhanced lumbar support, addressing common issues with traditional sofas [1][2] Technical Breakthroughs - The K-TRON Space Z framework incorporates a "dual sliding groove structure" that balances lightweight design with stability, allowing compatibility with mainstream robotic vacuum cleaners [2] - The "miracle curve" design resolves placement issues associated with high backs and large angles, overcoming traditional electric sofa challenges [2] Strategic Development - The company has systematically built its capabilities through strategic foresight, technical innovation, and organizational restructuring since entering the electric sofa market in 2015 [2][3] - By integrating insights from the automotive industry, the company has achieved significant technological advancements, resulting in differentiated product advantages [2] Organizational Efficiency - The company has restructured its organization to enhance efficiency, allowing product line leaders to directly manage resources, which accelerates the product development cycle [3] - This integrated approach fosters a virtuous cycle of strategic direction, technical support, and organizational execution, promoting product upgrades and industry transformation from scale competition to value competition [3]

Core Insights - The company has launched three new electric smart sofa products, emphasizing a shift from competition based on channels and scale to a focus on core technology and precise user needs [1][2] - The new products feature "zero gravity, zero wall, and true high legs" functionalities, enhancing sitting and lying comfort to meet upgraded user experience demands [1] - The self-developed K-TRON Space Z function frame is a key innovation in electric sofa technology, reinforcing the company's differentiated competitive edge [1] Financial Performance - In the first half of the year, the company achieved operating revenue of 9.801 billion yuan, a year-on-year increase of 10.02% [1] - The net profit attributable to the parent company was 1.021 billion yuan, reflecting a year-on-year growth of 13.89% [1] - The net cash flow from operating activities reached 1.094 billion yuan, showing a significant year-on-year increase of 71.89% [1] Industry Trends - The company’s approach to driving category value elevation through core technology establishes a differentiated advantage and serves as a model for the transformation of the Chinese home furnishing industry [2] - This shift may lead the industry competition to transition from price-based competition to a focus on user value through technological innovation and ecosystem building [2]

Core Points - Kuka Home announced the acceptance of its application for a specific issuance of A-shares by the Shanghai Stock Exchange, aiming to raise 1.997 billion yuan [1] - The issuance will be fully subscribed by Yingfeng Group, which is the indirect controlling shareholder of Kuka Home [1] - The raised funds will be allocated to various projects, including smart upgrades of production lines, expansion of functional rack production lines, R&D of smart home products, AI and retail digital transformation, digital enhancement of brand building, and replenishment of working capital [1][2] Fund Allocation - Smart upgrade project for home product production lines: 199.92 million yuan [2] - Expansion project for functional rack production lines: 150.09 million yuan [2] - R&D project for smart home products: 151.58 million yuan [2] - AI and retail digital transformation project: 394.49 million yuan [2] - Digital enhancement project for brand building: 100.90 million yuan [2] - Replenishment of working capital: 1 billion yuan [2] - Total planned fundraising amount: 1.997 billion yuan [2] Shareholding Structure - As of the signing date of the fundraising prospectus, He Jianfeng, through Yingfeng Ruihe, controls 242 million A-shares of Kuka Home, accounting for 29.42% of the company [1] - After the completion of this issuance, He Jianfeng's total control over the company's shares will increase to 37.37%, maintaining his status as the actual controller of the company [1]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1] Group 1: Stock Performance - Mercury Home Textiles (603365.SH) leads with a year-to-date increase of 19.66% and a recent increase of 9.41%, along with a dividend yield of 4.80% [1] - Other notable performers include: - Hailong Cold Chain (603187.SH) with a year-to-date increase of 47.47% and a recent increase of 6.83% [1] - Shenhuo Co., Ltd. (000933.SZ) showing a year-to-date increase of 36.72% and a recent increase of 5.90% [1] - Siwei Liekong (603508.SH) with a remarkable year-to-date increase of 54.92% and a recent increase of 3.42%, boasting a high dividend yield of 10.65% [1] Group 2: Dividend Yields - The article lists companies with attractive dividend yields, such as: - Siwei Liekong (603508.SH) at 10.65% [1] - Semir Apparel (002563.SZ) at 8.90% [1] - Yutong Bus (600066.SH) at 6.73% [1] - The dividend yields reflect the companies' commitment to returning value to shareholders, which may attract income-focused investors [1]

Investment Rating - The report maintains a positive outlook on the light industry and paper sector for Q3 2025, indicating a favorable investment rating [1]. Core Insights - The globalization of supply chains is accelerating changes in the packaging landscape, with leading companies increasing their market share and improving profitability [2]. - Q3 2025 is expected to see a divergence in performance among companies, influenced by supply chain advantages and growth potential [2]. - The report highlights specific companies with projected revenue and profit growth, indicating a robust performance in certain segments despite challenges in others [5][6]. Summary by Sections Packaging and Printing - Companies like Yutong Technology and Baosteel Packaging are expected to see slight revenue growth, while others like Meiyingsen may face revenue pressure but maintain profit growth [2][3]. - The overall packaging sector is benefiting from the global supply chain shift, with many companies reporting stable or improving profit margins [2][3]. Export Sector - Companies such as Jiangxin Home and Qianjiang Motorcycle are projected to experience significant revenue growth, with estimates of over 30% for Q3 2025 [6][7]. - The report notes that the export sector is showing resilience, with several companies adapting well to changing market conditions [6][7]. Two-Wheel and Motorcycle Sector - Companies like Aima Technology and Spring Wind Power are expected to report revenue growth of over 10% in Q3 2025, driven by seasonal demand and market adjustments [10][11]. - The sector is experiencing a mix of growth and challenges, with some companies facing declines due to regulatory changes [10][11]. Home Furnishing Sector - The report indicates that companies like Oppein Home and Kuka Home are facing revenue declines, while others like Joy Home are expected to show resilience with slight growth [12][14]. - The home furnishing market is under pressure from policy changes, but some segments are performing better than others [12][14]. Light Consumer Goods - Companies such as Dongkang Oral and Jeya are projected to see significant revenue and profit growth, with estimates indicating over 60% growth for Jeya in Q3 2025 [13][16]. - The light consumer goods sector is showing a positive trend, with several companies benefiting from strong demand and effective marketing strategies [13][16]. Paper Industry - The report anticipates a mixed performance in the paper sector, with some companies like Sun Paper expected to see profit declines due to price pressures, while others may experience stability [18][19]. - The paper industry is facing challenges from raw material price fluctuations, but certain segments are expected to maintain profitability [18][19].

Group 1 - High Energy Environment reported a net profit of 646 million yuan for the first three quarters, a year-on-year increase of 15.18% [1] - Tianzhun Technology received approval from the China Securities Regulatory Commission for issuing convertible bonds to unspecified objects [1] - Energy Conservation Wind Power achieved a cumulative power generation of 9.349 billion kWh, a year-on-year increase of 1.72% [1][2] Group 2 - Sichuan Road and Bridge's total amount of projects won in the first three quarters reached 97.173 billion yuan, a year-on-year increase of 25.16% [3] - Shaanxi Energy's power generation in the third quarter decreased by 1% year-on-year, while its coal sales increased by 136.98% [3][4] Group 3 - Jintuo Co. announced that four shareholders plan to reduce their holdings by up to 2.95% of the company's shares [5] - Tailin Microelectronics expects a net profit increase of 118% year-on-year for the first three quarters, with revenue of approximately 766 million yuan [6] - Asia-Pacific Co. anticipates a net profit of 310 million to 335 million yuan for the first three quarters, a year-on-year increase of 97.38% to 113.30% [8] Group 4 - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, with a projected profit of 137 million to 154 million yuan [9] - Spring Airlines reported a passenger turnover of 4.835 billion person-kilometers in September, a year-on-year increase of 22.87% [10][11] Group 5 - Mingxin Xuteng received a notification from a leading new energy vehicle company for a project worth approximately 650 million yuan [12] - Acolyte's subsidiary received a government subsidy of 47.13 million yuan for fixed asset investment [13] Group 6 - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a new drug for treating advanced prostate cancer [14] - Aofu Technology plans to sell idle factory assets for a total price of 23.852 million yuan [16] Group 7 - Ganyue Expressway reported a service income of 313 million yuan in September [18] - Dong'an Power secured five new market agreements in the third quarter, with a total projected sales volume of approximately 1 million units [20] Group 8 - Zhongmin Energy achieved a cumulative power generation of 1.922 billion kWh, a year-on-year increase of 1.25% [21] - Pan-Asia Micro-Pore's application for issuing shares to specific objects has been accepted by the Shanghai Stock Exchange [23] Group 9 - Shenghui Integration reported an order balance of 2.214 billion yuan as of September 30, a year-on-year increase of 21.21% [24] - Jineng Technology's vice president resigned for personal reasons [25] Group 10 - Ruixin Microelectronics expects a net profit increase of 116% to 127% for the first three quarters, with a projected profit of 760 million to 800 million yuan [33] - Shanghai Pharmaceuticals received FDA approval for a new drug application for doxycycline capsules [34] Group 11 - Ruima Precision's subsidiary received a project notification for air suspension systems from a domestic automaker, with a total sales forecast of approximately 265 million yuan [36] - Galaxy Magnetics anticipates some impact on its export business due to the Ministry of Commerce's announcement on export controls for certain rare earth items [37] Group 12 - Ba Tian Co. expects a net profit increase of 230.79% to 260.15% for the first three quarters, with a projected profit of 676 million to 736 million yuan [43] - Donglai Technology plans to reduce its repurchased shares by up to 1% of the total share capital [45] Group 13 - Guangkang Biochemical announced that shareholders plan to reduce their holdings by up to 2.68% of the company's shares [46] - Nanwang Energy reported a net profit increase of 37.13% for the first three quarters, with a total revenue of 5.32 billion yuan [48] Group 14 - Yahua Group expects a net profit increase of 106.97% to 132.84% for the first three quarters, with a projected profit of 320 million to 360 million yuan [49] - Hualitai's annual production project for 20,000 tons of benzidine has been successfully completed and is now in full production [51]

Core Viewpoint - The A-share market experienced a significant rebound on October 15, with the S&P A-Share Dividend Index leading the mainstream dividend indices, rising by 0.92% and accumulating a nearly 3% increase for the month as of October 15, 2025 [1] Group 1: Market Performance - The S&P A-Share Dividend ETF (562060) also performed strongly, surging by 1.2% to a new high, closing at 0.592 yuan, with frequent premiums during trading [1] - In the past five trading days, the S&P Dividend ETF attracted over 40 million yuan, becoming a favored tool for investment in a slow bull market [1] Group 2: Sector Performance - All top ten sectors of the S&P A-Share Dividend Index recorded gains on October 15, with the pharmaceutical and automotive sectors rising over 2%, while machinery, light manufacturing, and home appliance sectors also increased by over 1% [2] - The top ten sectors and their respective weightings and performance on October 15 are as follows: - Banking: 16.58%, +0.61% - Machinery: 11.02%, +1.88% - Light Manufacturing: 8.68%, +1.25% - Home Appliances: 7.20%, +1.44% - Basic Chemicals: 6.28%, +0.83% - Textiles and Apparel: 5.55%, +1.70% - Pharmaceuticals: 4.76%, +2.05% - Automotive: 3.96%, +2.32% - Power and Utilities: 3.94%, +0.45% - Construction: 3.87%, +1.12% [2] Group 3: Stock Performance - Nearly 80% of the constituent stocks recorded positive returns, with Mercury Home Textiles leading with a 9.41% increase, followed by Kesi Co. at 7.38%, and Hailong Cold Chain at 6.83% [2][4] - The top-performing stocks on October 15 include: - Mercury Home Textiles: +9.41% - Kesi Co.: +7.38% - Hailong Cold Chain: +6.83% - Shenhuo Co.: +5.90% - Jinbei Electric: +3.57% - Siwei Liekong: +3.42% - Tianshan Aluminum: +3.21% - Zhongchuang Zhiling: +3.19% - Gujia Home: +2.86% - Yutong Bus: +2.80% [4] Group 4: Investment Insights - According to CITIC Securities, the fourth quarter of 2025 may be a key time for bottom-fishing in dividend stocks to achieve excess returns, as pessimistic expectations may have been fully reflected [5] - The S&P A-Share Dividend Index has shown superior performance in both yield and dividend rate, with a one-year return of 24.56% and a latest dividend yield of 5.27% [5] - The index emphasizes dividend stability and sustainable profitability, with a strict 3% individual stock weight limit, leading to a more balanced market capitalization distribution [5]

股票简称：顾家家居 股票代码：603816.SH 顾家家居股份有限公司 （浙江省杭州市上城区东宁路 599 号顾家大厦） 2025 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐机构（主承销商） （广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） 二〇二五年九月 | 声 | 明 3 | | --- | --- | | 重大事项提示 | 4 | | | 一、本次发行方案概况 4 | | | 二、本次发行构成关联交易 6 | | | 三、本次发行不会导致公司控制权发生变化 6 | | | 四、本次发行方案取得批准的情况及尚需呈报批准的程序 6 | | | 五、重大风险提示 6 | | 释 | 义 8 | | 第一节 | 发行人的基本情况 10 | | | 一、公司基本情况介绍 10 | | | 二、发行人所处行业基本情况 14 | | | 三、发行人主营业务情况 29 | | | 四、现有业务发展安排及未来发展战略 36 | | | 五、截至最近一期末，不存在金额较大的财务性投资的基本情况 37 | | 第二节 | 本次证券发行概要 45 | | | 一、本次发行的背景和目的 45 | ...