Investment Rating - The report maintains a "Strong Buy" rating for Qu Mei Home (603818) [2][8] Core Views - The Q3 performance met expectations, with revenue and net profit showing signs of recovery despite previous losses. The company is actively restructuring its debt and exploring new business opportunities [2][8] - The domestic market is under pressure, but the overseas business is showing steady recovery, particularly with the Ekornes brand, which is expected to continue its growth trend as holiday promotions approach [8][9] - The company is focusing on cost optimization and innovation in its core business while expanding into new segments such as smart home products and AI technology [8][9] Financial Summary - For the first three quarters of 2025, the company reported total revenue of 2.55 billion CNY, a decrease of 3.1% year-on-year, with a net loss of 67 million CNY [2][4] - The projected total revenue for 2025 is estimated at 3.449 billion CNY, with a slight decline of 2.9% compared to 2024. However, net profit is expected to improve significantly in the following years, reaching 116 million CNY by 2026 [4][9] - The company's gross margin for Q3 was 35.8%, with an increase in operating expenses leading to a net profit margin of -2.4% [8][9] Market Performance - The current stock price is 4.10 CNY, with a target price set at 5.07 CNY, indicating a potential upside [4][8] - The company has a total market capitalization of 28.15 billion CNY and a debt-to-equity ratio of 65.68% [5][9]

Group 1: Government Land Use Rights Revenue - In the first ten months of 2025, the revenue from state-owned land use rights reached 24,982 billion yuan, a year-on-year decrease of 7.4% [1] - The overall government fund budget revenue was 34,473 billion yuan, reflecting a 2.8% decline compared to the previous year [1] - The decline in land use rights revenue indicates that the adjustment in the land market is ongoing, although it has shifted from a "cliff-like drop" to a "moderate decline," suggesting increased market resilience [1] Group 2: Qu Mei Home's Loan Guarantee - Qu Mei Home announced it would provide a guarantee for a bank loan of up to 2.3 billion Norwegian Krone for its overseas subsidiary, Ekornes QM Holding AS [2] - The guarantee involves pledging 100% equity of its wholly-owned subsidiary, Ekornes AS, aimed at optimizing the company's debt structure [2] - This move is seen as necessary for debt optimization, although it introduces exchange rate and operational risks [2] Group 3: Oppein Home's Cash Management - Oppein Home plans to invest 320 million yuan of idle raised funds into structured deposits to enhance fund utilization efficiency [3] - The investment will be split into two products with terms of 52 days, expected to yield annualized returns of 0.65% to 1.9% and 0.65% to 2.5% respectively [3] - This strategy aligns with the company's conservative management style and is expected to generate some returns while ensuring project construction is not affected [3] Group 4: Rongsheng Development's Debt Restructuring - Rongsheng Development signed a debt restructuring agreement with China Cinda Asset Management for approximately 2 billion yuan to alleviate company debt [4] - The agreement stipulates that if certain repayment conditions are met, the remaining debt will be waived, significantly reducing the company's liabilities [4] - This restructuring is a critical step in the company's debt resolution strategy, providing essential breathing space for operations [4] Group 5: Poly Developments' Convertible Bonds - Poly Developments announced the initiation of the conversion of its 8.5 billion yuan convertible bonds, with a maturity of six years and a tiered interest rate structure [5] - The latest conversion price is set at 15.92 yuan per share, with the total amount raised matching the bond issuance [5] - This action is part of a long-term strategy to optimize the financing structure and potentially convert debt into equity in the future [5]

Core Viewpoint - Qu Mei Home announced that as of the date of the announcement, neither the company nor its controlling subsidiaries have any overdue guarantees [2] Summary by Category - Company Status - Qu Mei Home confirmed the absence of overdue guarantees for itself and its controlling subsidiaries [2]

证券代码：603818 证券简称：曲美家居 公告编号：2025-053 曲美家居集团股份有限公司 关于为境外子公司申请银行贷款提供担保的公告 | | 被担保人名称 | Ekornes | QM Holding AS | | --- | --- | --- | --- | | | 本次担保金额 | 23.00 | 亿挪威克朗 | | 担保对象 | 实际为其提供的担保余额 | 23.00 | 亿挪威克朗 | | | 是否在前期预计额度内 | □是 | 否 □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 □不适用：_________ | 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公 司对外担保总额（万元） | 88,533.16 | | 对外担保总额占上市公司最近一期经 审计净资产的比例（%） | 42.18 | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司最近一期经 审计净资产 | | | 审计净资产 50% | | | □对外担保总额（含本次）超 ...

证券代码：603818 证券简称：曲美家居 公告编号：2025-054 曲美家居集团股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 至2025 年 12 月 3 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的 股东会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股东名 册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议案情况 等 信 息 。 投 资 者 在 收 到 智 能 短 信 后 ， 可 根 ...

证券代码：603818 证券简称：曲美家居 公告编号：2025-052 曲美家居集团股份有限公司 第五届董事会第二十次会议决议公告 本公司及全体董事会成员保证本公告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 曲美家居集团股份有限公司（以下简称"公司"）第五届董事会第二十次会议 于 2025 年 11 月 7 日以书面送达、电话等方式发出会议通知，并于 2025 年 11 月 17 日上午 11 点在公司会议室以现场和电话会议的形式召开。会议应到董事 10 人，实际参加会议董事 10 名，会议的召集和召开程序符合《公司法》等相关法 律法规及《公司章程》的有关规定，会议决议合法、有效。会议由赵瑞海先生主 持，本次会议经与会董事认真审议，形成如下决议： 一、审议通过《关于境外子公司申请银行贷款的议案》 为进一步调整并优化债务结构，结合目前海外市场债券情况和公司资金需求 状况，公司拟对境外子公司现有债券和银行贷款进行替换，具体安排为：以境外 子公司 Ekornes QM Holding AS 为主体在境外申请银行贷款，融资总额不超过 23.00 亿挪威克朗（ ...

Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on November 27 at 14:30 in Beijing [1][4] - The voting method for the meeting will combine on-site voting and online voting through the Shanghai Stock Exchange's network voting system [2][4] - The online voting will be available on the same day from 9:15 to 15:00, with specific time slots for trading system voting [2][4] Group 2 - The meeting will review specific proposals, including one that requires separate counting of votes from minority investors [5] - There are no special resolutions or proposals involving related shareholders that require abstention from voting [5] - Shareholders must complete voting for all proposals before submission, and multiple accounts can be used for voting [6][8] Group 3 - Shareholders must register to attend the meeting, providing necessary identification and documentation [11][12] - The registration period is set for November 24, 2025, with specific time slots for registration [12] - The company will provide communication details for inquiries related to the meeting [12]

Core Points - Qu Mei Home announced the resignation of board member Wu Nani due to reaching retirement age [2] - Wu Nani's resignation is effective immediately upon submission of her written resignation report to the board [2] - After her resignation, Wu Nani will no longer hold any position within the company [2]

Core Viewpoint - Qu Mei Home announced the convening of the 19th meeting of the fifth board of directors on November 11, 2025, to review the proposal for the addition of new directors [2] Summary by Sections - **Board of Directors** - The company has proposed to add Yang Min and Huang Wei as candidates for the fifth board of directors, with their term starting from the date of approval by the shareholders' meeting until the end of the current board's term [2]

Group 1 - Qu Mei Home announced that board member Wu Nani submitted her resignation due to reaching retirement age, effective November 10, 2025 [1] - After her resignation, Wu Nani will no longer hold any position within the company [1] - For the year 2024, Qu Mei Home's revenue composition is 98.02% from home furnishings and 1.98% from other businesses [1] Group 2 - As of the latest report, Qu Mei Home has a market capitalization of 2.9 billion yuan [2]