Core Points - The announcement details the share pledge and release situation of Qu Mei Home Group Co., Ltd's major shareholders [1][2] - The controlling shareholders, Zhao Ruihai and Zhao Ruibin, hold significant stakes in the company, with Zhao Ruihai owning 128,516,972 shares (18.72%) and Zhao Ruibin owning 125,829,600 shares (18.33%) [2] - A total of 42,207,792 shares from both Zhao Ruihai and Zhao Ruibin have been pledged, representing 32.84% and 33.54% of their respective holdings [2] Share Pledge and Release Details - Zhao Ruihai has released part of his pledged shares, while Zhao Ruibin has also undergone similar actions regarding his pledged shares [2] - Zhao Ruijie, a concerted actor, holds 34,244,000 shares (4.99%) with no pledged shares [2] - The announcement confirms the current status of share pledges and releases as of the disclosure date [2][3]

Group 1 - The core point of the article is that Qu Mei Home (SH 603818) announced the shareholding and pledge status of its major shareholders, indicating significant share pledges by the controlling shareholders [1] - As of the announcement date, the controlling shareholder Zhao Ruihai holds approximately 129 million shares, accounting for 18.72% of the company, with a total pledge of about 42.21 million shares, which is 32.84% of his holdings [1] - Another controlling shareholder, Zhao Ruibin, holds approximately 126 million shares, representing 18.33% of the company, with a total pledge of about 42.21 million shares, which is 33.54% of his holdings [1] - The company’s other significant shareholder, Zhao Ruijie, holds approximately 34.24 million shares, which is 4.99% of the company, with no pledged shares [1] Group 2 - For the fiscal year 2024, Qu Mei Home's revenue composition is primarily from home furnishings, which accounts for 98.02%, while other businesses contribute 1.98% [1] - The current market capitalization of Qu Mei Home is 2.8 billion yuan [2]

Core Points - The announcement details the shareholding structure and recent changes in share pledges of Qu Mei Home Furnishing Group Co., Ltd. [1] - The controlling shareholders, Zhao Ruihai and Zhao Ruibin, have released a portion of their pledged shares [1][2] Shareholding Summary - Zhao Ruihai holds 128,516,972 shares, representing 18.72% of the company, with 68,190,300 shares released from pledge, which is 53.06% of his holdings and 9.93% of the total shares [1][2] - Zhao Ruibin holds 125,829,600 shares, representing 18.33% of the company, with 61,930,000 shares released from pledge, which is 49.22% of his holdings and 9.02% of the total shares [1][2] - Zhao Ruijie holds 34,244,000 shares, representing 4.99% of the company, with no shares pledged [1][2] Pledge Situation - As of the announcement date, the total number of pledged shares by Zhao Ruihai, Zhao Ruibin, and their concerted action party amounts to 84,415,584 shares, which is 29.25% of their total holdings [1][2] - The remaining pledged shares for both Zhao Ruihai and Zhao Ruibin are now zero after the release of the pledged shares [1][2]

截至本公告披露日，公司控股股东、实际控制人赵瑞海先生持有公司 128,516,972股股份，持股比例18.72%；累计质押42,207,792股，占其所持股份 的32.84%。公司控股股东、实际控制人赵瑞宾先生持有公司125,829,600股股份， 持股比例18.33%；累计质押42,207,792股，占其所持股份的33.54%。 公司控股股东、实际控制人一致行动人赵瑞杰先生持有公司34,244,000 股股份，持股比例4.99%；累计质押股份数量0股。 证券代码： 603818 证券简称：曲美家居 公告编号：2025-046 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。 重要内容提示： | 股东 | 是否为 | 本次质押 | 是否 | 是否 | 质押 | 质押 | | 占其所 | 占公司 | 质押融资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 控股股 | 股数 | 为限 | 补充 | 起始日 | 到期日 | ...

Core Viewpoint - Qu Mei Home's recent financial report indicates a decline in revenue and a significant increase in net loss, highlighting challenges in its business model and financial health [1][3]. Financial Performance - Total revenue for the first half of 2025 was 1.731 billion yuan, a decrease of 3.97% year-on-year [1]. - The net profit attributable to shareholders was -46.86 million yuan, an increase of 62.39% compared to the previous year [1]. - The gross margin improved to 36.57%, up 16.34% year-on-year, while the net margin was -2.64%, an increase of 62.78% [1]. - Total expenses (selling, administrative, and financial) amounted to 672 million yuan, accounting for 38.82% of revenue, an increase of 6.14% year-on-year [1]. Cash Flow and Debt Situation - The company's liquidity ratio was 0.82, indicating rising short-term debt pressure [1]. - Cash and cash equivalents decreased by 20.82% to 791 million yuan [1]. - The interest-bearing debt was 2.984 billion yuan, down 2.87% year-on-year [1]. Business Model and Return on Investment - The company's return on invested capital (ROIC) was 1.15%, indicating weak capital returns [3]. - Historical data shows a median ROIC of 9.44% since its listing, with three years of losses out of nine annual reports, suggesting a fragile business model [3]. Analyst Expectations - Analysts expect the company's performance in 2025 to yield a net profit of 113 million yuan, with an average earnings per share of 0.16 yuan [4].

Group 1 - The company reported a total operating revenue of 1.731 billion yuan for the first half of 2025, representing a year-on-year decrease of 3.97% [1] - The net profit attributable to shareholders of the parent company was -46.86 million yuan, which is an improvement of 77.73 million yuan compared to the same period last year [1] - The basic earnings per share were -0.07 yuan [1]

Core Insights - Qu Mei Home's revenue for the first half of 2025 was 1.731 billion yuan, a year-on-year decrease of 3.97%, while the net profit attributable to shareholders was a loss of 46.86 million yuan, indicating a narrowing of losses [1] - Domestic furniture consumption demand weakened due to the downturn in the real estate sector, while overseas market demand showed signs of recovery, particularly for Ekornes AS, which saw revenue growth [1] - The company's gross profit margin significantly improved due to the decline in raw material costs, positively impacting overall profitability [1] - Financial expenses decreased compared to the same period last year due to the global interest rate cut cycle, further enhancing profitability [1] Business Strategy - Qu Mei Home is advancing product innovation, brand renewal, and channel reform in its domestic operations, focusing on product strength and leveraging online brand content [2] - The company is actively exploring new business segments, including Qu Mei Whole Home, Qu Mei Smart Home, and Qian Qu Technology, integrating service model upgrades with smart product innovations [2] - Efforts to reduce costs and improve efficiency include revitalizing land and factory assets in Beijing and exploring new financing methods based on these assets [2] Market Performance - The European and American markets are experiencing a consumption recovery, with Ekornes AS reporting revenue growth and significant profit increases, alongside improved order conditions [3] - In the Chinese market, Ekornes AS is seeing rapid growth due to sustained investment in brand content and a high-end strategy, resulting in a substantial increase in dealer sales and a healthy growth in channel numbers [3] - Qu Mei Home continues to enhance the sales layout of beds and mattresses globally, optimizing the competitiveness of sofas and electric chairs, which has contributed to increased sales in non-comfort chairs [3] - The upcoming launch of the "Kangfei" series of comfort chairs is expected to support revenue growth for Qu Mei Home [3]

Financial Performance - The company's main revenue for the first half of 2025 was 1.731 billion, a year-on-year decrease of 3.97% [1] - The net profit attributable to shareholders was -46.86 million, an increase of 62.39% year-on-year [1] - The non-recurring net profit was -77.38 million, up 28.63% year-on-year [1] - In Q2 2025, the single-quarter main revenue was 0.853 billion, down 6.86% year-on-year [1] - The single-quarter net profit attributable to shareholders was -42.61 million, an increase of 5.65% year-on-year [1] - The single-quarter non-recurring net profit was -50.17 million, up 1.29% year-on-year [1] Financial Ratios - The company's debt ratio stood at 65.57% [1] - The gross profit margin was 36.57%, an increase of 16.34% year-on-year [7] - The return on assets was -2.21%, an increase of 60.03% year-on-year [7] - Earnings per share were -0.07, up 61.11% year-on-year [7] - The operating cash flow per share was 0.34, down 13.41% year-on-year [7] Shareholder Information - The top shareholder, Zhao Ruihai, holds 100 million shares, representing 18.72% of the total [12] - Other significant shareholders include Zhao Ruibin with 18.33% and Zhao Ruijie with 4.99% [12] - The total number of shareholders is approximately 2.61 million [12]

Core Viewpoint - The document outlines the management system for related party transactions of Qu Mei Home Group Co., Ltd, emphasizing the need for fairness, transparency, and compliance with relevant regulations to protect the interests of shareholders and creditors, especially minority investors [2][5][18]. Group 1: General Principles - The management system aims to strengthen the oversight of related party transactions, ensuring that contracts are fair, open, and equitable [2]. - Related party transactions include various activities such as asset purchases, financial assistance, and service provision [2][5]. - The document defines related parties, including both legal entities and natural persons, and outlines the criteria for identifying them [3][5]. Group 2: Pricing and Management of Related Transactions - The pricing of related party transactions should primarily follow market prices; if unavailable, cost-plus pricing or negotiated prices may be used [4][11]. - The financial department is responsible for tracking market price changes and reporting them to the board [12]. - Independent financial advisors may be engaged to assess the fairness of transaction prices when necessary [8][12]. Group 3: Approval Procedures - Transactions exceeding certain thresholds require approval from independent directors and must be disclosed [9][16]. - Related party transactions must be reviewed by the board, with related directors abstaining from voting [30][31]. - The company must ensure that related party transactions do not lead to the misuse of company resources [8][18]. Group 4: Disclosure Requirements - The company is required to disclose details of related party transactions, including the nature of the relationship, pricing policies, and the impact on financial performance [18][42]. - Specific transactions that benefit the company without any obligations may be exempt from the usual approval and disclosure processes [43].

Core Points - The document outlines the external guarantee management system of Qu Mei Home Furnishing Co., Ltd, aiming to regulate external guarantee behavior, control risks, and protect shareholders' rights [2][11] - The system applies to the company and its subsidiaries, defining external guarantees as those provided by the company for others, including guarantees for subsidiaries [2][3] - The company must disclose relevant information regarding external guarantees in accordance with laws and regulations [4][9] Chapter Summaries Chapter 1: General Principles - The purpose of the system is to standardize external guarantee behavior and protect shareholder rights [2] - The system is applicable to the company and its subsidiaries [2] Chapter 2: Basic Principles of External Guarantees - External guarantees must adhere to principles of equality, voluntariness, fairness, integrity, and mutual benefit [6] - The board of directors must review and approve external guarantees [8][15] Chapter 3: Approval Authority and Procedures - Guarantees exceeding 10% of the latest audited net assets require shareholder approval [15] - The company must conduct due diligence on the creditworthiness of the guaranteed party [9][30] Chapter 4: Risk Management of Guarantees - The company must establish internal control systems to prevent unauthorized signing of guarantee contracts [26] - Regular assessments of the financial status and repayment ability of the guaranteed party are required [30][31] Chapter 5: Supplementary Provisions - The company must take protective measures to recover losses from guarantees provided to related parties [11] - Any violations of the guarantee policy must be disclosed and corrected promptly [36]