Summary of the Conference Call for Oppein Home Company Overview - **Company**: Oppein Home - **Industry**: Home furnishing and renovation Key Points and Arguments Industry Trends - The industry is entering a "stock era," with the demand for second-hand and old house renovations expected to account for 40%-49% by 2026, indicating a stabilization of demand cycles [2][4] - The home furnishing sector is experiencing a bottoming trend, with a marginal improvement expected in 2025, driven by national subsidy policies [3][4] - The decline in new housing demand has narrowed to around 10%, while the second-hand housing market shows better performance due to policies promoting the renovation of old communities [4] Company Performance - Oppein Home's gross margin rose to 37% and net margin to 14% in Q3 2025, significantly outperforming the industry average [2][9] - Revenue and profit declines were less severe than the industry average, with a revenue drop of only 5% and a net profit decline of less than 10% in the first three quarters of 2025 [9] - The company has a strong cash position of nearly 10 billion RMB, supporting a commitment to annual dividends of no less than 1.5 billion RMB, corresponding to a current dividend yield of about 5% [2][3] Strategic Initiatives - The company is undergoing a strategic transformation towards a "whole home" model, with over 60% of distributors participating in this transition [2][6] - Organizational restructuring has shifted from a category-based to a region-based structure to enhance cross-category collaboration [6] - The company is increasing R&D investment to upgrade product development from single items to comprehensive solutions, aiming to meet diverse consumer needs [6][8] Market Position and Future Outlook - Oppein Home has a leading channel network with 7,750 stores, which is about twice the size of some competitors, providing strong market support [10] - The company anticipates a revenue growth of 4.3% in 2026 and 6.7% in 2027, with a projected net profit of approximately 2.5 billion RMB in 2026, marking a performance bottom [10] - The target price for the stock is set at 66.8 RMB, based on a 16x PE valuation, reflecting the company's competitive advantages and long-term growth potential [10] Competitive Landscape - The competitive dynamics in the home furnishing industry are shifting, with a migration of traffic from traditional offline markets to online platforms, increasing customer acquisition costs and complexity [5][6] - The trend towards integrated home solutions is rising, with penetration rates nearing 40%, shifting consumer demand from individual products to comprehensive solutions [5][6] Financial Resilience - The company's return on equity (ROE) remained stable at 9% in the first three quarters of 2025, indicating strong operational resilience compared to peers [9] Additional Important Insights - The actual controller's spouse announced a share buyback plan in December 2025, signaling confidence in the company's bottom valuation [2][3] - The company is adapting to consumer trends by offering products across multiple price ranges to cater to price-sensitive customers [6][8]

证券代码：603833 证券简称：欧派家居 公告编号：2026-030 转债代码：113655 转债简称：欧 22 转债 （二）经上海证券交易所自律监管决定书[2022]234 号文同意，公司 20.00 亿元可转换公 司债券于 2022 年 9 月 1 日起在上海证券交易所挂牌交易，债券简称"欧 22 转债"，债券代码 "113655"。 欧派家居集团股份有限公司 关于可转债转股结果暨股份变动公告 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： 累计转股情况：自 2023 年 2 月 13 日至 2026 年 3 月 31 日，欧派家居集团股份有限公 司（以下简称"公司"）累计共有 94,000.00 元"欧 22 转债"已转换成公司 A 股普通股股票，累计 转股数为 913 股，占可转债转股前公司已发行股份总额 609,151,948 股的 0.0001%。 未转股可转债情况：截至 2026 年 3 月 31 日，尚未转股的"欧 22 转债"金额为 1,999,906,000.00 元，占可转债发行总量的 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 66.80 CNY [5]. Core Insights - The company is a leading one-stop high-quality home furnishing service provider in China, focusing on whole-house customization and integrated solutions, and has established a multi-brand matrix covering various price ranges [1][13]. - The real estate sector's adjustment is reshaping the home furnishing industry, transitioning from a new housing-driven model to a dual-driven model of new and existing home renovations, with expectations for a recovery in demand supported by policies [2][22]. - The company has integrated its operations into four major marketing divisions, promoting both retail and integrated home furnishing strategies, which has led to a significant reduction in unit costs and improved delivery efficiency [3][19]. Summary by Sections 1. Company Overview - The company has developed a multi-brand platform for the home furnishing industry, offering personalized design, research, production, and sales of various home products [13][14]. - The founder holds a 66.19% stake, indicating a highly concentrated ownership structure, and the company has committed to distributing at least 1.5 billion CNY in cash dividends annually from 2024 to 2026 [1][18]. 2. Industry Dynamics - The home furnishing industry is experiencing a shift due to the real estate sector's deep adjustment, with a growing emphasis on renovation of existing homes alongside new constructions [2][22]. - The market is expected to stabilize in 2024, with a projected 9.5% decline in new housing sales area in 2025, a significant improvement from the previous year's 12.9% drop [2][23]. 3. Strategic Development - The company is advancing its home furnishing strategy through organizational reforms and enhancing internal driving forces, which solidifies its leading position in the industry [3][22]. - The company has achieved a net promoter score of 61% in 2024, significantly higher than the industry benchmark of 38%, indicating strong customer satisfaction [3]. 4. Financial Forecast and Valuation - The company is projected to generate revenues of 182.01 billion CNY, 189.78 billion CNY, and 202.53 billion CNY for the years 2025 to 2027, with corresponding net profits of 24.37 billion CNY, 25.43 billion CNY, and 27.60 billion CNY [3][12].

Investment Rating - The report maintains a positive outlook on the home furnishing and paper industries, highlighting potential investment opportunities in companies with high dividend yields such as Kuka Home, Sophia, and Oppein [2][4]. Core Insights - The home furnishing sector is experiencing a surge in demand driven by the release of smart furniture products, with major players like Kuka Home and Mousse launching innovative products that align with AI trends [2][4]. - The valuation of the home furnishing sector is at a low point, with real estate policies expected to catalyze upward valuation adjustments, leading to accelerated industry consolidation [2][4]. - The paper industry is witnessing a recovery in pulp and paper prices, with expectations of improved supply-demand dynamics that could enhance industry profitability [2][4]. Summary by Sections Home Furnishing - The report notes a significant release of smart home products, which is driving a new demand paradigm. Companies like Kuka Home and Mousse are launching innovative products that stimulate replacement demand [2][4]. - The sector's valuation is at a bottom, with real estate policies likely to boost valuations. The report emphasizes the importance of companies with high dividend safety margins such as Kuka Home, Sophia, Oppein, Mousse, and Xilinmen [2][4]. - Recent data indicates a recovery in Shanghai's second-hand housing market, which is expected to support home furnishing demand [9][10]. Light Industry - The report identifies high dividend stocks in the light industry, recommending companies like Huawang Technology, Yongxin Co., and Weiyida, which are expected to benefit from stable growth and dividend policies [2][4][13]. - The light industry saw a significant recovery in exports, with a year-on-year increase of 18% in January-February, driven by strong external demand [21][23]. Paper Industry - The report highlights that pulp prices are beginning to recover, with expectations of price increases following a seasonal uptick. The supply-demand balance is anticipated to improve, enhancing profitability in the paper sector [2][4][16]. - Companies like Sun Paper, Nine Dragons Paper, and Bohui Paper are recommended due to their strong cost advantages and integrated operations, which position them well for the expected recovery [18][19].

Investment Rating - The report maintains a positive outlook on the home furnishing and paper industries, highlighting potential investment opportunities in companies with high dividend yields and strong market positions [2][5]. Core Insights - The home furnishing sector is experiencing a surge in demand driven by the release of smart furniture products, with companies like Kuka Home, Mousse, and Xilinmen launching innovative products that align with AI trends [2][5]. - The valuation of the home furnishing sector is at a low point, with real estate policies expected to catalyze upward valuation adjustments, leading to accelerated industry consolidation [2][5]. - The paper industry is witnessing a recovery in pulp and paper prices, with expectations of improved supply-demand dynamics that could enhance industry profitability [2][5]. Summary by Sections Home Furnishing - The report notes a significant release of smart home products, which is expected to stimulate replacement demand. Key players such as Kuka Home and Mousse are launching innovative products that incorporate AI technology [2][5]. - The sector's valuation is at a bottom, with favorable real estate policies likely to boost demand and support industry consolidation. Recent policy changes in Shanghai have improved the housing market, which is expected to positively impact home furnishing demand [2][5][10]. Light Industry - The report identifies high-dividend stocks in the light industry, recommending companies like Huawang Technology and Yongxin Co., which are expected to benefit from stable growth and dividend policies [2][14]. - The light industry is experiencing significant recovery in exports, with a year-on-year increase of 18% in early 2026, driven by strong external demand and favorable market conditions [22][24]. Paper Industry - The report highlights that pulp prices are beginning to recover, with expectations of a price increase following a period of stabilization. The supply-demand balance is anticipated to improve, enhancing profitability for the industry [2][17]. - Specific companies such as Sun Paper and Nine Dragons Paper are recommended for their integrated operations and cost advantages, which position them well for the expected recovery in the paper market [19][20].

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [8][47] - Specific companies such as Oppein Home (603833), Sophia (002572), Explorer (300005), Semir Apparel (002563), Guibao Pet (301498), and Zhongchong Co. (002891) are rated as "Buy" [8][47] Core Insights - In January and February 2026, the total retail sales of social consumer goods increased by 2.8%, with furniture sales growing by 8.8% and clothing, shoes, and textiles by 10.4% [15][47] - The government continues to prioritize consumption enhancement initiatives, with a special bond of 250 billion yuan allocated to support the replacement of consumer goods [47] - The report highlights the resilience of the home furnishing industry, supported by improving real estate expectations and consumption policies [47] Industry News - The report notes that the retail sales of social consumer goods reached 860.79 billion yuan in January and February 2026, with a year-on-year growth of 2.8% [15] - The report mentions that the price of corrugated paper continues to rise, with the latest price increase announced by Nine Dragons Paper [16] - The report indicates that the light industry manufacturing sector underperformed the CSI 300 index by 1.28 percentage points, while the textile apparel sector underperformed by 3.24 percentage points during the week of March 16 to March 20 [5][40] Company Announcements - Jian Sheng Group plans to implement an employee stock ownership plan for 329 employees, involving 609,500 shares [40] - Shengxing Co. reported a 27.44% year-on-year decline in net profit attributable to shareholders for 2025 [40]

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2026-029 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 转债 22 | | 欧派家居集团股份有限公司 第五届董事会第五次会议决议公告 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。 一、董事会会议召开情况 欧派家居集团股份有限公司（以下简称"公司"或"本公司"）于 2026 年 3 月 16 日召开了第五届董事会第五次会议。本次会议通知已于 2026 年 3 月 11 日以 邮件或书面方式送达全体董事。 （一）审议通过《关于公司第一期卓越员工持股计划延期的议案》 表决结果：7 票同意，0 票反对，0 票弃权。 本议案已经公司第一期卓越员工持股计划持有人会议第三次会议审议通过， 并同意提交公司董事会审议。 基于对公司未来持续发展的信心，结合当前公司股价情况，为达到有效激励 员工、促进公司长远发展的目的，最大程度保障持有人及公司利益，公司董事会 同意将公司第一期卓越员工持股计划存续期延长 12 个月，即延长至 20 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Views - The real estate market is showing signs of recovery, which is expected to benefit the home furnishing sector, leading to valuation and profit recovery [11][39] - The government has shifted its focus to stabilizing the real estate market, with policies aimed at enhancing supply and demand, as well as risk prevention [7][39] - The home furnishing sector is currently undervalued, with leading companies' valuations at historical lows, indicating potential for growth as the real estate market stabilizes [9][11] Summary by Sections Real Estate Market Overview - New home prices in January 2026 showed a narrowing decline, with first-tier cities like Shanghai maintaining stable prices and a year-on-year increase of 4.2% [6][22] - The second-hand housing market is also showing signs of improvement, with price declines reducing and transaction volumes increasing in core cities [30][39] Government Policies - The 2026 government work report emphasizes stabilizing the real estate market, with three main strategies: supply-side management, demand-side support, and risk prevention [7][39] - Recent policies include reducing housing purchase restrictions and optimizing housing fund loan policies to stimulate market activity [8][39] Home Furnishing Sector Insights - As of March 13, 2026, the price-to-earnings (PE) ratios for leading home furnishing companies are as follows: 欧派家居 (13.58), 索菲亚 (11.18), 志邦家居 (14.10), 金牌家居 (21.50), 慕思股份 (16.13), 喜临门 (20.38), 梦百合 (31.92), indicating they are at historical low valuations [9][42] - The home furnishing sector is expected to benefit from the recovery in the real estate market, leading to improved valuations and profitability [11][39] Key Data Tracking - From March 1 to March 8, 2026, the total transaction area of commercial housing in 30 major cities was 112.99 million square meters, with a month-on-month decrease of 6.91% [12] - The average price of new residential buildings in February 2026 showed a year-on-year increase of 2.37%, indicating a potential stabilization in the market [6][22]

关于使用闲置募集资金进行现金管理的公告 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： 基本情况 | 投资金额 | 6,000 万元 | | --- | --- | | 投资种类 | 普通大额存单 | | 资金来源 | 募集资金 | 已履行的审议程序：欧派家居集团股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开了第四届董事会第二十六次会议、第四届监事会第十七次 会议，审议通过了《关于使用闲置募集资金进行现金管理的议案》，同意公司使 用总额度不超过人民币 3.5 亿元（含）暂时闲置募集资金适时进行现金管理，决 议有效期自 2025 年 8 月 19 日至 2026 年 8 月 18 日。本事项无需提交公司股东会 审议。 特别风险提示：公司使用暂时闲置募集资金进行现金管理的产品类型虽 然限定为安全性高、风险等级低且期限不超过 12 个月的保本型产品，整体风险 可控，但是相关产品仍可能受宏观经济及金融市场波动影响，存在市场风险、流 动性风险、信用风险等潜在风险因素。公司将根据市场环境动态调整投资规 ...

Investment Rating - The report maintains a positive outlook on the light industry and paper sector, anticipating performance improvements in 2025 [3][4]. Core Insights - The report highlights an acceleration in industry consolidation, with leading companies demonstrating resilience and a wait for demand recovery in 2026 [2][3]. - It predicts that the paper prices will continue to rise due to cost-driven factors, increased demand, and alleviated supply pressures, leading to improved profitability in Q4 2025 [4]. - The packaging and printing sector is expected to see a rise in profitability for leading companies, while some may experience declines due to optimization and potential impairments [4][9]. - The export sector shows a mixed performance, with companies having global supply chain advantages expected to maintain steady growth [4][12]. - The home furnishing sector is under pressure from policy changes, with soft furniture performing better than custom furniture [4][14]. - The light consumer goods sector is facing overall demand pressure, but individual companies are showing structural highlights [4][16]. Summary by Sections Paper Industry - The report forecasts improved profitability for companies like Sun Paper and BoHui Paper in Q4 2025, with expected net profits of 7.58 billion and 1.11 billion respectively, showing significant year-on-year growth [6][8]. - Companies like ShanYing International are expected to incur losses, with a projected net profit of -6.50 billion [8]. Packaging and Printing - YuTong Technology is expected to achieve a net profit of 4.23 billion in Q4 2025, reflecting a 44% year-on-year increase [9][10]. - Companies like HeXing Packaging are projected to face losses, with a net profit of -0.25 billion [10]. Export Sector - Co-Creation Turf is expected to see a revenue increase of 24% year-on-year, reaching 8.59 billion, with a net profit of 1.64 billion [12][13]. - Companies like JiaYi Co. are projected to experience a decline in profits, with a net profit of 1.43 billion, down 29% year-on-year [12][13]. Home Furnishing - Companies like Gujia Home are expected to see a revenue of 48.62 billion in Q4 2025, with a net profit of 3.18 billion, reflecting a significant increase [14][15]. - Companies like Oppein Home are projected to face a 20% decline in net profit, estimated at 4.55 billion [15][17]. Light Consumer Goods - Companies like Guangbo are expected to achieve a net profit of 0.52 billion, reflecting a 12% year-on-year increase [16][19]. - Companies like Bull Group are projected to see a decline in net profit, estimated at 9.58 billion, down 5% year-on-year [19][20].