Core Viewpoint - The legal opinion issued by Guangdong Xinda Law Firm confirms that the differentiated equity distribution plan proposed by Oppein Home Group Co., Ltd. for the year 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [1][7]. Group 1: 2024 Annual Equity Distribution Plan - Oppein Home plans to distribute a cash dividend of 2.48 RMB per share (tax included) to all shareholders, based on the total share capital after deducting shares held in the company's repurchase account [2][3]. - The company will maintain the per-share distribution ratio even if there are changes in total share capital due to convertible bonds, share repurchases, or other significant asset restructuring [3]. Group 2: Reasons for Differentiated Dividend - The company has completed a share repurchase of 2,301,460 shares for a total amount of approximately 249.95 million RMB, in accordance with the previously disclosed repurchase plan [3][4]. - The repurchase was executed within the stipulated timeframe and adhered to the original plan without discrepancies [4]. Group 3: Calculation Basis for the Dividend - The reference price for ex-dividend trading is calculated based on the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [5]. - The actual ex-dividend reference price is determined to be 53.40 RMB per share, with a minimal impact of 0.0187% on the reference price due to the differentiated dividend distribution [5]. Group 4: Conclusion - The legal opinion concludes that the differentiated dividend distribution aligns with the Company Law, Securities Law, and other relevant regulations, confirming that it does not harm the interests of the company or its shareholders [7].

Core Viewpoint - The company announces an adjustment to the conversion price of the "Ou 22 Convertible Bond" due to the implementation of the 2024 annual profit distribution plan, which will take effect on July 25, 2025 [1][4][6] Summary by Relevant Sections Convertible Bond Details - The company issued 20 billion RMB worth of convertible bonds on August 5, 2022, with a maturity of six years and a tiered interest rate structure [2] - The bond's conversion period is from February 13, 2023, to August 4, 2028 [2] Profit Distribution Plan - The company plans to distribute a cash dividend of 2.48 RMB per share (tax included) to all shareholders, without capital reserve transfers or stock bonuses [2][3] - The total number of shares eligible for distribution is calculated after deducting shares held in the company's repurchase account [5] Conversion Price Adjustment - The conversion price before adjustment is 120.95 RMB per share, which will be adjusted to 118.48 RMB per share [4][5] - The adjustment formula considers factors such as stock dividends, capital increases, and cash dividends [3][5] - The adjusted conversion price will be effective from July 25, 2025 [4][6] Suspension and Resumption of Conversion - The "Ou 22 Convertible Bond" will be suspended from conversion from July 17, 2025, until the equity registration date on July 24, 2025, and will resume conversion on July 25, 2025 [6]

| 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 113655 | 欧 22 | 转债 | 可转债转股复牌 | | | 2025/7/24 | 2025/7/25 | 欧派家居集团股份有限公司 关于实施2024年度利润分配调整"欧22转债"转股价格 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： 证券停复牌情况：适用 | 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2025-044 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 转债 | | 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： "欧 22 转债"调整前的转股价格：120.95 元/股 一、转股价格调整依据 经中国证券监督管理委员会"证监许可[2022]1328 号"文核准，公司于 2022 年 ...

广东信达律师事务所 广东信达律师事务所 法律意见书 中国 深圳 福田区益田路6001号太平金融大厦11-12楼 邮政编码：518038 11-12/F, TaiPing Finance Tower,Yitian Road 6001,Futian District, ShenZhen, P.R.China 518038 电话(Tel.)：(86 755)88265288 传真(Fax.)：(86 755)88265537 电子邮件（Email）：info@sundiallawfirm.com 网址（Website）：www.sundiallawfirm.com 信达专字（2025）第 012 号 致：欧派家居集团股份有限公司 广东信达律师事务所（下称"信达"）接受欧派家居集团股份有限公司（下 称"欧派家居"或"公司"）的委托，根据《中华人民共和国公司法》（下称"《公 司法》"）、《中华人民共和国证券法》（下称"《证券法》"）、《上市公司 股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》 （下称"《7 号指引》"）等相关法律、法规及规范性文件以及《欧派家居集团 股份有限公司章程》（下称" ...

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-043 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | 转债 | | 欧派家居集团股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利2.48元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/24 | － | 2025/7/25 | 2025/7/25 | 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规定，公司回购专用证券账户中的股份，不享有利润分配、公积金转增股本等权 利。基于此，公司存放于回购专用证券账户中的股份不参与本次利润分配。 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 ...

Core Insights - The article discusses the digital transformation journey of Oppein Home Group in collaboration with Feishu, highlighting the establishment of a unified workspace for efficient organization across its extensive ecosystem [1][3]. Group 1: Digital Transformation Strategy - Oppein Home Group, the first custom home furnishing company in China to exceed a market value of 100 billion, has over 8,000 global stores and serves more than 15 million families across 146 countries [3]. - The company is advancing towards digital transformation and AI application through its "Oppein Manufacturing 2025 Strategy," integrating internet, big data, and AI to streamline sales, R&D, production, and logistics [3]. - The choice of Feishu as a digital office tool aims to create the "OPLink" unified smart collaboration platform, enhancing communication, knowledge management, and cultural development for approximately 100,000 partners in the ecosystem [3][5]. Group 2: Implementation and Training - The Feishu project was initiated on April 25 and went live on April 30, with a dedicated team established to oversee the implementation and training of employees [5]. - Within a week, 20,000 employees were activated on the platform, achieving a rollout speed that exceeds industry averages [5][8]. Group 3: Innovation and Future Plans - After three months of using Feishu, Oppein has unified its work and service platforms, facilitating application sharing and innovation among frontline employees [8]. - The "Efficiency Pioneer Competition" generated 66 high-value business ideas, with 80% related to AI innovation [8]. - Future plans include launching tools like the factory order inquiry assistant and AI dealer Q&A assistant, enhancing collaboration and efficiency across the supply chain [8].

Summary of Conference Call Records Industry or Company Involved - Focus on the light industry sector, particularly home furnishing companies such as 欧派家居 (Oppein), 奥普科技 (Aupu), and 富森美 (Fusenmei) [1][5][6] - Discussion on the financial sector and its performance [2] - Insights into the packaging industry, including companies like 裕同科技 (Yutong), 奥瑞金 (Aoruijin), and 永新股份 (Yongxin) [10] - Analysis of the paper industry, highlighting companies such as 太阳纸业 (Sun Paper) and 环望科技 (Huanwang) [13] - New consumption sector with companies like 城光股份 (Chengguang), 恒瑞护理 (Hengrui), and 赵英集团 (Zhaoying) [9] Core Points and Arguments - The market sentiment towards traditional industries, especially real estate, is pessimistic, but there are opportunities for rebound due to low valuations and high dividends [1][3][4] - The "old-for-new" policy is expected to boost demand, particularly benefiting leading home furnishing companies as government subsidies are directed towards them [4] - High dividend stocks recommended include: - 欧派家居: Stable dividends with a yield close to 5% [5] - 奥普科技: Leading in the bathroom appliance sector with a dividend yield of approximately 7.5% [6] - 富森美: Regional retail operator with a high dividend yield of about 8.5% [6] - Companies with expected marginal improvements in low valuation include: - 顾家家居: Stable order growth and operational optimization [7] - 索菲亚: Low historical valuation with potential order improvement post-subsidy [7] - 慕思股份: Stable order performance with organizational restructuring [7] - The financial sector shows solid fundamentals but lacks significant marginal improvement; low price-to-book ratios indicate potential for recovery [2] Other Important but Possibly Overlooked Content - The packaging industry is highlighted for its potential with companies like 裕同科技, which has a competitive edge in customer expansion and a stable dividend policy [10] - The paper industry is expected to face short-term price pressure but may stabilize and improve due to seasonal demand for cultural paper [13] - New consumption companies are showing resilience, with 恒瑞护理 performing well in personal care despite cautious market expectations [9] - The overall sentiment suggests that while some sectors are currently undervalued, they may see a rebound as market conditions improve and government policies take effect [4][12]

Group 1 - The report highlights the emergence of new consumer demands driven by generational changes, with the Z generation becoming the main consumer force, leading to a restructuring of the competitive landscape in the consumer goods sector [3][5][11] - The growth of domestic brands is emphasized, particularly in categories such as personal care, pet products, and home goods, where companies like Baiya Co., Ltd. and Dengkang Oral Care are gaining market share through innovative products and effective marketing strategies [5][19][24] - The report identifies significant opportunities in the AI-driven product categories, such as AI mattresses and AI glasses, which are expected to see high growth in the medium to long term [5][19][29] Group 2 - The housing market is projected to stabilize, with policies encouraging home upgrades and replacements, which will drive demand for home goods, particularly in the AI mattress segment [6][9] - The packaging industry is undergoing a global supply chain restructuring, leading to accelerated consolidation and improved profitability for leading companies [7][10] - The report notes that the export sector is expected to see a reduction in the impact of tariff policies, allowing for better growth prospects in overseas markets [10][19] Group 3 - The report discusses the rise of IP-derived products, particularly in the emotional consumption space, where younger consumers are increasingly drawn to products that fulfill social and emotional needs [34][37][43] - Companies like Bluku and Chengyuan Co., Ltd. are highlighted for their innovative approaches in the IP toy market, leveraging strong brand partnerships and diverse product offerings to capture market share [44][49][56] - The report emphasizes the importance of digital marketing and e-commerce strategies in driving sales for companies in the consumer goods sector, particularly in the context of changing consumer behaviors [50][52][61]

Summary of Key Points Core Viewpoint - The announcement details the suspension of the conversion of the "Ou 22 Convertible Bonds" during the implementation of the 2024 annual equity distribution by Oppein Home Group Co., Ltd, which includes a cash dividend distribution of 2.48 yuan per share [1][2]. Group 1: Equity Distribution Plan - The company plans to distribute a cash dividend of 2.48 yuan per share (tax included) to all shareholders based on the total share capital minus the shares held in the repurchase account [1]. - The equity distribution plan was approved at the 2024 annual general meeting held on May 28, 2025 [2]. - If there are changes in the total share capital due to the conversion of "Ou 22 Convertible Bonds" before the equity distribution registration date, the company will maintain the per-share distribution ratio and adjust the total distribution amount accordingly [1]. Group 2: Suspension of Conversion - The "Ou 22 Convertible Bonds" will stop conversion from July 17, 2025, until the equity distribution registration date, with resumption of conversion on the first trading day after the registration date [2]. - Holders of the convertible bonds wishing to enjoy the equity distribution must convert their bonds before July 16, 2025 [2]. Group 3: Contact Information - The company provides contact details for inquiries, including the Securities Affairs Department's phone number and email address [2].

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2025-042 | | | --- | --- | --- | --- | | 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 关于实施2024年年度权益分派时"欧22转债"停止转 股的提示性公告 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： 证券停复牌情况：适用 一、2024 年年度权益分派方案的基本情况 （一）公司 2024 年度的利润分配方案：以实施权益分派股权登记日登记的总 股本扣除公司股份回购专户中股份数量后的股份总数为基数，拟向全体股东每股 派发现金红利 2.48 元（含税），不进行资本公积金转增股本或送股。如在实施权 益分派股权登记日前因"欧 22 转债"转股等原因致使公司总股本发生变动的，公司 拟维持每股分配比例不变，相应调整分配总额。具体内容详见公司于 2025 年 4 月 26 日披露的《欧派家居 2024 年年度利润分配方案的公告》（公告编号：2025-022）。 （二）本次权 ...