11月23日，人民目报重磅发布《为中国式现代化提供坚强物质支撑》专题报道，系统阐述建设现代化产 业体系的核心路径，并聚焦"智能化、绿色化"产业升级三大方向。其中，欧派家居作为"融合 化"发展的标杆企业被重点报道，其从"产品制造商"向"生态服务商"的战略转型，展现了企业在产业融 合与模式创新上的实践成果。 (上接第一版) 观察一个行业,可以领略"绿色化"的澎湃 活力。 对比一组数据。2010年,我国新能源汽车年 产量不足1万辆;2024年,我国新能源汽车产销量 均超 1200万辆,渗透率为 40.9%。 10余年发展,我国抓住绿色化转型机遇,率外 转换赛道,形成国际竞争新优势。如今,我国新能 源汽车产销量连续10年位居全球首位,一跃成为 全球第一大汽车出口国。 置身一个场景,可以体会"融合化"的协同 魅力。 对着毛坯房拍张照,选择喜爱的装修风格,小 程序自动生成精美效果图;一键切换样式,各类吊 顶、墙面、地板、沙发随意搭配 …… "我们即将上线 人工智能设计助手,为客户提供所感即所要、设计 即制造、制造即服务的一站式家居解决方案。"欧 派家居集团副总裁朱耀军说。 "制造业+现代服务业",眼下,越来越多企业 正从 ...

Core Viewpoint - The company has decided to temporarily adjust the use of part of its idle space in the "Oupai Home Intelligent Manufacturing (Wuhan) Project" by leasing it out to enhance resource allocation efficiency and overall asset yield [2] Summary by Sections Company Meetings - The company will hold the 31st meeting of the 4th Board of Directors and the 19th meeting of the 4th Supervisory Board on September 26 and October 13, 2025, respectively, along with the 4th temporary shareholders' meeting in 2025 [2] Lease Agreements - On November 22, 2025, the company signed property lease contracts with three companies: Jingmen Jiancheng Supply Chain Management Co., Ltd., Wuhan Dawei Xing Technology Co., Ltd., and Hubei Jiajia Plastic Products Co., Ltd. [2] - The total area of the leased factory space is 13,800 square meters, with a lease term of 12 months [2] - The breakdown of leased areas includes 6,500 square meters to Jingmen Jiancheng, 3,300 square meters to Dawei Xing, and 4,000 square meters to Jiajia Plastic [2]

欧派家居公告称，公司拟将"欧派家居智能制造（武汉）项目"部分闲置场地对外出租。2025年，武汉欧 派与荆门建成、达伟兴、佳佳塑料签订《物业租赁合同》，出租厂房面积共1.38万平方米。荆门建成、 达伟兴、佳佳塑料承租面积分别为6500平方米、3300平方米、4000平方米。该事项经董事会、监事会及 股东会审议通过，不构成关联交易和重大资产重组，预计对财务状况有积极影响。 ...

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-102 | | --- | --- | --- | --- | | 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 关于暂时调整募投项目部分闲置场地用途的进展公告 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： ●本次交易对方与公司、出租方武汉欧派智能家居有限公司（以下简称"武汉欧派"）均不 存在关联关系，本次交易不构成关联交易，亦不构成重大资产重组。 ●公司将严格遵循"保障生产经营稳定性"的原则，本次交易事项不会对公司正常经营产生 重大不利影响，通过将募投项目部分闲置场地对外出租，有助于提高场地利用效率，盘活存量 资产并增强整体运营效能，并能够获取相应的租金收益，对公司未来财务状况将产生一定的积 极影响。本次交易事项遵循公平、公正、公开的原则，定价公允合理，对外出租面积和出租期 限均在股东会审批的范围内，不存在损害公司及全体股东利益的情形。 一、交易情况概述 公司于 2025 年 9 月 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the real estate industry and its related sectors, including construction materials and banking. Key Points on Real Estate Industry - The real estate price decline cycle is categorized into small, medium, and large bubbles, each with different declines and durations [1] - Core city housing prices are under pressure due to pessimistic income or inflation expectations, as well as inverted rent-to-sale ratios and interest rates [1][4] - Valuation indicators like rent-to-sale ratios and price-to-income ratios are useful for identifying price turning points but typically lag behind actual price changes [2] - Loan interest subsidy policies can significantly impact the real estate market, with the coverage scope and duration being critical factors [5] - Improving income expectations is more crucial than the interest rates themselves for enhancing housing attractiveness [5] Challenges Facing the Real Estate Sector - The real estate industry is currently facing multiple challenges, including weakened transaction volumes, pressure from old and new inventory, and low income expectations [6] - New and second-hand housing transactions have declined, affecting related sectors like construction materials [6] - Quality leading companies are showing strong risk resistance and growth potential by increasing market share and optimizing their structures [6] Insights on Construction Materials Industry - Despite the ongoing downturn in the real estate market, some leading companies in the construction materials sector are showing signs of operational turning points [7] - Companies like Oriental Yuhong and Beixin Materials are expected to achieve year-on-year growth even if the real estate market continues to decline [7] - The waterproofing industry leaders are experiencing strong growth momentum, with market share increasing from 28% to 30-35% [7] Investment Opportunities in the Construction Sector - The construction industry is poised for new investment opportunities as the real estate market stabilizes and policy expectations strengthen [8] - Key players in the construction sector, such as China State Construction and China Railway Construction, are highlighted as significant investment targets [9] Banking Sector Insights - Banks are facing significant interest margin pressure, with asset yields continuing to decline [14] - Future policies may focus on alleviating pressure on banks and residents through loan interest subsidies [15] - The overall valuation of bank stocks is expected to recover, with attractive dividend yields [16] Home Furnishing Industry Analysis - The home furnishing industry shows strong investment value, particularly among leading companies with good cash flow [10] - Companies like Oppein and Gujia are expected to perform well, providing a safety net for investors [10][11] - The soft furniture segment is outperforming the custom furniture segment, benefiting from increased market share in the second-hand housing market [10] Conclusion - The real estate sector is currently under pressure but presents potential investment opportunities in leading companies within the construction materials and home furnishing industries. The banking sector is also expected to recover, providing attractive investment options.

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, attributed to pressure on terminal demand and a decrease in real estate demand, compounded by the withdrawal of national subsidies [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 132.14 billion yuan, a year-on-year decrease of 4.79%, with net profit attributable to shareholders at 18.32 billion yuan, down 9.77% [1]. - In Q3 2025, the company reported revenue of 49.73 billion yuan, a decline of 6.10%, and net profit attributable to shareholders of 8.14 billion yuan, down 21.79% [1]. Product Category Performance - In Q3 2025, revenue by product category showed mixed results: cabinets down 2.94% to 14.28 billion yuan, wardrobes and supporting furniture down 7.99% to 25.48 billion yuan, sanitary ware down 3.21% to 2.87 billion yuan, while wooden doors increased by 1.05% to 3.31 billion yuan [2]. Channel Performance - Revenue by channel in Q3 2025: direct stores up 1.54% to 1.96 billion yuan, dealer stores down 4.88% to 38.03 billion yuan, bulk business down 13.29% to 7.36 billion yuan, and other channels up 6.65% to 1.28 billion yuan [2]. Strategic Initiatives - The company is committed to advancing its whole-home strategy and deepening channel transformation, with nearly 1,300 retail whole-home stores by the end of Q3 [2]. Profitability Improvement - The company achieved a gross margin of 37.2% for the first three quarters of 2025, an increase of 1.7 percentage points year-on-year. The net profit margin for the same period was 13.9%, a decrease of 0.8 percentage points [3]. - In Q3 2025, the gross margin was 38.8%, a year-on-year decrease of 1.6 percentage points, while the net profit margin was 16.4%, down 3.3 percentage points year-on-year [3]. Cost Management - The company implemented a "land distribution" mechanism reform, resulting in a decrease in sales and management expense ratios, while the financial expense ratio saw a slight increase [3]. Investment Outlook - The company is a leader in the custom home furnishing industry, focusing on cost reduction and efficiency improvement. Projected net profits for 2025-2027 are 24.30 billion, 26.34 billion, and 29.23 billion yuan, respectively, with corresponding PE ratios of 14, 13, and 11 [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 64.86 CNY per share [2][9]. Core Insights - The company reported a revenue of 132.14 billion CNY and a net profit of 18.32 billion CNY for the first three quarters of 2025, reflecting a year-on-year decline of 4.79% and 9.77% respectively. In Q3 alone, revenue was 49.73 billion CNY, with a net profit of 8.14 billion CNY, showing a decline of 6.10% and 21.79% year-on-year [2][9]. - The company is facing short-term pressure on performance due to a challenging real estate market and the tapering of national subsidy policies. However, it continues to deepen its "whole home" strategy and channel transformation, with nearly 1,300 retail stores by the end of Q3 [2][9]. - The company's gross margin improved to 37.2% for the first three quarters, up by 1.7 percentage points year-on-year. The net profit margin for Q3 was 16.4%, down by 3.3 percentage points year-on-year [2][9]. Financial Summary - For 2024A, the total revenue is projected at 18,925 million CNY, with a year-on-year growth rate of -16.9%. The net profit is expected to be 2,599 million CNY, reflecting a decline of 14.4% year-on-year [5][10]. - The company is expected to achieve net profits of 2,430 million CNY in 2025E and 2,634 million CNY in 2026E, with corresponding P/E ratios of 14 and 13 respectively [5][10]. - The company’s total assets are projected to grow from 35,225 million CNY in 2024A to 38,469 million CNY in 2027E, while the debt-to-equity ratio is expected to decrease from 49.6% in 2024A to 39.1% in 2027E [10].

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant gains and dividend yields for various companies [1] Group 1: Stock Performance - China Bank (601988 SH) leads with a 4.00% daily increase and an 18.30% year-to-date gain, along with a dividend yield of 3.69% [1] - Construction Bank (601939 SH) follows with a 3.15% daily rise and a 16.97% year-to-date increase, offering a dividend yield of 4.05% [1] - Postal Savings Bank (601658.SH) shows a daily increase of 3.14% and a year-to-date gain of 9.16%, with a dividend yield of 3.77% [1] Group 2: Notable Declines - Home Depot (002572.SZ) has a daily increase of 3.12% but a year-to-date decline of 13.44%, with a dividend yield of 7.42% [1] - Oppein Home Group (603833.SH) experiences a 2.86% daily rise but a significant year-to-date drop of 17.91%, with a dividend yield of 4.68% [1] - Kuka Home (603816.SH) shows a daily increase of 2.66% and a year-to-date gain of 18.23%, with a dividend yield of 4.59% [1] Group 3: Additional Performers - Huaxia Bank (600015.SH) has a daily increase of 1.86% but a year-to-date decline of 6.67%, with a dividend yield of 5.80% [1] - Beijing Bank (601169 SH) shows a daily increase of 1.39% and a slight year-to-date decline of 0.69%, with a dividend yield of 5.57% [1] - CITIC Bank (601998.SH) has a daily increase of 1.37% and a year-to-date gain of 19.02%, with a dividend yield of 4.35% [1]

Core Viewpoint - The company, Oppein Home (SH 603833), announced a total approved external guarantee amount of RMB 20 billion, which exceeds its audited net assets by 104.97% as of November 20, 2025 [1] Financial Summary - As of November 20, 2025, the actual external guarantee balance provided by the company and its subsidiaries is approximately RMB 2.905 billion, accounting for 15.25% of the latest audited net assets [1] - The approved total guarantee amount for subsidiaries is RMB 19 billion, which is 99.73% of the company's latest audited net assets [1] - The revenue composition for Oppein Home in 2024 is 96.96% from the home manufacturing sector and 3.04% from other businesses [1] - The current market capitalization of Oppein Home is RMB 33.1 billion [1]

| 证券代码：603833 | 证券简称：欧派家居 公告编号：2025-101 | | --- | --- | | 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 关于为控股子公司提供担保的公告 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： 担保对象及基本情况 | | | 被担保人名称 | "无锡欧派") | | 江苏无锡欧派集成家居有限公司(以下简称 | | --- | --- | --- | --- | --- | --- | | | | 本次担保金额 | 20,000 | 万元 | | | 担 象 | 保 对 | 实际为其提供的担保余额 | 14,674 | 万元 | | | | | 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：_________ | 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 ...