Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5][4] Core Views - The company reported a revenue of 5 billion yuan in Q3 2025, a decrease of 6% year-on-year, and a net profit of 800 million yuan, down 22% year-on-year [1] - The custom home furnishing industry is facing growth pressures, with weak demand impacting profitability across the sector [1] - The company is implementing a "big home" strategy, focusing on marketing organization reform, supply chain reform, and an incentive mechanism to enhance operational efficiency [1][2] - Despite facing short-term pressure on net profit margins, the company demonstrates resilience and competitive advantages in a challenging market environment [1] Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of 13.2 billion yuan, a decrease of 5% year-on-year, and a net profit of 1.8 billion yuan, down 10% year-on-year [1] - The gross margin for the first nine months of 2025 was 37.19%, an increase of 1.65 percentage points, attributed to supply chain reforms and production efficiency upgrades [2] - The company anticipates pressure on both gross and net margins in 2025 due to fixed cost dilution and will focus on business model transformation to mitigate these impacts [3] Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 2.47 billion yuan, 2.66 billion yuan, and 2.92 billion yuan respectively [4]

Core Viewpoint - The announcement from Oppein Home indicates a change in the designated sponsor representative for ongoing supervision of the company’s convertible bonds, ensuring continuity in oversight responsibilities [2] Group 1: Company Announcement - Oppein Home announced on November 12 that it received a letter from its sponsor, Guotai Junan Securities, regarding the replacement of the ongoing supervision representative [2] - The original representatives, Xia Qi and Li Ning, were responsible for the supervision of the company’s ongoing operations since September 1, 2022, until December 31, 2023 [2] - Due to a job change, Xia Qi will no longer fulfill his supervisory duties, and Zhang Li has been appointed to take over these responsibilities [2]

欧派家居集团股份有限公司 关于变更保荐代表人的公告 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。 证券代码:603833 证券简称:欧派家居 公告编号: 2025-098 转债代码:113655 转债简称:欧 22 转债 特此公告。 欧派家居集团股份有限公司董事会 2025 年 11 月 13 日 附件：张力先生简历 张力先生，中国国籍，保荐代表人；现任国泰海通证券投资银行董事总经理； 先后负责和参与了珈伟股份、欧派家居、深南电路、锐科激光、嘉必优、正弦电 气、特发服务、亿道信息 IPO 等项目；冀中能源可转债、深能源集团整体上市、 中兴通讯分离交易可转债、海南橡胶非公开增发、格林美公司债、欧派家居可转 债、深南电路可转债、明阳电路可转债等再融资项目；广州药业吸收合并白云山 （A+H）、深天马重大资产重组、珈伟股份重大资产重组、南华仪器重大资产重 组等财务顾问项目。张力先生在保荐业务执行过程中严格遵守《证券发行上市保 荐业务管理办法》等相关规定，执业记录良好。 欧派家居集团股份有限公司（以下简称"公司"） 于 2025 年 ...

Core Insights - The home furnishing industry is experiencing a pronounced "Matthew Effect," with leading companies outperforming while smaller firms struggle [1][8] - The top ten listed home furnishing companies reported a combined revenue of 1158.47 billion yuan for the first three quarters, reflecting a slight year-on-year decline of approximately 0.5% [2][3] - Despite some companies showing growth, the overall trend in the industry remains downward, with many firms facing significant revenue drops [4][6] Group 1: Revenue Performance - Dongfang Yuhong leads the industry with a revenue of 206 billion yuan, followed closely by Beixin Building Materials at 199.05 billion yuan [2] - Companies like Kuka Home and Oppein Home also reported revenues exceeding 100 billion yuan, indicating strong positions in their respective segments [1] - The revenue gap widens significantly after the top four, with the fifth-ranked Sanjiasu failing to reach the 100 billion yuan mark [1][2] Group 2: Industry Trends - The overall revenue of the top ten companies has decreased compared to the previous year, with six out of ten companies reporting a year-on-year decline [3][4] - The National Building Materials Home Furnishing Market Index (BHI) indicates a slight improvement in market conditions, but the year-on-year decline persists [3] - The sales revenue of large-scale building materials and home furnishing markets in September was 1308.38 billion yuan, showing a month-on-month increase but a year-on-year decline of 8.02% [4] Group 3: Strategic Adjustments - Companies are increasingly focusing on international expansion as a key strategy for growth, with Kuka Home planning a significant investment in Indonesia [5][6] - Dongfang Yuhong has also pursued overseas opportunities, including acquisitions in Hong Kong and Malaysia, indicating a shift towards global markets [6] - The differentiation between leading and trailing companies is becoming more pronounced, with top firms leveraging brand strength and market channels to capture greater market share [7][8] Group 4: Market Dynamics - The building materials sector is particularly affected by the downturn in the real estate market, with leading companies showing resilience while smaller firms struggle [7][9] - The disparity in performance among companies is attributed to differences in market positioning and channel strategies, with stronger firms benefiting from robust distribution networks [9] - The ongoing demand for home renovation and upgrades presents opportunities for growth, even amid overall market challenges [8][9]

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、本次使用部分闲置募集资金进行现金管理到期赎回的情况 欧派家居集团股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日披露 了《欧派家居关于使用闲置募集资金进行现金管理的进展公告》（公告编号： 2025-088），公司对暂时闲置的募集资金人民币 34,000 万元进行了现金管理。2025 年 11 月 11 日，公司购买的 34,000 万元单位大额存单已到期赎回，募集资金本 金及其产生的收益已全部到账，并存放于募集资金专用账户，具体情况如下： 单位：万元 | 受托方 | 产品名称 | 投入 | 预计年 化收益 | 起息日 | 到期日 | 赎回 | 实际年 化收益 | 实际 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 金额 | 率 | | | 金额 | 率 | 收益 | | 中国建设 | 单位大额存单 | | | 2025年 | 2025年 | | | | ...

Core Viewpoint - The home furnishing industry is undergoing a significant transformation characterized by a stark performance divide among companies, with increasing market competition and revenue pressures across various segments [1][2]. Revenue Decline - In Q3 2025, all segments of the home furnishing industry faced revenue declines, including custom furniture, soft furniture, and building materials [2]. - Notable revenue figures include: - Oppein Home: 13.214 billion, down 4.79% - ZBOM Home: 3.074 billion, down 16.36% - Sofia: 7.008 billion, down 8.46% [3][5]. Performance Metrics - Key performance metrics for various companies in Q3 include: - Oppein Home: Revenue 13.214 billion, Net Profit 1.835 billion, both down - ZBOM Home: Revenue 3.074 billion, Net Profit 0.173 billion, both down - Rabbit Baby: Revenue 6.319 billion, down 2.25%, Net Profit 0.635 billion, up 29.02% [3][5][6]. Market Trends - The home furnishing market is shifting towards higher quality-price ratios, personalized designs, and comprehensive space solutions, demanding enhanced product development and service capabilities from companies [9]. - Leading companies are adopting a "one-stop" model and utilizing AI design tools to improve customer engagement and sales conversion rates [9][10]. Channel Structure Adjustment - The online channel has evolved into a core platform for brand promotion, lead generation, and precise marketing, with some stores incorporating live streaming to enhance customer interaction [10]. - Consumer expectations for product quality, environmental sustainability, and personalization are rising, influencing company strategies [10]. International Expansion - Many home furnishing companies are increasingly looking to international markets for growth, transitioning from light asset trials to heavy asset investments [11]. - Companies like Gold Medal Home and ZBOM Home are expanding their overseas presence, establishing subsidiaries and local production bases to reduce costs [11][12][14]. Strategic Adjustments - Companies capable of "going global" are encouraged to adjust their market strategies, focusing on precise, specialized, and targeted market development [14].

Core Viewpoint - The company held a performance briefing on November 6, 2025, to discuss its third-quarter results and address investor concerns, emphasizing its commitment to stable development and shareholder returns [1][2]. Group 1: Performance and Financial Measures - The company has completed two share repurchase plans using its own funds, with a total transaction amount of 329 million yuan (approximately 3.29 billion) [2]. - The company has received authorization from the 2024 annual general meeting to develop a mid-term dividend plan for 2025, which will be implemented based on market conditions [3]. Group 2: Business Operations and Strategy - The "pre-receipts" on the balance sheet refer to amounts received from customers before a formal contract is established, indicating a focus on customer payments prior to service delivery [3]. - Changes in the "contract liabilities" on the balance sheet are influenced by multiple factors, including customer prepayments, order confirmations, and fulfillment of performance obligations [4]. - The company aims to enhance its "whole home" strategy, focusing on organizational reforms and improving delivery capabilities while optimizing brand development [7]. Group 3: Market Environment and Challenges - The company anticipates significant uncertainty in the external business environment for 2026, with challenges in macroeconomic conditions and consumer confidence recovery [8]. - The company plans to counteract industry pressures through efficiency improvements and the implementation of its "whole home" strategy [8]. Group 4: Inventory Management - The company has seen a gradual decrease in inventory levels due to industry trends and operational efficiency improvements, with a focus on aligning inventory structure with business development needs [9].

Core Viewpoint - The company held a performance briefing on November 6, 2025, to discuss its third-quarter results and address investor concerns regarding stock price stability, dividend plans, and operational strategies [1][2][3]. Group 1: Performance Briefing Details - The performance briefing took place on November 6, 2025, from 15:00 to 16:00 [1]. - The meeting was conducted via an online text interaction platform [1]. - Key executives, including the Chairman and President, independent directors, and financial officers, participated in the briefing [1]. Group 2: Investor Questions and Company Responses - The company has executed two share repurchase plans totaling 329 million yuan, emphasizing its commitment to investor returns [2]. - The board has been authorized to develop a mid-term dividend plan for 2025, pending market conditions [3]. - "Prepayments" on the balance sheet refer to amounts received from customers before a formal contract is established [4]. - Changes in "contract liabilities" are influenced by multiple factors, including customer prepayments and order confirmations [5]. - The company does not currently disclose the revenue split between new and old home customers but aims to provide tailored products based on customer preferences [6]. - The company’s strategic vision is to become a world-class home furnishing enterprise, focusing on a "big home" strategy and enhancing operational capabilities [7]. - The company anticipates challenges in the external environment for 2026, including economic uncertainties and potential reductions in policy-driven demand [7]. - The decline in inventory levels is attributed to industry trends and improved operational efficiency, with ongoing efforts to optimize inventory management [7]. Group 3: Additional Information - Investors can access the performance briefing details and further communications through the company's investor relations channels [8].

（原标题：广东"飞地经济学"：园区里转动产业新引擎） 俯瞰广清产业园 南方财经记者李振 广州报道 走进欧派AI超级工厂衣柜车间，几乎看不到工人，开料、封边、排孔工艺全部由机器自动完成，灵活 的6轴机械臂约一个半小时就能完成近2000件板材的分拣工作。 这里是欧派家居的广东清远制造基地，位于广清产业园内。很难想象，10多年前这里只是一个广袤荒芜 的小镇；如今，这里俨然已是一座新城，商业广场、现代化厂房、绿道和公园，一股现代气息扑面而 来。 作为广东省承接产业有序转移重点主平台园区之一，广清产业园区截至目前已累计完成工业总产值近 1200亿元，全口径税收约26亿元，可谓探索"飞地经济"的典型代表。 将时间回溯到2017年，欧派家居之所以将生产基地从广州转移到广清产业园，正是看中了这里优越的地 理位置和良好的营商环境。"我们反馈的需求，园区总能快速响应。"清远欧派集成家居有限公司党支部 书记钟菠对此印象深刻。 广清产业园由广州开发区主导开发，自2014年成立以来就不断推动广清一体化向纵深发展，探索出"广 州总部+清远基地""广州前端+清远后台""广州研发+清远制造""广州孵化+清远产业化"等合作共建模 式。这些模式 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is experiencing a slight decline in performance due to weak end-demand, with a revenue drop of 4.79% year-on-year in the first three quarters of 2025 [6] - The company is focusing on transforming its marketing system to support a comprehensive home furnishing strategy, aiming to enhance its competitive edge in the long term [6] - The company is committed to a home furnishing development strategy, implementing various reforms to support this core strategy [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 181.04 billion yuan, with a year-on-year decline of 4.3% [5] - The net profit attributable to the parent company for 2025 is estimated at 25.27 billion yuan, reflecting a year-on-year decrease of 2.8% [5] - The company's gross margin for Q3 2025 was 38.77%, down 1.59 percentage points year-on-year [9] Revenue Breakdown - Revenue from wardrobes and related products was 67.86 billion yuan, down 5.58% year-on-year [6] - Revenue from cabinets was 38.35 billion yuan, down 4.80% year-on-year [6] - Revenue from bathroom products was 7.87 billion yuan, down 1.57% year-on-year [6] Market Position and Strategy - The company has over 1,200 effective retail home furnishing stores, with more than 60% of distributors engaged in the home furnishing business [9] - The company is enhancing its supply chain management and focusing on smart manufacturing to build a competitive advantage [6] - The company aims to redefine consumer needs in the home furnishing market, transitioning from merely meeting demands to defining them [6]