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 关于公司及控股子公司对外担保进展公告 证券代码：603833 证券简称：欧派家居 公告编号：2025-058 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 清远欧派集成家居有限公司（以下简称"清远欧 被担保人名称 派"） 本次担保金额 5,000 万元 担保对 象一 实际为其提供的担保余额 12,123.17 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其控股子 公司对外担保总额（万元） □担保金额超过上市公司最近一期经审计净资产 50% 特别风险提示（如有请勾选） □对合并报表外单位担保金额达到或超过最近一期经 审计净资产 30%的情况下 对资产负债率超过 70%的单位提供担保 其他风险提示（如有） 无 一、担保情况概述 （一） 担保的基本情况 ...

Core Viewpoint - The company, Oppein Home, announced its total approved guarantees for its controlling subsidiaries amounting to RMB 1,900,000 million, which represents 99.73% of the company's most recent audited net assets [1] Summary by Categories Financial Guarantees - The total approved guarantees provided by the company for its controlling subsidiaries is RMB 1,900,000 million [1] - The actual guarantees already provided by the company to its controlling subsidiaries amount to RMB 272,761.95 million, which is 14.32% of the company's most recent audited net assets [1] - The cumulative number of overdue guarantees for the company and its controlling subsidiaries is zero [1]

来源：金融界 资金流向方面，今日主力资金净流入1164.61万元，占比成交额4.69%。其中，超大单净流出98.60万 元、占成交额0.4%，大单净流入1263.21万元、占成交额5.08%，中单净流出流入382.72万元、占成交额 1.54%，小单净流出1547.34万元、占成交额6.23%。 金融界消息 截至2025年8月13日收盘，欧派家居（603833）报收于54.0元，上涨2.04%，换手率0.76%， 成交量4.63万手，成交金额2.48亿元。 通过天眼查大数据分析，欧派家居集团股份有限公司共对外投资了20家企业，参与招投标项目827次， 知识产权方面有商标信息966条，专利信息674条，此外企业还拥有行政许可243个。 欧派家居最新一期业绩显示，截至2025一季报，公司营业总收入34.47亿元、同比减少4.80%，归属净利 润3.08亿元，同比增长41.29%，扣非净利润2.66亿元，同比增长86.16%，流动比率0.953、速动比率 0.895、资产负债率45.17%。 天眼查商业履历信息显示，欧派家居集团股份有限公司，成立于1994年，位于广州市，是一家以从事家 具制造业为主的企业。企业注册 ...

Core Insights - The report highlights a significant shift in China's consumption structure from goods to services, with per capita service consumption expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of consumer spending [2] - The establishment of the Xinjiang-Tibet Railway Company marks the beginning of a major infrastructure project that is expected to enhance regional economic collaboration and reduce logistics costs, with an estimated investment of around 500 billion yuan [7][8] - The report emphasizes the positive impact of major infrastructure projects on China's economic stability and growth, particularly in the context of external uncertainties [9][10] Economic News - The Ministry of Commerce indicates a rapid transition in China's consumption structure, with service consumption growing at an annual rate of 9.6% from 2020 to 2024 [2] - The Ministry of Finance has introduced a one-year "dual interest subsidy" policy aimed at boosting consumer loans for various sectors, including automotive and healthcare [2] - The People's Bank of China is encouraging increased credit support for the service consumption sector to ensure effective policy implementation [4] Company Insights - Alibaba Health has signed a strategic cooperation agreement with Innovent Biologics to enhance supply chain solutions for cold-chain delivery of specific medications [5] - Didi has recently invested in a driverless commercial vehicle company, indicating a strategic move towards autonomous transportation [5] - Jiangfeng Electronics is planning to integrate its flat panel display target material business with Japan's Aifuka Corporation, showcasing international collaboration [5] Infrastructure Projects - The Xinjiang-Tibet Railway is expected to significantly lower logistics costs and enhance economic cooperation between regions, with a construction period projected to exceed 20 years [8][9] - The report outlines that the construction of the Xinjiang-Tibet Railway will provide a safety net for China's economy against external uncertainties, contributing approximately 0.18% to GDP growth annually [8][9] - Other major infrastructure projects are also set to commence, which will serve as important engines for domestic demand and economic stability [10] Investment Recommendations - The report suggests that leading companies in the construction and materials sector will benefit significantly from the Xinjiang-Tibet Railway project, including major state-owned enterprises [9] - It emphasizes that the implementation of major projects will not only yield long-term benefits but also stabilize the economy amid external challenges [11]

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-058 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | 转债 | | 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其控股子 | 272,761.95 | | 公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 14.32 | | 特别风险提示（如有请勾选） | □对外担保总额超过最近一期经审计净资产 100% | | | □担保金额超过上市公司最近一期经审计净资产 50% | | | □对合并报表外单位担保金额达到或超过最近一期经 | | | 审计净资产 30%的情况下 | | | ☑对资产负债率超过 70%的单位提供担保 | | 其他风险提示（如有） | 无 | | | | 被担保人名称 本次担保金额 | 派"） 5,000 | 万元 | 清远欧派集成家居有限公司（以下简称"清远欧 | | --- | --- | --- | --- | --- | ...

Investment Rating - The report indicates a positive investment outlook for the IP toy sector, paper industry, and home furnishing sector, highlighting specific companies to watch [2][4][17]. Core Insights - The IP toy market continues to thrive, with Sanrio's FY26Q1 performance exceeding expectations, driven by strong IP character sales, particularly Hello Kitty, across various regions [2][4]. - The paper industry is entering a peak demand season in Q3, with expectations for price stabilization and potential upward movement due to supply-side improvements [14][15]. - The home furnishing sector is poised for recovery as Beijing relaxes housing purchase restrictions, which may enhance valuation and stimulate demand [17][19]. Summary by Sections 1. IP Toy Sector - Sanrio's FY26Q1 revenue reached 431 billion JPY, a 49% year-on-year increase, with operating profit up 88% and net profit up 38%, attributed to strong IP character performance [2][4]. - Companies such as Morning Glory, Chuangyuan, Chaohongji, Guobo, and Blucor are highlighted for their innovative IP collaborations and product launches [2][4][6][9][10]. 2. Paper Industry - The report notes that Q3 demand is gradually increasing, with expectations for paper prices to stabilize and potentially rise, supported by reduced production from overseas suppliers [14][15]. - Key companies to monitor include Sun Paper, Nine Dragons, and Bohui Paper, as they are positioned to benefit from the improving supply-demand dynamics [14][15]. 3. Home Furnishing Sector - The easing of purchase restrictions in Beijing is expected to boost the home furnishing sector, with companies like Sophia, Oppein, Gujia, and others identified as having strong dividend safety margins [17][19][23]. - The report emphasizes the potential for valuation recovery in the home furnishing sector, driven by improved consumer confidence and demand from the secondary housing market [19][23].

Macro and Strategy Research - In July 2025, the Consumer Price Index (CPI) showed a shift from a year-on-year increase to stability, with a month-on-month increase driven by summer travel demand and improved consumption policies [2] - The Producer Price Index (PPI) saw a narrowing of the decline in July 2025, with international pricing of oil and non-ferrous metals rising, while domestic production material prices remained weak due to adverse weather conditions [3][4] Industry Research - The price of corrugated paper has increased, with leading companies like Nine Dragons Paper raising prices, which has led to downstream companies issuing price increase notices for cardboard [6][7] - Beijing has optimized its housing purchase restrictions, allowing eligible families to buy multiple properties outside the Fifth Ring Road, which is expected to positively impact the home goods sector [8] - The light industry manufacturing sector outperformed the CSI 300 index by 1.34 percentage points, while the textile and apparel sector outperformed by 3.00 percentage points during the week of August 4 to August 8 [7] - The corrugated paper price rose by 50 yuan per ton from August 1 to August 8, indicating a positive trend in the packaging paper market as demand increases in the second half of the year [7][8]

上一周，家居企业动态不断。海关总署发布数据，1-7月家具及其零件出口额2714.9亿元；江山欧派又 有高管离职；中消协公布2025年上半年家具投诉量；欧派家居回应"经营稳健性及分红合规性"质疑；浙 江永强下属公司拟在印尼设立子公司，推进东南亚地区产能布局。 海关总署：1-7月家具及其零件出口额2714.9亿元 8月7日，海关总署发布数据显示，我国家具及其零件7月单月出口350.5亿元，1-7月累计出口2714.9亿 元，同比下降4.5%；陶瓷产品7月单月出口135.7亿元，1-7月累计出口930亿元，同比增长2.7%；灯具、 照明装置及其零件7月单月出口241.6亿元，1-7月累计出口1630亿元，同比下降4.9%。 江山欧派高管接连离职 8月7日，江山欧派发布公告称，公司副总经理陆建辉因个人原因辞职。这是继7月9日总经理王忠、7月 17日副总刘佶南离职后，公司一个月内第三位高管离职。江山欧派7月28日发布的公告显示，已由董事 长吴水根兼任总经理职务。 中消协：2025年上半年家具投诉量增长36.79% 大亚圣象以1500万元参与认购投资基金份额 8月5日，大亚圣象发布公告称，公司以1500万元认购嘉兴翼龙股 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Suzano announced a price increase of $20 per ton for commodity pulp in the Asian market for August, indicating a potential recovery in pulp and paper prices from current cyclical lows [2][4] - The report highlights the ongoing price adjustments in the paper industry, with various paper types experiencing different price movements, suggesting a recovery trend driven by supply-demand dynamics [4][50] - The report emphasizes the importance of policy catalysts in the home furnishing sector, particularly in light of recent housing policy optimizations in Beijing [4][31] Summary by Sections Home Furnishing - Recent policy changes in Beijing allow families to purchase multiple properties outside the city center, which is expected to stimulate the housing market [4][31] - Major home furnishing companies are currently valued at historical lows, presenting potential investment opportunities as market sentiment improves [4][31] Paper Industry - As of August 8, 2025, various paper prices are reported: double glue paper at 4993.75 CNY/ton (unchanged), copper plate paper at 5320 CNY/ton (unchanged), white card paper at 3955 CNY/ton (down 35 CNY/ton), box board paper at 3463.4 CNY/ton (up 12.8 CNY/ton), and corrugated paper at 2582.5 CNY/ton (up 46.25 CNY/ton) [4][50] - The report notes that the current pulp and paper prices are at cyclical lows, with expectations for a rebound due to supply-demand imbalances [4][50] Consumer Goods - The report discusses the launch of new health-focused products in the personal care sector, indicating a shift towards higher quality and compliance with health standards [4][6] - The collaboration between Morning Glory stationery and popular anime IPs is expected to enhance brand visibility and sales [4][6] Export Chain - In July, China's total exports increased by 7.2% year-on-year, with significant growth in exports to ASEAN countries [4][6] - The report suggests that the ongoing shift of production capacity to Southeast Asia may enhance the long-term competitiveness of companies with overseas supply chain layouts [4][6] Packaging - New regulations in Shanghai aimed at reducing single-use plastics are expected to drive demand for recyclable and biodegradable packaging solutions [4][6] - The report recommends companies involved in eco-friendly packaging solutions as potential investment opportunities [4][6] New Tobacco Products - The introduction of new electronic cigarette products in the UK is anticipated to boost market share for refillable devices [4][6] - The report highlights the potential for growth in the new tobacco sector, particularly for companies with strong partnerships and product offerings [4][6] Textile and Apparel - The textile and apparel sector has shown resilience, with notable increases in revenue for key players despite some challenges [4][6] - The report identifies leading companies in the apparel sector as potential investment opportunities based on their performance [4][6]

Core Viewpoint - The home furnishing industry is experiencing significant challenges, with a notable decline in revenue and profits among major companies, despite some firms increasing their dividend payouts. The overall market is showing signs of recovery, but the underlying issues remain critical [3][5][30]. Revenue and Profit Trends - The total revenue of 30 selected A-share home furnishing companies peaked in 2021 at 167.8 billion yuan, but has since declined for three consecutive years, dropping to 135.5 billion yuan in 2024, a decrease of approximately 20% [3][11]. - Net profits reached a historical high of 18.8 billion yuan in 2019 but plummeted to 3 billion yuan in 2024, with one-third of the companies reporting losses [3][15]. Employment and Operational Challenges - The total number of employees in the home furnishing sector decreased from 217,000 in 2021 to 165,000 in 2024, resulting in a loss of over 50,000 jobs [4][22]. - The average accounts payable turnover days increased from 88 days in 2018 to 154 days in 2024, indicating worsening cash flow issues for suppliers [19][21]. Stock Performance and Shareholder Returns - The median stock price decline for the 30 companies is 64%, with over half of the companies experiencing declines of more than 64% [25][28]. - Despite poor financial performance, some companies have increased their dividend payouts significantly, with 12 companies having a cash dividend ratio exceeding 70% in 2024 [30][31]. Management and Ownership Changes - Several founding families have transferred control of their companies due to financial difficulties, including major players like Meikailong and Gujia Home [5][35][36]. - The trend of high dividend payouts amidst declining profits may reflect the financial strain on controlling shareholders [34]. Market Recovery and Future Outlook - Since the low point in 2024, the total market capitalization of the "Home 30" has shown signs of recovery, with a year-on-year increase of 19% [5][28]. - Companies are increasingly focusing on overseas markets, with 12 companies reporting overseas revenues exceeding 100 million yuan in 2024, accounting for 17% of their total revenue [5][38].