| 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 ...

Group 1: Stablecoin Regulation in Hong Kong - Hong Kong plans to issue limited stablecoin licenses by the end of 2025, with the initial number expected to be in the "single digits" [1] - The regulatory sandbox initially focused on stablecoins pegged to the Hong Kong dollar, but there is growing interest in offshore stablecoins pegged to the Chinese yuan, driven by major tech companies like JD.com and Ant Group [1] - The Hong Kong Monetary Authority (HKMA) has established new regulations requiring stablecoin issuers to maintain sufficient asset reserves and segregate customer assets [1] - The new stablecoin policy in Hong Kong sets a global benchmark through full reserve backing, strict redemption guarantees, and oversight by the HKMA, reinforcing its status as a regulated digital finance hub [1] Group 2: Tariff Impact on Supply Chains - The U.S. has reduced tariffs on Vietnam from 46% to 20%, although this remains significantly higher than historical levels [2] - Tariff options are still not fully eliminated for key industries such as pharmaceuticals, automotive, and semiconductors, affecting various Asian economies reliant on exports [2] - China is shifting its policy focus towards stimulating domestic demand through reforms and regulatory adjustments, rather than large-scale interventions [2] Group 3: Home Furnishing Sector Valuation - The home furnishing sector's price-to-earnings (PE) ratio is at 22.39, which is at the 34.82% percentile of the past five years, indicating significant room for valuation recovery [3] - Major home furnishing companies like Sophia and Oppein are at historical low valuations, with potential for upward valuation adjustments and high safety margins [3] - The market share of leading custom home furnishing companies is expected to increase due to the inability of white-label brands to participate in subsidies, with companies like Oppein and Sophia showing substantial growth potential [3] - The rise in smart home penetration, driven by technology and policy incentives, is expected to promote industry growth, with companies like Mousse, Haotaitai, and Qushui Technology showing potential [3] Group 4: Electric Vehicle Industry Insights - Despite claims of "zero emissions," the production and recycling of batteries for electric vehicles pose significant environmental challenges, highlighting battery pollution as a future concern [4] - The competition between traditional automotive companies and emerging electric vehicle firms is not on the same track, as their goals and rules differ, making the notion of "overtaking" misleading [4] Group 5: Power Outage in Europe - A large-scale power outage occurred in the Czech Republic on July 4, 2025, lasting approximately nine hours, revealing structural vulnerabilities in modern power systems [5] - The outage led to severe consequences, including the paralysis of railway systems, subway operations, public transport, and communication networks [5] - Increasing extreme weather events add pressure to power systems, particularly affecting transmission lines and increasing grid vulnerability [5] - Historical power outages have demonstrated the risks of single faults leading to widespread system failures, emphasizing the need for upgrades and better monitoring systems in core transmission channels [5]

Industry Overview - The domestic furniture industry showed significant growth in the first five months of 2025, with retail sales totaling 75.74 billion yuan, a year-on-year increase of 21.40% [2][19] - The furniture manufacturing sector experienced a revenue decline of 3.90%, totaling 248.87 billion yuan [19] - The "old-for-new" consumption policy has effectively stimulated consumer spending, leading to rapid sales growth in related products [19] Market Performance - From June 2 to June 30, the light industry manufacturing sector outperformed the CSI 300 index by 1.12 percentage points, with a return of 3.62% compared to the index's 2.50% [4][49] - The textile and apparel sector underperformed the CSI 300 index by 0.56 percentage points, achieving a return of 1.94% [4][53] Strategic Recommendations - The report recommends increasing holdings in several companies, including Oppein Home (增持), Sophia (增持), Semir Apparel (增持), Pathfinder (增持), and Guibao Pet (增持) [6][55] - The "old-for-new" policy is expected to continue driving growth in the home goods sector, with central government funding of 138 billion yuan allocated for the third and fourth quarters [6][57] Key Data Points - In May, furniture exports amounted to 5.637 billion USD, a year-on-year decrease of 9.40% [21][58] - The pet food industry saw a significant increase in sales during the "618" shopping festival, with total sales reaching 7.5 billion yuan, a year-on-year growth of 36.36% [6][57] - The retail sales of clothing, shoes, and textiles totaled 613.84 billion yuan in the first five months, reflecting a year-on-year increase of 3.30% [2][40]