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].

Core Viewpoint - The company, Oppein Home, announced the approval of a plan to utilize idle raised funds for cash management, with a total limit of up to RMB 350 million, effective from August 19, 2025, to August 18, 2026 [2]. Group 1 - The company held its 26th meeting of the 4th Board of Directors and the 17th meeting of the 4th Supervisory Board on August 8, 2025 [2]. - The resolution allows the company to manage temporarily idle raised funds for cash management purposes [2]. - The decision is part of the company's strategy to optimize the use of its financial resources [2].

Core Viewpoint - The company is holding its second extraordinary general meeting of shareholders in 2025 to discuss the proposal to lower the conversion price of the "EU 22 Convertible Bonds" due to the triggering conditions based on stock performance [5][10]. Meeting Details - The meeting is scheduled for August 22, 2025, at 14:30, located at the company's new headquarters in Guangzhou [4]. - The meeting will include a combination of on-site and online voting, with specific time slots for each voting method [2][3]. Voting Procedures - Shareholders must register to attend and can vote either in person or online during designated times [2][3]. - The voting will follow a non-cumulative voting system, where each share has one vote, and shareholders must select one option from "agree," "disagree," or "abstain" [3][8]. Proposal for Conversion Price Adjustment - The company proposes to lower the conversion price of the "EU 22 Convertible Bonds" due to the stock price being below 80% of the current conversion price for a specified period [10]. - The initial conversion price was set at 125.46 CNY per share, which has been adjusted to 118.48 CNY per share due to previous corporate actions [7][10]. Conditions for Price Adjustment - The adjustment requires approval from at least two-thirds of the voting rights present at the meeting, and shareholders holding the convertible bonds must abstain from voting [8][10]. - The new conversion price must not be lower than the higher of the average stock price over the last twenty trading days or the last trading day's price, and it must also meet the minimum net asset value per share [10][11].

证券代码：603833 证券简称：欧派家居 公告编号：2025-055 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 第四届董事会第二十六次会议决议公告 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《欧 派家居关于使用闲置募集资金进行现金管理的公告》。 三、备查文件 （一）第四届董事会第二十六次会议决议； （二）国泰海通证券股份有限公司关于欧派家居集团股份有限公司使用闲置 募集资金进行现金管理的核查意见。 一、董事会会议召开情况 欧派家居集团股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日以通讯 表决方式召开了第四届董事会第二十六次会议。本次会议通知及会议材料已于 生主持，应出席董事 7 人，实际出席董事 7 人。公司监事、高级管理人员列席了 本次会议。本次会议的召集和召开符合《中华人民共和国公司法》和《欧派家居 集团股份有限公司章程》的有关规定，所作决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于使用闲置募集资金进行现金管理的议案》： 同意公司在确保不改变募集资金用途和不影响募集资金投资项目正常运行 的情况下，使用总 ...

国泰海通证券股份有限公司 关于欧派家居集团股份有限公司 使用闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 欧派家居集团股份有限公司（以下简称"欧派家居"或"公司"）2022 年公开 发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等有关规定，对欧派家居拟使用 2022 年公开发 行可转换公司债券闲置募集资金进行现金管理的事项进行了审慎核查，具体核查 情况如下： 一、投资情况概述 （一）投资目的 为提高募集资金使用效率，在确保不改变募集资金用途且不影响募集资金投 资项目正常运行的情况下，公司已于 2024 年 7 月 25 日召开了第四届董事会第 十六次会议和第四届监事会第十一次会议，审议通过了《关于使用闲置募集资金 进行现金管理的议案》，批准公司使用总额度不超过人民币 5 亿元的暂时闲置募 集资金适时进行现金管理，有效期自 2024 年 8 月 19 ...

欧派家居集团股份有限公司 2025 年第二次临时股东会会议资料 欧派家居集团股份有限公司 2025 年第二次临时股东会会议资料 （证券代码：603833） 二零二五年八月二十二日 1 | 2025 | 年第二次临时股东会会议须知 | 3 | | --- | --- | --- | | 2025 | 年第二次临时股东会议程 | 4 | | 2025 | 年第二次临时股东会审议议案 | 5 | | | 议案一：关于董事会提议向下修正"欧 22 转债"转股价格的议案 | 5 | 欧派家居集团股份有限公司 2025 年第二次临时股东会会议资料 2025 年第二次临时股东会会议须知 为维护投资者的合法权益，保障股东或股东代理人（以下统称"股东"）在欧派家居集团股 份有限公司（以下简称"公司"）2025 年第二次临时股东会期间依法行使权利，确保股东会的 正常秩序和议事效率，根据《中华人民共和国公司法》《中华人民共和国证券法》、中国证监会 《上市公司股东会规则》以及《欧派家居集团股份有限公司章程》《欧派家居集团股份有限公 司股东大会议事规则》的相关规定，特制定本须知： 一、务请出席大会的股东准时到达会场签到确认参会资格。没 ...

为提高募集资金使用效率，在确保不改变募集资金用途且不影响募集资金投 资项目正常运行的情况下，公司已于 2024 年 7 月 25 日召开了第四届董事会第 十六次会议和第四届监事会第十一次会议，审议通过了《关于使用闲置募集资金 进行现金管理的议案》，批准公司使用总额度不超过人民币 5 亿元的暂时闲置募 集资金适时进行现金管理，有效期自 2024 年 8 月 19 日至 2025 年 8 月 18 日。 国泰海通证券股份有限公司 关于欧派家居集团股份有限公司 使用闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 欧派家居集团股份有限公司（以下简称"欧派家居"或"公司"）2022 年公开 发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司募集资金监管规则》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等有关规定，对欧派家居拟使用 2022 年公开发 行可转换公司债券闲置募集资金进行现金管理的事项进行了审慎核查，具体核查 情况如 ...