耐用消费产业行业研究 2026 年 02 月 08 日 买入（维持评级） 行业周报 证券研究报告 国金证券研究所 分析师：赵中平（执业 S1130524050003 ） zhaozhongping ＠gjzq.com.cn 分析师：唐执敬（执业 S1130525020002 ） tangzhijing＠gjzq.com.cn 联系人：谢俪丹 xielidan＠gjzq.com.cn 国际烟草巨头财报频出，泡泡年会更新，苹果官宣 AI 硬件布局 投资逻辑 潮玩：布鲁可登录日本市场、海外版图持续扩张，与 Takara Tomy 合作深入有望进一步推动其 IP 拓展进程。布鲁可 变形金刚星辰版前三弹将率先登岛，此次由日本《变形金刚》IP 官方持有方 Takara Tomy（多美）引入。2 月 5 日泡 泡玛特与中科宇航联名设计的太空主题 SPACE MOLLY 公仔完成太空首秀；2 月 6 日公司举办年会，会上宣布 2025 全 年全品类销售量超 4 亿，Labubu 单品销售量超 1 亿，全球注册会员超 1 亿人，门店数量超 700 家。 新型烟草：菲莫国际业绩会彰显 HNB 赛道长期增长动力，未来有望二次加速， ...

证券代码：000785 证券简称：居然智家 公告编号：临 2026-005 居然智家新零售集团股份有限公司 关于公司及子公司 2025 年度担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、担保情况概述 北京居然之家家居连锁有限公司（以下简称"家居连锁"）为居然智家新零 售集团股份有限公司（以下简称"公司"、"本公司"）全资子公司，北京居然 之家智能科技有限公司（以下简称"居然智能"）为家居连锁全资子公司。公司 于 2025 年 4 月 29 日、2025 年 5 月 23 日分别召开第十一届董事会第十八次会议、 第十届监事会第十七次会议、2024 年年度股东大会，审议通过了《关于公司及 子公司 2025 年度担保额度预计的议案》，同意公司及下属子公司 2025 年度提供 担保额度总计不超过人民币 124,000 万元，其中，家居连锁对居然智能提供担保 的总额度不超过 70,000 万元。 近期，居然智能由于业务发展需要，拟与中国银行股份有限公司北京东城支 行（以下简称"中国银行北京东城支行"）签订《授信额度协议》（以下简称"主 合同"），综 ...

证券代码：000785 证券简称：居然智家 公告编号：临 2026-004 居然智家新零售集团股份有限公司 关于孙公司为子公司提供担保的公告 北京居然之家家居连锁有限公司（以下简称"家居连锁"）为居然智家新零 售集团股份有限公司（以下简称"公司"、"本公司"）全资子公司。因收购北 京睿鸿商业管理有限公司（以下简称"睿鸿公司"）100%股权及相关债权等相关 资产需要，家居连锁向平安银行股份有限公司沈阳分行（以下简称"平安银行沈 阳分行"）申请 117,000 万元并购贷款（以下简称"本次借款"），借款期限为 7 年。家居连锁以其持有的睿鸿公司 100%股权为本次借款提供质押担保；睿鸿公 司以其持有的位于北京市朝阳区北四环东路 73 号院 1 号楼的房屋所有权及其占 用范围内的土地使用权（《不动产权证书》编号为京（2018）朝不动产权第 0106489 号，以下简称"主体物业"）为本次借款提供抵押担保，并以其应收账款为本次 借款提供质押担保；家居连锁全资子公司北京居然之家商业物业有限公司（以下 简称"商业物业"）为本次借款提供连带责任保证（以下统称"本次担保事项"）。 具 体 内 容 请 见 公 司 于 2023 ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 居然智家(000785) 投资评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 证券研究报告 公司研究 [Table_ReportDate] 2026 年 02 月 01 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2025 年业绩预告。公司预计 25 年归母净利润实现-11.5~-8.5 亿元（同期为 7.69 亿元），扣非后归母净利润为 1.05-1.55 亿元（同比 -82.6%~-88.2%）；根据我们测算，单 Q4 公司归母净利润中值为-13.98 亿元（同 期为 0.38 亿元），扣非后归母净利润中值为-3.14 亿元（同期为 0.74 亿元）。 点评：根据公司公告，受 2025 年特殊突发事件影响，商场招租及租金收入、投 资性商业用房公允价值下降，据其测算，2025 年度公司投资性房地产公允价值 变动下降约 10 亿元至 16 亿元。此外，我们预计受地产疲软&需求低迷等因素 影响，租赁业 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 居然智家(000785) 投资评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 居然智家：短期业绩承压，积极变革，提质提 效，发力 AI 设计构建新流量入口 [Table_ReportDate] 2026 年 02 月 01 日 报告内容摘要: [Table_S 事件：公司发布 ummary]2025 年业绩预告。公司预计 25 年归母净利润实现-11.5~-8.5 亿元（同期为 7.69 亿元），扣非后归母净利润为 1.05-1.55 亿元（同比 -82.6%~-88.2%）；根据我们测算，单 Q4 公司归母净利润中值为-13.98 亿元（同 期为 0.38 亿元），扣非后归母净利润中值为-3.14 亿元（同期为 0.74 亿元）。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——中国无人驾驶"军团"，"武装"阿布扎比 每经AI快讯，居然智家1月30日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润亏损8.5亿 元~11.5亿元，同比由盈转亏。基本每股收益亏损0.14元~0.19元。上年同期基本每股收益盈利0.12元。 业绩变动主要原因是，2025年度，受房地产市场深度调整影响，新房和二手房交易下降，房屋装修和家 居消费相应减少，居民对可选消费趋于谨慎，有效需求不足，同时受公司2025年特殊突发事件影响，商 场招租及租金收入、投资性商业用房公允价值下降，据初步测算，2025年度公司投资性房地产公允价值 变动下降约10亿元至16亿元。 ...

Core Viewpoint - The company, Juran Smart Home, anticipates a net profit loss of 850 million to 1.15 billion yuan for the fiscal year 2025, contrasting with a profit of 769 million yuan in the same period last year [1] Group 1: Financial Performance - The projected net profit loss for 2025 is significantly impacted by a deep adjustment in the real estate market, leading to a decline in both new and second-hand property transactions [1] - The previous year's profit was 769 million yuan, indicating a substantial shift in financial performance for the upcoming year [1] Group 2: Market Conditions - The downturn in the real estate market has resulted in reduced demand for home renovations and home goods, as consumers are becoming more cautious with discretionary spending [1] - There is a noted lack of effective demand in the market, which is further exacerbated by the anticipated special unexpected events affecting the company in 2025 [1] Group 3: Revenue Impact - The company's rental income from shopping malls and the fair value of investment commercial properties are expected to decline due to the adverse market conditions [1]

（文章来源：第一财经） 居然智家公告，预计2025年度归属于上市公司股东的净利润亏损8.5亿元-11.5亿元，上年同期盈利7.69 亿元。 ...

证券代码：000785 证券简称：居然智家 公告编号：临2026-003 居然智家新零售集团股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间：2025年1月1日至2025年12月31日 （二）业绩预告情况：预计净利润为负值 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股东 的净利润 | 亏损：85,000万元-115,000万元 | 盈利：76,937.24万元 | | 扣除非经常性损益后 的净利润 | 盈利：10,500万元–15,500万元 | 盈利：89,030.79万元 | | | 比上年同期下降：82.59% - 88.21% | | | 基本每股收益 | 亏损：0.14元/股–0.19元/股 | 盈利：0.12元/股 | 二、与会计师事务所沟通情况 本期业绩预告相关的财务数据未经会计师事务所审计。公司就本次业 绩预告与为公司提供年度审计服务的会计师事务所签字注册会计师进行了 预沟通，因2025年度审计工作尚在进行中 ...

Group 1 - Company X is a core supplier in Apple's supply chain, focusing on RF components and electromagnetic shielding products, deeply integrated with Apple's antenna and wireless charging module needs [1] - The company is actively expanding into automotive electronics, developing in-vehicle wireless charging and communication modules to smooth out fluctuations in the consumer electronics cycle [1] - As Apple increases its demand for intelligent and integrated terminal devices, the company's technological accumulation in the RF field is expected to translate into order advantages [1] Group 2 - Company Y indirectly enters Apple's supply chain through subsidiaries, primarily providing display modules and power management components for smart TVs [2] - The company is accelerating its "home appliance + IoT" strategy, creating multi-scenario smart terminal collaborative solutions around the Apple ecosystem [2] - The trend of integration between consumer electronics and home appliances provides new business extension opportunities for the company [2] Group 3 - Company Z focuses on the development and manufacturing of automated testing equipment, covering performance testing for core components like Apple chips and camera modules [3] - The company's equipment has achieved industry-leading precision and stability, enabling rapid response to Apple's new product testing needs [3] - The company is actively expanding into the semiconductor testing equipment field to break through the limitations of the single consumer electronics market [3] Group 4 - Company A specializes in precision screen printing equipment, providing production equipment for circuit board printing and component packaging for Apple [4] - The company's equipment meets Apple's stringent manufacturing requirements in terms of precision, efficiency, and stability [4] - As the Apple supply chain upgrades to high-end manufacturing, the company is expected to benefit from equipment renewal demands [4] Group 5 - Company B provides high-performance copper foil materials for Apple's circuit boards and battery current collectors, leveraging a complete copper processing industry chain [5] - The company is increasing R&D investment in ultra-thin copper foil to meet Apple's material upgrade needs amid the trend of lightweight consumer electronics [5] - The growing demand for copper foil in the electric vehicle sector also brings new revenue growth for the company [5] Group 6 - Company C is a long-standing supplier in Apple's supply chain, focusing on diodes and other semiconductor discrete devices widely used in Apple's power management and signal transmission modules [6] - The company is expanding its automotive-grade device business to enhance its risk resistance amid industry cycle fluctuations [6] - Investment in the R&D of third-generation semiconductor devices is expected to open up long-term growth opportunities for the company [6] Group 7 - Company D specializes in functional structural components for consumer electronics, providing battery protection boards and heat dissipation modules for Apple [7] - The company's products meet Apple's design requirements for lightweight and integrated solutions through precision stamping and injection molding technology [7] - The company is positioning itself in the wearable devices and smart home sectors to seize growth opportunities in niche markets [7] Group 8 - Company E provides high-performance aluminum alloy materials for Apple's terminal devices, achieving industry-leading strength and lightweight standards [9] - The company continuously optimizes product competitiveness through technological iterations to meet Apple's increasing material performance requirements [9] - The demand for aluminum alloy materials in the electric vehicle sector also presents new growth opportunities for the company [9] Group 9 - Company F focuses on magnesium alloy materials, providing lightweight structural solutions for Apple [10] - The company leverages its R&D and large-scale production capabilities in magnesium alloys to gain more market share in Apple's supply chain [10] - The company is also accelerating its layout in the electric vehicle sector for magnesium alloy applications, creating a second growth curve [10] Group 10 - Company G, as a core authorized distributor for Apple, utilizes a nationwide offline channel network for the distribution and retail of Apple products [11] - The company is promoting a new retail model that integrates online and offline channels to enhance user experience and operational efficiency [11] - Its deep cooperative relationship with Apple serves as a core barrier in the competitive landscape [11] Group 11 - Company H provides chip packaging and testing services for Apple, covering core components like RF chips and storage chips [12] - The company maintains a significant position in Apple's supply chain due to its advanced packaging technology and large-scale manufacturing capabilities [12] - The company is accelerating its layout in automotive-grade chip packaging to adapt to industry structural changes [12] Group 12 - Company I participates in Apple's supply chain through air logistics services, ensuring efficient and safe delivery of core components globally [13] - The company has a robust air freight network and customized logistics solutions to support Apple's supply chain resilience [13] - The company is also expanding its cross-border e-commerce logistics business to enhance business diversification [13] Group 13 - Company J provides brand marketing services for Apple, focusing on offline event planning and content dissemination [14] - The company leverages its marketing experience and creativity to effectively communicate Apple's brand value [14] - The trend of content and scenario-based marketing in consumer electronics allows the company to create immersive marketing experiences for Apple [14] Group 14 - Company K offers communication network optimization services for Apple, ensuring stable network operations for Apple stores and data centers [15] - The company can quickly respond to Apple's network needs, supporting user experience upgrades [15] - The company is enhancing its service capabilities through technological upgrades in the context of 5G and IoT technology proliferation [15] Group 15 - Company L provides acoustic components for Apple, primarily used in audio output modules for devices like iPhones and headphones [16] - The company continuously optimizes its acoustic solutions through R&D investments to enhance product value [16] - The company is expanding into smart speakers and automotive acoustic businesses to unlock new growth opportunities [16] Group 16 - Company M specializes in precision metal structural components for Apple, providing essential parts like frames and brackets [18] - The company achieves industry-leading precision and consistency through advanced processing technology and large-scale manufacturing capabilities [18] - The company is also expanding into the electric vehicle structural component business to mitigate fluctuations in the consumer electronics cycle [18] Group 17 - Company N provides market research and data analysis services to support Apple's decision-making, focusing on user behavior research and product experience optimization [19] - The company utilizes a professional research team and big data technology to provide precise market insights for Apple [19] - In the context of intensified competition in the consumer electronics market, the company helps Apple enhance user stickiness and market share through in-depth data analysis [19] Group 18 - Company O supplies acoustic terminal products like headphones to Apple, meeting the ecological standards for sound quality and wearing experience [20] - The company continuously optimizes product performance through technological upgrades to expand application scenarios within Apple's ecosystem [20] - The company is also developing acoustic solutions for smart wearable devices to create long-term growth momentum [20] Group 19 - Company P provides deep processing glass technology for Apple, supplying display and structural glass for terminal devices [21] - The company's products achieve industry-leading strength and optical performance, aligning with Apple's requirements for product appearance and durability [21] - The trend of upgrading consumer electronics glass to larger sizes and higher transparency drives the company to continuously enhance its competitiveness [21] Group 20 - Company Q offers vacuum coating equipment for Apple, primarily used for surface treatment of screens and structural components [22] - The company's equipment meets Apple's manufacturing needs in terms of coating precision and stability [22] - The company helps Apple achieve differentiated competition through equipment technology iterations amid trends of upgrading appearance and performance in consumer electronics [22] Group 21 - Company R provides communication chips and modules for Apple, mainly used in smart home devices for connectivity [23] - The company's products meet Apple's ecological standards in terms of stability and compatibility [23] - The company is also expanding into automotive-grade communication chip business to unlock new growth opportunities [23] Group 22 - Company S specializes in machine vision inspection equipment for Apple, providing solutions for appearance and performance testing of terminal devices [24] - The company's equipment achieves industry-leading precision and efficiency through advanced visual algorithms and optical technology [24] - The company continuously enhances its inspection capabilities through equipment iterations, deeply participating in Apple's quality control system [24] Group 23 - Company T supplies environmentally friendly synthetic leather materials for Apple, used in accessories and smart device exterior components [25] - The company's products meet Apple's design requirements in terms of environmental friendliness and texture [25] - The trend of green and low-carbon transformation in consumer electronics drives the company to continuously optimize product performance through material innovation [25] Group 24 - Company U provides offline home furnishing showrooms for Apple, showcasing and selling smart home products [26] - The company helps Apple reach a broader family user base through its nationwide channel network [26] - The acceleration of the smart home ecosystem's implementation allows the company to enhance market penetration for Apple's smart home products [26] Group 25 - Company V offers supply chain logistics services for Apple, primarily handling warehousing and distribution of components [27] - The company ensures efficient operation of Apple's supply chain through intelligent logistics systems and customized solutions [27] - The company enhances logistics resilience to help Apple cope with uncertainties amid global supply chain restructuring [27] Group 26 - Company W provides display testing equipment for Apple, focusing on performance and defect detection of terminal screens [28] - The company's equipment meets Apple's high standards in precision and stability through advanced testing technology and algorithm capabilities [28] - The company continuously enhances its testing capabilities through equipment iterations, deeply participating in Apple's product quality control [28] Group 27 - Company X provides semiconductor packaging and module manufacturing services for Apple, covering core components like RF chips and power management chips [29] - The company maintains a significant position in Apple's supply chain due to its advanced manufacturing technology and large-scale capacity [29] - The company is accelerating its layout in automotive-grade chip business to adapt to industry structural changes [29] Group 28 - Company Y provides automated assembly equipment for Apple, primarily used in the precision assembly of terminal devices [30] - The company's equipment meets Apple's manufacturing needs in terms of efficiency and stability through advanced automation technology [30] - The company continuously enhances its assembly capabilities through equipment iterations, deeply participating in Apple's production system [30] Group 29 - Company Z provides functional testing fixtures and automation equipment for Apple, focusing on performance testing and validation of terminal devices [31] - The company's products meet Apple's high standards in precision and reliability through a professional R&D team and manufacturing capabilities [31] - The company supports Apple's efficient product launches by quickly responding to customer needs amid the accelerated pace of consumer electronics iteration [31] Group 30 - Company A provides precision functional structural components for Apple, primarily used in internal components of devices like iPhones and iPads [32] - The company's products meet Apple's design requirements in terms of stability and integration through mature manufacturing processes and quality control [32] - The company is also expanding into the electric vehicle structural component business to unlock new growth opportunities [32] Group 31 - Company B supplies rare earth permanent magnet materials for Apple, used in components like vibration motors and sensors [33] - The company's materials meet Apple's technical requirements in terms of magnetic performance and stability through advanced rare earth processing technology [33] - The trend of intelligent upgrades in consumer electronics drives the company to continuously optimize product performance through material innovation [33] Group 32 - Company C provides quartz crystal components for Apple, primarily used in clock and frequency control modules of terminal devices [34] - The company's products meet Apple's high standards in precision and stability through mature crystal manufacturing technology [34] - The trend of high-frequency and high-speed upgrades in consumer electronics drives the company to continuously optimize product performance [34] Group 33 - Company D provides display touch modules for Apple, primarily used in screen components of iPhones and iPads [35] - The company's products meet Apple's ecological standards in terms of touch sensitivity and display quality through advanced display technology and manufacturing capabilities [35] - The trend of flexible and high-refresh-rate upgrades in display technology drives the company to continuously enhance module performance [35] Group 34 - Company E, as a core strategic supplier for Apple, specializes in precision connectors and modules widely used in devices like iPhones and headphones [37] - The company occupies a core position in Apple's supply chain due to its full industry chain layout and large-scale manufacturing capabilities [37] - The company is accelerating its layout in automotive electronics to create a long-term growth engine [37] Group 35 - Company F provides rare earth permanent magnet materials for Apple, used in components like motors and sensors [38] - The company's materials meet Apple's high standards in terms of performance and consistency through advanced rare earth permanent magnet technology [38] - The trend of intelligent upgrades in consumer electronics drives the company to continuously optimize product performance and deepen its integration into Apple's supply chain [38] Group 36 - Company G provides display solutions for Apple, primarily used in brand display and interactive experience scenarios in Apple stores [39] - The company leverages advanced display technology and creativity to create immersive brand communication scenarios for Apple [39] - The trend of scenario-based marketing in consumer electronics allows the company to continuously enhance its service capabilities and strengthen its partnership with Apple [39] Group 37 - Company H provides functional film materials and automation equipment for Apple, primarily used in screen protection and assembly processes [40] - The company's products meet Apple's design requirements in terms of protection performance and fitting precision through advanced film material R&D and manufacturing capabilities [40] - The trend of lightweight upgrades in consumer electronics drives the company to continuously optimize product performance and deepen its integration into Apple's supply chain [40]