"守护品牌"政企协作机制是由国家市场监督管理总局执法稽查局为深入贯彻落实国家知识产权保护战 略，有效打击侵权假冒违法行为，切实维护消费者合法权益与市场公平竞争秩序而建立。该机制旨在深 化各级市场监管部门与重点品牌企业的协作配合，形成打击侵权假冒的更强合力。 居然之家相关负责人表示，此次入选"'守护品牌'政企协作机制成员企业"，既是对居然之家过往成就的 褒奖，也是对其未来发展的鞭策。未来，居然之家将与政府、企业及社会各界紧密协作，持续深化数智 化转型，提升品牌核心竞争力，为消费者提供更优质的产品与服务，引领家居行业朝着规范化、智能 化、绿色化方向稳健前行，为守护品牌价值、构建良好市场生态贡献更大力量，共同营造公平竞争、诚 信经营的市场环境。 原标题：居然之家入选国家首批"守护品牌"政企协作机制成员名单 近日，居然之家入选国家市场监督管理总局第一批"守护品牌"政企协作机制成员企业名单。 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 3.82 CNY [6]. Core Views - The company has shown significant results from its reform in the招商模式 (recruitment model) and continues to advance its digital transformation [2][3]. - The company is positioned as a leader in the domestic home furnishing industry, utilizing a "direct sales + franchise" light asset model for efficient growth [10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 6.445 billion CNY, a year-on-year increase of 1.54%. However, the net profit attributable to the parent company was 328 million CNY, a decline of 45.52% [1]. - For the second quarter of 2025, revenue was 3.133 billion CNY, down 2.40% year-on-year, with a net profit of 117 million CNY, down 53.95% [1]. Product Segmentation - Revenue from various segments in 2025H1 included: rental management (2.38 billion CNY, down 21.27%), merchandise sales (3.63 billion CNY, up 29.49%), franchise management (217 million CNY, up 3.85%), and renovation services (104 million CNY, down 14.94%) [2]. Digital Transformation - The company is accelerating its digital transformation across three main business segments, with significant results. For instance, the居然设计家 (Juran Design Home) saw a 47% increase in paid users and a 9% increase in active users [3]. - The居然智慧家 (Juran Smart Home) opened 14 new stores in the first half of 2025, leading to a 55.3% increase in sales [3]. International Expansion - The company is actively implementing its international strategy, with successful operations in Cambodia and Macau, and preparations for a store in Kuala Lumpur, Malaysia [4]. Profitability and Cost Management - The gross margin for 2025H1 was 23.85%, a decrease of 9.47 percentage points year-on-year. The net profit margin was 5.13%, down 4.46 percentage points [9]. - The company effectively managed its expenses, with a period expense ratio of 15.99%, down 5.10 percentage points year-on-year [9]. Future Projections - Revenue projections for 2025-2027 are 13.789 billion CNY, 15.225 billion CNY, and 16.412 billion CNY, with year-on-year growth rates of 6.34%, 10.42%, and 7.80% respectively [10]. - The projected net profit for the same period is 688 million CNY, 788 million CNY, and 938 million CNY, with corresponding growth rates of -10.54%, 14.46%, and 19.02% [10].

Group 1: Market Environment Improvement - The establishment of a unified national market has led to clearer rules, more efficient circulation, fairer competition, and better resource allocation [1] - The "negative list" for market access has been reduced from 117 items in 2022 to 106 items, with national management measures decreasing from 486 to 469 [2] - The optimization of the business environment has been felt by enterprises, with significant improvements in operational efficiency reported by leading companies like Juhua Home [2][3] Group 2: Infrastructure and Logistics Enhancement - The construction of a comprehensive infrastructure network has been a focus during the "14th Five-Year Plan," resulting in the world's largest high-speed rail, highway, and postal networks [4] - Logistics costs are projected to decrease by over 400 billion yuan, with transportation costs alone reduced by approximately 280 billion yuan [4] - The opening of special trains has significantly shortened transportation times and reduced logistics costs, leading to a more than 30% increase in foreign trade orders for some companies [4] Group 3: Fair Competition and Regulatory Framework - The implementation of the "Fair Competition Review Regulations" aims to eliminate behaviors that hinder fair competition, with a comprehensive framework established for oversight [6] - Local governments, such as Zhejiang Province, have actively responded to these regulations, reviewing over 2,000 major policy measures to ensure fairness in competition [6][7] - The continuous improvement of regulatory enforcement is expected to further enhance the unified market, facilitating economic circulation and supporting high-quality development [7]

Core Viewpoint - Despite significant changes, the company, Juran Zhijia, managed to report a slight revenue growth of 1.54% in the first half of the year, reaching 6.445 billion yuan, although net profit fell sharply by 45.52% to 329 million yuan, indicating challenges in the home furnishing industry due to economic fluctuations and intensified competition [1] Financial Performance - Revenue for the first half of the year was 6.445 billion yuan, reflecting a 1.54% increase year-on-year [1] - Net profit decreased by 45.52% to 329 million yuan [1] - Gross margin dropped to 23.85%, a decline of 9.47 percentage points year-on-year [1] - Total assets decreased by 3.69% to 47.84 billion yuan [1] Management Changes - Following the sudden death of the company's actual controller, Wang Linpeng, the management is undergoing adjustments [2] - Wang Ning, previously the executive president, has taken over as chairman and legal representative of the company [3] - Wang Ning has extensive experience within the company, having held various key positions since joining in 1999 [3] Shareholding Structure - Wang Ning holds only 111.83 million shares, accounting for 0.018% of the company, indicating he is not a key shareholder [4] - Yang Fang, the widow of Wang Linpeng, has been appointed as a non-independent director candidate and is now involved in the company's operations [4][5] Business Strategy - The company is shifting its focus back to its core retail business, emphasizing consumer engagement [6] - Despite ongoing digital transformation efforts, the traditional rental model remains a significant revenue source, although it is facing challenges [7] - In the first half of the year, product sales accounted for 56.34% of total revenue, marking a shift from traditional rental income, which fell to 40.34% [7] - The average gross margin for product sales is significantly lower at 6.16%, compared to 47.24% for rental and management income, highlighting the profitability challenges ahead [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000785 证券简称：居然智家 公告编号：临2025-054 居然智家新零售集团股份有限公司 二〇二五年第二次临时股东大会会议决议公告 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。 特别提示： 1、本次股东大会增加临时提案的情况 居然智家新零售集团股份有限公司（以下简称"公司"或"本公司"）于2025年8月16日在信息披露网站巨 潮资讯网（http://www.cninfo.com.cn）披露了《关于召开2025年第二次临时股东大会的通知》（公告编 号：临2025-046）。2025年8月20日，公司董事会收到公司控股股东北京居然之家投资控股集团有限公 司发出的《关于提请增加居然智家新零售集团股份有限公司2025年第二次临时股东大会临时提案的 函》，提议将第十一届董事会第二十次会议审议通过的《关于补选公司第十一届董事会非独立董事的议 案》《关于修改〈公司章程〉的议案》，作为临时提案提交公司2025年第二次临时股东大会审议。详见 公司于2025年8月21日在巨潮资讯网（http://www.cnin ...

（来源：研报虎） 风险提示：宏观经济波动，行业市场竞争加剧，突发事件风险，数字化转型风险 H1营收增长稳健，数智化转型持续推进。公司1H25实现收入64.4亿元，同比+1.5%。分业务，1)租赁管 理业务：H1实现营收23.8亿元同比-21.3%，上半年公司自有、租赁卖场数量分别为17家、59家，分别较 24年底持平、-7家。H1公司直营家居卖场单位面积经营收入同比-16.2%，因公司为支持商户持续经营， 给予优质商户部分租金及管理费减免。2)加盟管理业务：H1实现营收2.2亿元，同比+3.9%，上半年公司 委托管理加盟、特许加盟卖场数量分别为173家、150家，合计为323家，较24年底-1家。3)商品销售业 务：H1实现营收36亿元，同比+29.5%。4)数智化转型方面，居然设计家H1付费用户数同比增超47%， 并持续推进AI设计能力、供应链建设以及营销推广。居然智慧家H1销售额超34.9亿元，同比+55.3%， 门店数达164家，上半年新开店14家，在苹果、OPPO、Vivo、小米、华为等核心品牌的渠道份额持续提 升，同时新能源汽车销售额同比增近400%。洞窝截止H1上线卖场超1,200家，入驻商户近1 ...

证券日报网讯 9月1日晚间，居然智家发布公告称，公司2025年第二次临时股东大会于2025年9月1日召 开，审议通过了《关于调整公司及子公司2025年度担保额度内担保方式的议案》等多项议案。 （文章来源：证券日报） ...

Core Points - The company, Easyhome New Retail Group Co., Ltd., aims to protect the legal rights of shareholders and creditors while adhering to relevant laws and regulations [3][5] - The company was established as a joint-stock company in Wuhan and has undergone significant restructuring and name changes over the years [4][5] - The registered capital of the company is approximately RMB 6.23 billion [4][5] Company Overview - The company was originally known as Wuhan Zhongshang Group Co., Ltd. and was approved for establishment in 1989 [3][4] - The company was renamed to Easyhome New Retail Group Co., Ltd. following a major asset restructuring in 2019 [4] - The company is headquartered in Wuhan, China, with a registered address at No. 9 Zhongnan Road, Wuchang District [4][5] Business Objectives and Scope - The company's business philosophy focuses on home furnishing and consumer goods, emphasizing service and integrity [5][6] - The operational scope includes decoration design, retail of daily necessities, furniture, logistics, and property management, among others [6][7] Share Structure - The company issues shares in the form of stocks, with a total share capital of approximately RMB 6.23 billion [4][5] - Shares are issued based on principles of openness, fairness, and justice, ensuring equal rights for all shareholders [8][9] - The company does not provide financial assistance for the purchase of its own shares [9][10] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends, participate in meetings, and supervise company operations [15][16] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [18][19] - The company emphasizes the integrity obligations of controlling shareholders and actual controllers [18][19] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for convening and voting [41][42] - Shareholder meetings must be announced at least 20 days in advance for annual meetings and 15 days for temporary meetings [55][56] - Voting can be conducted through various methods, including online platforms, to facilitate shareholder participation [84][85]

北京市海问律师事务所 关于居然智家新零售集团股份有限公司 致：居然智家新零售集团股份有限公司 根据《中华人民共和国证券法》、《中华人民共和国公司法》（以下合称"有 关法律"）及《居然智家新零售集团股份有限公司章程》 （以下简称"公司章程"） 的规定，本所作为居然智家新零售集团股份有限公司（以下简称"公司"）的法 律顾问，应公司的要求，指派律师列席公司于 2025 年 9 月 1 日召开的 2025 年第 二次临时股东大会（以下简称"本次会议"）现场会议，对本次会议召开的合法 性进行见证，并依法出具本法律意见书。 券时报》上刊登了《居然智家新零售集团股份有限公司关于召开 2025 年第二次 临时股东大会的通知》、《居然智家新零售集团股份有限公司关于增加 2025 年第 二次临时股东大会临时提案暨补充通知的公告》（以下简称"会议通知" ），对本 在本法律意见书中，本所律师仅对本次会议召集和召开的程序、表决程序及 出席本次会议现场会议的人员资格、召集人的资格是否符合有关法律和公司章程 的规定以及本次会议审议的议案表决结果是否有效发表意见，并不对本次会议所 审议的议案内容以及议案所表述的事实或数据的真实性、准确性、合 ...

第一条 为维护居然智家新零售集团股份有限公司（以下简称"公司"或"本公司"）、股 东和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）和其他有关规定，制订本 章程。 第二条 公司前身为武汉中商集团股份有限公司，系依照《武汉市人民政府批转市体改委关 于企业试行股份制的报告的通知》（武政[1989]63 号）和其他有关规定成立的股份有限公司。 公司经武汉市经济体制改革委员会武体改[1989]78 号文批准，以募集方式设立，在武汉市 工商行政管理局注册登记，取得营业执照，统一社会信用代码：91420100177691433G。 居然智家新零售集团股份有限公司 章 程 国家体改委以体改生[1993]238 号文批准，同意本公司为规范化的股份制试点企业。1994 年按照《公司法》的规定，1996 年按照国家体改委和国家国资局的要求，公司进行了规范，依 法履行了重新登记手续。 2025 年 9 月 第一章 总则 第三条 公司于 1990 年 3 月 10 日经中国人民银行武汉市分行武银管[1990]20 号文批准， 首次向 ...