行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

格隆汇2月24日丨居然智家(000785.SZ)在投资者互动平台表示，公司产品暂不支持文生视频功能。公司 密切关注前沿技术的发展，围绕数智化战略，推动公司从"家居卖场运营商"向"全行业产业数智服务 商"转型。 ...

Group 1 - The core point of the article is the significant management transition at the home furnishing company, Juran Smart Home, following the death of its founder, Wang Linpeng, with his widow, Yang Fang, becoming the new controlling shareholder [1][2][6] - Yang Fang inherited 43.93% of the company's total shares, amounting to approximately 2.735 billion shares, and has taken over as the controlling person of Juran Smart Home [1][6] - The new management structure consists of Yang Fang and Wang Ning, who has taken on the role of chairman and is responsible for daily operations, indicating a "widow + manager" management model [1][3] Group 2 - Juran Smart Home has reported its first loss since going public, with a projected net loss of approximately 850 million to 1.15 billion yuan for 2025, a stark contrast to a profit of 769 million yuan in 2024 [2][6] - The decline in performance is attributed to a significant downturn in the real estate market, leading to reduced home transactions and cautious consumer spending, which has negatively impacted home decoration and furnishing consumption [6][10] - The company also anticipates a decrease in the fair value of its investment properties by 1 billion to 1.6 billion yuan due to special events in 2025, further exacerbating its financial challenges [6][10] Group 3 - The home furnishing industry is facing a challenging year, with major players like Juran Smart Home and Red Star Macalline experiencing significant operational declines [7][10] - Red Star Macalline has projected a staggering net loss of between 15 billion to 22 billion yuan for 2025, marking three consecutive years of losses totaling over 20 billion yuan [9][10] - The overall industry is grappling with the end of the real estate boom, prompting questions about the future strategies that home furnishing companies can adopt to navigate the new market landscape [12]

Group 1 - The core viewpoint of the articles highlights the transformation of traditional home furnishing markets from a single product transaction model to a multi-functional lifestyle experience, integrating shopping, socializing, and leisure activities to enhance consumer engagement [1][4][10] - The home furnishing industry is witnessing a shift from "extensive expansion" to "refined operations," with companies like IKEA China closing several stores while focusing on smaller formats and online integration to improve operational efficiency [2][3] - Data from the China Building Materials Circulation Association indicates that the market area for large-scale building materials and home furnishing is projected to decline by 11.38% year-on-year by 2025, prompting a need for traditional markets to adapt to consumer demands [3] Group 2 - The Ministry of Commerce and other departments have emphasized the importance of innovating consumer scenarios and supporting home furnishing markets in building an integrated ecosystem to provide comprehensive solutions for consumers [4][5] - Companies like Red Star Macalline and Juran Home are actively developing multi-functional spaces that combine automotive services with home furnishing, reflecting a trend towards integrating various lifestyle needs [6][8] - The focus on experiential retail is evident, with companies like Fusenmei Tianfu transforming their spaces into social hubs rather than mere sales floors, enhancing customer interaction and satisfaction [10][11] Group 3 - The ongoing demand for home furnishing remains strong, with physical stores serving as essential platforms for product display and customer service, despite the rise of online shopping [11][13] - Younger consumers are increasingly favoring online channels for their transparency and convenience, prompting traditional retailers to adapt by enhancing their online-offline integration and offering competitive pricing [11][15] - The future of home furnishing markets will depend on their ability to embrace digital marketing, create engaging consumer experiences, and build trust through personalized services [15]

Core Viewpoint - The actual controller of Juran Smart Home Group Co., Ltd. has changed due to the passing of the former controller, Wang Linpeng, with his spouse, Yang Fang, inheriting the shares, which is not expected to have a significant adverse impact on the company [2][7]. Group 1: Change of Control - The change of control occurred as a result of the death of the former actual controller, Wang Linpeng, with his spouse, Yang Fang, acquiring shares through inheritance, now controlling a total of 2,735,620,872 shares, representing 43.93% of the total share capital [3][4]. - Yang Fang is now the actual controller of the company, having completed the business change procedures for the 100% equity of Zhongtian Jiyie, previously held by Wang Linpeng [4]. Group 2: Progress of Equity Change - The equity change process is ongoing, with the transfer of shares and equity interests in related companies still being processed, including Wang Linpeng's direct holdings in Juran Holdings and Zhidazhi Building Materials [5][6]. - The company has disclosed that the transfer of shares will be executed through non-trading transfer methods, adhering to relevant legal and regulatory requirements [8]. Group 3: Impact on Operations - The equity change is not expected to significantly impact the company's daily operations or financial status, nor will it affect the company's independence and ongoing viability [7].

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。 重要提示： 1、本次权益变动系居然智家新零售集团股份有限公司（以下简称"公司"） 原实际控制人汪林朋先生逝世而引发的实际控制人变更，其配偶杨芳女士通过夫 妻共同财产分割及遗产继承的方式获得公司股份，不会对公司产生重大不利影响。 2、汪林朋先生持有的中天基业 100%股权已完成工商变更手续，杨芳女士现 持有中天基业 100%股权，汪林朋先生持有的公司股份、居然控股股权、致达建 材股权的过户手续尚在办理中。 一、权益变动基本情况 公司因原实际控制人汪林朋先生逝世，其配偶杨芳女士通过夫妻共同财产分 割及遗产继承的方式获得公司股份。本次权益变动后，杨芳女士合计控制公司 2,735,620,872 股股份，占公司总股本的 43.93%，公司实际控制人由汪林朋先生 变更为杨芳女士。具体内容详见公司于 2025 年 9 月 10 日在巨潮资讯网 （http://www.cninfo.com.cn）披露的《关于实际控制人发生变更暨股东权益变 动的提示性公告》（公告编号：临 2025-055）、《居然智家新零售集团股份有 限公司收 ...

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The durable consumer goods industry is experiencing growth driven by various segments, including trendy toys, new tobacco products, home furnishings, and AI technologies [1][2][3] - The report highlights the expansion of brands like Bubble Mart and the collaboration with Takara Tomy to enhance IP development in the trendy toy sector [1][8] - The new tobacco segment shows long-term growth potential, with companies like Philip Morris International reporting significant revenue increases [2][14] - The home furnishings market is showing signs of recovery, particularly in the second-hand housing market, while new housing remains under pressure [15][16] - The report emphasizes the importance of adapting to regulatory changes in the personal care and AI glasses sectors, which are expected to reshape marketing and distribution strategies [19][23] Summary by Relevant Sections Trendy Toys - Bubble Mart is expanding into the Japanese market and collaborating with Takara Tomy to enhance its IP development [1][8] - The company reported that it aims to sell over 400 million products across all IP categories in 2025, with significant growth in registered members and store numbers [9] New Tobacco - Philip Morris International's revenue reached $40.6 billion in 2025, with a 7.3% year-on-year increase, driven by a 15% increase in new tobacco product sales [14] - The market for heated tobacco products is expected to accelerate, despite potential regulatory challenges in various countries [2][13] Home Furnishings - The report notes a significant increase in transaction volumes in the second-hand housing market, with a 754.6% year-on-year increase in certain cities [15] - Export figures for furniture show a decline, but there is potential for recovery driven by policy support and improved consumer sentiment [16] AI and Personal Care - New regulations are set to transform marketing strategies in the personal care sector, emphasizing compliance and professional channels [19][21] - The AI glasses market is witnessing innovation, with companies like Oakley and Meta launching new products, indicating a growing trend towards smart technology integration [23] 3D Printing - The report highlights advancements in 3D printing technology, particularly in multi-color printing solutions, which are expected to enhance efficiency and usability in consumer applications [35] Two-Wheeled Vehicles - The electric bicycle market is facing challenges due to policy changes and high base effects, while the motorcycle sector is showing positive trends due to regulatory relaxations [36][37]

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 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a focus on transformation and growth opportunities in the home furnishing sector [1]. Core Insights - The company is expected to face significant pressure on its short-term performance, with a projected net profit loss of between 1.15 billion to 850 million yuan for 2025, compared to a profit of 769 million yuan in the previous year [1]. - The report highlights a strategic shift towards enhancing quality and efficiency, leveraging AI design to create new traffic channels, and focusing on digitalization and globalization to drive revenue growth [2][3]. - The company has accelerated its overseas expansion, with positive developments in Cambodia and Macau, and plans to continue deepening its core home furnishing business while exploring new consumer scenarios [3]. Financial Summary - Total revenue is projected to decline from 12.966 billion yuan in 2024 to 11.653 billion yuan in 2025, before recovering to 12.301 billion yuan in 2026 and 12.929 billion yuan in 2027, reflecting a growth rate of 5.6% and 5.1% in those years respectively [4]. - The net profit attributable to the parent company is expected to be -1.004 billion yuan in 2025, with a recovery to 606 million yuan in 2026 and 699 million yuan in 2027, indicating a significant turnaround [4]. - The gross margin is forecasted to decrease to 20.3% in 2025, with a gradual recovery to 23.3% in 2026 and 24.1% in 2027 [4]. Operational Performance - In the first half of 2025, the company's leasing and management business revenue was 23.83 billion yuan, down 21.3% year-on-year, while merchandise sales revenue increased by 29.5% to 36.31 billion yuan [2]. - The company is actively transforming its business model, with plans to operate shopping centers and modern department stores in key urban areas, which are expected to contribute to revenue recovery as the macroeconomic environment improves [2][3].