Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 9.159 billion yuan, representing a year-on-year decrease of 3.38% [1] - The net profit attributable to shareholders was 398 million yuan, down 45.58% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 444 million yuan, reflecting a decline of 45.61% year-on-year [1]

Core Viewpoint - The company, Juran Smart Home, has launched a new strategic framework aimed at transforming its operations and enhancing service quality, focusing on digital integration, scenario-based retail, global expansion, and sustainable development [1][2][3] Group 1: Strategic Focus - The strategic focus has shifted from "digitalization, intelligence, internationalization, and greening" to "digital intelligence, scenario-based, globalization, and sustainable development" [1][2] - The company plans to integrate AI technology to break down barriers between digital and intelligent services, transitioning from a home furnishing operator to a comprehensive industry digital service provider [1] Group 2: Scenario-Based Retail - The company will upgrade its offline stores from traditional category divisions to lifestyle scenario divisions, creating "lifestyle scenario collection stores" that cater to immersive experiences such as home office, pet cohabitation, and parent-child interaction [2] - Over the next three years, Juran Smart Home aims to establish 50 lifestyle scenario collection stores exceeding 200,000 square meters in major cities, providing comprehensive service solutions for Chinese families [2] Group 3: Globalization Strategy - The globalization strategy focuses on localizing operations in target markets rather than a single-store overseas model, aiming to create an ecosystem that empowers Chinese brands to expand internationally [2] - The company will utilize a collaborative approach involving physical networks, platform channels, and digital leadership to enhance its global influence [2] Group 4: Sustainable Development - The company is committed to a systematic approach to sustainable development, setting clear goals and pathways to unify environmental friendliness, social responsibility, and commercial value [2] - Juran Smart Home plans to publish high-quality ESG reports annually and aims to reduce carbon emissions by 20% over the next three years [2] Group 5: Service Quality Enhancement - The company has introduced the "Juran 1+6 Heart Service System," which includes commitments such as unified cash register, three-year warranty, and free cleaning services for appliances, aiming to elevate service quality [3] - This service upgrade is designed to enhance customer experience from basic service to a more personalized and quality-oriented approach [3] Group 6: Partner Collaboration - The "Bai Chuan Plan" has been initiated to innovate business models and achieve mutual benefits among partners, shifting from fixed rent to dynamic rent based on private traffic [3] - This plan allows manufacturers to use private traffic as a currency for rent deductions, promoting a win-win situation for both the platform and merchants [3]

Group 1 - The core viewpoint of the article is that Juran Smart Home has reported a decline in both revenue and net profit for the third quarter of the year [1] - The company's total operating revenue for the first three quarters is approximately 9.16 billion yuan, representing a year-on-year decrease of 3.38% [1] - The net profit attributable to shareholders of the listed company is approximately 398.24 million yuan, showing a significant year-on-year decrease of 45.58% [1] Group 2 - Among the top ten circulating shareholders, Chen Shihui is identified as a new circulating shareholder [2]

证券代码：000785 证券简称：居然智家 公告编号：临 2025-062 居然智家新零售集团股份有限公司 第十一届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 居然智家新零售集团股份有限公司（以下简称"公司"）第十一届董事会第 二十二次会议（以下简称"本次会议"）于 2025 年 10 月 29 日以通讯形式召开， 会议通知已于 2025 年 10 月 22 日以电子邮件的方式发出。本次会议应出席会议 董事 12 人，实际出席会议董事 12 人。会议由公司董事长兼 CEO 王宁先生主持。 本次会议的召开符合《中华人民共和国公司法》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。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年第三季度报告的议案》 表决结果：12 票同意、0 票反对、0 票弃权。 （具体内容请见登载于《中国证券报》《证券时报》《上海证券报》和巨潮资 讯网 http://www.cninfo.com.cn 的《居然智家新零售集团股份有限公司 20 ...

Financial Performance - The company's revenue for Q3 2025 was ¥2,713,906,595.07, representing a decrease of 13.36% compared to the same period last year[5]. - Net profit attributable to shareholders for Q3 2025 was ¥69,848,266.73, down 45.87% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥79,847,928.15, a decrease of 43.63% compared to the previous year[5]. - The basic earnings per share for Q3 2025 was ¥0.01, down 50.00% year-on-year[5]. - Total operating revenue for the current period is approximately ¥9.16 billion, a decrease of 3.39% from ¥9.48 billion in the previous period[30]. - Total operating costs increased to approximately ¥8.90 billion, up 0.91% from ¥8.82 billion in the previous period[30]. - Operating profit decreased to approximately ¥561.67 million, down 49.6% from ¥1.12 billion in the previous period[31]. - Net profit for the current period is approximately ¥402.13 million, a decline of 45.5% compared to ¥736.15 million in the previous period[31]. - Basic and diluted earnings per share are both ¥0.06, down from ¥0.12 in the previous period[32]. Cash Flow and Assets - Cash flow from operating activities for the year-to-date was ¥1,345,190,677.46, down 25.35% compared to the previous year[5]. - The company reported a significant reduction in cash and cash equivalents, down 59.15% to ¥1,087,257,027.52[10]. - The company's cash and cash equivalents decreased to ¥1,087,257,027.52 from ¥2,661,363,262.96 at the beginning of the period[26]. - The ending balance of cash and cash equivalents was CNY 889,466,928.89, a significant decrease from CNY 2,082,392,164.59[34]. - The net cash flow from operating activities was CNY 1,345,190,677.46, a decrease of 25.4% compared to CNY 1,802,036,306.48 in the previous period[34]. - Cash outflows from operating activities totaled CNY 9,221,244,189.62, an increase of 8.4% from CNY 8,508,848,881.41[34]. - The net cash flow from investing activities was -CNY 468,144,776.33, improving from -CNY 943,319,330.84 year-over-year[34]. - Cash inflows from financing activities amounted to CNY 1,749,809,040.22, down 34.9% from CNY 2,688,469,734.92[34]. - The net cash flow from financing activities was -CNY 2,168,766,324.07, worsening from -CNY 1,882,905,712.95 in the previous period[34]. - The company's total assets at the end of Q3 2025 were ¥45,937,106,156.70, a decline of 7.53% from the end of the previous year[5]. - As of September 30, 2025, the company's total assets amounted to ¥45,937,106,156.70, a decrease from ¥49,675,287,134.19 at the beginning of the period[28]. - The company's total liabilities as of September 30, 2025, were ¥24,579,136,296.26, down from ¥28,714,236,374.57 at the beginning of the period[28]. - The company's total equity as of September 30, 2025, was ¥21,357,969,860.44, an increase from ¥20,961,050,759.62 at the beginning of the period[28]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 101,616[12]. - The largest shareholder, Beijing Juran Home Investment Holding Group Co., Ltd., holds 26.47% of the shares, with 450,000,000 shares pledged[12]. - The company reported a total of 1,648,466,346 shares held by Beijing Juran Home Investment Holding Group Co., Ltd., representing a significant portion of the total shares[13]. - The top 10 shareholders include Huizhong Xinda Building Materials Co., Ltd. with 715,104,702 shares and Beijing Jinyu Group Co., Ltd. with 628,728,827 shares[13]. - The actual controller of the company has changed from Mr. Wang Linpeng to Ms. Yang Fang, who now controls 2,735,620,872 shares, accounting for 43.93% of the total share capital[22]. Corporate Actions and Management Changes - The company’s full subsidiary, Beijing Juran Home Commercial Consulting Co., Ltd., is set to acquire a 60% stake in Zhongju Hejia (Beijing) Investment Fund Management Co., Ltd.[15]. - The company plans to liquidate the Beijing Juran Home Joint Investment Management Center (Limited Partnership) as the investment period has ended, with a resolution for liquidation passed on July 21, 2025[16]. - The company’s original actual controller and CEO, Wang Linpeng, was placed under detention, with updates provided in compliance with legal obligations[17]. - Following the passing of Wang Linpeng on July 27, 2025, the board expressed deep condolences and appointed Wang Ning as the interim CEO[18]. - The company held a board meeting on August 20, 2025, to elect Wang Ning as the chairman of the board and CEO[19]. - A non-independent director, Yang Fang, was elected to the board during the second extraordinary general meeting of shareholders on September 1, 2025[20]. - The company has completed the industrial and commercial change procedures for 100% equity of Beijing Zhongtian Jiyie Commercial Management Co., Ltd.[23]. - The company plans to continue expanding its market presence and is actively working on the transfer of shares related to the inheritance of Mr. Wang Linpeng's estate[23]. Investment and Financial Assistance - The company received financial assistance from its controlling shareholder, Beijing Juran Home Investment Holding Group Co., Ltd., totaling ¥669,634,316.44 from January to September 2025[24]. - Investment income for the current period is approximately ¥9.62 million, a significant recovery from a loss of ¥51.65 million in the previous period[31]. - Other comprehensive income after tax showed a loss of approximately ¥1.01 million, compared to a gain of ¥0.10 million in the previous period[32]. - The company reported a decrease in financial expenses to approximately ¥587.73 million, down from ¥771.77 million in the previous period[31].

Core Viewpoint - The strategic conference of Juran Home, themed "Inheritance and Innovation," marks a new phase under the leadership of Wang Ning, emphasizing a highly professional management team and a shift from aggressive growth to meticulous management [1][2][5][16] Group 1: Management Transition - Wang Ning announced the official transition to a new phase characterized by a highly professional management team that will make collective decisions and manage operations [2][5] - The core members of the new management team include Wang Ning as Chairman and CEO, along with several vice presidents responsible for various operational areas [2] Group 2: Historical Context and Future Goals - The company has evolved from 1999 to 2025, establishing itself as a leading player in the home furnishing industry with a strong operational framework and service standards [5] - Starting from August 11, 2025, Juran Home will enter a new phase focused on stability and sustainable growth, adapting to market changes from growth competition to stock competition [5][7] Group 3: Operational Achievements - Juran Home currently operates 399 home furnishing stores, 4 shopping centers, 3 modern department stores, and 125 life supermarkets, maintaining a "light asset, refined" operational model [9] - The company has achieved a year-on-year increase of 1.07% in its招商率, with a net growth of over 70% in cooperative stores and an addition of 178 strategic partners [9] Group 4: Strategic Upgrades - The company is committed to transforming traditional home furnishing stores into smart home experience centers, with 29 centers currently operational and an increase in smart product sales contribution from 10% to 16% [9][12] - Juran Home is implementing a new retail marketing center to integrate online and offline sales, enhancing its marketing capabilities through a digital marketing matrix [9][12] Group 5: Service and Customer Focus - The company emphasizes a philosophy of "change and constancy," maintaining a commitment to customer value while innovating its strategies and services [10][12] - A new service system, "Juran 1+6 Heart Service System," has been introduced to address customer pain points throughout the renovation process [14] Group 6: Future Vision - Juran Home aims to build 50 large-scale life scene collection halls in major cities over the next three years, focusing on diverse consumer experiences [13] - The company plans to adopt a comprehensive sustainable development strategy, including annual ESG reports and a goal to reduce carbon emissions by 20% [13]

证券代码：000785 证券简称：居然智家 公告编号：临 2025-061 居然智家新零售集团股份有限公司 关于实际控制人发生变更暨股东权益变动的 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。 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.c ...

Core Viewpoint - The company emphasizes the importance of market value management and outlines strategies to enhance its management effectiveness in response to stock price fluctuations influenced by macroeconomic conditions, market sentiment, and liquidity [2] Group 1: Company Strategies - The company plans to optimize and upgrade its development strategy to steadily advance various business operations, aiming to improve its operational management and enhance profitability [2] - The company intends to legally and compliantly utilize multiple market value management tools to increase shareholder returns [2] - The company is committed to improving investor communication and information disclosure to enhance value transmission [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [3]. Core Viewpoints - The company is accelerating its digital transformation and internationalization strategy, with significant developments in its three main initiatives: "居然设计家" (Juran Design Home), "居然智慧家" (Juran Smart Home), and "洞窝" (Dongwo) [2][3]. - The company reported a revenue of 31.3 billion yuan in Q2 2025, a decrease of 2.4% year-on-year, and a net profit of 1.2 billion yuan, down 54.0% year-on-year [1]. - For the first half of 2025, the company achieved a revenue of 64.4 billion yuan, an increase of 1.5% year-on-year, while the net profit was 3.3 billion yuan, down 45.5% year-on-year [1]. - The decline in net profit is attributed to fluctuations in the domestic economy and cyclical impacts from the real estate market, leading to increased competition in the home improvement and building materials market [1]. - The company has implemented innovative store cooperation models and improved cost control, resulting in a decrease in fixed rental costs and significant improvements in management, sales, and financial expense ratios [1]. Financial Performance Summary - In the first half of 2025, the company's leasing and franchise management business revenue was 26 billion yuan, down 19.65% year-on-year; renovation service revenue was 1 billion yuan, down 14.94% year-on-year; while product sales revenue was 36 billion yuan, up 29.49% year-on-year [1]. - The company has adjusted its profit forecast, expecting net profits of 590 million yuan, 660 million yuan, and 750 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30X, 27X, and 24X [3].

Core Insights - The 2025 Home Selection Brand Conference held in Beijing focused on how the home industry can break through current challenges and innovate in a competitive environment [1][9] Group 1: Industry Trends - The home industry is experiencing intensified competition, referred to as "involution," where companies must adapt to meet consumer demands while improving organizational efficiency [3][4][5] - Companies are shifting their strategies to focus on customer needs, with an emphasis on quality and innovation rather than price competition [6][7][10] Group 2: Company Strategies - Companies like Ruian Home are enhancing their service to end consumers, recognizing that consumer traffic is crucial for business success [3] - TATA Wood is addressing market pressures by optimizing supply chains and enhancing organizational efficiency to meet customer demands [3] - Shangpin Home is adopting a "whole house star-level customization" strategy, integrating various product categories to provide a high-end experience at competitive prices [4] Group 3: Innovation and Technology - Companies are leveraging technology, such as AI, to improve design processes and enhance customer experiences [4][11] - Milan Windows is focusing on safety and comfort through innovative product development, introducing a comprehensive window and door customization system [6] - KD Custom is positioning itself uniquely in the market by focusing on its core audience and maintaining a simple business model [13] Group 4: Market Expansion - Companies are exploring new market opportunities, such as Daxin Home's museum project that addresses design, experience, and product originality [12] - Mogan Mountain Board is expanding its market reach by collaborating with international institutions and establishing overseas operations [14] - Sanzi Rabbit Group is innovating its operational model by combining shared resources with traditional contracting methods to enhance efficiency [15]