证券代码：000785 证券简称：居然智家 公告编号：临 2025-044 居然智家新零售集团股份有限公司 关 于 调 整 公 司 及 子 公 司 2025 年 度 担 保 额 度 内 担保方式的公告 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：本次对外担保的被担保人居然之家智能科技有限公司最近一期的 资产负债率超过 70%，请投资者充分关注担保风险。 居然智家新零售集团股份有限公司（以下简称"公司"）于 2025 年 8 月 14 日召开了第十一届董事会第十九次会议、第十届监事会第十八次会议，分别审议 通过了《调整公司及子公司 2025 年度担保额度内担保方式的议案》，同意增加 公司及下属其他子公司作为担保人，为公司二级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"）提供担保，担保额度不变。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》和《居然智家新零售集团股份有限公 司章程》的相关规定，因居然智家最近一期的资产负债率超过 70%，该对外担保 事项尚需提交公司股东 ...

证券代码：000785 证券简称：居然智家 公告编号：临 2025-045 居然智家新零售集团股份有限公司 关于公司子公司对外担保的公告 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。 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14日召开了第十一届董事会第十九次会议、第十届监事会第十八次会议， 分别审议通过了《关于公司子公司对外担保的议案》。根据业务发展需要，公司 下属子公司拟为在居然智慧家门店/"人、车、家"三位一体融合店购车且经汽车 品牌商金融公司审核确认后纳入贷款客户范围的非关联客户（以下简称"购车客 户"）提供担保，该事项不属于关联交易事项，无需履行关联交易表决程序。现 就相关事项公告如下： 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，北京居然智慧家智能互联科技有限公司（以下简称"智慧家智能互联"） 为居然智能全资子公司，北京居然智慧家汽车销售服务有限公司（以下简称"智 慧家汽车"）为智慧家智 ...

关于调整公司及子公司 2025 年度担保额度内 担保方式的公告 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。 证券代码：000785 证券简称：居然智家 公告编号：临 2025-044 居然智家新零售集团股份有限公司 特别提示：本次对外担保的被担保人居然之家智能科技有限公司最近一期的 资产负债率超过 70%，请投资者充分关注担保风险。 居然智家新零售集团股份有限公司（以下简称"公司"）于 2025 年 8 月 14 日召开了第十一届董事会第十九次会议、第十届监事会第十八次会议，分别审议 通过了《调整公司及子公司 2025 年度担保额度内担保方式的议案》，同意增加 公司及下属其他子公司作为担保人，为公司二级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"）提供担保，担保额度不变。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》和《居然智家新零售集团股份有限公 司章程》的相关规定，因居然智家最近一期的资产负债率超过 70%，该对外担保 事项尚需提交公司股东大会审议，该事项不属于关联交易 ...

证券代码：000785 证券简称：居然智家 公告编号：临 2025-046 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 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。 经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"）第十一届 董事会第十九次会议决议，公司拟于 2025 年 9 月 1 日以现场投票与网络投票相结合的 表决方式召开公司 2025 年第二次临时股东大会。会议有关事项公告如下： 一、召开会议基本情况 （一）股东大会届次：2025 年第二次临时股东大会 （二）股东大会召集人：公司第十一届董事会，公司第十一届董事会第十九次会议 审议通过了《关于提请召开公司 2025 年第二次临时股东大会的议案》。 （三）会议召开的合法、合规性：本次股东大会的召开符合有关法律、法规和公司 章程的规定。 （四）会议召开的日期和时间： 1、现场会议召开时间：2025 年 9 月 1 日（星期一）14:00 时 2、网络投票时间： 通过深圳证券交易所交易系统投票的时间为 2025 年 9 月 1 日上午 9:15—9:25， ...

本公司及监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、监事会会议召开情况 居然智家新零售集团股份有限公司（以下简称"公司"）第十届监事会第十 八次会议（以下简称"本次会议"）于 2025 年 8 月 14 日以通讯形式召开，会议 通知已于 2025 年 8 月 7 日以电子邮件的方式发出。本次会议应出席监事 3 名， 实际出席监事 3 名。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》的规定。 二、监事会会议审议情况 证券代码：000785 证券简称：居然智家 公告编号：临 2025-043 居然智家新零售集团股份有限公司 第十届监事会第十八次会议决议公告 本项议案尚需提交公司 2025 年第二次临时股东大会审议。 表决结果：3 票同意、0 票反对、0 票弃权。 （具体内容请见公司同日在《中国证券报》、《证券时报》、《上海证券报》及 巨潮资讯网（http://www.cninfo.com.cn）上披露的《调整公司及子公司 2025 年度 担保额度内担保方式的公告》。） （二）审议通过《关于公司子公司对外担保的议案》 公司二级 ...

证券代码：000785 证券简称：居然智家 公告编号：临 2025-042 居然智家新零售集团股份有限公司 第十一届董事会第十九次会议决议公告 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 十九次会议（以下简称"本次会议"）于 2025 年 8 月 14 日以通讯形式召开，会 议通知及补充通知已分别于 2025 年 8 月 7 日、2025 年 8 月 11 日以电子邮件的 方式发出。本次会议应出席会议董事 11 人，实际出席会议董事 11 人。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《关于调整公司及子公司 2025 年度担保额度内担保方式的 议案》 公司分别于 2025 年 4 月 29 日、2025 年 5 月 23 日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 ...

Core Viewpoint - The home furnishing market is facing a critical turning point in 2025, marked by a series of tragic events involving industry leaders, which may leave a dark mark in Chinese business history [4]. Group 1: Industry Overview - The home furnishing market operates on a "real estate-like" model, relying heavily on land acquisition, loans, and rental income, making it susceptible to risks associated with resource acquisition [5]. - The industry has thrived over the past 20 years due to the real estate boom, but as this growth cycle ends, a market "cleansing" and reshuffling is necessary [6]. - The average rental rates for leading home furnishing companies have been reported to be between 89% and 93%, below the industry safety line of 95%, indicating operational risks [8]. Group 2: Financial Performance - From 2021 to 2024, the total revenue of major players like居然之家 (Yuanran Home) fluctuated around 13 billion yuan, while net profit plummeted by 67% from 2.3 billion yuan to 769 million yuan [12]. - 红星美凯龙 (Red Star Macalline) saw its revenue drop from 15.5 billion yuan in 2021 to 7.8 billion yuan in 2024, with net losses escalating from 2.2 billion yuan to 2.9 billion yuan [13]. - 富森美 (Fusenmei) maintained revenue around 1.5 billion yuan but faced declining net profits, indicating a trend of financial deterioration across the industry [14]. Group 3: Market Dynamics - The home furnishing market's sales in 2024 were approximately 1.49 trillion yuan, reflecting a year-on-year decline of 3.85%, with a significant increase in bankruptcies within the home decoration sector [9]. - The shift in consumer behavior and the rise of online platforms have led to a decline in foot traffic and sales in physical stores, with many stores reporting minimal customer engagement [10][11]. - The operational model is evolving, with companies exploring multi-format strategies and digital transformation to adapt to changing market conditions [17][19]. Group 4: Transformation Challenges - Companies are attempting to diversify their business models by integrating new formats such as automotive and dining services, but these efforts have yet to fully offset declines in core business [17]. - The transition to online platforms has proven challenging, as traditional home furnishing retailers struggle to replicate the customer experience offered by established e-commerce giants [21]. - The need for enhanced service offerings and unique in-store experiences is becoming critical as the market shifts from a focus on rental income to a more service-oriented approach [23][25].

Core Viewpoint - The home furnishing industry is experiencing significant turmoil, with major players facing operational and financial challenges due to a downturn in the real estate market and internal strategic issues [2][4][18]. Group 1: Industry Overview - The home furnishing market is under pressure, with a projected 3.85% decline in sales for 2024, totaling 1.49 trillion yuan [4]. - The real estate market is expected to continue facing double-digit declines in new residential sales, construction, and starts in 2024 [4]. - The recent turmoil in the industry includes the investigation of prominent figures and the unfortunate deaths of key executives, indicating a potential shift in the industry landscape [2][4]. Group 2: Company Performance - Red Star Macalline's revenue has decreased from 155.13 billion yuan in 2021 to 78.21 billion yuan in 2024, with a net loss of 37.28 billion yuan in 2024 [5][4]. - In contrast, Juran Smart Home's revenue for 2024 is 130 billion yuan, maintaining its position as the industry leader, although its net profit is primarily driven by asset disposals [4][5]. - Both companies are facing significant debt pressures, with Red Star Macalline's asset-liability ratio at 57% and Juran Smart Home's at 28% [8]. Group 3: Strategic Challenges - Juran Smart Home's cash flow is under strain, with a net cash outflow of 2.968 billion yuan in 2023 due to aggressive investments, including a major acquisition [10]. - Both companies have implemented rent reductions for merchants, impacting their rental income and property valuations [12][19]. - The competitive landscape is intensifying, with heavy asset burdens making it difficult for home furnishing companies to pivot strategically in the current economic climate [18][19].

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].

Group 1 - The stock price of Juran Smart Home is reported at 2.94 yuan as of August 4, 2025, reflecting a decline of 2.65% from the previous trading day, with a trading volume of 375 million yuan and a turnover rate of 2.17% [1] - Juran Smart Home operates in the commercial retail sector, covering home improvement retail and commercial complex operations [1] - Chongqing Juran Home Commercial Management Co., Ltd., a wholly-owned subsidiary of Juran Smart Home, has been listed in the business anomaly directory by the Jiangbei District Market Supervision Administration of Chongqing for failing to publicly disclose its annual report as required [1] Group 2 - On August 4, Juran Smart Home experienced a net outflow of 23.25 million yuan in main funds, while the net inflow of main funds over the past five days was 178.07 million yuan [1]