[Table_Header] 公司点评●一般零售 2024年 04 月27 日 [Table_Title] [Table_StockCode] 家居主业创新发展，购物中心拓展、数 居然之家(000785) 智化转型持续深化 [Table_InvestRank] 推荐 (维持) 核心观点： 分析师 [ ⚫T abl 事e_S 件u ：mm 公a 司ry 发] 布 2023年年度报告及 2024年一季度报告。2023年，公司实现 [陈Ta柏b儒le_ Authors] 营收 135.12亿元，同比+4.08%；归母净利润 13亿元，同比-21.1%；扣非净利 ：010-80926000 润 12.3亿元，同比-27.5%；基本每股收益 0.21元。23Q4，公司实现营收 37.68 ：chenbairu_yj@chinastock.com.cn 亿元，同比+6.07%；归母净利润 1.49亿元，同比+31.6%；扣非净利润 0.46亿 分析师登记编码：S0130521080001 元，同比-33.06%。24Q1，公司实现营收 31.37 亿元，同比-3.38%；归母净利 润 3.49亿元，同比-22.88% ...

Investment Rating - The report has downgraded the investment rating to "Accumulate" [4] Core Views - The company's profit performance has fallen short of previous expectations, primarily due to pressure on leasing and franchise management businesses, and weak consumer demand related to the real estate industry [4] - The company has made significant progress in its digital transformation, with the launch of the cross-border e-commerce platform "New Nest" [3] Financial Performance Summary - In 2023, the company achieved revenue of 13.512 billion yuan, a year-on-year increase of 4.08%, and a net profit attributable to shareholders of 1.3 billion yuan, a decrease of 21.10% year-on-year [2] - For Q1 2024, the company reported revenue of 3.137 billion yuan, a year-on-year decrease of 3.38%, and a net profit attributable to shareholders of 349 million yuan, a decrease of 22.88% year-on-year [2] - The comprehensive gross margin for Q1 2024 was 36.73%, down 2.47 percentage points year-on-year, while the expense ratio increased by 0.43 percentage points to 20.60% [2] Business Development Summary - As of the end of 2023, the company operated 414 home furnishing stores, including 86 direct-operated and 328 franchised stores [3] - The digital transformation has seen the "洞窝" platform onboard 934 stores, a year-on-year increase of 173.1%, with over 100,000 merchants joining, a growth of 101.33% [3] - The platform's GMV reached 97.4 billion yuan in 2023, reflecting a year-on-year growth of 173% [3] - The company opened 57 new stores under "居然智慧家" in 2023, achieving sales of over 4.4 billion yuan, a year-on-year increase of 58.4% [3] Profit Forecast Summary - The profit forecasts for 2024 and 2025 have been reduced by 36% and 37% to 1.105 billion yuan and 1.167 billion yuan, respectively, with a new forecast for 2026 set at 1.227 billion yuan [4]

Dividend and Shareholder Information - The company plans to distribute a cash dividend of 0.62 RMB per 10 shares to all shareholders, based on a total of 6,269,090,627 shares[3]. - The company’s controlling shareholder reduced its stake from 36.22% to 26.22% following a share transfer agreement with Jin Yu Group[20]. - The company completed the repurchase and cancellation of 241,748,626 shares, reducing total shares from 6.53 billion to 6.29 billion[20]. - The company has a dedicated investor relations team, ensuring effective communication with stakeholders[17]. - The company held 4 shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority shareholders[171]. Business Transformation and Strategy - The company has undergone a significant business transformation since 2019, adding home furnishing and renovation services to its retail operations[19]. - The company reported a major change in its main business, expanding from traditional retail to include home furnishing and building materials[19]. - The company’s main business now includes a variety of home-related services, reflecting a strategic shift in its operational focus[19]. - The company is focusing on digital transformation and integrating online and offline sales channels to enhance customer experience and operational efficiency[37]. - The company is expanding its business model by integrating home furnishing with large-scale consumption, creating a new shopping center brand to attract younger consumers[93]. Financial Performance - In 2023, the company's operating revenue reached ¥13.51 billion, an increase of 4.08% compared to ¥12.98 billion in 2022[22]. - The net profit attributable to shareholders decreased by 21.10% to ¥1.30 billion from ¥1.65 billion in the previous year[22]. - The net cash flow from operating activities was ¥3.84 billion, reflecting a slight increase of 1.07% from ¥3.79 billion in 2022[22]. - The basic earnings per share dropped by 16.00% to ¥0.21 from ¥0.25 in 2022[22]. - The total operating income for 2023 was 70,170,841.32, compared to -48,698,983.21 in 2022, indicating a strong recovery in operational performance[29]. Market Trends and Industry Insights - The overall retail market in China reached a total of 47.15 trillion yuan in 2023, with a year-on-year growth of 7.2%[33]. - The furniture retail sector experienced a growth of 2.8% in 2023, highlighting a gradual recovery in consumer spending in the home furnishings market[33]. - The home improvement market is projected to grow significantly as demand shifts towards renovation and upgrading of existing homes, driven by urbanization trends[36]. - The home furnishing industry is expected to continue growing, supported by favorable national policies aimed at boosting home consumption[153]. - The home furnishing industry remains characterized by a large market size and low concentration, with an anticipated increase in concentration as weaker players exit the market[151]. Digital Transformation and Innovation - The company launched three digital platforms: "Dongwo," "Juran Design Home," and "Juran Smart Home," enhancing its digital transformation efforts[43][44]. - The company has implemented a digital logistics service platform called "洞车" to enhance operational efficiency and improve consumer service experience[87]. - The company is leading the digital transformation in the home industry, having developed three major digital platforms to improve operational capabilities and customer service[91]. - The company is focusing on expanding its franchise model, as evidenced by the significant number of new franchise agreements signed[73]. - The company is actively managing its executive team to align with its strategic goals and operational needs[192]. Store Operations and Expansion - As of December 31, 2023, the company operated 414 home furnishing stores across 29 provinces, including 86 direct-operated and 328 franchised stores[40]. - The company opened 4 "Zhongshang World" shopping centers in cities like Changchun and Wuhan by the end of 2023[42]. - The company is set to open its first international store in Cambodia by the end of March 2024, marking a significant step in its international expansion strategy[61]. - The company is targeting to open 50 new "Smart Home" stores nationwide in 2024, utilizing a partner franchise model for expansion[161]. - The company is undergoing a significant management restructuring with multiple resignations and new appointments in 2023 and early 2024[191]. Governance and Compliance - The company has established a complete independent business system, ensuring operational independence from its controlling shareholders[178]. - The company has a clear organizational structure and independent decision-making capabilities, allowing it to operate autonomously in the market[179]. - The company has implemented strict labor management policies, ensuring personnel independence from controlling shareholders[180]. - The company maintains clear ownership of its assets, ensuring no unauthorized use by controlling shareholders[181]. - The company has a governance structure in place, including a shareholder meeting, board of directors, and supervisory board, all functioning independently[182]. Future Outlook and Projections - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12%[199]. - New product launches are expected to contribute an additional 1 billion RMB in revenue over the next year[200]. - The company plans to pursue strategic acquisitions to enhance its product offerings and market reach[199]. - Research and development investments increased by 30%, focusing on innovative technologies in the home improvement sector[198]. - The company aims to enhance operational efficiency in response to macroeconomic fluctuations affecting project implementation[140].

3、2023年公司未有违反国家法律法规、规范性文件及公司内部控制制度的 情形发生。 监事会认为，公司内部控制评价符合公司内部控制的实际情况。 居然之家新零售集团股份有限公司监事会 根据《公司法》、《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》等相关法律法规以及 《公司章程》等制度的有关规定，公司监事会对公司 2023 年内部控制评价报告 发表书面审核意见如下： 1、公司内部控制组织机构完整，内部审计部门及人员配备齐全到位，保证 了公司内部控制活动的执行及监督充分有效。 2、贯彻落实五部委联合发布的《企业内部控制基本规范》及其配套指引的 规定，公司持续开展了内部控制规范体系建设与评价工作，2023年进一步推动优 化整改进程，接受监管检查，促进操作规范。 报告期内，公司对纳入评价范围的业务与事项均已建立了内部控制制度，并 得以有效执行，达到了公司内部控制目标，不存在重大缺陷。自内部控制评价报 告基准日至内部控制评价报告发出日之间未发生影响内部控制有效性评价结论 的因素。 居然之家新零售集团股份有限公司第十届监事会 对公司《2023 年度内部控制评价报告》 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-019 居然之家新零售集团股份有限公司 关于接受财务资助暨关联交易的公告 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。 一、关联交易概述 1、关联方基本情况 公司名称：北京居然之家投资控股集团有限公司 法定代表人：汪林朋 1 注册资本：9,055.3345 万元人民币 1、本次交易的基本情况 为促进公司业务发展和补充流动资金，北京居然之家投资控股集团有限公司（以下 简称"居然控股"）拟向居然之家新零售集团股份有限公司（以下简称"公司"或"本 公司"）及下属公司提供共计不超过人民币 20 亿元的财务资助（以下简称"本次财务资 助"），期限 12 个月，年利率不高于居然控股签署的贷款合同利率（具体以签订的相关 合同为准），且本次财务资助公司无需提供保证、抵押、质押等任何形式的担保。因居 然控股为本公司控股股东，因此本次财务资助亦构成关联交易。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组、不 构成重组上市，不需要经过有关部门批准。 2、会议审议情况 2024 年 4 月 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-014 居然之家新零售集团股份有限公司 关于 2023 年度利润分配预案的公告 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。 居然之家新零售集团股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开的 第十一届董事会第十次会议、第十届监事会第十次会议，审议通过了《关于公司 2023 年度利润分配预案的议案》，该议案需提交公司 2023 年年度股东大会审议通过后方可 实施。具体内容公告如下： 一、利润分配预案基本情况 经普华永道中天会计师事务所（特殊普通合伙）审计，2023 年度母公司实现净利 润 34,426.78 万元，扣除按 2023 年度母公司实现净利润的 10%提取法定盈余公积金 3,442.68 万元及实际分派的 2022 年度分红金额 125,381.81 万元，加上年初未分配利润 134,857.76 万元，截至 2023 年 12 月 31 日止，母公司可供股东分配的利润为 40,460.05 万元。 1 公司 2023 年度利润分配预案符合中国证监会《上市公 ...

2023 年，作为居然之家新零售集团股份有限公司（以下简称"居然之家" 或"公司"）独立董事，本人严格按照《公司法》《上市公司治理准则》和《上 市公司独立董事管理办法》等法律法规以及《公司章程》的规定，忠实履行独立 董事职责，不受公司大股东、实际控制人或者其他与公司存在利益关系的单位与 个人的影响，借助线上线下多途径持续关注经营、管理和发展等各方面工作，积 极出席公司股东大会和董事会，对公司的经营和业务发展提出合理的建议，审慎 发表相关独立董事意见，对董事会的科学决策、规范运作以及公司发展起到了积 极作用。现将履职情况报告如下： 一、独立董事的基本情况 王峰娟，女，1969 年出生，九三学社社员，博士研究生学历。2010 年至今任 北京工商大学商学院教授、博士生导师。主要社会兼职为北京峰和教育科技有限 公司的执行董事及经理，申奇元题（上海）教育科技有限公司法人、执行董事。 2021 年 7 月至今任北京捷世智通科技股份有限公司独立董事，2021 年 11 月至今 任北京腾信软创科技股份有限公司独立董事，2019 年 12 月至今任公司独立董事。 报告期内，本人任职情况均符合《上市公司独立董事管理办法》第六条规 ...

居然之家新零售集团股份有限公司 2023 年度独立董事述职报告 2023 年，作为居然之家新零售集团股份有限公司（以下简称"居然之家" 或"公司"）独立董事，本人严格按照《公司法》《上市公司治理准则》和《上 市公司独立董事管理办法》等法律法规以及《公司章程》的规定，忠实履行独立 董事职责，不受公司大股东、实际控制人或者其他与公司存在利益关系的单位与 个人的影响，借助线上线下多途径持续关注经营、管理和发展等各方面工作，积 极出席公司股东大会和董事会，对公司的经营和业务发展提出合理的建议，审慎 发表相关独立董事意见，对董事会的科学决策、规范运作以及公司发展起到了积 极作用。现将履职情况报告如下： 一、独立董事的基本情况 王永平，男，1968 年出生，本科学历。历任中国城市商业网点建设管理联 合会副会长兼秘书长、商业经济研究杂志社总编辑，现任全国工商联主管的全联 房地产商会商业地产工作委员会会长。主要社会兼职有中国商业经济学会副会 长、同济大学经济与管理学院 MBA 中心企业导师。2021 年 6 月至今任中骏商管 智慧服务控股有限公司独立非执行董事，2021 年 11 月至今任名创优品集团控股 有限公司（MINI ...

居然之家新零售集团股份有限公司 2023 年度会计师事务所履职情况评估报告及 董事会审计委员会对会计师事务所监督职责情况报告 根据《上市公司治理准则》、《国有企业、上市公司选聘会计师事务所管理办 法》、《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》、《居然之家新零售集团股份有限公司章程》（以下简称"《公司章程》"） 及《居然之家新零售集团股份有限公司董事会审计委员会实施细则》（以下简称 "《审计委员会实施细则》"）的相关规定，居然之家新零售集团股份有限公司 （以下简称"公司"）董事会审计委员会恪尽职守、勤勉尽责、认真履职。现将 公司董事会审计委员会对会计师事务所 2023 年度履职情况评估及履行监督职责 情况汇报如下： 亿元。普华永道中天的 2023 年度 A 股上市公司财务报表审计客户数量为 109 家， 主要行业包括制造业，金融业，交通运输、仓储和邮政业，信息传输、软件和信 息技术服务业及批发和零售业等。 （二）聘任会计师事务所履行的程序 2023 年 4 月 25 日，公司召开第十一届董事会审计委员会第三次会议，审议 同意续聘普华永道中天为公司 2023 年度财务报告审计机构 ...

居然之家新零售集团股份有限公司 2023 年度财务报表及审计报告 the state of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the subject of the station of the stati t and the support of the support of the support of the support of the successful and . 居然之家新零售集团股份有限公司 2023 年度财务报表及审计报告 | 审计报告 | 1 - 5 | | --- | --- | | 2023 年度财务报表 | | | 合并及公司资产负债表 | 1 - 3 | | 合并及公司利润表 | 4 - 5 | | 合并及公司现金流量表 | 6 - 7 | | 合并股东权益变动表 | 8 - 9 | | 公司股东权益变动表 | 10 - 11 | | 财务报表附注 | 12 - 135 | | ...