Core Viewpoint - The home furnishing market, referred to as "landlords" in the industry, is facing increasing challenges due to a downturn in the real estate sector, leading to saturated markets and high operational costs, which dilute profits [1] Group 1: Market Performance - The building materials and home furnishing market in China experienced a sales decline of 3.85% in 2024, with total sales amounting to 1.49 trillion yuan [2] - The market area for large-scale building materials and home furnishing has seen negative growth for three consecutive years, with a decrease from 23,093 million square meters in 2022 to 20,495 million square meters in 2024, reflecting a decline of 9.55% [5] Group 2: Company Revenue and Profitability - Major listed companies in the home furnishing sector, including Red Star Macalline, Juran Smart Home, and Fusenmei, all reported revenue declines in 2024, with the most affected company experiencing a 32.08% drop [9] - Fusenmei, despite having a smaller revenue scale, achieved a net profit of 6.90 billion yuan, with a net profit margin of 49.14%, outperforming its peers [12][15] Group 3: Cost Structure and Debt Levels - Red Star Macalline and Juran Smart Home faced significant net profit declines due to high operational costs, with Red Star's total operating cost reaching 8.21 billion yuan and a total cost rate of 105% [16] - Fusenmei maintained a strong profitability largely due to effective cost control, with total operating costs of only 6.33 billion yuan, representing 44.30% of total revenue [18] - Juran Smart Home has a high interest-bearing debt ratio of 71.83%, indicating a significant portion of its debt incurs interest [22] Group 4: Asset Management and Future Strategies - Red Star Macalline's investment properties accounted for over 80% of its total assets, while Fusenmei operated with a lighter asset model, with investment properties making up only 28.28% of its total assets [28] - Companies are adopting various strategies to address operational challenges, including transitioning to a "light asset, heavy operation" model and enhancing digital recruitment systems to improve efficiency [32][34]

继居然智家董事长汪林朋之后，又一家居龙头企业创始人被留置。 4月2 9日，美凯龙公布2 0 2 5年一季报，公司营业收入为1 6 . 2亿元，同比下降2 3 . 5%；归母净利润自去年同期亏损3 . 7 2亿 元变为亏损5 . 1 3亿元，亏损额进一步扩大；扣非归母净利润自去年同期亏损1 . 1 9亿元变为亏损2 . 1 8亿元，亏损额进一步 扩大；经营现金流净额为- 1 . 1 2亿元，同比增长3 8 . 1%；EPS(全面摊薄)为- 0 . 11 7 9元。 截至一季度末，公司总资产11 6 5 . 3 3亿元，较上年度末增长0 . 3%；归母净资产为4 5 9 . 2 2亿元，较上年度末下降1 . 2%。 红星美凯龙创始人车建兴，被立案调查并留置 5月1 3日晚间，美凯龙公告称， 公司董事兼总经理车建兴近日收到云南省监察委员会电话通知，对其立案调查并实施留 置措施。 目前，公司其他董事、监事和高级管理人员均正常履职，公司组织架构及内部控制机制完善，董事会运作正常。公司控 制权未发生变化。 为保证公司日常经营工作顺利进行，由董事长李玉鹏代行总经理全部职责。公司日常经营情况正常，上述事项不会对公 司日常经营 ...

证券代码：000785 证券简称：居然智家 公告编号：临2025-034 居然智家新零售集团股份有限公司 关于举办2024年度业绩说明会的公告 本公司及除董事长汪林朋先生外的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"）已于 2025 年 4 月 30 日在巨潮资讯网上披露《2024 年年度报告》及《2024 年年度报告摘要》。为便于 广大投资者更好地了解公司经营业绩、发展战略等情况，公司定于 2025 年 5 月 21 日（星期三）15:00-17:00 举办 2024 年度业绩说明会，与投资者进行沟通和 交流，广泛听取投资者的意见和建议。 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 5 月 21 日（星期三）15:00-17:00 网络互动地址：价值在线（www.ir-online.cn） 二、参加人员 董事、执行总裁王宁先生（代行董事长、CEO 职责），董事、副总裁李杰先生， 独立董事王峰娟女士，副总裁朱蝉飞女士，副总裁何勇先生，副总裁方予之先生， 财务总监杨帆女士，董事会秘书王建亮先生（如遇 ...

商业物业经营 2025 年 05 月 07 日 华福证券 公 司 研 究 居然智家（000785.SZ） 数智化转型表现亮眼，静待主业调改效能释放 投资要点： 公 司 事件：公司发布 2024 年报及 2025 年一季报，24 年实现营收 129.7 亿 元同比-4.04%，实现归母净利润 7.7 亿元同比-40.8%，扣非归母净利 8.9 亿 元同比-27.6%。1Q25 实现营收 33 亿元同比+5.6%，归母净利 2.1 亿元同比 -39.4%，扣非归母净利 2.1 亿元同比-42.8%。 家居主业静待经营模式调改效能释放，数智转型、出海表现亮眼 财 报 点 评 1）24 年公司租赁及其管理业务、加盟管理业务分别实现营收 55.4 亿元、 4.3 亿元，分别同比-13.8%、-15.0%，主要由于公司作为家居建材头部企业， 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等， 导致租赁 及管理业务收入出现阶段性下降。为应对收入下降的影响，公司创新卖场 合作新模式，依托数智化创新优势，积极推进经营业态、营销模式、招商 模式转型，筑牢发展基石。2024 年公司继续推进"一店两制"招商策略，公 司直营店通 ...

Core Viewpoint - The consumption market in Linyi City showed strong vitality during the May Day holiday, with sufficient supply, stable prices, and vibrant new consumption scenarios, reflecting the release of consumption potential [1] Group 1: Market Monitoring and Supply Assurance - Linyi City's Business Bureau implemented measures to ensure consumer demand during the holiday, including market monitoring and supply of essential goods [3] - The monitoring platform indicated that retail prices for essential goods remained stable, with a 3.2% decrease in egg prices and a 1.4% decrease in vegetable prices, while fruit prices increased by 2.5% [3] - Essential goods such as grains, oils, meats, and vegetables were adequately supplied, contributing to a stable and orderly market [3] Group 2: Sales Performance - During the holiday, 47 monitored retail enterprises in Linyi achieved total sales of 366.03 million yuan, a year-on-year increase of 7.9%, while 5 monitored catering enterprises reported revenues of 679,700 yuan, up 27.4% [3][4] - The "trade-in" policy significantly boosted sales, with automotive sales reaching 223.14 million yuan, up 8.46%, and home appliances sales increasing by 45.05% [4] Group 3: Promotional Activities and Consumer Engagement - Linyi organized over 30 promotional activities focusing on "trade-in" and seasonal consumption, expected to drive consumption by over 900 million yuan [4] - Various shopping malls and enterprises launched promotional events, including discounts and group purchases, leading to a 120% increase in foot traffic and a 115% increase in sales at the Wanxianghui shopping center [7] - Cultural and tourism activities, such as the "Twelve Flower Gods Parade" and immersive performances, attracted over 100,000 visitors in a single day, enhancing the holiday experience for consumers [7]

来源：环球网 ·第二批810亿元超长期特别国债资金下达 继续支持消费品以旧换新 ·一季度中国家具制造业利润总额37.1亿 下降40.1% ·东莞拟出台新房全装修销售新规 ·嘉寓股份收到股票终止上市决定 ·TOTO关停北京、上海工厂 ·顾家家居雷霆打假 95家侵权店铺曝光 ·"中国家居林"正式落成 ·多家家居企业发布2024年年报 1.第二批810亿元超长期特别国债资金下达 继续支持消费品以旧换新 4月29日，国家发展改革委印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国 债资金，继续大力支持消费品以旧换新。据了解，国家发展改革委将充分发挥"两新"部际协调机制作 用，强化统筹推进和跟踪调度，督促各地各有关部门加快已拨资金审核兑付，切实减轻企业垫资压力， 确保真金白银优惠直达消费者，推动消费品以旧换新政策发挥更大效果。 2.一季度中国家具制造业利润总额37.1亿 下降40.1% 4月27日，国家统计局数据显示，今年前3个月，中国家具制造业营业收入为1459.8亿元，同比下降 2.2%；营业成本1215.2亿元，同比下降2.2%；利润总额为37.1亿元，同比下降40.1%。木材加工和木、 竹、 ...

Group 1 - The core viewpoint of the article highlights that despite the establishment of digital and innovative business platforms, they have not significantly contributed to the overall revenue growth of the company [1][2] - As of December 31, 2024, the company operates 407 home furnishing stores across 30 provinces and cities in China, including 83 directly-operated stores and 324 franchised stores [1] - In the fiscal year 2024, the company reported a revenue of 12.966 billion, a year-on-year decrease of 4.04%, and a net profit attributable to shareholders of 769 million, down 40.83% [1] Group 2 - The company has positioned shopping centers as a second growth curve, operating four "Zhongshang World" shopping centers in cities like Changchun and Wuhan as of December 31, 2024 [2] - The company also operates four modern department stores and 165 various supermarkets in key urban areas, but these efforts have not significantly impacted overall revenue due to challenges in the real estate market [2] - The digital innovation platforms "Homestyler," "Jingzhun Zhijia," and "Dongwo" are being developed, yet they have not shown substantial contributions to revenue growth [2]

作为行业先行者，居然智家率先开启数智化转型进程，将AI前沿技术深度应用于设计、智能家居和智 能家装等多个领域。目前，居然智家已成功搭建起"居然设计家"、"居然智慧家"和"洞窝"三大家居产业 数智化平台。通过这些平台，消费者不仅能获得更个性化的家居设计方案，还能体验到智能化家居带来 的便捷生活，同时也为家居企业提供了更高效的运营与服务模式。 在业务布局方面，居然智家持续深化连锁家居卖场的运营管理，通过直营与加盟双模式，不断拓展商业 版图。截至2024年底，居然智家在国内30个省、区、市及海外，经营着407家家居卖场，稳固了其在家 居建材领域的头部地位。此外，居然智家积极培育新的增长动力，将购物中心业态作为实体商业的第二 增长曲线，以"中商世界里"为品牌，在长春、武汉等地成功运营4家购物中心，并在多个城市核心商圈 经营多家现代百货店和超市，多元化的商业布局正逐步成型。 未来，随着数智化转型的持续推进与新业务版图的不断拓展，居然智家有望在市场竞争中进一步释放潜 力，为消费者带来更优质的服务与体验，也为行业发展提供新的思路与方向。 尽管受国内经济形势波动以及房地产市场周期性影响，居然智家营收出现微弱下滑，但整体经营依 ...

2024年，受国内经济波动、房地产市场调整及行业竞争加剧影响，居然智家新零售集团股份有限公司 （000785.SZ，以下简称"居然智家"）核心业务收入下滑。 近日发布的年报显示，公司去年实现营业收入129.66亿元，同比下降4.04%；归母净利润7.69亿元，同 比大幅下滑40.83%；扣非净利润8.90亿元，同比下降27.62%。 《中国经营报》记者了解到，受行业需求疲软影响，居然智家业绩已连续三年出现下滑，数智化转型效 果尚未显现。与此同时，公司实控人近日被留置立案的消息使得股价接连下挫。 净利润连续三年下滑 年报显示，居然智家去年租赁及加盟管理业务实现收入59.72亿元，同比下降9.42%，占总营业收入的 46.06%，成为拖累业绩的主因。作为公司主要收入来源，近年来该业务不管是收入规模还是在营收中 占比均面临下滑。 截至2024年年末，居然智家已在国内30个省区市及海外布局407家卖场，包括83家直营卖场与324家加盟 卖场。直营卖场聚焦直辖市及省会城市，以租赁物业为主，通过租金、管理费及数字化系统服务实现多 元收入；加盟模式则通过收取招商运营费、品牌使用费、系统使用费及销售佣金等平台服务收入。 据了 ...

Core Viewpoint - The sudden investigation and detention of Wang Linpeng, the former richest man in Hubei and the head of the home furnishing giant, has led to a significant decline in the stock price of the company, which was previously valued at 20 billion yuan. The company's future is now uncertain due to the lack of leadership and ongoing investigations [2][5][26]. Company Overview - Wang Linpeng was known as the "king of home furnishing retail" and had built the company, originally known as Juran Home, into a major player in the industry, achieving annual revenues exceeding 10 billion yuan [2][9]. - The company has faced challenges in recent years, including a decline in profitability and a reduction in the number of stores, with a total of 409 stores operating as of mid-2024, down from previous years [24][25]. Recent Developments - Following Wang's detention, all of his personal shares were frozen, leading to a sharp decline in the company's stock price, which fell over 19% in just four trading days [2][3][24]. - The company announced delays in the release of its annual report and quarterly report, causing further anxiety among investors [3][24]. Financial Performance - For the first half of 2024, the company reported a revenue of 12.966 billion yuan, a decrease of 4.04% year-on-year, and a net profit of 883 million yuan, down 32.08% from the previous year [24][25]. - The company's net profit has declined for three consecutive years, indicating ongoing financial struggles [25]. Strategic Initiatives - In an attempt to revitalize the business, Wang had previously initiated a digital transformation and introduced live-streaming sales events, which showed some initial success [25][26]. - The company has also been focusing on smart home solutions and international expansion as part of its strategic vision [25][26].