居然智家（000785）(000785.SZ)发布公告，公司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，公司的实际控制人由汪林朋先生 变更为杨芳女士，公司控股股东未发生变化，仍为居然控股。 ...

居然智家公告，2025年7月27日，上市公司原实际控制人汪林朋先生逝世。杨芳女士通过夫妻共同财产 分割和遗产继承的方式依法取得汪林朋先生直接持有的上市公司股份、通过居然控股、慧鑫达建材间接 控制的上市公司股份，导致收购人直接及间接拥有的上市公司的权益发生变动。在本次收购前，收购人 未直接持有上市公司股份，在本次收购完成后，杨芳女士合计控制上市公司2,735,620,872股股份，占上 市公司总股本的43.93%，上市公司实际控制人由汪林朋先生变更为杨芳女士。 ...

居然智家新零售集团股份有限公司 收购报告书 上市公司名称：居然智家新零售集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：居然智家 股票代码：000785 收购人姓名：杨芳 五、本次收购是根据本报告书所载明的资料进行的。除收购人和所聘请的 专业机构外，没有委托或者授权任何其他人提供未在本报告书中列载的信息和 对本报告书做出任何解释或者说明。 住所：北京市朝阳区景林路******** 通讯地址：北京市东城区东直门南大街甲3号居然大厦 签署日期：二〇二五年九月 收购人声明 本声明所述词语或简称与本报告书"释义"所述词语或简称具有相同的含 义。 一、本报告书系收购人依据《公司法》《证券法》《收购办法》《公开发 行证券的公司信息披露内容与格式准则第16号——上市公司收购报告书》及其 他相关法律、法规、部门规章和规范性文件的规定编写。 二、依据《证券法》《收购办法》《公开发行证券的公司信息披露内容与 格式准则第16号——上市公司收购报告书》的规定，本报告书已全面披露了收 购人在上市公司拥有权益的股份。截至本报告书签署日，除本报告书披露的持 股信息外，收购人没有通过任何其他方式在上市公司拥有权益。 三、收购人为自 ...

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： 1、本次权益变动系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、本次权益变动后，公司的实际控制人由汪林朋先生变更为杨芳女士，公 司控股股东未发生变化，仍为居然控股； 3、本次权益变动属于《上市公司收购管理办法》第六十三条规定的免于发 出要约的情形。 证券代码：000785 证券简称：居然智家 公告编号：临 2025-055 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 提示性公告 居然智家新零售集团股份有限公司（以下简称"公司"）于近日收到收购人 杨芳女士出具的《居然智家新零售集团股份有限公司收购报告书》及其摘要等文 件，公司实际控制人因夫妻共同财产分割及遗产继承事项发生变动，现将相关情 况公告如下： 一、本次权益变动基本情况 （一）本次权益变动情况 在本次权益变动前，杨芳女士未直接持有公司股份，杨芳女士间接持有公司 股份情况如下：杨芳女士持有北京华联综艺广告有限公司 ...

居然智家新零售集团股份有限公司 收购报告书摘要 上市公司名称：居然智家新零售集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：居然智家 股票代码：000785 收购人姓名：杨芳 住所：北京市朝阳区景林路******** 通讯地址：北京市东城区东直门南大街甲3号居然大厦 签署日期：二〇二五年九月 收购人声明 本声明所述词语或简称与本报告书摘要"释义"所述词语或简称具有相同 的含义。 一、本报告书摘要系收购人依据《公司法》《证券法》《收购办法》《公 开发行证券的公司信息披露内容与格式准则第16号——上市公司收购报告书》 及其他相关法律、法规、部门规章和规范性文件的规定编写。 二、依据《证券法》《收购办法》《公开发行证券的公司信息披露内容与 格式准则第16号——上市公司收购报告书》的规定，本报告书摘要已全面披露 了收购人在上市公司拥有权益的股份。截至本报告书摘要签署日，除本报告书 摘要披露的持股信息外，收购人没有通过任何其他方式在上市公司拥有权益。 三、收购人为自然人，具备完全的民事行为能力，具有签署本报告书摘要 以及履行本报告书摘要所涉及义务的能力。收购人签署本报告书摘要无需获得 授权和批准，其履行亦不违 ...

北京市海问律师事务所 关于 杨芳女士因夫妻共同财产分割和遗产继承导致其在 居然智家新零售集团股份有限公司的 权益发生变动事项的 法律意见书 二零二五年九月 海问律师事务所 HAIWEN & PARTNERS 北京市海问律师事务所 地址：北京市朝阳区东三环中路 5 号财富金融中心 20 层（邮编 100020） Address：20/F, Fortune Financial Center, 5 Dong San Huan Central Road, Chaoyang District, Beijing 100020, China 电话(Tel): (+86 10) 8560 6888 传真(Fax)：(+86 10) 8560 6999 www.haiwen-law.com 北京 BEIJING 丨上海 SHANGHAI 丨深圳 SHENZHEN 丨香港 HONG KONG 丨成都 CHENGDU | 一、本次权益变动的原因 6 | | --- | | 二、收购人的主体资格 6 | | 三、本次权益变动情况 6 | | 四、本次权益变动符合《收购办法》规定的免于发出要约情形 8 | | 五、本次权益变动的信息披 ...

每经AI快讯，9月9日，居然智家（000785）(000785.SZ)公告称，公司原实际控制人汪林朋逝世，其配 偶杨芳通过夫妻共同财产分割及遗产继承获得公司股份，成为新实际控制人。本次权益变动不影响公司 经营稳定性和独立性，不会对公司产生重大不利影响。公司控股股东仍为居然控股。 ...

Group 1 - The core viewpoint of the article is that the company,居然之家, has been selected as a member of the first batch of the "Guardian Brand" government-enterprise cooperation mechanism by the State Administration for Market Regulation [1] - The "Guardian Brand" mechanism aims to enhance collaboration between market regulatory authorities and key brand enterprises to combat infringement and counterfeiting, thereby protecting consumer rights and maintaining fair market competition [1] - The company views its selection as recognition of its past achievements and a motivation for future development, emphasizing its commitment to digital transformation and enhancing brand competitiveness [1] Group 2 - The company plans to collaborate closely with government, enterprises, and society to provide higher quality products and services, leading the home furnishing industry towards standardization, intelligence, and sustainability [1] - The initiative aims to contribute to the protection of brand value and the establishment of a healthy market ecosystem, fostering a fair competition and honest business environment [1]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 3.82 CNY [6]. Core Views - The company has shown significant results from its reform in the招商模式 (recruitment model) and continues to advance its digital transformation [2][3]. - The company is positioned as a leader in the domestic home furnishing industry, utilizing a "direct sales + franchise" light asset model for efficient growth [10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 6.445 billion CNY, a year-on-year increase of 1.54%. However, the net profit attributable to the parent company was 328 million CNY, a decline of 45.52% [1]. - For the second quarter of 2025, revenue was 3.133 billion CNY, down 2.40% year-on-year, with a net profit of 117 million CNY, down 53.95% [1]. Product Segmentation - Revenue from various segments in 2025H1 included: rental management (2.38 billion CNY, down 21.27%), merchandise sales (3.63 billion CNY, up 29.49%), franchise management (217 million CNY, up 3.85%), and renovation services (104 million CNY, down 14.94%) [2]. Digital Transformation - The company is accelerating its digital transformation across three main business segments, with significant results. For instance, the居然设计家 (Juran Design Home) saw a 47% increase in paid users and a 9% increase in active users [3]. - The居然智慧家 (Juran Smart Home) opened 14 new stores in the first half of 2025, leading to a 55.3% increase in sales [3]. International Expansion - The company is actively implementing its international strategy, with successful operations in Cambodia and Macau, and preparations for a store in Kuala Lumpur, Malaysia [4]. Profitability and Cost Management - The gross margin for 2025H1 was 23.85%, a decrease of 9.47 percentage points year-on-year. The net profit margin was 5.13%, down 4.46 percentage points [9]. - The company effectively managed its expenses, with a period expense ratio of 15.99%, down 5.10 percentage points year-on-year [9]. Future Projections - Revenue projections for 2025-2027 are 13.789 billion CNY, 15.225 billion CNY, and 16.412 billion CNY, with year-on-year growth rates of 6.34%, 10.42%, and 7.80% respectively [10]. - The projected net profit for the same period is 688 million CNY, 788 million CNY, and 938 million CNY, with corresponding growth rates of -10.54%, 14.46%, and 19.02% [10].

Group 1: Market Environment Improvement - The establishment of a unified national market has led to clearer rules, more efficient circulation, fairer competition, and better resource allocation [1] - The "negative list" for market access has been reduced from 117 items in 2022 to 106 items, with national management measures decreasing from 486 to 469 [2] - The optimization of the business environment has been felt by enterprises, with significant improvements in operational efficiency reported by leading companies like Juhua Home [2][3] Group 2: Infrastructure and Logistics Enhancement - The construction of a comprehensive infrastructure network has been a focus during the "14th Five-Year Plan," resulting in the world's largest high-speed rail, highway, and postal networks [4] - Logistics costs are projected to decrease by over 400 billion yuan, with transportation costs alone reduced by approximately 280 billion yuan [4] - The opening of special trains has significantly shortened transportation times and reduced logistics costs, leading to a more than 30% increase in foreign trade orders for some companies [4] Group 3: Fair Competition and Regulatory Framework - The implementation of the "Fair Competition Review Regulations" aims to eliminate behaviors that hinder fair competition, with a comprehensive framework established for oversight [6] - Local governments, such as Zhejiang Province, have actively responded to these regulations, reviewing over 2,000 major policy measures to ensure fairness in competition [6][7] - The continuous improvement of regulatory enforcement is expected to further enhance the unified market, facilitating economic circulation and supporting high-quality development [7]