Financial Data and Key Indicators Changes - The company's revenue for 2023 was approximately 13.51 billion, reflecting a growth rate of 4.09% compared to 2022, which saw a decline of 0.69% [3] - The net profit attributable to the parent company decreased by 21.12% to approximately 1.30 billion in 2023, following a significant drop of 29.11% in 2022 [3] - The company's EBITDA for 2023 was approximately 2.61 billion, down from 3.81 billion in 2022 [3] Business Line Data and Key Indicators Changes - The company operates a dual model of direct sales and franchising, with 86 direct stores and 328 franchise stores as of the end of 2023, maintaining a 96% share of light asset stores [1][4] - The operating efficiency of direct stores showed a compound annual growth rate (CAGR) of 6.2% from 2020 to 2023 [1] - The company's gross merchandise volume (GMV) increased from 657.4 billion to 1,176 billion from 2020 to 2023, with a CAGR of 21.4% [18] Market Data and Key Indicators Changes - The overall home furnishing retail market in China is projected to maintain steady growth, with a compound annual growth rate (CAGR) of 1.3% from 2019 to 2023 [5] - The retail sales of chain home furnishing stores accounted for 44% of the total home furnishing retail sales in 2022, indicating a strong market presence [5] Company Strategy and Development Direction - The company is focusing on digital transformation through its "洞窝" platform, which has seen significant growth in user engagement and sales, with net sales increasing from 346 billion to 974 billion from 2022 to 2023 [32] - The company plans to accelerate its international expansion, starting with Southeast Asia, aiming to establish a presence in multiple countries within five years [2][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to navigate the challenging operating environment by leveraging digital platforms and innovative business models [2][48] - The company anticipates gradual improvement in operational efficiency and profitability as the market stabilizes [50] Other Important Information - The company has introduced a new "one store, two systems" model for franchising, which allows for a combination of fixed rent and sales sharing, aimed at enhancing revenue potential [24] - The company has established a strong digital marketing presence, with a total of 15.45 million followers across its live streaming and social media platforms by the end of 2023 [20] Q&A Session Summary Question: What are the company's growth prospects in the international market? - The company plans to establish a significant presence in Southeast Asia, with a goal of opening stores in multiple countries within five years, starting with Cambodia and Malaysia [44][45] Question: How is the company addressing the challenges in the domestic market? - The company is focusing on digital transformation and enhancing customer service through its platforms, which is expected to improve operational efficiency and customer engagement [32][50] Question: What are the risks associated with the company's expansion strategy? - Risks include macroeconomic fluctuations, increased competition in the home furnishing market, and potential underperformance of new stores in lower-tier cities [51][52]

Financial Data and Key Metrics Changes - The company reported a total sales amount of 14.3 billion yuan during the 618 event, representing a year-on-year growth of 33% [2] - The average daily sales of the Harbin pilot store increased to nearly 600,000 yuan after the "one store, two systems" transformation, more than doubling compared to before [1] Business Line Data and Key Metrics Changes - As of May 2024, 58 direct stores have adopted the "one store, two systems" strategy, with a total of 12,000 merchants implementing the sales commission model [1] - The digital business, "洞窝," achieved annual revenue of 331 million yuan in 2023, with expectations for continued growth in 2024 [6] Market Data and Key Metrics Changes - The 618 event saw significant customer traffic in cities like Beijing, Qingdao, and Xi'an, indicating strong market performance [2] - The company’s international stores in Cambodia and Macau reported a招商率 of 98.06% and 96% respectively, with good operational performance [9] Company Strategy and Development Direction - The company is focusing on a "light asset" operation model for shopping centers, aiming to double the number of shopping centers to 10 by 2025 and to 20 by 2030 [5] - The "洞窝" platform is positioned as a digital service platform for the home decoration and furniture industry, supporting both domestic and international business expansion [6][10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of adapting to market changes and consumer demands, particularly in the context of increasing competition and the need for innovative marketing strategies [5][10] - The company anticipates that the demand for home renovation will increase due to the growing proportion of existing homes in the market, which is expected to support future growth [14] Other Important Information - The company has launched initiatives for furniture and appliance trade-ins, which have successfully attracted participation from 190,000 households, generating over 800 million yuan in new consumption [13] - The "居然设计家" platform, developed in collaboration with Alibaba, aims to enhance overseas business development through AI design tools [7] Q&A Session Summary Question: How many stores have adopted the new "one store, two systems" model? - As of May 2024, 58 direct stores have adopted this model, with a total of 12,000 merchants involved in the sales commission system [1] Question: What were the results of the 2024 618 event? - The event generated total sales of 14.3 billion yuan, a 33% increase year-on-year, with significant customer engagement across various cities [2] Question: What are the core advantages of the shopping center business? - The shopping center operates under a "commercial, cultural, and tourism" model, enhancing consumer experience and integrating various services [3][4] Question: How does the company plan to improve profit margins? - The company aims to increase the proportion of higher-margin "人车家" business to improve overall gross and net profit margins [9] Question: What is the company's international business development plan? - The company plans to expand its international presence through both online and offline channels, with a focus on Southeast Asia and the Middle East [10][11]

证券代码：000785 证券简称：居然之家 居然之家新零售集团股份有限公司 投资者关系活动记录表 特定对象调研 ☐分析师会议 投资者关 ☐媒体采访 ☐业绩说明会 ☐新闻发布会 ☐路演活动 系活动类 ☐现场参观 别 ☐其他 参与单位名 招商基金经理郭锐、翟相栋，研究员王奇超、刘畅 称及人员姓 西部证券建材轻工首席分析师李华丰，机构销售部执行董事翟薇 名 时间 2024年06月21日 14:00-16:00 地点 现场交流 上市公司 董事、副总裁 李杰 接待人员 董事会秘书、投资及资本管理总监 王建亮 姓名 投资者提问及公司回复情况: 1、贵司率先在行业中提出“销售分成”、“一店两制”的招商新模式，请问有多 投资者关 少门店采用了该模式？ 回答：一店两制招商模式的提出是与商户合作关系从固定收租模式转向销售提 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-029 居然之家新零售集团股份有限公司 关于公司及子公司 2024 年度担保的进展公告 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。 一、担保情况概述 为支持居然智能与苹果电脑贸易（上海）有限公司（以下简称"苹果贸易"） 开展业务，近期，家居连锁拟与招商银行股份有限公司北京分行（以下简称"招 商银行北京分行"）签署《担保合作协议》，协议约定家居连锁申请在招商银行 3、注册地址：北京市东城区东直门南大街甲 3 号一层东大厅 4、法定代表人：方予之 5、注册资本：20,000 万元人民币 北京居然之家家居连锁有限公司（以下简称"家居连锁"）为居然之家新零 售集团股份有限公司（以下简称"公司"或"本公司"）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。公司 于 2024 年 4 月 24 日、2024 年 5 月 16 日分别召开第十一届董事会第十次会议、 第十届监事会第十次会议、2023 年年度股东大会，审议通过了《关于公司及子公 司 2024 年度担保 ...

公司报告 | 公司深度研究 居然之家（000785） 证券研究报告 2024年06月 07日 投资评级 巨擘新生，数字化+国际化领航成长 行业 商贸零售/一般零售 6个月评级 买入（维持评级） 零售卖场：现金流为王，强者恒强 当前价格 2.75元 目标价格 元 强现金流+轻资产重运营，打造泛家居服务生态。直营+加盟模式并举进 行卖场连锁扩张，其中一二线城市以直营门店为主，低线级城市加盟加速 基本数据 下沉。截至23 年末直营/加盟卖场数量分别为86 家/328 家，其中轻资产 A股总股本(百万股) 6,287.29 模式卖场数量占比保持在96%左右。在轻资产、重运营模式下，公司经营 坪效（2020-2023 年直营卖场坪效CAGR 为 6.2%）、资产周转率（23 年为 流通A股股本(百万股) 5,965.23 0.25次）、ROE（23年为6.6%）等运营指标均领先竞争对手。 A股总市值(百万元) 17,290.04 流通A股市值(百万元) 16,404.39 此外，公司积极通过公域私域运营、直播矩阵打造、联合营销IP、数字化 平台等方式聚合流量，通过提升“先行赔付”等提升消费者服务质量；23 每股净资产( ...

证券代码：000785 证券简称：居然之家 居然之家新零售集团股份有限公司 投资者关系活动记录表 ☐特定对象调研 ☐分析师会议 投资者关 ☐媒体采访 ☐业绩说明会 系活动类 ☐新闻发布会 ☐路演活动 别 ☐现场参观 其他（2024年湖北辖区上市公司投资者网上集体接待日活动） 参与单位名 称及人员姓 投资者网上提问 名 时间 2024年05月16日 14:30-16:00 地点 全景路演（https://rs.p5w.net）网络平台 上市公司 董事长兼CEO 汪林朋 接待人员 董事会秘书兼投资及资本管理总监 王建亮 姓名 ...

证券代码：000785 证券简称：居然之家 公告编号：临2024-026 居然之家新零售集团股份有限公司 2023年年度股东大会决议公告 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。 特别提示： 1、本次股东大会无增加临时提案的情况； 2、本次股东大会无否决提案或变更以往股东大会已通过决议的情况。 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2024年5月16日（星期四）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2024年5月16日上午9:15—9:25， 9:30—11:30 和下午13:00—15:00； 通过深圳证券交易所互联网投票系统（http://wltp.cninfo.com.cn）投票的时间 为2024年5月16日9:15—15:00期间的任意时间。 2、现场会议召开地点：北京市东城区东直门南大街甲3号居然大厦21层1号 会议室 3、召开方式：采取现场投票与网络投票相结合的方式 4、召集人：本公司董事会 5、主持人：本公司董事长汪林朋先生 6、会议的召开符合《中华人民共和 ...

在本法律意见书中，本所律师仅对本次会议召集和召开的程序、表决程序及 出席本次会议现场会议的人员资格、召集人的资格是否符合有关法律和公司章程 的规定以及本次会议审议的议案表决结果是否有效发表意见，并不对本次会议所 审议的议案内容以及议案所表述的事实或数据的真实性、准确性、合法性发表意 见。本所律师假定公司提交给本所律师的资料（包括但不限于有关人员的居民身 份证、授权委托书、营业执照等）真实、准确、完整，资料上的签字和/或印章均 是真实的，资料的副本或复印件均与正本或者原件一致。 北京市海问律师事务所 关于居然之家新零售集团股份有限公司 2023 年年度股东大会的法律意见书 致：居然之家新零售集团股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下合称"有关 法律"）及《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"） 的规定，本所作为居然之家新零售集团股份有限公司（以下简称"公司"）的法 律顾问，应公司的要求，指派律师列席公司于 2024 年 5 月 16 日召开的 2023 年 年度股东大会（以下简称"本次会议"）会议，对本次会议召开的合法性进行见 证，并依法出具本法律意见书。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 2.97 CNY [1][10][18] Core Views - The company has established a comprehensive home furnishing service ecosystem in China, which includes various business segments such as design, renovation, and smart home services [2][10] - The company's revenue for Q1 2024 was 3.1 billion CNY, a decrease of 3% year-on-year, while the net profit attributable to the parent company was 350 million CNY, down 23% year-on-year [2] - The company is undergoing a digital transformation, having developed three major smart home platforms, which are expected to enhance operational efficiency and customer engagement [3][6] Financial Performance - In 2023, the company reported total revenue of 13.5 billion CNY, an increase of 4% year-on-year, but the net profit attributable to the parent company decreased by 21% to 1.3 billion CNY [2][11] - The company's rental and franchise management business generated 6.9 billion CNY in revenue, accounting for 51% of total revenue, but saw a 12% decline year-on-year [3][10] - The projected revenue for 2024-2026 is expected to be 15.05 billion CNY, 16.46 billion CNY, and 17.82 billion CNY respectively, with corresponding net profits of 1.47 billion CNY, 1.57 billion CNY, and 1.72 billion CNY [10][11] Business Model and Strategy - The company has innovated its business model by introducing a "fixed rent and sales sharing" approach, which has improved the recruitment rate of merchants significantly [4][10] - The company has successfully opened several shopping centers, with the first one in Changchun generating sales of 633 million CNY and attracting over 10 million visitors in 2023 [5][10] - The digital platforms developed by the company have seen significant growth, with the "洞窝" platform having onboarded 934 stores and over 100,000 merchants by the end of 2023 [6][10] Market Position - The company is one of the few in the domestic market capable of establishing a full-cycle home furnishing service ecosystem, integrating various high-frequency consumption scenarios [10][12] - The company has formed strategic partnerships with major platforms like Tmall and Tencent, enhancing its market influence and customer reach [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company has shown significant progress in its digital transformation, with a notable increase in sales through its digital platforms. The "洞窝" platform has achieved a GMV of 974 billion, reflecting a year-on-year growth of 173% [10] - The company is actively transforming its core home furnishing business and expanding into a broader home ecosystem, which is expected to yield positive results in the future [3][10] - The company has adjusted its profit forecasts for 2024-2025 due to slow recovery in terminal demand and support measures for in-store dealers, with projected net profits of 14.38 billion and 16.07 billion respectively [10] Financial Performance Summary - In 2023, the company achieved total revenue of 135.12 billion, a year-on-year increase of 4.1%, while the net profit attributable to the parent company was 13 billion, a decrease of 21.1% [3][4] - For Q1 2024, the company reported revenue of 31.37 billion, a decline of 3.4% year-on-year, and a net profit of 3.49 billion, down 22.9% [3][4] - The company’s gross profit margin for 2023 was 34.1%, with a projected gross profit margin of 35.4% for 2024 [4][11] Business Development - The company is exploring new business models, including a dual rental and sales commission model, which aims to share risks and benefits with merchants [3][10] - The company has expanded its smart home experience centers, with 1,357 smart home brands and a sales volume exceeding 161 billion [3][10] - The company has established a self-operated smart home service platform, "居然乐屋," which focuses on high-end home decoration services [10] Market Position and Outlook - The company is positioned to benefit from the broad market potential of the home furnishing industry, with a strategy of regional expansion and channel penetration [10] - The projected net profit for 2026 is 17.92 billion, with a year-on-year growth of 11.5% [10]