Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a revenue increase of 4.1% year-on-year for 2023, achieving a total revenue of 13.51 billion yuan. However, the net profit attributable to shareholders decreased by 21.1% to 1.3 billion yuan, with a net profit margin of 9.6%, down 3.1 percentage points year-on-year [4][6]. - The company is undergoing a digital transformation, with significant growth in its online platform, achieving a gross merchandise volume (GMV) of 97.4 billion yuan, a year-on-year increase of 173% [7]. - The company has reduced rental and management fees for qualified merchants, leading to a temporary decline in high-margin rental and management fee income, which contributed to the decrease in net profit [4][7]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 13.51 billion yuan, a 4.1% increase from the previous year. The net profit attributable to shareholders was 1.3 billion yuan, a decrease of 21.1% [4][6]. - The comprehensive gross profit margin for 2023 was 34.1%, down 10.7 percentage points year-on-year. The expense ratio was 24.1%, a slight decrease of 0.4 percentage points [4][6]. - For the first quarter of 2024, the company reported a revenue of 31.4 billion yuan, reflecting a year-on-year change of -3.4% [4]. Business Segments - Revenue from leasing and management services decreased by 11.2% to 6.43 billion yuan, while product sales increased by 31.7% to 5.56 billion yuan [4][5]. - The company operates 414 stores, including 86 direct-operated and 328 franchised stores, with a total operating area of 1.357 million square meters [5]. Digital Transformation - As of the end of 2023, the company had launched 934 stores on its online platform, with over 100,000 merchants and more than 25 million registered users [7]. - The average monthly active users reached 3.9 million, a year-on-year increase of 316.67% [7]. Profit Forecast - The company is expected to achieve net profits of 1.67 billion yuan and 1.8 billion yuan for 2024 and 2025, respectively, with corresponding price-to-earnings ratios of 10.97 and 10.24 [7][9].

证券代码：000785 证券简称：居然之家 公告编号：临 2024-024 居然之家新零售集团股份有限公司 关于召开 2023 年年度股东大会的提示性公告 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 26 在信息披露网站巨潮资讯网（www.cninfo.com.cn）、《证券时报》、《中国证券报》 和《上海证券报》上刊登了《居然之家新零售集团股份有限公司关于召开 2023 年年度股东大会的通知》，公司拟于 2024 年 5 月 16 日以现场投票与网络投票相 结合的表决方式召开公司 2023 年年度股东大会，现将有关事项提示如下： 一、召开会议基本情况 （一）股东大会届次：居然之家新零售集团股份有限公司 2023 年年度股东 大会 （二）股东大会召集人：公司第十一届董事会，经公司第十一届董事会第十 次会议审议通过了《关于提请召开公司 2023 年年度股东大会的议案》。 （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 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-023 居然之家新零售集团股份有限公司 关于全资子公司家居连锁为控股孙公司居然智能提供担保的 近期居然智能由于业务需要，拟向北京银行股份有限公司中关村分行（以下 简称"北京银行中关村分行"）、中国光大银行股份有限公司北京望京支行（以下 简称"光大银行北京望京支行"）申请综合授信额度，具体内容如下： 单位：万元 | 公司名称 | 银行名称 | 授信额度 | 担保类型 | 期限 | | --- | --- | --- | --- | --- | | 北京居然之家智能 | 北京银行中关村分行 | 9,000 | 连带责任保证担保 | 12 个月 | | 科技有限公司 | 光大银行北京望京支行 | 5,000 | 连带责任保证担保 | 12 个月 | 本次担保在上述 52,000 万元担保额度范围内，已经公司股东大会审议通过。 三、被担保人基本情况 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 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-022 居然之家新零售集团股份有限公司 关于子公司提供担保的公告 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。 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"）为居然之家新零 售集团股份有限公司（以下简称"公司"、"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"）为家居连锁控股子公司，北京居 然智慧家艾谱科技有限公司（以下简称"智慧家艾谱科技"）、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"，原名"北京居然智慧家智 能科技有限公司"）为居然智能全资子公司。近期智慧家艾谱科技、智慧家智能 互联由于业务需要，拟向中国光大银行股份有限公司北京望京支行（以下简称"光 大银行北京望京支行"）申请综合授信额度，具体内容如下： 居然智能拟为智慧家艾谱科技、智慧家智能互联的上述综合授信提供连带 责任保证担保。居然智能、智慧家艾谱科技、智慧家智能互联已分别作出股东 会决议和股东决议，同意上述担保事项。本次担保事项无需提交本公司董事会 和股东 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 4.31 CNY, maintaining the rating [4]. Core Views - The company reported a revenue of 13.512 billion CNY in 2023, a year-on-year increase of 4.08%, but the net profit attributable to shareholders decreased by 21.10% to 1.3 billion CNY [1]. - The company is focusing on digital transformation and has successfully launched the cross-border e-commerce platform "New Nest" [2]. - The company is leveraging AIGC technology to enhance its smart home and decoration services, indicating a strong commitment to digitalization [2]. - The company’s gross profit margin for 2023 was 34.11%, a decrease of 10.75 percentage points year-on-year, reflecting pressure on profitability [3]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 3.768 billion CNY, a year-on-year increase of 6.07%, with a net profit of 149 million CNY, up 31.60% year-on-year [1]. - For Q1 2024, the company reported a revenue of 3.137 billion CNY, a year-on-year decrease of 3.38%, and a net profit of 349 million CNY, down 22.88% year-on-year [1]. - The company’s revenue from various segments in 2023 included rental management (6.428 billion CNY), product sales (5.556 billion CNY), and renovation services (408 million CNY), with notable growth in product sales by 31.74% [2]. Profitability and Cost Management - The company’s gross profit margin for 2023 was 34.11%, with a significant decline in the rental management and product sales segments [3]. - The company maintained good control over its operating expenses, with a total expense ratio of 24.07% in 2023, a slight decrease from the previous year [8]. - The net profit margin for 2023 was 11.30%, reflecting a decline of 3.05 percentage points year-on-year [8]. Future Outlook - The company is expected to achieve revenues of 15.007 billion CNY, 16.371 billion CNY, and 17.656 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.06%, 9.09%, and 7.85% [8]. - The projected net profit for 2024 is 1.361 billion CNY, with a growth rate of 4.66% [8].

公司研 究 证 券研究 报 告 专业市场经营Ⅲ 2024年05月06日 居 然之家（000785）2023年报及 2024年一季报点评 推 荐 （维持） 目标价：4.1元 业绩符合预期，数智化赋能成长 当前价：3.06元 事项： 华创证券研究所  公司发布年报及一季报公告：2023年营收135.1亿，同比+4.1%，归母/扣非归 证券分析师：秦一超 母13.0/12.3亿，同比-21.1%/-27.5%。24Q1营收31.4亿，同比-3.4%，归母/扣 非归母3.5/3.7亿，同比-22.9%/-12.0%。 邮箱：qinyichao@hcyjs.com 评论： 执业编号：S0360520100002 联系人：刘一怡  家居卖场与购物中心双轮驱动，重视家装市场成长机会。分行业看，23 年公 司租赁及加盟管理 /商品销售/装修服务/贷款保理利息/其他业务分别实现收 邮箱： liuyiyi@hcyjs.com 入69.4/55.6/4.1/0.6/5.5亿元，分别同比-11.8%/+31.7%/+12.7%/-26.1%/+22.1%。 其中，1）卖场租赁及加盟管理业务营收下滑，主要系期内公司对合格商户减 公 ...

[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].

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 ...