北京市海问律师事务所 关于居然智家新零售集团股份有限公司 2025 年第三次临时股东大会的法律意见书 致：居然智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《居然智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，北京市海问律师事务所（以下简称"本所"）作为居然智家新零售集团 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 2025 年 11 月 28 日召开的 2025 年第三次临时股东大会（以下简称"本次 会议"）现场会议，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。 本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法 律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤 勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导 性陈述或者重大遗漏，并承担相应法律责任。 在本法律意见书中，本所律 ...

居然智家公告称，其全资子公司居然商业咨询拟2674.21万元，向新明珠企业集团转让天津居然智居 2388.66万元财产份额（对应32.87%财产份额比例）。2024年，居然商业咨询已从天津居然智居获投资 收益3308.21万元。目前，天津居然智居持有新明珠集团1280万股股份，持股比例1.0305%。本次交易在 董事长审批权限内，不构成关联交易和重大资产重组，所得款项将用于日常生产经营。 ...

Core Viewpoint - The stock price of Juran Smart Home has experienced a decline of 14.85% year-to-date, with recent fluctuations indicating a potential recovery in the short term, as evidenced by a 5.56% increase over the last five trading days [2]. Financial Performance - For the period from January to September 2025, Juran Smart Home reported a revenue of 9.159 billion yuan, reflecting a year-on-year decrease of 3.38%. The net profit attributable to shareholders was 398 million yuan, down 45.58% compared to the previous year [3]. - Cumulative cash dividends since the company's A-share listing amount to 3.617 billion yuan, with 1.643 billion yuan distributed over the last three years [4]. Stock Market Activity - As of November 27, Juran Smart Home's stock was trading at 3.04 yuan per share, with a market capitalization of 18.93 billion yuan. The stock saw a net outflow of 59.86 million yuan in principal funds, with significant selling pressure [1]. - The company has appeared on the stock market's "Dragon and Tiger List" five times this year, with the most recent instance on February 17, where it recorded a net buy of -160 million yuan [2]. Shareholder Information - As of November 20, the number of shareholders for Juran Smart Home was 98,800, a decrease of 3.37% from the previous period. The average number of circulating shares per person increased by 3.49% to 59,685 shares [3].

Core Viewpoint - The article discusses the performance of the A-share market, highlighting the fluctuations in major indices and sector performances, particularly in consumer electronics and HBM concepts, while noting the decline in AI applications and certain real estate stocks [3]. Market Performance - As of the midday session, the Shanghai Composite Index rose by 0.49%, the Shenzhen Component Index increased by 0.38%, and the ChiNext Index initially surged over 2% before settling at a 0.56% gain [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion yuan, a decrease of 466 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - The consumer electronics sector saw a rise of 2.28%, while the HBM concept led the gains with a 2.62% increase [4]. - The solid-state battery concept also performed well, contributing to the overall positive sentiment in the market [3]. - The AI application sector continued to show weakness, indicating potential challenges in this area [3]. Notable Stocks - In the pork concept sector, stocks like Jin Xin Nong and Tian Yu Bio experienced significant gains, with Jin Xin Nong hitting the daily limit [5]. - Semiconductor stocks such as Huahong Semiconductor and SMIC saw increases of over 5% and 3%, respectively, reflecting strong performance in the tech sector [6]. - New Energy and AI concept stocks also showed strength, with New Yi Sheng rising by 7% and Yangguang Electric Power increasing by nearly 5% [7]. Additional Market Insights - The Hong Kong stock market opened with a slight increase, with the Hang Seng Technology Index expanding its gains [12]. - The People's Bank of China conducted a reverse repurchase operation of 356.4 billion yuan at an interest rate of 1.40%, indicating ongoing liquidity management [13]. - The Chinese yuan appreciated against the US dollar, reaching its highest level since October 2024 [14].

Core Insights - The company is focused on creating a comprehensive digital infrastructure for the retail industry, aiming to enhance efficiency across the entire value chain [2] - The company has developed several applications, including Dongwo, Juran Design Home, and Juran Smart Home, each targeting different aspects of consumer and business needs [2] - Juran Design Home is a key product that collaborates with Alibaba, leveraging its cloud resources to enhance data processing and operational efficiency [2] Group 1: Application Overview - Dongwo provides full-scope solutions for B-end partners, including insights into product flow, customer profiles, and consumption trends [2] - Juran Smart Home offers interconnected smart living solutions that enhance user experiences across various devices [2] - Juran Design Home aggregates designer resources and offers a one-stop solution from creativity to material selection, supporting personalized 3D design generation for users [2] Group 2: Collaboration with Alibaba - Alibaba is a significant strategic shareholder and partner for Juran Design Home, facilitating technological integration [2] - The platform utilizes Alibaba Cloud resources to optimize data processing efficiency and enhance terminal operations [2] - Juran Design Home has integrated Alibaba's Tongyi Qianwen model, enabling natural language interaction and AI-assisted design, improving the efficiency of 3D home decoration solutions [2]

Core Viewpoint - The duty-free shop concept has seen a rise of 1.72%, ranking third among concept sectors, with significant gains from stocks like Dongbai Group and Guangbai Co., which hit the daily limit [1][2]. Market Performance - The duty-free shop sector had 20 stocks rising, with notable increases from Dongbai Group (7.26%), Bubugao (4.27%), and Zhuhai Duty-Free Group (3.39%) [1]. - Conversely, stocks like China Merchants Shekou, Caesar Travel, and Tibet Zhufeng experienced declines of 1.77%, 1.73%, and 1.31% respectively [1]. Capital Flow - The duty-free shop sector attracted a net inflow of 630 million yuan, with 15 stocks receiving net inflows, and 6 stocks exceeding 50 million yuan in net inflow [2]. - The leading stock in net inflow was Juran Zhijia, with a net inflow of 217 million yuan, followed by China Duty-Free Group (174 million yuan) and Dongbai Group (118 million yuan) [2]. Stock Performance Metrics - Juran Zhijia led with a 9.89% increase and a net inflow ratio of 37.14%, while Guangbai Co. rose by 9.95% with a net inflow ratio of 25.00% [3]. - Other notable performers included Dongbai Group (10.01% increase, 9.24% net inflow ratio) and Zhongbai Group (7.26% increase, 7.27% net inflow ratio) [3][4].

| 000058 | 深赛格 | 0.86 | 1.58 | 779.98 | | --- | --- | --- | --- | --- | | 300464 | 星徽股份 | 1.79 | 6.99 | 708.74 | | 002640 | 跨境通 | 0.65 | 3.75 | 682.07 | | 600790 | 轻纺城 | 1.07 | 1.12 | 664.52 | | 003010 | 若羽臣 | 0.36 | 1.81 | 468.1 1 | | 000007 | 全新好 | 2.22 | 2.94 | 466.34 | | 600824 | 益民集团 | 2.91 | 4.60 | 456.93 | | 603214 | 爱婴室 | -0.23 | 1.96 | 398.42 | | 601010 | 文峰股份 | 2.66 | 1.99 | 397.38 | | 600785 | 新华百货 | 1.38 | 2.83 | 392.48 | | 000417 | 合百集团 | 0.15 | 5.62 | 338.47 | | 600729 | 重庆百货 | 1.18 | 1.07 | 3 ...

Core Points - The Shanghai Composite Index closed at 3864.18 points, below the five-day moving average, with a decline of 0.15% [1] - The total trading volume of A-shares reached 1,797.19 billion yuan [1] - A total of 693 A-shares broke through the five-day moving average today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Mingwei Electronics (688699) saw a price increase of 20.01% with a deviation rate of 15.61% [1] - Dongxin Co., Ltd. (688110) also increased by 20.00%, with a deviation rate of 14.05% [1] - Ningbo Color Masterbatch (301019) rose by 20.00%, showing a deviation rate of 12.63% [1] Trading Activity - The trading turnover rate for Mingwei Electronics was 6.94% [1] - Dongxin Co., Ltd. had a turnover rate of 11.72% [1] - Ningbo Color Masterbatch recorded a turnover rate of 16.34% [1] Deviation Rate Rankings - Other notable stocks with high deviation rates include: - Huanle Home (300997) with a deviation rate of 12.38% [1] - Zhu Laoliu (920726) at 10.64% [1] - Haitong Development (603162) at 8.63% [1]

Core Points - The Shanghai Composite Index is at 3869.21 points, slightly above the five-day moving average, with a change of -0.02% [1] - The total trading volume of A-shares today is 146.13 billion yuan [1] - A total of 832 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Mingwei Electronics (688699) has the highest deviation rate at 15.61%, with a daily increase of 20.01% and a turnover rate of 6.03% [1] - Haitong Development (603162) and Qingshan Paper (600103) follow with deviation rates of 8.63% and 8.56%, respectively, both showing daily increases of over 9% [1] - Other notable stocks with significant daily increases include Xueqi Electric (001387) at 10.04% and Huashu Holdings (000509) at 10.11% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the five-day moving average include: - Mingwei Electronics: 15.61% - Haitong Development: 8.63% - Qingshan Paper: 8.56% [1] - Additional stocks with notable performance include: - Xueqi Electric: 8.20% - Huashu Holdings: 8.16% [1]

广发创新驱动混合（004119）基金经理为杨定光。 11月26日，居然智家涨5.65%，截至发稿，报2.99元/股，成交1.55亿元，换手率0.91%，总市值186.19亿 元。 截至发稿，杨定光累计任职时间5年107天，现任基金资产总规模1.63亿元，任职期间最佳基金回报 13.81%， 任职期间最差基金回报-18.69%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，居然智家新零售集团股份有限公司位于北京市东城区东直门南大街甲3号，成立日期1990年4 月25日，上市日期1997年7月11日，公司主营业务涉及连锁家居卖场业务;购物中心及现代百货业务;数 字化、智能化业务、智慧物流业务;智能家装业务。主营业务收入构成为：商品销售56.34%，租赁及其 管理业务36.97%，加盟管理业务3.37%，其他1.71%，装修服务1.61%。 从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓居然智家。广发创新驱动混合（004119）三季度 ...