因为他这个电器做就换性的时候门槛相对会比较高一些然后当时是必须以五百万那个开票额年度开票额上规的一个企业必须是企业才能参与像我们这种当时的行业它可能在经营方面不是做零售的所以这块的话电器这个品类我们作为商场是没有参与进去的但是我们当时是积极鼓励我们厂内所有的电器商家是通过各种处境不外乎自由的这个企业去拿捧 还是说通过挂靠的形式然后基本上是百分之八十以上的品牌是参与了家电的移旧换新的工作但是九月份的时候当时沈商务厅找到我们作为行业代表反复通知我们去开会也做了一些研讨性的工作然后最后在九月份提出来这个家具的移旧换新在四川这块做了一个大量的开发工作然后我们是 借助这个政策的话在这个9月份到10月份这一波的这个四川新的这一波的消费季的活动里面其实是取得了比较好的一个成绩刚才也在说嘛其实全国应该各个省份都在推这个事但是四川这块推的比较彻底的是它的有些形式方面的东西因为是听取了我们的意见就在这个经销商的电子啊包括我们在整个商场纳入这个消费平台这样一个形式上面是给我们形成很大的一个方便 所以最后我们就是通过几次的协商吧当时我们最开始也有个门槛因为它是针对品牌针对我们这种服务行业的话可能还是有一些就是觉得不太符合嘛因为我们不 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-050 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 近期居然智能由于业务需要，与中国民生银行股份有限公司北京分行（以下 简称"民生银行北京分行"）续签《综合授信合同》，综合授信额度为人民币 5,000 万元；与中国银行股份有限公司北京东城支行（以下简称"中国银行北京东城支 行"）续签《授信额度协议》，综合授信额度为人民币 8,000 万元。家居连锁与民 生银行北京分行、中国银行北京东城支行分别签订《最高额保证合同》，为居然 智能申请的 5,000 万元、8,000 万元综合授信提供连带责任保证担保（以下简称 "本次担保"）。家居连锁和居然智能已分别作出股东决定，同意家居连锁为居然 智能提供担保。 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 1、被担保人名称：北京居然之家智能科技有限公司 2、成立日期：2016 年 3 月 22 日 3、注 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-049 1、被担保人名称：北京居然之家洞建工程有限公司 2、成立日期：2021 年 7 月 19 日 居然之家新零售集团股份有限公司 关于为子公司提供担保的进展公告 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 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，北京居然之家洞 建工程有限公司（以下简称"居然洞建"）为家居连锁全资子公司，居然洞建为本 公司二级子公司。公司于 2024 年 8 月 28 日召开了第十一届董事会第十二次会 议、第十届监事会第十二次会议，分别审议通过了《关于为子公司提供担保的议 案》，同意公司或下属子公司为居然洞建开具保函，保函金额合计不超过人民币 4,000 万元，受益人为居然洞建的业务合作方。董事会同意，在此额度范围内， 公司或下属子公司为居然洞建申请保函担保，无需另行召开董事会审议。董事会 授权董事长及公司管理层在上述保函金额的范围内，决定并办理保函开立的具体 事 ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-048 居然之家新零售集团股份有限公司 关于第三期回购股份首次实施回购暨回购股份 进展的公告 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。 2、公司以集中竞价交易方式回购股份符合下列要求： 截至 2024 年 9 月 30 日，公司暂未通过股份回购专用证券账户回购公司股 份。 公司于 2024 年 10 月 9 日首次通过股份回购专用证券账户以集中竞价交易 方式实施股份回购，回购股份数量为 578,100 股，约占公司总股本的 0.01%，最 高成交价为 2.75 元/股，最低成交价为 2.73 元/股，成交总金额为 1,586,225 元（不 含交易费用）。本次回购符合相关法律法规的要求，符合公司既定的回购方案。 二、其他说明 （一）公司首次回购股份的时间、回购股份数量、回购股份价格及集中竞价 交易的委托时段符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股 份》的相关规定，具体说明如下： 1、公司未在下列期间回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影 ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 3.13 CNY per share, while the current price is 2.28 CNY [1]. Core Views - The home furnishing business shows steady performance with continuous optimization of expense ratios. The company is focusing on transforming its home furnishing market into smart home experience centers, which is expected to enhance its recruitment rate [2]. - The shopping center business has seen significant revenue growth, achieving 1.27 billion CNY in H1 2024, a year-on-year increase of 193.7% [2]. - The digital transformation is progressing steadily, with strategic partnerships established with Huawei and Volcano Engine, contributing to improved performance in the smart home segment [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 6.35 billion CNY, a slight decrease of 0.9% year-on-year, and a net profit attributable to shareholders of 600 million CNY, down 30.4% year-on-year [2]. - The gross profit margin for H1 2024 was 33.3%, a decrease of 3.9 percentage points compared to the previous year [2]. Business Segments - **Retail Business**: Revenue from leasing and management, product sales, franchise management, renovation, and loan factoring interest were 3.03 billion CNY, 2.80 billion CNY, 210 million CNY, 120 million CNY, and 20 million CNY respectively, with notable declines in leasing and management due to rent reductions for qualified merchants [2]. - **Shopping Center Business**: Revenue reached 1.27 billion CNY, with a customer flow of 20.44 million, reflecting a year-on-year increase of 156.3% [2]. - **Digital Business**: The company’s digital platform, Dongwo, achieved a GMV of 46.6 billion CNY, up 11.8% year-on-year, and the registered users of "Jiaju Design" exceeded 16.16 million, a growth of 19% [2]. Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 1.23 billion CNY, 1.34 billion CNY, and 1.46 billion CNY respectively, reflecting a cautious outlook due to ongoing pressure in downstream demand [2][3]. - The projected PE ratios for 2024, 2025, and 2026 are 12, 11, and 10 times respectively, with a target PE of 16 times for 2024 [2].

上 市 公 司 证 券 研 究 报 告 商贸零售 2024 年 09 月 11 日 居然之家 (000785) ——家居主业积极求变，数字化转型持续推进 报告原因：强调原有的投资评级 买入（维持） 投资要点： | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 10 日 | | 收盘价（元） | 2.36 | | 一年内最高/最低（元） | 3.78/2.24 | | 市净率 | 0.7 | | 息率（分红/股价） | 2.63 | | 流通 A 股市值（百万元） | 14,063 | | 上证指数/深证成指 | 2,744.19/8,073.83 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 06 月 30 日 | | | ...

证券代码：000785 证券简称：居然之家 公告编号：临 2024-047 居然之家新零售集团股份有限公司 关于为子公司提供担保的进展公告 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 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，北京居然智慧 家教育科技有限公司（以下简称"智慧家教育科技"）、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"）为居然智能全资子公司，智慧家教育科 技、智慧家艾谱科技为本公司三级子公司。公司于 2024 年 8 月 28 日召开了第十 一届董事会第十二次会议、第十届监事会第十二次会议，分别审议通过了《关于 为子公司提供担保的议案》，同意公司为智慧家教育科技、智慧家艾谱科技就其 向苹果电脑贸易（上海）有限公司（以下简称"苹果贸易"）申请的合计不超过人 民币 15,000 万元的赊销额度提供连带责任保证担保。 同时，同意公司或公司下属子公司为智慧 ...

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 4.31 CNY [4]. Core Views - The company reported a revenue of 6.347 billion CNY for H1 2024, a decrease of 0.88% year-on-year, and a net profit of 603 million CNY, down 30.44% year-on-year [1]. - The company is implementing a "one store, two systems" strategy, focusing on digital transformation and achieving significant results in its operations [2]. - The company's gross margin for H1 2024 was 33.32%, a decline of 3.89 percentage points year-on-year, while the net profit margin was 9.59%, down 4.25 percentage points year-on-year [3][8]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 6.347 billion CNY, with a net profit of 603 million CNY, reflecting a year-on-year decline of 30.44% [1]. - The revenue breakdown for H1 2024 shows leasing management at 3.027 billion CNY, product sales at 2.804 billion CNY, and other services contributing smaller amounts, with notable declines in renovation services and loan factoring [2]. - The company’s gross margin decreased to 33.32% in H1 2024, with a further decline to 29.99% in Q2 2024 [3]. Business Strategy - The company has fully implemented the "one store, two systems" strategy, which includes a fixed rent and sales sharing model, enhancing its partnership with merchants [2]. - The company is focusing on digital transformation, with significant developments in AI design platforms and cross-border e-commerce initiatives [2]. Cost Management - The company managed to reduce its expense ratio to 21.10% in H1 2024, down 2.06 percentage points year-on-year, indicating effective cost control measures [3].

Group 1: Business Performance Overview - In the first half of 2024, the company achieved a market sales GMV of 55.92 billion yuan, a year-on-year increase of 16.2% [1] - Revenue reached 6.347 billion yuan, a decrease of 0.88% year-on-year [1] - Net profit attributable to shareholders was 603 million yuan, down 30.44% year-on-year [1] - The decline in net profit was primarily due to external factors affecting the recovery of high-ticket consumer goods, leading to increased pressure on merchants [2] Group 2: Strategic Initiatives - The company is actively pursuing transformation strategies in its core home furnishing business, including the implementation of a "one store, two systems" recruitment strategy, with 65.4% of new recruitment area achieved through a "sales sharing" model [2] - The company is accelerating the upgrade of home furnishing stores to smart home experience centers, with the first smart home experience center in Tongzhou achieving a 15.6% area share and 24.4% of net sales [2] - Marketing activities have been innovated, with over 10 large-scale live broadcasts generating 58,000 orders and a total exposure of 21.235 million times [2] Group 3: Expansion of Physical Stores - As of June 30, 2024, the company operates 409 home furnishing stores across 30 provinces and cities in China and Cambodia, including 85 direct-operated and 324 managed or franchised stores [2] - The shopping centers achieved a sales revenue of 1.267 billion yuan in the first half of 2024, a year-on-year increase of 193.7% [2] - The company has opened four "Ocean Dream Center" shopping centers, with significant customer traffic and sales growth [2] Group 4: Digital Transformation - The company’s digital transformation initiatives, including Dongwo, Juran Design Home, and Juran Smart Home, have shown significant progress [2] - Dongwo has onboarded 1,016 stores, with over 110,000 merchants and 31.5 million registered users, achieving a platform transaction GMV of 46.6 billion yuan [2] - Juran Smart Home opened 11 new stores in the first half of 2024, achieving sales of 2.25 billion yuan, a year-on-year increase of 30.6% [2] Group 5: International Expansion - The company has opened stores in Cambodia and Macau, with a recruitment rate exceeding 96% as of June 30, 2024 [3] - The cross-border e-commerce platform "New Nest" has been launched, expanding into 13 countries including the US, Italy, Germany, and Brazil [3] Group 6: Cost Management and Profitability - The company has improved management expense ratios, sales expense ratios, and financial expense ratios year-on-year [2] - The overall gross profit margin has declined due to rapid growth in sales revenue, although the gross profit margin for leasing and management services remains stable [3]

第十一届董事会第十二次会议决议公告 证券代码：000785 证券简称：居然之家 公告编号：临 2024-043 居然之家新零售集团股份有限公司 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、董事会会议召开情况 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"）第十 一届董事会第十二次会议（以下简称"本次会议"）于 2024 年 8 月 28 日以通讯 形式召开，会议通知已于 2024 年 8 月 18 日以电子邮件的方式发出。本次会议应 出席董事 12 人，实际出席董事 12 人。本次会议的召开符合《中华人民共和国公 司法》及《居然之家新零售集团股份有限公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2024 年半年度报告及报告摘要的议案》 本议案已经公司董事会审计委员会审议通过。 表决结果：12 票同意、0 票反对、0 票弃权。 （具体内容请见同日于公司信息披露指定网站 http://www.cninfo.com.cn 披 露的《居然之家新零售集团股份有限公司 2024 年半年度报告》《居然之家新零售 集团股份有限公司 ...