据证券之星公开数据整理，近期居然智家（000785）发布2025年中报。截至本报告期末，公司营业总收 入64.45亿元，同比上升1.54%，归母净利润3.28亿元，同比下降45.52%。按单季度数据看，第二季度营 业总收入31.33亿元，同比下降2.4%，第二季度归母净利润1.17亿元，同比下降53.95%。本报告期居然 智家公司应收账款体量较大，当期应收账款占最新年报归母净利润比达172.17%。 本次财报公布的各项数据指标表现一般。其中，毛利率23.85%，同比减28.43%，净利率5.13%，同比减 46.53%，销售费用、管理费用、财务费用总计10.16亿元，三费占营收比15.76%，同比减24.47%，每股 净资产3.3元，同比增3.07%，每股经营性现金流0.09元，同比减46.31%，每股收益0.05元，同比减50.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 63.47 亿 | 64.45 Z | 1.54% | | 归母净利润(元) | 6.03亿 | 3.28 Z | -45.52% ...

Core Insights - The number of shareholders for the company "居然智家" decreased to 111,621 as of June 30, 2025, representing a reduction of 16,811 shareholders or 13.09% compared to March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 48,500 to 55,800, with the average market value of shares held per shareholder at 170,200 yuan [1][2] - The company's stock price experienced a decline of 27.9% from March 31, 2025, to June 30, 2025, coinciding with the decrease in the number of shareholders [1][2] Shareholder Statistics - As of June 30, 2025, the average number of shareholders in the general retail industry was 57,000, indicating that "居然智家" has a higher number of shareholders than the industry average [1] - The average market value of shares held by shareholders in the general retail industry was 169,300 yuan, which is slightly lower than that of "居然智家" [1] - The company saw a net outflow of 660 million yuan from major funds and a net outflow of 239 million yuan from speculative funds, while retail investors contributed a net inflow of 899 million yuan during the same period [2]

Core Viewpoint - The company reported a revenue of 6.445 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.54%, while the net profit attributable to shareholders decreased by 45.52% to 328 million yuan, primarily due to intensified competition in the home furnishing market and support measures for merchants [11][30]. Company Overview - The company is a leading comprehensive home furnishing channel operator in China, recognized for its extensive offline retail network and ranked second in the "2024 China Chain TOP100" list [4][5]. - The company has pioneered digital transformation in the home furnishing industry, establishing three major digital platforms: "Homestyler," "Smart Home," and "Dongwo" [5][8]. Business Operations - The company operates a chain of home furnishing stores through both direct and franchise models, with a total of 399 stores across 30 provinces and regions as of June 30, 2025 [5][6]. - The direct operation model primarily utilizes leased properties, with 76 direct stores, of which 17 are owned and 59 are leased [6]. - The franchise model allows partners to use the company's brand and resources, with revenue generated from operational fees and brand usage fees [7]. Financial Performance - The company reported a net profit of 328 million yuan for the first half of 2025, a decline of 45.52% year-on-year, attributed to economic fluctuations and increased market competition [11]. - The company implemented cost control measures, resulting in improved management and sales expense ratios [11]. Asset Impairment - The company recognized an asset impairment provision of approximately 87.7 million yuan for the first half of 2025, reflecting a cautious approach to financial reporting [25][30]. - The impairment provision included various categories such as accounts receivable and long-term receivables, with specific amounts detailed for each category [27][30]. Strategic Initiatives - The company is focusing on digital innovation and smart home solutions to enhance customer experience and operational efficiency [5][8]. - The company is expanding its shopping center business as a second growth curve, with several centers already operational in key cities [9].

Company Summary - Juran Smart Home (SZ 000785) announced on August 30 that it made a total asset impairment provision of approximately RMB 87.7 million for the first half of 2025, with a reversal and write-off of asset impairment provisions amounting to approximately RMB 140,000, resulting in a decrease of approximately RMB 87.57 million in the total profit of the consolidated financial statements for the first half of 2025 [1] - For the period from January to June 2025, the revenue composition of Juran Smart Home was as follows: 56.34% from product sales, 40.34% from leasing and franchise management services, and 1.61% from renovation services [1] Industry Summary - The domestic first A-level car exhibition is set to open in the second half of the year, featuring nearly 120 brands and 1,600 vehicles, indicating a competitive landscape in the southwest region of the automotive market [1] - The emergence of new energy vehicles is expected to reshape the automotive market dynamics, referred to as the "third pole" of new energy [1]

Core Viewpoint - The company reported a slight increase in revenue but a significant decline in net profit for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue reached 6.445 billion yuan, reflecting a year-on-year growth of 1.54% [1] - The net profit attributable to shareholders was 328 million yuan, showing a year-on-year decrease of 45.52% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 364 million yuan, down 46.03% year-on-year [1] - Basic earnings per share were reported at 0.05 yuan [1]

Core Insights - The company reported a revenue of 6.445 billion yuan for the first half of 2025, representing a year-on-year increase of 1.54% [1] - The net profit attributable to shareholders was 328 million yuan, a decline of 45.52% year-on-year, while the net profit after deducting non-recurring items was 364 million yuan, down 46.03% year-on-year [1] - The basic earnings per share stood at 0.05 yuan, with a weighted average return on equity of 1.61% [1] Financial Performance - The gross profit margin for the first half of 2025 was 23.85%, down 9.47 percentage points year-on-year, while the net profit margin was 5.13%, a decrease of 4.46 percentage points compared to the same period last year [1] - In Q2 2025, the gross profit margin was 21.00%, down 8.98 percentage points year-on-year and 5.53 percentage points quarter-on-quarter, with a net profit margin of 3.48%, down 4.45 percentage points year-on-year and 3.21 percentage points quarter-on-quarter [1] Expense Analysis - Total operating expenses for the first half of 2025 were 1.031 billion yuan, a decrease of 308 million yuan year-on-year, with an expense ratio of 15.99%, down 5.10 percentage points year-on-year [2] - Sales expenses decreased by 23.10%, management expenses fell by 27.95%, while R&D expenses increased by 3.77%, and financial expenses decreased by 21.27% [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 111,600, a decrease of 16,800 from the end of the previous quarter, representing a decline of 13.09% [2] - The average market value per shareholder decreased from 205,100 yuan at the end of the previous quarter to 170,200 yuan, a decline of 17.04% [2] Business Overview - The company, established on April 25, 1990, and listed on July 11, 1997, operates in various sectors including chain home furnishing stores, shopping centers, digital and smart businesses, and smart logistics [2] - The main revenue sources are product sales (48.77%), rental and management services (42.73%), franchise management (3.34%), other services (3.14%), and renovation services (2.03%) [2] - The company is categorized under the retail industry, specifically in general retail and commercial property management, and is associated with concepts such as duty-free, new retail, and low-price stocks [2]

Core Viewpoint - The company, Juran Smart Home (居然智家), reported a mixed performance in its semi-annual report, with revenue growth but a significant decline in net profit due to market pressures and strategic support for merchants [1] Financial Performance - For the first half of 2025, the company achieved operating revenue of 6.445 billion yuan, representing a year-on-year increase of 1.54% [1] - The net profit attributable to shareholders was 328 million yuan, showing a year-on-year decrease of 45.52% [1] - Basic earnings per share were reported at 0.05 yuan [1] Market Conditions - The decline in net profit was primarily attributed to fluctuations in the domestic economic environment and cyclical impacts on the real estate market, leading to intensified competition in the home furnishing and building materials market [1] - The company, as a leading player in the home furnishing and building materials sector, faced significant operational pressures on its merchants [1] Strategic Responses - To support merchants during challenging times, the company provided certain quality merchants with rent and management fee reductions, which resulted in a temporary decline in rental and management income [1] - In response to the revenue decline, the company innovated its market cooperation model and strengthened cost control management, leading to a gradual decrease in fixed rental costs [1] - The management expense ratio, sales expense ratio, and financial expense ratio all showed significant improvement year-on-year [1]

居然智家新零售集团股份有限公司 2025 年半年度财务报告 居然智家新零售集团股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 | | | | 一、未审会计报表 | 3 | | --- | --- | | （一）合并资产负债表 | 3 | | （二）母公司资产负债表 | 5 | | （三）合并利润表 | 7 | | （四）母公司利润表 | 9 | | （五）合并现金流量表 | 11 | | （六）母公司现金流量表 | 12 | | （七）合并所有者权益变动表 | 14 | | （八）母公司所有者权益变动表 | 16 | | 二、财务报表附注（未经审计） | 20 | | （一）公司基本情况 | 20 | | （二）财务报表的编制基础 | 21 | | （三）重要会计政策及会计估计 | 21 | | （四）税项 | 35 | | （五）合并财务报表项目注释 | 36 | | （六）研发支出 | 76 | | （七）合并范围的变更 | 76 | | （八）在其他主体中的权益 | 78 | | （九）政府补助 | 82 | | （十）与金融工具相关的风险 | 82 | | （十一）公允价值的披露 ...

1 居然智家新零售集团股份有限公司 控股股东及其他关联方非经营性资金占用及其他关联资金往来情况汇总表 截至 2025 年 6 月 30 日止半年度 | 其它关联资金往来 | 资金往来方名称 | 往来方与上 | 上市公司核算 | 年期 2025 | 2025 | 年半年度 | 年半 2025 年度占用资 | 年半 2025 | 年半 2025 | | 往来性质(经营 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 市公司的关 联关系 | 的 会计科目 | 初往来资金 余额 | 往来累计发生 金额(不含利息) | | 金的利息(如 | 年度偿还累 计发生金额 | 年度期末往 来资金余额 | 往来形成原因 | 性往来、非经 营性往来) | | | | | | | | | 有) | | | | | | | 乌鲁木齐居然沃华房 | 同受控股母 | 合同资产 | | | 1.29 | | | 1.29 | 应收工程尾款 | 经营性往来 | | | 地产开发有限公司 | 公司控制 | | | | | | | ...

证券代码：000785 证券简称：居然智家 公告编号：临 2025-053 居然智家新零售集团股份有限公司 2025 年半年度计提资产减值准备的公告 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。 居然智家新零售集团股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第十一届董事会第二十一次会议、第十届监事会第十九次会议，审议通过 了《关于公司 2025 年半年度计提资产减值准备的议案》，现将有关情况公告如下： 一、2025 年半年度计提资产减值准备情况概述 为了更加真实、准确、客观的反映公司的财务状况和资产价值，根据《企业 会计准则》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》及公司会计政策的规定，公司对合并报表中截至 2025 年 6 月 30 日相关 资产价值出现的减值迹象进行了全面清查，对各项资产是否存在减值进行了评估 和分析，公司 2025 年半年度计提资产减值准备合计为人民币 87,704,380.97 元， 本次计提的资产减值准备计入的报告期间为 2025 年 1 月 1 日至 2025 年 6 ...