| | | 索菲亚家居股份有限公司章程 | | | （2025 年 9 月 12 日经 2025 年第一次临时股东大会审议通过） I 索菲亚家居股份有限公司章程 索菲亚家居股份有限公司章程 第一章 总 则 第一条 为维护索菲亚家居股份有限公司（以下简称"公司"或"本公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共 和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简 称《证券法》）、《上市公司章程指引》和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关法律、行政法规的规定成立的股 份有限公司。 公司以发起设立方式设立；在广州市市场监督管理局核准注册登记，取得 营业执照。公司的统一社会信用代码为 9144010174359126X2。 第三条 公司于 2011 年 3 月 21 日经中国证券监督管理委员会（以下简称"中 国证监会"）核准，首次向社会公众发行人民币普通股 1,350 万股，并于 2011 年 4 月 12 日在深圳证券交易所上市。 第四条 公司注册名称：索菲亚家居股份有限公司 公司英文名称：Suofeiya Home Collect ...

Market Overview - The home goods sector experienced a decline of 0.86% on September 12, with C Aifenda leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the home goods sector included: - Filinger: closed at 30.15, up 5.42% with a trading volume of 59,900 shares and a turnover of 179 million yuan [1] - Meike Home: closed at 2.19, up 2.34% with a trading volume of 457,300 shares and a turnover of 98.99 million yuan [1] - Taili Technology: closed at 41.86, up 2.15% with a trading volume of 15,000 shares and a turnover of 6.27 million yuan [1] - Conversely, C Aifenda saw a significant decline, closing at 66.59, down 6.88% with a trading volume of 59,400 shares and a turnover of 404 million yuan [2] Capital Flow - The home goods sector experienced a net outflow of 206 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The following stocks had notable capital flows: - Sophia: net inflow of 15.32 million yuan from institutional investors, but a net outflow of 28.06 million yuan from retail investors [3] - Good Housewife: net inflow of 14.55 million yuan from institutional investors, with a net outflow of 10.82 million yuan from retail investors [3] - Delixi: net inflow of 11.70 million yuan from institutional investors, but a net outflow of 11.86 million yuan from retail investors [3]

Core Insights - The home goods sector experienced a slight decline of 0.02% on September 11, with C艾芬达 leading the drop [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Market Performance - The top-performing stocks in the home goods sector included 美之尚, which rose by 19.29% to a closing price of 21.71, and 梦天家居, which increased by 5.51% to 16.66 [1] - Conversely, C文分达 led the declines with a drop of 4.36% to 71.51, followed by 中源家居, which fell by 4.04% to 14.74 [2] Trading Volume and Capital Flow - The home goods sector saw a net outflow of 284 million yuan from institutional investors, while retail investors contributed a net inflow of 313 million yuan [2] - The trading volume for the top stocks included 美之尚 with 95,800 shares traded and a transaction value of 191 million yuan [1] Individual Stock Analysis - 好太太 experienced a net outflow of 31.96 million yuan from institutional investors, while retail investors contributed a net inflow of 8.19 million yuan [3] - C艾芬达 had a net inflow of 16.09 million yuan from institutional investors, but saw a net outflow of 11.72 million yuan from retail investors [3]

资料显示，索菲亚家居股份有限公司位于广东省广州市增城区永宁街郭村仙宁路2号，成立日期2003年7 月15日，上市日期2011年4月12日，公司主营业务涉及定制衣柜及其配套定制家具的研发、生产和销 售。主营业务收入构成为：衣柜及其配套产品78.56%，橱柜及其配件12.37%，木门4.72%，其他主营业 务2.26%，其他(补充)2.09%。 截至6月30日，索菲亚股东户数4.28万，较上期增加24.50%；人均流通股15221股，较上期减少19.68%。 2025年1月-6月，索菲亚实现营业收入45.51亿元，同比减少7.68%；归母净利润3.19亿元，同比减少 43.43%。 9月9日，索菲亚涨2.57%，成交额3.14亿元。两融数据显示，当日索菲亚获融资买入额2057.07万元，融 资偿还3071.26万元，融资净买入-1014.20万元。截至9月9日，索菲亚融资融券余额合计2.92亿元。 机构持仓方面，截止2025年6月30日，索菲亚十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股3959.40万股，相比上期减少1853.64万股。国投证券股份有限公司位居第七大流通股东，持 股1069.1 ...

Core Viewpoint - The stock of Sophia Home has shown fluctuations, with a recent increase of 2.06% on September 9, 2023, despite a year-to-date decline of 14.09% [1] Group 1: Stock Performance - As of September 9, 2023, Sophia's stock price reached 13.90 CNY per share, with a trading volume of 2.11 billion CNY and a turnover rate of 2.35%, resulting in a total market capitalization of 133.86 billion CNY [1] - Year-to-date, Sophia's stock has decreased by 14.09%, with a 3.04% increase over the last five trading days and a 0.94% increase over the last 20 days [1] Group 2: Financial Performance - For the first half of 2025, Sophia reported a revenue of 4.551 billion CNY, a year-on-year decrease of 7.68%, and a net profit attributable to shareholders of 319 million CNY, down 43.43% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 5.997 billion CNY, with 2.550 billion CNY distributed over the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 24.50% to 42,800, while the average circulating shares per person decreased by 19.68% to 15,221 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 39.594 million shares (a decrease of 18.536 million shares), and Guotou Securities Co., Ltd., which is a new shareholder with 10.6915 million shares [3]

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The report highlights a significant divergence in sector performance, suggesting investors focus on sectors with improving conditions [2] - The furniture sector is experiencing a slight decline in revenue, with a year-on-year decrease of 4.4% in Q2 2025, although soft furniture shows relatively better performance [7][8] - The personal care sector demonstrates resilience with a year-on-year revenue increase of 14% in Q2 2025, indicating strong demand [6] - The toy sector shows short-term revenue differentiation but has substantial long-term growth potential, with a year-on-year revenue decrease of 2% in Q2 2025 [6] - The export chain is facing performance differentiation, with companies having overseas production capabilities showing better revenue growth [6] - The two-wheeler sector is benefiting from trade-in incentives, leading to significant revenue growth [6] - The smart glasses market is experiencing explosive growth, with sales of Ray-Ban Meta smart glasses increasing by over 200% year-on-year in the first half of 2025 [6] - The paper industry is expected to see price increases as raw material prices recover, with integrated pulp and paper companies performing better [6] - The packaging sector is witnessing improved revenue growth, driven by an optimized domestic market structure and rising raw material prices [6] Summary by Sections Furniture Sector - The furniture sector's revenue in Q2 2025 decreased by 4.4% year-on-year, with soft furniture showing better growth [7][8] - Contract liabilities and advance payments in the furniture sector increased by 42.8% year-on-year, indicating potential future revenue growth [9] - The sector's net profit after deducting non-recurring items decreased by 7.8% year-on-year in Q2 2025, with slight fluctuations in profitability [10][13] Personal Care Sector - The personal care sector's revenue increased by 14% year-on-year in Q2 2025, reflecting strong demand and resilience [6] - The focus on product quality is becoming increasingly important to consumers [6] Toy Sector - The toy sector is experiencing short-term revenue differentiation, with a 2% year-on-year revenue decline in Q2 2025, but has significant long-term growth potential [6] Export Chain - The export chain is facing performance differentiation, with companies that have overseas production capabilities achieving better revenue performance [6] Two-Wheeler Sector - The two-wheeler sector is benefiting from trade-in incentives, leading to significant revenue growth in Q2 2025 [6] Smart Glasses - The smart glasses market is experiencing explosive growth, with sales of Ray-Ban Meta smart glasses increasing by over 200% year-on-year in the first half of 2025 [6] Paper Industry - The paper industry is expected to see price increases as raw material prices recover, with integrated pulp and paper companies performing better [6] Packaging Sector - The packaging sector is witnessing improved revenue growth, driven by an optimized domestic market structure and rising raw material prices [6]

Industry Overview - The overall revenue and net profit of custom home furnishing companies have declined to levels seen four years ago, with 9 out of 10 companies experiencing a drop in revenue, sales expenses, and R&D expenses [1][8][9] - The average revenue decline among the 10 companies analyzed is 12.54%, with only Wo Le Home experiencing a slight increase of less than 2% [8][9] Company Performance - Oppein Home achieved a revenue of 8.241 billion yuan, with a net profit of 1.018 billion yuan, marking a 20.88% year-on-year growth, solidifying its leading position in the industry [5][10] - Other companies, such as PIANO and MAG, faced significant challenges, with PIANO's revenue nearly halving and MAG's revenue declining by 23.07% [8][9] Profitability Analysis - Oppein Home leads in net profit margin at 12.39%, followed by Wo Le Home at 9.77%, indicating a strong profitability position [32][36] - The gross profit margin shows a clear tiered structure, with Wo Le Home leading at over 40%, while several other companies maintain margins above 30% [28][30] Channel Changes - Traditional distribution channels are under pressure, with only King Cabinet and Wo Le Home reporting revenue growth in this area; other companies have seen declines, particularly Zhihong Home with a 34.18% drop [12][13] - Direct sales channels and overseas markets have shown positive growth, with significant increases reported by companies like Topsolid and Sophia [12][16] Cost Control Measures - Companies are focusing on cost control, with many reducing sales expenses by over 14%, although excessive cuts have led to revenue declines for some [17][20] - R&D investments have generally decreased, except for Oppein Home, which saw a slight increase of 2.53% [24][26] Store Count Changes - Most companies have seen a net reduction in store counts, with Oppein and Zhihong Home closing over 100 stores each, while Wo Le Home and Haoleke have increased their store counts [14][15]

Core Viewpoint - The company acknowledges that the recent deep adjustment in the real estate industry may have impacted the gross profit margin of its bulk business, but overall, the expansion of this segment remains stable [1] Group 1: Business Performance - The company is actively responding to the "guarantee delivery" policy by significantly developing projects related to this initiative [1] - The company continues to optimize the customer structure of its bulk business, focusing on strengthening partnerships with high-quality real estate clients, which has resulted in stable revenue contributions from these clients [1]

Core Viewpoint - The company emphasizes a multi-brand strategy with brands such as Sophia, Milan, Simi, and Huahuo, aiming to create a differentiated brand matrix that caters to various consumer segments, which is expected to support long-term stable growth [1] Group 1 - The company is committed to a strategic layout involving multiple brands [1] - The core strategy focuses on building a brand matrix that covers different consumer groups [1] - The differentiated competitive advantage of these brands is anticipated to translate into advantages in niche markets [1]

Core Viewpoint - The custom home furnishing industry is still affected by the downturn in the real estate market, with companies waiting for recovery. Major players like Sophia, Shangpin Home, and Zhibang Home have reported revenue declines, while Gujia Home is one of the few companies experiencing revenue and profit growth. The industry is facing challenges such as price wars and the need for new growth points like overseas expansion and renovation of existing homes [1][2][4]. Group 1: Company Performance - Sophia's revenue for the first half of the year was 4.551 billion yuan, a decrease of 7.68% year-on-year, with a net profit of 319 million yuan, down 43.43% [2]. - Shangpin Home reported a revenue of 1.552 billion yuan, a decline of 9.24%, and a net loss of 80.67 million yuan [4]. - Zhibang Home's revenue was 1.899 billion yuan, down 14.14%, with a net profit of 138 million yuan, a decrease of 7.21% [4]. - Gujia Home achieved a revenue of 9.801 billion yuan, an increase of 10.02%, and a net profit of 1.021 billion yuan, up 13.89% [5][6]. Group 2: Market Trends - The industry is experiencing significant pressure, with overall revenue and profit declines being the main trend. The impact of real estate market control and low consumer sentiment has led to a decrease in end-demand [4]. - Price wars are prevalent, with some companies reducing prices to below 1,000 yuan per square meter, which is damaging the industry ecosystem [7]. - Companies are exploring new growth avenues, such as overseas expansion and renovation of existing homes, as potential recovery points for the industry [8]. Group 3: Strategic Initiatives - Sophia is focusing on overseas markets, with 26 overseas dealers covering 23 countries and regions, and has partnered with developers for projects in 31 countries [3]. - Gujia Home plans to invest 1.124 billion yuan in building a self-owned base in Indonesia to enhance production capacity and competitiveness [6]. - Companies are adopting strategies like channel innovation and optimizing product offerings to improve customer acquisition and sales conversion [4][7].