Jason Furniture (Hangzhou) (SH:603816) Shen Zhen Shang Bao·2025-11-23 07:40Core Viewpoint - The restructuring application by Hangzhou Deyejiajun Enterprise Management Co., Ltd. (formerly Gujia Group Co., Ltd.) is a significant event for Gujia Home Furnishing, as it indicates financial distress at the shareholder level, although it is stated that this will not affect the company's control or daily operations [1][3]. Group 1: Restructuring Details - Hangzhou Deyejiajun filed for restructuring on October 15, 2025, citing inability to repay debts and insufficient assets, but with reasons for restructuring, value, and feasibility [1]. - The court in Hangzhou has accepted the restructuring application, but it will not change the control of Gujia Home Furnishing, as Hangzhou Deyejiajun is not the controlling shareholder [1][3]. - Gujia Home Furnishing will continue to monitor the restructuring process and fulfill information disclosure obligations to keep investors informed [1]. Group 2: Historical Context - Gujia Group sold its controlling stake in Gujia Home Furnishing to He Jianfeng, son of Midea Group's founder, for 8.8 billion yuan in 2022, amid financial difficulties and significant debt [3]. - In January 2024, Ningbo Yingfeng Ruihe Investment took over Gujia Home Furnishing, and the founder Gu Jiangsheng stepped down as chairman in September 2024 [3]. Group 3: Industry Context - The restructuring occurs against a backdrop of overall pressure in the home furnishing industry, raising concerns about the stability of shareholder structures in home furnishing companies [3]. - The furniture industry in China is facing challenges, with a reported revenue of 403.83 billion yuan from January to August 2025, a year-on-year decline of 6.0%, and total profits down 16.7% [3]. Group 4: Company Performance - Despite the industry downturn, Gujia Home Furnishing reported a revenue of 15.012 billion yuan for the first three quarters of 2025, an increase of 8.77% year-on-year, and a net profit of 1.539 billion yuan, up 13.24% [4]. - In the third quarter of 2025, the company achieved a revenue of 5.211 billion yuan, reflecting a growth of 6.50%, and a net profit of 518 million yuan, which is an increase of 11.99% [4].