Jason Furniture (Hangzhou) (SH:603816) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-26 02:44Core Viewpoint - The announcement from Kuka Home (603816.SH) reveals that its former controlling shareholder, Hangzhou Deyue, has filed for reorganization due to inability to repay debts, but this will not affect the control or daily operations of the listed company [1][4]. Group 1: Shareholder Changes - Hangzhou Deyue, previously known as Kuka Group, has undergone a name change to reduce its association with Kuka Home [1]. - As of November, Hangzhou Deyue holds 10.77% of Kuka Home's shares, making it the second-largest shareholder, while its associated entity, TB Home Limited, holds 5.01%, totaling a combined 15.78% ownership by the Gu family [2]. Group 2: Control Transition - In November 2023, the "Midea System" acquired 29.42% of Kuka Home, leading to a change in control, with Ningbo Yingfeng Ruihe Investment Management Co., Ltd. becoming the new controlling shareholder [3]. - By January 2024, the share transfer was completed, and the management transitioned to a new chairman from the "Midea System," marking a significant shift in company governance [3]. Group 3: Financial Performance and Strategy - Under the leadership of founder Gu Jiangsheng, Kuka Home pursued aggressive acquisitions from 2017 to 2019, which increased its debt from 2.535 billion to 5.959 billion yuan, raising the debt-to-asset ratio from 38.63% to 52.28% [5][6]. - Despite the challenges, Kuka Home reported a revenue of 15.012 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.77%, and a net profit of 1.539 billion yuan, up 13.24% [8]. - The company plans to raise up to 1.997 billion yuan through a private placement to fund various projects, including smart home product development and production line upgrades [9].