从顾家到索菲亚，美的大公子何剑锋 “扫货” 家居龙头

Core Viewpoint - Yingfeng Group is expanding its presence in the home furnishing industry by acquiring a significant stake in Sophia, following its previous acquisition of Gujia Home [1][2]. Group 1: Acquisition Details - Yingfeng Group plans to acquire a total of 103.7 million shares of Sophia, representing 10.769% of the company's total equity, from its controlling shareholders at a price of 18 yuan per share, which is a 28.85% premium over the closing price of 13.97 yuan on the announcement date [2]. - After the transaction, the shareholding of Sophia's controlling shareholders will decrease from 21.54% to 16.15%, while Yingfeng Group's stake will increase from 1.95% to 12.7%, making it the third-largest shareholder [2]. - The agreement stipulates that Yingfeng Group will not reduce its stake in Sophia for 18 months post-acquisition and may consider further increasing its holdings within the next 12 months [2]. Group 2: Business Expansion Strategy - Yingfeng Group's actual controller, He Jianfeng, is the son of Midea Group's founder, and has a background in investment management, indicating a strategic approach to expanding its home furnishing portfolio [3]. - The acquisition of Sophia follows Yingfeng's previous successful takeover of Gujia Home, where it increased its stake to 37.37% through a private placement [4][7]. - The move to acquire Sophia is seen as part of a broader strategy to create a comprehensive home ecosystem that includes both soft furnishings and customized solutions, leveraging Midea's resources [7]. Group 3: Financial Performance of Sophia - Sophia's main brand, contributing 90% of its revenue, saw a 10.46% decline in revenue year-on-year, totaling 9.448 billion yuan for 2024 [8]. - Overall, Sophia's revenue for 2024 is projected to be 10.494 billion yuan, marking a 10% decline, which is the first negative growth in a decade [8]. - As of September, Sophia's revenue decreased by 8.5% to 7.01 billion yuan, with a 26% drop in net profit to 680 million yuan [9].