Corporate Governance - China Aluminum announced the election of He Wenjian as chairman and the appointment of Zhang Ruizhong as general manager, effective immediately [3] - Jiang Guiting, the actual controller and chairman of Jingjin Equipment, has had his detention lifted, allowing him to resume his duties [8] - Biao Bang Co. has terminated its plans for a change in control, with stock resuming trading [7] Industry Developments - Jiangbolong reported that its self-developed main control chip deployment has exceeded 100 million units, with rapid growth expected [4] - Asia Pacific Pharmaceutical received a notice of disapproval for its consistency evaluation application for a drug, which will not significantly impact its current performance [5] - Fuxiang Pharmaceutical successfully passed a cGMP inspection by the FDA, marking its third successful inspection [6] - Huahai Pharmaceutical's subsidiary passed an FDA inspection, enhancing its international market capabilities [13] Financial Performance - Daqin Railway reported a cargo transport volume of 32.51 million tons in October 2025, a year-on-year decrease of 4.7% [18] - Jingji Zhino achieved sales revenue of 317 million yuan from selling 233,300 pigs in October 2025 [19] - Baiyun Airport reported a passenger throughput of 7.64 million in October 2025, a year-on-year increase of 12.04% [20] - Dongfeng Motor's total vehicle production in October 2025 was 6,536 units, a year-on-year decrease of 23.40% [21] - Hongyang Real Estate reported a contract sales amount of 202 million yuan in October 2025 [22] Shareholder Actions - Xintonglian announced that a shareholder plans to reduce its stake by up to 3% [24] - Tonghua Dongbao conducted its first share buyback, acquiring 143,500 shares for 1.29 million yuan [25] - Guoci Materials plans to repurchase shares worth 100 million to 200 million yuan at a price not exceeding 30 yuan per share [26] Project Wins - Dayu Water-saving announced a pre-bid win for a 310 million yuan water conservancy project in Hainan [28] - Zhongjian Technology signed a significant sales contract worth 563 million yuan [29] - Longjian Co. won a project bid worth 441 million yuan for road construction in Heilongjiang [30] - Chongqing Construction's subsidiary won a project bid worth 781 million yuan for a residential project in Chongqing [31]

国浩律师（杭州）事务所 关于 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年十一月 顾家家居股份有限公司 2025 年向特定对象发行 A 股股票 之 补充法律意见书（一） 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 | 正文 《审核问询函》回复 3 | | --- | | 《审核问询函》1.关于本次发行方案 3 | | 签署页 30 | 国浩律师（杭州）事务所 补充法律意见书（一） 国浩律师（杭州）事务所 关于 顾家家居股份有限公司 2025 年向特定对象发行 A 股股票之 补充法律意见书（一） 致：顾家家居股份有限公司 国浩律师（杭州 ...

股票简称：顾家家居 股票代码：603816.SH 二〇二五年十一月 顾家家居股份有限公司 审核问询函回复 上海证券交易所： 顾家家居股份有限公司（以下简称"顾家家居""发行人"或"公司"）于 2025 年 10 月 24 日收到上海证券交易所（以下简称"上交所"）出具的《关于顾 家家居股份有限公司向特定对象发行股票申请文件的审核问询函》（上证上审（再 融资）〔2025〕315 号）（以下简称"审核问询函"）。广发证券股份有限公司（以 下简称"广发证券""保荐人"或"保荐机构"）作为公司本次向特定对象发行股 票的保荐人（主承销商），会同发行人及国浩律师（杭州）事务所（以下简称"发 行人律师"）、天健会计师事务所（特殊普通合伙）（以下简称"申报会计师"）等 相关方，本着勤勉尽责、诚实守信的原则，就审核问询函所列示的问题逐项进行 了核查、落实和认真讨论，现回复如下，请予审核。 本回复的字体代表以下含义： 关于顾家家居股份有限公司 向特定对象发行股票申请文件的 审核问询函的回复 保荐机构（主承销商） （广东省广州市黄埔区中新广州知识城腾飞一街 2 号 618 室） | 审核问询函所列问题 | 黑体（加粗）、黑体 | ...

证券代码：603816 证券简称：顾家家居 公告编号：2025-076 顾家家居股份有限公司 关于持股 5%以上股东股份被轮候冻结的公告 截至本公告披露日，杭州德烨嘉俊企业管理有限公司（由顾家集团有限 公司变更名称而来，以下简称"杭州德烨"）持有顾家家居股份有限公司（以下 简称"公司"或"本公司"）88,471,483 股股票，占本公司总股本的 10.77%； 杭州德烨所持本公司股份累计被冻结（含轮候冻结）和司法标记 88,471,483 股， 占其所持有本公司股数的 100%，占本公司总股本的 10.77%。TB Home Limited （以下简称"TB Home"）持有本公司 41,176,766 股股票，占本公司总股本的 5.01%； TB Home 所持本公司股份累计被冻结（含轮候冻结）和司法标记 41,176,766 股， 占其所持有本公司股数的 100%，占本公司总股本的 5.01%。 杭州德烨及 TB Home 不属于公司控股股东、实际控制人，该事项不会导 致公司控制权发生变更，不会对公司日常经营和管理造成影响。 公司近日收到通知，杭州德烨持有本公司股份被轮候冻结，具体情况如下： 注：杭州德烨 ...

公司会同相关中介机构对审核问询函所列问题进行了认真研究和逐项落实， 并按审核问询函要求对有关问题进行了说明和论证分析，现根据要求对审核问询 函 回 复 进 行 公 开 披 露 ， 具 体 内 容 详 见 同 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）刊登的《关于顾家家居股份有限公司向特定对象发行股票申 请文件的审核问询函的回复》。 公司本次向特定对象发行 A 股股票事项尚需上交所审核通过，并获得中国证 券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后方可实施。 最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时间尚存在不 确定性。公司将根据该事项的进展情况，严格按照有关法律法规的规定和要求及 时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 证券代码：603816 证券简称：顾家家居 公告编号：2025-077 顾家家居股份有限公司 关于向特定对象发行 A 股股票申请文件 的审核问询函回复的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 顾家家居 ...

目 录 | 一、关于融资规模………………………………………………… | 第 1—31 | 页 | | --- | --- | --- | | 二、关于业务与经营情况…………………………………………第 | 31—66 | 页 | | 三、关于货币资金及交易性金融资产……………………………第 | 66—81 | 页 | | 四、关于其他应收款………………………………………………第 | 81—83 | 页 | 上海证券交易所 ： 我们已对《关于顾家家居股份有限公司向特定对象发行股票申请文件的审核 问询函》（上证上审（再融资）〔2025〕315 号，以下简称审核问询函）所提及 的顾家家居股份有限公司（以下简称顾家家居、顾家家居公司或公司）财务事项 进行了审慎核查，现汇报说明如下： 一、关于融资规模 根据申报材料，本次募集资金总额不超过 199,699.06 万元，家居产品生 产线智能化技改项目达产后预计年均新增净利润 2,949.44 万元、功能铁架生产 线扩建项目达产后的内部收益率为 14.2%、年均新增净利润 2,967.27 万元， 智能家居产品研发项目、AI 及零售数字化转型项目、品牌建设数字化提升项目 不直 ...

Core Viewpoint - The announcement reveals that two shareholders, Hangzhou Deyue and TBHome Limited, hold significant stakes in the company, but their shares are currently frozen due to legal actions, which does not affect the company's control or daily operations [1] Group 1: Shareholder Information - Hangzhou Deyue holds 88.4715 million shares, accounting for 10.77% of the total share capital [1] - TBHome Limited holds 41.1768 million shares, representing 5.01% of the total share capital [1] - The total shares held by both shareholders are 100% frozen (including pending freezes) and marked by judicial actions [1] Group 2: Legal Actions - Hangzhou Deyue's 88.4715 million shares have been provisionally frozen by the Intermediate People's Court of Hengshui City, Hebei Province, starting from November 5, 2025, with a debt amount of 434 million yuan [1] - Both shareholders are not controlling shareholders or actual controllers of the company [1] - The legal matters do not impact the company's control or daily operations [1]

Core Insights - Kuka Home has launched a new flagship electric sofa product, integrating advanced technology and aiming to break the homogenization in the home furnishing industry [1] - The company focuses on user value enhancement and has transitioned from simple functional upgrades to a new stage defined by user experience [2] Group 1: Technological Innovation - Kuka Home's electric sofa emphasizes a systematic approach to comfort, introducing the "Golden Zero Pressure Angle" to reduce spinal pressure and distribute body weight evenly [2] - The company has developed a complete "Comfort Matrix," utilizing cloud-like elastic foam and memory function technology to provide a personalized comfort experience [2] Group 2: Design and Space Utilization - Kuka Home addresses the "impossible triangle" challenge in traditional electric sofas by creating a design that allows for true "zero wall" placement while maintaining aesthetic appeal [3] - The new sofa features a 14cm "true high leg" design, enhancing modern decor compatibility and facilitating cleaning by allowing robotic vacuums easy access [3] Group 3: Value Proposition - The company elevates its product value proposition to encompass "healthy relaxation" and "quality living," responding to diverse user needs and providing solutions for deep rest [4] - The home furnishing industry is entering a new era defined by core technology, deep experience, and lifestyle, which will activate the existing market and explore new growth opportunities [5]

Group 1: AI Hard Technology Sector - Zhaoyi Innovation is positioned in the HBM (High Bandwidth Memory) industry chain, benefiting from the rising prices of HBM and the recovery of the storage chip market, with revenue growth driven by AI server storage demand [3][4] - Zhongji Xuchuang leads in optical modules for computing, with strong order volumes from overseas clients and a focus on the ramp-up of 1.6T optical modules, indicating strong future performance [4] - Sungrow Power Supply, a leader in energy storage and power equipment, is capitalizing on the growing demand for energy storage driven by AI, with a high global market share and stable cash flow from its photovoltaic inverter business [5] - Industrial Fulian is the largest AI server foundry globally, supplying major clients like NVIDIA and Microsoft, with over 30% of global AI server shipments, benefiting from increased capacity utilization [6] Group 2: Export Beneficiary Sector - Midea Group, a leader in home appliance exports, benefits from over 40% overseas revenue and a well-established factory layout in Southeast Asia and Europe, positively impacted by US-China tariff adjustments [7] - Fuyao Glass, a leader in automotive glass exports, holds over 25% global market share, with reduced export costs due to tariff relief and increasing demand for high-end glass from the growing penetration of electric vehicles [8][9] - Kuka Home, a leader in light industry exports, has nearly 50% overseas revenue, primarily from the US and Europe, with tariff reductions enhancing net profits and rapid expansion of cross-border e-commerce [10] Group 3: High Dividend Core Assets - Kweichow Moutai, an industry leader with strong brand barriers, shows stable revenue and profit growth, with a high cash dividend rate exceeding 3%, demonstrating strong risk resilience [11] - Yangtze Power, the largest publicly listed hydropower company globally, has stable and predictable cash flow, with a dividend rate exceeding 60% over the past decade, aligning with clean energy policies [12] - China Shenhua Energy, with a strong integrated layout in coal, electricity, and transportation, maintains a high dividend rate above 70% over the past five years, ensuring profitability amid stable coal prices [13]

Group 1: Tariff Beneficiary Directions - Midea Group is positioned as a leading home appliance manufacturer with over 40% of its revenue from overseas markets, benefiting from potential tariff reductions that could lower export costs and enhance market share in white goods and small appliances, especially as its current valuation is at a historical low [3] - Fuyao Glass, a leader in automotive components, holds over 25% of the global automotive glass market and is well-positioned to benefit from tariff relaxations in the U.S. automotive sector, with strong demand for high-end glass driven by the increasing penetration of electric vehicles [4] - Kuka Home, a leader in light industry exports, has nearly 50% of its revenue from overseas, primarily targeting the U.S. and European markets, and stands to gain from reduced tariffs that would enhance net profits, supported by a mature overseas distribution network and rapid growth in cross-border e-commerce [5] Group 2: AI Long-term Directions - Zhongji Xuchuang is a key player in optical modules, with a strong position in the global market for 800G/1.6T optical modules, essential for AI computing centers, and has seen a 30%+ decline in valuation from the peak of AI hype, making it a compelling investment opportunity [6] - iFlytek is a leader in AI applications, focusing on To B/To G applications in education, healthcare, and industrial quality inspection, with significant commercial success and stable order flow supported by government policies favoring domestic AI development [7] - Industrial Fulian is the largest AI server manufacturer globally, supplying major companies like Nvidia and Microsoft, with over 30% of the global AI server market share, and is experiencing growth driven by surging demand for computing power, while maintaining a low valuation and stable dividend yield [8]