Core Viewpoint - The company, Juran Smart Home (居然智家), has signed a framework agreement with UBTECH, which is set to take effect in March 2025, but the progress of this collaboration is subject to various uncertainties including market conditions and the business plans of the partners [1] Group 1 - The agreement with UBTECH is a framework agreement, indicating a preliminary understanding between the two companies [1] - The collaboration's advancement will depend on multiple factors, including internal and external market conditions [1] - Investors are advised to make cautious and rational investment decisions due to the inherent uncertainties in the partnership [1]

居然智家新零售集团股份有限公司 关于为子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 居然智家新零售集团股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日以通讯方式召开了第十二届董事会第二次会议，审议通过了《关于为子公 司提供担保的议案》。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》和《公司章程》的相关规定，本次担 保事项无需提交公司股东会审议，该事项不属于关联交易事项，无需履行关联交 易表决程序。现就相关事项公告如下： 证券代码：000785 证券简称：居然智家 公告编号：临 2025-086 一、担保情况概述 北京居然之家家居连锁有限公司（以下简称"家居连锁"）为公司全资子公 司，呼和浩特市居然之家商业地产有限公司（以下简称"呼市居然"）为公司全 资三级子公司。因业务发展需要，家居连锁拟与上海浦东发展银行股份有限公司 北京分行（以下简称"浦发银行北京分行"）签订《融资额度协议》，融资额度 为人民币 50,000 万元（以下简称"本次授信"或"主债权" ...

居然智家新零售集团股份有限公司 第十二届董事会第二次会议决议公告 证券代码：000785 证券简称：居然智家 公告编号：临 2025-085 公司全资子公司北京居然之家家居连锁有限公司因业务发展需要，拟与上海 浦东发展银行股份有限公司北京分行（以下简称"浦发银行北京分行"）签订《融 资额度协议》，融资额度为人民币 50,000 万元（以下简称"本次授信"），授信期 限为 1 年。公司拟与浦发银行北京分行签订《最高额保证合同》，为本次授信提 供连带责任保证担保；呼和浩特市居然之家商业地产有限公司拟与浦发银行北京 分行签订《最高额抵押合同》，以其持有的位于呼和浩特市主干道鄂尔多斯大街 与锡林郭勒南路交汇处西南角的房产为本次授信提供抵押担保。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、董事会会议召开情况 居然智家新零售集团股份有限公司（以下简称"公司"）第十二届董事会第 二次会议（以下简称"本次会议"）于 2025 年 12 月 30 日以通讯形式召开，会议 通知已于 2025 年 12 月 24 日以电子邮件形式发出。本次会议应出席会议董事 15 人，实 ...

Core Insights - The 2025 China Brand Person Annual Conference was held in Shenzhen, focusing on the theme "Who Earns Respect for China" and showcasing the power of Chinese brands and their globalization paths [1][3] - The event highlighted the importance of the restaurant industry's globalization, with significant participation from industry leaders and experts discussing brand innovation and cultural dissemination [3][4] Industry Overview - The international Chinese restaurant market is projected to grow from $233 billion in 2020 to $362.5 billion by 2024, and is expected to reach $445.2 billion by 2027, indicating substantial market potential [3] - Challenges such as standardization, supply chain issues, and localization remain prevalent in the industry, necessitating diverse strategies for successful international expansion [3] Company Strategy - The company "Fish You Together" has established a "globalization + localization" dual strategy, aiming to transition from being perceived as a foreign Chinese brand to becoming a local lifestyle partner [6][11] - The brand's global layout focuses on Southeast Asia as the core market, with North America as a supplementary region, employing a gradual strategy of pilot testing and regional expansion [6][9] Localization Efforts - The company has developed a four-part adaptation system for local operations, including product, culture, team, and marketing strategies, ensuring a blend of classic and innovative menu items [8] - The brand has implemented a dual-track system for team composition, with 80% of the operational team being local, enhancing local engagement and effectiveness [8] Market Performance - The company has over 2,600 global stores across more than 360 cities, maintaining its position as the leading global chain in the sauerkraut fish category [9] - In Malaysia, the brand opened six stores simultaneously within three months, while in Thailand, the first store achieved a table turnover rate of 11.59 times on opening day, with over 80% local customer participation [9] Future Goals - The ultimate goal is to replicate the brand internationally and facilitate the transition from "Chinese brands going global" to "Chinese culinary ecosystems going global," while continuously optimizing the global operational system [11]

Group 1: Business Developments - Red Star Macalline and Jianfa's first collaborative commercial project, Chengdu Bay Yue City, officially opened on December 20, 2023, with a total construction area of approximately 144,000 square meters, focusing on family-oriented services and experiences [1] - Juran Smart Home completed its board restructuring on December 23, 2023, with Wang Ning reappointed as Chairman and CEO, aiming for strategic upgrades driven by innovation [2] - Gujia Home announced the upgrade of its "Gujia Lehuo" brand to an independent sub-brand, focusing on the third and fourth-tier city markets with a new store design emphasizing a warm atmosphere and young design [3] Group 2: Financial Transactions - Dream Home confirmed the completion of a share transfer of 6.86%, amounting to approximately 267 million yuan, while maintaining control with a 50.91% stake [5] - Dongyi Risheng's restructuring plan was approved by the Beijing First Intermediate People's Court, with over 1.4 billion yuan in funding to support its main business and new ventures [6] - Haier Smart Home announced the sale of 49% of its Indian subsidiary to Bharti Group and Warburg Pincus, maintaining operational control while enhancing market penetration in India [10] Group 3: Product Launches and Innovations - ONETENO, a smart sleep solution provider, completed a Pre-A round of financing, with a post-investment valuation in the tens of millions of yuan, aiming for mass production of its radar sleep monitoring products [4] - Huawei launched a new range of smart home packages during the nova 15 series release, with prices ranging from 29,999 yuan to 99,999 yuan, targeting various consumer needs [7] - The first "silver economy" themed store in Shanghai opened on December 23, showcasing elderly-friendly furniture and health products [8] Group 4: Market Expansion - Dongpeng and New Pearl Group's joint real estate company acquired residential land for 279 million yuan, marking a strategic move into real estate development [9] - Jiumu opened its largest overseas showroom in Riyadh, Saudi Arabia, covering 1,029 square meters, focusing on smart bathrooms and high-end customization [11] - Oriental Yuhong launched its new overseas brand "OYH" and a global marketing platform, aiming to transition from "Chinese supply" to a "global brand" [12]

Group 1 - The registered capital of Beijing Juran Home Smart Technology Co., Ltd. has increased from 200 million to 500 million yuan [2] - The company was established in March 2016 and its business scope includes electronic product sales, enterprise management, and domestic cargo transportation agency [2] - Beijing Juran Home Smart Technology Co., Ltd. is wholly owned by Juran Home (000785) under Beijing Juran Home Furnishing Chain Co., Ltd. [2]

Core Viewpoint - The home furnishing industry is undergoing significant changes as it adapts to the "post-real estate era," with companies exploring new business models to meet evolving consumer demands [1][8]. Group 1: Industry Transformation - The home furnishing market is entering a "new scene cycle," where companies like Red Star Macalline are innovating by establishing high-end home design centers to create a new ecosystem that connects design with product offerings [1][3]. - Red Star Macalline has launched 16 M+ high-end home design centers and plans to build an additional 84 centers by 2025, aiming for a nationwide scale of 100 centers [3][6]. - The integration of home furnishing, home decoration, and home appliances is becoming essential as the boundaries between these categories blur, necessitating a new platform for their consolidation [6][19]. Group 2: Consumer Trends - There is a growing demand among high-net-worth individuals and young consumers for design and solutions, with 90% of high-net-worth individuals and 83% of young consumers willing to pay for design services [6][8]. - Consumers are increasingly focused on lifestyle and specific scene needs, leading to a demand for more integrated and aesthetically pleasing home products [9][11]. Group 3: Company Strategies - Companies are actively innovating their marketing strategies by creating new consumer experiences, such as integrating art into home furnishing spaces and enhancing digital and smart home solutions [9][11][13]. - Red Star Macalline's M+ centers aim to serve as super connectors for product categories, enhancing the flow of design proposals and creating a primary entry point for quality home decoration traffic [6][19]. - Other leading companies like Oppein and Shangpin are also developing scene-based home furnishing stores to provide comprehensive solutions and enhance consumer engagement [14][16]. Group 4: Market Performance - Recent financial reports indicate that only Fusenmei has achieved positive revenue and profit growth, while Red Star Macalline and Juran Home have faced declines in profitability [17][18]. - The rental rates for self-operated and managed stores have decreased significantly, prompting companies to adopt new business models such as revenue-sharing agreements to better align with merchants [18][19]. Group 5: Future Directions - The role of home furnishing markets is evolving from mere display spaces to becoming "empowerers" and "guides" that can anticipate consumer trends and provide comprehensive services [21]. - The ongoing transformation in the home furnishing industry reflects a broader need for companies to adapt their positioning and capabilities in response to market dynamics [21].

Core Viewpoint - The transition of Juran Home from a "fixed rent" model to a "sales commission" model has sparked widespread discussion in the industry, with initial results showing high tenant recruitment rates and positive merchant feedback, raising questions about the potential for this model to revitalize the home furnishing market [1][2][5] Group 1: Transition to Sales Commission Model - Juran Home's chairman announced the shift to a "sales commission" model, aiming to complete the transition for 80% of its direct stores within three years [1][5] - The pilot implementation at Juran Home's Harbin store increased tenant recruitment from approximately 40% to 100%, while the new intelligent home experience center in Neijiang achieved a recruitment rate of 98% with sales exceeding 20 million yuan in just half a month [2][5] - The rental management income of Juran Home has been declining as a percentage of total revenue, dropping from 82.3% in 2019 to 55.75% in 2022, indicating a shift in the business model is necessary [5][6] Group 2: Industry Context and Challenges - The home furnishing market has seen a decline in foot traffic and tenant retention, leading to demands for reduced rent from merchants in various regions [9][10] - The traditional rental model, which relies heavily on fixed rents, is being challenged as merchants seek more flexible arrangements that align with their sales performance [10][12] - Juran Home's approach to eliminate fixed rent in favor of sales commissions is seen as a radical departure from industry norms, which typically combine fixed rents with sales-based incentives [6][10] Group 3: Potential Implications and Future Directions - The "sales commission" model may not be a universal solution, as previous attempts at "zero rent" models have not gained significant traction or proven effective [12][13] - Juran Home's strategy aims to reduce the financial burden on merchants, fostering a collaborative environment that could enhance marketing and supply chain partnerships [13][21] - The shift towards a sales commission model is expected to stimulate competition among home furnishing retailers, potentially leading to broader industry changes and innovations [21][23]

证券代码：000785 证券简称：居然智家 公告编号：临 2025-084 居然智家新零售集团股份有限公司 关于子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、担保情况概述 武汉中商集团有限公司（以下简称"中商集团"）为居然智家新零售集团股 份有限公司（以下简称"公司"、"本公司"）全资子公司，武汉中江房地产开 发有限公司（以下简称"中江公司"）为中商集团全资子公司。因业务发展需要， 中商集团拟向中国民生银行股份有限公司武汉分行（以下简称"民生银行武汉分 行"）申请 19,000 万元授信（以下简称"本次授信"、"主债权"），授信期 限 12 个月。中江公司拟以其持有的位于湖北省武汉市武昌区中南路 7-9 号 1-9 层的房产、武昌区中南路 7-9 号写字楼 25-43 层共计 159 套的房产为本次授信提 供抵押担保，并签订《最高额抵押合同》。 本次抵押担保事项无需提交本公司董事会和股东会审议。 二、被担保人基本情况 1、被担保人名称：武汉中商集团有限公司 2、成立日期：1995 年 6 月 28 日 3、注册地址：武汉市武昌区中南 ...

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