伐谋-中小盘周报 2025 年 08 月 24 日 看好中高端家居五金 中小盘研究团队 ——中小盘周报 | 周佳（分析师） | 张越（分析师） | 赵晨旭（联系人） | | --- | --- | --- | | zhoujia@kysec.cn | zhangyue1@kysec.cn | zhaochenxu@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790524090003 | 证书编号：S0790124120019 | 本周观点：消费和技术升级驱动家居五金和户外家具行业向中高端转型 消费升级和家居智能化共同托举，中高端家居五金市场发展正盛。首先，设计 精美、品质优良的五金产品将极大的提升家居产品的质量与档次，居民消费升级 以及对精致生活的追求助力中高端家居五金行业发展；第二，在家居智能化升级 背景下，智能化的家居五金是打造智能家居生态的重要一环，人性化以及互联互 通的家居五金产品正不断的发展；第三，整装大家居模式因更加省时高效更受年 轻人青睐，未来系统化家居五金解决方案需求有望提升，可提供全屋五金解决方 案厂商有望受益；在上述因素驱动下，中国五金制品协会预计 ...

Group 1 - The company, Hanhigh Group (001221.SZ), is primarily engaged in the research, design, production, and sales of home hardware and outdoor furniture products [1] - The company has not established a partnership with Huawei for smart home solutions [1] - The company is closely monitoring the development trends in home automation and AI [1]

Group 1 - The company is primarily engaged in the research, design, production, and sales of home hardware and outdoor furniture products [1] - The company has not established a partnership with Huawei's whole-home smart solutions [1] - The company is closely monitoring developments in home automation and AI, and will provide updates in future announcements [1]

Group 1 - The company Filinger's response to the Shanghai Stock Exchange's inquiry regarding control change indicates that there are no related party relationships, interest arrangements, or insider trading behaviors among the transaction parties [1][2] - The new actual controller, Jin Yawei, aims to leverage industrial resources and state-owned capital collaboration advantages to drive governance restructuring and steady development of the main business, injecting new momentum into the continuously loss-making home furnishing company [1][3] Group 2 - The compliance review of the transaction has been completed, confirming that the actual controllers, shareholders, and investors of the four acquiring institutions have no related party relationships or potential interest arrangements [2] - The company has addressed concerns regarding share reduction by stating that the German shareholders have previously reduced their holdings in the secondary market, indicating their exit intention [2] Group 3 - The control change is viewed as a key turning point in resolving the company's long-standing governance conflicts, with the complete exit of the German shareholders expected to alleviate internal conflicts arising from differing management philosophies [3] - The board restructuring plan has been clarified, with Anji Yiqing nominating 6 out of 7 directors, ensuring a smooth transition of governance control [3] Group 4 - Despite projected continuous losses in net profit for 2024 and the first quarter of 2025, the company emphasizes that daily production and operations have not been significantly affected, with the core businesses of flooring and custom home furnishing remaining stable [4] - The entry of the new actual controller is expected to open up incremental opportunities, as Jin Yawei's investment platform has a strong focus on semiconductor, biomedicine, and intelligent manufacturing sectors, which may synergize with the home furnishing industry's trend towards smart home solutions [4] - The transaction design includes a layered mechanism of "strategic investors locked for 36 months + financial investors locked for 18 months," which binds industrial capital to long-term responsibilities while attracting liquidity support, providing a time window for governance restructuring [4]