本次发行的发行对象为盈峰集团有限公司(简称：盈峰集团)，共1名特定发行对象。发行对象以现金方 式认购本次发行的全部股票。 中国经济网北京11月27日讯顾家家居（603816）(603816.SH)昨日晚间披露公告称，公司于2025年11月 26日收到上海证券交易所出具的《关于顾家家居股份有限公司向特定对象发行股票的交易所审核意 见》。顾家家居股份有限公司向特定对象发行股票申请符合发行条件、上市条件和信息披露要求。 公司表示，本次向特定对象发行A股股票事项尚需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。 顾家家居于10月16日披露《向特定对象发行股票证券募集说明书(申报稿)》。本次发行募集资金总额不 超过199,699.06万元，扣除发行费用后，将用于家居产品生产线智能化技改项目、功能铁架生产线扩建 项目、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以及补充流动资 金。 | 序号 | 项目 | 项目投资金额 | 拟使用募集资金金额 | | --- | --- | --- | --- | ...

21世纪经济报道记者朱艺艺报道 近日，顾家家居（603816.SH）的一纸公告，揭开了公司原控股股东顾家集团（现已更名为杭州德烨嘉 俊企业管理有限公司，简称"杭州德烨"）的近况。 公告称，今年10月15日，杭州德烨以其不能清偿到期债务且资产不足以清偿全部债务为由，向杭州市钱 塘区人民法院提出重整申请。 目前，这一重整申请已于近日获得杭州市钱塘区人民法院受理。 顾家家居在上述公告中强调，股东杭州德烨重整一事不会导致上市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。 杭州德烨由顾家集团更名而来。今年9月15日，顾家集团有限公司悄然更名为杭州德烨嘉俊企业管理有 限公司，进一步降低和上市公司顾家家居的关联度。 2018年，为加速实现"千亿销售"目标，顾江生主导顾家集团（含上市公司顾家家居）在海内外开启一系 列密集并购动作，先后收购德国沙发品牌Rolf Benz、意大利家具制造商Natuzzi（中国业务）、澳大利 亚Nick Scali以及国内的玺堡家居、班尔奇等十余个项目。 尽管并购在短期内扩充了公司体量，但也加剧了顾家家居的债务负担。 彼时大举并购的三年内，2017年-2019年，公司负债总额从25.35 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 38.93 [1][5]. Core Views - The company has demonstrated steady revenue growth, with Q3 2025 revenue reaching RMB 5.211 billion, a year-on-year increase of 6.5%, and a net profit of RMB 518 million, up 12.0% year-on-year. The net profit margin improved to 9.94%, an increase of 0.5 percentage points [1]. - The company is expected to benefit from its ongoing retail transformation and organizational changes, which have empowered distributors and stimulated domestic sales growth. The domestic trade revenue for H1 2025 was RMB 5.225 billion, reflecting a 10.7% year-on-year increase [2]. - The company is actively expanding its overseas production capacity, with Q3 2025 foreign trade revenue reaching RMB 4.258 billion, a 9.6% year-on-year increase. A significant investment of RMB 1.124 billion is planned for a self-built base in Indonesia to meet international market demands [3]. - The company's gross profit margin for Q1-Q3 2025 was 32.4%, an increase of 0.5 percentage points, attributed to an improved product mix and cost management efforts [4]. Summary by Sections Revenue and Profitability - Q3 2025 revenue was RMB 5.211 billion, up 6.5% year-on-year, with a net profit of RMB 518 million, up 12.0% year-on-year. For the first three quarters, revenue totaled RMB 15.012 billion, a year-on-year increase of 8.8%, and net profit reached RMB 1.539 billion, up 13.2% [1]. - The company’s net profit margin for Q1-Q3 2025 was 10.25%, an increase of 0.4 percentage points year-on-year [1]. Domestic Trade - The company’s domestic trade revenue for H1 2025 was RMB 5.225 billion, reflecting a 10.7% year-on-year increase. The company’s retail transformation and organizational changes have significantly enhanced operational vitality [2]. Foreign Trade - The company’s foreign trade revenue for H1 2025 was RMB 4.258 billion, a 9.6% year-on-year increase. The company is investing in overseas production capacity, including a planned RMB 1.124 billion investment in Indonesia [3]. Profitability Improvement - The gross profit margin for Q1-Q3 2025 was 32.4%, an increase of 0.5 percentage points year-on-year, driven by a favorable product mix and effective cost management [4].

Core Viewpoint - The recent capital increase of nearly 2 billion yuan by Gujia Home is strengthening He Jianfeng's control over the company, while the founding family's control is diminishing [1][2]. Group 1: Capital Increase and Control - Gujia Home announced a private placement to raise 1.0428 billion shares at 19.15 yuan per share, totaling approximately 1.997 billion yuan, which has been approved by the Shanghai Stock Exchange [1]. - Following the capital increase, He Jianfeng's shareholding in Gujia Home will rise to 37.37%, enhancing his control over the company [1][2]. - The second-largest shareholder, Hangzhou Deyejiajun, holds 10.76% of the shares, while the third-largest shareholder, TB Home Limited, holds 5.01%, both of which have their shares frozen [3]. Group 2: Financial Performance and Investment - As of October 17, Gujia Home's stock price was 30.22 yuan, with a total market capitalization of 24.824 billion yuan [4]. - The funds raised will primarily be used for working capital, with approximately 1 billion yuan allocated for this purpose, indicating liquidity issues faced by the company [4]. - The largest investment will be in AI and retail digital transformation, with an expected allocation of about 395 million yuan [4]. - Gujia Home's revenue for the first half of the year was 9.801 billion yuan, a year-on-year increase of 10.02%, and net profit was 1.021 billion yuan, up 13.89% [5]. Group 3: Market Expansion and Challenges - Gujia Home plans to invest approximately 1.124 billion yuan to establish a base in Indonesia, which is expected to generate annual revenue of 2.52 billion yuan once completed [6]. - The founding family's shares are being auctioned, with a total of 3.46% of the company's shares at risk due to financial difficulties [7][8]. - The founding family's control is further weakened as their shares are being gradually auctioned off, indicating a shift in ownership dynamics within the company [9].

Core Viewpoint - The recent capital increase of nearly 2 billion yuan by Gujia Home is strengthening He Jianfeng's control over the company, while the founding family's influence is diminishing [1][2]. Group 1: Capital Increase and Control - Gujia Home announced a private placement to raise 1.0428 billion shares at 19.15 yuan per share, totaling approximately 1.997 billion yuan [1]. - After the capital increase, He Jianfeng's control over Gujia Home will rise to 37.37%, while the founding family's control is decreasing [1][2]. - The second-largest shareholder, Hangzhou Deyejiajun, holds 10.76% of the shares, and the third-largest shareholder, TB Home Limited, holds 5.01%, both of which have their shares frozen [1]. Group 2: Financial Performance and Investment Plans - As of October 17, Gujia Home's stock price was 30.22 yuan, with a total market capitalization of 24.824 billion yuan [3]. - The funds raised will primarily be used for working capital, with about 1 billion yuan allocated for this purpose, indicating liquidity issues [3]. - Major investment projects include AI and retail digital transformation, smart production line upgrades, and brand enhancement, with the largest investment of approximately 395 million yuan for AI transformation [3][4]. Group 3: Shareholder Dynamics - The founding family's shares are being auctioned, with a total of 3.46% of the company's shares at risk due to judicial auctions [2][6]. - If the shares are successfully auctioned, the founding family's stake could drop to 12.32% [6]. - The founding family's previous shares have also been auctioned, indicating ongoing financial difficulties and a loss of control over the company [7][8].

Core Viewpoint - The control of Gujia Home Furnishing (603816) by He Jianfeng is strengthening through a nearly 2 billion yuan private placement, which will increase his shareholding to 37.37% [1][2]. Group 1: Shareholding Changes - Gujia Home Furnishing announced a private placement to raise 1.0428 billion shares at 19.15 yuan per share, totaling approximately 19.97 billion yuan [1]. - He Jianfeng, through Yingfeng Group and Yingfeng Ruihe Investment, will increase his control over Gujia Home Furnishing, while the founding family, Gu Jiangsheng, will see their control diluted [3][4]. - The second-largest shareholder, Hangzhou Deyejiajun, holds 10.76% of shares, and the third-largest shareholder, TB Home Limited, holds 5.01%, both of which have their shares frozen [3][4]. Group 2: Financial Performance and Investment - As of October 17, Gujia Home Furnishing's stock price was 30.22 yuan, with a total market capitalization of 248.24 billion yuan [4]. - The private placement will primarily be used to supplement working capital, with about 10 billion yuan allocated for this purpose, indicating liquidity issues [4]. - The company plans to invest in AI and retail digital transformation, smart production line upgrades, and brand enhancement, with the largest investment of approximately 3.95 billion yuan for AI and digital transformation [4][5]. Group 3: Operational Recovery - Gujia Home Furnishing reported a revenue of 9.801 billion yuan for the first half of the year, a year-on-year increase of 10.02%, and a net profit of 1.021 billion yuan, up 13.89% [5][6]. - The company is expanding its overseas market presence, with an investment of approximately 1.124 billion yuan to build a base in Indonesia, expected to generate an annual revenue of 2.52 billion yuan once completed [6]. Group 4: Founder’s Shareholding Issues - The founding family of Gujia Home Furnishing is facing significant financial difficulties, with shares being auctioned off due to judicial actions [7][8]. - The shares being auctioned represent 3.46% of the total share capital, and if sold, the founding family's stake will decrease to 12.32% [7][8]. - The founder's shares have been subject to multiple auctions, indicating a trend of diminishing control over the company [9].

Core Viewpoint - Kuka Home, a leading soft furniture company, is accelerating its expansion by issuing A-shares to raise approximately 1.997 billion yuan, primarily for smart home R&D and digital transformation projects [1][3]. Group 1: Financing and Shareholding - Kuka Home plans to issue up to 104 million shares, not exceeding 30% of the total share capital before the issuance, with the funds aimed at various projects including smart production line upgrades and digital transformation [3][4]. - The controlling shareholder, He Jianfeng, will increase his stake to 37.37% post-issuance, reinforcing his control over the company [5][6]. Group 2: Financial Performance - In the first half of 2025, Kuka Home reported revenue of 9.801 billion yuan, a year-on-year increase of 10.02%, and a net profit of 1.021 billion yuan, up 13.89% [1][6]. - The company faced challenges in 2024, with revenue declining by 3.81% to 18.48 billion yuan and net profit down 29.38% to 1.417 billion yuan, marking the first simultaneous decline in both metrics since its listing [6][7]. Group 3: Product and Market Development - Kuka Home's retail transformation has led to significant growth, with smart product sales increasing 18 times year-on-year and functional product sales rising over 50% in the first half of 2025 [2][7]. - The company has invested heavily in R&D, with cumulative expenses reaching 1.045 billion yuan from 2022 to the first half of 2025, resulting in innovative technologies that enhance market competitiveness [7]. Group 4: Asset Growth - Kuka Home's total assets reached a record high of 18.31 billion yuan by mid-2025, reflecting a year-on-year increase of 16.29% [6][7].

Core Viewpoint - Kuka Home is accelerating its production expansion by issuing A-shares to raise approximately 1.997 billion yuan, primarily aimed at enhancing its core competitiveness through investments in smart home R&D, AI, and retail digital transformation [1][6] Group 1: Financing and Shareholding - The company plans to issue up to approximately 104 million shares, not exceeding 30% of the total share capital before the issuance [2] - The funds raised will be allocated to various projects, including 1 billion yuan for working capital, 3.94 billion yuan for AI and retail digital transformation, and other production line upgrades [2][6] - After the issuance, the actual controller He Jianfeng's shareholding will increase to 37.37%, strengthening control over the company [5][6] Group 2: Financial Performance - In the first half of 2025, Kuka Home achieved revenue of 9.801 billion yuan, a year-on-year increase of 10.02%, and a net profit of 1.021 billion yuan, up 13.89% [1][8] - The company faced challenges in 2024, with revenue declining by 3.81% to 18.48 billion yuan and net profit down 29.38% to 1.417 billion yuan, marking the first simultaneous decline in both metrics since its listing [7][8] - The company has shown resilience by adjusting its strategy, leading to a strong rebound in performance in 2025 [8] Group 3: Product and Market Development - Kuka Home's retail transformation has yielded significant results, with smart product sales increasing 18 times year-on-year and functional product sales growing over 50% in the first half of 2025 [1][8] - The company has invested heavily in R&D, with cumulative expenses reaching 1.045 billion yuan from 2022 to the first half of 2025, resulting in innovative technologies that enhance market competitiveness [8] - Total assets reached a historical high of 18.31 billion yuan in the first half of 2025, reflecting a 16.29% year-on-year growth [8]

Core Viewpoint - Gujia Home intends to issue A-shares to a specific group, raising up to 199,699.06 million yuan for various projects including smart production line upgrades and digital transformation [1][3][4] Trading Information Summary - On October 16, Gujia Home's stock closed at 30.39 yuan, down 1.65%, with a turnover rate of 0.39% and a trading volume of 31,800 shares, amounting to 97.3735 million yuan [1] - The net outflow of main funds was 1.799 million yuan, accounting for 1.85% of total trading volume, while retail funds saw a net outflow of 0.2813 million yuan [1] Company Announcement Summary - Gujia Home plans to issue up to 104,281,493 A-shares at a price of 19.15 yuan per share, with the funds allocated for smart production line upgrades, expansion of functional iron frame production lines, smart home product R&D, AI and retail digital transformation, and brand enhancement projects [1][2][3][4] - The issuance has been approved by the board and shareholders, pending review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [2][4] Financial Performance Summary - For the first half of 2025, Gujia Home reported revenue of 980,105.68 million yuan and a net profit of 102,055.87 million yuan [1][4] - The 2024 annual revenue was reported at 1,847,971.72 million yuan, with a net profit of approximately 1,416.54 million yuan [2]

Core Points - Kuka Home announced the acceptance of its application for a specific issuance of A-shares by the Shanghai Stock Exchange, aiming to raise 1.997 billion yuan [1] - The issuance will be fully subscribed by Yingfeng Group, which is the indirect controlling shareholder of Kuka Home [1] - The raised funds will be allocated to various projects, including smart upgrades of production lines, expansion of functional rack production lines, R&D of smart home products, AI and retail digital transformation, digital enhancement of brand building, and replenishment of working capital [1][2] Fund Allocation - Smart upgrade project for home product production lines: 199.92 million yuan [2] - Expansion project for functional rack production lines: 150.09 million yuan [2] - R&D project for smart home products: 151.58 million yuan [2] - AI and retail digital transformation project: 394.49 million yuan [2] - Digital enhancement project for brand building: 100.90 million yuan [2] - Replenishment of working capital: 1 billion yuan [2] - Total planned fundraising amount: 1.997 billion yuan [2] Shareholding Structure - As of the signing date of the fundraising prospectus, He Jianfeng, through Yingfeng Ruihe, controls 242 million A-shares of Kuka Home, accounting for 29.42% of the company [1] - After the completion of this issuance, He Jianfeng's total control over the company's shares will increase to 37.37%, maintaining his status as the actual controller of the company [1]