近3万套沙发谁来造？ 作者 | 孙梦圆 编辑丨于婞 来源 | 野马财经 一场创下销售纪录的直播，却把顾家家居(603816.SH)推入了舆论漩涡。 头图库 产业观察家洪仕宾表示，直播带货等渠道革新虽能快速提升销量和品牌曝光，但可能带来供应链短期承 压、利润率摊薄甚至库存风险，若过度投入可能影响基本盘的财务安全。企业需在确保财务健康的前提 下，以可控节奏探索新增长点，避免因追求规模而透支企业耐力。 截至12月30日收盘，顾家家居报收30.85元/股，总市值253.4亿元。 01 代工质疑 据"每日经济新闻"报道，产品爆单后不久，多家社交媒体平台便开始出现传言："据说现在这个订单已 经来到了广东。""3000多元买的真皮沙发，减去主播的费用、平台的费用、物流到家的费用，还要减去 品牌的费用(利润)，最后剩下来的金额才是能给到代工厂的代工价格，所以很多大厂都不敢接招"。 12月11日，抖音头部主播董宇辉在其"与辉同行"直播间举办的家居专场上，一款来自顾家家居的功能性 沙发单品成交额突破1亿元，成为当晚"销冠"，并助推整场直播总销售额突破3.56亿元。 以其中价格最低的2.8米三人位款计算，优惠后单价为3471.4元 ...

Core Viewpoint - Gujia Home Furnishing Co., Ltd. has received approval for its private placement application, marking a significant capital deployment action following the entry of the "Midea System" [2][5] Group 1: Fundraising and Projects - The private placement involves a total of 19.97 billion yuan, focusing on six projects including smart upgrades of home product production lines and expansion of functional iron frame production lines [3][4] - The largest allocation of funds, amounting to 10 billion yuan, is designated for supplementing working capital, which constitutes over half of the total fundraising [3][4] Group 2: Strategic Objectives - The primary goals of the fundraising are to enhance business development, strengthen core competitiveness, consolidate the controlling position of the actual controller, and effectively respond to future challenges posed by U.S. tariff policies [2][3] - The projects are expected to improve market insight, product innovation, operational efficiency, and brand influence, providing sufficient financial reserves to navigate uncertainties in the global trade environment [3][4] Group 3: Management Changes and Market Performance - Following the change in control, Gujia Home Furnishing is undergoing significant management changes, with a trend towards "de-Gujia" as new executives from the Midea Group are appointed [6] - The company has shown signs of recovery in performance, with a reported revenue of 15.01 billion yuan and a net profit of 1.54 billion yuan for the first three quarters of the year, reflecting year-on-year growth of 8.8% and 13.2% respectively [6]

Core Viewpoint - Kuka Home has received approval from the Shanghai Stock Exchange for its application to issue A-shares to specific investors, aiming to raise 1.997 billion yuan for various projects and to enhance its operational capabilities [1][2]. Financing Details - The proposed financing amount is 1.997 billion yuan, with the issuance directed towards Yingfeng Group, the indirect controlling shareholder of Kuka Home [1]. - Yingfeng Group will subscribe to all shares issued in cash, ensuring the stability of the company's control [2]. Use of Proceeds - The raised funds will be allocated to several projects, including: - Intelligent transformation of home product production lines - Expansion of functional iron frame production lines - AI and retail digital transformation projects - Digital enhancement of brand building - Supplementing working capital [1]. Shareholding Structure - As of the signing date of the fundraising prospectus, He Jianfeng, through Yingfeng Ruihe Investment, controls 242 million A-shares, accounting for 29.42% of Kuka Home [1]. - Post-issuance, He Jianfeng's total control over the company’s shares will increase to 37.37%, maintaining his position as the actual controller of Kuka Home [1]. Management and Governance - Yingfeng Group, controlled by He Jianfeng, is expected to enhance Kuka Home's governance and decision-making capabilities due to its rich investment experience and stable management team [2]. - The financial strength and good financial condition of Yingfeng Group are highlighted as factors that will ensure timely availability of subscription funds for the issuance [2].

Core Viewpoint - Gujia Home Furnishing Co., Ltd. has announced its plan to issue shares to specific investors, pending approval from the China Securities Regulatory Commission (CSRC) [1][2]. Summary by Sections Share Issuance Details - The company plans to raise a total of up to 199,699.06 million RMB through this issuance, which will be allocated to various projects including smart upgrades of production lines and digital transformation initiatives [1][2]. - The shares will be issued as domestic listed ordinary shares (A-shares) with a par value of 1.00 RMB per share [2][3]. - The issuance price is set at 19.15 RMB per share, which is not less than 80% of the average trading price over the previous 20 trading days [3]. Use of Proceeds - The funds raised will be used for the following projects: 1. Smart upgrade of home product production lines: 19,992.00 million RMB 2. Expansion of functional iron frame production lines: 15,009.35 million RMB 3. Research and development of smart home products: 15,158.00 million RMB 4. AI and retail digital transformation: 39,449.71 million RMB 5. Digital enhancement of brand construction: 10,090.00 million RMB 6. Supplementing working capital: 100,000.00 million RMB - The total investment for these projects amounts to 199,699.06 million RMB [2]. Shareholder Impact - The shares will be issued to Yingfeng Group, which is an indirect controlling shareholder of the company. This issuance constitutes a related party transaction [3]. - Following the issuance, the controlling stake of He Jianfeng, through Yingfeng Group, will increase to 37.37%, maintaining his status as the actual controller of the company [3].

Core Viewpoint - The announcement from Kuka Home (603816.SH) reveals that its former controlling shareholder, Hangzhou Deyue, has filed for reorganization due to inability to repay debts, but this will not affect the control or daily operations of the listed company [1][4]. Group 1: Shareholder Changes - Hangzhou Deyue, previously known as Kuka Group, has undergone a name change to reduce its association with Kuka Home [1]. - As of November, Hangzhou Deyue holds 10.77% of Kuka Home's shares, making it the second-largest shareholder, while its associated entity, TB Home Limited, holds 5.01%, totaling a combined 15.78% ownership by the Gu family [2]. Group 2: Control Transition - In November 2023, the "Midea System" acquired 29.42% of Kuka Home, leading to a change in control, with Ningbo Yingfeng Ruihe Investment Management Co., Ltd. becoming the new controlling shareholder [3]. - By January 2024, the share transfer was completed, and the management transitioned to a new chairman from the "Midea System," marking a significant shift in company governance [3]. Group 3: Financial Performance and Strategy - Under the leadership of founder Gu Jiangsheng, Kuka Home pursued aggressive acquisitions from 2017 to 2019, which increased its debt from 2.535 billion to 5.959 billion yuan, raising the debt-to-asset ratio from 38.63% to 52.28% [5][6]. - Despite the challenges, Kuka Home reported a revenue of 15.012 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.77%, and a net profit of 1.539 billion yuan, up 13.24% [8]. - The company plans to raise up to 1.997 billion yuan through a private placement to fund various projects, including smart home product development and production line upgrades [9].

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].