Core Viewpoint - The passing of Wang Linpeng, the founder and chairman of Juran Zhijia, marks a significant loss for the company and the home furnishing industry, as he played a crucial role in its development and transformation [2][3]. Group 1: Company Overview - Juran Zhijia, originally named Juran Home, was established in 1999 and rebranded in December 2024. It operates as a large commercial chain group focusing on home furnishing and consumer services [4]. - The company has expanded to over 400 home furnishing stores and shopping centers across more than 300 cities in China, achieving recognition as one of the "Top Ten Commercial Brands in Beijing" for 20 consecutive years [2][4]. Group 2: Contributions of Wang Linpeng - Wang Linpeng was instrumental in transforming Juran Zhijia from a single store into a nationwide chain, emphasizing a mission to make home decoration and furnishing simple and enjoyable [2]. - He introduced innovative concepts such as "advance compensation" and "one-stop service," setting a benchmark for service standards in the home furnishing industry [2]. - Under his leadership, the company embraced digital transformation, positioning itself as a model for the industry in adapting to technological advancements [2][3]. Group 3: Current Company Status - Following Wang Linpeng's passing, the board of directors has appointed Wang Ning, the executive president, to temporarily assume his responsibilities. The company assures that its operations remain normal [3]. - Wang Linpeng held a significant stake in the company, with him and his associates collectively owning 43.93% of the shares [3].

Core Points - The company has decided to abolish the supervisory board and amend its articles of association and governance systems [2][3] - The decision was made during the 42nd temporary meeting of the fifth board of directors held on July 25, 2025 [2] - The audit committee of the board will assume the responsibilities previously held by the supervisory board [2][3] Summary of Amendments - The articles of association will be revised to reflect the cancellation of the supervisory board and the transfer of its powers to the audit committee [2][3] - Specific articles related to the supervisory board will be removed, including the rules governing the supervisory board [2][3] - New provisions will be added to clarify the legal responsibilities of the legal representative of the company [3][4] Governance Structure Changes - The chairman of the board will continue to serve as the legal representative of the company [3][4] - The company will maintain its status as a permanent joint-stock company with independent legal person status [4][5] - The articles will ensure that all capital is divided into equal shares, with shareholders bearing liability limited to their subscribed shares [5][6] Shareholder Rights and Responsibilities - Shareholders will retain rights to dividends and participate in decision-making processes [18][19] - The company will ensure equal rights for shareholders of the same class of shares [7][8] - Provisions will be included to protect the rights of shareholders in cases of company mergers, divisions, or other significant changes [18][19] Financial and Operational Governance - The company will establish clear guidelines for capital increases and decreases, ensuring compliance with legal and regulatory requirements [10][11] - New rules will govern the company's ability to provide guarantees and the conditions under which such guarantees can be issued [33][34] - The company will maintain transparency in its financial dealings and ensure that all actions comply with relevant laws and regulations [34][35]

Core Viewpoint - NITORI, a Japanese home furnishings chain known as "Little IKEA," is quietly closing stores in China, indicating a shift in its operational strategy amid challenging market conditions [1][13]. Store Closures - NITORI has closed several stores in cities such as Fuzhou, Ningbo, Tianjin, and Beijing, with a notable closure of the Ningbo store on June 15 and the Beijing Huai Fang Wanda store in March [1][3]. - In the first half of 2023, NITORI closed 21 out of 84 stores in mainland China, resulting in a closure rate of 20% [14]. Sales and Promotions - The Beijing store, which opened less than three years ago, is experiencing stock shortages and significant discounts on furniture and home goods as it prepares to close by the end of August [3][5]. - Discounts of up to 30% are being offered on various products, indicating a strategy to clear inventory before store closures [5]. Expansion Plans - Despite recent closures, NITORI had plans for rapid expansion in China, aiming to open approximately 150 stores annually in the coming years, with a target of reaching 200 stores per year within five to six years [8]. - The company has seen a significant increase in store openings, with plans to reach 105 stores by the end of 2024, compared to an average of fewer than 10 stores per year previously [8]. Financial Performance - NITORI's global revenue is projected to decline in the 2024 fiscal year, with operating and net profits also decreasing for five consecutive years [13]. - The challenging economic environment in China, particularly in the real estate sector and consumer spending, has contributed to the company's decision to close stores [13][14]. Competitive Landscape - NITORI faces competition from IKEA, which has also reported a decline in revenue, highlighting the challenges both companies face in the current market [14]. - The company is attempting to diversify its product offerings by introducing higher-frequency items such as clothing and pet supplies to maintain customer engagement [14][16].

Group 1 - The company and its subsidiaries have approved a total guarantee limit of up to RMB 124 million for the year 2025, with RMB 50 million allocated for guarantees to quality merchants downstream of the home furnishing chain [2][12] - The company plans to sign a cooperation agreement with Agricultural Bank of China to provide credit support to quality merchants, with a guarantee amount not exceeding RMB 10 million [3][7] - A similar agreement is planned with Huaxia Bank, also with a guarantee amount not exceeding RMB 10 million, aimed at supporting merchants in paying rent and property fees [4][9] Group 2 - The guaranteed merchants are quality merchants recommended by the home furnishing chain, who have passed bank credit assessments and meet financing conditions [5] - The company has a total external guarantee balance of RMB 480.87 million, which accounts for 23.79% of the latest audited net assets [12]

Core Viewpoint - The recent announcement by the company regarding the legal issues faced by its chairman and CEO, Wang Linpeng, has led to a significant decline in its stock price, reflecting investor concerns about governance and operational stability [1][12]. Group 1: Company Background - The company, formerly known as "居然之家," was renamed "居然智家" in December 2022, focusing on smart home products and services as part of its transformation strategy [10][11]. - Established in 1999, the company operates as a large commercial chain group with a diverse business scope, including design and decoration, furniture and building materials sales, logistics, home services, shopping centers, and supermarkets [10]. Group 2: Recent Developments - On April 18, 2023, the company announced that Wang Linpeng received a "Detention Notice" and "Case Filing Notice" from the Wuhan Municipal Jianghan District Supervisory Committee [1]. - Just ten days prior, on April 8, Wang Linpeng participated in an industry forum hosted by the company, indicating his active involvement in company affairs [3]. - Wang Linpeng has a long history with the company, having served in various leadership roles since 2001, including as president and chairman [5]. Group 3: Financial Performance - The company's latest performance report indicated a revenue of 12.966 billion yuan for 2024, a decrease of 4.04% year-on-year, and a net profit of 883 million yuan, down 32.08% compared to the previous year [11]. - The company's stock price fell by 10% to a limit down on April 18, 2023, following the announcement of Wang Linpeng's legal troubles [12].