（编辑 丛可心） 证券日报网讯 12月29日，皮阿诺发布公告称，公司将于2026年1月14日15：30召开2026年第一次临时股 东大会，审议变更公司住所并修订《公司章程》的议案，会议采用现场与网络投票结合方式，网络投票 时间为当日9：15-15：00。 ...

Core Viewpoint - The article discusses the aggressive capital strategy of He Jianfeng, the son of Midea Group's founder, following his departure from the board of Midea Group. He Jianfeng has made significant investments in the home furnishing sector and is now pursuing a major acquisition of a digital marketing company, which raises concerns due to the lack of performance guarantees in the deal [1][24]. Group 1: Acquisition Details - Baida Qiancheng plans to acquire 100% of Xiamen Zhonglian Century Co., Ltd. through a combination of issuing shares and cash payments, aiming to enhance its marketing capabilities [4][27]. - The projected revenue for Zhonglian Century in 2024 is 1.382 billion, while Baida Qiancheng's revenue for the same period is only 739 million, indicating a significant disparity in size [4][27]. - The acquisition lacks performance commitments and impairment compensation clauses, which are typically considered safety nets in mergers and acquisitions [4][29]. Group 2: Financial Performance and Concerns - Baida Qiancheng has reported substantial losses over the past three years, with net losses of 186 million in 2023, 393 million in 2024, and 68 million in the first three quarters of 2025 [11][35]. - The company has made significant asset impairment provisions totaling 644 million over three years, raising questions about the management of its financial health [13][37]. - The company has faced scrutiny regarding its large provisions for bad debts and inventory write-downs, which have contributed to its ongoing financial struggles [38][40]. Group 3: Strategic Moves in Home Furnishing Sector - He Jianfeng has made substantial investments in the home furnishing industry, including acquiring a controlling stake in Gujia Home and investing in Sofia [19][45]. - The acquisition of a 29.42% stake in Gujia Home was valued at 8.88 billion, with plans for further capital increases to solidify control [19][45]. - The strategic focus on home furnishings reflects a shift in He Jianfeng's investment strategy, moving away from the entertainment sector where Baida Qiancheng has struggled [19][43].

证券日报网讯 12月26日，欧派家居（603833）发布公告称，公司为控股子公司欧派集成向招商银行广 州分行提供7亿元连带责任担保，实际担保余额升至约18.99亿元；截至2025年12月26日，公司及控股子 公司对外担保总额约24.67亿元，占净资产12.95%，无逾期担保。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 证券停复牌情况：适用 因实施2025年中期权益分派,欧派家居集团股份有限公司（以下简称"公司"）的相关证券停复牌情况如 下： ■ 自2025年中期权益分派公告前一交易日（2025年12月31日）至权益分派股权登记日期间，公司可转换公 司债券（以下简称"欧22转债"）将停止转股。 一、2025年中期权益分派方案的基本情况 （一）公司2025年中期分红方案：以实施权益分派股权登记日登记的总股本扣除公司股份回购专户中股 份数量后的股份总数为基数，拟向全体股东每股派发现金红利1.24元（含税）。如在实施权益分派股权 登记日前因"欧22转债"转股等原因致使公司总股本发生变动的，公司拟维持每股分配比例不变，相应调 整分配总额。具体内容详见公司于2025年12月2日披露的《欧派家居关于2025年中期分红方案的公告》 （公告编号：2025-103）。 （二）公司2025年中期分红方案履行的决策程序： 1、公司于2025年5月28日召开2024年年度股东大会，审议通过《关于提请 ...

Group 1 - Meike Home (600337.SH) announced plans to acquire control of Shenzhen Wandeng Optical Technology Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds [2] - Meike Home's stock will be suspended from trading starting December 18, 2025, for a period not exceeding 10 trading days [3] Group 2 - Wandeng Optical, established in May 2018 and headquartered in Shenzhen, focuses on the research, production, and sales of high-speed interconnect cable components and modules for AI computing clusters and data centers, which is a hot sector in the current market [5] - In September 2024, A-share listed company Luxiao Technology (002617.SZ) invested 60 million yuan in Wandeng Optical, acquiring a 16.67% stake, valuing the company at 360 million yuan, with profit commitments of no less than 30 million, 40 million, and 50 million yuan for the years 2025-2027, totaling 120 million yuan [5] - Meike Home has faced declining performance in recent years, with revenue decreasing for three consecutive years due to the downturn in the real estate sector, reporting net profits of -298 million yuan, -463 million yuan, and -864 million yuan for 2022-2024, totaling over 1.6 billion yuan in losses [5] - In the first three quarters of 2025, Meike Home's revenue continued to decline, although net profit showed a year-on-year increase of 50.04% [5] - Meike Home has previously made moves in the AI application field, partnering with Huawei in 2019 for digital transformation and launching AI interior design tools "AI Smart Home" and "AI Xiaomei" in 2023, but these efforts have not yet reversed the decline in its core business [5]

2025年，家居行业出海迈入战略深耕阶段。家居行业突破传统欧美市场依赖，在东南亚、拉美、非洲等 新兴市场开辟增长新曲线。同时，企业加速从"代工出海"向"品牌出海"转型。北京商报记者了解到，头 部企业全球化布局持续提速。5月，爱丽家居墨西哥工厂正式投产；9月，顾家家居拟投资11.24亿元， 在印度尼西亚建设顾家家居海外生产基地；11月，东方雨虹全资子公司拟以自有资金合计出资约1.44亿 元收购巴西Novakem公司60%股权；同月，中源家居拟出资1600万美元投资建设越南生产基地项目。 业内人士表示，2025年是家居出海从规模扩张向质量提升的关键一年。新兴市场的深度开拓与品牌化转 型，让中国家居从供应链优势转向价值优势。未来，唯有以技术创新为内核、以本地化运营为支撑，才 能在全球市场竞争中构建长期壁垒。 海外多元布局 2025年，国内家居企业出海进入多区域、全链条布局的密集推进期。从东南亚的深度渗透到拉美的全新 突破，从生产基地的本土化落地到品牌门店的全球化铺开，头部企业以多元化布局推动家居企业全球化 发展。 东南亚凭借地缘优势和消费升级潜力，成为家居企业出海的核心枢纽。2025年，顾家家居在东南亚双线 布局。 ...

Core Insights - The home furnishing industry is entering a new phase of strategic deepening in overseas markets by 2025, moving beyond reliance on traditional markets in Europe and the U.S. to explore emerging markets in Southeast Asia, Latin America, and Africa [1][4] - Companies are accelerating their transition from "OEM export" to "brand export," with leading firms speeding up their global expansion [1][6] Group 1: Market Expansion and Investment - In November, Dongfang Yuhong's subsidiary plans to invest approximately 144 million RMB to acquire 60% of Brazil's Novakem [1] - In the same month, Zhongyuan Home plans to invest 16 million USD in a production base in Vietnam [1] - In September, Kuka Home intends to invest 1.124 billion RMB to establish an overseas production base in Indonesia [1] - Aili Home's factory in Mexico officially commenced production in May [1] Group 2: Strategic Focus and Localized Operations - 2025 is seen as a critical year for the home furnishing industry to shift from scale expansion to quality enhancement, emphasizing technological innovation and localized operations as key to building long-term competitive advantages [4][5] - Southeast Asia is identified as a core hub for home furnishing companies due to its geographical advantages and potential for consumer upgrades [5] - Kuka Home's dual-line strategy in Southeast Asia aims to enhance market penetration, with a focus on the North American electric sofa market [5] Group 3: Performance Metrics and Growth - Companies like Dream Lily reported overseas sales of 1.515 billion RMB in the first three quarters of 2025, a year-on-year increase of 2.09%, while online overseas sales surged by 76.36% to 1.664 billion RMB [6] - Zhigang Home achieved overseas revenue of 217 million RMB, reflecting a 65% year-on-year growth [6] - Other companies, including Mousse and Jianlang Hardware, also reported significant increases in overseas revenue, with growth rates ranging from 25.99% to 73.97% [6] Group 4: Challenges and Compliance - Despite the growth opportunities, Chinese home furnishing companies face challenges in establishing brand recognition in global markets, particularly due to compliance barriers in the U.S. and Europe [9][10] - The industry is transitioning from being "behind-the-scenes manufacturers" to "frontline brand owners," necessitating a shift in strategy and operations [9] - Compliance with various regulations, such as the U.S. STURDY Act and EU REACH regulations, poses significant challenges for companies aiming to penetrate these markets [9][10] Group 5: Localization and Digital Innovation - Companies are adopting localized strategies, such as "one country, one policy," to tailor products and channel models to different markets [8] - The emphasis is on building local teams and utilizing digital channels to navigate cultural differences and enhance market integration [10] - A focus on localized design and digital supply chains is seen as essential for creating competitive advantages in international markets [10]

11月5日，第八届中国国际进口博览会（以下简称进博会）在上海开幕。江西此次组建省交易团和14个交易分团参会，这是江西连续第八年以"全勤生"的 身份，在这场全球经贸盛会上寻找机遇、展示形象。 （来源：中国国际进口博览会） 从初期的意向性采购到如今的多元深度参与，江西与进博会的八年情缘，正是一部内陆省份突破地理局限、迈向开放前沿的生动实录。 从"商品橱窗"到"生态沃土" 全球新品的首发地、前沿技术的首选地、创新服务的首推地……八载春秋，进博会早已从一个高效的"买全球"平台，演进为一块促进"价值共创"的生态沃 土。 自2018年首次举办以来，进博会累计吸引180多个国家、地区和国际组织参加，约2.3万家企业参展，累计展示3000项代表性新产品、新技术、新服务，意 向成交额超5000亿美元。第八届进博会上，全球企业共带来461项新产品、新技术、新服务，其中200多项初步预估为全球首发。数字背后，是进博会在全 球经贸格局中战略地位的升华。 在进博会中国馆，这里集中展示了"十四五"期间，我国全面深化改革、推进高水平对外开放的最新成就。月球科研站沙盘、嫦娥六号月球样品、脑机接口 平台等一批前沿科技集中亮相，其中不少"赣"元 ...

中国轻工业联合会党委副书记、中国家具协会理事长徐祥楠表示，广元林产资源丰富、产业规划明晰， 此次大会汇聚各方共商合作，将为当地绿色家居产业发展注入新活力。 本报成都12月23日电(王明峰、王菲菲)2025绿色家居产业(广元)发展大会22日在四川广元举行，现场签 约家居类合作协议40个，协议总金额达114.63亿元，为当地绿色家居产业高质量发展注入强劲动力。 近年来，广元市立足丰富森林资源，加速推动资源优势向产业优势转化，全力打造超百亿级绿色家居产 业集群，成功引进鲁丽木业、千川门窗等龙头企业。目前，产业园区已聚集家居生产及配套企业46家。 ...

合伙企业是聚焦矿山智能化与绿色低碳转型赛道的战略投资工具，以无人矿卡领域后期项目为核心投资 标的，通过资本注入与资源协同，助力标的企业完成技术规模化落地与全球化布局，同时捕捉矿山智能 化升级浪潮中的确定性投资收益，本基金定向投资于上海伯镭智能科技有限公司。 智通财经APP讯，兔宝宝(002043.SZ)发布公告，公司全资子公司德华兔宝宝投资管理有限公司(以下简 称"兔宝宝投资公司")近日与广东易高智汇股权投资基金管理有限公司(以下简称"易高投资")签署《广东 易高格维创业投资合伙企业(有限合伙)合伙协议》(以下简称"《合伙协议》")，兔宝宝投资公司作为有 限合伙人，认缴出资人民币1,000万元，占认缴出资总额的17.4338%。 ...