民生证券股份有限公司 关于 吴涛 要约收购 亚振家居股份有限公司 之 独立财务顾问报告 独立财务顾问 签署日期：2025 年 6 月 独立财务顾问声明 民生证券股份有限公司（以下简称"民生证券"或"本独立财务顾 问 " ） 接 受 亚 振 家 居 股 份 有 限 公 司 （ 以 下 简 称 " *ST 亚 振 " 或 " 上 市 公 司"）的委托，担任本次要约收购的独立财务顾问，并出具独立财务顾问报 告（以下简称"本报告"或"本独立财务顾问报告"）。 截至本报告签署日，*ST亚振已向本独立财务顾问提供*ST亚振财务报 告、相关方股票买卖查询情况以及相关承诺函等资料，并将其取得的全部备 查文件转交给本独立财务顾问。*ST亚振承诺已无保留地将其取得的全部备 查文件提供给民生证券，对提供给民生证券除备查文件以外的一切书面材 料、文件或口头证言的真实性、准确性和完整性负责，并不存在虚假记载、 误导性陈述或重大遗漏。 除*ST亚振提供及转交的全部资料外，本报告所依据的其他信息均来自 公开渠道。鉴于未能取得进一步证明文件作为依据且未能履行相关核查程 序，本独立财务顾问无法对《要约收购报告书》及其备查文件内容和通过公 开渠 ...

轻高定兴起 行业转型的必然选择 在家居消费升级的浪潮下，家居行业正经历从"功能消费"向"审美消费"的跃迁。消费者对个性化、高品 质定制的需求日益增长，他们不再满足于千篇一律的成品家具，而是追求兼具设计感与性价比的定制方 案。门墙柜一体化、嵌入式灯光、异形曲面等高端工艺，如今已成为中产家庭的标配需求。 近几年来，轻高定已然成为行业增长的新引擎，为家居市场注入了新的活力。对于中小型工厂而言，转 型轻高定市场不仅是顺应市场变化的必然选择，更是提升企业竞争力、实现可持续发展的关键一步。 转型困局 轻高定的"不可能三角" 然而，这场看似繁荣的行业变革背后，却是中小型工厂的生死挣扎，消费者既要"高定质感"，又要"快 交付"、还要"高性价比"，这直接暴露了传统生产模式的致命困局。 订单锐减与交付内卷的双重绞杀 行业收缩期，活下来的工厂被迫卷入更惨烈的竞争。卷材料、卷价格、卷工艺、卷交期，当头部企业通 过自动化产线将交付周期压到12天，仍依赖"手搓模式"的中小工厂连入场券都难以获取。 传统定制思维与轻高定逻辑的体系冲突 "老师傅拆单画图3天，车间做错再改5天，安装时发现尺寸偏差又返厂重做。"这种传统定制思维的试错 逻辑，在轻 ...

Core Viewpoint - Jiaxing Dinghui Decoration Engineering Co., Ltd. is positioning itself as a leader in the all-aluminum furniture market, emphasizing innovation, quality, and environmental sustainability [1][5]. Group 1: Industry Overview - All-aluminum furniture is made from aluminum alloy materials, offering advantages such as lightweight, high strength, corrosion resistance, and ease of cleaning compared to traditional wooden furniture [3]. - The all-aluminum furniture aligns with modern consumer demands for environmentally friendly and healthy living, as aluminum can be recycled, reducing deforestation and harmful emissions during home decoration [3]. Group 2: Company Strategy - Jiaxing Dinghui has identified all-aluminum furniture as its primary development direction, supported by a professional design team that integrates modern design concepts with traditional Chinese culture [5]. - The company uses high-quality aluminum raw materials to ensure that all products meet environmental standards, providing a safe and healthy living environment for consumers [5]. Group 3: Production and Quality Control - The company has enhanced its production processes by introducing advanced equipment and technology, ensuring precision and durability in all-aluminum furniture through meticulous cutting, bending, and welding techniques [7]. - A strict quality inspection system is in place, overseeing every stage from raw material intake to finished product delivery, ensuring impeccable product quality [7]. Group 4: Customer Service and Market Position - Jiaxing Dinghui offers a one-stop home solution, including design consultation, space planning, and installation services, supported by a dedicated professional team [7]. - The company also provides personalized customization services, tailoring unique all-aluminum furniture products to meet specific customer needs and preferences [7]. - In a competitive market, Jiaxing Dinghui has established itself as a leading brand in the all-aluminum furniture sector, gaining recognition in both domestic and international markets [7].

Core Insights - The article highlights the impressive sales performance of Shenzhen-based furniture company ZuoYou Sofa during the "618" shopping festival, achieving a year-on-year sales increase in the Shenzhen region, which contrasts with the prevailing narratives of weak national subsidies and consumer downgrade [1] - ZuoYou Sofa's success is attributed to its innovative marketing strategies and product offerings, which cater to diverse consumer needs and preferences, thereby providing a model for recovery in the home furnishing industry [1][9] Group 1: Marketing Strategy - ZuoYou Sofa developed a comprehensive marketing strategy around the "618" event, focusing on product specialization, policy leverage, and extensive market penetration [3] - The company introduced four core products targeting specific demographics, including the Qingluan Smart Chair for Gen Z and the "Mom's Sofa" and "Dad's Sofa" designed for the elderly [3][6] - The implementation of a "19-day pre-sale + weekend sales explosion" model helped create marketing buzz and engage consumers effectively [6] Group 2: Product Innovation - ZuoYou Sofa offers affordable furniture packages for young couples and new parents, with a complete set for an 80-square-meter room priced under 50,000 yuan, appealing to budget-conscious consumers [7] - The company emphasizes eco-friendly practices, utilizing water-based adhesives for its products, allowing for immediate occupancy after installation [7] - Continuous innovation in elder-friendly products, such as the "Mom's Sofa" and "Dad's Sofa," addresses health concerns for older adults [13] Group 3: Brand Strategy - The company's growth is driven by a "technology + culture + ecology" strategic framework, enhancing its brand value and commitment to a "happy home culture" [9] - ZuoYou Sofa integrates traditional cultural elements into its products, such as using non-heritage embroidery techniques and designs inspired by classic Chinese literature [16] - The brand matrix targets various market segments, including high-end, young consumers, and international markets, while adapting to local consumer preferences [16] Group 4: Government Collaboration - ZuoYou Sofa's regional success is supported by government initiatives that provide policy and service assistance, fostering a collaborative ecosystem for business growth [18] - The establishment of the "Ark No. 1" smart space laboratory exemplifies successful government-enterprise collaboration, showcasing the integration of smart home technology [18][19] - The company actively participates in community events to enhance brand visibility and engage with younger demographics, further solidifying its market presence [21] Group 5: Industry Impact - ZuoYou Sofa's innovative practices in product development and marketing are seen as a potential model for the broader home furnishing industry, especially in transitioning from traditional manufacturing to smart and quality-driven production [21] - The company's efforts to redefine quality standards in the home furnishing sector may inspire other businesses to adopt similar strategies for growth and consumer engagement [21]

长按扫码 ▲ 预约直播 文 / 巴九灵（微信公众号：吴晓波频道） 6月19日，气温28℃，多云。 在新加坡，这算是一个难得的好天气。因靠近赤道，闷热是新加坡6月的底色，间歇性的下雨更是令人不胜其烦。去年同期，第一届"生而全 球"出海峰会便是在这样的天气下青涩初开。 到了今年再举办第二届出海峰会时，每个人都变得更加老练，只是阴晴不定的不再是天气，而是外部的环境。 短短一年间，出海从一门相对小众垂直的选修话题，成为了放在每个企业案头的必修课，报名参会的人，从去年近千人，增加到了1200人。 去年的参会者中，不乏来自东南亚各国"招商引资"的代表，今年取而代之的，是更多的企业家以及可以助力企业家出海落地的一线骨干； 去年，峰会内容还在侧重分析全球格局和出海动向，今年则是实战经验站到了舞台C位，蜕变本身，既反映了国际局势的剧变，也映照了企业家 们的光速迭代与进化。 昨天是峰会的第一天，9位导师分享了他们对当前出海局势的洞察与经验，他们有的是有着多年出海经验的"出海先锋"，有的是浸泡在一线、研 究企业出海十多年的专家学者，从"关税战"到地缘政治动荡，从DeepSeek浪潮乃至火遍全球的拉布布，热门的、冷门的，无所不谈。 ...

Core Viewpoint - The company, Feiling'er Home Technology Co., Ltd., reported a significant decline in revenue and profitability for the fiscal year 2024, with a focus on the need for detailed financial disclosures and clarifications regarding its operational performance and revenue recognition policies [2][3][4]. Financial Performance - The company achieved operating revenue of 336 million yuan in 2024, a year-on-year decrease of 14.86%, with a net profit attributable to shareholders of -37 million yuan, indicating an expanded loss [2][3]. - The gross profit margin was reported at 11.16%, down by 4.12 percentage points compared to the previous year [2][3]. - In Q1 2025, the company reported an operating revenue of 34 million yuan, reflecting a year-on-year decline of 33.94% [2]. Customer Concentration - The top five customers contributed sales of 97.13 million yuan, accounting for 28.89% of total annual sales, with related party sales amounting to 31.35 million yuan [2][3]. Cost Structure Analysis - The total cost of sales for 2024 was 298.70 million yuan, down 10.72% from the previous year [3][4]. - In the decoration materials segment, raw material costs were 171 million yuan, representing 57.24% of total costs, while direct labor costs were 9.41 million yuan, accounting for 3.15% [3][4]. - The home manufacturing segment saw a significant increase in direct labor costs, rising by 59.38% due to the commencement of operations by a subsidiary [3][4]. Revenue Recognition and Customer Contracts - The company is required to provide detailed breakdowns of cost structures by industry and product, including specific cost items, proportions, and year-on-year changes [2][3]. - The company must clarify the revenue recognition policies for its major contracts, including warranty service clauses and the rationale for not recognizing expected liabilities [2][3]. Market Environment and Competitive Analysis - The company is expected to analyze the reasons for its declining performance in comparison to industry peers, considering market conditions, competition, and fluctuations in product and raw material prices [2][3]. - The gross profit margin for the flooring segment was reported at 12.12%, down from 14.96% the previous year, while the cabinetry segment's margin was 9.71%, down from 10.88% [4][5]. Related Party Transactions - The company engaged in significant related party transactions, with total revenue from related parties amounting to 34.89 million yuan, and outstanding receivables of 29.09 million yuan at the end of the reporting period [10].

证券代码：603313 证券简称：梦百合 公告编号：2025-044 梦百合家居科技股份有限公司 关于回购股份比例达到 1%暨回购进展公告 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： 回购方案首次披露日 2025/5/10 回购方案实施期限 2025 年 5 月 9 日~2026 年 5 月 8 日 预计回购金额 0.85亿元~1.70亿元 □减少注册资本 √用于员工持股计划或股权激励 回购用途 梦百合家居科技股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日召开 的第四届董事会第二十八次会议以 7 票同意、0 票反对、0 票弃权审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用不低于人民币 份用于员工持股计划或者股权激励，回购资金来源为公司自有资金及回购专项贷 款。回购股份的价格不高于公司董事会通过回购股份决议前 30 个交易日公司股票 交易均价的 150%，具体回购价格授权公司管理层在回购实施期间结合公司实际情 况确定。回购期限为自公司董事会审议通过本次股份回购方案 ...

Core Points - The company announced a cash dividend of 0.30 yuan per share for A shares [1][2] - The total cash dividend distribution amounts to 95,753,079.00 yuan based on a total share capital of 319,176,930 shares [2] - The dividend distribution plan was approved at the annual general meeting on May 16, 2025 [1] Dividend Distribution Dates - The record date for the dividend is June 24, 2025, with the last trading day on June 25, 2025, and the ex-dividend date also on June 25, 2025 [1][2] Implementation of Dividend Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch [2] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date [2] Taxation on Dividends - For individual shareholders of unrestricted circulating shares, the actual cash dividend per share is 0.30 yuan, with tax implications based on holding periods [4][5] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.27 yuan per share [5] - Other corporate shareholders will not have taxes withheld by the company, and the gross cash dividend remains at 0.30 yuan per share [6] Contact Information - Shareholders can inquire about the dividend distribution by contacting the company's securities department at 025-52718000 [6]

Group 1 - The report focuses on the aging population in China, specifically the needs and living conditions of the elderly, aiming to create "intergenerational-friendly" living spaces [1][2][3] - The elderly population aged 65 and above in China has reached 220 million, accounting for over a quarter of the global elderly population, with varying needs across different age groups [2][20] - The rise of the "silver economy" indicates an increase in the consumption capacity of the elderly, with a per capita national income of $10,408 in 2020, and a significant portion of this demographic engaging in travel and leisure activities [2][25] Group 2 - Shanghai has established a "9073" elderly care model, where 90% of elderly individuals live at home, 7% receive community care, and 3% reside in institutions, creating a 15-minute service circle for elderly care [3][29] - The report highlights the need for home modifications to accommodate the elderly, focusing on safety and emotional needs, with common areas for improvement being bathrooms and kitchens [3][34] Group 3 - The report identifies a gap in understanding between elderly individuals and their children regarding home needs, with many elderly concealing their true requirements [4][5] - Future home designs should balance safety, practicality, and emotional connections, with over 80% of respondents aware of "elderly-friendly" modifications, yet only 9% have taken action [5][6] Group 4 - The report emphasizes the importance of intergenerational communication, urging children to recognize unspoken needs of their elderly parents, such as social interaction and dignity [5][6] - The ideal home should accommodate all generations and foster emotional connections, making it a warm haven for different age groups [5][11]

中部地区第一座"跨省建城"，来了! 安徽、河南两地发展改革委日前联合发布《叶集—固始"一河两岸"生态优先绿色发展产业合作区发展规划》 (下称《规划》)，为打造"中原—长三角"产业合作先行区按下启动键。 中国地方经济跨行政区域发展的探索，终于再往前迈出一步。 1 在全球产业竞争格局深度调整、地缘风险频发的背景下，我国经济正处于从要素驱动向创新驱动转变的关键 阶段，产业升级迫在眉睫。 此时此刻，构建统一大市场，打通内循环，成为决定我国经济前景的关键胜负手。 只有打破区域间的零散发展状态，实现商品、要素的自由流动与高效配置，才能整合全国力量培育具有全球 竞争力的产业集群，在国际竞争中占据主动地位。 然而，由于行政区划，我国5.2万公里的省际边界地区形成了隐形的坚固壁垒。难以获得有效资源倾斜和政 策支持成为区域发展的洼地;相邻地区盲目跟风布局热门产业，产业同质化严重;户籍、社保等制度差异也阻 碍了人才、资金、技术的自由流通，严重制约统一大市场的构建进程。 据研究，因要素错配和市场分割，全要素生产率大幅折损，总体经济损失高达万亿! 突破现有省际边界限制，探索跨省域协同发展成为破局关键。 事实上，过去30多年，已经有部分 ...