每经记者｜陈鹏丽 每经编辑｜段炼 魏官红 12月8日晚，定制家具头部品牌之一的皮阿诺（SZ002853，股价16.24元，市值29.71亿元）公告宣布，公司控股股东、实际控制人马礼斌正在筹划有关公 司控制权变更事宜，该事项可能导致公司实际控制人发生变更。经公司向深圳证券交易所申请，公司股票自12月9日（星期二）开市起停牌，预计停牌时 间不超过2个交易日。 《每日经济新闻》记者获悉，皮阿诺主要从事中高端定制橱柜、衣柜、门墙及其配套家居产品的研发、设计、生产、销售、安装与售后等服务。皮阿诺于 2017年上市，马礼斌是皮阿诺的主要创始人，也是公司单一最大股东，现任公司董事长、总经理。截至今年9月末，马礼斌直接持有皮阿诺7155.38万股股 份，持股比例为39.12%。 记者注意到，12月8日，皮阿诺股票以涨停收盘。业绩上看，2024年度及2025年前三季度，皮阿诺的归母净利润均处于亏损状态。去年，马礼斌从公司获 得的税前报酬总额同比下降约44万元。 但很快，2024年12月，马礼斌又宣布拟通过协议转让方式将其所持皮阿诺1788.84万股股份转让给深圳市通捷企业管理合伙企业（有限合伙）（以下简称 深圳通捷）。 然而， ...

同花顺（300033）数据显示，12月8日，皮阿诺涨停，股价收报16.24元/股，市值为29.71亿元。 定制家居行业龙头皮阿诺（002853）12月8日晚间公告称，公司控股股东、实际控制人马礼斌正在筹划有关公司控制权变更事宜，该事项可能导致公司实 际控制人发生变更。公司股票自12月9日（星期二）开市起停牌，预计停牌时间不超过2个交易日。 图片来源：公司公告 皮阿诺2025年半年报显示，公司专业从事中高端定制橱柜、衣柜、门墙及其配套家居产品的研发、设计、生产、销售、安装与售后等服务，致力于通过独 创设计为消费者提供个性化、定制化的大家居解决方案。 2025年前三季度，皮阿诺实现营业收入4.2亿元，同比下降37.27%；净利润亏损752.52万元，同比由盈转亏。 皮阿诺11月24日晚披露关于公司董事辞职及补选公司非独立董事的公告。公告显示，公司董事会于近日收到余彦龙的书面辞职报告。因个人原因，余彦龙 申请辞去公司董事及董事会专门委员会相应职务。辞职后，余彦龙不再担任公司及其控股子公司任何职务。 | | 皮阿诺 | | | | --- | --- | --- | --- | | | 002853 L1 | | | ...

中关村物联网产业联盟副秘书长袁帅对《证券日报》记者表示，从标的吸引力来看，皮阿诺已构建成熟 的定制家居业务生态，拥有四大智能制造基地与全案产品矩阵，积累了多家百强地产合作资源及稳定的 消费群体，具备显著的行业口碑与设计、产能壁垒。此外，公司当前市值处于相对低位，资产负债率也 比较低，且股权结构清晰，整体来看，对意向收购方而言是一个较为理想的标的。 近年来，皮阿诺经营业绩面临一定压力。2021年至2024年，公司营业收入分别为18.24亿元、14.52亿 元、13.16亿元、8.86亿元；归母净利润分别为-7.29亿元、1.54亿元、8597.89万元、-3.75亿元。最新财 务数据显示，今年前三季度，皮阿诺营业收入为4.20亿元，同比下降37.27%；归属于上市公司股东的净 利润为亏损752.52万元，上年同期盈利822.68万元，同比下滑191.47%。 普罗米修律师事务所主任李瑞对《证券日报》记者表示，皮阿诺实控人若出让控制权，或源于公司业绩 连年下滑、资产减值高企的经营压力，意在引入优质资本化解退市风险；也可能受房地产行业下行拖累 主业、转型遇阻影响，叠加股权质押等因素，最终选择让渡控制权。 12月8日 ...

又一家公司在停牌筹划控制权变更前，股价出现"先知先觉"的涨停。 12月8日晚间，皮阿诺（002853）公告，公司控股股东、实际控制人马礼斌正在筹划有关公司控制权变更事宜，公司股票自12月9日（星期二）开市起停 牌，预计停牌时间不超过2个交易日。 值得注意的是，在公告披露当日，皮阿诺股价一路走高，并在收盘前涨停，最新股价为16.24元/股，总市值29.71亿元。 实控人筹划控制权变更 根据公告，公司于近日收到控股股东、实际控制人马礼斌的通知，获悉马礼斌正在筹划有关公司控制权变更事宜，该事项可能导致公司实际控制人发生变 更。 目前，各方主体正在就具体交易方案、协议等相关事项进行论证和磋商，具体情况以各方签订的相关协议为准。 鉴于上述事项正在筹划中，尚存在不确 定性，为保证公平信息披露，维护投资者利益，避免公司股价异常波动，公司股票自12月9日（星期二）开市起停牌，预计停牌时间不超过2个交易日。 曾多次筹划股权转让事项 上证报记者注意到，作为皮阿诺控股股东、实控人，马礼斌近年已多次筹划股权转让事项，且部分股权转让均以终止告终。 今年11月17日，皮阿诺发布公告，控股股东、实控人马礼斌、股东珠海鸿禄企业管理合伙企业（ ...

Core Viewpoint - The recent acquisition of shares in Sophia by Yingfeng Group indicates a strategic investment in the custom home furnishing industry, reflecting confidence in the company's long-term value despite current market challenges [1][4][12] Group 1: Acquisition Details - Yingfeng Group plans to acquire approximately 103.7 million shares of Sophia at a price of 18 CNY per share, totaling around 1.8668 billion CNY, which represents 10.769% of the company's total shares [1] - Following the acquisition, Yingfeng Group's total shareholding in Sophia will increase to 12.7173%, making it the third-largest shareholder [4] - Prior to this acquisition, Yingfeng Group had already purchased 18.76 million shares of Sophia on the secondary market, representing 1.9482% of the total shares [1] Group 2: Company Background - Sophia, founded in 2003 and listed in 2011, specializes in custom home furnishings, including cabinets and doors, and is headquartered in Guangzhou [4] - The company's founders, Jiang Ganjun and Ke Jiansheng, held a combined 43.0762% of the shares before the transfer, which will decrease to 32.3072% post-transaction [4] Group 3: Financial Performance - Sophia's revenue for the first half of the year was 4.55 billion CNY, a year-on-year decline of 7.68%, with net profit dropping by 43.43% to 319 million CNY [5] - By the third quarter, revenue further declined to 7.008 billion CNY, down 8.46% year-on-year, while net profit was 682 million CNY, a decrease of 26.05% [6][7] - Despite the downturn, Sophia's financial position remains stronger than many peers in the industry, prompting the belief that the timing for investment is favorable [5][12] Group 4: Industry Context - Yingfeng Group's recent investments in the home furnishing sector, including a significant stake in Kuka Home, reflect a broader strategy to consolidate its position in the industry [2][8] - The home furnishing market is currently facing challenges, but industry experts suggest that low valuations present opportunities for strategic investments [12] - Yingfeng Group's dual focus on industry and investment positions it to leverage synergies between home appliances and home furnishings, enhancing its market presence [11][12]

Core Viewpoint - PIANO's stock has shown significant growth this year, with a 36.74% increase, and recent trading activity indicates positive momentum in the market [1][2]. Group 1: Stock Performance - On December 2, PIANO's stock rose by 2.04%, reaching 15.00 CNY per share, with a trading volume of 25.15 million CNY and a turnover rate of 1.33%, resulting in a total market capitalization of 2.744 billion CNY [1]. - Year-to-date, PIANO's stock price has increased by 36.74%, with a 5-day increase of 8.30%, a 20-day increase of 12.53%, and a 60-day increase of 24.69% [1]. - The net inflow of main funds was 2.40 million CNY, with large orders accounting for 16.82% of total purchases and 7.28% of total sales [1]. Group 2: Company Overview - PIANO, established on June 14, 2005, and listed on March 10, 2017, is located in Zhongshan, Guangdong Province, specializing in high-end customized cabinets, wardrobes, wooden doors, and related home products [1]. - The revenue composition of PIANO includes customized cabinets and related products at 54.78%, customized wardrobes and related products at 39.55%, doors and walls at 3.86%, and other supplementary products at 1.82% [1]. Group 3: Financial Performance - For the period from January to September 2025, PIANO reported a revenue of 420 million CNY, a year-on-year decrease of 37.27%, and a net profit attributable to shareholders of -7.53 million CNY, a year-on-year decrease of 191.47% [2]. - Since its A-share listing, PIANO has distributed a total of 198 million CNY in dividends, with 36.58 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of October 31, the number of PIANO shareholders increased by 5.35% to 11,500, with an average of 11,163 shares per shareholder, a decrease of 5.07% [2]. - As of September 30, 2025, the ninth largest circulating shareholder is the Nuoan Multi-Strategy Mixed A fund, holding 1.2967 million shares as a new shareholder [3].

Core Points - The stock price of Haolaike increased by 2.05% on December 2, reaching 12.92 CNY per share, with a total market capitalization of 4.023 billion CNY [1] - Year-to-date, Haolaike's stock price has risen by 38.60%, but it has seen a decline of 2.86% in the last five trading days [1] - The company has experienced a net outflow of 1.4558 million CNY in main funds, with significant selling pressure observed [1][2] Financial Performance - For the period from January to September 2025, Haolaike reported a revenue of 1.265 billion CNY, a year-on-year decrease of 12.38% [2] - The net profit attributable to the parent company was 31.36 million CNY, reflecting a significant decline of 65.53% year-on-year [2] Shareholder Information - As of September 30, the number of shareholders for Haolaike increased to 9,123, marking a 3.34% rise from the previous period [2] - The average number of circulating shares per shareholder decreased by 3.22% to 34,127 shares [2] Dividend Information - Since its A-share listing, Haolaike has distributed a total of 846 million CNY in dividends, with 305 million CNY distributed over the past three years [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [14]. Core Views - The company is projected to experience fluctuations in revenue and net profit over the next few years, with a forecasted revenue of 10.49 billion yuan in 2024, decreasing to 9.84 billion yuan in 2025, and then recovering to 11.09 billion yuan by 2027 [2][5]. - The net profit is expected to decline to 1.06 billion yuan in 2025, followed by a recovery to 1.25 billion yuan in 2027, reflecting a growth rate of -22% in 2025 and 7% in 2027 [2][5]. - The company is recognized as a leading player in the customized home furnishings industry, with a multi-brand, full-category, and full-channel strategy that emphasizes shareholder returns, projecting a dividend yield of approximately 6% based on current profit forecasts [5]. Financial Data and Valuation - Revenue projections for the company are as follows: 11.67 billion yuan in 2023, 10.49 billion yuan in 2024, 9.84 billion yuan in 2025, 10.43 billion yuan in 2026, and 11.09 billion yuan in 2027, with growth rates of 4%, -10%, -6%, 6%, and 6% respectively [2]. - Net profit estimates are 1.26 billion yuan for 2023, 1.37 billion yuan for 2024, 1.06 billion yuan for 2025, 1.17 billion yuan for 2026, and 1.25 billion yuan for 2027, with growth rates of 19%, 9%, -22%, 10%, and 7% respectively [2]. - The earnings per share (EPS) are projected to be 1.31 yuan in 2023, 1.42 yuan in 2024, 1.10 yuan in 2025, 1.22 yuan in 2026, and 1.30 yuan in 2027 [2]. - The price-to-earnings (P/E) ratio is expected to be 10.7 in 2023, 9.8 in 2024, 12.6 in 2025, 11.5 in 2026, and 10.7 in 2027 [2]. Shareholder Dynamics - The report highlights a significant equity transfer involving the company's controlling shareholders, with a total of 103,711,180 shares being transferred at a price of 18.00 yuan per share, totaling approximately 1.87 billion yuan [5]. - Following this transfer, the new shareholder, Ningbo Yingfeng Ruihe Investment Management Co., Ltd., will hold 12.7% of the company's total shares, indicating confidence in the company's long-term investment value [5].

公司研究 证券研究报告 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 索菲亚(002572) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 盈峰溢价收购股权，产业整合加速 [Table_ReportDate] 2025 年 12 月 1 日 相关研究 [Table_OtherReport] 索菲亚：坚持多品牌发展，发力整装探索 存量市场 索菲亚：巩固大家居龙头优势，发力整装 渠道 索菲亚：业绩符合预期，25 年改善可期 资料来源： Table_Rwind eport ，信达证券研发中心预测 Closing] ; 股价为 2025 年 11 月 28 日收盘价 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_S 事件：公 ...

Core Viewpoint - The transfer of shares from major shareholders to Ningbo Yingfeng Ruihe Investment Management Co., Ltd. signifies a strategic investment in Sophia, reflecting confidence in the company's long-term growth potential and market position [2][4]. Group 1: Share Transfer Details - Major shareholders Jiang Gan Jun and Ke Jian Sheng transferred 103,711,180 unrestricted circulating shares at a price of 18.00 CNY per share, totaling approximately 1.867 billion CNY [2]. - Following the transfer, Yingfeng Group's stake in Sophia will increase from 1.95% to 12.72%, positioning it as a significant shareholder [2]. - The transaction does not trigger a mandatory tender offer or involve a change in control, with a commitment from the buyer to not reduce their stake for 18 months post-transfer [2][3]. Group 2: Governance and Management Stability - The share transfer will be executed after compliance review by the Shenzhen Stock Exchange, with payment structured in multiple stages linked to the appointment of directors nominated by the buyer [3]. - This arrangement indicates a commitment to long-term governance participation and aims to maintain management stability without impacting the company's operational independence [3][6]. Group 3: Industry Context and Company Performance - The custom home furnishing industry has faced challenges due to a weak real estate cycle, yet demand for quality and personalized products remains strong, with furniture retail sales expected to grow by 19.9% year-on-year in the first ten months of 2025 [4][5]. - Sophia, as an industry leader, shows signs of operational recovery with a Q3 2025 net profit of 362 million CNY, a 1.44% increase year-on-year, and a gross margin of 36.83% [4]. - The company's market capitalization is approximately 13.5 billion CNY, with a low price-to-earnings ratio and a dividend yield exceeding 7% for two consecutive years, indicating a competitive advantage [4]. Group 4: Capital Market Dynamics - The entry of capital is seen as a potential catalyst for value recovery in the industry, supported by government policies aimed at stabilizing the real estate market and enhancing demand for home furnishings [5]. - The increase in industry concentration and improved organizational efficiency may benefit leading companies during the recovery phase, as capital markets shift focus from short-term fluctuations to long-term structural trends [6].