Core Insights - The event highlighted the launch of the "China Nankang Green Home Industry Economic Research Report" and the promotion of green furniture through Q-POSS coating technology, aiming for "0" benzene and "0" formaldehyde standards [1][3] - The furniture industry is closely linked to the real estate sector, with a growing demand for green furniture as part of the initiative to build safe, comfortable, and intelligent homes [2] Group 1 - The event was organized by the China Real Estate Association and supported by local government and media, emphasizing the integration of quality housing and furniture [1] - Key figures, including Zhang Qiguang and Li Ganxing, discussed the importance of enhancing product quality and cross-industry collaboration for the development of "good houses" and "good furniture" [1] - The Nankang furniture industry has made significant strides towards environmental sustainability, promoting water-based paint and achieving market acceptance [1][2] Group 2 - The establishment of the Nankang Green Furniture Brand Alliance aims to set new standards for green furniture, specifically targeting "0" benzene and "0" formaldehyde [3] - The report suggests that Nankang's model of government guidance, technological support, leading demonstrations, and market-driven approaches can serve as a reference for other regions [3]

Group 1 - Sporty & Rich launched its "Wellness Club" lifestyle space in Shanghai, marking its debut in China, featuring a vintage-inspired design and the latest SS25 collections [3] - Meridiani showcased its "my home is ME" theme at the 2025 Milan International Furniture Fair, emphasizing personalized living spaces and introducing new products like the Roger sofa and Frank table series [5] - CASETiFY held a pop-up event in Shanghai to launch its new CASETiFY TRAVEL series, featuring immersive travel experiences and showcasing the durability of its travel products [7][12] - CASETiFY collaborated with Korean illustrator moonlab_studio to release the Maltese line dog artist series, inspired by summer themes, with exclusive products available at a pop-up event [9] - Xiaoxian Dun launched a Mother's Day limited "Daylily" gift box, combining traditional craftsmanship with modern design to honor mothers [16] - Bang & Olufsen released the limited edition Beoplay H100 headphones in collaboration with Charles Leclerc, featuring a design inspired by the tranquility of the Monaco coast [18][19] - Liebherr upgraded its Monolith collection, integrating advanced preservation technology and elegant design for high-end kitchen appliances [21] - Saint-Louis introduced new whiskey glasses in its Twist 1586 series, enhancing the tasting experience with specially designed glassware [23] Group 2 - Ron Rocco's solo exhibition "The Elegant Universe" opened in Shanghai, blending art and science through various media, inspired by physicist Brian Greene's work [26] - The "Echo: Baolong Museum Aesthetic Education Series Exhibition" was launched, showcasing classic stories from "Journey to the West" through the works of renowned Chinese painter Dai Dunbang [29]

Core Viewpoint - The discussion highlights the emotional struggles and fatigue experienced by contemporary youth, emphasizing the need for effective efforts rather than "ineffective involution" in their lives [2][5][18] Group 1: Youth Fatigue and Pressure - Young people face multiple sources of pressure, including intense job competition, high living costs, and societal expectations, leading to feelings of fatigue and anxiety [2][4] - Over 60% of young individuals experience various sleep disorders, with fragmented and shallow sleep becoming the norm [4] Group 2: Solutions for Sleep Improvement - The company has launched the "Zero Pressure Plan" in collaboration with Xiaohongshu to address young people's flexible living needs by offering portable and cost-effective thin mattress products [1][12] - The new "Quick Charge Thin Mattress Air" is designed to enhance sleep quality by reducing pressure on the spine and promoting deep sleep, making it a practical solution for young consumers [9][10] Group 3: Product Features and Benefits - The "Quick Charge Thin Mattress Air" is only 5 cm thick, easily compressible for storage, and suitable for various living situations, catering to the needs of young renters [12][14] - The company aims to lower the barriers for improving sleep quality among young people, emphasizing the importance of comfortable sleep environments [14][16] Group 4: Educational Initiatives - The company is actively promoting scientific sleep concepts and stress reduction lifestyles through immersive experiences and public awareness campaigns [16][18] - The goal is to change the traditional belief in hard mattresses among the Chinese population, thereby improving overall sleep comfort [18]

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： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年5月19日 (二)股东大会召开的地点：浙江省杭州市上城区东宁路599号顾家大厦一楼会议中心 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采取现场记名投票表决与网络投票表决相结合的方式召开。会议由公司董事会提议召开， 并由公司董事长邝广雄先生主持。 本次股东大会的召集、召开和表决方式符合《公司法》《公司章程》等法律、行政法规及规范性文件的 规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席3人，其中董事顾江生先生、杨榕桦先生、吴芳女士、独立董事谢诗蕾女 士、郭鹏先生、徐起平先生因公出差未能出席会议； 2、公司在任监事3人，出席1人，其中任扩延先生、葛玉者女士因公出差未能出席会议； 3、公司董事会秘书陈邦灯先生出席了本次股东大会的出席情况 ...

Market Overview - The Shanghai Composite Index experienced narrow fluctuations, closing at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points, and the ChiNext Index decreased by 0.33% to 2032.76 points [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 111.91 billion yuan, roughly the same as the previous day [1] Stock Performance - Over 3500 stocks rose, with notable surges in merger and acquisition concepts, including Jinlihua Electric, Tianyuan Pet, and Guangzhi Technology, all hitting the daily limit of 20% [1][3] - The ST sector also showed strength, with *ST Tianyu rising over 11% and ST Xiangxue nearly 10% [1][5] - Shipping stocks continued to perform well, with Lianyungang, Ningbo Shipping, and Nanjing Port achieving five consecutive limit-ups [1][6] Merger and Acquisition Concepts - The recent surge in merger and acquisition concepts is attributed to the revised regulations by the China Securities Regulatory Commission, which introduced a simplified review process for certain mergers [5] - This regulatory change is expected to enhance market vitality and create investment opportunities in innovative asset integration and large enterprises undergoing transformation [5] Shipping Sector - The shipping sector remains active, with several stocks, including Lianyungang and Ningbo Shipping, achieving five consecutive limit-ups [6] - A significant increase in shipping demand was noted following the reduction of tariffs between China and the U.S., with a 277% rise in average booking volume [8] Notable Stocks - *ST Yazhen achieved a 10-day limit-up streak, with a cumulative increase of 62.75% [9] - Chengfei Integration also hit the limit-up mark, marking its ninth consecutive increase [12]

Market Overview - The Shanghai Composite Index closed at 3367.58 points, while the Shenzhen Component Index fell by 0.08% to 10171.09 points, and the ChiNext Index decreased by 0.33% to 2032.76 points. The total trading volume across the Shanghai, Shenzhen, and Beijing markets was approximately 111.91 billion yuan, similar to the previous day [1]. M&A and Restructuring Concepts - The M&A and restructuring concept saw a significant surge, with stocks like Jinlihua Electric, Tianyuan Pet, and Guangzhi Technology hitting the 20% daily limit up. Other stocks such as Zongyi Co., Tianqi Mould, and Bengang Steel Plate also reached their daily limit [2][3]. - The China Securities Regulatory Commission (CSRC) has revised the major asset restructuring management measures, introducing a simplified review process for eligible companies. This is expected to enhance market vitality and promote the development of new productive forces [5]. Shipping Sector - The shipping sector remained active, with stocks like Lianyungang, Ningbo Shipping, and Nanjing Port achieving five consecutive limit-ups. Other ports such as Yantian Port and Ningbo Port also saw significant gains [6][7]. - Following the announcement of mutual tariff reductions between China and the U.S., the average booking volume surged by 277% as of May 13, indicating a rapid recovery in demand for shipping services [9][10]. Strong Performing Stocks - Several stocks have shown remarkable performance, with *ST Yazhen achieving a 10-day limit-up streak, accumulating a total increase of 62.75% over this period. Other stocks like Chengfei Integration and Lijun Co. also recorded multiple consecutive limit-ups [11][15][18]. - The market is witnessing a trend of speculative trading, particularly in stocks related to military and aerospace sectors, driven by heightened investor interest due to geopolitical factors [20].

法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师 国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年五月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 顾家家居股份有限公司 2024 年年度股东大会的 法律意见书 致：顾家家居股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受顾家家居股份有限公司 （以下简称"公司"）委托，指派律师出席公司 2024 年年度股东大会（以下简 称"本次股东大会"），并依据《中华人民共和国公司法》（以下简称"《公司 法》 ...

Group 1 - The "Binhai International Trade Products Exhibition" aims to connect foreign trade enterprises with domestic supermarkets and e-commerce platforms, promoting the integration of domestic and foreign trade [1] - The event showcases over 50 foreign trade companies, highlighting the importance of utilizing both domestic and international market resources for efficient operations [1] - The Binhai New Area's business department is facilitating resource connections and encouraging foreign trade companies to diversify their market strategies, including participation in e-commerce platforms [1] Group 2 - Tianjin is implementing innovative measures to help manufacturing companies expand overseas, with a focus on AEO (Authorized Economic Operator) certification to enhance credibility and market access [2] - The AEO certification provides companies with benefits such as priority customs clearance and reduced documentation requirements, acting as a "green pass" for faster international trade [2] - In 2022, the overseas market revenue for China Railway Engineering Equipment Group (Tianjin) Co., Ltd. reached 190 million yuan, reflecting an 11.1% year-on-year growth [2] Group 3 - Tianjin Customs has established a key enterprise cultivation database for AEO certification, focusing on large equipment manufacturing and specialized enterprises, with 367 high-level certified enterprises to date [3] - The Tianjin Municipal Bureau of Commerce is combining foreign trade stability with consumer expansion, providing support for enterprises to navigate domestic market entry challenges [3] - Temporary market access measures and expedited certification channels are being introduced to assist companies transitioning from foreign to domestic markets [3]

Core Viewpoint - The company's FY25 performance fell short of expectations, primarily due to impairment provisions, with a revenue of HKD 16.903 billion and a net profit of HKD 2.063 billion, reflecting year-on-year declines of 8.2% and 10.4% respectively [1][2] Group 1: Sales Performance - Domestic sales faced significant pressure, with FY25 domestic revenue at HKD 9.927 billion, down 17.2% year-on-year, while international sales showed resilience, particularly in Europe, with a revenue increase of 22.9% to HKD 1.469 billion [1] - The company's sofa revenue was HKD 6.584 billion, down 15.4%, and mattress revenue was HKD 2.408 billion, down 19.4% [1] Group 2: Cost Management and Profitability - The company achieved a gross margin of 40.5% in FY25, an increase of 1.1 percentage points year-on-year, driven by improved operational efficiency and stable raw material costs [2] - The net profit margin was 12.20%, a slight decrease of 0.3 percentage points year-on-year, impacted by impairment provisions [2] Group 3: Store Optimization and Future Strategy - The company added 131 stores, bringing the total to 7,367, although there was a net decrease of 149 stores in the second half of the fiscal year due to optimization strategies [2] - The company plans to accelerate its online channel development following the optimization of its offline store network [2] Group 4: Profit Forecast and Valuation - Due to the pressure on domestic demand and external trade risks, the company revised its FY2026 net profit forecast down by 21% to HKD 2.128 billion and introduced a FY2027 forecast of HKD 2.255 billion [2] - The current stock price corresponds to a P/E ratio of 8/7 for FY2026/FY2027, with a target price adjustment down by 7% to HKD 6.5, indicating a potential upside of 53% from the current price [2]

新华社北京5月16日电（记者胡璐、黄垚）16日，来自北京元亨利硬木家具有限公司等9家企业、经过登记溯源的16套优质红木，作为全国首批红 木资产在北京产权交易所挂牌，迈出了红木从单纯的资源属性拓展到资产属性的重要步伐。 中国林产工业协会红木制品登记溯源工程管理办公室主任杨飞表示，此次挂牌是在登记溯源的基础上，通过公开、公平、公正的交易方式，努力 构建"红木资产数字身份认证—价格发现机制—交易流通—金融赋能"的全过程服务，从而降低交易成本、减少交易摩擦，保护交易各方的合法权 益。这将在有效规范市场秩序的基础上推动红木制品资产化交易和资产融资的步伐，让优质的红木制品成为老百姓家庭资产配置和资产传承的重 要组成，也促进红木产业的高质量发展，激发红木消费新动能。 "将红木制品通过现代科技手段实现登记溯源，有利于实现对产品质量的良性控制，恢复消费者的信心。"中国林产工业协会会长周鸿升说，期待 此次挂牌能够为红木产业和红木市场的复兴提供更多机遇。 经过多年发展，红木产业形成千亿元的年产值规模，但长期以来，由于市场秩序不规范、红木资产化交易机制滞后等因素，红木产业面临严峻挑 战。为推动行业规范发展，2023年中国林产工业协会 ...