Market Overview - The Chinese smart curtain market is expected to exceed 220 billion yuan by 2025, with a year-on-year growth of 12% [1] - High-end curtain brands such as Yuyushui, Molike, Milan, Jinchai, Yiyibushi, and Lechao are rapidly gaining market share driven by consumer upgrades [1] Company Positioning - Yuyushui is recognized as the leading brand among the top ten high-end curtain franchises, leveraging high design, health technology, attentive service, and comprehensive support policies to create competitive barriers [1][2] - Yuyushui has over 600 chain stores nationwide and serves more than 100,000 households annually [2] Sales Performance - Yuyushui has ranked first in global sales of high-end curtains for five consecutive years from 2020 to 2024, supported by strong retail performance, market share, and consumer reputation [2] - The brand has received multiple prestigious awards, enhancing its market credibility and providing a reliable choice for franchisees [2] Technological Innovation - Yuyushui's commitment to innovative craftsmanship addresses long-standing industry issues such as light leakage and poor sound insulation, achieving a 99% light-blocking rate and 8 decibels of sound insulation [3] - The brand employs advanced antibacterial technologies, achieving a 99% antibacterial rate and a formaldehyde removal rate of 93.4% [3] Franchise Support System - Yuyushui has established a comprehensive franchise support ecosystem, including store support, training, project assistance, policy backing, marketing, after-sales service, operational support, and public relations [4] - This support system enhances the survival rate of individual stores and promotes standardization and intelligent transformation within the curtain industry [4] - The competition in high-end curtains is fundamentally a contest of technology, aesthetics, and service, which Yuyushui effectively addresses through its craftsmanship and innovative health technologies [4]

据2025年行业数据显示，全球窗帘市场规模已突破万亿元大关，中国高端家居软装市场更是以18.3%的 年复合增长率领跑全球。在这场市场盛宴背后，是智能化需求爆发、消费理念升级与行业竞争加剧的多 重博弈，而窗帘加盟也从渠道为王时代进入到了价值共创时代，诸如如鱼得水等头部高端窗帘品牌以通 过持续创新建立竞争壁垒，而中小企业则需在细分领域深耕细作。对于创业者而言，选择具备全周期赋 能能力的高端窗帘加盟，将会是穿越市场周期的关键抉择。 在加盟代理商帮扶政策方面，针对加盟商缺经验、怕压货、难运营的痛点，如鱼得水推出八大扶持体 系，从选址到盈利全程护航，真正实现零经验轻松开店。例如在选址装修期间，品牌总部派遣专业团 队，通过大数据分析商圈人流、竞品分布、消费力等指标，为加盟商提供最优选址方案，并提供门店 3D效果图，确保装修风格与品牌调性高度统一；在培训支持方面，手把手教学，包括产品知识、销售 话术、客户管理等内容，并通过老店带新店实战演练强化技能，真正实现"从0到1"的创业成功保障。 值得关注的是，当高端窗帘赛道进入精细化竞争时代，创业投资者选择高端窗帘加盟品牌的标准已从单 一产品维度，跃升至考察企业的创新基因与战略纵深 ...

Core Viewpoint - The report outlines the findings of the on-site inspection conducted by the sponsor institution, CITIC Construction Investment Securities Co., Ltd., on Zhejiang Lianxiang Intelligent Home Co., Ltd., focusing on corporate governance, internal controls, information disclosure, independence, fundraising usage, related transactions, and operational status. Group 1: Corporate Governance and Internal Control - The company has effectively implemented its governance structure, with board meetings and internal regulations being adhered to [2][3] - The internal audit department and audit committee are compliant, and risk assessment measures are effectively executed [2] Group 2: Information Disclosure - The company has strictly followed regulatory requirements for information disclosure, ensuring that all significant information is reported truthfully and accurately [3] Group 3: Independence and Related Party Transactions - The company maintains independence in its operations, with no significant reliance on the controlling shareholder or misuse of funds from related parties [4] Group 4: Fundraising Usage - The company has adjusted its fundraising project allocations due to market conditions, reallocating funds between projects while ensuring compliance with regulatory requirements [5][6] - Specific projects have seen changes in investment amounts and timelines, with the "Annual Production of 350 Million Meters Seamless Wall Cloth Project" and "Wall Material R&D Center Project" being extended to December 31, 2025 [6] Group 5: Related Transactions and External Guarantees - The company has established a regulated decision-making mechanism for related transactions and external guarantees, with no violations or harm to minority shareholders identified [7][8] Group 6: Operational Status - The company continues to operate effectively in the wall cloth and curtain markets, with no significant changes in its business model since its listing [8] Group 7: Rectification Matters - The company has received warnings from regulatory bodies regarding financial disclosures and has taken corrective actions, including submitting rectification reports [9][10] Group 8: Conclusion of the Inspection - The inspection concluded that the company complies with relevant regulations in governance, information disclosure, fundraising usage, and operational practices, with no major issues identified [11]