欧派家居总部基地展厅 ◎记者 周亮 "欧派想做百年企业，就必须经得起周期的考验，不光是存活下来，更要成为优秀企业。"日前，欧派家 居监事会主席、制造系统负责人朱耀军在接受上海证券报记者专访时坦言，房地产行业及家居行业的深 度调整与转型挑战依然会持续，欧派家居要做的：快速抓住行业生态转型的市场机遇；同时，坚守"大 家居+信息化"战略以穿越周期。 主动转型 从1994年做橱柜单品起家，欧派家居经过31年的发展，产品向全屋产品延伸，覆盖整体厨房、整体衣 柜、整体卫浴、定制木门系统、金属门窗、软装、家具配套等整体家居体系。 作为行业头部企业，欧派家居也迎来了挑战。2024年，公司业绩首次出现负增长，营收和净利润均出现 一定程度的下滑。 朱耀军表示，面对房地产行业调整、消费者信心不足等挑战，欧派的应对之道是主动求变。 欧派家居迅速推出了三大转型举措：一是布局电商渠道，加大投流力度，将线上流量引流至线下门店； 二是开展直播业务，培训经销商做主播，触达消费者；三是与整装公司合作，明确零售与整装的产品区 隔，避免内部竞争，兼顾各方利益。 "到了8月，我再去上海调研时，就觉得信心回来了。我看到经销商们找到了方向，很多经销商不仅 ...

Core Viewpoint - The stock price of Oppein Home has experienced fluctuations, with a year-to-date decline of 15.75% and a recent increase over the past 20 days, indicating mixed market sentiment towards the company [1][2]. Company Overview - Oppein Home, established on July 1, 1994, and listed on March 28, 2017, is based in Guangzhou, Guangdong Province. The company specializes in personalized design, research and development, production, sales, installation, and interior decoration services for whole-home furniture products [1]. - The main business revenue composition includes: wardrobes and matching furniture products (51.74%), cabinets (28.80%), wooden doors (6.00%), bathrooms (5.74%), and others (4.69%) [1]. Financial Performance - For the first half of 2025, Oppein Home reported operating revenue of 8.241 billion yuan, a year-on-year decrease of 3.98%, while net profit attributable to shareholders was 1.018 billion yuan, reflecting a year-on-year increase of 2.88% [2]. - Since its A-share listing, the company has distributed a total of 7.234 billion yuan in dividends, with 4.249 billion yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Oppein Home reached 21,100, an increase of 36.01% from the previous period, while the average circulating shares per person decreased by 26.47% to 28,860 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 11.6794 million shares, an increase of 2.1962 million shares from the previous period, and Huatai-PB CSI 300 ETF, which is a new entrant holding 3.3297 million shares [3].

Company Overview - Oppein Home Group Co., Ltd. is located in Baiyun District, Guangzhou, Guangdong Province, and was established on July 1, 1994. The company went public on March 28, 2017. Its main business involves personalized design, research and development, production, sales, installation, and interior decoration services for whole-home furniture products [2]. Business Segmentation - The revenue composition of Oppein Home includes: wardrobes and supporting furniture products 51.74%, cabinets 28.80%, wooden doors 6.00%, bathrooms 5.74%, and others 4.69% [2]. Stock Performance - As of September 10, Oppein's stock price decreased by 2.02% to 58.32 CNY per share, with a total market capitalization of 35.526 billion CNY. The stock has dropped 12.26% year-to-date but has seen a recent increase of 6.81% over the last five trading days [1][2]. Financial Performance - For the first half of 2025, Oppein Home reported operating revenue of 8.241 billion CNY, a year-on-year decrease of 3.98%. The net profit attributable to shareholders was 1.018 billion CNY, reflecting a year-on-year increase of 2.88% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 36.01% to 21,100, with an average of 28,860 circulating shares per person, a decrease of 26.47% [2]. The total cash dividends distributed by Oppein since its A-share listing amount to 7.234 billion CNY, with 4.249 billion CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the third-largest circulating shareholder, holding 11.6794 million shares, an increase of 2.1962 million shares from the previous period. Huatai-PB CSI 300 ETF is the eighth-largest circulating shareholder, with 3.3297 million shares, marking a new entry [3].

Core Viewpoint - The stock price of Oppein Home has experienced fluctuations, with a year-to-date decline of 11.99% but a recent recovery of 6.32% over the last five trading days, indicating potential market interest and volatility [2]. Company Overview - Oppein Home Group Co., Ltd. was established on July 1, 1994, and went public on March 28, 2017. The company specializes in personalized design, research and development, production, sales, installation, and interior decoration services for whole-home furniture products [2]. - The company's main revenue sources include wardrobe and supporting furniture products (51.74%), cabinets (28.80%), wooden doors (6.00%), bathrooms (5.74%), and others (4.69%) [2]. Financial Performance - For the first half of 2025, Oppein Home reported operating revenue of 8.241 billion yuan, a year-on-year decrease of 3.98%, while net profit attributable to shareholders was 1.018 billion yuan, reflecting a year-on-year increase of 2.88% [2]. - Since its A-share listing, Oppein Home has distributed a total of 7.234 billion yuan in dividends, with 4.249 billion yuan distributed in the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders of Oppein Home increased by 36.01% to 21,100, with an average of 28,860 circulating shares per person, a decrease of 26.47% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 11.6794 million shares, an increase of 2.1962 million shares from the previous period [3].

Core Viewpoint - Filinger's stock has experienced significant fluctuations, leading to a temporary suspension for investigation, with a notable decline of 8.15% upon resumption of trading, reflecting concerns over its financial performance and internal governance issues [1][3]. Group 1: Stock Performance and Trading Suspension - Filinger's stock was suspended from trading on June 10 due to abnormal fluctuations since May 30, with the company stating that its stock price had deviated significantly from its fundamentals [1][3]. - Upon resuming trading on June 13, Filinger's stock fell by 8.15%, closing at 11.04 yuan, with a total market capitalization of 39.25 billion yuan [1]. Group 2: Financial Performance - Filinger reported a revenue of 336 million yuan for 2024, a year-on-year decline of 14.86%, and a net loss of 37.31 million yuan, representing a 54% drop compared to the previous year, marking two consecutive years of losses [4]. - In the first quarter of this year, the company recorded a revenue of 33.89 million yuan, down 33.94% year-on-year, with a net loss of 13.67 million yuan, compared to a loss of 11.99 million yuan in the same period last year [5]. Group 3: Internal Governance Issues - Filinger's board has faced internal conflicts, with Chairman Jürgen Vhringer expressing concerns over the accuracy and completeness of annual report contents, leading to disputes over personnel changes [6][8]. - The company announced a significant change in control, with the actual controller planning to transfer 25% of shares to a new entity, signaling a shift in governance and potential resolution of internal conflicts [8].

Core Viewpoint - Filinger's control change is expected to resolve long-standing internal conflicts and improve performance, following the announcement of a share transfer agreement that will change the actual controller from Ding Furu to Jin Yawei, with the German shareholders exiting [2][4][9] Group 1: Control Change Announcement - Filinger announced a control change after a one-day suspension, with Ding Furu and his associates transferring 88,872,943 shares at a price of 7.88 yuan per share, representing 25% of the total share capital [3] - The German shareholder, Filinger Holdings, transferred 96,764,554 shares at a price of 6.73 yuan per share, accounting for 27.22% of the total share capital [4] - Following the transfer, Ding Furu and his associates will retain 19.56% of the voting rights [4] Group 2: Internal Conflicts - The conflict between Chairman Jürgen Vöhringer and Vice Chairman Ding Furu has escalated, with Vöhringer unable to guarantee the authenticity of the annual report for two consecutive years due to issues with related party transactions [5][6] - Filinger has faced scrutiny from the China Securities Regulatory Commission for failing to disclose related party transactions properly, leading to criticism of Ding Furu [6][8] Group 3: Financial Performance - Filinger's revenue for 2024 is reported at 336 million yuan, a year-on-year decline of 14.86%, with a net loss of 37.31 million yuan compared to a loss of 24.18 million yuan in 2023 [8] - In the first quarter of 2024, the company reported revenue of 33.89 million yuan, down 33.94% year-on-year, with a net loss of 13.67 million yuan [8] Group 4: Market Reaction - Filinger's stock price hit the daily limit on May 30, closing at 8.22 yuan per share, prior to the announcement of the control change [4][9] - Following the announcement on June 4, the stock price again reached the daily limit, closing at 9.04 yuan per share [2]

Core Viewpoint - Filinger's actual controller is planning a share transfer that may lead to a change in control of the company, prompting a temporary suspension of its stock trading to ensure fair information disclosure and protect investor interests [1] Group 1: Company Overview - Filinger primarily engages in the research, design, production, and sales of wooden flooring and customized home furnishings, with key products including laminate flooring, multilayer solid composite flooring, three-layer solid flooring, solid wood flooring, and customized furniture [1] - In 2024, Filinger faced significant external pressures and internal challenges, resulting in a decline in all major business indicators, with operating revenue of 336 million yuan, a year-on-year decrease of 14.86%, and a net profit of -37.31 million yuan [1] Group 2: Business Challenges and Strategies - In the flooring business, Filinger is experiencing increased operational pressure due to insufficient market demand and intensified product price competition, prompting the company to reflect on strategies for short-term profitability and long-term stable growth [2] - The company is actively improving internal controls and self-innovation, focusing on budget control, reducing unnecessary costs, and enhancing efficiency across various business and management aspects [2] - In the home furnishing sector, Filinger is working to expand its partnerships and improve sales channels, with a focus on establishing a high-end brand image and enhancing the professional capabilities of its team [2]

Group 1 - The company plans to repurchase and cancel 2,155,871 restricted stocks at a price of 9.29 yuan per share, which will reduce the total share capital from 436,505,713 shares to 434,349,842 shares [2][3] - Creditors have 45 days from the announcement date to claim debts or request guarantees due to the reduction in registered capital [3][4] - The company will apply for the cancellation of the repurchased stocks after the buyback is completed [2] Group 2 - The company reported its main operating conditions for 2024, including business performance by product and channel, as well as store changes during the reporting period [6] - The company is involved in daily related transactions, which are necessary for its operations and are priced based on market rates [8][9] - The independent directors confirmed that the related transactions do not harm the interests of the company or its shareholders [11][18] Group 3 - The company plans to conduct foreign exchange derivative transactions to mitigate exchange rate risks, with a total amount not exceeding 2 billion yuan [21][25] - The purpose of these transactions is to lower financial risks and enhance financial stability [22][35] - The company will only engage with qualified financial institutions for these transactions [27] Group 4 - The company intends to apply for a comprehensive credit limit of up to 4 billion yuan from financial institutions to support its operational needs [37][38] - This credit limit will include various financing activities such as bank loans and letters of credit [37] - The authorization for this credit limit will be valid until the next annual shareholders' meeting [38] Group 5 - The company has evolved from a custom cabinet manufacturer to a comprehensive custom home solutions provider, offering a wide range of products across nine categories [58][59] - The company emphasizes a customer-centric approach, providing personalized design and installation services [60] - The company aims to enhance brand recognition and market presence through strategic marketing and partnerships [62] Group 6 - The custom home industry is experiencing a shift towards personalized and integrated services, driven by changing consumer preferences [51][52] - The industry is expected to consolidate, with leading companies gaining market share due to their competitive advantages [52] - Digital technology is playing a crucial role in transforming the custom home industry, enhancing production efficiency and customer engagement [53][54]