曾几何时，家居行业伴随着中国房地产的黄金二十年高歌猛进，享受着增量市场带来的澎湃红利。而 今，当房地产进入深度调整期，作为其最紧密的"命运共同体"，家居行业正经历一场前所未有的压力测 试。全国规模以上家居建材卖场销售额的波动曲线，如同行业的心电图，记录着这场转型的阵痛与悸 动。但这并非一片黯淡，在传统路径受阻之下，一股强大的内生动力正在催生裂变，家居企业以惊人的 韧性上演着一场"冰与火"的变奏曲。 令人雀跃的是，智能AI的浪潮正以颠覆之势席卷家居行业，为其注入了最富想象力的变革因子。AI的 参与，已渗透从"最初一公里"的设计到"最后一公里"的用户体验全流程。在设计端，AI可根据户型、用 户喜好、预算等因素，快速生成多种风格的设计方案，大幅提升效率，降低个性化门槛。在生产端，工 业AI助力柔性制造，使"千房千面"的定制化生产成为可能，同时优化排产、降低能耗。在营销与服务 端，AI智能客服、VR全景展示、在线设计沟通工具，正重构着品牌与消费者的互动方式，体验感、参 与感成为决策的重要砝码。 这场技术革命的意义在于，它不仅是工具的升级，更是商业模式的重构。它推动家居企业从传统的产品 供应商，向一站式美好生活解决方案 ...

2025 年 09 月 25 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 林昕宇 S0350522110005 | | | | linxy01@ghzq.com.cn | | 证券分析师： | | 赵兰亭 S0350524080004 | | | | zhaolt@ghzq.com.cn | | 联系人 | ： | 孙馨竹 S0350124060027 | | | | sunxz@ghzq.com.cn | [Table_Title] 外贸业务稳步增长，一体两翼持续推进 9 月 2 日，顾家家居发布公告，公司拟使用人民币 11.24 亿元投资建 设顾家家居印尼自建基地项目，项目计划于 2025 年三季度启动，总 体建设周期计划为 4 年，建设期内部分产线陆续投产，预计在全部 建成后的 3 年内达纲，达纲时预计实现年营业收入约 25.20 亿元。 中报业绩亮眼，2025H1 收入利润双位数增长。2025H1，公司实现 营业收入 98.01 亿元/同比增长 10.02%；实现归母净利润 10.21 亿元 /同比增长 13.89% ...

Core Viewpoint - Anji, known as the "Chair Capital of China," is a major hub for chair manufacturing, producing one-third of China's chairs and over 50% of its exports, with a complete industrial chain established over 30 years [2][4]. Industry Overview - Anji's chair industry began in 1982 with the production of the first five-wheel chair, and now has over 1,200 companies, with 52.08% being large-scale enterprises. The total industrial output value reached 26.17 billion yuan last year, with 46 companies generating over 100 million yuan [4][5]. - The industry is currently focusing on serving the consumer market (C-end) and building brands, with many companies undergoing transformation to adapt to new market demands [4][5]. Company Transformations - Companies like Ling Sheng Home, founded by a young entrepreneur, have shifted focus to e-commerce, particularly cross-border sales, to find growth opportunities [5][7]. - Traditional manufacturers are also transitioning to "integrated trade" models, expanding from B-end to C-end markets to seek long-term value [10][12]. - Wanbao Technology, established in 2013, has evolved from B-end exports to developing its own brands on platforms like Amazon, achieving overseas sales of 1.5 billion yuan last year [12][22]. Market Strategies - Companies are employing various strategies to penetrate different markets, such as focusing on product differentiation and understanding local consumer preferences [24][25]. - For example, Jie Anxin has tailored its products for the Japanese market, emphasizing detailed packaging and design to meet local consumer expectations [24][25]. Challenges and Adaptations - The transition from B-end to C-end is complex, requiring new skills in design, consumer insights, and supply chain management [15][21]. - Companies like Wanbao Technology faced significant challenges during the pandemic, leading to strategic shifts and a focus on popular product lines to recover from losses [22][36]. Future Outlook - The global furniture market is projected to exceed $925.4 billion by 2029, with an annual growth rate of over 12%, indicating significant potential for companies that can adapt and innovate [37]. - Companies are aiming to establish themselves as long-term brands rather than just channel brands, focusing on unique product offerings that are difficult to replicate [37].

Core Points - The article revolves around the experience of purchasing a foreclosed property in Hangzhou, highlighting the emotional and financial stakes involved in the bidding process and the subsequent discovery of hidden secrets within the property. Group 1: Property Purchase - The protagonist successfully bids for a foreclosed 125 square meter apartment at a starting price of 850,000 yuan, significantly lower than the market price of 1,300,000 yuan [2][3][4] - The apartment is located in a desirable area with a high green coverage rate and well-developed amenities, making it an attractive investment opportunity [6][7] - The original owner lost the property due to high-interest loans, which raises questions about the circumstances surrounding the foreclosure [7][8] Group 2: Family Support - The protagonist's parents travel from their hometown to support him in the purchase decision, expressing concerns about the risks associated with buying a foreclosed property [10] - The family contributes their savings of 200,000 yuan to help with the down payment, showcasing the financial and emotional support from the family [10][11] Group 3: Property Condition and Inspection - After winning the bid, the protagonist learns that the property is sold "as is," meaning any issues discovered later are the buyer's responsibility [12] - During the inspection, the protagonist finds valuable furniture and appliances left behind by the previous owner, indicating a sudden departure [16][17] - The protagonist's curiosity about the previous owner's life leads to reflections on the circumstances that forced them to leave everything behind [18] Group 4: Electrical Issues - After moving in, the protagonist encounters a persistent issue with the living room light not functioning, despite other lights working properly [26][27] - Attempts to troubleshoot the problem lead to the decision to inspect the ceiling's internal wiring, which is suspected to be the source of the issue [36][40] Group 5: Discovery of the Box - During the inspection of the ceiling, a hidden metal box is discovered, raising questions about its contents and the previous owner's intentions [51][58] - The box's concealed location suggests it may contain significant or sensitive items, adding an element of mystery to the property [60][61]

Core Viewpoint - The stock price of Dream Lily has experienced fluctuations, with a recent decline despite an overall increase this year, indicating potential volatility in the market [1][2]. Group 1: Stock Performance - As of September 23, Dream Lily's stock price was 8.14 yuan per share, down 2.05% during the trading session, with a total market capitalization of 4.645 billion yuan [1]. - Year-to-date, Dream Lily's stock has increased by 21.49%, but it has seen a decline of 5.57% over the last five trading days, 10.65% over the last 20 days, and 6.44% over the last 60 days [2]. Group 2: Company Overview - Dream Lily Home Technology Co., Ltd. was established on May 30, 2003, and went public on October 13, 2016. The company focuses on developing, producing, and selling home products aimed at enhancing deep sleep, including memory foam mattresses, pillows, sofas, electric beds, and other home goods [3]. - The revenue composition of Dream Lily includes memory foam mattresses (52.06%), sofas (13.12%), other products (10.07%), electric beds (7.48%), bedding (6.99%), memory foam pillows (6.95%), and other supplementary items (3.34%) [3]. Group 3: Financial Performance - For the first half of 2025, Dream Lily reported a revenue of 4.316 billion yuan, representing a year-on-year growth of 9.35%, and a net profit attributable to shareholders of 115 million yuan, which is a significant increase of 117.82% [3]. - Since its A-share listing, Dream Lily has distributed a total of 546 million yuan in dividends, with 28.5293 million yuan distributed over the past three years [4]. Group 4: Shareholder Information - As of June 30, 2025, Dream Lily had 24,200 shareholders, a decrease of 1.33% from the previous period, with an average of 23,611 circulating shares per shareholder, an increase of 1.34% [3]. - Notable new institutional shareholders include Hua'an Ankang Flexible Allocation Mixed A, which holds 9.8278 million shares, and other funds that have recently entered the top ten circulating shareholders [4].

Company Overview - Yongyi Furniture Co., Ltd. is located in Anji County, Zhejiang Province, and was established on April 27, 2001. The company was listed on January 23, 2015. Its main business involves the research, design, production, and sales of office chairs and massage chair bodies, as well as some functional seat accessories and sofa business [1]. Stock Performance - As of September 23, Yongyi's stock price decreased by 2.07%, trading at 10.86 CNY per share, with a total market capitalization of 3.589 billion CNY. The stock has declined by 4.99% year-to-date, 9.35% over the last five trading days, and 3.38% over the last 20 days, while it has increased by 3.04% over the last 60 days [1]. - The company has seen a net outflow of 1.1764 million CNY in principal funds, with large orders accounting for 13.19% of purchases and 20.58% of sales [1]. Financial Performance - For the period from January to June 2025, Yongyi achieved a revenue of 2.189 billion CNY, representing a year-on-year growth of 6.66%. The net profit attributable to shareholders was 133 million CNY, reflecting a year-on-year increase of 4.92% [2]. - Since its A-share listing, Yongyi has distributed a total of 1.035 billion CNY in dividends, with 443 million CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Yongyi had 17,300 shareholders, an increase of 5.15% from the previous period. The average number of circulating shares per person was 17,384, a decrease of 4.90% [2]. - Among the top ten circulating shareholders, Dazhong Competitive Advantage Mixed A (090013) ranked as the tenth largest, holding 2.5224 million shares, an increase of 7.51 million shares from the previous period [3].

Core Viewpoint - Mousse Health Sleep Co., Ltd. is facing allegations from several distributors regarding profit manipulation and management practices, which the company denies, asserting compliance with accounting standards and audit approvals [1][2]. Financial Performance - In the first half of 2025, Mousse reported revenue of 2.478 billion yuan, a decrease of 5.76% year-on-year, and a net profit of 358 million yuan, down 4.14% year-on-year [2][3]. - The mattress segment saw a slight revenue increase of 1.25% to 1.256 billion yuan, while revenues from bed frames, sofas, bedding, and other products declined [2][3]. Business Operations - The company has approximately 5,300 offline specialty stores through distribution channels, indicating a reduction of about 300 stores over the past year [4]. - Mousse's distribution model is crucial for expanding its marketing and service networks, but it also presents management challenges due to the dispersed nature of its distributors [4]. Investment Projects - The "East China Health Bedding Production Line Construction Project" has not yet achieved the expected benefits, with production capacity gradually being released [4][5]. Market Performance - As of the afternoon of the 19th, Mousse's stock price was 27.89 yuan per share, with a total market capitalization of 12.134 billion yuan, reflecting a decline of 16.78% since the beginning of 2025 [5].

Core Viewpoint - The article highlights the growing issue of discarded large items, such as water tanks and furniture, in urban villages due to improved urban water supply conditions, necessitating a comprehensive management system for recycling and resource utilization [1] Group 1: Current Situation - Many urban villages are facing environmental challenges due to abandoned water tanks filled with rainwater, leaves, and garbage, leading to unpleasant odors and mosquito breeding [1] - Other large discarded items, like wardrobes and sofas, are also commonly found in vacant lots, contributing to environmental degradation and highlighting the difficulty of disposal [1] Group 2: Proposed Solutions - Local governments are urged to establish regulations tailored to local conditions, defining responsible units, related enterprises, recycling processes, and treatment standards [1] - The creation of a management information platform for large discarded items is recommended to enhance disposal efficiency [1] - Support for enterprises focused on the reuse of old items is essential to improve resource utilization levels [1] Group 3: Regulatory and Community Engagement - Regulatory bodies should collaborate with local officials to conduct inspections, ensuring timely removal of accumulated waste to mitigate environmental and safety risks [1] - Public awareness campaigns are necessary to increase community participation in the proper disposal of large discarded items [1] - Encouraging businesses to offer quality, convenient, and affordable recycling services, along with recognizing outstanding performers, can foster a collaborative environment between enterprises and society [1]

Group 1 - The meeting highlighted the challenges faced by the Chinese furniture industry due to global political and economic uncertainties, resulting in a complex situation of "recovering domestic demand, pressured external demand, and reduced profitability" [2] - The China Furniture Association is promoting policies to stimulate furniture consumption and encouraging innovation and adaptation among industry players to meet new trends and demands [2][7] - The association has initiated the "Top Ten Chinese Furniture Brands" evaluation to recommend outstanding companies for national honors and to support the "Chinese Furniture Brand Going Global" initiative [2] Group 2 - The China International Furniture Expo is expanding its exhibition area and aims to enhance both domestic and international sales, focusing on design as a key driver for industry advancement [3] - Various regional furniture associations are implementing strategies to support digital transformation, green development, and market expansion, with a focus on training and resource integration [3][4] - The meeting served as a platform for sharing successful cases and experiences related to the industry's transformation towards greening, intelligence, and high-end development [7] Group 3 - The furniture industry in regions like Qingfeng, Lankao, and Nankang is focusing on green transformation and building a robust ecosystem to enhance competitiveness and achieve high-quality development [5][6] - The emphasis on collaboration among associations, government, and enterprises is crucial for addressing industry challenges and fostering sustainable growth [6][7]

Group 1 - The core viewpoint of the articles highlights the increasing trend of brands preparing for overseas sales ahead of the Double 11 shopping festival, with a focus on utilizing overseas warehouses for efficient logistics [1][3][5] - THINKRIDER, a brand in the smart cycling training niche, is shipping 10,000 smart cycling platforms to various countries, aiming for a sales target of 100 million yuan this year, up from 50 million yuan in 2024 [1][3] - The concept of "overseas warehousing" is gaining traction among brands, allowing them to display local stock labels to consumers, thus enhancing order fulfillment speed and competitiveness against local products [3][4] Group 2 - The number of merchants initiating overseas stock preparations has significantly increased this year, with product categories expanding from 3C and sports equipment to include high-ticket items like furniture and home appliances [4][5] - The logistics service providers indicate that the trend of overseas warehousing is becoming a necessary option for brands looking to stabilize foreign trade, with expectations for explosive growth in overseas managed products during this year's Double 11 [5]