Core Viewpoint - The company, Oppein Home, is reallocating its remaining idle fundraising of 3.1 billion yuan due to delays in its investment projects, opting for cash management instead of project completion [2][8]. Group 1: Fund Management and Investment Projects - Oppein Home announced that it managed 3.1 billion yuan of idle fundraising through cash management with a 31-day product yielding an annual return of 0.9%, generating a profit of 237,000 yuan [2][4]. - The company has conducted 13 cash management transactions from February 7, 2025, to February 6, 2026, yielding a total profit of 3.14 million yuan, with eight transactions being large time deposits and five being bank wealth management products [7]. - The "Oppein Home Intelligent Manufacturing (Wuhan) Project" has not been completed after four years, with a total investment of 1.708 billion yuan, representing 85.62% of the planned investment, and remaining funds of approximately 320 million yuan [8][9]. Group 2: Market Conditions and Financial Performance - The company cited macroeconomic changes and industry cycles as reasons for the project's delays, facing challenges such as weak demand, structural changes in supply and demand, and intensified competition [10][11]. - For the first three quarters of 2025, Oppein Home reported revenue of 13.21 billion yuan, a year-on-year decline of 4.8%, with net profit attributable to shareholders dropping 9.8% to 1.83 billion yuan [11][12]. - The company is experiencing a decline across all product lines, with cabinet revenue down 4.8% and other categories like wardrobes and bathroom products seeing declines of over 5% [12]. Group 3: Future Plans and Digital Transformation - Oppein Home plans to invest approximately 370 million yuan in digital and intelligent upgrades, with 320 million yuan sourced from the remaining funds of the Wuhan project [12]. - The digital transformation projects are expected to take 2 to 3 years to yield results, raising questions about the company's trajectory during this period [13].

Core Viewpoint - The company, Oppein Home (603833), is reallocating its remaining funds from an unfinished project to other investments due to prolonged delays and challenges in the home furnishing industry [1][9]. Group 1: Fund Management and Project Status - Oppein Home announced that it has engaged in cash management for temporarily idle raised funds of 310 million yuan, yielding a return of 237,000 yuan [1][6]. - The company has invested a total of 1.708 billion yuan in the "Oppein Smart Manufacturing (Wuhan) Project," with an investment progress of 85.62% as of November 2025 [8]. - The remaining balance of raised funds is approximately 320 million yuan, which will be redirected to other projects as the original project has not been completed [8][12]. Group 2: Industry Challenges and Financial Performance - The home furnishing industry is facing significant challenges, including weak demand, structural changes in supply and demand, and intensified competition, leading to operational pressures for companies [9][10]. - For the first three quarters of 2025, Oppein Home reported a revenue of 13.21 billion yuan, a year-on-year decline of 4.8%, with a net profit attributable to shareholders dropping by 9.8% to 1.83 billion yuan [10][11]. - Sales across all product lines have decreased, with cabinets down 4.8%, wardrobes and related furniture down over 5%, and other categories also experiencing declines [11]. Group 3: Future Plans and Investments - The company plans to invest approximately 370 million yuan in three new projects focused on digital and intelligent upgrades, with 320 million yuan sourced from the remaining funds of the Wuhan project [12][13]. - The expected construction period for these new projects ranges from 2 to 3 years, raising questions about the company's trajectory during this period [13].

Investment Rating - The investment rating for the light industry manufacturing and textile apparel sectors is maintained at "Neutral" [7][43]. Core Insights - The report highlights the upcoming "2026 'Le Gou New Spring' Special Activity Plan" issued by nine departments, aimed at boosting consumption during the Spring Festival from February 15 to 23, which is expected to stimulate demand in key consumer sectors such as home furnishings, home appliances, and home decoration [6][42]. - The report notes a price increase of 50 yuan/ton for various paper products, including kraft and corrugated paper, effective from March 2, driven by changes in market supply and demand dynamics [6][15]. - The light industry manufacturing sector outperformed the CSI 300 index by 2.29 percentage points during the period from February 2 to February 6, with a sector performance of 0.96% compared to the CSI 300's -1.33% [4][35]. - The textile and apparel sector also outperformed the CSI 300 index by 2.66 percentage points during the same period, with a sector performance of 1.32% [4][39]. Summary by Sections Industry News - The "2026 'Le Gou New Spring' Special Activity Plan" aims to enhance consumption through innovative cross-sector collaborations and incentives to stimulate immediate consumer spending [6][15]. - The report mentions a price adjustment in the paper industry, indicating a recovery in the corrugated paper market due to various factors including reduced production and low inventory levels [6][15]. Key Company Recommendations - The report recommends "Buy" ratings for companies such as Oppein Home (603833), Sophia (002572), and Semir Apparel (002563) [4][43]. - The report also highlights the performance of companies like Tianan New Materials and Jian Sheng Group, noting their recent share buybacks and shareholder actions [3][34]. Market Performance - The light industry manufacturing sector's performance was bolstered by factors such as changes in control and acquisitions, while some companies faced adjustments due to previous overvaluation [4][36]. - The textile and apparel sector saw significant gains in specific companies, with notable increases in stock prices for firms like Cai Bai Co. and Bang Jie Co. [4][39].

欧派家居集团股份有限公司 关于"欧22转债" 回售结果的公告 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： ● 回售期间：2026年1月29日至2026年2月4日 ● 回售有效申报数量：0张 ● 回售金额：0元 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603833 证券简称：欧派家居 公告编号：2026-022 转债代码：113655 转债简称：欧22转债 ● 本次回售申报期内无投资者进行回售申报，无须办理向投资者支付回售资金等后续业务事项，本次回 售已完成。 一、本次可转债回售的公告情况 欧派家居集团股份有限公司（以下简称"公司"）于2026年1月22日披露了《欧派家居关于"欧22转债"可 选择回售的公告》（公告编号：2026-017），并分别于2026年1月24日、2026年1月29日、2026年2月3日 披露了关于"欧22转债"可选择回售的提示性公告（公告编号分别为2026-018、2026-019、2026-020）。 具体内容详见公司在上海证券交易所网站（www.sse.com. ...

欧派家居集团股份有限公司 关于"欧 22 转债" 回售结果的公告 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。 | 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2026-022 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 转债 22 | | "欧 22 转债"的回售申报期为 2026 年 1 月 29 日至 2026 年 2 月 4 日，回售价 格为人民币 100.73 元/张（含当期应计利息、含税）。根据中国证券登记结算有限 责任公司上海分公司提供的数据，本次"欧 22 转债"回售申报期内，回售的有效 申报数量为 0 张，回售金额为 0 元。公司无需办理向投资者支付回售资金等后续 业务事项，本次回售已完成。 （二）回售的影响 重要内容提示： 本次回售申报期内无投资者进行回售申报，无须办理向投资者支付回售资 金等后续业务事项，本次回售已完成。 一、本次可转债回售的公告情况 欧派家居集团股份有限公司（以下简称"公司"）于 2026 年 1 月 22 日披露了 《欧 ...

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2026-021 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 转债 22 | | 欧派家居集团股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 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： 基本情况 | 产品名称 | 单位大额存单 2025 年第 期（1 | 052 | 个月暖冬优享） | | --- | --- | --- | --- | | 受托方名称 | | | 中国建设银行股份有限公司 | | 购买金额 | | | 31,000.00 万元 | | 赎回金额（本金） | | | 万元 31,000.00 | | 产品期限 | | | 31 天 | 一、本次使用部分闲置募集资金进行现金管理到期赎回的情况 特此公告。 欧派家居集团股份有限公司（以下简称"公司"）于 2026 年 1 月 8 日披露了 《欧派家居关于使用闲置募集资金进行现金管理的公告》（公告编号：2026-013）， 公司 ...

根据通报，张某良，男，48岁，2006年4月入职，现任营销广东事业部总经理。其利用职务之便谋取私 利，严重侵害集团利益，触碰法律红线。 欧派家居同时表明公司对于任何腐败行为坚持"零容忍"的态度，绝不姑息，并且集团监察部通过通报敦 促，有违规违纪行为的员工务必主动及时向集团监察部交代问题，并于本通报下发后7个工作日内将违 法所得上交至集团指定退赔账户，争取改过自新的机会，集团将根据员工认错认罚态度予以从轻处罚。 根据欧派家居通报中公布的信息，观察者网了解到，涉案员工信息和欧派营销广东事业部总经理张学良 的信息一致。 从公开的信息来看，张学良是欧派家居总部所在地广东地区的高管，曾多次出现在欧派集团的重要会议 和业务事务上。 内部反腐，正在越来越多的企业中上演。 近期，一条内部通报在欧派家居（603833）集团各部门和干部员工中流传。通报披露，欧派家居集团广 东事业部总经理张某良因涉嫌非国家工作人员受贿罪，已于2026年1月30日被公安机关刑事拘留。 通报显示，集团是在日常监察工作中发现，张某良利用职务便利获取不正当利益，涉案数额巨大。针对 其涉嫌犯罪部分，经公安机关侦查，目前该案已取得阶段性进展。 虽然欧派家居尚 ...

Core Viewpoint - Oupai Home has recently won two prestigious awards for its subsidiary Outu Windows, recognizing its brand influence and product quality in the window industry [1] Group 1: Awards and Recognition - Outu Windows received the "Top Ten Brands in the Window Industry" and "Annual Quality Benchmark Brand" awards at the 9th Dayan Awards [1] - The "Top Ten Brands" award emphasizes the brand's comprehensive influence and market leadership, while the "Annual Quality Benchmark Brand" award acknowledges product quality and the brand's ability to set industry standards [1] Group 2: Product and Service Development - Outu Windows has developed a diverse product matrix including casement windows, panoramic sliding windows, drift windows, tight-seal windows, and flat-push windows to cater to various home scenarios [1] - The company has upgraded its warranty system, offering up to 20 years of warranty on core components such as aluminum profiles, glass, seals, and hardware, aiming to shift the industry focus from sales to after-sales service [1] Group 3: Commitment to Quality and Industry Development - Outu Windows is committed to long-termism, focusing on product research and development, refining manufacturing processes, and enhancing user experience [1] - The company aims to support high-quality development in the window industry by collaborating with industry partners [1]

Summary of Conference Call Company and Industry Overview - The discussion revolves around **Oppein Home Group**, a company in the **home furnishing and decoration industry**. The focus is on the impact of government subsidies and market dynamics on the company's performance and strategies. Key Points and Arguments Impact of Government Subsidies - The government subsidy policy is expected to phase out from **Q3 2024 to June 2025**, creating a baseline pressure on performance until **Q1 2026** [1] - The reduction in subsidy strength has negatively affected consumer purchasing willingness and overall business performance [2] - The company anticipates that the abnormal fluctuations caused by the subsidy reduction will stabilize by **March-April 2026** [2] Business Strategy and Consumer Demand - The company is adapting its business deployment and channel layout in response to the weak subsidy environment, focusing on cost-effective products and popular SKUs [2] - The company has accumulated experience in dealing with policy changes and external market conditions, allowing for a more proactive approach compared to previous years [3] Market Conditions and Consumer Behavior - The real estate sector has been in a downturn for **4-5 years**, affecting consumer purchasing behavior and expectations [3] - The overall industry sentiment is at a low point, but there is a belief that the worst is over, and concerns are diminishing [4] Transformation and Channel Management - Approximately **60-70%** of Oppein's distributors are participating in the transformation towards a more integrated home furnishing model [7] - The transition from single-product stores to integrated home furnishing stores is expected to take **1.5 to 2 years**, with varying speeds based on the capabilities of individual distributors [7] - The company is focusing on enhancing the capabilities of its distributors to support this transformation [8] Performance Metrics and Growth Expectations - The company does not set specific revenue targets for the retail home furnishing business, viewing it as a developmental phase aimed at supporting distributor transformation [11] - The retail home furnishing segment is expected to achieve over **100% growth** in 2025, with overall revenue projected to reach **over 10 billion** [10] Profitability and Margin Management - The gross margin is expected to remain stable, with improvements driven by operational efficiencies and supply chain management [43] - The company aims to maintain a gross margin that is **2-3 percentage points** lower than traditional retail margins, with a target gross margin of around **30%** for the integrated home furnishing business [28] Challenges and Risks - The company acknowledges the challenges faced by distributors, with about **50-70%** of them remaining profitable despite market pressures [25] - The company is monitoring accounts receivable closely, with a significant portion linked to the large-scale business, and expects to manage potential impairment risks effectively [41] Future Outlook - The company anticipates that the performance of its large-scale business will exceed the expected decline in construction activity, with a projected gross margin of **25-28%** and net profit around **9-10%** [39] - The company is committed to a dynamic adjustment strategy to maintain profitability while responding to market conditions [45] New Business Initiatives - The establishment of three joint ventures aims to enhance operational flexibility and incentivize growth in semi-mature business areas [34][36] - The joint ventures are expected to break existing business constraints and encourage a more aggressive growth strategy [36] Additional Important Insights - The company is adapting to changes in consumer behavior, particularly the shift towards more cost-effective materials and products due to economic pressures [20][21] - The competitive landscape includes non-custom brands gaining traction, prompting the company to refine its value proposition [19][20] This summary encapsulates the key insights from the conference call, highlighting the company's strategic responses to market challenges and its outlook for future growth.

行 行业月报 业 地产链估值修复可延续，白卡、瓦楞纸迎涨价 研 ——轻工制造&纺织服饰行业 2 月投资策略展望 | | | 袁艺博 | SAC | NO： | S1150521120002 | | 年 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 分析师： | | | | | | | | | | | | | | | | 2026 | | | | | | | | | | | | 02 | | | | | | | | | | | | 月 03 | | | 究 | | | | | | | | | | 轻工制造 纺织服饰 投资要点： 行业要闻 证券分析师 （1）多家房企称已不被要求上报三道红线，仍需提交资产负债率指标。 袁艺博 yuanyb@bhzq.com （2）2025 年造纸和纸制品业实现利润总额 443.0 亿元，同比下降 13.6%。 022-23839135 行业发展情况 研子究行助业理评级 （1）2025 年，社会消费品零售总额家具类为 2,091.90 亿元，同比增长 14.62%。 证 家居用品 中 ...