Industry Overview - The overall revenue and net profit of custom home furnishing companies have declined to levels seen four years ago, with 9 out of 10 companies experiencing a drop in revenue, sales expenses, and R&D expenses [1][8][9] - The average revenue decline among the 10 companies analyzed is 12.54%, with only Wo Le Home experiencing a slight increase of less than 2% [8][9] Company Performance - Oppein Home achieved a revenue of 8.241 billion yuan, with a net profit of 1.018 billion yuan, marking a 20.88% year-on-year growth, solidifying its leading position in the industry [5][10] - Other companies, such as PIANO and MAG, faced significant challenges, with PIANO's revenue nearly halving and MAG's revenue declining by 23.07% [8][9] Profitability Analysis - Oppein Home leads in net profit margin at 12.39%, followed by Wo Le Home at 9.77%, indicating a strong profitability position [32][36] - The gross profit margin shows a clear tiered structure, with Wo Le Home leading at over 40%, while several other companies maintain margins above 30% [28][30] Channel Changes - Traditional distribution channels are under pressure, with only King Cabinet and Wo Le Home reporting revenue growth in this area; other companies have seen declines, particularly Zhihong Home with a 34.18% drop [12][13] - Direct sales channels and overseas markets have shown positive growth, with significant increases reported by companies like Topsolid and Sophia [12][16] Cost Control Measures - Companies are focusing on cost control, with many reducing sales expenses by over 14%, although excessive cuts have led to revenue declines for some [17][20] - R&D investments have generally decreased, except for Oppein Home, which saw a slight increase of 2.53% [24][26] Store Count Changes - Most companies have seen a net reduction in store counts, with Oppein and Zhihong Home closing over 100 stores each, while Wo Le Home and Haoleke have increased their store counts [14][15]

Industry - Home furnishing companies have reported significant growth in overseas revenue despite the overall industry adjustment, with companies like Kuka Home achieving a revenue of 9.801 billion yuan, a year-on-year increase of 10.02%, and overseas revenue of 4.258 billion yuan, up 9.55% [1] - Other companies such as Mengbaihe and Mousse also reported revenue growth, with Mengbaihe's revenue at 4.316 billion yuan, a 9.35% increase, and overseas revenue at 3.418 billion yuan, up 8.10% [1] - Some companies experienced a decline in overall revenue but saw substantial growth in overseas markets, such as Mousse with a 5.76% decrease in revenue but a 73.97% increase in overseas revenue, and Jiannong Hardware with a 14.18% decline in revenue but a 30.75% increase in overseas revenue [1] Company - The State Administration for Market Regulation has approved the release of the national standard for "Design Guidelines for Elderly Furniture," which will be implemented on February 1, 2026, focusing on the needs and characteristics of the elderly [2] - ST Yazhen announced an abnormal fluctuation in stock trading, with a cumulative decline of 12% over two trading days, confirming no undisclosed significant events or risks [2] - Aux Electric plans to globally issue approximately 207 million shares, with a maximum price of 17.42 HKD per share, expecting net proceeds of about 3.2874 billion HKD if the shares are priced at 16.71 HKD [3] - Bear Electric announced that major shareholder Shi Mingtai has released the pledge of 1.38 million shares, accounting for 10.38% of his holdings and 0.88% of the total share capital [4] - Haier Group's Cartech Holding Company has successfully completed a strategic investment in Autohome, including a board restructuring [5]

8月28日，北京商报记者梳理多家家居企业半年报发现，顾家家居、索菲亚、慕思股份、坚朗五金、好 莱客等的海外营收均实现不同程度增长。事实上，随着家居产业升级与全球消费需求回暖，国内家居品 牌正加速"出海"。中国建筑材料流通协会会长秦占学表示，作为引领行业发展的全国行业组织，中国建 筑材料流通协会近年来尝试"借展出海"+"一带一路"节点建设海外仓，突破"外循环"发展，引领中国建 材与家居行业从"产品出海"向"品牌出海"，最终走向"供应链出海"。据了解，部分头部企业通过参加米 兰国际家具展等全球级展会，将品牌带入国外市场，打破"低端代工"的标签。此外，还有部分企业在海 外建厂，深耕当地市场。然而，从市场现状来看，中国家居品牌"出海"仍面临消费者认知度偏低、物流 成本高、本土化服务体系不完善等多重挑战。 对此，业内人士表示，随着家居行业智能化升级，国内家居品牌正从"产品出口"向"品牌出海"转型。不 过，国内家居企业"出海"仍面临诸多问题，想要获得海外消费者认可，仍需时日。 海外营收增长 寻求新市场机遇 家居企业相继"出海"的背后，是国内家居市场趋于饱和叠加传统发展模式的双重影响。亿欧智库发布的 《2024中国家居行业 ...

Core Insights - The article highlights the growth of overseas revenue for several Chinese home furnishing companies, indicating a shift towards international markets as domestic growth slows down [1][3][5] Group 1: Overseas Revenue Growth - Companies like Kuka Home, Mousse, and others have reported significant increases in overseas revenue despite overall revenue declines in some cases. For instance, Kuka Home achieved 4.258 billion yuan in overseas revenue, a 9.55% increase year-on-year [3] - Mousse's overseas revenue surged by 73.97% despite a 5.76% decline in total revenue, while Jianlang Hardware and Haolaike also saw substantial overseas growth of 30.75% and 25.99% respectively [3][4] - The growth in overseas markets is attributed to global supply-demand mismatches and the rising middle class in Southeast Asia, where Chinese companies have competitive advantages in cost efficiency and supply chain integrity [3][6] Group 2: Market Saturation and Strategic Shifts - The domestic home furnishing market is becoming saturated, with growth rates slowing down. The retail scale is projected to grow from 4.36 trillion yuan in 2022 to 4.56 trillion yuan in 2024, with annual growth rates declining [5][6] - As the domestic market enters a phase of stock competition, companies are increasingly looking to international markets as a viable growth strategy [6][7] - The shift from OEM to brand export is seen as a necessary evolution for companies to enhance their market presence and consumer recognition abroad [8] Group 3: Challenges in Brand Internationalization - Chinese home furnishing brands face challenges in gaining recognition in international markets due to a history of operating primarily as OEMs, leading to low consumer awareness [8][9] - The transition to brand export requires a comprehensive strategy involving brand positioning, product adaptation, and local market engagement, which necessitates long-term planning and investment [7][9] - Companies must navigate cultural differences, channel barriers, and weak brand perception while leveraging local teams and digital channels to enhance their market entry strategies [9][10]

来源：环球网 【环球网综合报道】8月26日，好莱客发布2025 年半年度报告。2025上半年，好莱客营业收入8.3亿元， 同比下降10.09%；归属于上市公司股东的净利润2462.45万元，同比下降45.12%。 分产品来看，好莱客整体衣柜营业收入5.67亿元，同比下降14.38%；橱柜营业收入1.65亿元，同比增长 17.16%；木门营业收入3277.55万元，同比下降0.60%；成品配套营收3061.58万元，同比下降31.17%。 分渠道来看，好莱客直营店营收同比减少42.64%至2043.99万元；经销店营收同比下滑17.27%至5.9亿 元；大宗业务营收同比增长41.08%至1.84亿元。 | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 830.199.573.23 | 923,373,107.93 | -10.09 | | 利润总额 | 20.917.929.48 | 43.906.997.39 | -52.36 ...

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为2.98%，资本回报率不强。去年的净 利率为4.22%，算上全部成本后，公司产品或服务的附加值不高。从历史年报数据统计来看，公司上市 据证券之星公开数据整理，近期好莱客(603898)发布2025年中报。截至本报告期末，公司营业总收入8.3 亿元，同比下降10.09%，归母净利润2462.45万元，同比下降45.12%。按单季度数据看，第二季度营业 总收入4.39亿元，同比下降15.56%，第二季度归母净利润2242.38万元，同比下降30.4%。本报告期好莱 客公司应收账款体量较大，当期应收账款占最新年报归母净利润比达217.03%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率32.68%，同比减5.12%，净利率2.92%， 同比减39.97%，销售费用、管理费用、财务费用总计2.11亿元，三费占营收比25.47%，同比增5.29%， 每股净资产9.75元，同比增1.44%，每股经营性现金流-0.41元，同比减149.48%，每股收益0.08元，同比 减42.86% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | ...

Core Viewpoint - Haoleke (603898.SH) released its semi-annual report for 2025, indicating a stable institutional investor presence with a total holding of 26.33 million shares, representing 8.46% of the company's total equity [1] Group 1: Institutional Investors - As of August 26, 2025, four institutional investors disclosed their holdings in Haoleke A-shares [1] - The total shareholding by institutional investors amounts to 26.33 million shares, which is 8.46% of Haoleke's total share capital [1] - The institutional investors include Guangzhou Haoleke Creative Home Co., Ltd. - 2023 Employee Stock Ownership Plan, Galaxy Jinhui Securities Asset Management - Qingdao Guoxin Financial Holdings Co., Ltd. - Galaxy Jinhui Tongying No. 2 Single Asset Management Plan, Shandong State-owned Assets Investment Holding Co., Ltd., and Shenzhen Wealth Freedom Investment Management Co., Ltd. - Wealth Freedom Qihang No. 1 Private Securities Investment Fund [1]

Core Insights - Custom home furnishing companies, including Shangpin Home, Haoleke, Sophia, and Pinao, reported declines in both revenue and net profit attributable to shareholders in the first half of the year [1][2] - The overall demand in the home furnishing industry remains weak, but the release of the Ministry of Housing's guidelines on "good housing" is expected to drive market trends towards green, low-carbon, and smart housing [1][4] - Companies are increasingly adopting AI technology, multi-category integrated operations, and flexible supply chain management to seek breakthroughs [1][4] Revenue and Profit Performance - Pinao experienced the most significant decline, with revenue of 268 million yuan, down 40.65% year-on-year, and a net profit of -12.58 million yuan compared to a profit of 4.46 million yuan in the same period last year [2] - Sophia's revenue was 4.551 billion yuan, with a net profit of 319 million yuan, reflecting decreases of 7.68% and 43.43% respectively [2] - Shangpin Home reported revenue of 1.55 billion yuan, down 9.24%, and a net profit loss of 80.67 million yuan, although this loss narrowed by 23.83% year-on-year [2] - Haoleke's revenue was 830 million yuan, down 10.09%, with a net profit decline of 52.36% [2] Gross Margin Analysis - Shangpin Home was one of the few companies to see an increase in gross margin, with a 4.36 percentage point rise in its furniture segment [2] - Pinao's gross margin remained relatively stable, with a decrease of 4.35 percentage points in custom cabinets and an increase of 4.39 percentage points in custom wardrobes [3] - Haoleke's retail channel generated 611 million yuan in revenue with a gross margin of 37.56%, while its bulk business had a gross margin of 14.45% [3] International Expansion - Custom home furnishing companies are actively pursuing international markets, with Pinao signing an overseas distributor and expanding into North America, Southeast Asia, the Middle East, and Africa [1][4] - Haoleke reported a nearly 26% increase in overseas revenue, with a gross margin increase of 7.26 percentage points [4] - Sophia's export business grew by nearly 40%, collaborating on approximately 219 engineering projects with overseas developers and contractors [4] Technological Advancements - Pinao has partnered with industry leader Qunhe Technology to enhance AI design capabilities, aiming to reduce customer communication cycles by 50% [4] - Shangpin Home has developed an AI platform that includes various applications to optimize sales and design processes [4][5]

Core Viewpoint - The company, Haolaike, announced the approval of its 2025 semi-annual report and summary by the ninth meeting of the fifth supervisory board [2] Group 1 - The company held its fifth supervisory board's ninth meeting on August 26, where significant resolutions were made [2] - The meeting included the review and approval of the full text and summary of the company's 2025 semi-annual report [2]

（文章来源：证券日报） 证券日报网讯 8月26日晚间，好莱客发布公告称，公司第五届董事会第二十二次会议审议通过了《关于 公司2025年半年度报告全文及摘要的议案》等多项议案。 ...