Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its business operations [1][2]. Financial Performance - Total revenue for the first half of 2025 was 830.20 million yuan, a decrease of 10.09% compared to the same period last year [2]. - The net profit attributable to shareholders was 24.62 million yuan, down 45.12% year-on-year [2]. - The total profit for the period was 20.92 million yuan, reflecting a significant decline of 52.36% from the previous year [2]. - The net cash flow from operating activities was -128.60 million yuan, worsening by 149.48% compared to the same period last year [2]. Product Segment Performance - Revenue from the overall wardrobe segment was 56.70 million yuan, down 14.38% year-on-year [1]. - Cabinet revenue increased by 17.16% to 16.50 million yuan [1]. - Wood door revenue was 3.28 million yuan, a slight decrease of 0.60% [1]. - Revenue from finished matching products dropped significantly by 31.17% to 3.06 million yuan [1]. Channel Performance - Revenue from direct stores decreased by 42.64% to 20.44 million yuan [1]. - Revenue from distribution stores fell by 17.27% to 590 million yuan [1]. - Bulk business revenue grew by 41.08% to 18.40 million yuan [1].

Financial Performance - The company reported a total revenue of 830 million yuan for the first half of 2025, a decrease of 10.09% year-on-year [1] - The net profit attributable to shareholders was 24.62 million yuan, down 45.12% compared to the previous year [1] - The gross profit margin was 32.68%, a decline of 5.12% year-on-year, while the net profit margin fell to 2.92%, down 39.97% [1] - The operating cash flow per share was -0.41 yuan, a significant decrease of 149.48% year-on-year [1] Key Financial Ratios - The company's return on invested capital (ROIC) was 2.98%, indicating weak capital returns [4] - The net profit margin for the previous year was 4.22%, suggesting low added value for products or services [4] - The ratio of accounts receivable to net profit reached 217.03%, highlighting a concerning level of receivables [5] Changes in Financial Items - Cash and cash equivalents decreased by 41.53% due to reduced net cash flow from operating activities [3] - Prepayments increased by 243.76% due to higher payments to distributors [3] - The total liabilities decreased by 6.06%, with interest-bearing debt at 611 million yuan [1][3] Operational Insights - The company is experiencing a recovery phase in the home retail market, while the engineering bulk business remains stable, leading to changes in channel structure [3] - The overall profitability of the main business has seen a temporary decline due to these market dynamics [3]

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]

Group 1 - The company announced the approval of multiple proposals during the 22nd meeting of the fifth board of directors, including the full text and summary of the 2025 semi-annual report [2]

Core Viewpoint - The company plans to utilize idle self-owned funds for wealth management, with a maximum investment amount of 1.5 billion yuan, aiming to enhance the efficiency of fund usage and generate returns while ensuring liquidity and safety [1][2]. Investment Overview - The investment purpose is to purchase low-risk, high-safety, and high-liquidity financial products to achieve certain returns while ensuring normal operations and funding needs [2]. - The investment amount is capped at 1.5 billion yuan, with a period from August 27, 2025, to August 26, 2026, allowing for rolling use within this timeframe. Individual financial products will have a maximum investment period of 12 months, while large transferable certificates of deposit will not exceed 3 years [2]. - The source of funds for the wealth management is idle self-owned funds [2]. - The investment method involves authorizing the chairman and authorized personnel to make decisions and sign contracts within the investment period and limits, with the finance center responsible for implementation and management [2]. Review Procedures - The wealth management proposal has been approved by the company's 22nd meeting of the 5th Board of Directors and the 9th meeting of the 5th Supervisory Board [3]. Investment Risk Analysis and Control Measures - The company acknowledges potential risks such as market risk, liquidity risk, and credit risk, despite the low-risk nature of the planned financial products [3]. - Risk control measures include selecting appropriate financial products based on duration and yield, with the finance center head reviewing and submitting for approval by the chairman or authorized representative [3][4]. Impact on the Company - The use of idle self-owned funds for wealth management is expected to improve fund efficiency and generate investment returns, ultimately benefiting shareholders [4]. - The company will adhere to relevant accounting standards for the recognition and measurement of wealth management principal and interest income, reflecting these in the balance sheet and income statement [4].

Core Viewpoint - The company has approved an increase in the estimated daily related party transactions for 2025, which will not require shareholder meeting approval and will not affect the company's independence [1][3][10]. Summary by Sections Daily Related Party Transactions - The company and its subsidiaries will engage in daily related party transactions with Guangzhou Fenglaiyi Real Estate Co., Ltd., Guangdong Hanyin Property Service Co., Ltd., and Guangzhou Jixiang Technology Co., Ltd. due to operational needs [1][2]. - The estimated amounts for these transactions are as follows: - Rent to Fenglaiyi: 30.348 million yuan, accounting for 15.93% of similar transactions [2]. - Services from Hanyin Property: 1.4049 million yuan, accounting for 1.12% of similar transactions [2]. - Purchases from Jixiang Technology: up to 5 million yuan, accounting for 3.38% of similar transactions [2][9]. Approval Process - The independent directors reviewed and approved the increase in daily related party transactions, confirming that these transactions are normal business activities and priced at market fair prices [2][3]. Related Party Information - **Guangzhou Fenglaiyi Real Estate Co., Ltd.** - Total assets: 349.2741 million yuan, total liabilities: 389.7642 million yuan, revenue for the first half of 2025: 53.2007 million yuan [4]. - **Guangdong Hanyin Property Service Co., Ltd.** - Total assets: 13.1022 million yuan, total liabilities: 16.5965 million yuan, revenue for the first half of 2025: 14.1688 million yuan [5]. - **Guangzhou Jixiang Technology Co., Ltd.** - Total assets: 26.9979 million yuan, total liabilities: 9.68608 million yuan, revenue for the first half of 2025: 48.6177 million yuan [5]. Transaction Details and Pricing Policy - The company plans to lease a shop from Fenglaiyi from September 1, 2025, to August 31, 2028, with a 91-day rent-free period and quarterly rent payments [9]. - Property management services will be provided by Hanyin Property, with fees settled quarterly [9]. - The pricing for these transactions is based on market fair prices, ensuring alignment with the interests of all shareholders [10].

证券代码：603898 证券简称：好莱客 公告编号：2025-040 广州好莱客创意家居股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ?会议召开时间：2025 年 9 月 5 日(星期五)13:00-14:00 ?会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） ?会议召开方式：上证路演中心视频录播和网络文字互动 三、参加人员 （一）上市公司： ?投资者可于 2025 年 8 月 29 日(星期五)至 9 月 4 日(星期四)16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱（ir@holike.com）进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 广州好莱客创意家居股份有限公司（以下简称"公司"）已于 2025 年 8 月 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频录播结合网络文字互动的 ...

Business Performance - The total operating revenue for the first half of 2025 is 794,910,746.73 CNY, with a decrease of 9.67% compared to the previous year [1] - The total operating cost is 538,788,041.15 CNY, reflecting a decrease of 5.99% year-on-year [1] - The overall gross profit margin is 32.22%, which is a reduction of 2.65 percentage points compared to the previous year [1] Product Segment Analysis - The revenue from overall wardrobes is 566,635,378.03 CNY, with a gross profit margin of 36.39%, showing a decrease of 14.38% in revenue year-on-year [1] - The revenue from cabinets is 164,884,014.74 CNY, with a gross profit margin of 22.27%, reflecting a year-on-year decrease of 17.16% [1] - The revenue from finished matching products is 30,615,828.06 CNY, with a gross profit margin of 18.38%, indicating a significant increase of 31.17% in revenue year-on-year [1] - The revenue from wooden doors is 32,775,525.90 CNY, with a gross profit margin of 23.11%, showing a slight decrease of 0.60% in revenue year-on-year [1] Channel Performance - Direct store revenue is 20,439,882.65 CNY, with a gross profit margin of 44.19%, reflecting a significant decrease of 42.64% year-on-year [1] - Dealer store revenue is 590,922,491.51 CNY, with a gross profit margin of 37.33%, showing a decrease of 17.27% compared to the previous year [1] - Bulk business revenue is 183,548,372.57 CNY, with a gross profit margin of 14.45%, indicating an increase of 41.08% year-on-year [1] Store Changes - The number of dealer stores is 1,848, with 221 new openings and 162 closures [2] - The number of direct stores is 9, with 0 new openings and 6 closures [2]