Meeting Details - The fifth meeting of the board of directors of Guangzhou Holike Creative Home Co., Ltd. was held on August 15, 2025, with all five directors present, and the meeting complied with relevant laws and regulations [1]. Resolutions Passed - The board unanimously approved the full and summary reports for the 2025 semi-annual report with 5 votes in favor, 0 against, and 0 abstentions [1][2]. - The board approved the use of idle self-owned funds for entrusted wealth management, with a maximum amount not exceeding 1.5 billion yuan [2]. - The board approved an increase in the estimated daily related transactions for 2025, with two related directors abstaining from the vote [2][3].

Meeting Overview - The fifth meeting of the supervisory board of Guangzhou Holike Creative Home Co., Ltd. was held on August 25, 2025, with all three supervisors present, ensuring compliance with legal and regulatory requirements [1]. Resolutions Passed - The supervisory board unanimously approved the company's 2025 semi-annual report, confirming that it was prepared in accordance with accounting standards and accurately reflects the company's financial status [1]. - The board also approved the use of idle self-owned funds for entrusted wealth management, with a maximum limit of 1.5 billion yuan [2].

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in 2024, indicating challenges in the custom home furnishing industry amid market fluctuations and increased competition [2][3][4]. Financial Performance - The company's revenue for the first half of 2025 was approximately 830.20 million RMB, a decrease of 10.09% from 923.37 million RMB in the same period of 2024 [2]. - Total profit for the period was about 20.92 million RMB, down 52.36% from 43.91 million RMB year-on-year [2]. - The net profit attributable to shareholders was approximately 24.62 million RMB, reflecting a decline of 45.12% compared to 44.87 million RMB in the previous year [2]. - The net cash flow from operating activities was negative at -128.60 million RMB, worsening from -51.55 million RMB in the same period last year, indicating a significant cash outflow [2]. Industry Context - The custom furniture industry is experiencing intensified competition and a slowdown in growth due to regulatory changes and a shift towards a stock housing market, leading to a more challenging operating environment [6][7]. - The report notes a generational shift in consumer demographics, with younger consumers (post-90s and post-95s) becoming the primary market, emphasizing sustainability and personalized experiences [6][7]. - The government is implementing policies to stabilize the real estate market, which is crucial for the custom furniture sector, as it is closely tied to housing demand [6][7]. Strategic Initiatives - The company is focusing on channel innovation and deepening market penetration in provincial capitals while expanding into lower-tier markets [10]. - Product upgrades are being prioritized, with an emphasis on modular design and the use of new materials to enhance competitiveness [10]. - The company is also investing in digital transformation and smart home technology to meet evolving consumer needs and improve operational efficiency [10][11]. Competitive Landscape - The custom furniture industry remains fragmented, with many companies struggling to provide high-quality services at scale, leading to potential consolidation in the market [8][9]. - The report emphasizes the importance of understanding consumer behavior and preferences to adapt to the changing market dynamics and enhance brand loyalty [8][9]. Future Outlook - The company aims to leverage its brand strength and comprehensive service offerings to navigate the current challenges and capitalize on emerging opportunities in the market [10][11].

Core Viewpoint - Guangzhou Holike Creative Home Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with a notable decrease in revenue and net profit compared to the previous year [1]. Financial Performance Summary - Total assets at the end of the reporting period amounted to CNY 4,519.32 million, a decrease of 5.03% from the previous year [1]. - Revenue for the reporting period was CNY 830.20 million, down 10.09% from CNY 923.37 million in the same period last year [1]. - Total profit was CNY 20.92 million, reflecting a decrease of 52.36% compared to CNY 43.91 million in the previous year [1]. - Net profit attributable to shareholders was CNY 24.62 million, a decline of 45.12% from CNY 44.87 million [1]. - The net cash flow from operating activities was negative CNY 128.60 million, a significant drop of 149.48% compared to negative CNY 51.55 million in the previous year [1]. - The weighted average return on equity decreased to 0.78%, down 0.65 percentage points from 1.43% [1]. - Basic earnings per share were CNY 0.08, down 42.86% from CNY 0.14, while diluted earnings per share were CNY 0.07, down 58.82% from CNY 0.17 [1]. Shareholder Information - The largest shareholder, Shen Hanbiao, holds 41.14% of the shares, while Wang Miaoyu holds 25.95% [2]. - The top ten shareholders include various individuals and investment plans, with Shen Hanbiao and Wang Miaoyu identified as acting in concert [2]. Important Matters - The company did not declare any profit distribution or capital reserve increase for the reporting period [1].

Core Insights - The company reported a revenue of 830 million yuan for the first half of 2025, representing a year-on-year decline of 10.09% [1] - The net profit attributable to shareholders was 24.62 million yuan, down 45.12% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 13.91 million yuan, a decrease of 53.80% year-on-year [1] - The basic earnings per share stood at 0.08 yuan [1]

Important Notice [Board Statement and Profit Distribution](index=2&type=section&id=%E4%B8%80%E3%80%81%20%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The board and management affirm the semi-annual report's accuracy, disclosing no profit distribution or capital reserve conversion for H1 2025 - The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content[3](index=3&type=chunk) - The company will not carry out profit distribution or capital reserve conversion for the first half of 2025[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%85%AD%E3%80%81%20%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) The report warns of investment risks from forward-looking statements and lists major risks such as market changes, intensified competition, raw material price fluctuations, seasonality, operational management, and overcapacity - Forward-looking statements regarding operating plans and development strategies in this report do not constitute a substantive commitment to investors, so investors are advised to be aware of investment risks[7](index=7&type=chunk) - Major risks that may adversely affect the company's future operations and development during the reporting period include market change risk, intensified market competition and potential price war risk, raw material price fluctuation risk, seasonal fluctuation risk, operational management risk, and overcapacity risk[8](index=8&type=chunk) Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, related entities, laws, currency units, and core business terms, also explaining rounding differences - Differences in some aggregate amounts in this semi-annual report compared to the direct sum of individual figures are due to rounding[13](index=13&type=chunk) - Common terms such as "Company," "the Company," "Holike," and "Integrated Wardrobe" are defined[14](index=14&type=chunk) Company Profile and Key Financial Indicators [Company Basic Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Discloses the company's Chinese name, abbreviation, foreign name, legal representative, contact information, registered and office addresses, website, email, and information disclosure media - The company's Chinese name is Guangzhou Holike Creative Home Furnishings Co., Ltd., its Chinese abbreviation is Holike, and its legal representative is Shen Hanbiao[16](index=16&type=chunk) - The company's designated information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily, with the semi-annual report published on www.sse.com.cn[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue and total profit significantly decreased year-on-year, and net cash flow from operating activities sharply declined, mainly due to slow recovery in the home furnishing retail market and changes in channel structure 2025 Semi-Annual Key Accounting Data | Indicator | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 830,199,573.23 | 923,373,107.93 | -10.09 | | Total Profit | 20,917,929.48 | 43,906,997.39 | -52.36 | | Net Profit Attributable to Shareholders of the Listed Company | 24,624,521.81 | 44,865,971.46 | -45.12 | | Net Cash Flow from Operating Activities | -128,595,970.55 | -51,545,758.46 | -149.48 | 2025 Semi-Annual Key Financial Indicators | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.08 | 0.14 | -42.86 | | Diluted Earnings Per Share (RMB/share) | 0.07 | 0.17 | -58.82 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (RMB/share) | 0.04 | 0.10 | -60.00 | | Weighted Average Return on Net Assets (%) | 0.78 | 1.43 | Decrease by 0.65 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 0.44 | 0.96 | Decrease by 0.52 percentage points | - The decline in total profit, net profit attributable to shareholders of the listed company, and basic earnings per share is mainly due to the home furnishing retail market still being in a recovery phase, while bulk engineering business maintained stable growth, leading to a change in channel structure and a temporary decrease in the company's main business comprehensive gross margin[23](index=23&type=chunk) - Net cash flow from operating activities decreased by **149.48%**, primarily due to a reduction in cash received from sales of goods and provision of services during the reporting period[23](index=23&type=chunk) [Non-Recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) During the reporting period, the company's total non-recurring gains and losses amounted to RMB 10,719,345.15, primarily from gains on entrusted investments and government subsidies recognized in current profit or loss 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -425,603.59 | | Government grants recognized in current profit or loss | 2,203,278.11 | | Gains and losses from fair value changes and disposal of financial assets and liabilities | 373,838.72 | | Gains and losses from entrusted investments or asset management | 11,819,961.83 | | Total | 10,719,345.15 | [Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=%E5%8D%81%E3%80%81%20%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) After deducting the impact of share-based payments, the company's net profit for the current period was RMB 30,530,111.63, a year-on-year decrease of 46.11% Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | Current Period (Jan-Jun) (RMB) | Prior Year Period (RMB) | Current Period vs. Prior Year Period Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 30,530,111.63 | 56,651,922.19 | -46.11 | Management Discussion and Analysis [Industry and Main Business Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company primarily engages in panel-based whole-house custom home furnishings, belonging to the furniture manufacturing industry, which is influenced by real estate policies, consumption upgrades, fragmented traffic, and value chain restructuring, leading to intense competition. The company positions itself as a "Custom Home Furnishing Master," offering full-suite products and serving consumers through brand operation, product R&D, supply chain integration, and digital operations - The company primarily engages in the design, R&D, production, and sales of panel-based whole-house custom home furnishings and related配套家居, belonging to the manufacturing industry (C), specifically furniture manufacturing (C21)[30](index=30&type=chunk) - The custom home furnishing industry is influenced by real estate policies (such as LPR adjustments, urban village renovation, and affordable housing construction) and home furnishing industry policies (such as equipment upgrades, trade-ins, and smart home promotion)[31](index=31&type=chunk)[32](index=32&type=chunk)[39](index=39&type=chunk) - Industry characteristics include existing market competition, new consumer groups (post-90s, post-95s), fragmented traffic, diversified consumption behaviors, and value chain restructuring[40](index=40&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) - The company adheres to its "Custom Home Furnishing Master" brand positioning, offering a full suite of products including wardrobes, cabinets, wooden doors, wall panels, and finished accessories, providing one-stop whole-house custom solutions[56](index=56&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, facing market pressure, the company actively responded by deepening refined management across all channels, upgrading products, empowering synergy, reducing costs and increasing efficiency, and fostering innovative development, making progress in smart home IoT platform construction - The company deepened refined management across all channels, with retail channels focusing on provincial capital cities and county-level integrated home furnishing models, integrated decoration channels strengthening cooperation with leading decoration companies, bulk engineering channels optimizing customer structure, and overseas business continuing to deepen globalization[65](index=65&type=chunk)[66](index=66&type=chunk) - The company upgraded products with a user-oriented approach, creating differentiated product maps for various channels, exploring bamboo board applications, new materials, and advanced processes, and comprehensively promoting modular design applications[67](index=67&type=chunk) - The company actively responded to national subsidy policies, integrated online and offline omni-channel resources to improve traffic conversion efficiency, promoted the "National Hundred Cities, Thousand Craftsmen Efficiency Improvement Action," and upgraded its digital platform to optimize delivery cycle management[68](index=68&type=chunk) - The company co-invested with Fengzhushou and Holike to establish Hemi Technology, developing a "smart fusion gateway" product for home use and building an open smart home IoT platform, and also formed a strategic partnership with Guangzhou Jixiang Technology Co., Ltd. to jointly develop TPUNB technology[69](index=69&type=chunk) [Analysis of Core Competencies](index=18&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%B1%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include brand influence ("Custom Home Furnishing Master," "Original Eco" environmental concept), a comprehensive omni-channel operating system, continuous R&D and innovation capabilities, eco-friendly production technology, multi-base intelligent manufacturing, and a young management team - The "Holike" brand, founded in 2002, enjoys significant recognition and influence, with the "Custom Home Furnishing Master" image deeply ingrained, and introduced the "Original Eco" healthy and environmentally friendly concept in 2012[70](index=70&type=chunk)[71](index=71&type=chunk) - The company possesses a relatively complete omni-channel operating system, with dealer stores extending to third- to fifth-tier cities, and has formed strategic partnerships with leading real estate enterprises[71](index=71&type=chunk) - The company continuously strengthens extensive cooperation with renowned design teams, international home designers, and academic design forces, fully implementing the IPD management system to form a product matrix of wardrobes + cabinets + wooden doors + wall panels + finished accessories[71](index=71&type=chunk) - The company has established a multi-base national layout, with central intelligent control guiding the entire production process, connecting personalized design with flexible intelligent manufacturing[71](index=71&type=chunk) - Most of the company's middle and senior management are post-80s and post-90s, a highly youthful team that keeps the company closer to young consumer groups and more sensitive to market changes, new channels, and new demographics[72](index=72&type=chunk) [Key Operating Performance](index=20&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue and costs decreased year-on-year, but financial expenses and net cash flow from investing activities changed significantly. In the main business, overall wardrobe revenue declined, cabinet revenue grew, gross margins in South China and Northeast regions decreased due to bulk business and channel structure changes, while overseas business gross margin improved Financial Statement Related Items Variation Analysis | Item | Current Period Amount (RMB) | Prior Year Period Amount (RMB) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 830,199,573.23 | 923,373,107.93 | -10.09 | | Operating Cost | 558,866,426.44 | 605,299,047.73 | -7.67 | | Financial Expenses | 16,905,449.67 | 14,967,099.68 | 12.95 | | Net Cash Flow from Operating Activities | -128,595,970.55 | -51,545,758.46 | -149.48 | | Net Cash Flow from Investing Activities | -59,644,619.01 | 45,112,857.38 | -232.21 | | Net Cash Flow from Financing Activities | -14,354,217.69 | -69,053,602.53 | 79.21 | - Net cash flow from investing activities decreased by **232.21%** compared to the prior year period, mainly because the amount of wealth management products purchased exceeded redemptions in the current period, while the opposite was true in the prior year period[75](index=75&type=chunk) - Net cash flow from financing activities increased by **79.21%** compared to the prior year period, mainly due to the receipt of minority shareholder investments and a decrease in dividend payments during the reporting period[75](index=75&type=chunk) Main Business by Product Analysis | By Product | Operating Revenue Year-on-year Change (%) | Operating Cost Year-on-year Change (%) | Gross Margin Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Integrated Wardrobe | -14.38 | -11.47 | Decrease by 2.09 percentage points | | Cabinets | 17.16 | 23.18 | Decrease by 3.80 percentage points | | Wooden Doors | -0.60 | 2.07 | Decrease by 2.02 percentage points | | Finished Accessories | -31.17 | -32.93 | Increase by 2.13 percentage points | - Gross margin in the South China region decreased by **10.96 percentage points** compared to the prior year period, mainly due to the concentration of lower-gross-margin bulk business in the South China region[78](index=78&type=chunk) - Overseas gross margin increased by **7.26 percentage points** compared to the prior year period, mainly due to the gradual maturity of the business model and expansion of scale[78](index=78&type=chunk) - Bulk business operating revenue increased by **41.08%** year-on-year, and operating cost increased by **45.50%** year-on-year, mainly due to an increase in completion and acceptance of real estate engineering projects[79](index=79&type=chunk) [Analysis of Assets and Liabilities](index=22&type=section&id=%E4%B8%89%E3%80%81%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and total liabilities both decreased, monetary funds decreased, prepayments and other current assets significantly increased, short-term borrowings were cleared, and contract liabilities decreased. Overseas assets accounted for a low proportion of total assets Asset and Liability Status Changes | Item Name | Current Period End (RMB) | Prior Year End (RMB) | Current Period End vs. Prior Year End Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 285,050,838.62 | 487,556,362.76 | -41.53 | | Prepayments | 27,790,193.68 | 8,084,271.65 | 243.76 | | Other Current Assets | 19,470,145.54 | 7,198,471.61 | 170.48 | | Construction in Progress | 15,847,175.99 | 5,358,702.27 | 195.73 | | Short-term Borrowings | - | 207,810.62 | -100.00 | | Contract Liabilities | 287,597,113.50 | 485,273,620.40 | -40.74 | | Taxes Payable | 14,173,903.16 | 54,171,874.64 | -73.84 | | Other Current Liabilities | 77,444,000.57 | 49,454,678.43 | 56.60 | - Monetary funds decreased by **41.53%** compared to the prior year-end, mainly due to a decrease in net cash flow from operating activities during the reporting period[81](index=81&type=chunk) - Prepayments increased by **243.76%** compared to the prior year-end, mainly due to an increase in prepaid dealer service fees during the reporting period[81](index=81&type=chunk) - Short-term borrowings decreased by **100.00%** compared to the prior year-end, mainly due to the maturity of accounts receivable factoring with recourse during the reporting period[81](index=81&type=chunk) - Contract liabilities decreased by **40.74%** compared to the prior year-end, mainly due to a decrease in advance receipts for goods during the reporting period[81](index=81&type=chunk) - Overseas assets amounted to **RMB 6,492,908.43**, accounting for **0.14%** of total assets[83](index=83&type=chunk) [Analysis of Investment Status](index=24&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's external equity investments are primarily in subsidiaries. At the end of the reporting period, financial assets measured at fair value totaled RMB 1,591,490,985.62, including stocks, wealth management products, and large-denomination certificates of deposit, with purchases of wealth management products exceeding redemptions Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB) | Fair Value Change Gains/Losses for the Period (RMB) | Investment Income for the Period (RMB) | Purchases for the Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 5,998,525.55 | -1,625,997.80 | - | - | 4,372,527.75 | | Other (Equity Instrument Investments) | 83,700,364.52 | -388,821.38 | - | - | 83,311,543.14 | | Wealth Management Products | 1,251,105,132.42 | 762,660.10 | 9,728,797.49 | 50,000,000.00 | 1,300,808,419.72 | | Large-denomination Certificates of Deposit | 200,907,330.67 | - | 2,091,164.34 | - | 202,998,495.01 | | Total | 1,541,711,353.16 | -1,252,159.08 | 11,819,961.83 | 50,000,000.00 | 1,591,490,985.62 | - Net cash flow from investing activities decreased by **232.21%**, mainly due to the amount of wealth management products purchased exceeding redemptions during the reporting period[75](index=75&type=chunk) [Analysis of Major Holding and Participating Companies](index=26&type=section&id=%E5%85%AD%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company's main subsidiaries include furniture manufacturing enterprises like Huizhou, Guangzhou Conghua, and Hubei Holike, and furniture sales enterprises like Ningde Holike. During the reporting period, the company established new entities in Changsha, Shanghai, Suzhou, Huizhou, and Guangzhou Hemi Technology, but these did not significantly impact overall production, operations, or performance Major Subsidiary Information | Company Name | Company Type | Main Business | Registered Capital (RMB 10,000) | Total Assets (RMB 10,000) | Net Assets (RMB 10,000) | Operating Revenue (RMB 10,000) | Operating Profit (RMB 10,000) | Net Profit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huizhou Holike Integrated Home Furnishings Co., Ltd. | Subsidiary | Furniture Manufacturing | 19,800.00 | 52,954.38 | 42,788.61 | 15,034.54 | -537.22 | -342.38 | | Guangzhou Conghua Holike Home Furnishings Co., Ltd. | Subsidiary | Furniture Manufacturing | 30,000.00 | 75,635.11 | 64,654.85 | 23,773.84 | 2,030.64 | 1,848.21 | | Hubei Holike Creative Home Furnishings Co., Ltd. | Subsidiary | Furniture Manufacturing | 50,000.00 | 135,540.66 | 120,105.47 | 23,060.09 | 4,530.11 | 3,881.18 | | Guangzhou Holike Integrated Home Furnishings Co., Ltd. | Subsidiary | Furniture Manufacturing | 2,000.00 | 66,632.10 | -1,282.58 | 56,842.38 | -1,091.50 | -820.84 | | Ningde Holike Creative Home Furnishings Co., Ltd. | Subsidiary | Furniture Sales | 500.00 | 6,551.14 | 949.84 | 16,783.28 | 845.62 | 634.03 | - During the reporting period, Changsha Holike Creative Home Furnishings Co., Ltd., Shanghai Haohaolike Home Furnishings Co., Ltd., Suzhou Holike Engineering Services Co., Ltd., Huizhou Holike Home Furnishings Co., Ltd., and Guangzhou Hemi Technology Co., Ltd. were newly established, which did not have a significant impact on overall production, operations, and performance[88](index=88&type=chunk) [Potential Risks](index=27&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces multiple risks including market changes, intensified competition and potential price wars, raw material price fluctuations, seasonality, operational management, and overcapacity, and has formulated corresponding countermeasures such as strengthening brand promotion, optimizing the supply chain, and improving operational efficiency - The company faces market change risk, as pressure from real estate market adjustments may be transmitted to the downstream custom home furnishing industry[88](index=88&type=chunk) - The company faces risks of intensified market competition and potential price wars, as industry competition will shift from product price to a composite level encompassing brand, network, service, talent, management, and scale[90](index=90&type=chunk) - The company faces raw material price fluctuation risk, as direct materials account for a high proportion of main business costs, and price changes will significantly impact operating performance and profitability[91](index=91&type=chunk) - The company faces seasonal fluctuation risk, as the peak sales season for industry products is generally in the second half of the year[92](index=92&type=chunk) - The company faces operational management risk, as the multi-regional industrial base layout, introduction of new product categories, and rapid expansion of operating regions and covered channels significantly increase the complexity of operational management[93](index=93&type=chunk) - The company faces overcapacity risk; if capacity increases too quickly and cannot be met by market demand to absorb existing and new capacity, it may adversely affect the company's operations[94](index=94&type=chunk) [Other Disclosure Matters](index=28&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively responds to the "Quality Improvement, Efficiency Enhancement, and Return" action plan by focusing on its main business, continuous cash dividends, innovation-driven development, improving information disclosure quality, facilitating investor communication, optimizing corporate governance, fulfilling social responsibilities, and strengthening the accountability of "key minorities" - The company focuses on its main business, specializing in the whole-house custom field, achieving operating revenue of **RMB 1.91 billion** in 2024, a year-on-year decrease of **15.69%**[96](index=96&type=chunk) - The company highly values reasonable returns for investors; on May 20, 2025, it approved the 2024 annual profit distribution plan to distribute a cash dividend of **RMB 0.78** (tax inclusive) per 10 shares to all shareholders based on a total share capital of **311,284,713 shares**, totaling **RMB 24,280,207.61**, representing **30.15%** of the company's 2024 net profit attributable to shareholders of the listed company[97](index=97&type=chunk) - The company drives development through innovation, with total R&D investment of **RMB 97.3257 million** in 2024, accounting for **5.10%** of operating revenue[98](index=98&type=chunk) - The company's information disclosure work evaluation result for 2023-2024 was A[100](index=100&type=chunk) - The company strengthens investor relations management through various forms such as performance briefings, investor surveys, and the SSE e-interaction platform[101](index=101&type=chunk) - The company revised its "Independent Director Work System" and "Related Party Transaction Decision Management System" and formulated a new "Accounting Firm Selection System," further improving its standardized operation level[103](index=103&type=chunk) - The company released its first ESG report and second sustainable development report, adhering to the philosophy of "adhering to original ecological environmental protection and building a green and healthy living environment," actively fulfilling social responsibilities[104](index=104&type=chunk) - The company strengthens the accountability of "key minorities," continuously optimizing the compensation and incentive system for directors, supervisors, and senior management, and actively organizing training for them to enhance their understanding of securities market laws and regulations[105](index=105&type=chunk) Corporate Governance, Environment, and Society [Profit Distribution or Capital Reserve Conversion Plan](index=32&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company will not carry out profit distribution or capital reserve conversion for the first half of 2025 - The company will not carry out profit distribution or capital reserve conversion for the first half of 2025[108](index=108&type=chunk) [Equity Incentive and Employee Stock Ownership Plan](index=32&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company's 2023 employee stock ownership plan's first unlocking period performance target was not met, resulting in the corresponding shares not being unlocked, with rights deferred to the second unlocking period - The company-level performance assessment for the first unlocking period of the company's 2023 employee stock ownership plan was not met, so the corresponding target shares cannot be unlocked[111](index=111&type=chunk) - The rights to the unlocked target shares will be deferred to the second unlocking period, and the company-level unlocking coefficient will be determined based on the achievement of the second unlocking period's performance assessment[111](index=111&type=chunk) - If, based on the achievement of the second unlocking period's performance assessment, not all shares are unlocked, the rights to the target shares that cannot be unlocked by the holders will be recovered by the management committee and returned to the holders at the lower of the capital contribution plus interest at the People's Bank of China's同期存款利息 rate or the sale amount[112](index=112&type=chunk) Significant Matters [Fulfillment of Commitments](index=35&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company and its actual controllers, directors, and senior management strictly fulfilled all commitments during the reporting period, including share lock-ups, prospectus authenticity, avoiding horizontal competition, standardizing related-party transactions, supplementary social security and housing fund payments, and measures to offset dilution of immediate returns - Chairman Shen Hanbiao committed that during his tenure as a director, supervisor, or senior manager of the issuer, he would not transfer more than **25%** of his total shares in the issuer annually; within six months after leaving office, he would not transfer any shares held in the issuer[114](index=114&type=chunk) - The company committed that if the prospectus contains any false records, misleading statements, or major omissions, it will repurchase all newly issued shares in the initial public offering and compensate investors for losses in accordance with the law[114](index=114&type=chunk)[115](index=115&type=chunk) - Actual controllers Shen Hanbiao and Wang Miaoyu committed to avoid horizontal competition and minimize related-party transactions with the company, ensuring fairness, justice, and impartiality for unavoidable related-party transactions[115](index=115&type=chunk)[116](index=116&type=chunk) - The controlling shareholder, actual controllers, directors, and senior management committed not to unduly interfere with the company's operations, not to infringe upon company interests, and to constrain their daily job-related consumption, ensuring that the compensation system is linked to the implementation of the company's measures to offset the dilution of immediate returns[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - All commitments were strictly fulfilled during the reporting period[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) [Significant Related-Party Transactions](index=41&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in ordinary related-party transactions with Holike Technology Group and its subsidiaries, including product procurement, sales, and property leasing, and co-invested with Fengzhushou and Holike to establish Hemi Technology Ordinary Related-Party Transactions | Related Party | Related Transaction Type | Amount Incurred This Period (RMB 10,000) | Approved Transaction Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Holike | Procurement of Products and Services from Related Party | 80.96 | 1500.00 | | Holike | Sales of Products and Services to Related Party | 54.64 | 1500.00 | | Holike | Lease of Property from Related Party | 48.48 | 380.44 | - The company, Fengzhushou Co., Ltd., and Guangdong Holike Technology Group Co., Ltd. jointly invested to establish Guangzhou Hemi Technology Co., Ltd[124](index=124&type=chunk) Share Changes and Shareholder Information [Share Capital Changes](index=45&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital increased by 1,889 shares to 311,286,357 shares due to "Holike Convertible Bonds" conversion, all of which are unrestricted tradable shares Share Change Table | | Quantity Before This Change | Proportion Before This Change (%) | Increase/Decrease in This Change (+,-) Subtotal | Quantity After This Change | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Tradable Shares | 311,284,468 | 100.00 | 1,889 | 311,286,357 | 100.00 | | III. Total Shares | 311,284,468 | 100.00 | 1,889 | 311,286,357 | 100.00 | - During the reporting period, a total of **RMB 21,000** of "Holike Convertible Bonds" were converted into company shares, resulting in a cumulative conversion of **1,889 shares**, increasing the company's total share capital to **311,286,357 shares**, all of which are unrestricted tradable shares[129](index=129&type=chunk) [Shareholder Information](index=46&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 8,828 common shareholders. Among the top ten shareholders, Shen Hanbiao and Wang Miaoyu are the actual controllers, holding a combined 67.09% of shares. The company's 2023 employee stock ownership plan holds 3.57% of shares - As of the end of the reporting period, the total number of common shareholders was **8,828**[131](index=131&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shen Hanbiao | 128,047,861 | 41.14 | Domestic Natural Person | | Wang Miaoyu | 80,766,000 | 25.95 | Domestic Natural Person | | Guangzhou Holike Creative Home Furnishings Co., Ltd. – 2023 Employee Stock Ownership Plan | 11,115,580 | 3.57 | Other | - The top ten shareholders and the top ten unrestricted shareholders, Shen Hanbiao and Wang Miaoyu, are the company's actual controllers and act in concert[134](index=134&type=chunk) Bond-Related Information [Convertible Corporate Bonds](index=49&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company issued "Holike Convertible Bonds" totaling RMB 630 million, with a 6-year term and a conversion period until July 31, 2025. During the reporting period, RMB 21,000 of "Holike Convertible Bonds" were converted into company shares. The unconverted amount at period-end was RMB 602,582,000, representing 95.6479% of the total issuance. The conversion price has been adjusted multiple times, with the latest being RMB 10.92 per share - The company publicly issued **6.3 million** convertible corporate bonds on August 1, 2019, each with a face value of **RMB 100**, totaling **RMB 630 million**, with a term of **6 years**. The bond abbreviation is "Holike Convertible Bonds," and the bond code is "113542"[137](index=137&type=chunk) - The conversion period for "Holike Convertible Bonds" is from February 12, 2020, to July 31, 2025[137](index=137&type=chunk) Cumulative Convertible Bond Conversion for the Reporting Period | Indicator | Amount/Quantity | | :--- | :--- | | Conversion Amount for the Reporting Period (RMB) | 21,000 | | Conversion Shares for the Reporting Period (shares) | 1,889 | | Cumulative Conversion Shares (shares) | 1,685,671 | | Unconverted Bond Amount (RMB) | 602,582,000 | | Proportion of Unconverted Bonds to Total Issuance (%) | 95.6479 | - As of the end of this reporting period, the latest conversion price is **RMB 10.92/share**, having undergone multiple adjustments due to equity distributions and downward revision clauses[143](index=143&type=chunk) - According to the report issued by China Chengxin International Credit Rating Co., Ltd., the credit rating of Holike Convertible Bonds remains AA, and the company's long-term corporate credit rating remains AA, with a stable outlook[144](index=144&type=chunk) - "Holike Convertible Bonds" matured on July 31, 2025, and the redemption funds were fully disbursed on August 1, 2025[145](index=145&type=chunk) Financial Report [Consolidated Balance Sheet](index=52&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were RMB 4,519,319,264.15, a 5.03% decrease from the end of the previous year; consolidated total liabilities were RMB 1,370,030,797.78, a 15.99% decrease; and net assets attributable to shareholders of the listed company were RMB 3,133,890,700.79, a slight increase of 0.22% Consolidated Balance Sheet Key Data | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,519,319,264.15 | 4,758,594,752.94 | -5.03 | | Total Liabilities | 1,370,030,797.78 | 1,630,891,289.41 | -15.99 | | Net Assets Attributable to Shareholders of the Listed Company | 3,133,890,700.79 | 3,126,897,104.44 | 0.22 | [Consolidated Income Statement](index=56&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the company's consolidated total operating revenue was RMB 830,199,573.23, a 10.09% year-on-year decrease; total profit was RMB 20,917,929.48, a 52.36% year-on-year decrease; and net profit attributable to parent company shareholders was RMB 24,624,521.81, a 45.12% year-on-year decrease Consolidated Income Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 830,199,573.23 | 923,373,107.93 | | Total Profit | 20,917,929.48 | 43,906,997.39 | | Net Profit Attributable to Parent Company Shareholders | 24,624,521.81 | 44,865,971.46 | [Consolidated Cash Flow Statement](index=59&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the company's net cash flow from operating activities was RMB -128,595,970.55, a 149.48% year-on-year decrease; net cash flow from investing activities was RMB -59,644,619.01, a 232.21% year-on-year decrease; and net cash flow from financing activities was RMB -14,354,217.69, a 79.21% year-on-year increase Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -128,595,970.55 | -51,545,758.46 | | Net Cash Flow from Investing Activities | -59,644,619.01 | 45,112,857.38 | | Net Cash Flow from Financing Activities | -14,354,217.69 | -69,053,602.53 | [Consolidated Statement of Changes in Equity](index=63&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the company's consolidated total owners' equity was RMB 3,149,288,466.37, an increase of RMB 21,585,002.84 from the beginning of the period, mainly due to increased net profit attributable to parent company shareholders and inflow of minority shareholder investments - As of June 30, 2025, consolidated total owners' equity was **RMB 3,149,288,466.37**, an increase of **RMB 21,585,002.84** from the beginning of the period[167](index=167&type=chunk) - The change in amount for this period primarily includes total comprehensive income of **RMB 22,557,169.19**, capital contributed and reduced by owners of **RMB 23,308,041.26**, and profit distribution of **RMB -24,280,207.61**[166](index=166&type=chunk) [Company Overview](index=71&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Details the company's history, registration, organizational form, headquarters, business nature, and main operating activities, also disclosing the approver and date of the financial report. Since its establishment in 2007, the company's total share capital has increased to 311,286,357 shares through multiple capital changes and convertible bond conversions - Guangzhou Holike Creative Home Furnishings Co., Ltd. was formerly Guangzhou Holike Furniture Co., Ltd., registered and established on April 9, 2007[175](index=175&type=chunk) - The company was listed on the Shanghai Stock Exchange on February 17, 2015[176](index=176&type=chunk) - As of June 30, 2025, the company's cumulative issued share capital totaled **311,286,357 shares**, with a registered capital of **RMB 311,286,357.00**[186](index=186&type=chunk) - The company's industry is wooden furniture manufacturing, with a wide range of business activities including furniture manufacturing, sales, installation services, professional design, and software development[188](index=188&type=chunk) - This financial report was approved for external release by the company's board of directors on August 25, 2025[190](index=190&type=chunk) [Basis of Financial Statement Preparation](index=74&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company prepares its financial statements on a going concern basis, adhering to Enterprise Accounting Standards and relevant CSRC regulations, and confirms its ability to continue as a going concern for at least 12 months - The company prepares its financial statements on a going concern basis, in accordance with actual transactions and events, and in compliance with the "Enterprise Accounting Standards" and the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports" (Revised 2023)[192](index=192&type=chunk) - The company possesses the ability to continue as a going concern for at least **12 months** from the end of this reporting period, with no significant matters affecting its going concern ability[193](index=193&type=chunk) [Significant Accounting Policies and Estimates](index=74&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for items such as impairment provisions for receivables, depreciation of fixed assets, amortization of intangible assets, and revenue recognition, and discloses the impact of accounting policy changes, including the implementation of "Interpretation No. 17" and "Interpretation No. 18" of Enterprise Accounting Standards - The company has formulated specific accounting policies and estimates for transactions or events such as impairment provisions for receivables, depreciation of fixed assets, amortization of intangible assets, amortization of long-term deferred expenses, and revenue recognition, based on its actual production and operating characteristics[194](index=194&type=chunk) - The company has implemented the provisions of "Interpretation No. 17 of Enterprise Accounting Standards" since January 1, 2024, regarding the classification of current and non-current liabilities, disclosure of supplier financing arrangements, and accounting treatment of sale-and-leaseback transactions, with no significant impact on the company's financial statements for the current period[295](index=295&type=chunk) - The company implemented the provisions of "Interpretation No. 18 of Enterprise Accounting Standards" since December 6, 2024, and retrospectively adjusted the accounting subjects and financial statement presentation items involved in the accounting treatment of guarantee-type quality assurance[296](index=296&type=chunk)[297](index=297&type=chunk)[298](index=298&type=chunk) [Taxation](index=104&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, education surcharges, local education surcharges, and corporate income tax. Several subsidiaries enjoy a 15% income tax preferential rate as high-tech enterprises or a 20% rate as small low-profit enterprises, with some also benefiting from VAT input tax deduction or a 1% VAT collection rate Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value-added amount generated during sales of goods or provision of taxable services | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of VAT payable | 5%, 7% | | Education Surcharge | Amount of VAT payable | 3% | | Local Education Surcharge | Amount of VAT payable | 2% | | Corporate Income Tax | Taxable income | 8.25%, 15%, 20%, 25% | - Huizhou Holike, Guangzhou Conghua Holike, Hubei Holike, and other subsidiaries are recognized as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**[301](index=301&type=chunk)[302](index=302&type=chunk) - Hubei DeYiSha Doors and Windows and several other subsidiaries are small low-profit enterprises, subject to a **20%** corporate income tax rate and enjoying a **50%** reduction in six taxes and two fees[303](index=303&type=chunk) - Huizhou Holike, Guangzhou Conghua Holike, Hubei Holike, and other subsidiaries meet the criteria for advanced manufacturing enterprises, and their VAT is eligible for an additional **5%** deduction from the current period's deductible input VAT[303](index=303&type=chunk) - Guangzhou Hemi Technology Co., Ltd. meets the criteria for small-scale taxpayers, and its VAT is subject to a **1%** collection rate[304](index=304&type=chunk) [Notes to Consolidated Financial Statement Items](index=106&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed disclosures of the period-end balances, beginning-of-period balances, and changes for each item in the consolidated financial statements, covering a wide range of assets, liabilities, equity, income, expenses, and cash flow items - The period-end balance of monetary funds is **RMB 285,050,838.62**, of which the total amount deposited overseas is **RMB 2,120,380.68**[306](index=306&type=chunk) - The period-end balance of financial assets held for trading is **RMB 1,300,808,419.72**, primarily consisting of wealth management products[309](index=309&type=chunk) - The period-end carrying value of accounts receivable is **RMB 174,751,827.76**, of which the balance of accounts receivable for which impairment provisions are individually recognized is **RMB 35,060,352.75**[317](index=317&type=chunk) - The period-end carrying value of inventories is **RMB 266,345,625.80**, with inventory impairment provisions and contract cost impairment provisions totaling **RMB 9,995,473.21**[348](index=348&type=chunk) - Operating revenue for the current period was **RMB 830,199,573.23**, and operating cost was **RMB 558,866,426.44**[448](index=448&type=chunk) - Investment income for the current period was **RMB 9,210,329.32**, primarily from wealth management product investment income[462](index=462&type=chunk) [Research and Development Expenses](index=156&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenses were RMB 43,186,094.96, a 19.56% year-on-year decrease, primarily composed of employee compensation and material costs, all recognized as expensed R&D R&D Expense Composition | Item | Amount Incurred This Period (RMB) | Amount Incurred Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 26,617,986.21 | 25,714,204.96 | | Material Costs | 10,320,481.03 | 22,191,242.65 | | Depreciation and Amortization | 3,676,367.89 | 3,206,749.85 | | Share-Based Payment | 605,315.89 | 826,612.59 | | Other | 1,965,943.94 | 1,746,293.06 | | Total | 43,186,094.96 | 53,685,103.11 | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[501](index=501&type=chunk) [Changes in Consolidation Scope](index=157&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company established Changsha Holike Creative Home Furnishings Co., Ltd., Shanghai Haohaolike Home Furnishings Co., Ltd., Suzhou Holike Engineering Services Co., Ltd., Huizhou Holike Home Furnishings Co., Ltd., and Guangzhou Hemi Technology Co., Ltd., expanding its scope of consolidation Newly Added Subsidiaries During the Reporting Period | Name | Method of Equity Acquisition | Date of Equity Acquisition | Capital Contribution Amount (RMB) | Subscribed Capital Ratio | | :--- | :--- | :--- | :--- | :--- | | Changsha Holike Creative Home Furnishings Co., Ltd. | Establishment | 2025/1/13 | Not yet contributed | 100% | | Shanghai Haohaolike Home Furnishings Co., Ltd. | Establishment | 2025/1/15 | Not yet contributed | 100% | | Suzhou Holike Engineering Services Co., Ltd. | Establishment | 2025/1/20 | Not yet contributed | 100% | | Huizhou Holike Home Furnishings Co., Ltd. | Establishment | 2025/1/21 | Not yet contributed | 100% | | Guangzhou Hemi Technology Co., Ltd. | Establishment | 2025/3/13 | 15,000,000.00 | 50% | [Interests in Other Entities](index=159&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company owns several wholly-owned subsidiaries, such as Huizhou Holike and Guangzhou Conghua Holike, with businesses covering manufacturing and services. Additionally, the company holds a 30% equity stake in the associate Guangdong Haohao Real Estate Investment Co., Ltd. and interests in Beijing Chuangxiang Mingtian Technology Co., Ltd - The company owns wholly-owned subsidiaries such as Huizhou Holike Integrated Home Furnishings Co., Ltd., Guangzhou Conghua Holike Home Furnishings Co., Ltd., and Hubei Holike Creative Home Furnishings Co., Ltd., whose business nature is manufacturing[508](index=508&type=chunk) - The company holds a **30%** equity stake in the associate Guangdong Haohao Real Estate Investment Co., Ltd., and interests in Beijing Chuangxiang Mingtian Technology Co., Ltd[511](index=511&type=chunk)[514](index=514&type=chunk) - Guangdong Haohao Real Estate Investment Co., Ltd.'s total assets at period-end were **RMB 1,560,890,330.44**, and net assets attributable to parent company shareholders were **RMB 1,327,097,924.94**[510](index=510&type=chunk) [Government Grants](index=163&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, the company received total government grants of RMB 100,000.00, recognized as deferred income, with RMB 2,644,545.66 of asset-related government grants transferred to other income, and RMB 725,521.94 of income-related government grants recognized in current profit or loss Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (RMB) | New Grants This Period (RMB) | Amount Recognized in Other Income This Period (RMB) | Ending Balance (RMB) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 69,029,595.02 | 100,000.00 | 2,644,545.66 | 66,485,049.36 | Asset-related | Government Grants Recognized in Current Profit or Loss | Type | Amount Incurred This Period (RMB) | Amount Incurred Prior Period (RMB) | | :--- | :--- | :--- | | Asset-related | 2,644,545.66 | 2,803,001.66 | | Income-related | 725,521.94 | 520,587.86 | | Total | 3,370,067.60 | 3,323,589.52 | [Risks Related to Financial Instruments](index=163&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces credit risk, market risk (interest rate risk, foreign exchange risk), and liquidity risk. It manages these risks by depositing funds in highly-rated banks, monitoring customer credit, and formulating risk management policies. During the reporting period, the company transferred some financial assets through non-recourse accounts receivable factoring - The company's main financial instruments include monetary funds, accounts receivable and notes receivable, financial assets held for trading, other debt investments, accounts payable and other payables, short-term borrowings, and lease liabilities, facing credit risk, market risk, and liquidity risk[520](index=520&type=chunk) - Credit risk primarily arises from monetary funds, wealth management products within financial assets held for trading, and accounts receivable and notes receivable; the company manages this by depositing funds in commercial banks with higher credit ratings and closely monitoring customer credit[521](index=521&type=chunk)[522](index=522&type=chunk) - Market risk includes interest rate risk (primarily from bonds payable) and foreign exchange risk (the foreign exchange fluctuation market risk borne by the company is not significant)[523](index=523&type=chunk) - Liquidity risk is managed by monitoring cash balances and rolling forecasts of future **12-month** cash flows to ensure the company has sufficient funds to meet operational needs[524](index=524&type=chunk) - During this period, financial assets of **RMB 64,299,488.91** were transferred through non-recourse accounts receivable factoring and derecognized[528](index=528&type=chunk)[530](index=530&type=chunk) [Disclosure of Fair Value](index=166&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) As of the end of the period, the company's total assets measured at fair value on a recurring basis amounted to RMB 1,591,490,985.62, primarily including financial assets held for trading, other debt investments, and other equity instrument investments, with most being Level 3 fair value measurements Fair Value of Assets and Liabilities Measured at Period End | Item | Level 1 Fair Value Measurement (RMB) | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | 4,372,527.75 | 3,511,543.14 | 1,583,606,914.73 | 1,591,490,985.62 | | (I) Financial Assets Held for Trading | - | - | 1,300,808,419.72 | 1,300,808,419.72 | | (II) Other Debt Investments | - | - | 202,998,495.01 | 202,998,495.01 | | (III) Other Equity Instrument Investments | 4,372,527.75 | - | 79,800,000.00 | 84,172,527.75 | | (VI) Other Non-current Financial Assets | - | 3,511,543.14 | - | 3,511,543.14 | - Level 3 fair value measurement items are primarily based on forecasts of the investee company's operating conditions, discount rates, liquidity discounts, price-to-earnings ratios, price-to-sales ratios, etc., to confirm fair value changes[536](index=536&type=chunk) [Related Parties and Related-Party Transactions](index=168&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling parties are Shen Hanbiao and Wang Miaoyu. During the reporting period, the company engaged in ordinary related-party transactions with associated parties (e.g., Guangdong Holike Technology Group and its subsidiaries), including product procurement, sales, service provision, and property leasing, and disclosed key management personnel compensation - The ultimate controlling parties of the company are Shen Hanbiao and Wang Miaoyu (Shen Hanbiao and Wang Miaoyu are a married couple)[537](index=537&type=chunk) - The company procured software development from Beijing Chuangxiang Mingtian Technology Co., Ltd., with an amount of **RMB 130,811.32** incurred in the current period[542](index=542&type=chunk) - The company procured goods from Guangdong Holike Home Furnishings Co., Ltd., with an amount of **RMB 809,645.11** incurred in the current period[542](index=542&type=chunk) - The company sold goods and provided installation services to Guangdong Holike Technology Group Co., Ltd., with a total amount of **RMB 546,438.69** incurred in the current period[543](index=543&type=chunk) - As a lessee, the company leased property from Guangdong Holike Technology Group Co., Ltd., paying **RMB 596,993.63** in rent during the current period[546](index=546&type=chunk) - Key management personnel compensation for the current period was **RMB 3.1242 million**[548](index=548&type=chunk) [Share-Based Payment](index=173&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company's 2023 employee stock ownership plan involved 11,115,580 A-shares. During the reporting period, 275,000 shares were newly granted, and 735,000 shares lapsed. Equity-settled share-based payment expenses for the period amounted to RMB 8,285,246.12 - The company's 2023 employee stock ownership plan involved **11,115,580** of the company's A-shares, which have all been non-transactionally transferred to the employee stock ownership plan account at a transfer price of **RMB 5.52/share**[554](index=554&type=chunk)[555](index=555&type=chunk) Equity Instruments Granted and Lapsed This Period | Category of Grantee | Number Granted This Period (shares) | Amount Granted This Period (RMB) | Number Lapsed This Period (shares) | Amount Lapsed This Period (RMB) | | :--- | :--- | :--- | :--- | :--- | | Sales Personnel | 205,000.00 | 1,131,600.00 | 530,000.00 | 2,925,600.00 | | Management Personnel | 40,000.00 | 220,800.00 | 185,000.00 | 1,021,200.00 | | R&D Personnel | 30,000.00 | 165,600.00 | 20,000.00 | 110,400.00 | | Total | 275,000.00 | 1,518,000.00 | 735,000.00 | 4,057,200.00 | - Equity-settled share-based payment expenses for the current period amounted to **RMB 8,285,246.12**[559](index=559&type=chunk) [Commitments and Contingencies](index=174&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the balance sheet date, the company had outstanding advertising contract commitments of RMB 6,250,000.00 and unexpired guarantees issued totaling RMB 16,086,324.24 - As of the end of the period, the company had signed advertising contracts that are ongoing or pending fulfillment, totaling **RMB 6,250,000.00**[561](index=561&type=chunk) - As of June 30, 2025, the company had issued unexpired guarantees totaling **RMB 16,086,324.24**[564](index=564&type=chunk) [Events After the Balance Sheet Date](index=175&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) There are no significant non-adjusting events, profit distribution, or sales returns requiring disclosure after the reporting period - The company has no significant non-adjusting events, profit distribution, or sales returns requiring disclosure[564](index=564&type=chunk)[565](index=565&type=chunk) [Other Significant Matters](index=175&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company's main business is singular, and management treats the whole-house custom home furnishing business as a single segment for management purposes, thus no segment information is presented - The company primarily engages in the design, R&D, production, and sales of panel-based whole-house custom home furnishings and related furniture, providing consumers with integrated whole-house custom home furnishing solutions[565](index=565&type=chunk) - Given the company's singular main business, management treats this business as a single segment for management and performance evaluation purposes, thus no segment information is required[565](index=565&type=chunk) [Notes to Parent Company Financial Statement Items](index=176&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed disclosures of the period-end balances, beginning-of-period balances, and changes for each item in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - The parent company's accounts receivable period-end book balance is **RMB 282,195,281.52**, with an impairment provision of **RMB 47,670,102.01**[570](index=570&type=chunk) - The parent company's other receivables period-end book balance is **RMB 17,941,491.70**, with an impairment provision of **RMB 9,628,588.24**[586](index=586&type=chunk)[590](index=590&type=chunk) - The parent company's long-term equity investments period-end carrying value is **RMB 2,221,883,195.27**, including investments in subsidiaries and investments in associates and joint ventures[597](index=597&type=chunk) - The parent company's operating revenue for the current period was **RMB 478,173,511.47**, and operating cost was **RMB 434,259,825.78**[602](index=602&type=chunk) - The parent company's investment income for the current period was **RMB 5,964,217.56**, primarily from wealth management product investment income[606](index=606&type=chunk) [Supplementary Information](index=188&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary information including a detailed statement of non-recurring gains and losses, return on net assets, and earnings per share. Total non-recurring gains and losses for the period were RMB 10,719,345.15, weighted average return on net assets was 0.78%, and basic earnings per share was RMB 0.08 Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -425,603.59 | | Government grants recognized in current profit or loss | 2,203,278.11 | | Gains and losses from fair value changes and disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations of non-financial enterprises | 373,838.72 | | Fund occupation fees received from non-financial enterprises recognized in current profit or loss | 218,342.44 | | Gains and losses from entrusted investments or asset management | 11,819,961.83 | | Reversal of impairment provisions for individually tested receivables | 78,128.12 | | Other non-operating income and expenses apart from the above items | -555,616.86 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 166,314.21 | | Less: Income tax impact | 3,159,297.83 | | Total | 10,719,345.15 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (RMB) | Diluted Earnings Per Share (RMB) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 0.78 | 0.08 | 0.07 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 0.44 | 0.04 | 0.04 |

好莱客公告，2025年上半年营业收入8.3亿元，同比下降10.09%。净利润2462.45万元，同比下降 45.12%。 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market activity of Guangzhou Holike Creative Home Co., Ltd. as of August 25, 2025, showing a stock price increase and significant changes in revenue and profit metrics [1][3] - As of the latest quarterly report, the company reported total revenue of 391 million yuan, a year-on-year decrease of 3.03%, and a net profit attributable to shareholders of 2.2 million yuan, down 82.60% year-on-year [1] - The company's liquidity ratios are reported as a current ratio of 1.593 and a quick ratio of 1.401, with a debt-to-asset ratio of 31.58% [1] Group 2 - The company has made investments in 17 enterprises and has participated in 116 bidding projects, indicating active engagement in business expansion [2] - Holike holds a significant number of intellectual property rights, including 373 trademark registrations and 259 patents, along with 70 administrative licenses [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The A-share market is currently experiencing a valuation recovery. Measures such as large-scale equipment upgrades and consumer goods trade-ins are expected to boost domestic demand, while export growth may decline. A weak resonance between the domestic economic fundamentals and capital flows is expected to gradually emerge [30]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is not expected to be high. As the stock market recovers, the inflow of incremental funds into convertible bonds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. In terms of terms and conditions, it is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. - Industries worthy of attention include popular themes such as AI computing power, humanoid robots, intelligent driving, low-altitude economy, data elements, and satellite Internet of Things; repair opportunities in low-position science and technology growth sectors such as semiconductors and innovative drugs; pro-cyclical and domestic demand sectors such as real estate, chemicals, and consumer electronics whose prosperity is gradually recovering; industries with both export advantages and domestic demand growth potential such as automobiles, home appliances, and engineering machinery; central state-owned enterprises represented by "China-headquartered" companies, the "Belt and Road" theme, and high-dividend sectors such as public utilities, petrochemicals, and precious metals under the Chinese characteristic valuation system; and the military industry driven by the resonance of hedging demand and industrial demand cycles [31]. 3. Summary by Relevant Catalogs 3.1. Convertible Bond Weekly Special and Outlook 3.1.1. The "Diverse States" of Near-Maturity Convertible Bonds - As of August 22, 2025, 82 convertible bonds have been delisted this year, including 20 that have reached maturity. Among the matured and delisted convertible bonds, 6 have an actual maturity payment ratio of less than 1%, 3 have a payment ratio of over 90% (Nuclear Construction Convertible Bond, Haoke Convertible Bond, and Intelligent Convertible Bond), and the rest have a maturity payment ratio concentrated between 20% - 60% [10]. - The paths of promoting conversion and maturity payment of convertible bonds that have reached maturity this year vary. For example, the issuance amount of CITIC Convertible Bond is 40 billion yuan, but the final payment ratio is less than 1%. Its methods of promoting conversion are diverse, including the controlling shareholder's premium conversion and conversion during periods of negative premium rate due to the positive stock's "abnormal movement." Since December 2024, with the continuous rise of bank stocks, the conversion value of CITIC Convertible Bond has been significantly higher than the maturity value, accelerating the conversion process [13][14]. - In contrast, the Nuclear Construction Convertible Bond, a large central enterprise convertible bond, has a maturity payment ratio as high as 99.27%. The company's main business has a stable profit margin, and it has a relatively weak willingness to promote conversion, resulting in a smooth maturity payment [19]. - Most private enterprise convertible bonds (11 out of 18) have proposed to lower the conversion price during their tenure. However, due to factors such as weak performance and poor stock price performance of the underlying stocks, large-scale conversion has not been achieved. For example, Dafeng Convertible Bond achieved a large-scale conversion through a high negative premium rate before maturity, alleviating the payment pressure to some extent [21]. - As of August 22, there are still 14 convertible bonds approaching maturity this year. Some companies have a strong willingness to promote conversion, such as Jinneng Convertible Bond, which recently lowered its conversion price. It is recommended to analyze the company's willingness to promote conversion based on factors such as company attributes, debt repayment pressure, and research and communication, and pay attention to negative premium rate conversion and lower revision games during the conversion promotion process [28]. 3.1.2. Weekly Review and Market Outlook - This week, the A-share market showed an overall upward trend with active trading, and technology sectors led the market. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all rose to varying degrees, with the ChiNext Index performing particularly well. Sectors such as communication, comprehensive, and computer led the gains, while real estate and petrochemical sectors declined slightly [29]. - In the convertible bond market, considering the impact of refinancing policies, the subsequent issuance pressure is not expected to be high. As the stock market recovers, the inflow of incremental funds has driven the valuation to a relatively high level in history. Attention should be paid to the risk of valuation correction. It is recommended to continue to focus on the space for lower revision games, be vigilant against the risk of early redemption, and appropriately pay attention to short-term game opportunities for near-maturity convertible bonds [31]. 3.2. Weekly Tracking of the Convertible Bond Market 3.2.1. The Equity Market Rose, with Communication, Electronics, and Comprehensive Sectors Leading - This week, major equity market indices rose. The Wind All A Index rose 3.87%, the Shanghai Composite Index rose 3.49%, the Shenzhen Component Index rose 4.57%, and the ChiNext Index rose 5.85%. The market style was more inclined towards large-cap growth stocks. Among small-cap indices, the CSI 1000 Index rose 3.45%, and the STAR 50 Index rose 13.31% [35]. - All 31 Shenwan industry indices rose this week, with communication, electronics, and comprehensive sectors leading the market with increases of 10.84%, 8.95%, and 8.25% respectively [38]. 3.2.2. The Convertible Bond Market Rose Significantly, and the Median of the 100-yuan Premium Rate Increased - This week, the convertible bond market rose. The CSI Convertible Bond Index rose 2.83%, the Shanghai Convertible Bond Index rose 2.77%, the Shenzhen Convertible Bond Index rose 2.96%, the Wind Convertible Bond Equal-Weighted Index rose 3.20%, and the Wind Convertible Bond Weighted Index rose 2.86%. The average daily trading volume of convertible bonds increased, with an average daily trading volume of 94.06 billion yuan, an increase of 0.975 billion yuan compared to last week, and a total weekly trading volume of 470.3 billion yuan [40]. - At the industry level of convertible bonds, 29 industries rose, with the social services, beauty care, and computer industries ranking among the top three in terms of gains, with increases of 9.16%, 7.01%, and 5.28% respectively. At the corresponding underlying stock level, 26 industries rose, and 3 industries fell. The computer, electronics, and food and beverage industries led the gains, with increases of 10.14%, 8.92%, and 7.29% respectively [43]. - Most individual convertible bonds rose this week (414 out of 450). After excluding the closing data of newly listed convertible bonds, the top five convertible bonds in terms of weekly gains were Dongshi Convertible Bond (social services, 90.12%), Jintong Convertible Bond (non-ferrous metals, 22.92%), Huayi Convertible Bond (pharmaceutical biology, 19.84%), Weice Convertible Bond (electronics, 18.48%), and Dongjie Convertible Bond (machinery and equipment, 17.05%). The top five in terms of weekly trading volume were Outong Convertible Bond (power equipment, 23.791 billion yuan), Dayuan Convertible Bond (machinery and equipment, 23.686 billion yuan), Saili Convertible Bond (pharmaceutical biology, 12.55 billion yuan), Dongjie Convertible Bond (machinery and equipment, 12.492 billion yuan), and Huahong Convertible Bond (environmental protection, 11.35 billion yuan) [45]. - In terms of price, the number of absolute low-price convertible bonds decreased, and the median price of convertible bonds increased significantly. The number of convertible bonds with an absolute price of less than 110 yuan decreased by 3 compared to last week, the number in the 110 - 130 yuan range decreased by 40, the number in the 130 - 150 yuan range increased by 17, the number in the 150 - 200 yuan range increased by 14, and the number of those with a price greater than 200 yuan increased by 6. As of this Friday, the median price of the entire market's convertible bonds closed at 135.19 yuan, an increase of 3.03 yuan compared to last weekend [47]. - This week, the weighted conversion value of the entire market increased, and the premium rate decreased. The weighted average conversion value of the entire market based on the remaining bond balance was 102.18 yuan, an increase of 3.03 yuan compared to last weekend. The weighted conversion premium rate of the entire market was 40.64%, a decrease of 1.05 percentage points compared to last weekend. The 100-yuan parity premium rate (weighted average) was 29.42%, an increase of 4.92 percentage points compared to last weekend, and the median was 33.05%, an increase of 2.50 percentage points compared to last weekend. Currently, the 100-yuan parity premium rate is above the 50th percentile since 2017. The median implied volatility of the entire market was 41.78%, an increase of 3.91 percentage points compared to last weekend, and the pure bond premium rate of debt-biased convertible bonds was 14.50%, an increase of 3.55 percentage points compared to last weekend [51]. 3.2.3. High-Frequency Tracking of Different Types of Convertible Bonds 3.2.3.1. Classification Valuation Changes - This week, the valuation of balanced convertible bonds slightly declined, while that of equity-biased convertible bonds increased significantly. The valuation of convertible bonds with a parity of 110 - 120 yuan decreased, while the valuation of other parity convertible bonds increased, with those in the 0 - 80 yuan and 100 - 110 yuan ranges increasing more significantly. The valuation of AAA, A+, and A and below convertible bonds increased, while that of AA+, AA, and AA- convertible bonds decreased. The valuation of small-cap and small - medium-cap convertible bonds increased, while that of medium-cap and large-cap convertible bonds decreased [59]. - Since the beginning of 2024, the conversion premium rates of equity-biased and balanced convertible bonds have both rebounded from their lows. As of this Friday, the conversion premium rate of equity-biased convertible bonds is above the 35th percentile since 2017, and that of balanced convertible bonds is below the 50th percentile since 2017 [59]. 3.2.3.2. Market Index Performance - This week, all convertible bonds of different ratings rose. AAA convertible bonds rose 1.77%, AA+ convertible bonds rose 3.57%, AA convertible bonds rose 3.67%, AA- convertible bonds rose 2.69%, A+ convertible bonds rose 3.67%, and A and below convertible bonds rose 2.55%. Since 2023, AAA convertible bonds have recorded a 22.35% return, AA+ convertible bonds 15.24%, AA convertible bonds 21.33%, AA- convertible bonds 29.60%, A+ convertible bonds 32.92%, and A and below convertible bonds 34.83%. Historically, high-rated AAA convertible bonds have shown stable performance, while low-rated convertible bonds have shown weaker downside resistance and greater rebound strength [74]. - This week, all convertible bonds of different scales rose. Small-cap convertible bonds rose 2.84%, small - medium-cap convertible bonds rose 2.66%, medium-cap convertible bonds rose 3.86%, and large-cap convertible bonds rose 2.29%. Since 2023, small-cap convertible bonds have recorded a 34.82% return, small - medium-cap convertible bonds 29.29%, medium-cap convertible bonds 26.30%, and large-cap convertible bonds 19.79% [74]. 3.3. Tracking of Convertible Bond Supply and Terms 3.3.1. This Week's Primary Market Issuance Plans - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds that had been issued but not yet listed. Among the convertible bonds to be listed, Weidao Convertible Bond and Jinwei Convertible Bond both have a scale of over 1 billion yuan. This week, there were 12 primary approvals (from August 18 to August 23, 2025), with no convertible bonds approved for registration by the CSRC. Three convertible bonds, including Dingjie Shuzhi (828 million yuan), Lianrui Xincai (720 million yuan), and Jinpan Technology (1.672 billion yuan), were accepted by the exchange [80]. - From the beginning of 2023 to August 22, 2025, the total number of planned convertible bonds was 93, with a total scale of 150.36 billion yuan. Among them, the number of convertible bonds approved by the board of directors was 19, with a total scale of 28.493 billion yuan; the number approved by the general meeting of shareholders was 36, with a total scale of 64.672 billion yuan; the number accepted by the exchange was 30, with a total scale of 41.847 billion yuan; the number approved by the listing committee was 4, with a total scale of 8.979 billion yuan; and the number approved for registration by the CSRC was 4, with a total scale of 6.37 billion yuan [81]. 3.3.2. Lower Revision and Redemption Clauses - This week, 8 convertible bonds announced that they were expected to trigger a lower revision, 4 convertible bonds announced that they would not be revised downward, and Qifan Convertible Bond proposed a lower revision, with no convertible bonds announcing the result of the lower revision [84][87]. - This week, 12 convertible bonds announced that they were expected to trigger early redemption, 7 convertible bonds announced that they would not be redeemed early, and 6 convertible bonds, including Chongda Zhuan 2, Dayuan Convertible Bond, Haitai Convertible Bond, Sheyan Convertible Bond, Dongjie Convertible Bond, and Rongtai Convertible Bond, announced early redemption [86][88][89]. - As of the end of this week, there was 1 convertible bond still in the put option declaration period and 9 convertible bonds still in the company's capital reduction and settlement declaration period. Attention should be paid to the price changes of convertible bonds and the marginal changes in the company's tendency for lower revision [91].

Core Insights - The demand for whole-house customization in the housing market is expected to exceed 100 billion yuan for the first time by 2025, driven by the renovation needs of existing homes [4] - The Z generation is becoming the main consumer force in the home furnishing market, significantly influencing market dynamics through their unique consumption behaviors and preferences [5][6] - The industry is transitioning from single product competition to system capability competition, with a focus on integrated solutions that meet the personalized and holistic needs of consumers [11] Market Trends - The rise of "light high-end" products emphasizes a balance between quality and price, aligning with current consumer trends [5][6] - Brands are increasingly adopting scene-based designs that cater to specific lifestyles, such as pet ownership, gaming, and fitness, enhancing personalization and technological integration [6][8] - The use of metal materials like stainless steel and eco-aluminum is on the rise, reflecting a shift in consumer preferences towards innovative and durable materials [8] Industry Dynamics - The integration of upstream and downstream industries is becoming more pronounced, with brands increasingly recognizing the importance of whole-house customization as a future development consensus [9][10] - The competitive landscape is evolving, with new entrants aiming to establish themselves in the whole-house customization market alongside established players [9][10] - The market is experiencing a "Matthew effect," where brand concentration and the survival of the fittest are expected to intensify in the coming quarters [10] Future Outlook - The success of whole-house customization as a core driver of the home furnishing industry will depend on companies' ability to balance user demand insights, supply chain collaboration, and delivery service efficiency [11] - The transformation from "customization" to "whole-house" represents a critical leap for the Chinese home furnishing industry towards higher-end positions in the global value chain [11]