2025年3月15日，在中国消费者协会"共铸诚信 提振消费"国际消费者权益日主题活动中，索菲亚家居集团凭借卓越的综合实力荣膺"3·15放心消费品牌"称 号，并成为"广东3·15消费维权 【下载黑猫投诉客户端】打假工程共建单位"。而作为索菲亚家居十年战略合作伙伴的炬森精密，亦在活动现场获颁"2024 年度优秀供应商"殊荣。这一荣誉不仅是对炬森五金产品力与服务力的高度认可，更标志着双方十年合作从"供应链协同"迈向"品质生态共建"的新阶段。 十年同行：从"制造"到"质造"的协同跃迁自2015年开启合作以来，炬森精密与索菲亚家居始终以"技术驱动品质升级"为合作内核，共同见证并推动了中国 定制家居行业从规模扩张向高质量发展的转型。作为索菲亚家居核心五金供应商，十年间，双方通过技术共研、标准共建、服务共担，打造了"品质共 生"的行业范本。 市场监督管理总局处长王卫东在大会中特别指出："行业标准是规范市场秩序、促进行业健康发展的重要保障，市场监管总局将积极推动像中国定制家5A 标准，推动行业持续创新和提高消费者满意度，让'中国定制'有标可循、有质可鉴，也让世界向'中国标准'看齐。" 荣誉背后："更耐用更省心"的价值锚点"优 ...

Group 1 - The Ministry of Industry and Information Technology, Ministry of Education, and State Administration for Market Regulation have issued a plan to support key enterprises in the home appliance and furniture industries to develop AI application scenarios [1] - In the first two months of 2023, the furniture manufacturing industry in China reported a total profit of 3.41 billion yuan, a year-on-year decrease of 29.7% [2] - The 14th Guangzhou Custom Home Furnishing Exhibition and Light High-end Exhibition has opened, featuring over 800 brands and covering the entire custom home furnishing industry chain [3] Group 2 - The 55th China Home Expo (Guangzhou) for office commercial and equipment supply has commenced, showcasing the latest global office space solutions [4] - Tutu Technology Co., Ltd. has successfully listed on the New Third Board, focusing on precision hardware solutions for the home furnishing sector [5] - Beike has launched its full-case renovation 4.0 model in Guangzhou, enhancing the home decoration experience through a comprehensive service approach [6] Group 3 - Red Star Macalline is developing an outlet model space exceeding 20,000 square meters, featuring over 70 home brands [7] - Huari Home has signed a strategic cooperation agreement with Nanyang Hushi to operate under a dual-brand model [8] - Dream Lily has opened its first fully smart bed hotel in Shanghai, integrating technology and design for a unique guest experience [9] Group 4 - Lin's Home has released a white paper on home health relaxation methods in collaboration with Keep and iResearch, emphasizing the evolving role of home spaces [10] - Sophia has launched a national channel flow cultivation strategy and the "1+N+X" model to enhance market penetration [11] - Ruli Wood has introduced a new formaldehyde-free PP board technology at the Guangzhou Custom Home Furnishing Exhibition [12] Group 5 - DTC Dongtai has unveiled the C82 hinge series in partnership with athlete Su Bingtian, showcasing innovative features for home spaces [13] - Shini Man and Fan Ke have launched the "Star Selection Home Decoration Alliance," focusing on high-quality materials and a transparent delivery experience [14]

Core Viewpoint - Sophia Home Furnishing Co., Ltd. has launched a new channel strategy called "1+N+X" to adapt to the transition from an "incremental era" to a "stock era" in the home furnishing market [1][2] Group 1: "1+N+X" Model Overview - The "1" in the model represents a city operator, which serves as a core partner in local markets, equipped with rich market resources and strong delivery capabilities [1] - The "N" signifies multiple types of stores, including supermarkets, community stores, and town stores, catering to diverse consumer shopping needs [1] - The "X" indicates that anyone can become a co-creation partner with Sophia, supporting comprehensive customer engagement [1] Group 2: Strategic Significance - The "1+N+X" model aims to achieve a win-win situation for all parties involved, restructuring the channel logic and service chain in the home furnishing industry [2][4] - This model provides low-threshold entrepreneurial pathways for small and medium-sized entrepreneurs, promoting an upgrade towards a more refined service in the stock market [2] - The shift from traditional distributors to city operators signifies a deep transformation in cooperation models, fostering tighter alliances and shared benefits [3][4] Group 3: Market Potential and Growth - According to Beike Research Institute, the overall scale of China's home decoration market is expected to reach approximately 5 trillion yuan by 2025 and 7 trillion yuan by 2030, with an average annual growth rate exceeding 6% [2] - The model allows Sophia to penetrate deeper into the terminal market, addressing the last-mile customer engagement issue and enhancing brand density [3] Group 4: Ecosystem and Collaboration - The upgrade of distributors to city operators provides a new paradigm for industry development, stimulating other companies to explore innovative cooperation models [4] - Sophia's approach encourages resource optimization and enhances overall operational efficiency and market competitiveness within the industry [4] Group 5: Brand and Quality Enhancement - Sophia has received dual certifications as a "3.15 Trusted Consumption Brand" and "3.15 Quality Enterprise," reflecting its commitment to quality and authority in the industry [6] - The company is focused on building a platform ecosystem that connects key segments of the supply chain, ensuring high service quality [5][6] - Sophia emphasizes the importance of family culture in its brand strategy, aiming to foster a collaborative relationship with partners [6]

Core Insights - The 14th Guangzhou Custom Home Furnishing Expo opened on March 27, where Sophia introduced its national channel flow cultivation strategy and the "1+N+X" model, which is characterized as a low-investment, light-asset, large-market, and quick-return channel development model [1] - The home furnishing industry is shifting from incremental expansion to deep cultivation of existing markets, facing challenges such as fragmented customer acquisition channels and soaring customer acquisition costs, making the expansion of new channels crucial for success in the latter half of the market [1] - According to the "2024 China Home Furnishing Market Consumption Insight," the home furnishing market is expected to exceed 5.3 trillion yuan in total sales by 2027, driven by the release of demand from existing housing and innovations in smart home categories [1] Company Strategy - Sophia's "1+N+X" model involves transforming traditional distributors into city operators, providing support to retail distributors and exploring new traffic entry points [2] - The "N" in the model refers to the layout of nine store formats to attract more entrepreneurs as retail distributors, aiming to penetrate the terminal market and capture end customers [2] - The "X" represents channel innovation through various sources such as intermediaries, property management, government enterprises, local media, and existing customer memberships to generate new traffic for stores [2] Market Dynamics - The custom home furnishing industry is entering a period of accelerated reshuffling, with channel transformation being a key focus [1] - The competition in the future home furnishing market will shift from direct competition between companies to competition based on user trust and ecological collaboration efficiency [1] - Sophia has proposed a minimum store size of 100 square meters with an investment of 300,000 yuan, along with a comprehensive support plan for retail distributors to achieve rapid profitability [2]

行 业 研 究 行业周报 [Table_MainInfo] 加力支持以旧换新，关注扩大内需细分领域机会 | ――轻工制造&纺织服饰行业周报 | 分析师： | 袁艺博 | SAC NO： | 年 | 月 | 日 | S1150521120002 | 2025 | 3 | 10 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 证券分析师 | [Table_Summary] | 投资要点： | 袁艺博 | | | | | | | | | | | | | | | | | | | | 行业要闻 | 022-23839135 | yuanyb@bhzq.com | | | | | | | | | | | | | | | | | | | | | | （1）纸厂惊现千元涨价函，上一次还是两年前。 | [Tab ...

Investment Rating - Industry investment rating is maintained as "Recommended" [1] Core Viewpoints - The report highlights positive signals from government policies aimed at boosting domestic demand and stabilizing the real estate market, with a focus on a 300 billion yuan subsidy for consumer goods [3][4] - The home furnishing sector is expected to benefit from these policies, with leading companies like Oppein Home and Sophia recommended for investment due to their high retail business ratios [3][4] - The paper industry is experiencing price differentiation, with cultural paper prices showing resilience despite overall weak demand [3][4] - Export data indicates a slight increase in overall exports, but home furnishing exports are under pressure due to high base effects and tariff impacts [3][4] Summary by Sections 1. Market Review - The light industry sector outperformed the market with a 1.34% increase, while the Shanghai and Shenzhen 300 index rose by 1.39% [5] - Key sectors such as home furnishing, paper, and packaging printing showed varied performance, with home furnishing up by 1.24% [5] 2. Paper Sector Tracking - Major raw material prices showed mixed trends, with domestic needle pulp averaging 5847 yuan/ton, down 1.6% week-on-week [12][23] - Finished paper prices varied, with corrugated paper at 2766 yuan/ton, down 0.7% week-on-week, while cultural paper prices remained relatively stable [25][31] 3. Home Furnishing Sector Tracking - Government policies are expected to stimulate the home furnishing market, with a projected increase in new residential supply in key cities [3][4] - Home furnishing exports faced challenges, with a 15.5% year-on-year decline in furniture exports for January-February 2025 [36] 4. Other Sector Tracking - The report notes fluctuations in oil prices, with Brent crude at $70.36 per barrel, down 4.29% week-on-week [42] - Polyethylene prices increased slightly to 7892 yuan/ton, while polypropylene prices decreased to 7306 yuan/ton [43][44]

Core Viewpoint - The launch of the China Custom Home 5A Standard aims to elevate industry quality standards and create a transparent, healthy, and high-quality home consumption environment for consumers [1][2][5]. Group 1: China Custom Home 5A Standard - The China Custom Home 5A Standard (T/CNFPIA 3037—2024) was jointly drafted by Sophia and 18 authoritative institutions, including the Chinese Academy of Forestry [2][3]. - The standard has upgraded from 12 to 14 quality indicators, covering environmental, durability, hardware, and edge-sealing metrics, thus exceeding national recommended standards [2][3]. - The 5A Standard represents a shift from a single environmental standard to a comprehensive high standard for entire cabinets, addressing consumer needs throughout the product lifecycle [2][3]. Group 2: Consumer Protection and Industry Improvement - In 2024, furniture complaints reached 33,800, a year-on-year increase of 20.95%, highlighting the need for improved consumer protection in the industry [2]. - Sophia's commitment to the 5A Standard includes monthly inspections of their custom cabinets, ensuring transparency and quality assurance for consumers [3]. - The establishment of the "Reassuring Brand Alliance" aims to foster collaboration among leading brands to enhance industry standards and consumer trust [4][5]. Group 3: Industry Leadership and Future Directions - The launch of the 5A Standard and the "Reassuring Brand Alliance" marks a significant milestone for Sophia, reflecting the company's commitment to quality and industry leadership [5]. - Sophia aims to build a transparent and trustworthy home consumption ecosystem, positioning "Chinese standards" as synonymous with global quality [5].

证券研究报告·行业+公司首次覆盖·装修建材 装修建材行业+公司首次覆盖 需求结构寻景气，模式转型升级可期待 2025 年 02 月 17 日 增持（维持） [Table_Tag] [投资要点 Table_Summary] 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 房大磊 执业证书：S0600522100001 fangdl@dwzq.com.cn 相关研究 《消费建材 2023 年度策略：景气低 位反转，静待疫后暖春》 2022-12-21 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部 分 行业走势 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 2024/2/19 2024/6/18 2024/10/16 2025/2/13 装修建材 沪深300 ◼ 需求：新房承压，存量房支撑，以旧换新政策提振信。展望 2025 年， 尽管新房需求仍然承压，但随着政治局会议提出的"止跌回稳"目标后， 地产政策的持续发力以及地产销售等指标的止跌企稳态势，有望带来市 场对家居建材需求端企稳改善的积极预 ...

Summary of the Conference Call for Sophia Company Overview - **Company**: Sophia - **Industry**: Home improvement and furniture manufacturing Key Points and Arguments 2024 Performance Expectations - Sophia expects a revenue decline of less than 10% year-on-year for 2024, with net profit projected between 1.32 billion to 1.45 billion CNY, representing a growth of 5% to 15% [3][4] - The company anticipates a significant contribution to Q1 2025 performance from orders received in December 2024, driven by government recycling policies and promotional activities [3][5] Strategic Planning for 2025 - The strategic plan for 2025 includes growth targets for various divisions, with retail and manufacturer channels aiming for over 10% and single-digit growth, respectively [3][6] - Sophia plans to shift focus towards the existing housing market by collaborating with renovation companies for partial renovation projects [3][6] Market Competition and Adaptation - To address market competition and changes in the real estate sector, Sophia has prepared by adjusting marketing tactics, training dealers, and optimizing internal management processes [3][7] - The company will promote different brands flexibly through package deals and strengthen competition with local small manufacturers [3][7] Domestic and International Market Performance - In the domestic market, Sophia's retail segment has only seen a slight decline, while the integrated business and direct stores have achieved growth [3][14] - In overseas markets, particularly in Southeast Asia, new stores have been opened, and local franchisees have recognized the brand despite higher factory prices [3][14] Financial Impact of Non-Recurring Gains - Non-recurring gains in 2024 are expected to impact net profit by 230 million to 280 million CNY, primarily from the sale of subsidiary equity [3][35] CRM System Utilization - Sophia utilizes a CRM system to manage dealer data, which has been operational for nearly ten years, generating automatic reports on various performance metrics [3][34] Challenges and Responses in the Industry - The industry faces challenges such as market decline and intensified competition, with many companies performing poorly [3][13] - Despite a 20%-30% decline in listed companies, Sophia has managed to outperform the market, with a revenue growth of 12% [3][13] Future Growth in Overseas Markets - Sophia's overseas business revenue for 2024 is projected at over 90 million CNY, with a target to double this to 200 million CNY in 2025, focusing on Southeast Asia and the Middle East [3][16] Renovation Business Strategy - Approximately 40% of the customer base consists of owners of finished apartments, while strategies for raw apartments include group purchases and promotions [3][9] Government Subsidy Policies - The government’s recycling subsidy policy is expected to enhance customer structure, with an increase in second renovation clients anticipated for 2025 [3][19] Dealer Management and Support - Sophia plans to enhance dealer management, particularly for the Milan brand, by sending professionals to assist and forming dedicated resource teams [3][41] Overall Company Outlook - The company maintains a positive outlook for 2025, with expectations for improved operational efficiency and profitability through enhanced management and marketing strategies [3][37][44]

Group 1: Financial Performance - The company's net profit for 2024 is projected to be between 132,434.17 and 145,046.95 million CNY, representing a year-on-year growth of 5% to 15% [2] - The net profit after deducting non-recurring gains and losses is expected to be between 102,115.43 and 113,461.59 million CNY [2] - The anticipated operating revenue for 2024 is between 1,049,908.18 and 1,166,564.64 million CNY [2] Group 2: Market Environment and Challenges - The company faces short-term challenges due to the slowing growth of custom furniture enterprises influenced by the real estate cycle and intensified market competition [2] - However, the implementation of government policies supporting consumer goods replacement is expected to revive demand in the home furnishing industry [2] Group 3: Overseas Expansion - The company is enhancing its overseas channel development, currently having 31 overseas distributors covering countries such as the USA, Canada, Australia, Singapore, Vietnam, and Thailand [3] - It collaborates with overseas developers and contractors to provide one-stop customized home solutions to clients in approximately 40 countries and regions [3] Group 4: Marketing and Sales Strategy - The company is actively responding to market changes by adjusting its marketing strategies to participate in the "old-for-new" subsidy policies [7] - It utilizes big data analysis and customer interest profiling to maintain stable overall marketing expenses [7] Group 5: Future Outlook and Policies - The company emphasizes stable cash dividends and will continue to communicate with shareholders while responding to regulatory policies [5] - It plans to actively promote the "old-for-new" subsidy activities and create benchmark cases for distributors [6] Group 6: Brand Development - The main brand focuses on integrated marketing strategies to enhance various product categories and increase average transaction value [8] - New brands are expanding their market presence, while mid-to-high-end brands are transitioning to a whole-home customization model [8]