SFY(002572) Nan Fang Du Shi Bao·2025-05-07 09:21Core Insights - The performance of custom home furnishing companies in Q1 2025 shows a stark contrast, with Oppein Home achieving a significant profit increase while Sophia's profits plummeted due to financial asset fluctuations [1][2][6] - The strategic differentiation among leading companies is intensifying, with Oppein deepening its "whole home" strategy, Sophia advancing its full-category strategy, and Zhijia seeking overseas expansion, while Shangpin Home is still struggling with losses [1][8] Company Performance - Oppein Home reported Q1 2025 revenue of 3.447 billion yuan, a 4.8% year-on-year decline, but its net profit attributable to shareholders increased by 41.29% to 308 million yuan, with a non-recurring net profit growth of 86.16% to 266 million yuan [2][3] - Despite a revenue decline, Oppein's online sales surged by 128%, and its operating cash flow increased by 270.91% year-on-year [2][3] - Sophia's Q1 2025 revenue was 2.038 billion yuan, down 3.46%, with a net profit of 12 million yuan, a staggering 92.69% drop, primarily due to a 200 million yuan decline in the fair value of its financial assets [4][5][6] - Zhijia's Q1 2025 revenue was 818 million yuan, a slight decline of 0.30%, with a net profit of 42 million yuan, down 10.90% [6] - Shangpin Home reported Q1 2025 revenue of 741 million yuan, down 4.52%, but its net loss narrowed by 55.09% to 39 million yuan, indicating some improvement in cost control and efficiency [6][7] Strategic Developments - Oppein is focusing on a multi-category strategy, with bathroom and wooden door segments showing growth, while its direct sales channel revenue increased by 10.21% [9][10] - Sophia is deepening its multi-brand strategy, with its main brand accounting for over 90% of revenue, although growth in its sub-brands has slowed [9][10] - Zhijia is optimizing its retail channels by closing inefficient stores and focusing on overseas markets, with significant growth in its wooden door and overseas revenues [9][10] - Shangpin Home is expanding its presence in Southeast Asia and South America through partnerships and project collaborations, although its overseas business scale remains small [14] Market Trends - The home furnishing industry is experiencing a shift towards "old-for-new" policies, which are expected to boost demand, although the impact has been mixed across companies [15] - Oppein's home decoration orders surged by 95% following the implementation of these policies, while Zhijia's net profit still declined year-on-year [15] - Industry experts suggest that during this reshuffling period, strategic focus and efficiency optimization will be crucial for survival and growth [15]