30年来首次营收净利双降，欧派家居遭遇转型阵痛期

Core Viewpoint - Oppein Home Group experienced its first decline in both revenue and profit in 30 years, with significant concerns regarding strategic reforms and declining profitability during the 2024 annual performance briefing [1] Group 1: Financial Performance - In 2024, the company's revenue was 18.925 billion yuan, a year-on-year decrease of 16.93%, while the net profit attributable to shareholders was 2.599 billion yuan, down 14.38% year-on-year [1] Group 2: Factors Behind Revenue and Profit Decline - The company identified four main factors contributing to the decline: deep adjustments in the custom home industry, the pain of transitioning to a whole-home model, revenue decline in distribution channels, and intense market price wars [2] - The custom home industry is facing dual pressures from a shrinking new housing market and weakened consumer expectations, leading to challenges in both engineering and retail channels [2] - The shift in consumer demand and channel transformation has resulted in a significant decline in foot traffic in traditional offline channels, with a migration towards integrated solutions and online platforms like Douyin and Xiaohongshu [2] Group 3: Challenges in Distribution Channels - The distribution channel remains the core sales channel for the company, accounting for over 77% of revenue in the past three years [4] - The traditional single-product distribution model faces challenges such as customer acquisition difficulties, declining average transaction values, and increased operational pressures [4] - The company has initiated a transition for distributors from single-product operations to whole-home solutions, but this process has led to significant revenue declines in distribution channels [4] Group 4: Developments in Integrated Business - Since the trial of the integrated whole-home model in 2018, the company's integrated business has slowed down and is now facing a bottleneck [5] - The company is exploring successful transformation cases in lower-tier cities while acknowledging that higher-tier cities may lag due to market size [5] - The company is implementing a "one city, one strategy" approach to allocate resources effectively in different markets [5] Group 5: Future Strategies for Profit Improvement - In 2025, the company plans to focus on a "land distribution" reform aimed at restructuring the target accounting system and enhancing operational efficiency [6] - The core value of this reform is to establish a market-oriented mechanism that balances gross margin, gross profit, expense input, and total profit, ultimately driving growth through operational quality [6]