ZBOM(SH:603801) Shang Hai Zheng Quan Bao·2025-05-22 18:58Core Viewpoint - The company is transitioning its business strategy from providing customized products to a comprehensive home integration model, aiming to enhance customer value and streamline purchasing processes [3][4]. Group 1: Performance Meeting Overview - The company held a performance meeting on May 22, 2025, to discuss its 2024 annual report and 2025 Q1 report, attended by key executives and independent directors [2][8]. - The meeting aimed to provide investors with a deeper understanding of the company's operational status and address their concerns [2]. Group 2: Strategic Direction and Measures - In 2025, the company will focus on a home integration strategy, emphasizing cross-category integration, systematic design, and one-time delivery solutions [3][4]. - The company plans to strengthen partnerships with home decoration and integrated channel merchants and expand into overseas markets, including Australia, Southeast Asia, the Middle East, and North America [4]. - The company will also pivot its bulk business towards corporate apartments, talent apartments, and school apartments, leveraging its experience to mitigate impacts from real estate market adjustments [4]. Group 3: Financial Performance and Cost Management - The company acknowledged a decline in gross and net profit margins in 2024 due to price competition in retail and bulk businesses, and it aims to improve operational efficiency and quality in 2025 [5]. - Plans include enhancing cost reduction through scale procurement, SKU management, and inventory turnover, alongside exploring systematic cost reduction measures tailored to the customized home furnishing industry [5]. Group 4: Market Adaptation and Franchise Relations - The company is adjusting its bulk business in response to a shrinking new housing market, focusing on high-end real estate projects and developing specialized products for this segment [6]. - There has been a reduction in the number of franchisees and stores, attributed to the shift towards an integrated business model, but the company is committed to fostering mutually beneficial relationships with franchisees [6][7]. - The company is enhancing communication and support for franchisees to build trust and strengthen brand influence in the market [7].