GOLDENHOME(SH:603180) Shang Hai Zheng Quan Bao·2025-05-29 21:30Company Overview - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 29, 2025, via video live streaming and online interaction [1] - Key executives, including the chairman and independent directors, participated in the meeting to discuss operational results and financial indicators [1] Future Growth Points - The company aims to enhance profitability through a comprehensive strategic optimization of its "four business pillars" (retail, home decoration, refined decoration, and overseas) [2][4] - Specific strategies include: - Retail: Implementing a 140 strategy to upgrade the retail business model and transitioning to a new retail system [2] - Home Decoration: Utilizing the V8 service system to enhance collaboration with home decoration companies [3] - Refined Decoration: Strengthening partnerships with quality real estate companies and expanding product categories [3] - Overseas: Establishing a responsive product delivery system leveraging production bases in China and Thailand [3] Industry Outlook - The furniture manufacturing industry showed resilience, with a reported revenue of 677.15 billion yuan in 2024, reflecting a 0.4% year-on-year growth [5] - Government policies, such as the "Home Renovation Consumption Three-Year Action Plan," are expected to stimulate market demand, particularly in the renovation of existing homes [5] Financial Performance - In 2024, the company reported a net profit of 199 million yuan, a decrease of 31.76% compared to the previous year, attributed to reduced revenue and costs associated with new retail and overseas strategies [6] - For Q1 2025, the net profit was approximately 34.9 million yuan, a slight decline of 4.16% year-on-year, while the non-recurring net profit increased by 0.78% [6] Competitive Landscape - The overall industry performance faced challenges due to a complex economic environment, but the company's decline in performance was less severe compared to peers [7] - The company is focusing on enhancing its home decoration business to address increasing competition and meet the demands of younger consumers [8] Overseas Expansion - The company's first smart satellite factory in Dallas, Texas, commenced operations in March 2025, marking a significant milestone in its global strategy [9] - The overseas business is expected to be a key growth driver, with a focus on localized production and tailored service delivery [9] Dividend Policy - The company plans to implement a differentiated dividend plan for 2024, with a total cash dividend of approximately 95.84 million yuan, representing 48.09% of the net profit [11] - Future dividends will be adjusted based on performance and funding needs, aiming to enhance shareholder returns [11] Investor Engagement - The major shareholder has initiated a buyback plan, with an investment range of 55 million to 110 million yuan, to boost investor confidence [11]