HUALI(SH:603038) 3 6 Ke·2025-07-09 12:16Core Insights - The article highlights the rising prominence of "decorative panels" in the home furnishing industry, transitioning from a supporting role to a leading one due to changing consumer habits and industry adjustments [1][5][17] Industry Overview - China is the largest producer, consumer, and trader of engineered wood panels, with a total production capacity of approximately 366 million cubic meters and a product value reaching 764 billion yuan [2] - The industry is undergoing a structural adjustment, with companies that previously focused on particleboard and composite board increasing their investment in decorative panels to enhance product value [2][13] Company Performance - Huali Co., a representative listed company in the panel industry, reported a significant revenue increase of 66.71% in its decorative panel business, reaching 310 million yuan, which is over six times the growth rate of its composite board business [4] - The gross profit margin for Huali's decorative panel business rose to 18.74%, an increase of 5.37 percentage points from the previous year, making it a key driver of profit growth for the company [5] Market Trends - The "Material Observation New Stage" at the Guangzhou Construction Expo showcased a variety of companies and emphasized the integration of technology, design, aesthetics, and industry [6][10] - Environmental attributes have become a baseline for the industry, with ENF-level standards emerging as a threshold for entry, focusing on formaldehyde-free, recyclable, and low-carbon materials [7][11] Product Innovation - Decorative panel technology and aesthetic expression are evolving, with companies like Huali showcasing integrated home systems that combine decorative panels with hardware solutions [8][10] - The aesthetic expression of decorative panels is shifting from single textures to multidimensional experiences, enhancing the overall design and functionality of home spaces [10][15] Consumer Interaction - The collaboration between decorative panels and customized home furnishing is driving innovation and providing real-world feedback for product development [15][17] - The integration of decorative panels into the customized home market is reshaping the relationship between materials and consumer perception, transforming materials into a language of design [13][17]