持续深耕零售转型顾家家居上半年营收利润双增长

Core Viewpoint - The home furnishing industry in China is closely linked to the real estate cycle, with significant growth in the past two decades driven by real estate benefits. However, since 2021, new home transactions have been declining, leading to a gradual depletion of industry growth. Despite this, Kuka Home (603816) reported double-digit growth in both revenue and profit for the first half of 2025 [1]. Retail Transformation - Kuka Home achieved significant results from its ongoing retail transformation, with a 10.02% year-on-year increase in revenue to 9.801 billion yuan and a 1% increase in net profit to 1.021 billion yuan in the first half of 2025 [1]. - The retail transformation has led to remarkable performance in strategic categories, with smart product retail increasing by 18 times compared to the second half of 2024, and functional product retail growing over 50% [1]. - Kuka Home's seven-year retail transformation focuses on decoupling information flow, capital flow, and logistics, supported by standardized systems and data to enhance direct connections with consumers [1]. - The company has developed five digital systems to upgrade transaction processes into experiential ones, marking a transition from trial phases to systematic growth, which serves as a competitive advantage for future stability [1]. Whole Home Breakthrough - Kuka Home has evolved from a sofa manufacturer to a comprehensive home retail operator, emphasizing a clear path from single products to integrated home solutions [1]. - The company began its custom home business in 2015, gradually building capabilities in scenario design and space integration, which have been further enhanced since the launch of its "integrated whole home" strategy in early 2023 [1]. - In the first half of 2025, custom retail orders grew by 13%, and the number of integrated home stores reached 377, with a 10% increase in sales per unit area [2]. Global Expansion - Kuka Home is advancing its international strategy through a multi-faceted approach that includes capacity expansion, localized operations, and brand development [2]. - Over the past six years, the company has established overseas manufacturing bases exceeding 650,000 square meters in countries like Vietnam, Mexico, and the United States, with significant efficiency improvements in its Vietnamese facilities [2]. - Kuka Home is enhancing its global strategy by focusing on both B2B and B2C users, utilizing OEM and ODM business models while also developing its own brand, KUKA HOME, to explore new paradigms for Chinese home brands abroad [2]. - In the first half of 2025, KUKA HOME opened 15 new stores, bringing the total to 43, with coverage in countries such as India, Vietnam, Thailand, Uzbekistan, and Kazakhstan [2].