Workflow
居然智家新零售集团股份有限公司2025年半年度报告摘要

Core Viewpoint - The company reported a revenue of 6.445 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.54%, while the net profit attributable to shareholders decreased by 45.52% to 328 million yuan, primarily due to intensified competition in the home furnishing market and support measures for merchants [11][30]. Company Overview - The company is a leading comprehensive home furnishing channel operator in China, recognized for its extensive offline retail network and ranked second in the "2024 China Chain TOP100" list [4][5]. - The company has pioneered digital transformation in the home furnishing industry, establishing three major digital platforms: "Homestyler," "Smart Home," and "Dongwo" [5][8]. Business Operations - The company operates a chain of home furnishing stores through both direct and franchise models, with a total of 399 stores across 30 provinces and regions as of June 30, 2025 [5][6]. - The direct operation model primarily utilizes leased properties, with 76 direct stores, of which 17 are owned and 59 are leased [6]. - The franchise model allows partners to use the company's brand and resources, with revenue generated from operational fees and brand usage fees [7]. Financial Performance - The company reported a net profit of 328 million yuan for the first half of 2025, a decline of 45.52% year-on-year, attributed to economic fluctuations and increased market competition [11]. - The company implemented cost control measures, resulting in improved management and sales expense ratios [11]. Asset Impairment - The company recognized an asset impairment provision of approximately 87.7 million yuan for the first half of 2025, reflecting a cautious approach to financial reporting [25][30]. - The impairment provision included various categories such as accounts receivable and long-term receivables, with specific amounts detailed for each category [27][30]. Strategic Initiatives - The company is focusing on digital innovation and smart home solutions to enhance customer experience and operational efficiency [5][8]. - The company is expanding its shopping center business as a second growth curve, with several centers already operational in key cities [9].