Ge Long Hui A P P·2025-09-03 06:23Core Viewpoint - The report from Dongxing Securities highlights that Kuka Home achieved a net profit attributable to shareholders of 1.02 billion yuan in the first half of the year, representing a year-on-year increase of 13.9% [1]. Financial Performance - In Q2, the net profit attributable to shareholders was 500 million yuan, showing a year-on-year growth of 5.4% [1]. - Domestic sales revenue for the first half reached 5.23 billion yuan, with a year-on-year increase of 10.7%, indicating growth despite industry pressures [1]. Market Dynamics - Both domestic and international sales have seen growth, with the main brand and independent brands (such as LAZBOY) contributing to the overall performance increase [1]. - The growth is primarily attributed to the implementation of the old-for-new policy and the results of the company's retail transformation [1]. Strategic Positioning - Kuka Home has a comprehensive product range and a leading channel layout, which positions the company favorably in the market [1]. - The entry of Yingfeng Group is expected to leverage synergies and optimize the organizational structure [1]. Long-term Outlook - The brand value of soft furniture is anticipated to increase over the long term, with Kuka Home expected to continue expanding its product categories and market share due to its brand and product advantages [1].