Xin Lang Cai Jing·2025-09-15 10:43Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of trade-in subsidies for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - A total of 17 listed home furnishing companies reported combined revenue of 43.433 billion yuan, a slight increase of 6.1% year-on-year - Gujia Home ranked first with revenue of 9.801 billion yuan, 1.83 times that of the second-ranked Henglin Shares [1] Cost Control - The operating costs of home furnishing companies generally increased, with over half of the companies experiencing a growth rate in costs higher than revenue growth - Gujia Home had the highest operating cost at 6.577 billion yuan, while Henglin Shares had an operating cost ratio of 82.1% [1] Expense Efficiency - Only Meike Home and *ST Yazhen reduced sales, management, and R&D expenses year-on-year - *ST Yazhen had the highest management expense ratio at approximately 22.2% among the 17 companies [1] R&D Investment - R&D expense ratios for home furnishing companies remained between 2% and 5% - Qisheng Technology and Xiangxin Home led with R&D expense ratios of 5.3% and 5.2% respectively [1] Profitability - Gujia Home reported a net profit of approximately 1.021 billion yuan, a year-on-year increase of 13.9%, surpassing the combined net profit of the second and third-ranked companies by over 76 million yuan [1] Profit Quality - Meike Home, Yongyi Shares, and Zhongyuan Home reported positive cash flow from operating activities, while nearly 60% of companies saw a year-on-year decrease in cash flow [1] - *ST Yazhen had the highest accounts receivable turnover days at approximately 127 days [1]