OLO Home(SH:603326) Zhong Guo Jing Ying Bao·2025-10-08 11:48Core Viewpoint - I乐家居 achieved revenue and net profit growth in the first half of the year despite overall industry pressure, with revenue increasing by 1.80% and net profit rising by 103.18% compared to the previous year [1][4]. Financial Performance - In the first half of 2025, I乐家居 reported revenue of 669 million yuan and a net profit of 92.31 million yuan, with a non-recurring net profit of 75.89 million yuan, reflecting a growth of 201.73% [1][4]. - The company's sales expenses, management expenses, and R&D expenses decreased by 16.73%, 12.19%, and 43.47% respectively [1][4][5]. Strategic Initiatives - The growth in performance is attributed to three main strategies: high-end and original design focus, optimized channel layout, and refined cost control through supply chain optimization [4][5]. - I乐家居 emphasizes a shift from scale expansion to deep integration in the custom home market, focusing on differentiated competition in the mid-to-high-end market [3][4]. R&D and Cost Management - The significant reduction in R&D expenses has drawn attention, with a 43.47% decrease noted in the first half of the year [7][8]. - The company maintains that the focus is on the quality of R&D rather than quantity, ensuring that new products perform well in the market [8][9]. Market Positioning - I乐家居 is committed to high-end positioning and original design, gradually shifting product structure towards a combination of board and solid wood [9][10]. - The company is launching a "thousand-square-meter store plan" to enhance competitiveness and support dealers in core cities [10].