Jason Furniture (Hangzhou) (SH:603816) Xin Lang Cai Jing·2025-12-30 05:23Core Viewpoint - The recent live-streaming event by influencer Dong Yuhui generated significant sales for Gujia Home, raising questions about production capacity and supply chain challenges in the furniture industry [3][4][10]. Company Performance - Gujia Home reported a total revenue of 15.012 billion yuan for the first three quarters of the year, representing a year-on-year increase of 8.77%. The revenue for the third quarter alone was 5.211 billion yuan, up 6.50% year-on-year [6][15]. - The net profit attributable to shareholders was 1.539 billion yuan, reflecting a year-on-year growth of 13.24%, while the net profit excluding non-recurring items was 1.389 billion yuan, up 13.90% [6][15]. - The operating cash flow net amount was 1.855 billion yuan, showing a robust year-on-year increase of 18.97% [6][15]. Production and Supply Chain - Gujia Home confirmed that all sofas sold during the live-stream event were self-manufactured, and the company is accelerating production to meet demand [3][8][11]. - Concerns arose regarding the feasibility of fulfilling an order of approximately 30,000 sofas, with discussions in the supply chain about the profitability of such orders for manufacturers [4][10]. - The company stated that external cooperation is only used to alleviate some production pressure and that core products like sofas and custom furniture are designed and produced in-house [12]. Market Strategy - Industry expert Wang Jianguo noted that home furnishings remain a necessity, and leading brands can leverage innovative marketing strategies to gain higher traffic and conversion rates. The upcoming challenge will be in fulfilling delivery commitments [5][11]. - Gujia Home's strategic focus includes reinforcing core product lines and investing in smart technology, with a significant capital increase plan of nearly 2 billion yuan approved for November 2025 [15].