家庭装饰品：好莱客、好太太、蜂助手拟共同投资设立合资公司，打造智能家居物联网开放平台

Investment Rating - The investment rating for the industry is "Positive" and is maintained [6] Core Insights - Haolaike, Haotaitai, and Fengzhushou signed an investment cooperation agreement on March 10, 2025, to establish a joint venture with a registered capital of 50 million yuan, where Haolaike, Haotaitai, and Fengzhushou will contribute 25 million yuan, 12.5 million yuan, and 12.5 million yuan respectively, holding 50%, 25%, and 25% of the shares [2][4] - The joint venture aims to develop a smart home IoT open platform, leveraging Haolaike's full-house customization products, Fengzhushou's digital goods resources and IoT technology, and Haotaitai's smart home hardware product matrix and supply chain integration capabilities [10] - The joint venture will focus on creating a "smart integration gateway" product for home automation and control, enhancing the smart home product ecosystem through the resale of digital goods provided by Fengzhushou [10] Summary by Sections Company Overview - Haolaike specializes in full-house customization, integrating design, research, production, and sales, with a nationwide sales network and leading marketing and service scale in the industry [10] - Fengzhushou is a well-known provider of digital virtual goods services, focusing on mobile internet scenarios and expanding into IoT application solutions and cloud services [10] - Haotaitai has over 20 years of experience in the smart drying industry, leading with a market share of 40%, and aims to expand its product offerings into a full smart home ecosystem [10] Market Potential - The penetration rate of smart drying products in China is currently around 17%, indicating significant growth potential [10] - The expected national subsidies for smart homes in 2025 are anticipated to drive replacement demand in the market [10]