梦天家居分析师会议-20250915

Report Summary 1. Report Industry and Investment Rating - The report focuses on the decoration industry, but no investment rating is provided [2] 2. Core Viewpoints - The company's 2025 semi - annual performance saw a 41.72% year - on - year increase in net profit, with revenue only down 2.20%. This was achieved by strengthening internal control and improving efficiency, reducing ineffective and inefficient expenses [26] - The company adheres to a development strategy of "from wooden doors to woodwork", aiming to build an integrated product system of water - based paint woodwork doors, walls, and cabinets [28] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Mengtian Home Furnishing, belonging to the decoration industry. The reception time was September 15, 2025. The company's reception staff included the general manager, board secretary, financial director, and independent director [17] 3.2 Detailed Research Institutions - The research institutions mainly include online investors [20] 3.3 Research Institution Proportion - No specific proportion information is provided [21] 3.4 Main Content Data - General Manager's Speech: Welcomed investors to the 2025 semi - annual performance briefing, expressing gratitude for their support and promising in - depth communication and answering questions [24] - Retail Channel Work in H1 2025: Responded to national subsidy policies, implemented a full - domain and full - case marketing plan, sank the marketing team to the market, and provided targeted support to dealers [25] - Home Decoration Channel Work in H1 2025: Implemented the "T" strategy, sorted out and strengthened the supply chain, and optimized business processes to control costs [26] - Hard - Covered Project Channel Work in H1 2025: Focused on serving stable real - estate enterprises, promoted the integration of the project supply - chain system, and emphasized key project delivery and strategic cooperation [26] - Answers to Other Questions: Regarding the investment in Chongqing Lingxin Microelectronics Co., Ltd., investors were advised to refer to the company's regular reports; the company had a 2024 annual dividend in 2025, with a cash dividend of 0.20 yuan per share, about 72.7% of the 2024 net profit attributable to the parent company [24][27]