Jason Furniture (Hangzhou) (SH:603816) 经济观察报·2025-07-04 10:22Core Viewpoint - The future sustainable growth of the home furnishing industry must focus on creating long-term value centered around users, moving away from short-term strategies like expanding product categories and aggressive promotions [1][11]. Group 1: Industry Context - The home furnishing industry is undergoing significant changes due to the deep restructuring of the real estate sector, which has heavily impacted related industries [2]. - The industry has transitioned from a "parasitic" model reliant on real estate to a more independent approach, especially as new housing transactions have plummeted [8][9]. Group 2: Company Strategy - Gujia Home (603816.SH) is positioned as a stable player in the home furnishing sector, with consistent revenue growth and a solid cash flow, indicating potential for transformative changes [3]. - The company is moving away from traditional wholesale models to a retail transformation that directly addresses user value, which involves a comprehensive restructuring of its dealer and supplier systems [3][15]. Group 3: Market Dynamics - The home furnishing industry is characterized by a fragmented market with increasing competition and a shift in consumer demand towards more personalized and diverse needs [9][10]. - The past reliance on promotional strategies is no longer effective; understanding and addressing the real needs of consumers has become crucial [9][10]. Group 4: Consumer Behavior - Recent consumer trends indicate a slowdown in transactions, with buyers seeking better quality products at lower prices, reflecting a shift in purchasing behavior [34]. - The increase in product factory prices over the past two years suggests an improvement in supply quality, despite a decrease in overall demand [35]. Group 5: Retail Transformation - Gujia's retail transformation has been ongoing for seven years, focusing on building a user-centered approach rather than a factory-centered one [15][46]. - The company is implementing a digital platform, iKUKA, to enhance retail operations and improve efficiency by connecting directly with consumers [48]. Group 6: Strategic Focus - Gujia aims to redefine itself from merely selling furniture to becoming a brand that leads lifestyle choices, emphasizing a gradual approach from single products to comprehensive lifestyle solutions [19][20]. - The company is focusing on three strategic categories: sofas, mattresses, and customization, which are expected to drive significant revenue growth [26][27]. Group 7: International Expansion - Gujia's overseas business is projected to contribute nearly half of its revenue by 2024, with a focus on developing markets in Southeast Asia and Central Asia [55]. - The company is adopting a focused approach to international expansion, ensuring that resources are aligned to support marketing and sales efforts in strategic countries [56][57]. Group 8: Long-term Value Creation - The company emphasizes the importance of strategic assets and contributions that create long-term value, rather than short-term financial metrics [60][62]. - Gujia's management is committed to maintaining a balance between immediate business performance and long-term capability building, ensuring that strategic initiatives are not compromised during challenging times [63][64].