Jason Furniture (Hangzhou) (SH:603816) 虎嗅APP·2025-12-31 14:08Core Viewpoint - The article discusses the controversy surrounding a live-streaming event led by Dong Yuhui, which generated significant sales for Gujia Home, raising questions about the quality and sourcing of the products sold during the event [4][6]. Group 1: Sales Performance and Controversy - The live-streaming event on December 10 resulted in total sales of 3.56 billion yuan, with a standout product being a leather sofa priced at 3,471.4 yuan, achieving sales of over 100 million yuan [9][10]. - Concerns arose regarding whether Gujia Home could fulfill the large order volume with its own production capacity or if it would resort to outsourcing [12][13]. - The company responded to these concerns by confirming that the sofas sold during the live stream were produced in-house and that they were working to meet production demands [19]. Group 2: Financial Analysis - Gujia Home's average selling price for standard sofa sets was 3,893.05 yuan, indicating a 12.15% premium over the live-stream price [19]. - The estimated gross margin for the live-streamed sofas is approximately 27.88%, which is a decline from the usual gross margin of 35.69% [19]. - Despite the lower price point, Gujia Home is still expected to make a profit on the live-streamed sales, as the cost per standard set is around 2,503.59 yuan [20]. Group 3: Company Background and Market Position - Gujia Home has faced challenges in recent years, with a reported revenue of 18.48 billion yuan in 2024, down 3.81% year-on-year, and a net profit of 1.42 billion yuan, down 29.38% [22]. - The founder's family has engaged in significant capital operations, having cashed out approximately 200 billion yuan since the company's IPO [25][26]. - The company is currently valued at around 25.3 billion yuan, raising questions about its long-term operational strategy versus capital gains [26]. Group 4: Strategic Concerns - Following the acquisition by He Jianfeng, Gujia Home is shifting towards smart home products, but its upcoming fundraising plan has raised suspicions of potential insider benefits due to significant price discrepancies [27][28]. - The necessity of the fundraising has been questioned, especially given the company's reported cash reserves of 2.785 billion yuan [29]. - The company's simultaneous high dividend payouts and large financial management plans have led to skepticism about its financial health and intentions behind the fundraising [30][31].