Company Overview - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 29, 2025, via video live streaming and online interaction [1] - Key executives, including the chairman and independent directors, participated in the meeting to discuss operational results and financial indicators [1] Future Growth Points - The company aims to enhance profitability through a comprehensive strategic optimization of its "four business pillars" (retail, home decoration, refined decoration, and overseas) [2][4] - Specific strategies include: - Retail: Implementing a 140 strategy to upgrade the retail business model and transitioning to a new retail system [2] - Home Decoration: Utilizing the V8 service system to enhance collaboration with home decoration companies [3] - Refined Decoration: Strengthening partnerships with quality real estate companies and expanding product categories [3] - Overseas: Establishing a responsive product delivery system leveraging production bases in China and Thailand [3] Industry Outlook - The furniture manufacturing industry showed resilience, with a reported revenue of 677.15 billion yuan in 2024, reflecting a 0.4% year-on-year growth [5] - Government policies, such as the "Home Renovation Consumption Three-Year Action Plan," are expected to stimulate market demand, particularly in the renovation of existing homes [5] Financial Performance - In 2024, the company reported a net profit of 199 million yuan, a decrease of 31.76% compared to the previous year, attributed to reduced revenue and costs associated with new retail and overseas strategies [6] - For Q1 2025, the net profit was approximately 34.9 million yuan, a slight decline of 4.16% year-on-year, while the non-recurring net profit increased by 0.78% [6] Competitive Landscape - The overall industry performance faced challenges due to a complex economic environment, but the company's decline in performance was less severe compared to peers [7] - The company is focusing on enhancing its home decoration business to address increasing competition and meet the demands of younger consumers [8] Overseas Expansion - The company's first smart satellite factory in Dallas, Texas, commenced operations in March 2025, marking a significant milestone in its global strategy [9] - The overseas business is expected to be a key growth driver, with a focus on localized production and tailored service delivery [9] Dividend Policy - The company plans to implement a differentiated dividend plan for 2024, with a total cash dividend of approximately 95.84 million yuan, representing 48.09% of the net profit [11] - Future dividends will be adjusted based on performance and funding needs, aiming to enhance shareholder returns [11] Investor Engagement - The major shareholder has initiated a buyback plan, with an investment range of 55 million to 110 million yuan, to boost investor confidence [11]

Core Viewpoint - The article highlights the transformation and development of the Jinan-based Jin Niu Building Materials Home Furnishing Center, showcasing its evolution into a comprehensive, smart shopping experience for consumers in the building materials and home furnishing sector [3][5]. Group 1: Transformation and Upgrades - Jin Niu Building Materials Market has undergone three upgrades over 30 years, evolving from a roadside "shed-style" market to a one-stop, smart home furnishing complex [3]. - The current Jin Niu Building Materials Home Furnishing Center spans 125,000 square meters and hosts over 300 merchants, including more than 60 brand flagship stores and general agents [3]. - The center offers a wide range of products, including tiles, sanitary ware, flooring, wooden doors, smart home appliances, and whole-house customization, providing a comprehensive shopping experience [3]. Group 2: Sales and Marketing Strategies - Since its reopening, the center has implemented monthly themed promotional activities, utilizing discounts, lotteries, and flash sales to attract consumers [3]. - The sales model combines "brand promotions + full mall linkage," creating a synergistic effect where promotions in one store stimulate overall mall sales [3]. Group 3: Diversification and Ecosystem Development - Jin Niu Group has expanded its business model by integrating modern service industries such as creative design, e-commerce, and wellness entertainment into a 93,000 square meter office building [5]. - The establishment of the Jin Niu Building Materials Home Furnishing Center, along with surrounding buildings, has created a unique "Golden Triangle Business Circle" in Jinan [5]. - The group is also developing a "Sports+" commercial complex, planning the Jin Niu Sports Health City project to integrate sports events, fitness, and retail, enhancing the consumer experience [5].