三年前，贝壳顶着压力与圣都牢牢绑在一起，以此来表现进军家装的决心。三年后，贝壳用数据证明了 这一决策正确性，也让彭永东吃了颗定心丸。 日前，贝壳发布三季度报，净收入为231亿元，同比增加2.1%，分业务来看，家装板块表现亮眼，净收 入为43亿元，贡献利润率提升至32%，连续两个季度实现扣除总部费用前的城市层面盈利。 业绩向好背后，离不开贝壳对家装的持续发力。近年来，贝壳通过智能化提升品质和服务，同时启 动"全案整装服务商"战略、推出资金存管服务，积极解决行业痛点、难点，助力行业向前。 家装业务盈利能力提升 根据财报，今年第三季度，贝壳总交易额达7367亿元，净收入为231亿元，同比增长2.1%，净利润7.47 亿元，经调整净利润12.86亿元，整体业务基本盘保持韧性。 近年来，贝壳着力推动"一体三翼"战略升级，逐步形成以新房和二手房交易为核心业务，家装家居、房 屋租赁、贝好家等为增长业务的发展体系。 分业务来看，今年第三季度，贝壳存量房交易的总交易额为5056亿元，同比增加5.8%。新房业务方 面，2025年前三季度，贝壳新房交易的累计总交易额同比增长约11%，第三季度单季总交易额为1963亿 元。 相比之下 ...

Core Viewpoint - The company Mingdiao Co., Ltd. (002830.SZ) is experiencing significant financial challenges despite a mild recovery in the home decoration industry, with notable declines in revenue and profit margins [1][2][14]. Financial Performance - For the first half of 2025, the company reported total revenue of 267 million yuan, a year-on-year decrease of 8.93%, and a net profit of 7.68 million yuan, down 11.95% [1]. - In 2024, the company had total revenue of 674 million yuan, a decline of 14.07%, while net profit increased by 4.08% to 40.68 million yuan, primarily due to cost-cutting and non-recurring gains [2]. - The company's gross margin fell to 30.7% in the first half of 2025, a decrease of nearly 1 percentage point, while net margin dropped from 3.77% to 3.58%, indicating weakened pricing power and ineffective cost control [3]. Operational Challenges - Accounts receivable surged by 349.26% to 3.38 million yuan, raising concerns about longer collection cycles and increased credit risk [6]. - Inventory levels reached 18.72 million yuan, an 82% increase, with inventory turnover days rising from 11 to 19 days, indicating potential issues with product sales and liquidity [7]. Market Dependency - Over 90% of the company's revenue is concentrated in the Pearl River Delta region, with more than 50% coming from Shenzhen alone, making it vulnerable to regional economic fluctuations [8][10]. - The company has attempted to expand into other cities like Changsha, but these efforts have yielded minimal results, contributing to ongoing regional risk exposure [10]. R&D and Innovation - The company has significantly reduced its R&D investment, with expenses dropping from 7.53 million yuan in 2023 to 4.59 million yuan in 2024, a decline of 39.13%, and further down to 1.53 million yuan in the first half of 2025 [11][13]. - The reduction in R&D personnel from 57 to 18 represents a 68.42% decrease, which could hinder the company's ability to innovate and meet evolving consumer demands [11][13]. Industry Context - Despite a general recovery in the home decoration industry, with a 0.92% increase in sales for large-scale home furnishing markets, Mingdiao's performance indicates internal issues rather than external market conditions [14]. - Analysts suggest that the company needs to diversify its market presence, reinvest in R&D, and improve credit policies to alleviate liquidity pressures and enhance competitiveness [14].