1月7日中午，宜家中国正式宣布，将于2026年2月2日起停止运营上海宝山、广州番禺、天津中北、南通、徐州、宁波及哈尔滨 的7家商场。公司称此举为优化渠道布局、构建业务韧性。 即将停止运营的宜家南通门店位于南通市崇川区黄海路66号，于2017年5月开业，是宜家在中国的第22家商场，也是苏中苏北 地区首个宜家商场。 1月7日当天，宜家南通商场发布暂停营业通知，宣布因渠道布局调整原因，门店于1月7日至1月8 日暂停营业，将于1月9日恢复 营业。不过，在闭店期间，消费者仍可通过宜家官网、宜家APP、宜家微信可购物小程序、天猫旗舰店及京东旗舰店购买宜家 产品和相关服务。 不少网友猜测，宜家南通门店后续将会进行打折清仓活动，扬子晚报/紫牛新闻记者咨询线上客服，这名客服回应称将于1月15 日至2月1日推出特惠活动。 对于受影响的员工，宜家表示将通过"开放的沟通和公平透明的流程，为每一位受影响的同事提供全面支持"。记者在社交平台 看到，一位宜家南通门店员工发文告别，评论区网友询问:"是否会有N+1？",这位员工回复称:"公司很好，该考虑的都考虑到 了，甚至安排了心理辅导。" 目前，宜家在中国拥有41个线下顾客触点、三个自有数 ...

来源：新闻晨报 1月7日中午，宜家中国正式宣布，将于2026年2月2日起停止运营上海宝山、广州番禺、天津中北、南 通、徐州、宁波及哈尔滨的7家商场。公司称此举为优化渠道布局、构建业务韧性。 当地顾客仍可通过所在城市（例如上海、广州、天津）的其他宜家商场或宜家官网、宜家APP、宜家微 信可购物小程序、天猫旗舰店及京东旗舰店等全渠道继续体验宜家产品和服务。 宜家称，这一决定是宜家在中国深化转型过程中的重要一步，旨在为未来的业务增长构建更具韧性的基 础，并聚焦本土相关性，以提供可负担的家居产品与解决方案。 在接下来的两年内宜家计划开设超过十家小型门店，包括将于2026年2月开业的宜家东莞商场和将于 2026年4月开业的北京通州商场。 太突然！ 上海人熟悉的宜家上海宝山商场 将于2026年2月2日停止运营！ 宜家宝山商场 已张贴暂停营业通知 1月7日-1月8日暂停营业 1月9日恢复营业 有网友特地赶去 扑了个空 据网友发帖 多家将停止运营门店 都在1月7日-8日暂停营业 在社交平台上， 有不少网友猜测， 会不会有清仓特惠？ 宜家上海宝山商场闭店后，上海其他三家商场将不会受到影响，上海仍有宜家徐汇商场，宜家临空荟聚 门 ...

来源：新黄河 1月7日中午，宜家中国正式宣布，将于2026年2月2日起停止运营上海宝山、广州番禺、天津中北、南 通、徐州、宁波及哈尔滨的7家商场。公司称此举为优化渠道布局、构建业务韧性。 7日上午，新黄河记者两次致电宜家官方客服核实，回应出现明显变化。早间客服称"暂无相关通知"， 哈尔滨商场称仅暂停营业两日；至10:50，客服改口确认天津中北商场、哈尔滨商场等7家门店闭店 确"已收到通知"，并将营业至2026年2月1日，同时承认网传七家商场名单属实。 宜家表示，未来将转向"精准深耕"，在北京、深圳等重点城市开设小型门店，并加强线上渠道。受影响 顾客仍可通过同城其他商场或线上平台购物。 （新黄河记者：杜林） ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a slight decline in revenue and a phase adjustment in profitability, with a year-on-year revenue growth of 2.33% for the first three quarters of 2025, totaling 16.897 billion yuan. However, the net profit attributable to shareholders decreased by 4.66% to 1.366 billion yuan [2][6]. - In Q3 2025, the company experienced a revenue decline of 2.30% year-on-year, amounting to 5.420 billion yuan, and a net profit drop of 13.42% to 426 million yuan [2][6]. - The company is actively innovating products and optimizing channel layouts to adapt to changing consumer demands, focusing on core categories and expanding into new segments [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 16.897 billion yuan, with a net profit of 1.366 billion yuan, reflecting a decline in profitability [2][6]. - The gross margin for the first three quarters was 23.71%, a decrease of 0.12 percentage points, while the sales expense ratio increased by 0.69 percentage points to 10.15% [12]. - In Q3 2025, the gross margin was 23.92%, with a significant increase in the sales expense ratio to 10.39% [12]. Market Strategy - The company is focusing on consumer-centered product innovation and category expansion, aiming to meet user needs with intelligent solutions [12]. - It is enhancing its marketing efforts in response to intense market competition and has adjusted its channel strategies to improve sales efficiency [12]. Future Outlook - The company is expected to maintain steady growth in scale and improve profitability efficiency, with projected net profits of 2.250 billion, 2.379 billion, and 2.535 billion yuan for 2025, 2026, and 2027, respectively [12]. - The corresponding PE ratios are estimated to be 16.78, 15.87, and 14.90 times for the same years [12].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved revenue of approximately 1.5 billion yuan, a decrease of 20.26% year-on-year [3] - The net profit attributable to shareholders was 61.57 million yuan, down 51.26% compared to the previous year [3] - The gross profit margin for the first three quarters was 26.07%, a decline of 4.52 percentage points year-on-year [3] Group 2: Market Challenges - The decline in revenue was primarily due to intense competition in the home and bathroom industry and weak overall demand [3] - The domestic market's OEM business saw a significant drop, while the overseas market remained stable due to diversified deployment [3] Group 3: Product and Channel Strategy - The company is focusing on product innovation aimed at enhancing consumer experience, with recent launches including the UX85 smart toilet featuring multifunctional assistive arms [5] - A comprehensive online and offline channel system has been established to enhance brand awareness and market share, with ongoing efforts to optimize traditional distribution channels and expand store numbers [4] Group 4: Industry Regulations and Competition - The implementation of the 3C certification for smart toilets on July 1 has improved consumer trust in certified products, benefiting mid-to-high-end market shares [6] - The certification process is expected to phase out non-compliant products, positively impacting the competitive landscape of the industry [6] Group 5: Brand Expansion Strategies - The company is enriching its product matrix and focusing on technological innovation while maintaining quality as a priority [8] - Marketing efforts are being enhanced through platforms like Douyin and Xiaohongshu to increase brand and product recognition [8]

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company is expected to turn a profit in 2024, with a focus on optimizing channel layouts and improving profitability despite a decline in online sales [1][6] - The company has experienced a significant drop in revenue in Q1 2025, but the overall performance in Q4 2024 met market expectations [6] - The company is expanding its offline presence and enhancing its retail service model to penetrate lower-tier markets [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 1,085 million, with a decline of 14.9% year-on-year, while Q1 2025 revenue is expected to be 197 million, down 32.8% [5] - The net profit for 2024 is forecasted at 10 million, with a significant turnaround expected in 2025, reaching 53 million [5] - The gross margin is expected to remain stable around 61%, with a slight decrease in Q1 2025 [6][5] - The company has slightly adjusted its profit forecast for 2025-2026, now estimating net profits of 53 million and 84 million respectively [6]