来源：环球网 10月30日，2025泛家居旧改行业大会在佛山成功举办。本次大会由广东省定制家居协会、广东省定制家 居协会旧改专委会联合主办，博骏传媒承办，万华生态协办，并由飞书冠名晚宴。本次大会以"引领旧 改·重塑价值"为主题，近400位来自旧改企业、定制企业、装修公司、家居建材企业、行业服务平台、 行业协会、媒体等领域的领军企业代表、专家学者与实战先锋齐聚，共谋旧改大业。 广东省定制家居协会秘书长、广州定制家居展暨轻高定展创始人曾勇指出，过去不少企业固守传统模 式，错失了定制风口。如今旧改正孕育着同等量级的市场机遇，他呼吁行业紧抓这一时代红利。他坚 信，家居产业完全有能力将旧改模式打磨成熟，最终实现产业的跨越式新突破。 广东省定制家居协会旧改专委会秘书长王睿作《2026中国旧改市场白皮书》主题分享。他指出，家居企 业投身旧改已成为必然趋势，并建议企业必须从流量思维转向用户思维，通过深耕社区、建立信任，实 现精准获客；从单纯销售产品转向提供场景化解决方案，以重构服务价值，提升客单价与利润空间；同 时推动内外部生态协同进化，整合供应链，优化组织能力，跨越制约发展的能力鸿沟。 为推动行业规范化发展，广东省定制家居 ...

Investment Rating - The investment rating for Tianan New Materials (603725) is "Buy" (maintained) [1] Core Views - The company announced its 2025 mid-year report, which met expectations, with H1 2025 revenue of 1.444 billion yuan, a year-on-year increase of 4.0%, and a net profit attributable to shareholders of 62 million yuan, up 16.6% year-on-year [6] - The market share in the building ceramics sector continues to rise, with a revenue of 590 million yuan in H1 2025, despite a 6% year-on-year decline, while sales volume increased by 6% [6] - The high polymer business is steadily expanding, with automotive interior revenue reaching 310 million yuan in H1 2025, a 36.0% year-on-year increase [6] - The company is actively developing its home furnishing business through acquisitions, enhancing its industry ecosystem [6] - The management's strategic capabilities and resource coordination are seen as core competitive advantages, with a focus on optimizing the supply chain and gradually expanding new business models [6] - The company maintains a positive outlook for net profit growth from 2025 to 2027, with projected profits of 122 million yuan, 158 million yuan, and 199 million yuan, respectively, corresponding to PE ratios of 28X, 21X, and 17X [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.309 billion yuan, with a year-on-year growth rate of 6.7% [5] - The projected net profit for 2025 is 122 million yuan, reflecting a year-on-year growth of 21.0% [5] - The gross profit margin is expected to be 22.6% in 2025, with a return on equity (ROE) of 14.4% [5]

Core Viewpoint - The company, Fashilong Home Building Materials Co., Ltd., is struggling to turn around its performance after over a year of transitioning to prefabricated interior decoration, leading to a strategic share transfer to introduce new investors [1][3]. Group 1: Share Transfer and Financial Performance - Fashilong's controlling shareholder plans to transfer 25.29% of its shares for a total of 846 million yuan, with the share price set at 26.62 yuan per share [2][3]. - Following the share transfer, the controlling shareholder's stake will decrease from 57.27% to 31.98%, while the new investors will collectively hold 25.29% of the shares [2][3]. - The company reported a significant decline in net profit from 64.19 million yuan in 2020 to a loss of 28.99 million yuan in 2024, marking a 325.69% decrease [3][4]. Group 2: Business Transition and Market Strategy - Fashilong is accelerating its transition to a prefabricated interior decoration enterprise, aiming to leverage its traditional strengths in ceiling and wall systems [1][5]. - The company is focusing on research and development in prefabricated space products to address market demands in the current economic climate [5][6]. - Local government policies in Jiaxing are supporting the growth of the smart decoration industry, with a target of achieving an industry output value of 40 billion yuan by 2025 [5][6]. Group 3: Competitive Landscape and Challenges - The integrated ceiling business has seen a revenue decline of over 19%, with gross margins dropping from 25.40% in 2023 to 14.45% in 2024 [3][4]. - The market for integrated ceilings is becoming increasingly competitive, with companies expanding their product lines to meet consumer demands for personalization and style [4][5]. - The transition to prefabricated interior decoration requires significant investment in production line upgrades and talent acquisition, as traditional construction methods differ from the needs of prefabricated solutions [7].