Report Summary 1. Report Industry and Investment Rating - The report focuses on the decoration industry, but no investment rating is provided [2] 2. Core Viewpoints - The company's 2025 semi - annual performance saw a 41.72% year - on - year increase in net profit, with revenue only down 2.20%. This was achieved by strengthening internal control and improving efficiency, reducing ineffective and inefficient expenses [26] - The company adheres to a development strategy of "from wooden doors to woodwork", aiming to build an integrated product system of water - based paint woodwork doors, walls, and cabinets [28] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Mengtian Home Furnishing, belonging to the decoration industry. The reception time was September 15, 2025. The company's reception staff included the general manager, board secretary, financial director, and independent director [17] 3.2 Detailed Research Institutions - The research institutions mainly include online investors [20] 3.3 Research Institution Proportion - No specific proportion information is provided [21] 3.4 Main Content Data - **General Manager's Speech**: Welcomed investors to the 2025 semi - annual performance briefing, expressing gratitude for their support and promising in - depth communication and answering questions [24] - **Retail Channel Work in H1 2025**: Responded to national subsidy policies, implemented a full - domain and full - case marketing plan, sank the marketing team to the market, and provided targeted support to dealers [25] - **Home Decoration Channel Work in H1 2025**: Implemented the "T" strategy, sorted out and strengthened the supply chain, and optimized business processes to control costs [26] - **Hard - Covered Project Channel Work in H1 2025**: Focused on serving stable real - estate enterprises, promoted the integration of the project supply - chain system, and emphasized key project delivery and strategic cooperation [26] - **Answers to Other Questions**: Regarding the investment in Chongqing Lingxin Microelectronics Co., Ltd., investors were advised to refer to the company's regular reports; the company had a 2024 annual dividend in 2025, with a cash dividend of 0.20 yuan per share, about 72.7% of the 2024 net profit attributable to the parent company [24][27]

Market Overview - On September 15, the decoration and renovation sector rose by 0.67% compared to the previous trading day, with Quan Zhu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the decoration and renovation sector showed varied performance, with Quan Zhu Co., Ltd. closing at 3.08, up 10.00% with a trading volume of 927,400 shares and a transaction value of 279 million [1] - Other notable performers included Mingdiao Co., Ltd. at 18.52, up 5.11%, and ST Ruihe at 6.16, up 3.36% [1] Capital Flow - The decoration and renovation sector experienced a net outflow of 18.43 million from institutional investors, while retail investors saw a net inflow of 69.25 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Quan Zhu Co., Ltd. had a net inflow of 79.67 million from institutional investors, but saw a net outflow of 44.24 million from retail investors [3] - Hainan Development had a net inflow of 10.84 million from institutional investors, while retail investors contributed a net inflow of 1.01 million [3]

Group 1 - The company, Axah Co., reported on September 12 that the total number of shareholders is 30,975 as of September 10, 2025, according to statistics from China Securities Depository and Clearing Corporation Limited [2]

矩阵股份（301365）旗下子公司暗壳科技是深圳市福田区政府首批人工智能产业生态联盟40家核心成员 单位。同时，暗壳AI原创设计项目《矩阵架空层可持续社区概念方案》荣获美国《室内设计》中文版 (Interior Design China)金外滩奖"AIGC设计奖金奖"和"年度大奖.提名奖"双项荣誉，暗壳AI作为深圳市人 工智能设计应用的代表企业受邀参加2025全球人工智能终端展暨第六届深圳国际人工智能展览会 (GAIE)，并荣获"最佳AI标杆应用"奖项。 今年8月，国务院印发《关于深入实施"人工智能+"行动的意见》，提出加快实施六大重点行动，在"人 工智能+"科学技术、"人工智能+"产业发展、"人工智能+"消费提质等领域加快培育发展新质生产力，使 全体人民共享人工智能发展成果。 此外，多部门也密集出台相关政策，推动人工智能在多行业应用场景落地。在刚刚闭幕的2025世界智能 产业博览会上，智能网联新能源汽车、数字城市、智能机器人、智能居家、低空经济五大专业板块，全 面展示了各类人工智能新技术、新应用、新场景。 随着AI技术的不断成熟和应用场景的持续拓展，人工智能产业正在国家政策和市场需求的双重驱动下 进入高速发 ...

Group 1 - The decoration and renovation sector experienced a decline of 0.3% on September 12, with ST Keli Da leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Group 2 - On that day, the decoration and renovation sector saw a net outflow of main funds amounting to 20.17 million yuan, while retail investors had a net inflow of 107 million yuan [2] - The table provided shows various companies' fund flows, with Hainan Development having a main fund net inflow of 23.12 million yuan, while De Cai Co. experienced a net outflow of 2.24 million yuan from retail investors [2]

证券之星消息，9月10日装修装饰板块较上一交易日上涨0.82%，ST柯利达领涨。当日上证指数报收于 3812.22，上涨0.13%。深证成指报收于12557.68，上涨0.38%。装修装饰板块个股涨跌见下表： 从资金流向上来看，当日装修装饰板块主力资金净流出14.1万元，游资资金净流出1743.57万元，散户资 金净流入1757.67万元。装修装饰板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002163 | 海南发展 | 1622.17万 | 12.43% | -765.84万 | -5.87% | -856.33万 | -6.56% | | 002963 | 豪尔赛 | 1497.12万 | 5.53% | 472.91万 | 1.75% | -1970.02万 | -7.28% | | 605287 | 德才股份 | 1409.59万 | 6.87% | -519.18万 | -2. ...

Core Insights - The industrialized interior decoration is emerging as a key solution to address the inefficiencies, quality instability, and resource consumption issues faced by traditional renovation methods, driven by the increasing demand for improved living quality and ongoing urban renewal strategies [1][3] - Industrialized interior decoration aligns with current trends in the construction industry and is expected to become a mainstream choice for future housing construction and urban renewal [3][6] Group 1: Industrialized Interior Decoration Benefits - Standardized production in industrialized interior decoration ensures stable product quality, enhancing living standards [3] - It significantly shortens construction periods, minimizing disruptions to residents' daily lives [3][7] - The approach emphasizes a "full-cycle thinking" to redefine housing standards, addressing traditional renovation pain points from the design stage [4][10] Group 2: Urban Renewal Impact - Industrialized interior decoration plays a crucial role in urban renewal by revitalizing old buildings while respecting their original structures and reducing resource consumption [6] - It offers innovative solutions for common issues in old buildings, such as outdated pipelines and poor spatial layouts, without causing structural damage [6][7] - Successful urban renewal projects integrate industrialized interior decoration with municipal infrastructure and community service upgrades, promoting a comprehensive living experience [7][10] Group 3: Challenges and Solutions - The industry faces challenges such as insufficient construction precision, cost perception issues, and an incomplete standard system [8][9] - Collaboration across the industry is essential to overcome these challenges, with companies adopting group purchasing and long-term partnerships to reduce costs [9] - Policy guidance and consumer education are critical to fostering a competitive environment for industrialized interior decoration and enhancing public understanding of its long-term benefits [10]

Market Performance - The decoration and renovation sector increased by 1.24% on September 5, with Dechai Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Highlights - Dechai Co., Ltd. (code: 605287) closed at 16.88, with a rise of 4.98% and a trading volume of 50,000 shares, amounting to 82.48 million yuan [1] - Zhongda Precision Decoration (code: 002989) closed at 37.75, up 4.86%, with a trading volume of 99,200 shares, totaling 371 million yuan [1] - Zhengzhong Design (code: 002811) saw a closing price of 12.11, increasing by 4.04% with a trading volume of 137,100 shares, amounting to 164 million yuan [1] Capital Flow - The decoration and renovation sector experienced a net inflow of 48.4 million yuan from institutional investors, while retail investors saw a net outflow of 18.0 million yuan [2] - The main capital flow data indicates that Zhongda Precision Decoration had a net outflow of 16.43 million yuan from institutional investors [3] Individual Stock Capital Flow - Full Construction Co., Ltd. (code: 603030) had a net inflow of 12.89 million yuan from institutional investors, while it faced a net outflow of 6.99 million yuan from retail investors [3] - Zhengzhong Design (code: 002811) recorded a net inflow of 12.49 million yuan from institutional investors, with a net outflow of 1.05 million yuan from retail investors [3]

Market Overview - On September 4, the decoration and renovation sector rose by 0.39% compared to the previous trading day, with Haoer Sai leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Key stocks in the decoration and renovation sector showed varied performance, with Haoer Sai (002963) closing at 12.93, up 3.19% with a trading volume of 113,500 shares and a turnover of 147 million yuan [1] - Other notable performers included Weiye Co. (300621) with a closing price of 9.02, up 2.85%, and Hainan Development (002163) at 9.25, up 2.32% [1] Capital Flow - The decoration and renovation sector experienced a net outflow of 2.1656 million yuan from institutional investors, while retail investors saw a net inflow of 10.5 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Zhongtian Jingzhuang (002989) had a significant net outflow of 44.7235 million yuan from institutional investors, indicating a bearish sentiment [3] - Hainan Development (002163) saw a net inflow of 847.92 thousand yuan from institutional investors, suggesting some positive interest [3] - The capital flow data highlights the divergence in investor sentiment across different stocks within the sector [3]

Market Overview - The decoration and renovation sector experienced a decline of 1.49% on September 3, with Haosai leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable stock movements included: - *ST Baoying (002047): Closed at 2.56, up 4.07% with a trading volume of 456,700 shares and a turnover of 117 million yuan [1] - Haosai (002963): Closed at 12.53, down 8.07% with a trading volume of 157,000 shares and a turnover of 204 million yuan [2] - Zhengzhong Design (002811): Closed at 11.50, down 3.77% with a trading volume of 115,000 shares and a turnover of 134 million yuan [2] Capital Flow - The decoration and renovation sector saw a net outflow of 62.54 million yuan from institutional investors, while retail investors had a net inflow of 65.04 million yuan [2][3] - The capital flow for specific stocks included: - *ST Baoying: Net inflow of 16.54 million yuan from institutional investors [3] - ST Ruihe (002620): Net inflow of 11.32 million yuan from institutional investors [3] - Gold Mantis (002081): Net inflow of 5.03 million yuan from institutional investors [3]