Core Insights - The home decoration industry is experiencing a shift towards personalized, convenient, and one-stop solutions, driving the growth of the whole-house customization model [1] - Daziran Home is positioned as a lucrative opportunity for those looking to enter or transition within the customization market, inviting like-minded entrepreneurs to join [1] Group 1: Brand Strength - Daziran Home is recognized as one of the top ten leading brands in Asia, with a brand value of 91.056 billion yuan, and has entered the 2024 Asia Brand 500 list [3] - The strong brand influence and consumer trust provide a competitive advantage for Daziran Home, facilitating market penetration [3] Group 2: Manufacturing Capability - Daziran Home has established six advanced manufacturing bases across Jiangsu, Jiangxi, Guangxi, and Anhui, featuring smart production lines and digital management to ensure product stability and high quality [5] - The company sources from nine international raw material bases, ensuring superior quality from the source [5] Group 3: Innovation and R&D - Daziran Home boasts a robust R&D team composed of PhDs, Masters, and senior engineers, along with a national product inspection center, holding over 100 national patents [7] - The company maintains a leading position in research and innovation, ensuring competitive products in the market [7] Group 4: Product Quality - Daziran Home adheres to a "zero health new standard," ensuring that products are free from pollution, odor, and additives, exceeding national standards and international carbon neutrality standards [9] - The company offers a comprehensive home solution with integrated products, enhancing customer satisfaction and increasing average transaction value and profit margins [9] Group 5: Support for Distributors - Daziran Home provides comprehensive support for distributors, from store setup to operations, including professional training and marketing assistance [11] - The company aims to empower distributors to quickly seize market opportunities and achieve growth [11] Group 6: Market Opportunity - Whole-house customization is seen as a necessary response to consumer trends and a viable solution to challenges in traffic and profit growth, inviting entrepreneurs to capitalize on this emerging market [14]

Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - Haolaike, Haotaitai, and Fengzhushou signed an investment cooperation agreement on March 10, 2025, to establish a joint venture with a registered capital of 50 million yuan, where Haolaike, Haotaitai, and Fengzhushou will contribute 25 million yuan, 12.5 million yuan, and 12.5 million yuan respectively, holding 50%, 25%, and 25% of the shares [2][6] - The joint venture aims to develop a smart home IoT open platform, leveraging Haolaike's full-house customization products, Fengzhushou's digital goods resources and IoT technology, and Haotaitai's smart home hardware product matrix and supply chain integration capabilities [12] - The joint venture will focus on creating a "smart integration gateway" product for home automation and control, enhancing the smart home product ecosystem through the resale of digital goods provided by Fengzhushou [12] Summary by Sections Company Overview - Haolaike specializes in full-house customization, integrating design, research, production, and sales, with a nationwide sales network and leading marketing and service scale in the industry [12] - Fengzhushou is a well-known provider of digital virtual goods services, focusing on mobile internet scenarios and expanding into IoT application solutions and cloud services [12] - Haotaitai has over 20 years of experience in the smart drying industry, leading with a market share of 40%, and aims to expand its product offerings into a full smart home ecosystem [12] Market Potential - The penetration rate of smart drying products in China is currently around 17%, indicating significant growth potential [12] - The expected national subsidies for smart homes in 2025 are anticipated to drive replacement demand in the market [12]