证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 欧派家居(603833) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 欧派家居：推进整装大家居转型，行业龙头韧 性突出 [Table_ReportDate] 2025 年 08 月 31 日 [Table_S 事件：公司ummar发布y] 2025 半年报。2025H1 公司实现收入 82.41 亿元（同比 -4.0%），归母净利润 10.18 亿元（同比+2.9%），扣非归母净利润 9.43 亿元 （同比+21.4%）。2025Q2 公司实现收入 47.94 亿元（同比-3.4%），归母净 利润 7.10 亿元（同比-8.0%），扣非归母净利润 6.77 亿元（同比+6.8%）。 点评： 重 ...

Core Viewpoint - The article discusses the lessons that Chinese companies can learn from Japan's "lost thirty years," emphasizing the importance of consumer needs, product quality, and operational efficiency in navigating economic cycles [7][9][12]. Group 1: Insights from Japan - Japan experienced stagnant wages and severe aging during its "lost thirty years," yet it produced successful consumer champions like Uniqlo and 7-Eleven, highlighting the importance of upgrading consumer necessities and changing business formats [8][9]. - The emergence of affordable alternatives in Japan shifted consumer focus from luxury to practicality, as seen with Uniqlo's rise [10][11]. - Key takeaways for Chinese companies include the need for extreme cost-performance ratios, unique offline retail experiences, and high execution efficiency [12][13]. Group 2: Opportunities in the Chinese Market - The article identifies the "downstream market" as a crucial area for growth in the next two to three decades, emphasizing the search for new national brands and chain stores [14][15]. - Historical context is provided with the example of JD.com, which grew from 1 billion in revenue to becoming China's first trillion-yuan retail enterprise, showcasing the importance of cost, efficiency, and user experience [18][19]. - The author notes that since 2016, the focus has been on investing in new consumer champions, with 15 companies achieving over 1 billion in revenue and 3 companies projected to exceed 10 billion this year [24][25]. Group 3: Structural Opportunities in Consumption - The article outlines two structural opportunities in the Chinese consumer market: the rise of new national brands and the development of nationwide chains [28]. - The author emphasizes the importance of product innovation and brand expansion, particularly in the context of the pandemic, which created significant opportunities for food companies [26][27]. - The upcoming "Black Horse Consumption Rise" course aims to provide insights into how Chinese and Japanese consumer champions succeed in the current market landscape [29][30].

当前家居行业正经历深刻变革。8月29日，深蓝智库年度论坛系列活动，以"全渠道营销 重塑家居新格局"为主题的2025北京商报家居智库沙龙在北京商报社 举办。此次沙龙聚焦当前市场环境，结合国补等国家政策，深入探讨"消费分级"时代背景下，家居企业如何通过全渠道战略整合与人工智能（AI）技术赋 能，实现精准定位与差异化竞争，从而穿越周期、引领未来。 此次沙龙由北京商报社、深蓝智库家居品牌研究院主办，北京商报·家居频道、西街传媒（北京）有限公司承办，北京家居行业协会协办，抖音电商家具行 业品牌运营部提供学术支持。 北京商报社社长兼总编辑 李波涛 北京商报社社长兼总编辑李波涛在致辞中表示："过去，家居行业与房地产享受了政策红利和市场需求爆发带来的高增长，行业未完全进入标准化，产品的 质量标准、服务标准，还是影响消费者下单成交的重要原因。未来家居行业的竞争将回归商业本质，其中标准化应该是主要方向。竞争回归商业本质，品质 成为核心标尺，如同房地产'好房子'时代，家居行业需要'好家装'和'好家居'。" 李波涛指出，非标是行业短板和痛点，有痛点、有需求就有机会。未来，家居行业很可能会像其他时尚消费市场一样，向"多快好省"发展，即 ...

预计直接带动消费逾100亿元 你准备好买买买了吗？ 此次金秋消费季按照 "1+6+N"思路展开 ↓↓↓ 小伙伴们！ "购在中国·爱尚重庆"2025金秋消费季 将于9月1日至10月31日举办 期间重庆将开展消费促进活动500多场 汇聚多方资源投入促销资金超17亿元 "1" 围绕"购在中国·爱尚重庆"主题 聚焦重点行业组织开展 六大主题惠民消费活动 "N" N种场景、N场活动 融合山水、夜景、美食 时尚、康养等特色场景 开展多场消费促进活动 打造一场 "天天有惊喜、周周有爆点、月月有主题" 资料图。 节会活动方面 9月29日至10月31日将举办第17届中国（重庆）火锅美食节，设万人火锅宴等子活动； 10月17日至19日，第10届中国（重庆）国际火锅产业博览会将在重庆国际博览中心举行。 此外，"爱尚重庆·万物直播季""重庆·新加坡体验周"、第六届中国绿色饭店消费季、解放碑国际消费节等系列活动也将陆续开展。 的金秋消费盛宴 "6" 汽车—好车相伴·好礼相随 家电—渝购渝惠·悦享生活 家居—渝悦家装·礼惠金秋 零售—渝悦购物·金秋盛惠 餐饮—渝味渝飨·美好生活 成品油—金秋油礼·畅享出行 资料图。 汽车油品领域 本地车 ...

Core Viewpoint - The national subsidy program has resumed with a total funding of 69 billion yuan, allowing consumers to exchange old products for new ones, with a limited window for claiming subsidies until December 31, 2025 [1][4]. Summary by Sections National Subsidy Program - The third batch of national subsidies has been officially launched, with a total of 69 billion yuan allocated [1]. - Consumers can access the subsidy through platforms like Taobao and Tmall, with a specific focus on educational products during the back-to-school season [4]. Subsidy Details - The subsidy program has expanded to include educational items such as smart lamps, study desks, learning machines, and dictionary pens, offering up to 20% off [4][12]. - Consumers have a limited time of 130 days to claim these subsidies, emphasizing the urgency of participation [4]. Additional Discounts - Students can enjoy additional educational discounts on Taobao from August 25 to 31, with potential savings of up to 4,000 yuan, effectively reducing prices to as low as 50% [5]. - Various categories of products, including home appliances and 3C digital products, are eligible for subsidies ranging from 15% to 30% based on energy efficiency ratings [12][13]. Regional Subsidies - In addition to national subsidies, local governments in regions like Zhejiang, Guangdong, and Shanghai are offering additional consumption vouchers, enhancing the overall discount potential for consumers [15]. - Local subsidies can be combined with national ones, providing further financial incentives for consumers [15]. Market Dynamics - The popularity of the subsidy program has led to increased competition for claiming subsidies, with many consumers finding it challenging to secure funds due to high demand [16]. - The program is entering a critical phase, with the third batch of funds being rapidly consumed, indicating a limited opportunity for consumers to benefit from the subsidies [17]. Future Outlook - A fourth batch of funding is expected to be available in October, suggesting that consumers may want to wait for additional discounts during the upcoming Double Eleven shopping festival [18].

Core Viewpoint - Foreign companies in China are increasingly divesting their businesses, a trend exemplified by brands like Starbucks, Decathlon, Häagen-Dazs, and IKEA, which are selling stakes in their Chinese operations. This shift is not indicative of a lack of confidence in the Chinese market but rather a strategic adjustment to leverage local capital and expertise for better market penetration and brand expansion [4][5][10]. Group 1: Exit Trend - In the summer of this year, a wave of foreign companies began to exit the Chinese market, with notable brands like Starbucks planning to sell 70% of its Chinese business for an estimated $5 billion to $10 billion, and Decathlon looking to sell 30% of its Chinese subsidiary, valued at approximately 10 billion RMB [9][10]. - Historical precedents for such divestments include Yum Brands selling its Chinese operations in 2016 and McDonald's selling a majority stake in its China and Hong Kong business in 2017 for $2.08 billion [9][10]. - The trend of foreign companies selling stakes in their Chinese operations is not new, as many have previously relied on brand strength for rapid expansion but later faced growth bottlenecks, leading to a transfer of operational control to local capital [10][11]. Group 2: Reasons for Divestment - The rise of domestic competitors has intensified pressure on foreign companies, with Starbucks' market share dropping from 34% to under 15%, and Decathlon experiencing a nearly 16% decline in net profit last year [13][14]. - Foreign companies struggle to adapt to the unique characteristics of the Chinese market, particularly in lower-tier cities, where their traditional business models do not resonate with local consumer preferences [14][17]. - The operational challenges faced by foreign firms include a mismatch between their standardized global strategies and the need for localized management, product offerings, and marketing approaches [17][18]. Group 3: Transformation Strategy - Despite the challenges, foreign companies like Starbucks and Decathlon still maintain significant market presence, with Starbucks having 140 million registered members in China and Decathlon achieving over 10 billion RMB in revenue last year [19][20]. - The divestment strategy is seen as a shift from heavy asset ownership to a more flexible partnership model, allowing foreign brands to remain involved as shareholders while leveraging local expertise for growth [25][26]. - Successful examples of this strategy include KFC and McDonald's, which have seen renewed growth after transferring operational control to local partners, indicating that a localized approach can yield better results in the Chinese market [25][26].

Core Insights - The "Home Renovation Consumption Season" event was launched on August 29 in Shenyang, focusing on enhancing consumer experience in home improvement and renovation [1] - The event aims to promote high-quality supply to meet consumer demands for quality home furnishings, emphasizing themes of green, smart, and elderly-friendly home renovations [1] Group 1 - The event is part of the "Buy in China" initiative for 2025 and has been held for four consecutive years, serving as a significant platform for promoting home consumption [1] - Various well-known companies such as JD.com, IKEA, Haier, and others showcased over a hundred home renovation products, offering incentives like free design services and personalized customization [1] - Real estate companies and financial institutions actively participated, promoting discounts and financial support to enhance consumer engagement [1] Group 2 - The provincial commerce department plans to leverage this event to strengthen collaboration among various departments, including commerce, housing, and civil affairs [2] - The initiative aims to create a one-stop experience for consumers by integrating quality housing resources with smart, energy-efficient, and environmentally friendly home appliances and renovations [2]

Core Viewpoint - The company reported a revenue of 3.337 billion yuan for the first half of 2025, with a comprehensive gross margin of 61.5%, indicating improved operational efficiency and a positive cash flow of 202 million yuan compared to a negative cash flow of 821 million yuan in the same period last year [1][1][1] Group 1: Industry Dynamics - The home furnishing industry is undergoing a significant transformation due to downward pressure in real estate, peak flow dividends, and segmented consumer demand, making traditional retail models unsustainable [1][1] - The industry is entering a phase of stock competition, necessitating a shift in growth logic [1][1] Group 2: Company Strategy - The company is advancing its strategic transformation represented by the "3+ Star Ecosystem" to explore new development paths amid macroeconomic fluctuations and intensified competition [1][1] - The ecosystem focuses on "home" as the core, extending into home appliances and home decoration, with the M+ high-end home decoration design center being a key entry point [1][1] Group 3: Business Segments - High-end appliances have become one of the fastest-growing business segments, with a 9.4% share of the company's operational area as of June 30 [1][1] - The company plans to establish 40 high-end appliance ecological benchmarks, named "Mega-E Smart Electric Oasis," over the next three years [1][1] Group 4: Leadership and Governance - The new chairman, Li Yupeng, has quickly integrated into his role, proposing four major initiatives to enhance operational efficiency [1][1] - The collaboration with Jianfa Group has strengthened the company's strategic positioning and governance, providing a solid foundation for transformation [1][1] Group 5: Financial Support and Resource Optimization - Jianfa Group's support has been crucial in revitalizing the company's high-quality commercial real estate and channel assets, enhancing its financial strength [1][1] - The company has optimized its debt structure and reduced interest burdens, which are essential for building core competitiveness in a challenging financing environment [1][1] Group 6: Supply Chain and Internal Integration - The company has improved its internal control systems and cross-sector collaboration under Jianfa's leadership, leading to cost reduction and efficiency gains [1][1] - Jianfa Group's resources have facilitated deep integration of multiple business lines, leveraging the company's extensive retail network to expand market reach [1][1]

Core Viewpoint - Chongqing is launching the "Shopping in China · Love Chongqing 2025 Autumn Consumption Season" from September 1 to October 31, aiming to stimulate consumption with over 500 promotional events and an investment of more than 1.7 billion yuan, expected to directly drive consumption exceeding 10 billion yuan [1][2][3] Group 1: Event Details - The event will involve collaboration among 38 districts and counties, 7 industry associations, over 1,000 key commercial enterprises, and financial institutions [1] - Six major themes for consumer activities include automotive, home appliances, home decoration, retail, dining, and refined oil [1] - The initiative aims to integrate various consumption scenarios and enhance the consumer environment [1] Group 2: Promotional Activities - The event will leverage the 14th China Art Festival in Chongqing to convert its "traffic" into tangible economic growth [2] - A series of promotional activities will include the 17th China (Chongqing) Hot Pot Food Festival, involving over 3,000 local food establishments [2] - The "Love Chongqing · Everything Live Streaming Season" will engage top domestic influencers to promote new consumption scenes and brands [2] Group 3: Consumer Incentives - Various consumption vouchers will be distributed targeting sectors like dining, department stores, and supermarkets [2] - The initiative will focus on the peak consumption season of September and October, encouraging significant promotions from retailers [2] - The campaign will include outreach activities to bring benefits directly to consumers through various community engagement strategies [2][3]

Core Points - The "Buy in China · Love Chongqing" 2025 Autumn Consumption Season will be held from September 1 to October 31, organized by the Chongqing Municipal Commission of Commerce in collaboration with various departments and over 1,000 key commercial enterprises and financial institutions [1][3] Group 1: Event Overview - The event will feature over 500 consumption promotion activities, focusing on six key industries: automotive, home appliances, home decor, retail, dining, and refined oil [3] - The initiative aims to integrate various consumption scenarios and enhance the consumer environment, with a promotional budget exceeding 1.7 billion yuan, expected to directly stimulate consumption by over 10 billion yuan [3] Group 2: Specific Activities - The 17th China (Chongqing) Hot Pot Food Festival will take place from September 29 to October 31, featuring various innovative sub-events [4] - The 14th China Art Festival will occur from October 15 to November 5, promoting themed consumption scenarios and enhancing the appeal of Chongqing as a culinary destination [3] Group 3: Industry Participation - The automotive sector will invest approximately 230 million yuan in promotional activities, with additional subsidies from local dealers and the energy sector [6] - The retail and home appliance sectors are expected to contribute over 65 million yuan in promotional efforts, including discounts and consumer incentives [7][8] Group 4: Financial Support - A new financial policy will provide a 1% interest subsidy on personal consumption loans for amounts below 50,000 yuan, effective from September 1 [10] - Financial institutions in Chongqing are projected to invest over 600 million yuan in automotive consumption promotion activities in the second half of the year [11]