Core Viewpoint - The article discusses the continuation of the national subsidy program for consumer goods replacement, highlighting the allocation of funds and the positive impact on consumer spending and business performance. Group 1: National Subsidy Program - The Ministry of Finance has arranged 300 billion yuan in special long-term bonds to support the consumer goods replacement program, with 162 billion yuan already allocated in two batches earlier this year [1][2] - A third batch of 69 billion yuan will be distributed in October to support local implementation of the consumer goods replacement initiative [3] Group 2: Impact on Consumer Spending - In the first half of the year, the consumer goods replacement program generated sales of 1.6 trillion yuan across various sectors, including automobiles, home appliances, and mobile phones, contributing to a 5% year-on-year increase in total retail sales of consumer goods [2] - Retail sales of major appliances and audio-visual equipment, cultural office supplies, communication equipment, and furniture saw year-on-year growth rates of 30.7%, 25.4%, 24.1%, and 22.9% respectively [2] Group 3: Future Plans and Regulatory Measures - The Ministry of Finance plans to accelerate the introduction of policies to boost consumer spending and enhance the consumption environment, particularly in major cities with significant population bases and development potential [2][4] - Measures will be taken to strengthen fund supervision and ensure the safety of subsidy funds, including regular monitoring and increased checks to prevent misuse [4]

Core Viewpoint - The Chinese government is actively promoting the "old-for-new" consumption policy, with significant funding allocated to stimulate consumer spending and support various industries, particularly in the automotive and home appliance sectors [1][2]. Group 1: Funding and Policy Implementation - The Ministry of Finance, in collaboration with the National Development and Reform Commission, has allocated a total of 3,000 billion yuan in special long-term bonds to support the "old-for-new" consumption policy [1]. - A third batch of 690 billion yuan in special long-term bonds has been distributed, with additional funds expected to be released in October [1][3]. - The government emphasizes a structured approach to fund allocation, ensuring that the "old-for-new" policy is implemented consistently throughout the year [1]. Group 2: Impact on Consumer Spending - The "old-for-new" initiative has resulted in a sales increase of 1.6 trillion yuan across various consumer goods, including automobiles, home appliances, and mobile phones [2]. - Retail sales in specific categories, such as home appliances and audio-visual equipment, have seen year-on-year growth rates of 30.7%, 25.4%, 24.1%, and 22.9% respectively, contributing to a 5% increase in total social retail sales [2]. - The Ministry of Finance plans to introduce additional policies to further stimulate consumer spending and enhance the consumption environment [2]. Group 3: Regulatory Measures - The government is implementing measures to enhance the effectiveness of the funding policy and strengthen oversight to ensure the proper use of funds [4]. - A regular monitoring mechanism has been established to track the implementation of the policy and ensure accountability in fund management [4]. - Increased scrutiny is being applied to prevent misuse of funds, including fraud and misallocation [4].

Core Viewpoint - The collapse of the home decoration company "Liang Jia Ju" is a significant event reflecting the ongoing crisis in the home decoration industry, exacerbated by the real estate sector's downturn and mismanagement within the company [3][10][50]. Group 1: Company Collapse - On July 21, Liang Jia Ju announced its closure via WeChat, urging creditors to register their claims [4][19]. - The company's sudden shutdown was unexpected for many employees and consumers, with live streaming sales occurring just hours before the announcement [6][16]. - The founder, Zeng Yuzhou, reportedly died shortly before the closure, which some believe triggered the decision to cease operations [9][28]. Group 2: Financial Issues - Liang Jia Ju is estimated to have left behind a debt of several hundred million, with its asset value being low [10][43]. - Consumers reported having paid significant amounts for renovation services that were never delivered, with some paying up to 170,000 for unfinished projects [11][48]. - The company's financial troubles had been apparent for some time, with suppliers noting extended payment cycles and outstanding debts [20][22]. Group 3: Industry Context - The home decoration industry is facing severe challenges, with many companies collapsing due to blind expansion and low-quality services [50][51]. - The average daily closure rate of home decoration companies is projected to reach one in 2024, indicating a broader industry crisis [51]. - Despite the downturn, the market size remains substantial, suggesting that both existing and new entrants will continue to operate within the sector [51].

Core Insights - The report from Tubaotu indicates a significant shift in the home renovation market, with a notable increase in demand for budget-friendly and quality-focused services, reflecting changing consumer behavior and preferences [1][12]. Group 1: Budget Trends - There is a marked decrease in the renovation budget among users, with the largest budget range of 50,000 to 120,000 yuan dropping from 70.38% to 61.3%, indicating a reduction of about 10% in this demographic [3]. - Conversely, the proportion of users with a budget below 50,000 yuan has increased by nearly 50%, rising from 11.73% to 16.48%, suggesting a significant influx of users opting for lower-budget renovations [3]. - The demand for minor renovations and micro-renovations has surged, with a 27% increase in demand for minor renovation projects and a 29% increase for micro-renovation projects compared to the second half of 2024 [8]. Group 2: Design Preferences - The "modern minimalist" style dominates the renovation preferences, accounting for 66.89% of user choices, while "Japanese wood" style is gaining popularity [5]. - Other styles such as light luxury, new Chinese, Nordic minimalist, and American retro continue to maintain high popularity among consumers [5]. Group 3: Professional Services - The penetration rate of fund escrow services on the Tubaotu platform has reached 99%, indicating a strong consumer preference for financial security in renovations [10][12]. - The demand for paid quality inspection services has increased by 120%, reflecting a growing emphasis on quality assurance among users [12]. - Tubaotu's fund escrow service has been crucial in protecting users' financial interests, having saved users from significant losses in cases of contractor defaults [14]. Group 4: Consumer Behavior - Users are becoming more rational in their renovation decisions, with a decrease in those making quick decisions within a month, down by 7%, while more users are extending their decision-making period to 30-90 days [16]. - Over 70% of users prefer to use platforms for research and comparison, utilizing social media and professional platforms to learn about renovation options and companies [20]. - The gender dynamics in decision-making are shifting, with male decision-makers increasing from 57.45% in 2024 to 59.5% in 2025, indicating a trend where men are more involved in basic renovation decisions [20].

对于靓家居结束经营的原因，专注于家装领域的大材研究创始 人邓超明表示，一方面，在新冠疫情期间，部分家装企业的获 客进度受到影响，导致现金流开始变差，另一方面，从企业自 身的原因来看，长期坚持购物中心直营店的重资产模式，运营 成本也会比较高。 作者：老盈盈 封图：本报资料库 "大家都觉得非常突然，一下子都变成了前员工了。"多位靓家居的员工对经济观察报记者表示。 近日，家装行业中被誉为"整装校长"的靓家居创始人曾育周坠楼身亡的消息引起了行业和社会的广泛关注。此后，靓家居宣布停止经营，并发布了让业 主、供应商、服务商和施工单位前往公司联络点登记债权的消息。 这家总部位于广州、较早推行按平方米定价的"整装全包"模式，一度开设了160家购物中心自营整装馆、在华南整装行业颇有影响力的家装企业，如今 走到结束经营的地步，接受经济观察报记者采访的家装行业人士都深感遗憾。 对于靓家居结束经营的原因，专注于家装领域的大材研究创始人邓超明对经济观察报记者表示，一方面，在新冠疫情期间，部分家装企业的获客进度受 到影响，导致现金流开始变差，另一方面，从企业自身的原因来看，长期坚持购物中心直营店的重资产模式，运营成本也会比较高。 突然结 ...

经济观察报 记者 老盈盈 "大家都觉得非常突然，一下子都变成了前员工了。"多位靓家居的员工对经济观察报记者表示。 近日，家装行业中被誉为"整装校长"的靓家居创始人曾育周坠楼身亡的消息引起了行业和社会的广泛关注。此后，靓家居宣布停止经营，并发布了让业主、 供应商、服务商和施工单位前往公司联络点登记债权的消息。 这家总部位于广州、较早推行按平方米定价的"整装全包"模式，一度开设了160家购物中心自营整装馆、在华南整装行业颇有影响力的家装企业，如今走到 结束经营的地步，接受经济观察报记者采访的家装行业人士都深感遗憾。 对于靓家居结束经营的原因，专注于家装领域的大材研究创始人邓超明对经济观察报记者表示，一方面，在新冠疫情期间，部分家装企业的获客进度受到影 响，导致现金流开始变差，另一方面，从企业自身的原因来看，长期坚持购物中心直营店的重资产模式，运营成本也会比较高。 （靓家居广州总部办公地已无人办公 老盈盈/摄） 记者看到，在靓家居广州总部办公地门口，一位大楼的物业工作人员正在进行相关指引，引导业主、供应商、服务商和施工单位等"找上门"的人士到负一层 进行债权登记。在大楼负一层的地下室内，记者看到，几位靓家居的员工正 ...

Core Viewpoint - The sudden bankruptcy of the home decoration brand Liang Jia Ju, along with the tragic death of its founder, has severely impacted customers, suppliers, and the industry, leading to significant financial losses for many involved [1][2][3]. Company Situation - Liang Jia Ju announced its cessation of operations on July 18, 2025, citing long-term losses and insolvency due to the real estate industry's downturn [1][2]. - The company had previously boasted rapid expansion, opening nearly 100 stores by 2021, but has now faced a swift collapse [1][6]. - Employees and customers reported unpaid wages and unfulfilled contracts, with some customers having paid significant amounts for incomplete renovations [2][3]. Impact on Stakeholders - Many customers are left with unfinished homes, with reported losses exceeding 300 million yuan among over 100 homeowners in a single city [3]. - Suppliers are also facing severe financial repercussions, with reports of over 1 million yuan in unpaid invoices [3][5]. - The bankruptcy has raised concerns about the future of after-sales service for completed projects, as customers are unsure if support will continue [3]. Industry Context - The collapse of Liang Jia Ju is part of a broader trend in the home decoration industry, where several companies have faced similar fates due to aggressive expansion and poor financial management [6][7]. - The industry is experiencing a contraction in demand and increased competition, exacerbated by insufficient regulatory oversight [7]. - Other companies, such as Zhu Fan Er, have also encountered financial crises, indicating systemic issues within the home decoration sector [7].

以下文章来源于无冕财经 ，作者无冕财经团队 无冕财经 . 奉守"专业主义，内容为王"，为优质的商业阅读而生。多次获评"年度财经自媒体"，入选胡润百富"广 州最值得投资的企业"榜单50强，广州市新阶联自媒体分会副会长单位，入驻全网20多个平台，覆盖 1000万+商务人群，中国财经新媒体的中坚力量之一。 7月21日，华南知名家装企业"靓家居"，在微信公众号发布停业公告，提醒债权人到对应的联络点登记 债权。 ▲靓家居在微信公众号发布破产清算公告。 三天前的7月18日上午，靓家居的社交媒体账号仍在直播带货，但到了下午，不少消费者就接到公司停 业的短信。 家装企业倒闭已非新鲜事，上个月初，网红装修企业"住范儿"资金链断裂。但略有不同的是，靓家居的 倒闭连不少员工都感觉"突然"。 来源|无冕财 经 房 企暴雷的余 震 ， 正频频冲击家装行业。 坊间流传的消息是，7月17日凌晨， 靓家居创始人曾育周在公司总部坠亡 。外界据此认为，这是靓家居 迅速决定停业的导火索。 破产清算已经开始，有业内人士推测，靓家居留下数亿的债务窟窿，但公司本身的资产价值不高。 有网友在社交媒体留言，自己在靓家居交了17万的装修款，但房子还未动工，不 ...

Core Viewpoint - The sudden closure of the well-known home decoration brand, Liang Jia Ju, has raised significant concerns among consumers, particularly regarding the legitimacy of contracts signed with a now-defunct subsidiary [2][3]. Group 1: Company Closure and Consumer Impact - Liang Jia Ju announced its cessation of operations on July 18, 2023, which was unexpected for many consumers who had recently signed contracts and paid substantial deposits [3][5]. - Consumers discovered that contracts were signed with a subsidiary, "Zhuhai City Chuang Liang Jia Ju Decoration Materials Co., Ltd. Moore Branch," which had been officially deregistered on May 30, 2023, prior to the signing of these contracts [7][10]. - The contracts and receipts provided to consumers were issued by the defunct subsidiary, while payments were directed to the parent company, Zhuhai Liang Jia Ju [8][10]. Group 2: Contractual and Legal Issues - Contracts signed by consumers indicated that the contracting party was the deregistered Moore Branch, raising questions about the validity of these agreements [6][9]. - Legal experts noted that continuing to sign contracts and collect payments under the name of a deregistered entity constitutes a fraudulent act, potentially leading to contract invalidation and criminal charges against involved parties [15]. - The parent company, Zhuhai Liang Jia Ju, is expected to bear responsibility for the contracts due to its control over branding and operations, despite the subsidiary's deregistration [15]. Group 3: Consumer Reactions and Company Response - Consumers expressed frustration and confusion, having trusted the brand's reputation as a chain company, only to find themselves without recourse after the sudden closure [11][12]. - A representative from the company claimed ignorance regarding the actions of the sales personnel who continued to operate under the name of the deregistered subsidiary, indicating a lack of internal communication [13].

Core Viewpoint - The well-known home decoration chain brand, Liang Jia Ju, suddenly announced its cessation of operations on July 18, raising significant public concern regarding its business practices and contractual obligations to consumers [1][4]. Group 1: Company Operations - Liang Jia Ju's store in Zhuhai was still conducting business activities, including live broadcasts, on the day it announced its closure [4]. - Consumers had signed renovation contracts with a subsidiary, "Zhuhai City Chuang Liang Jia Ju Decoration Materials Co., Ltd. Moore Branch," which had been officially deregistered on May 30, 2025, prior to the signing of these contracts [2][7]. - The contracts signed by consumers indicated that the contracting party was the already deregistered Moore Company, yet payments were directed to the parent company, Zhuhai Liang Jia Ju [10][11]. Group 2: Consumer Contracts - Multiple consumers reported that they had paid renovation fees ranging from tens of thousands to over 200,000 yuan, but no work had commenced after the payments [2][4]. - Contracts provided by consumers showed that the payment receipts were issued by the deregistered Moore Company, despite the contracts stipulating that receipts should be issued by Zhuhai Liang Jia Ju [10][8]. - Legal experts indicated that contracts signed with a deregistered entity are invalid, and if employees knowingly concealed the deregistration, it could constitute fraud [12].