证券代码：300616 证券简称：尚品宅配 广州尚品宅配家居股份有限公司 投资者关系活动记录表 编号：2025006 | 投资者关系活动 | ■特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 （ ） | | | 西部利得基金、泰信基金、新华养老保险、民生加银基金、华夏久盈 | | | 资产、路博迈基金、粤财信托、浙江益恒投资、上海启泰私募基金、 | | 参与单位 | 明河投资、兴业资管（自营）、长江证券、中金公司、国信证券、华福 | | | 证券、国海证券、国联证券、中信证券、方正证券、国金证券、中泰 | | | 证券、银河证券、浙商证券 | | 时间 | 2025 年 8 月 26 日 19:00 | | 地点 | 长江证券电话会议 | | 上市公司接待人 | 董事会秘书何裕炳 | | 员姓名 | | | | 一、主要问题及回答: | | | 问：2025 年上半年的简单回顾。 | | | 答：2025 年上半年，家居行业受房地产市场持续低迷的传导影响，整 | | 投资者关系活动 | 体 ...

Summary of the Conference Call for Oppein Home Industry Overview - The home furnishing industry is experiencing a shift towards multi-category and cross-category sales, with a focus on package deals and one-stop design to enhance customer experience and sales conversion rates [2][6][7] - The demand for integrated home furnishing solutions is rising, with consumers preferring one-stop solutions for their home decoration needs [2][7][8] Key Points and Arguments - **Impact of National Subsidy Policy**: The national subsidy policy has a short-term stimulating effect on home furnishing consumption, particularly for medium to large improvement needs. However, the effectiveness of the policy has weakened, leading to a short-term gap where most incremental orders are expected to convert into revenue in the second quarter [2][3][14] - **Contract Liability Conversion Cycle**: The conversion cycle for contract liabilities has been extended due to the national subsidy policy. Customers are enjoying subsidies earlier, but actual demand may be delayed, making it difficult to quantify the conversion cycle linearly [2][5] - **Operational Efficiency**: Oppein Home has improved operational efficiency through process optimization and empowerment systems, resulting in better cost control and gross margin levels compared to peers [2][9] - **E-commerce and Self-Media Operations**: To address high customer acquisition costs, Oppein Home is increasing average transaction values and empowering agents through e-commerce and self-media operations to enhance conversion rates [4][10][11] Additional Important Insights - **Dealer Management and Support**: The company is focusing on enhancing dealer management and support to alleviate cash flow pressures caused by the national subsidy policy. Despite the increase in contract liabilities, dealers are expected to maintain resilience due to a strong customer base [17][18] - **Sales Strategy and Customer Flow**: The company is shifting from single-category brand investments to a comprehensive home furnishing approach, improving overall efficiency and customer flow through targeted marketing strategies [22][23] - **Future Industry Outlook**: The home furnishing industry is expected to continue evolving, with increased complexity in operations and sales management. Oppein Home aims to strengthen its capabilities in lead generation, integrated furniture solutions, and operational efficiency to maintain a competitive edge [24] Conclusion Oppein Home is strategically positioning itself to adapt to the changing dynamics of the home furnishing industry by enhancing operational efficiency, leveraging national subsidy policies, and focusing on integrated solutions to meet consumer demands. The company is also committed to supporting its dealers and optimizing its sales strategies to navigate current market challenges.

Core Viewpoint - The company reported its first decline in both revenue and profit in 30 years, but there are signs of recovery in sales due to government subsidies aimed at boosting consumption [3][4]. Financial Performance - In 2024, the company achieved operating revenue of 18.925 billion yuan, a year-on-year decline of 16.93% [4]. - The net profit attributable to shareholders was 2.599 billion yuan, down 14.38% year-on-year [4]. - The company's contract liabilities increased significantly, reaching 2.897 billion yuan in the first quarter, a growth of approximately 47% from the beginning of the year, primarily due to government subsidies [6]. Market Conditions - The home furnishing industry is undergoing deep adjustments and transformations, facing challenges such as shrinking market demand and intensified competition [3]. - The company has noted a recovery in consumer sentiment, attributed to various government policies promoting consumption, including initiatives for home renovation and smart home products [5][6]. Strategic Initiatives - To address the declining new housing market, the company is focusing on the existing housing market by opening community stores and collaborating with local intermediaries [7]. - The company aims to attract younger consumers (those born in the 1990s and 2000s) by enhancing product styles, utilizing e-commerce and social media for customer acquisition, and providing one-stop services [8]. Company Overview - Founded in 1994, the company is a leader in the custom home furnishing industry and was the first publicly listed company to exceed a market capitalization of 100 billion yuan [8]. - As of May 29, the company's market capitalization stood at 37.83 billion yuan [8].

Core Viewpoint - The company held an earnings briefing on May 6, 2025, to discuss its 2024 annual and 2025 Q1 performance, emphasizing its strategies to enhance operational efficiency and adapt to market challenges [1][2]. Group 1: Financial Performance - Despite a challenging real estate market, the company reported improvements in gross margin and net margin for 2024 and Q1 2025, attributed to cost control measures and operational efficiency enhancements [2][3]. - The company implemented a dynamic monitoring mechanism for raw material prices, which helped maintain reasonable procurement costs [5][17]. Group 2: Strategic Initiatives - The company plans significant capital expenditures in 2025, focusing on the construction of new bases and upgrading production equipment to enhance efficiency and product quality [4][5]. - The company is committed to a management strategy aimed at improving operational efficiency through organizational restructuring and digital transformation [3][10]. Group 3: Market Adaptation - The company is responding to the ongoing adjustments in the real estate sector by diversifying its business model, including exploring non-real estate projects and enhancing its supply chain management [10][17]. - The company is actively engaging in the transformation of its retail partners to adapt to the integrated home furnishing model, which requires a comprehensive upgrade in capabilities [6][7]. Group 4: Policy Impact - Recent government policies promoting consumption and home renovation have positively influenced market demand, aligning with the company's long-term strategies focused on sustainability and innovation [5][6]. - The company anticipates that the impact of national subsidies will stabilize its accounts receivable credit impairment losses, as the real estate sector receives more support [5][6]. Group 5: Future Outlook - The company aims to enhance its operational quality and scale through a "land to household" reform, focusing on precise responsibility allocation and profit-sharing mechanisms [7][8]. - The company is exploring opportunities in the overseas market while maintaining a cautious approach to resource allocation [13][14].