中证报中证网讯（记者 万宇）8月26日晚，尚品宅配（300616）发布2025年半年报。上半年尚品宅配实 现营业收入15.5亿元。尚品宅配在半年报中表示，面对行业承压态势，公司在AI技术深化应用、门墙柜 一体化、渠道布局优化、整装业务革新等关键领域持续精准发力，通过一系列务实举措积蓄发展动能。 尚品宅配推出的"全屋星级定制"，从豪华星级酒店设计中汲取灵感，以更高标准落地个性化全屋定制， 契合居家品质升级的核心诉求，实现"把五星级酒店安回家"。其通过门、墙、柜、配、家电一体化设 计，实现全空间规划、全品类搭配与全案设计交付，让舒适性、实用性、精致感、体验感形成闭环。 在渠道布局方面，尚品宅配创新招商优化门店结构，通过"游学会"深度开展招商工作，设置"门墙柜一 体商业模式与工作法研讨"专题，游学流程涵盖工地实地考察、展厅沉浸式参观、专题深度研讨及自由 洽谈等环节，有效增强潜在加盟商的合作信心，渠道结构持续优化。此外，围绕"定制+配套+技术"战 略，以Sunpina品牌为核心加速海外业务布局，通过AI设计工厂帮助海外加盟商快速响应客户需求，提 升设计效率与成交率，助力海外业务在当地市场深度落地并实现持续增长。 尚品 ...

Core Insights - The core theme of the event was "Scenario Evolution Theory: Customizing Ten Thousand Aspirational Lifestyles," showcasing Kuka Home's innovative strength in whole-home customization and redefining the relationship between "home" and "people" through cross-industry collaboration and user co-creation [1][3] Industry Trends - The home furnishing industry is experiencing a shift from "functional satisfaction" to "personalized living solutions," as evidenced by the launch of Kuka's first "Ten Micro-Scenario" solutions, which aim to provide more efficient and emotionally resonant living solutions for consumers [3][12] - Current data indicates a significant decline in new residential sales area in China, with a year-on-year decrease of 21.1% from January to July 2024, highlighting the growing space anxiety among families [4] Design Philosophy - Kuka Home's design philosophy emphasizes transforming each space into an emotional repository and a stage for life, moving from mere furniture to life art, thus realizing the concept that "the meaning of home shifts from showcasing space to nurturing life" [8][25] - The evolution of home design is categorized into three stages: 1.0 focused on functional space, 2.0 on personalized needs, and the current 3.0 era emphasizes emotional resonance through micro-scenario design [14] User-Centric Approach - Kuka Home's approach is centered around user needs, as articulated by the assistant general manager of the whole-home customization division, who stated, "We are not selling furniture; we are weaving life stories," indicating a shift towards a more narrative-driven design philosophy [12][15] - The collaboration with actress Li Sheng as the product ambassador highlights the brand's commitment to human-centered design, aiming to understand and meet the needs of every family member [15][19] Innovative Solutions - The "Ten Micro-Scenario" solutions include various innovative designs such as integrated dining and kitchen spaces, multifunctional libraries, and pet-friendly balconies, all aimed at addressing contemporary living pain points [9][21] - The launch of the "Ten Thousand Aspirational Life Customization Plan" aims to lower user decision-making barriers through various channels, including social media and offline experiences, marking a new chapter in the home furnishing industry [23]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with expectations for gradual improvement in 2025 due to government subsidies and retail performance recovery [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.258 billion, net profit of 385 million, and non-recurring net profit of 340 million, representing year-on-year declines of 14%, 35%, and 38% respectively [1]. - For Q4 2024, the revenue, net profit, and non-recurring net profit were 1.583 billion, 119 million, and 107 million, showing year-on-year declines of 28%, 51%, and 52% respectively [1]. - In Q1 2025, the figures were 818 million for revenue, 42 million for net profit, and 36 million for non-recurring net profit, with year-on-year changes of -0.3%, -11%, and -8% respectively [1]. Retail and Market Trends - Retail revenue for Q4 2024 to Q1 2025 showed a year-on-year decline of 12%, but improved from a decline of 15% in Q3 2024, indicating a narrowing drop due to effective government subsidies [2]. - Direct sales business saw a significant increase of 92% year-on-year, linked to the nationwide subsidy initiative [2]. - Contract liabilities at the end of Q1 2025 increased by 9% year-on-year, suggesting a positive outlook for Q2 2025 [2]. Profitability and Cost Management - In Q4 2024, gross margin increased by 0.3 percentage points, while expenses related to sales, management, R&D, and finance decreased year-on-year [3]. - The company faced an increase in asset impairment losses, which contributed to a decline in net profit margins [3]. - For Q1 2025, gross margin decreased by 5.1 percentage points, with declines in dealer and direct sales margins attributed to changes in order structure [3]. Strategic Outlook - The company aims to enhance customer value through a comprehensive approach and optimize its organizational structure to support growth in southern markets and international expansion [4]. - Focus areas include increasing market penetration in Australia and North America, while also exploring emerging markets in Southeast Asia and the Middle East [4]. - The company plans to maintain a dividend payout ratio of 68% for 2024, translating to a current dividend yield of approximately 5.5% [4]. - Projected net profits for 2025-2027 are 440 million, 480 million, and 530 million respectively, with corresponding price-to-earnings ratios of 11, 10, and 9 times [4].

Financial Performance - In 2024, the company achieved a revenue of CNY 3.789 billion and a net cash flow from operating activities of CNY 343 million [2] - In Q1 2025, the company reported a revenue of CNY 741 million, with a significant improvement in net profit [2] - Contract liabilities at the end of the period increased by 70% compared to the same period last year, indicating effective strategic adjustments [3] Strategic Initiatives - The company plans to deploy AI systematically to enhance efficiency across the entire business chain [4] - Key initiatives include the establishment of an "AI Design Factory" and the promotion of a "1+N" model for diversified business development [4] - The company aims to accelerate overseas expansion and enhance its export capabilities through customized solutions [4] AI Technology Application - The integration of a knowledge base covering 300,000 products, 3 million housing types, and 30 million design solutions is underway [5] - AI tools have improved user interaction and reduced design delivery times significantly [6] - The company has developed a "秒住房" platform that combines renovation and real estate services, facilitating a seamless customer experience [6] Marketing and Sales Strategy - The company has introduced a multi-faceted recruitment strategy targeting different market segments, including exclusive partnerships and youth entrepreneurship initiatives [7] - The implementation of the national subsidy policy has expanded its reach among dealers, significantly boosting customer acquisition [8] - The company plans to distribute a cash dividend of CNY 0.9 per share, with a projected dividend yield of 7.17% based on the closing price on April 28 [8]

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]