Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [2][13]. Core Insights - The company reported a revenue of 3.634 billion yuan for the first half of 2025, a year-on-year decline of 7.0%, while the net profit attributable to shareholders increased by 9.7% to 270 million yuan [5]. - The company continues to face pressure in the decorative materials sector, with a revenue drop of 9.1% in this segment, but is actively expanding its market presence in rural areas and upgrading traditional stores [6]. - The custom furniture segment showed stable growth, with a revenue increase of 4.46% to 621 million yuan, supported by strategic partnerships with large decoration companies [6]. Company Overview - The latest closing price of the company is 10.53 yuan, with a total market capitalization of 8.7 billion yuan [4]. - The company has a debt-to-asset ratio of 46.6% and a price-to-earnings ratio of 14.83 [4]. Financial Performance - The gross profit margin for the first half of 2025 was 18.27%, an increase of 0.80 percentage points year-on-year, while the net profit margin improved to 7.43% [7]. - The company expects revenues of 9.71 billion yuan and 10.26 billion yuan for 2025 and 2026, respectively, with corresponding net profits of 716 million yuan and 817 million yuan [9][10].