每经记者｜吴泽鹏 每经编辑｜张海妮 8月26日晚间，尚品宅配（300616.SZ）、好莱客（603898.SH）、索菲亚（002572.SZ）、皮阿诺 （002853.SZ）等定制家居企业发布半年报。上半年，这些企业多数出现营收、归属于上市公司股东的 净利润（以下简称归母净利润）双双下滑的情况。 《每日经济新闻》记者注意到，这些企业中，皮阿诺上半年营收同比下滑约四成，归母净利润盈转亏， 变动较大；尚品宅配亏损收窄；好莱客门店数量增加。 上半年，家居行业整体需求端仍显疲软。不过，随着住建部《"好房子"建设经验做法（第一批）》的发 布，绿色低碳、智慧化、全龄友好的第四代住宅成为政策驱动下的市场主流，因此企业端也通过AI （人工智能）技术深化应用、多品类集成运营及柔性供应链整合等多个方面寻求破局。 另外，更多的定制家居企业加入出海队伍。皮阿诺在半年报中介绍，公司已成功签约一家海外经销商， 并积极拓展北美、东南亚、中东及非洲等地区的渠道。尚品宅配的"出海"，则不仅是产品"出海"，还包 括技术、配套服务等的"出海"。 数据透析：收入普遍下滑，毛利率表现各异 上述4家定制家居企业中，皮阿诺上半年的业绩变动最大：上半年仅实 ...

Company Overview - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 29, 2025, via video live streaming and online interaction [1] - Key executives, including the chairman and independent directors, participated in the meeting to discuss operational results and financial indicators [1] Future Growth Points - The company aims to enhance profitability through a comprehensive strategic optimization of its "four business pillars" (retail, home decoration, refined decoration, and overseas) [2][4] - Specific strategies include: - Retail: Implementing a 140 strategy to upgrade the retail business model and transitioning to a new retail system [2] - Home Decoration: Utilizing the V8 service system to enhance collaboration with home decoration companies [3] - Refined Decoration: Strengthening partnerships with quality real estate companies and expanding product categories [3] - Overseas: Establishing a responsive product delivery system leveraging production bases in China and Thailand [3] Industry Outlook - The furniture manufacturing industry showed resilience, with a reported revenue of 677.15 billion yuan in 2024, reflecting a 0.4% year-on-year growth [5] - Government policies, such as the "Home Renovation Consumption Three-Year Action Plan," are expected to stimulate market demand, particularly in the renovation of existing homes [5] Financial Performance - In 2024, the company reported a net profit of 199 million yuan, a decrease of 31.76% compared to the previous year, attributed to reduced revenue and costs associated with new retail and overseas strategies [6] - For Q1 2025, the net profit was approximately 34.9 million yuan, a slight decline of 4.16% year-on-year, while the non-recurring net profit increased by 0.78% [6] Competitive Landscape - The overall industry performance faced challenges due to a complex economic environment, but the company's decline in performance was less severe compared to peers [7] - The company is focusing on enhancing its home decoration business to address increasing competition and meet the demands of younger consumers [8] Overseas Expansion - The company's first smart satellite factory in Dallas, Texas, commenced operations in March 2025, marking a significant milestone in its global strategy [9] - The overseas business is expected to be a key growth driver, with a focus on localized production and tailored service delivery [9] Dividend Policy - The company plans to implement a differentiated dividend plan for 2024, with a total cash dividend of approximately 95.84 million yuan, representing 48.09% of the net profit [11] - Future dividends will be adjusted based on performance and funding needs, aiming to enhance shareholder returns [11] Investor Engagement - The major shareholder has initiated a buyback plan, with an investment range of 55 million to 110 million yuan, to boost investor confidence [11]

Summary of the Conference Call for Oppein Home Company Overview - **Company**: Oppein Home - **Industry**: Home Furnishing and Interior Design Key Financial Performance - **2024 Revenue**: 18.93 billion CNY, a decrease of 16.9% year-on-year [2][3] - **2024 Net Profit**: 2.6 billion CNY, a decrease of 14.4% year-on-year [2][3] - **Q1 2025 Revenue**: 3.45 billion CNY, a decrease of 4.8% year-on-year [2][5] - **Q1 2025 Net Profit**: 310 million CNY, an increase of 41% year-on-year [2][5] - **Gross Margin**: 34.3% in Q1 2025, the highest for the same period historically [2][5] Sales Channel Performance - **Distribution Channel Revenue**: 14.04 billion CNY, down 20% year-on-year [2][6] - **Engineering Channel Revenue**: 3.05 billion CNY, down 15% year-on-year, but non-real estate project volume increased by nearly 50% [2][6] - **Direct Sales Revenue**: 830 million CNY, with a compound annual growth rate of 20% over five years [2][6] - **Overseas Channel Revenue**: 430 million CNY, an increase of 34% year-on-year [2][6] Cost Control and Profitability Measures - **Gross Margin for 2024**: 35.9%, an increase of 1.76 percentage points year-on-year [2][7][8] - **Cost Control Initiatives**: - Dynamic monitoring of bulk material prices - Optimization of supply chain - Accelerated smart manufacturing - SKU simplification - Application of new materials and processes [2][7][8] Dividend Policy - **Planned Dividend**: 2.48 CNY per share annually for the next three years, totaling 1.5 billion CNY per year, representing 58% of net profit [2][9] Future Development Strategies - **Strategic Focus**: Seven major transformations including marketing organization, delivery system, supply chain, and internal audit reforms [2][4][10] - **Capital Expenditure for 2025**: 321 million CNY, focused on construction and upgrades [2][4][13] Market and Policy Impact - **Government Subsidy Policies**: Positive impact on demand and market confidence, with Oppein leading in subsidy orders [2][17] - **Challenges**: Ongoing pressure from the real estate market and cautious consumer spending [2][18] Transformation and Innovation - **Home Furnishing Reform**: Continuous process with positive effects observed [2][19] - **Dealer Transformation**: Approximately 70% of original retail agents expected to successfully transition to the home furnishing model [2][20] Risk Management - **Accounts Receivable Management**: Enhanced risk assessment and credit control measures, with a bad debt provision ratio of 29.87% [2][14] AI and Technology Integration - **AI Implementation**: Significant investments in AI to enhance financial management and operational efficiency [2][15][28] Supply Chain and Consumer Experience - **Supply Chain Advantages**: High efficiency and accuracy in product delivery, contributing to a strong market position [2][30] International Expansion - **Overseas Market Strategy**: Exploring new markets with a focus on cost-effectiveness before establishing manufacturing bases abroad [2][35] Conclusion - **Long-term Vision**: Aim to become a leading consumer goods company through innovation, efficiency, and enhanced consumer experience [2][29][26]