Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 17.3 yuan per share [2][8]. Core Views - The company's performance is under short-term pressure, with expectations for market recovery in the future [2][8]. - The company reported a revenue of 1.265 billion yuan and a net profit attributable to shareholders of 31 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 12.38% and 65.53% respectively [2][8]. - In Q3 2025, the company achieved a revenue of 435 million yuan, with a net profit of 7 million yuan, showing a year-on-year decrease of 16.44% and 85.40% respectively [2][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1.91 billion, 1.727 billion, 1.964 billion, and 2.152 billion yuan respectively, with year-on-year growth rates of -15.7%, -9.5%, 13.7%, and 9.6% [4][9]. - Net profit attributable to shareholders is projected to be 81 million, 54 million, 147 million, and 191 million yuan for the same years, with year-on-year growth rates of -62.9%, -32.5%, 171.1%, and 29.5% [4][9]. - The company’s gross margin for Q3 2025 was 29.2%, down 4.9 percentage points year-on-year, while the net profit margin was 1.5%, down 7.3 percentage points year-on-year [8][9]. Market Performance - The company is actively promoting channel transformation and smart home business, optimizing its store system, and continuously empowering distributors [8][9]. - The company has opened 1983 distribution stores and 2 direct sales stores by the end of Q3 2025, reflecting a year-to-date increase of 135 and a decrease of 7 respectively [8][9].

Group 1 - The core viewpoint of the news is that Haolaike's stock has shown significant performance, with a year-to-date increase of 22.29% and a recent 5-day increase of 7.45% [1] - As of November 14, Haolaike's stock price reached 11.40 yuan per share, with a market capitalization of 3.549 billion yuan [1] - The company has seen a net inflow of main funds amounting to 570,800 yuan, with large orders contributing to both buying and selling activities [1] Group 2 - Haolaike's main business revenue composition includes 70.44% from overall wardrobes, 21.34% from cabinets, 4.29% from wooden doors, and 3.93% from finished products [1] - As of September 30, the number of shareholders increased by 3.34% to 9,123, while the average circulating shares per person decreased by 3.22% to 34,127 shares [2] - For the period from January to September 2025, Haolaike reported a revenue of 1.265 billion yuan, a year-on-year decrease of 12.38%, and a net profit of 31.36 million yuan, down 65.53% year-on-year [2] Group 3 - Since its A-share listing, Haolaike has distributed a total of 846 million yuan in dividends, with 305 million yuan distributed over the past three years [3]

Core Points - The stock price of Haolaike increased by 2.02% on November 13, reaching 11.09 CNY per share, with a market capitalization of 3.453 billion CNY [1] - Year-to-date, Haolaike's stock price has risen by 18.97%, with a 6.74% increase over the last five trading days [1] - The company reported a revenue of 1.265 billion CNY for the first nine months of 2025, a year-on-year decrease of 12.38%, and a net profit of 31.36 million CNY, down 65.53% year-on-year [2] Financial Performance - Haolaike's main business revenue composition includes: 70.44% from overall wardrobes, 21.34% from cabinets, 4.29% from wooden doors, and 3.93% from finished products [1] - The company has distributed a total of 846 million CNY in dividends since its A-share listing, with 305 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, the number of shareholders for Haolaike was 9,123, an increase of 3.34% from the previous period [2] - The average circulating shares per shareholder decreased by 3.22% to 34,127 shares [2]

证券代码：603898 证券简称：好莱客 公告编号：2025-045 广州好莱客创意家居股份有限公司 关于2025年前三季度主要经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 门店类型 | 2025 | 年年初 | 2025 年 | 1-9 | 月 | 2025 年 | 1-9 | 月 | 2025 | 年 9 | 月 | 30 日数 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 数量（家） | | 新开（家） | | | 关闭（家） | | | | | 量（家） | | | 经销商门店 | 1,848 | 356 | 221 | 1983 | | --- | --- | --- | --- | --- | | 直营店 | 9 | 0 | 7 | 2 | | 合计 | 1,857 | 356 | 228 | 1985 | 2、主营业务分渠道情况 | 分渠道 | 营业收入（元） | 营 ...

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its business operations [1][2]. Financial Performance - Total revenue for the first half of 2025 was 830.20 million yuan, a decrease of 10.09% compared to the same period last year [2]. - The net profit attributable to shareholders was 24.62 million yuan, down 45.12% year-on-year [2]. - The total profit for the period was 20.92 million yuan, reflecting a significant decline of 52.36% from the previous year [2]. - The net cash flow from operating activities was -128.60 million yuan, worsening by 149.48% compared to the same period last year [2]. Product Segment Performance - Revenue from the overall wardrobe segment was 56.70 million yuan, down 14.38% year-on-year [1]. - Cabinet revenue increased by 17.16% to 16.50 million yuan [1]. - Wood door revenue was 3.28 million yuan, a slight decrease of 0.60% [1]. - Revenue from finished matching products dropped significantly by 31.17% to 3.06 million yuan [1]. Channel Performance - Revenue from direct stores decreased by 42.64% to 20.44 million yuan [1]. - Revenue from distribution stores fell by 17.27% to 590 million yuan [1]. - Bulk business revenue grew by 41.08% to 18.40 million yuan [1].

Business Performance - The total operating revenue for the first half of 2025 is 794,910,746.73 CNY, with a decrease of 9.67% compared to the previous year [1] - The total operating cost is 538,788,041.15 CNY, reflecting a decrease of 5.99% year-on-year [1] - The overall gross profit margin is 32.22%, which is a reduction of 2.65 percentage points compared to the previous year [1] Product Segment Analysis - The revenue from overall wardrobes is 566,635,378.03 CNY, with a gross profit margin of 36.39%, showing a decrease of 14.38% in revenue year-on-year [1] - The revenue from cabinets is 164,884,014.74 CNY, with a gross profit margin of 22.27%, reflecting a year-on-year decrease of 17.16% [1] - The revenue from finished matching products is 30,615,828.06 CNY, with a gross profit margin of 18.38%, indicating a significant increase of 31.17% in revenue year-on-year [1] - The revenue from wooden doors is 32,775,525.90 CNY, with a gross profit margin of 23.11%, showing a slight decrease of 0.60% in revenue year-on-year [1] Channel Performance - Direct store revenue is 20,439,882.65 CNY, with a gross profit margin of 44.19%, reflecting a significant decrease of 42.64% year-on-year [1] - Dealer store revenue is 590,922,491.51 CNY, with a gross profit margin of 37.33%, showing a decrease of 17.27% compared to the previous year [1] - Bulk business revenue is 183,548,372.57 CNY, with a gross profit margin of 14.45%, indicating an increase of 41.08% year-on-year [1] Store Changes - The number of dealer stores is 1,848, with 221 new openings and 162 closures [2] - The number of direct stores is 9, with 0 new openings and 6 closures [2]

| 分渠道 | 营业收入（元） | 营业成本（元） | 毛利率 | 营业收入 比上年增 | 营业成本 比上年增 | | 毛利率比上年增减 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （%） | | | | （%） | | | | | | 减（%） | 减（%） | | | | 直营店 | 20,439,882.65 | 11,408,072.43 | 44.19 | -42.64 | -36.45 | 减少 5.43 | 个百分点 | | 经销店 | 590,922,491.51 | 370,351,576.15 | 37.33 | -17.27 | -17.20 | 减少 0.05 | 个百分点 | | 大宗业务 | 183,548,372.57 | 157,028,392.57 | 14.45 | 41.08 | 45.50 | 减少 2.60 | 个百分点 | | 合计 | 794,910,746.73 | 538,788,041.15 | 32.22 | -9.67 | -5.99 | 减少 2.65 | 个百分点 | 证券代 ...

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in 2024, indicating challenges in the custom home furnishing industry amid market fluctuations and increased competition [2][3][4]. Financial Performance - The company's revenue for the first half of 2025 was approximately 830.20 million RMB, a decrease of 10.09% from 923.37 million RMB in the same period of 2024 [2]. - Total profit for the period was about 20.92 million RMB, down 52.36% from 43.91 million RMB year-on-year [2]. - The net profit attributable to shareholders was approximately 24.62 million RMB, reflecting a decline of 45.12% compared to 44.87 million RMB in the previous year [2]. - The net cash flow from operating activities was negative at -128.60 million RMB, worsening from -51.55 million RMB in the same period last year, indicating a significant cash outflow [2]. Industry Context - The custom furniture industry is experiencing intensified competition and a slowdown in growth due to regulatory changes and a shift towards a stock housing market, leading to a more challenging operating environment [6][7]. - The report notes a generational shift in consumer demographics, with younger consumers (post-90s and post-95s) becoming the primary market, emphasizing sustainability and personalized experiences [6][7]. - The government is implementing policies to stabilize the real estate market, which is crucial for the custom furniture sector, as it is closely tied to housing demand [6][7]. Strategic Initiatives - The company is focusing on channel innovation and deepening market penetration in provincial capitals while expanding into lower-tier markets [10]. - Product upgrades are being prioritized, with an emphasis on modular design and the use of new materials to enhance competitiveness [10]. - The company is also investing in digital transformation and smart home technology to meet evolving consumer needs and improve operational efficiency [10][11]. Competitive Landscape - The custom furniture industry remains fragmented, with many companies struggling to provide high-quality services at scale, leading to potential consolidation in the market [8][9]. - The report emphasizes the importance of understanding consumer behavior and preferences to adapt to the changing market dynamics and enhance brand loyalty [8][9]. Future Outlook - The company aims to leverage its brand strength and comprehensive service offerings to navigate the current challenges and capitalize on emerging opportunities in the market [10][11].

Core Viewpoint - The company is facing significant challenges in the home furnishing industry, with a reported revenue decline of 15.69% year-on-year, prompting a strategic focus on brand upgrades, multi-channel operations, product enhancements, and cost efficiency measures to navigate market competition and industry changes [3][4][18]. Financial Performance - The company achieved a revenue of 1.91 billion yuan in 2024, down from 2.26 billion yuan in 2023, marking a decrease of 15.69% [18]. - The net profit attributable to shareholders decreased by 62.93%, with a net profit of approximately 51.93 million yuan compared to 158.21 million yuan in the previous year [19][21]. - Basic earnings per share fell to 0.26 yuan from 0.70 yuan, reflecting a decline of 62.86% [18][19]. Strategic Initiatives - The company is implementing a brand upgrade strategy, targeting the mid-to-high-end market by enhancing product quality and service, including signing a brand ambassador to strengthen consumer trust [3][4]. - Multi-channel operations are being expanded, with a focus on retail and engineering channels, resulting in a 60% year-on-year revenue growth in the integrated channel business [5][6]. - The company is enhancing its product offerings through strategic partnerships with major brands, focusing on modular design and innovative materials to improve product competitiveness [6][21]. Operational Efficiency - The company is optimizing its organizational structure and procurement processes to reduce costs and improve supply chain efficiency [6][19]. - A digital transformation initiative is underway to enhance operational management and streamline production processes [6][19]. Governance and Compliance - The board of directors and supervisory board are actively overseeing company operations, ensuring compliance with legal and regulatory requirements, and maintaining transparency in financial reporting [12][14]. - The supervisory board has conducted regular meetings to monitor the company's adherence to governance standards and protect shareholder interests [12][14].

| 证券代码：603898 | 证券简称：好莱客 | 公告编号：2025-019 | | --- | --- | --- | | 债券代码：113542 | 债券简称：好客转债 | | 广州好莱客创意家居股份有限公司 关于2024年度及2025年第一季度主要经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州好莱客创意家居股份有限公司（以下简称"公司"）根据《上海证券交 易所上市公司自律监管指引第 3 号行业信息披露：第十五号——家具制造》的要 求，现将公司 2024 年度及 2025 年第一季度主要经营情况披露如下： 一、公司的经营情况 （一）2024 年度的经营情况 1、主营业务分产品情况 | 分产品 | 营业收入（元） | 营业成本（元） | | 营业收 | 营业成 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 毛利率 | 入比上 | 本比上 | | 毛利率比上年增减 | | | | | （%） | 年增减 | 年增减 | ...