中经记者 方超 石英婧 上海报道 在定制家居行业业绩整体承压背景下，我乐家居（603326.SH）逆势实现了营收、净利润"双增长"。 财报数据显示，今年上半年，我乐家居营收较上年同期增长1.80%，归母净利润则同比增长103.18%。 而欧派家居（603833.SH）、索菲亚（002572.SZ）等上市公司正面临营收或净利润下滑的挑战。 （在对外宣传中，我乐家居突出"设计"和"定制"概念。公司官网/图） "公司通过优化组织效能、精准营销投入和聚焦研发方向，各项费用同比显著下降。"日前，我乐家居相 关负责人在回复《中国经营报》记者采访时称，当前的费用优化并非简单的压缩开支。 9月25日，我乐家居召开2025年半年度业绩说明会。在回答投资者关于"如何看待当前全屋定制市场的竞 争格局"的提问时，公司管理层表示，全屋定制行业正从过去的规模扩张转向深度整合期，市场分化加 剧。头部品牌凭借综合实力巩固份额，缺乏核心竞争力的企业面临出清压力。在这一背景下，我乐家居 坚持聚焦中高端市场的差异化竞争。"我们相信，这种聚焦高端定位和多品类的发展（战略），更能支 撑公司在行业新阶段的稳健发展。" 成本管控大幅压缩研发费用 受房地产 ...

9月26日，我乐家居涨5.47%，截至发稿，报8.68元/股，成交4196.41万元，换手率1.55%，总市值27.70 亿元。 资料显示，南京我乐家居股份有限公司位于江苏省南京市江宁经济技术开发区清水亭西路218号，成立 日期2006年6月19日，上市日期2017年6月16日，公司主营业务涉及从事整体厨柜、全屋定制家具产品的 设计、研发、生产、销售及相关服务。主营业务收入构成为：全屋定制82.18%，整体厨柜17.82%。 从我乐家居十大流通股东角度 数据显示，中欧基金旗下1只基金位居我乐家居十大流通股东。中欧价值智选混合A（166019）二季度 减持138.72万股，持有股数136.07万股，占流通股的比例为0.43%。根据测算，今日浮盈赚取约61.23万 元。 中欧价值智选混合A（166019）成立日期2013年5月14日，最新规模34.28亿。今年以来收益35.88%，同 类排名2548/8171；近一年收益61.53%，同类排名2055/8004；成立以来收益537.41%。 中欧价值智选混合A（166019）基金经理为袁维德。 截至发稿，袁维德累计任职时间8年275天，现任基金资产总规模102.2 ...

Company Overview - Iole Home is located in Jiangning Economic and Technological Development Zone, Nanjing, Jiangsu Province, and was established on June 19, 2006. The company was listed on June 16, 2017. Its main business involves the design, research and development, production, sales, and related services of overall kitchen cabinets and whole-house custom furniture [1] - The revenue composition of Iole Home is 82.18% from whole-house customization and 17.82% from overall kitchen cabinets [1] Stock Performance - As of September 5, Iole Home's stock price was 8.56 CNY per share, with a market capitalization of 2.732 billion CNY. The stock has increased by 52.31% year-to-date, but has seen a decline of 2.39% over the last five trading days and 5.93% over the last twenty days [1] - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on June 4, where it recorded a net buy of -20.35 million CNY [1] Financial Performance - For the first half of 2025, Iole Home achieved an operating income of 669 million CNY, representing a year-on-year growth of 1.80%. The net profit attributable to shareholders was 92.31 million CNY, showing a significant year-on-year increase of 103.18% [2] - Since its A-share listing, Iole Home has distributed a total of 514 million CNY in dividends, with 295 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Iole Home had 12,300 shareholders, a decrease of 10.09% from the previous period. The average number of circulating shares per person increased by 11.22% to 25,865 shares [2] - Among the top ten circulating shareholders, the fund "China Europe Value Select Mixed A" (166019) ranked as the eighth largest shareholder, holding 1.3607 million shares, a decrease of 1.3872 million shares compared to the previous period [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.38 CNY, while the current stock price is 10.02 CNY [5]. Core Views - The company reported a revenue of 1.899 billion CNY for H1 2025, a decrease of 14.14% year-on-year, and a net profit of 138 million CNY, down 7.21% year-on-year [1]. - The decline in revenue is attributed to the impact of the real estate market on traditional cabinet sales, while the overseas business showed significant growth [3][10]. - The company is focusing on multi-channel and full-category development, with rapid growth in high-potential categories such as wardrobes and wooden doors, and is accelerating its integrated home business [10]. Revenue Performance - In H1 2025, the revenue from kitchen cabinets, custom wardrobes, and wooden doors was 711 million CNY, 905 million CNY, and 146 million CNY, respectively, showing a year-on-year decline of 26.42%, 2.54%, and an increase of 5.13% [2]. - For Q2 2025, the revenue from these segments was 446 million CNY, 484 million CNY, and 82 million CNY, reflecting a year-on-year decline of 31.34%, 11.18%, and 12.66% [2]. Channel Performance - The revenue from distribution, bulk, direct sales, and overseas channels in H1 2025 was 768 million CNY, 322 million CNY, 525 million CNY, and 148 million CNY, with year-on-year changes of -34.18%, -46.86%, +200.25%, and +70.69% respectively [3]. - The overseas business has shown remarkable growth, particularly in markets like Australia and North America, with a focus on expanding into Africa and Southeast Asia [3][8]. Profitability - The gross margin for H1 2025 was 35.97%, a decrease of 0.72 percentage points year-on-year, while the net profit margin was 7.27%, an increase of 0.54 percentage points year-on-year [9][10]. - The company has maintained good cost control, with a period expense ratio of 29.72% in H1 2025, up 0.28 percentage points year-on-year [9]. Financial Forecast - The company is expected to generate revenues of 4.983 billion CNY, 5.312 billion CNY, and 5.672 billion CNY for 2025, 2026, and 2027, respectively, with corresponding net profits of 362 million CNY, 391 million CNY, and 422 million CNY [11][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a decline in overall performance for the first half of 2025, with revenue of 1.899 billion yuan, a year-on-year decrease of 14.14%, and a net profit attributable to shareholders of 138 million yuan, down 7.21% year-on-year [4] - The retail and bulk business segments faced pressure, while overseas business experienced significant growth, with overseas revenue increasing by 70.69% year-on-year [4] - The company is advancing its whole-home strategy, with stable growth in the core kitchen cabinet business and rapid development in the wardrobe and wooden door segments [6] Summary by Sections Financial Performance - In 2025H1, the company achieved revenue of 1.899 billion yuan, down 14.14% year-on-year, and a net profit of 138 million yuan, down 7.21% year-on-year. In Q2 2025, revenue was 1.082 billion yuan, a decrease of 22.29% year-on-year, with a net profit of 96 million yuan, down 5.49% year-on-year [4] - The revenue breakdown by product shows kitchen cabinets at 711 million yuan (-26.42%), custom wardrobes at 905 million yuan (-2.54%), wooden doors at 146 million yuan (+5.13%), and others at 137 million yuan (-22.98%) [4] Business Segments - The company’s overseas business is driven by both B and C end markets, focusing on key opportunity markets such as Australia and North America, while also exploring emerging markets in Southeast Asia and the Middle East [4] - The company launched its door and window products in 2024, enhancing its whole-home product system [4] Profitability and Cost Management - The gross margin for 2025H1 was 35.97%, a decrease of 0.72 percentage points year-on-year, while the net profit margin increased to 7.27%, up 0.54 percentage points year-on-year [5] - The company’s management expenses decreased due to the end of the 2023 stock incentive plan, while financial expenses increased due to a decline in interest income and an increase in interest expenses [5] Future Projections - Revenue projections for 2025-2027 are 4.864 billion yuan, 5.270 billion yuan, and 5.633 billion yuan, respectively, with expected year-on-year changes of -7.5%, +8.3%, and +6.9% [6] - Net profit projections for the same period are 370 million yuan, 415 million yuan, and 455 million yuan, with year-on-year changes of -4.0%, +12.3%, and +9.5% [7]

资金方面，8月27日我乐家居主力资金净流出429.42万元，近五日主力资金累计净流出1161.50万元。 风险提示：市场有风险，投资需谨慎。（本内容由AI生成，仅供参考，不构成投资建议。） 消息面上，我乐家居8月27日晚间公告，公司2025年上半年实现营业收入6.69亿元，同比增长1.80%；归 属于上市公司股东的净利润9231.01万元，同比增长103.18%。此外，公司及子公司上半年累计获得政府 补助2141.37万元。 截至2025年8月27日收盘，我乐家居股价报9.23元，较前一交易日下跌3.95%，成交额1.06亿元。 我乐家居主要从事定制家居产品的研发、生产和销售，产品涵盖整体厨柜、全屋定制家具等，属于装修 建材行业。 ...

Core Viewpoint - The announcement presents the key operating data for the first half of 2025 for Jinpai Kitchen Cabinet Home Technology Co., Ltd, highlighting the company's performance in various product categories and sales channels [1] Group 1: Main Business Performance - The report includes a breakdown of operating income and costs by product category, indicating the overall revenue and gross margin changes compared to the same period last year [1] - Specific product categories such as overall kitchen cabinets, overall wardrobes, wooden doors, and others are analyzed for their revenue and cost performance [1] Group 2: Sales Channel Performance - The announcement details the operating income and costs by sales channel, including retail, bulk business, overseas business, and others, with comparisons to the previous year [1] - The report emphasizes the changes in gross margin for each channel, providing insights into the company's sales strategy and market positioning [1] Group 3: Store Changes - The report outlines the changes in the number of stores during the reporting period, categorized by product lines and new retail formats [2] - A new retail four-level store system is being implemented to adapt to market trends, which includes retail window stores, home decoration channel stores, shared large stores, community stores, and others [2]

Core Viewpoint - The report indicates that GoldenHome's revenue for the first half of 2025 decreased by 3.37% year-on-year, reflecting challenges in the industry, including price wars and fragmented channels, while the company continues to adapt its strategies to enhance operational efficiency and profitability [4][5][6]. Company Overview and Financial Indicators - GoldenHome achieved a total revenue of approximately 1.47 billion RMB in the first half of 2025, down from 1.52 billion RMB in the same period last year [2][4]. - The total profit for the period was approximately 61.24 million RMB, a decrease of 13.65% compared to the previous year [2][4]. - The net profit attributable to shareholders was approximately 63.65 million RMB, down 8.37% year-on-year [2][4]. - The net cash flow from operating activities was negative at approximately -230.36 million RMB, worsening by 17.74% compared to the previous year [2][4]. Industry and Business Situation - The company operates in the "C21 Furniture Manufacturing" sector, specifically in customized furniture [3][4]. - The overall market environment is under pressure, with intensified competition leading to reduced profit margins and a significant industry reshuffle [4][5]. - Despite the challenges, GoldenHome's new retail strategy has shown positive results, with retail channel revenue increasing by 20.27% to 820 million RMB [5][6]. Key Operational Strategies - The company has implemented a comprehensive new retail strategy, expanding its retail store network to 1,356 locations, which has contributed to revenue growth [5][6]. - GoldenHome is focusing on enhancing its supply chain stability through strategic partnerships and investments, aiming to improve product quality and reduce costs [4][5]. - The company is also leveraging digital transformation initiatives to optimize customer experience and operational efficiency, including the development of an AI-driven design platform [12][13]. Financial Performance Analysis - The company's gross profit margin has improved due to ongoing cost reduction and efficiency enhancement measures, despite a decline in revenue [4][5]. - The financial indicators show a slight increase in net assets, with a total of approximately 2.82 billion RMB at the end of the reporting period, reflecting a 0.31% increase from the previous year [2][4]. - The total assets decreased by 1.73% to approximately 6.26 billion RMB, indicating a need for careful asset management [2][4]. Future Outlook - The company aims to strengthen its market position by enhancing its product offerings and expanding into new markets, particularly in overseas regions [9][10]. - GoldenHome is committed to building a robust digital infrastructure to support its business model transformation and improve customer engagement [10][11]. - The introduction of the AI design platform is expected to drive innovation and improve operational efficiency, positioning the company for future growth [12][13].

志邦家居股份有限公司 关于 2025 年半年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个别及连带责任。 志邦家居股份有限公司（以下简称"公司"）根据上海证券交易所《上市公司行业信息披 露指引第二十七号——家具制造》的要求，现将公司 2025 年半年度主要经营情况披露如下： 一、报告期经营情况 | 分产品 | 营业收入（元） | 营业成本（元） | 毛利率 | 营业收入比 | 营业成本比 | 毛利率比上 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 上年增减 | 上年增减 | 年同期增减 | | 整体厨柜 | 710,960,450.15 | 449,451,653.47 | 36.78 | -26.42% | -24.03% | 下降 1.99 个 | | | | | % | | | 百分点 | | 定制衣柜 | 904,686,685.68 | 536,539,096.56 | 40.69 | -2.54% | -2.26% | 下降 个 0. ...

| 证券代码：603180 | 证券简称：金牌家居 | | | 公告编号：2025-063 | | --- | --- | --- | --- | --- | | 转债代码：113670 | 转债简称：金 | 23 | 转债 | | 金牌厨柜家居科技股份有限公司 关于 2025 年半年度主要经营数据的公告 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个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十五号—— 家具制造》的有关规定，金牌厨柜家居科技股份有限公司（以下简称 "公司"）现将 2025 年半年度主要经营数据公告如下： 一、 报告期经营情况 （一）主营业务分产品情况 单位：人民币元 产品 营业收入 营业成本 毛利率 （%） 营业收入比 上年同期增 减（%） 营业成本 比上年同 期增减（%） 毛利率比 上年同期 增减（%） 整体厨柜 785,101,601.12 584,504,677.54 25.55% -17.13% -17.40% 0.25% 整体衣柜 514,663,645.80 359,537,062.6 ...