1H25 业绩符合我们预期 行业竞争加剧，地产景气度下行超预期，原材料价格大幅波动。 发展趋势 1、衣柜产品和经销渠道毛利小幅提高，米兰纳工厂客单价保持增长。1）分产品看，衣柜及配套/橱柜/ 木门营收分别为35.75/5.63/2.15 亿元，同比-8.54%/-7.77%/-18.24%，毛利率同比+0.88/-4.64/-15.86ppt 至 38.24%/20.13%/12.22%；2）分渠道看，经销/直营/大宗业务营收分别为35.39/2.03/6.46 亿元，同比 -9.57%/+27.59%/-11.95%，毛利率同比+0.81/-9.41/-8.84ppt。整装渠道实现营收入8.52 亿元，同 比-13.24%；3）分品牌看，索菲亚/米兰纳/华鹤实现41.28/1.76/0.56 亿元，索菲亚/米兰纳工厂客单价同 比-6%/+21%至2.2/1.7 万元/单，主要由于市场购买力下滑，公司减少推销家品并加大套餐促销让利。 2、毛利率小幅下滑，净利率受公允价值变动损益影响下滑。公司1H25 毛利率为34.38%，同 比-1.38ppt。费用端来看，公司1H25 期间费用率21.23%，同比+0.38 ...

浙江帅丰电器股份有限公司2025 年半年度报告 公司代码：605336 公司简称：帅丰电器 浙江帅丰电器股份有限公司 浙江帅丰电器股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人商若云、主管会计工作负责人丁寒忠及会计机构负责人（会计主管人员）陈鸿 娇声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请投资者注意投资 风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司结合行业特点及自身经营实际，本着重要性原则，对相 ...

风险提示：投资有风险，入市需谨慎。 2025年上半年，索菲亚实现营业收入45.51亿元，扣非归母净利润4.29亿元。其中索菲亚品牌营收41.28 亿元，米兰纳品牌营收1.76亿元，整装渠道营收8.52亿元。公司海外业务发展迅速，已覆盖23个国家和 地区，上半年出口业务同比增长39.49%。此外，公司还参与了《居家适老化产品分类与编码》团体标 准的制定工作。 8月26日，索菲亚主力资金净流入2262.26万元，近五日主力资金累计净流入4945.78万元。 索菲亚最新股价为14.18元，较前一交易日上涨0.04元。开盘价为14.06元，最高触及14.24元，最低下探 14.03元，成交量为15.66万手，成交金额2.22亿元。 索菲亚主要从事全屋定制家居业务，为消费者提供设计研发和生产销售服务。公司旗下拥有索菲亚、米 兰纳、司米、华鹤等多个品牌，产品涵盖衣柜、橱柜、木门等品类。公司于2011年在深交所上市，是定 制家居行业首家A股上市公司。 ...

证券代码：603898 证券简称：好莱客 公告编号： 2025-039 广州好莱客创意家居股份有限公司 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 2025 年半年度主要经营情况披露如下： 一、经营情况 | | | | | 营业收入 | | | 营业成本 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 毛利率 | | | | | | | 毛利率比上 | | 年增减 | | | | | | | | | | | 分产品 | 营业收入（元） | 营业成本（元） | | | | 比上年增 | | | 比上 | | 年增 | | | | | | | | | | | | | （%） | | | | | | | （%） | | | | | | ...

| 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 ...

广州好莱客创意家居股份有限公司 2025 年半年度报告 公司代码：603898 公司简称：好莱客 广州好莱客创意家居股份有限公司 广州好莱客创意家居股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人沈汉标、主管会计工作负责人宋华军及会计机构负责人（会计主管人员）汪淑英 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年半年度不进行利润分配或资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经营计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性 ...

顾家家居股份有限公司2025 年半年度报告 公司代码：603816 公司简称：顾家家居 顾家家居股份有限公司 顾家家居股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李东来、主管会计工作负责人高林及会计机构负责人（会计主管人员）高伟琴 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中基于对未来政策和经济的主观假定和判断而作出的未来计划、发展战略等前瞻性描 述不构成公司对投资者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中 ...

Core Insights - The article highlights the transformation in the home furnishing industry from traditional, informal partnerships based on personal relationships to a more structured and transparent collaboration model facilitated by a commission-based marketplace [1][9]. Group 1: Commission-Based Marketplace - The commission-based marketplace allows merchants to establish clear earning potentials by uploading products and setting commission rates, which can range from 3% to 15% depending on the product type [2]. - Merchants can implement tiered commission structures, rewarding higher sales volumes with additional bonuses, thus incentivizing collaboration and sales growth [2]. Group 2: Simplified Collaboration Process - The marketplace simplifies the process of finding and promoting products, allowing merchants to search for items that match their customer needs without extensive negotiations [3]. - Automatic commission settlements ensure timely payments to merchants, with funds transferred within 72 hours after customer confirmation, eliminating disputes over payments [5]. Group 3: Cross-Industry Alliances - The platform encourages cross-industry alliances, where different merchants collaborate to offer bundled discounts, enhancing customer value and increasing overall sales [7]. - Joint promotional events, such as a "one-stop shopping festival," have led to significant sales increases, demonstrating the effectiveness of collaborative strategies in driving revenue [7]. Group 4: Shift in Business Dynamics - The shift from informal, relationship-based transactions to a transparent, rule-based system allows businesses to focus on product quality and customer service rather than social obligations [9].

Financial Data and Key Metrics Changes - Masterbrand's second quarter net sales were $730.9 million, an 8% increase compared to $676.5 million in the same period last year [26] - Gross profit was $239.7 million, up 3.8% year over year, with a gross profit margin of 32.8%, down 130 basis points from last year [28] - Net income for the second quarter was $37.3 million, down from $45.3 million in the same period last year [29] - Adjusted EBITDA was $105.4 million, relatively flat compared to $105.1 million in the same period last year [30] - Diluted earnings per share were $0.29, compared to $0.35 in the prior year [31] Business Line Data and Key Metrics Changes - Builder direct sales increased by 5% year over year, outperforming the broader single-family new construction market, which declined low single digits [22] - The legacy repair and remodel business, excluding Supreme, declined approximately mid single digits year over year, aligning with broader market trends [23] - Semi-custom products showed growth as consumers shifted towards mid-tier options, indicating a positive trend within the product offering [24] Market Data and Key Metrics Changes - The broader single-family new construction market is expected to decline mid single digits for the full year 2025 [22] - The repair and remodel market is anticipated to be down high to mid single digits for the full year 2025, reflecting ongoing consumer sentiment challenges [24] Company Strategy and Development Direction - The merger with American Woodmark aims to create the industry's most comprehensive portfolio of cabinet brands, enhancing customer choice and operational efficiency [7][8] - The combined entity expects to realize approximately $90 million in run-rate cost synergies by the end of year three, with a focus on procurement and overhead optimization [9][18] - The strategic focus includes investing in next-generation automation and enhancing customer experience through operational flexibility and marketing capabilities [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing market softness and a challenging external environment but expressed confidence in the company's strategic priorities and execution capabilities [22][39] - The expectation is for overall new construction and market demand to decline mid single digits for 2025, with a cautious but optimistic outlook for long-term growth [23][36] Other Important Information - The merger is expected to close in early 2026, pending shareholder and regulatory approvals, with Masterbrand shareholders owning approximately 63% of the combined company [10] - The combined company will maintain a significant presence in both Beachwood, Ohio, and Winchester, Virginia [10] Q&A Session Summary Question: Why is the merger happening now given the market conditions? - Management highlighted the compelling combination of two strong U.S. companies that can generate value through an expanded product portfolio and operational efficiencies [42][44] Question: Can you provide more detail on the cost synergies? - Management indicated that synergies would be approximately 40% from G&A and indirect costs and under 60% from COGS, with a detailed analysis already conducted [47][48] Question: How will the combined entity address potential regulatory hurdles? - Management expressed confidence in navigating regulatory processes and emphasized the compelling value proposition for customers and consumers [49][50] Question: What is the expected phasing of the $90 million in synergies? - Management indicated that synergies would phase in similarly to previous acquisitions, with some easier initiatives implemented first [54][55] Question: How will the merger impact market share and channel exposure? - Management noted that the merger would enhance value across all channels and provide opportunities for cross-selling, with a focus on maintaining and expanding customer relationships [64][66]

Core Insights - The article highlights the transformation of Jiangmen Meiao Home Group from a company reliant on foreign trade to one that balances both domestic and international markets, achieving a 65% foreign trade and 35% domestic trade ratio [1][2][7] Group 1: Company Transformation - Meiao Home Group initially depended 100% on foreign trade orders, particularly from North America, but has shifted to a dual circulation model, focusing on both domestic and emerging overseas markets [2][5] - The company participated in the China (Guangzhou) International Building Decoration Expo, securing contracts with five provincial agents and generating domestic orders worth 20 million yuan [4][7] - The company has developed a product matrix that caters to domestic consumer preferences, leading to the design of multifunctional kitchen and bathroom products that have become bestsellers [5][6] Group 2: Market Strategy - Meiao Home Group's strategy includes conducting market research through questionnaires at trade shows to better understand domestic consumer needs [5][7] - The company has adapted its production processes to accommodate both large foreign orders and smaller domestic custom orders, leveraging the flexibility of its manufacturing techniques [6][7] - The introduction of a separate production line for fixed styles allows the company to efficiently manage both domestic custom orders and maintain the efficiency of foreign trade production [6][7] Group 3: Policy and Support - The Guangdong provincial government's "Same Line, Same Standard, Same Quality" initiative has significantly reduced costs for Meiao Home Group by allowing products to meet both North American and domestic standards, cutting duplicate testing costs by 40% [7] - Trade shows have become a critical tool for the company, enhancing customer acquisition efficiency and contributing to approximately 20% of annual sales through on-site orders [7]