Company Overview - Company is primarily engaged in the research, design, production, and sales of mid-to-high-end residential furniture and home products, providing comprehensive solutions for consumers [4][5] - The company emphasizes design aesthetics, functionality, comfort, health, and environmental protection as its core competitive advantages [5][14] - The company has a unique independent store model that integrates its entire product line, full-house design services, and new retail models [5] Industry Context - The furniture industry in China is characterized by a low concentration of market share, with significant potential for product innovation, channel transformation, and brand upgrades to capture more market share [2][16] - The overall sales of home products are influenced by the economic climate, real estate development, and disposable income of residents, with seasonal sales patterns affected by traditional customs and consumption habits [3][16] Financial Performance - In 2024, the company achieved operating revenue of 3.552 billion yuan, a decrease of 11.81% compared to the previous year, while the net profit attributable to shareholders was -162.775 million yuan, an increase of 46.49% year-on-year [18] Production and Sales Model - The company employs a combination of order-based and batch production models, with production bases located in Beijing and Henan [8] - The company utilizes a self-developed ERP information system for production management, enabling flexible production and automation in various production stages [8][11] - The sales model includes a primary focus on distribution channels, supplemented by direct sales and online channels, enhancing consumer interaction through new retail strategies [12][16] Strategic Acquisitions - The company completed a takeover of Norwegian listed company Ekornes ASA in August 2018, acquiring 90.5% of its shares, and further increased its stake to 100% in July 2021 [5][6] Market Position - The company ranks among the top domestic furniture brands, with a revenue of 3.552 billion yuan in 2024, reflecting its strong market presence [16]