Core Viewpoint - Oppein Home Group experienced its first decline in both revenue and profit in 30 years, with significant concerns regarding strategic reforms and declining profitability during the 2024 annual performance briefing [1] Group 1: Financial Performance - In 2024, the company's revenue was 18.925 billion yuan, a year-on-year decrease of 16.93%, while the net profit attributable to shareholders was 2.599 billion yuan, down 14.38% year-on-year [1] Group 2: Factors Behind Revenue and Profit Decline - The company identified four main factors contributing to the decline: deep adjustments in the custom home industry, the pain of transitioning to a whole-home model, revenue decline in distribution channels, and intense market price wars [2] - The custom home industry is facing dual pressures from a shrinking new housing market and weakened consumer expectations, leading to challenges in both engineering and retail channels [2] - The shift in consumer demand and channel transformation has resulted in a significant decline in foot traffic in traditional offline channels, with a migration towards integrated solutions and online platforms like Douyin and Xiaohongshu [2] Group 3: Challenges in Distribution Channels - The distribution channel remains the core sales channel for the company, accounting for over 77% of revenue in the past three years [4] - The traditional single-product distribution model faces challenges such as customer acquisition difficulties, declining average transaction values, and increased operational pressures [4] - The company has initiated a transition for distributors from single-product operations to whole-home solutions, but this process has led to significant revenue declines in distribution channels [4] Group 4: Developments in Integrated Business - Since the trial of the integrated whole-home model in 2018, the company's integrated business has slowed down and is now facing a bottleneck [5] - The company is exploring successful transformation cases in lower-tier cities while acknowledging that higher-tier cities may lag due to market size [5] - The company is implementing a "one city, one strategy" approach to allocate resources effectively in different markets [5] Group 5: Future Strategies for Profit Improvement - In 2025, the company plans to focus on a "land distribution" reform aimed at restructuring the target accounting system and enhancing operational efficiency [6] - The core value of this reform is to establish a market-oriented mechanism that balances gross margin, gross profit, expense input, and total profit, ultimately driving growth through operational quality [6]

Core Viewpoint - Oppein is positioning itself as a leader in the home furnishing industry, leveraging its 30 years of experience to create a comprehensive ecosystem that integrates design, production, logistics, and service, while also exploring new cooperative models to expand its market presence [1][5]. Group 1: Company Strategy - Oppein has evolved from a single product leader to a comprehensive home furnishing giant, supported by five major production bases across the country and a full-category delivery system [1]. - The company is utilizing artificial intelligence across its entire supply chain to enhance operational efficiency and effectiveness in the home furnishing market [1]. - Oppein is witnessing significant financial success, with reports of individual cities achieving tens of millions in sales, indicating a robust and effective operational model [1]. Group 2: Cooperative Model - The cooperative model is aimed at global expansion, focusing primarily on domestic markets, allowing for city-level operational rights under various Oppein sub-brands [1][2]. - Target partners for cooperation must be under 50 years old, possess at least five years of work experience, and have a minimum of 600,000 yuan in startup capital [2]. - Oppein offers a two-year interest-free loan covering 10%-60% of the total investment to support new partners [3]. Group 3: Application Process - The application process includes filling out a cooperation intention form, qualification screening by Oppein, and participation in a face-to-face meeting [4]. - Successful candidates will undergo 45-60 days of theoretical and practical training, with travel and accommodation costs covered by Oppein, although no salary is provided during this period [4]. - Interested parties can apply online or via email, with a referral reward system in place for successful recommendations [5].