从打破行业壁垒的革新者，到以人工智能重构家居生态的领航者，尚品宅配走过21年的更迭焕新，每一步都希望精准回应时代对"理想居所"的期待。 成立21年来，尚品宅配在各阶段均实现了商业模式创新。其中，2023年，尚品宅配创新推出"随心选全屋定制套餐"，开创行业新模式；2024年，开始打造Ai 设计工厂，以生产力大变革推动家居行业商业模式、经营模式上的创新。如今，尚品宅配将Ai视为服务升级的"超级大脑"，依托Ai的深度语义理解与推理能 力，构建起覆盖量尺、设计、交付的全流程数字化体系，以科技力量重构家居服务的边界，打造家居服务新高度。 依托Ai深度理解生活场景需求 尚品宅配是一家从软件技术转型定制家居并首倡"全屋定制"概念的家居企业，多次开创业内先河，业内普遍认为，其信息化、数字化能力是行业标杆。依托 多年的数智化技术积累，尚品宅配的Ai服务再升级。 据悉，尚品宅配基于DeepSeek的语义解析引擎，结合自身30万产品库、300房型库、3000万方案库的深度学习，用Ai客户分析系统能精准捕捉用户描述中的 隐性需求，将客户模糊需求转化为专业设计语言。例如，当客户表达"想要明亮通透的空间"，系统自动关联"采光优化""开放 ...

Core Viewpoint - The company is experiencing a decline in revenue and net profit, but there are signs of improvement in the upcoming quarters due to government subsidies and strategic changes in its business model [1][2]. Revenue and Profit Summary - In 2024, the company achieved revenue of 3.789 billion yuan, with a net profit attributable to shareholders of -215 million yuan and a non-deducted net profit of -228 million yuan, representing a 23% year-on-year decline in revenue [1]. - For Q4 2024, the revenue was 1.057 billion yuan, with net profits of -101 million yuan and -95 million yuan for non-deducted net profit, showing a 24% year-on-year decline [1]. - In Q1 2025, the revenue is projected to be 741 million yuan, with net profits of -39 million yuan and -45 million yuan for non-deducted net profit, indicating a 5% year-on-year decline, but a narrowing of losses [1]. Market Trends and Business Model - Since Q4 2024, government subsidies have started to show effects, leading to a narrowing of revenue decline from 29% in Q3 2024 to 17% overall for Q4 2024 to Q1 2025 [2]. - The company is focusing on a customized and supporting business model, with a significant emphasis on the "随心选" full-house customization package as a key strategy [2]. - The company is also innovating with a "30万一价全包" model to lower the entry barriers for franchisees, allowing for quicker store openings and shared resources between franchisees and direct stores [2]. Cost Management and Efficiency - In 2024, the company's gross margin and net profit margin decreased by 1.9 and 7.0 percentage points, respectively, while sales, management, R&D, and financial expense ratios increased [3]. - In Q1 2025, the gross margin and net profit margin improved by 7.4 and 5.9 percentage points, respectively, indicating a reduction in loss margins and a decrease in various expense ratios [3]. Channel Strategy and Expansion - The company is implementing a "1+N+Z" model for direct sales cities, transitioning direct stores into flagship stores that support distributors in logistics and delivery [4]. - For franchise cities, the company is focusing on a "1+N+Z" model to leverage local resources and reduce operational requirements for franchisees, aiming to expand into lower-tier cities [4]. - The company plans to continue its focus on high-quality development in its traditional strengths of customization and supporting businesses, with expectations of improved demand and market conditions due to accelerating government subsidies [4]. Dividend and Future Projections - In 2024, the company distributed dividends amounting to 187 million yuan, corresponding to a dividend yield of nearly 7% [4]. - The projected net profit attributable to shareholders for 2025-2027 is approximately 70 million, 100 million, and 150 million yuan, with corresponding price-to-earnings ratios of 39, 27, and 18 times [4].