SFY(SZ:002572)2024-08-29 10:59Financial Performance - In the first half of 2024, the company achieved operating revenue of 4.929 billion CNY, a year-on-year increase of 3.91% [2] - Net profit attributable to shareholders reached 565 million CNY, up 13.00% year-on-year; net profit after deducting non-recurring gains and losses was 531 million CNY, an increase of 13.41% [2] - In Q2 2024, operating revenue was 2.818 billion CNY, with net profit attributable to shareholders at 399 million CNY, a year-on-year growth of 0.97% [2] Brand Performance - The Sofia brand generated 4.443 billion CNY in revenue, a 3.89% increase, with 1,811 dealers and 2,552 specialty stores [3] - The Milan brand achieved 239 million CNY in revenue, a significant growth of 42.59%, with 530 dealers and 553 specialty stores [3] - The Simi brand had 165 dealers and 171 specialty stores, focusing on whole-home store transformation [3] - The Huaher brand reported 71 million CNY in revenue, a 3.83% increase, with 276 dealers and 281 specialty stores [3] Channel Performance - Revenue from the dealer channel was 3.913 billion CNY, a year-on-year increase of 1.19% [3] - The whole-home channel saw a revenue growth of 43.63%, with 256 cooperative installation companies covering 189 cities [3] - Direct sales channel revenue reached 159 million CNY, up 37.42% year-on-year [3] - Bulk channel revenue was 733 million CNY, a 14.68% increase, focusing on optimizing customer structure and expanding overseas markets [3] Cost and Profitability - Sales expenses totaled 494 million CNY, with a sales expense ratio of 10.02%; management expenses were 344 million CNY, with a management expense ratio of 6.97% [3] - R&D investment was 192 million CNY, a year-on-year increase of 1.64% [3] - The gross profit margin for the furniture manufacturing industry was 34.92%, up 0.78% year-on-year [3] Industry Trends - The custom furniture industry is shifting from an incremental market to a stock-driven market due to changes in real estate supply [4] - Various provinces have introduced home renovation subsidy policies, enhancing consumer willingness to spend [4] - The company is preparing for the demand in the stock housing and second-hand housing renovation markets [4] Future Outlook - The company emphasizes stable cash dividends and plans to maintain communication with shareholders [4] - It is exploring the potential of the stock housing market and developing new business models [4] - The company is actively expanding into overseas markets, with over 20 overseas dealers covering multiple countries [5]