SPZP(300616)2025-01-13 09:40Group 1: Market Insights - The 2025 home decoration subsidy policy is expected to stimulate consumer enthusiasm and stabilize market confidence, with the government actively supporting home decoration consumption [2][3] - The implementation of the "old-for-new" subsidy policy in Q4 2024 has already shown positive effects on the home furnishing market [2] Group 2: Business Strategy - The company plans to focus on expanding its presence in untapped cities and lower-tier markets, enhancing its national channel layout [3] - The use of AI design factories will help new partners reduce the difficulty of acquiring design services, improving operational certainty [3] Group 3: Management Confidence - Recent share purchases by company executives reflect their confidence in the company's future development and investment value [3] Group 4: Retail Channel Dynamics - Changes in retail channel traffic have led to the emergence of new customer acquisition methods, such as the importance of the "package deal" channel for obtaining clients from newly decorated homes [4] - The increase in the proportion of unfinished homes and the demand for renovations in second-hand properties have made comprehensive decoration an important customer acquisition channel [4]