欧派家居20250604

Summary of the Conference Call for Oppein Home Industry Overview - The home furnishing industry is experiencing a shift towards multi-category and cross-category sales, with a focus on package deals and one-stop design to enhance customer experience and sales conversion rates [2][6][7] - The demand for integrated home furnishing solutions is rising, with consumers preferring one-stop solutions for their home decoration needs [2][7][8] Key Points and Arguments - Impact of National Subsidy Policy: The national subsidy policy has a short-term stimulating effect on home furnishing consumption, particularly for medium to large improvement needs. However, the effectiveness of the policy has weakened, leading to a short-term gap where most incremental orders are expected to convert into revenue in the second quarter [2][3][14] - Contract Liability Conversion Cycle: The conversion cycle for contract liabilities has been extended due to the national subsidy policy. Customers are enjoying subsidies earlier, but actual demand may be delayed, making it difficult to quantify the conversion cycle linearly [2][5] - Operational Efficiency: Oppein Home has improved operational efficiency through process optimization and empowerment systems, resulting in better cost control and gross margin levels compared to peers [2][9] - E-commerce and Self-Media Operations: To address high customer acquisition costs, Oppein Home is increasing average transaction values and empowering agents through e-commerce and self-media operations to enhance conversion rates [4][10][11] Additional Important Insights - Dealer Management and Support: The company is focusing on enhancing dealer management and support to alleviate cash flow pressures caused by the national subsidy policy. Despite the increase in contract liabilities, dealers are expected to maintain resilience due to a strong customer base [17][18] - Sales Strategy and Customer Flow: The company is shifting from single-category brand investments to a comprehensive home furnishing approach, improving overall efficiency and customer flow through targeted marketing strategies [22][23] - Future Industry Outlook: The home furnishing industry is expected to continue evolving, with increased complexity in operations and sales management. Oppein Home aims to strengthen its capabilities in lead generation, integrated furniture solutions, and operational efficiency to maintain a competitive edge [24] Conclusion Oppein Home is strategically positioning itself to adapt to the changing dynamics of the home furnishing industry by enhancing operational efficiency, leveraging national subsidy policies, and focusing on integrated solutions to meet consumer demands. The company is also committed to supporting its dealers and optimizing its sales strategies to navigate current market challenges.