“家居巨頭業(yè)績會熱議：行業(yè)風(fēng)向何在？”

Home Furnishings Industry Update: Annual Reports and Future Outlook Home Furnishings Industry Update: Annual Reports and Future Outlook

Recently, a number of listed companies in the home furnishings industry, such as Oupai,索菲亞(Suofeiya), Haoleke, Mushi Group, Arrow, Dongfang Yuhong, and more, have held annual and Q1 2025 earnings briefings or investor relations activities. These events provided insights into their business operations, industry trends, and discussions on topics such as globalization, digital transformation, and diversified development.

By synthesizing the discussions between management and investors from various listed companies, we can see that they have revealed their next steps, indicating the industry development trajectory and market operation direction.

Market Prospects

Under Pressure in the Short Term, but with Long-term Growth Potential

During the earnings briefings, the current market situation and future market forecasts were of great concern.

Regarding the current furniture market and the company's future development, Suofeiya's management team indicated that the home furnishings industry is facing deep adjustments and transformation challenges. Due to the contraction of market demand and the rapid reconstruction of the industry ecosystem, enterprises are reforming and optimizing their channels to seek more development opportunities, in order to stabilize the basic earnings.

PiAnuo believes that with the continuous advancement of urbanization and old city reconstruction, the demand for renovation and decoration of existing stock is increasing, and the real estate market is gradually stabilizing, which will bring structural development opportunities to the industry. China's customized furniture industry is in a growth period, with a low market concentration. With the integration of categories, diversification of channels, and consumption upgrade, there is a considerable space for market concentration to improve.

"The home furnishings industry is always a 'sunrise industry'. Consumers spend the most on living in the aspect of clothing, food, housing, and transportation. The future development prospects of the industry are broad. Although the industry has experienced some adjustment pressure and short-term pain, the national policies to stabilize the real estate market and policies such as 'replace the old with the new' are continuing to exert efforts to activate the existing market. In the next 3-5 years, the relevant market size may double." This was expressed by Chen Wei, Chairman of Haiou Zhuogong.

Mushi Group's Chairman and General Manager Wang Bingkun, combined with policy analysis, said that the country has introduced a series of positive policies to promote the replacement of home consumption and support smart home consumption. Under the guarantee of national industrial policies and consumer support policies, the industry can effectively expand domestic demand and promote the prosperity of the home furnishings product consumption market through measures such as replacing the old with the new and fiscal subsidies. This can effectively guide the home furnishings industry to develop towards intelligence, greenness, and aging-appropriate directions, promote industrial upgrading and structural adjustment, and is conducive to the healthy development and steady expansion of the scale of industry companies, creating a good and stable market environment for the operation and development of industry companies.

Qisheng Technology, from the perspective of the sleep economy industry, also emphasized the role of policies. The sleep economy industry in China is a stable growing track, and the increase in aging will promote the demand for sleep health products in the elderly care industry. Under the trend of home furnishings intelligence, the growth space of smart bed categories is significant.

However, the penetration rate of smart beds in China is relatively low, mainly because consumers are not sufficiently aware of smart beds, and the market education and consumption habit cultivation are still in progress.

It is worth noting that with the gradual increase in the awareness of intelligent electric bed products among domestic consumers, combined with the support of national consumer recovery policies, the Chinese intelligent electric bed market is expected to release significant growth potential in the future.

Digital Transformation

Full-Chain Upgrade from Production to Marketing

Many companies regard digital transformation as a core competitiveness and achieve efficiency leap through technological empowerment.

Regarding the growth points of the company's profitability, PiAnuo said that the company has introduced advanced German Homa flexible production lines, standardized production of standard components, and flexible manufacturing of non-standard components, balancing personalization and high quality while forming large-scale production. In production management, the company introduces lean production concepts, standardizes production links, and improves production efficiency and quality control.

In addition, the company continues to upgrade the automation and intelligence of production processes, transforms the intelligent 4.0 production line of the production base, and continuously refines production and processing levels through an efficient production management system.

In terms of smart home, Haoleke's subsidiary He Mi Technology is also developing family "intelligent fusion gateway" products to achieve full-home automatic networking and intelligent control, building a high-value smart home product ecosystem.

Qusui Technology achieved double-digit revenue and profit growth in 2024, which is the result of its years of anchoring the new track of intelligent sleep and continuously promoting the intelligent transformation strategy.

From the perspective of product end, the company has completed the construction of the smart home product matrix with the in-depth layout of the "scenario-based sleep solution" product matrix. The revenue of smart home products accounted for 41.68% of the total in the year, up 36.32% year-on-year, and the smart electric bed series, adaptive mattress series, and intelligent temperature control product series, among other intelligent products, have significantly boosted the company's performance.

Focusing on the integration of AI and sleep products. The company focuses on the integration of AI large models and front-line technologies in the sleep home industry, exploring new paths for intelligent transformation. In the first half of 2025, the company's innovative R&D of AI large models integrated with home scenarios, AI intelligent pillow-sleeping bag, and AI sleep aid products Demo, received high praise from the industry.

Jin Tanglong has established an AI R&D department, applying artificial intelligence technology deeply in design selection, achieving quick generation of design concept schemes and visual display of material effects, shortening the design cycle, and improving labor efficiency.

In the future, the company will continue to promote the research and development and application of AI, such as AI workflow R&D, system training, image library sorting, model training, and platform optimization, to promote the intelligent transformation of the company's business processes, significantly improving work efficiency and accuracy.

Product Innovation

Outstanding in Differentiation Driven by Technology

Dongfang Yuhong, a member of Minjia Group, has achieved continuous growth in revenue in recent years through the expansion of categories. Currently, non-waterproof products account for about half of its revenue. This year, it will focus on improving channel penetration and coverage in the下沉(sink) market while continuing to focus on tile adhesive and other special mortar, wall auxiliary materials, and other categories.

The Construction Group has always been mainly engaged in waterproofing business. This year, it will pay great attention to the expansion of new track products, including promoting the main status of sand powder, seizing the space of pipe engineering projects, and new track products such as architectural coatings and anticorrosion, which may also become new growth engines.

Regarding the core competitiveness of Mushi Group in the future of the health sleep industry, Chairman and General Manager Wang Bingkun said that the product R&D innovation advantage is an important fulcrum.

He pointed out that the company is committed to becoming the "largest global intelligent health sleep solution provider". Focusing on the main business of health sleep, the company relies on its core technology accumulation and R&D advantages in the field of sleep technology to innovate and launch AI mattresses. After that, it will focus on "products, services, and brands" as pillars, achieving continuous upgrades of brand and services and continuous iteration of the product matrix.

Arrow Home's Xie Yuerong said that at present, the demand for intelligent bathrooms in the Chinese consumer market is mainly concentrated on intelligent toilet products. In recent years, the sales of intelligent toilets in China have continued to rise, but compared with the main intelligent bathroom consumption areas in the world, the penetration rate is still relatively low, and there is still a significant development space in the next few years. "Therefore, the company will continue to increase research and development investment and launch more high-quality intelligent bathroom products."

Haoleke sticks to the R&D investment in "health and environmental protection" and has now formed a three-category matrix of raw materials, including the Original, Anxin, and Jiangxin series, after 13 years and 7 iterations and upgrades. From "zero added formaldehyde in raw materials" to "Original State Aldehyde", it has realized the leap from material environmental protection to space environmental protection.

In the future, the company will continue to explore the application of bamboo boards, new materials, and advanced processes, and fully promote the application of modular design to enhance the terminal competitiveness of products.

As a customized enterprise, PiAnuo is firmly positioned in the mid-to-high-end brand, focusing on strengthening categories and high configurations, enriching customized product matching, and improving product quality configurations, promoting store upgrading and renewal and precise placement; Suofeiya has been laying out the existing market, constantly enriching the product structure, optimizing the product matrix, and gradually launching new categories such as cabinets, system windows, bathrooms, and home appliances, occupying high-frequency demand products in the future existing market competition.

Channel Innovation

Multi-channel Layout and Competition in the Downstream Market

The existing market is forcing channel model innovation. Whole-home renovation channels, home improvement collaboration, and community store pilot projects have become important ways for enterprises to reach the needs of old city and local city reconstruction.

Under the contraction of traditional distribution channels, Oupai Home actively explores diversified channels and shares its future channel construction ideas.

The company will comprehensively upgrade the flow operation system, empower dealers, increase resource investment efforts, and strengthen dealers' online and offline full-channel customer acquisition capabilities, including accelerating the construction of local e-commerce platforms and the implementation of joint investment business; integrate the company's marketing resources and technical support, and systematically improve dealers' flow conversion efficiency, through optimizing sales processes, improving average transaction value, and other ways to achieve the improvement of business benefits.

The overseas business of Oupai Home has become a new growth point, with a year-on-year increase of 34.42%, and the direct sales channel has also achieved a slight increase of 0.57%. Oupai Home is accelerating the layout in the Middle East, Southeast Asia, and establishing flagship stores in America to try to open up the overseas market; in terms of online channels, Oupai has achieved certain results through the creation of new media matrices and live streaming customer acquisition, but the flow conversion efficiency still needs to be improved.

SoFeiya's whole-home renovation channel has penetrated the front-end flow, creating an integrated customization model for home improvement enterprises, and launched new business models such as city partners and 1+N+X in 2024, which will become an important way to seize the raw and old city/local city reconstruction markets in the future, achieving full-domain traffic.

Currently, the 1N+X model has been gradually implemented across the country, achieving in-depth channel sinking, and through the "strategic fulcrum + touchpoint fission + traffic ecosystem" triple architecture, realizing the growth logic of the home furnishings industry. With more diversified store formats, it attracts more diversified retail distributors and other traffic resources to join, and accelerates the full-domain traffic acquisition.

Mengtian Home focuses on home improvement channel business, through deepening the home improvement channel layout in key cities and in-depth strategic cooperation with leading home improvement enterprises, the home improvement channel business achieved a revenue growth of 29.44%.

The "home improvement T strategy" refers to one horizontal and one vertical. One horizontal is focusing on key areas and core economic belts, cooperating with leading home improvement enterprises, integrating local relevant resources to form an ecological closed loop, and expanding the number of sampling stores; one vertical is, through deepening the home improvement operation capabilities with conversion rate improvement as the core, product upgrade with average transaction value improvement as the core, and quality efficiency improvement with delivery satisfaction improvement as the core, to build regional fortresses and improve the order proportion of stores.

In terms of retail channels, the company focuses on improving market empowerment capabilities in 2024, working around "seizing channels, creating famous brands, and using national subsidies". Building a "1+N+X three-dimensional channel construction" and "1+N+X online channel" dual-channel model.

Tuobao Baby has deeply planned multiple-channel business and regional market strategies. The retail channel focuses on the operation center of town channels, accelerating the layout of town markets, improving the product structure, and introducing door and door board products. The home improvement company channel has launched various cooperation models and strengthened the support for service providers.

From a regional perspective, the company implements a multi-channel operation strategy for different regional market characteristics. The application ratio of particleboard is high in the north, and the proportion of multi-layer board and ecological board is large in the south; in first and second-tier cities, the flow is focused on home improvement companies, and in下沉(sink) markets, woodworking made wardrobes are the main.

The company relies on the operation of subsidiaries to develop differentiated marketing programs for distributors in various regions.

Globalization Layout

Dealing with Risks and Exploring New Growth Poles

The overseas market has become a strategic location for enterprises to diversify risks and seek new growth drivers.

Vanward Electrical is actively expanding emerging and mature markets to minimize the trade risk of reliance on a single region, deeply cultivating "the Belt and Road" countries and regions, continuously integrating resources, and promoting global market layout. The export revenue in 2024 reached 2.663 billion yuan, a year-on-year increase of 41.43%. Investors are concerned about the impact of tariffs on the company's export business.

In terms of overseas factory layout, Vanward Electrical is accelerating the efficiency of the Thailand factory and the Egypt factory, with the first phase of the Thailand factory officially put into production in April 2024 and the subsequent phase II construction and follow-up capital increase plan being promoted to rapidly expand production capacity.

Additionally, in terms of product structure, Vanward Electrical is accelerating the layout of overseas markets such as the European Union, Australia, and North America, upgrading from the current export structure mainly focused on gas appliances to gas and new energy, thereby realizing industrial upgrading and creating new growth points, starting the second growth engine.

On the other hand, Haiou Zhuogong is focusing on domestic sales while reducing high-risk engineering business and increasing existing house renovation business; actively exploring foreign sales, including but not limited to improving the overseas manufacturing base that has been prematurely laid out, dealing with the impact of U.S. tariffs, and striving to reduce its impact.

At the same time, it actively explores non-U.S. market business, especially the Belt and Road countries and regions. It increases the innovation and research and development of proprietary intellectual property products and platforms. It strives to make bigger bathroom electronic products with more technical advantages than foreign brand customers, and strengthen the advantages of intelligent bathroom products.

Jin Tanglong has established a mature localization management system in key markets such as Singapore, through a "domestic professional team + local construction force" mixed model, ensuring construction standards while optimizing resource allocation.

Currently, the company has a relatively in-depth understanding of market environments in Southeast Asia, such as Cambodia, Malaysia, and Vietnam, and the operating risk is controllable. The next step is to explore the African market, with a complete risk control system and cultural integration mechanism to ensure the healthy and sustainable development of overseas business.

Published by Sohu Focal Point Home

相關(guān)知識

“家居巨頭業(yè)績會熱議：行業(yè)風(fēng)向何在？”
這檔全行業(yè)熱議的真人秀節(jié)目 三維家為何成為了話題中心？
專訪：不靠融資、不靠背景、深耕冷門行業(yè) 魯班到家是如何成長為家居售后服務(wù)巨頭？
熱議刷屏！權(quán)威媒體爭相報道！
阿爾貝娜乳膠漆引熱議，“護墻如護膚”理念深入人心
世界睡眠日來臨，《宅家期間居民睡眠白皮書》引全民熱議
競爭持續(xù)升級亞美AM8關(guān)注定制家居行業(yè)“環(huán)保熱”
如何在炎炎夏日保持舒適？約克VRF中央空調(diào)給你答案
聯(lián)邦家私：“新五力”再引家居行業(yè)新風(fēng)向
互聯(lián)網(wǎng)巨頭競相入局大家居行業(yè)

網(wǎng)址: “家居巨頭業(yè)績會熱議：行業(yè)風(fēng)向何在？” http://businessinterruptionsclaims.com/newsview123328.html