In the first half of this year, the Chinese custom home industry is facing severe challenges, with many leading companies experiencing a decline in performance, both in revenue and net profit. Against the backdrop of overall soft demand in the home industry, the performance of Pianuo has fluctuated dramatically, with revenue falling by nearly 40% year-on-year, becoming a typical epitome of the industry’s difficulties.
According to the semi-annual reports released by various listed companies, the decline in performance has become a common issue in the industry. Pianuo’s performance is the most severe, with revenue in the first half of the year at only 268 million yuan, a sharp decrease of 40.65% year-on-year. More critically, the net profit attributable to the parent company turned from a profit of 4.4623 million yuan in the same period last year to a loss of 12.5764 million yuan, shocking the market with such a significant performance shift.
As a leading company in the industry, Sophia reported revenue of 4.551 billion yuan, down by 7.68% year-on-year. The net profit attributable to the parent company was 319 million yuan, a significant decrease of 43.43% year-on-year, with the profit decline far exceeding the revenue decline, reflecting a notable deterioration in profitability.
Shangpinzhaipei reported revenue of 1.55 billion yuan, a decrease of 9.24% year-on-year. While the net profit attributable to the parent company remained in a loss of 80.6694 million yuan, the loss margin narrowed compared to the same period last year.
Haolaike’s revenue was 830 million yuan, a decrease of 10.09% year-on-year. The net profit attributable to the parent company saw an even higher decline of 52.36%, indicating a significant challenge to its profitability.
Amid the overall pressure, companies have shown a clear differentiation in gross profit margin performance, reflecting varied operating strategies and market positioning:
Shangpinzhaipei has defied the trend with an increase in the furniture sector’s gross profit margin by 4.36 percentage points year-on-year. The custom home products saw a 3.4 percentage point increase in gross profit margin, while the matching home products saw a substantial growth of 9 percentage points, demonstrating the effectiveness of product structure optimization and refined management.
Pianuo maintained a relatively stable overall gross profit margin, but significant differentiation in product lines is evident: the gross profit margin of custom cabinets and their matching products fell by 4.35 percentage points, while that of custom wardrobes and their matching products increased by 4.39 percentage points, reflecting varying levels of market competitiveness in different product lines.
Haolaike faces double pressure, with a gross profit margin of 37.56% for store revenue, a slight decrease of 0.40 percentage points year-on-year; the gross profit margin of bulk business was only 14.45%, down by 2.60 percentage points year-on-year. Notably, the company’s bulk business revenue grew against the trend by 41.08%, and the number of stores expanded from 1848 at the beginning of the year to 1907, reflecting a strategy of channel expansion.