Home Furnishings

Yao Liangsong, chairman and president of Oppein Home, a leading domestic custom home furnishing company, publicly admitted for the first time at an investor communication meeting that the company misjudged the market at the beginning of the year, saying that the reform of its main front did not meet expectations. The 2026 semi-annual report shows that Oppein achieved operating revenue of 5.95 billion yuan in the first half of the year, down 27.79% year-on-year; net profit attributable to shareholders of the listed company was 442 million yuan, down 56.62% year-on-year; net cash flow from operating activities was only 92.4974 million yuan, plunging 94.45% year-on-year, marking the company's worst interim performance since its listing. By business segment, revenue from wardrobes and supporting products was 2.776 billion yuan, down 34.51%; revenue from kitchen cabinets was 1.748 billion yuan, down 27.37%; revenue from bulk business was 655 million yuan, down 50.74% year-on-year. In the first half of the year, Oppein implemented total cash dividends of about 1.5 billion yuan, equivalent to 3.39 times the current period's net profit attributable to the parent company, while according to the 2024-2026 dividend plan, this year is the last year of the annual dividend scale of no less than 1.5 billion yuan. Oppein's predicament is also a systemic predicament for the entire custom home furnishing industry. Data from the National Bureau of Statistics shows that from January to June 2026, furniture manufacturing enterprises above designated size nationwide achieved operating revenue of 257.61 billion yuan, down 8.6% year-on-year, with total profit of 4.57 billion yuan, down 52.7% year-on-year, and the industry's average profit margin fell to about 1.8%.

Oppein Home Chairman and President Yao Liangsong admitted in two investor exchanges within half a month that the company misjudged the market at the start of the year, and that the company is in its most severe deep adjustment period in more than 30 years since its founding. In the first half, Oppein Home achieved operating revenue of 5.95 billion yuan, down 27.79% year on year, and net profit attributable to the parent of 442 million yuan, down 56.62% year on year. Net cash flow from operating activities fell from 1.667 billion yuan in the same period last year to 92 million yuan, a drop of 94.45%. Wardrobes and supporting furniture products, which contribute nearly half of revenue as the core business, posted first-half operating revenue of 2.776 billion yuan, down 34.51% year on year, a larger decline than the company's overall revenue decline. As of the end of June, the total number of stores was 6,903, a net decrease of 442 from the end of 2025. Yao Liangsong admitted that reforms in the main business fell short of expectations and did not give a clear timetable for when profit would stop falling and stabilise, while finance chief Zhao Lili said there is a possibility that full-year results will decline year on year.

Canaccord lowered its price target on The Lovesac Company to $20 from $22 on September 10 while keeping its Buy rating, after the company reported second-quarter fiscal 2027 results that landed in line with expectations. Lovesac posted net income of $7.4 million for the quarter, a swing from a net loss of $6.7 million a year earlier, and operating income of $10.9 million versus an operating loss of $8.8 million, though the improvement was largely driven by $21 million in IEEPA tariff refunds. Net sales rose 0.4% year over year on 14 net new showrooms, partly offset by a 1.9% decline in omni-channel comparable net sales and the closure of the company's Best Buy shop-in-shop locations, while gross margin expanded to 68.4% of net sales from 56.4%, a 1,200 basis point gain that included 1,240 basis points from tariff recoveries. The company lowered its full-year sales and adjusted EBITDA outlook, guiding to net sales of $690 million to $710 million and net income of $14.5 million to $18.5 million, citing product launch timing and the promotional environment, with key innovations now expected to contribute more meaningfully in the fourth quarter rather than the third. Analysts remain optimistic, with a consensus Buy rating and a median 12-month price target of $20 as of September 11, implying roughly 43.78% upside, even as short interest stood at 21.93% of the float as of August 31.

Lovesac reported record second quarter revenue of $161.2 million on September 10, its highest Q2 total ever, though the 0.4% sales increase came almost entirely from showrooms rather than higher-margin online orders. A $20 million tariff refund lifted gross margin by 1,200 basis points to 68.4%, masking an underlying business that actually lost money once that windfall is stripped out. Configurations priced above $6,000 grew by double digits, and showroom net sales climbed 4.6% to $114.1 million, helped by 14 net new locations and a double-digit jump in conversion rates, while the Snugg platform pushed other products revenue up 198.2%. Below the $6,000 line, omni-channel comparable sales fell 1.9%, internet sales dropped 5.3%, Sacs sales fell 8.6%, and the exit of the Best Buy shop-in-shop partnership cut other net sales by 23.2%; adjusted EBITDA was a loss of $1.3 million versus income of $0.8 million a year earlier. Management guided third quarter sales to $140 million to $150 million with an expected net loss of $9 million to $12 million and an adjusted EBITDA loss of $7 million to $10 million, as four major launches and a national delivery rollout are set for the second half.

Lovesac reported fiscal second-quarter net sales of $161.2 million, up 0.4% from a year earlier, while omni-channel comparable sales fell 1.9%, and the company lowered its full-year outlook as major product launches slipped toward the fourth quarter. The company said it received a $21 million benefit from IEEPA tariff refunds and related interest, of which $20 million was recognized in cost of merchandise sold, $300,000 reduced inventory and $700,000 was recorded as interest income. That recovery lifted reported gross margin by 1,200 basis points to 68.4% from 56.4% a year earlier, but excluding tariff recoveries gross margin was approximately 56%, down about 40 basis points year over year, and adjusted EBITDA excluding the $20 million refund benefit was a loss of $1.3 million versus positive $0.8 million a year earlier. Operating income was $10.9 million against a prior-year operating loss of $8.8 million, and net income totaled $7.4 million, or $0.51 per diluted share, versus a net loss of $6.7 million, or $0.45 per share, with diluted earnings per share including a net $0.86 benefit from tariff refunds. For fiscal 2027, Lovesac forecast net sales of $690 million to $710 million, including fourth-quarter revenue of $250.5 million to $260.5 million, full-year net income of $14.5 million to $18.5 million, adjusted EBITDA of $31.5 million to $35.5 million and diluted earnings per share of $0.98 to $1.26, while for the third quarter it expects net sales of $140 million to $150 million, a net loss of $9 million to $12 million and an adjusted EBITDA loss of $7 million to $10 million.

Jiangxin Home Furnishing released its 2026 interim report, with total operating revenue of 1.565 billion yuan, down 6.94% year-on-year; net profit attributable to the parent company was 308 million yuan, down 28.79% from the same period last year. Net cash inflow from operating activities was 313 million yuan, down 21.43% year-on-year. The company's asset-liability ratio was 22.22%, gross margin was 38.63%, ROE was 7.05%, and diluted earnings per share was 1.08 yuan, down 29.41% year-on-year. Total asset turnover and inventory turnover were 0.28 times and 1.86 times respectively, both lower than the same period last year. The number of shareholders was 8,512, and the top ten shareholders held 81.86% of the total share capital.

OLO Home Furnishing released its 2026 interim report on August 30, showing declines in both revenue and net profit for the reporting period, but a significant improvement in net cash flow from operating activities. Data shows the company achieved operating revenue of 562 million yuan, down 15.95 percent year on year; net profit attributable to the parent company was 50 million yuan, down 45.81 percent; and non-GAAP net profit attributable to the parent company was 44 million yuan, down 42.57 percent. Net cash flow from operating activities was negative 10 million yuan, a substantial narrowing from negative 75 million yuan in the same period last year. The larger decline in profit than in revenue was mainly affected by factors including increased credit and asset impairment losses and reduced other income. Among these, credit impairment losses and asset impairment losses combined increased by 8.4645 million yuan compared with the same period, involving bad debt provisions on receivables from real estate clients such as Evergrande and China Fortune Land Development; government subsidies decreased by about 19.45 million yuan year on year. Through supply chain optimization and cost reduction and efficiency improvement, the company's selling expenses and administrative expenses fell by 18.25 percent and 1.18 percent year on year respectively.

OLO Home released its 2026 interim report, with total operating revenue of 562 million yuan, down 15.95% year-on-year. Net profit attributable to the parent company was 50.02 million yuan, a decrease of 42.29 million yuan from the same period last year, down 45.81% year-on-year. Net cash flow from operating activities was negative 10.11 million yuan. The company's latest asset-liability ratio was 41.35%, gross margin was 46.43%, ROE was 4.34%, and diluted earnings per share was 0.16 yuan. The number of shareholders was 9,616, and the top ten shareholders held 75.75% of the total share capital.

ST Meike released its 2026 interim report. Total operating revenue was 901 million yuan, down 39.95% year-on-year. Net profit attributable to the parent company was a loss of 501 million yuan, with the loss widening compared with the same period last year, a decrease of 414 million yuan from a year earlier. Net cash inflow from operating activities was 71.33 million yuan. The company's asset-liability ratio rose to 97.55%, gross margin fell to 23.51%, return on equity was negative 553.51%, and diluted earnings per share was negative 0.35 yuan. The number of shareholders was 21,400, and the top ten shareholders held 52.23% of total share capital.

Marsman released its 2026 interim report, with total operating revenue of 271 million yuan, down 27.58% year on year, and net profit attributable to the parent company of minus 130 million yuan, a widening loss compared with the same period last year. Net cash flow from operating activities was minus 130 million yuan, the asset-liability ratio rose to 51.66%, gross margin fell to 31.81%, return on equity was minus 13.29%, and diluted earnings per share was minus 0.32 yuan. The company had 20,600 shareholders, and the top ten shareholders held 65.02% of the total share capital.

Mlily released its 2026 interim report, with total operating revenue of 4.655 billion yuan and net profit attributable to the parent of 5.2984 million yuan, down 95.37% from the same period last year, a decrease of 109 million yuan. Net cash inflow from operating activities was 545 million yuan, the asset-liability ratio was 63.76%, gross margin was 39.40%, ROE was 0.16%, and diluted earnings per share was 0.01 yuan.

Oppein Home Group disclosed its 2026 semi-annual report on August 29. In the first half, total operating revenue was 5.95 billion yuan, down 27.79% year on year. Net profit attributable to the parent company was 442 million yuan, down 56.62% year on year. Net profit after deducting non-recurring items was 361 million yuan, down 61.71% year on year. Net cash flow from operating activities was 92.4974 million yuan, down 94.45% year on year. Basic earnings per share were 0.73 yuan, and the weighted average return on equity was 2.33%, down 2.88 percentage points year on year. As of the end of the first half, the company's inventory book value was 747 million yuan, accounting for 4.05% of net assets, an increase of 122 million yuan from the end of the previous year. No inventory write-down provision was made in the current period.

Oppein Home Group announced on August 29 that revenue for the first half of 2026 was 5.95 billion yuan, down 27.79% year on year, with net profit attributable to the parent company of 442 million yuan, down 56.62%, and basic earnings per share of 0.73 yuan. The company has now posted two consecutive years of declining revenue and profit, with this year's profit decline roughly double the revenue decline, mainly due to the property market adjustment and weaker-than-expected consumption recovery. Financial expenses surged 116.60% year on year because of exchange losses, net margin fell from 12.39% to 7.49%, and net operating cash flow plunged 94.45% year on year to 92.4974 million yuan, mainly because of the high base from last year's trade-in national subsidies. The company has designated 2026 as the first year of its AI strategy. Its self-developed Smart Home Cloud platform now covers nearly 7,000 stores, and AI-assisted design usage has exceeded one million times, but the contraction in traditional business has completely offset the efficiency gains from AI.

Jiangxin Home Furnishing saw both revenue and net profit fall in the first half of the year, while gross margin edged up slightly, reflecting a double squeeze from exchange rates and tariffs. The company disclosed its semi-annual report on the evening of August 28. During the reporting period, it achieved operating revenue of 1.565 billion yuan, down 6.94 percent year on year; net profit attributable to the parent company was 308 million yuan, down 28.79 percent; and non-GAAP net profit was 226 million yuan, down 47.38 percent. Affected by fluctuations in the exchange rates of the US dollar against the renminbi and the Vietnamese dong, on a comparable exchange-rate basis, export revenue converted into renminbi decreased by about 70.98 million yuan compared with the same period last year, accounting for about 4.54 percent of revenue for the period. At the same time, the company recognized exchange losses of 156 million yuan, causing financial expenses to rise to 132 million yuan, a year-on-year increase of 408.80 percent. Changes in US tariff policy also created pressure. In the first half of 2026, exports to the United States were subject to a 25 percent tariff rate, and the applicable period was extended from three months in the same period last year to six months. Based on calculations, this reduced total profit by 33.89 million yuan. The company's net margin was 19.66 percent, down about 6.03 percentage points year on year. In the secondary market, the share price has fallen about 54 percent this year, closing at 33.54 yuan per share on August 28.

Tianzhen Shares released its 2026 interim report, with total operating revenue of 737 million yuan, down 7.39% year-on-year, and net profit attributable to the parent company of 59.9061 million yuan. Net cash inflow from operating activities was 71.1983 million yuan, the asset-liability ratio was 9.27%, the gross margin was 21.36%, and diluted earnings per share was 0.28 yuan.

Zhongyuan Home Furnishing released its 2026 interim report, with total operating revenue of 1.011 billion yuan, net profit attributable to the parent company of 3.3489 million yuan, and net cash inflow from operating activities of 4.3351 million yuan, down 82.02% year-on-year. The company's asset-liability ratio was 65.99%, gross margin was 22.57%, ROE was 0.66%, and diluted earnings per share was 0.03 yuan. The number of shareholders was 7,022, and the top ten shareholders held 73.11% of the total share capital.

A-Zenith Home Furnishings released its 2026 interim report. During the reporting period, the company's total operating revenue was 319 million yuan, and net profit attributable to the parent company was negative 16.2926 million yuan. Net cash flow from operating activities was negative 158 million yuan, a decrease of 141 million yuan compared with the same period last year. The company's asset-liability ratio rose to 79.37%, gross margin fell to 7.60%, return on equity was negative 8.19%, and diluted earnings per share was negative 0.06 yuan. The number of shareholders was 7,257, and the top ten shareholders held 65.59% of the total share capital.

Entive Intelligent Technology released its 2026 interim report, showing total operating revenue of 82.13 million yuan, down 52.93% year on year, and a net loss attributable to the parent company of 54.1 million yuan. Net cash flow from operating activities was negative 30.23 million yuan, the asset-liability ratio was 45.74%, gross margin was 5.68%, return on equity was negative 4.82%, and diluted earnings per share was negative 0.30 yuan. The company had 14,000 shareholders, and the top ten shareholders held 56.58% of total share capital.

Marshal released its 2026 interim report. First-half operating revenue was 271 million yuan, down 27.6% year on year, while net loss attributable to the parent widened to 130 million yuan from 124 million yuan a year earlier. Second-quarter operating revenue was 117 million yuan, down 44.8% year on year, and net loss attributable to the parent widened to 76.94 million yuan from 69.37 million yuan a year earlier. As of the end of the second quarter, total assets stood at 2.026 billion yuan, down 2.9% from the end of the previous year, and net assets attributable to the parent were 980 million yuan, down 11.4%. The company said the kitchen appliance industry remains in a deep adjustment period due to the property market correction, slow recovery in consumer confidence, and weakening effect of trade-in policies. It will increase research and development investment, optimise its product mix, expand diversified channels, and strengthen refined management to cope with the pressure.

Fujia Co. released its 2026 interim report on August 27. During the reporting period, the company achieved operating revenue of 1.394 billion yuan, down 5.80 percent year on year. Net profit attributable to the parent company was 30.3872 million yuan, down 59.71 percent year on year. Net profit after deducting non-recurring items was 2.9527 million yuan, a sharp decline of 95.68 percent year on year. The company's core business profitability is under pressure, and profit is highly dependent on non-recurring gains and losses. Among these, the disposal of long-term equity investments generated investment income of approximately 26.24 million yuan, mainly including the transfer of equity in Hangzhou Huafu Advanced New Energy Co. Cleaning appliances remain the core foundation of the business. During the reporting period, this segment achieved operating revenue of 1.139 billion yuan, up 6.60 percent year on year, but it faces multiple pressures including rising raw material costs, exchange rate fluctuations, and intensifying price competition in the industry. Foreign exchange losses in financial expenses amounted to approximately 32.09 million yuan. The company is actively expanding into new kitchen appliance categories. Products such as coffee machines and smart trash cans have already achieved mass production and shipment, and the energy storage business is also being steadily advanced, but these have not yet formed a meaningful profit contribution.

Mengtian Home released its 2026 interim report. Total operating revenue was 446 million yuan, down 7.93% from the same period last year. Net profit attributable to the parent company was 31.4765 million yuan, down 10.67% year-on-year. Net cash flow from operating activities was negative 120 million yuan, a decrease of 113 million yuan compared with the same period last year. The company's latest asset-liability ratio was 17.70%, and gross margin was 26.48%, down 2.27 percentage points year-on-year. Diluted earnings per share were 0.14 yuan, down 12.50% from the same period last year.

Suofeiya released its 2026 interim report on August 26, showing declines in both revenue and profit for the reporting period, but operating cash flow turned from negative to positive. Data shows the company achieved operating revenue of 3.377 billion yuan, down 25.80% year-on-year; net profit attributable to the parent was 62 million yuan, down 80.61% year-on-year; and non-GAAP net profit was 122 million yuan, down 71.51% year-on-year. Net cash flow from operating activities was 49 million yuan, a significant improvement from negative 105 million yuan in the same period last year. The decline in performance was mainly affected by shrinking demand for new home renovation in the domestic market, while the company also incurred large losses from changes in the fair value of financial assets such as its holdings in Guolian Minsheng shares. The company is advancing a strategic transformation toward whole-home customization, expanding supporting categories such as cabinets, doors and windows, and deepening cooperation in the integrated renovation channel to tap opportunities in the existing-home market.

Kuka Home disclosed its interim report on August 27. In the first half of 2026, the company achieved operating revenue of 9.875 billion yuan, up 0.75% year on year. Net profit attributable to shareholders of the listed company was 926 million yuan, down 9.31% year on year. Basic earnings per share were 1.13 yuan.

Suncha Technology released its 2026 interim report. The company's total operating revenue was 808 million yuan, and net profit attributable to the parent company was 7.8596 million yuan, down 24.06% from the same period last year. Net cash flow from operating activities was negative 17.6516 million yuan, the asset-liability ratio was 57.11%, the gross margin was 35.32%, and diluted earnings per share were 0.08 yuan, down 42.86% year-on-year. The company had 9,561 shareholders, and the top ten shareholders held 51.94% of the shares.

Keeson Technology released its 2026 interim report, with total operating revenue of 1.725 billion yuan and net profit attributable to the parent company of 29.0197 million yuan, a year-on-year decline of 72.54%. Net cash inflow from operating activities was 88.7507 million yuan, the asset-liability ratio was 36.29%, the gross margin was 31.48%, and ROE was 0.95%. Diluted earnings per share were 0.08 yuan, down 73.33% year-on-year.

Biyi Shares released its 2026 interim report. Total operating revenue was 1.078 billion yuan, down 79.14 million yuan or 6.84 percent from the same period last year. Net profit attributable to the parent company was a loss of 32.57 million yuan, a decline of 86.28 million yuan or 160.64 percent from a year earlier, swinging from profit to loss. Net cash inflow from operating activities was 21.14 million yuan, down 76.16 percent year on year. The company's asset-liability ratio was 56.01 percent, gross margin was 8.02 percent, down 6.34 percentage points from a year earlier, return on equity was negative 1.75 percent, and diluted earnings per share was negative 0.15 yuan. The number of shareholders was 12,400, and the top ten shareholders held 62.30 percent of total share capital.

Zhejiang Zhengte released its 2026 interim report. Total operating revenue was 1.309 billion yuan, and net profit attributable to the parent company was 54.6486 million yuan, down 22.49% from the same period last year. Net cash inflow from operating activities was 374 million yuan. The asset-liability ratio was 38.44%, and the gross margin was 23.38%, a decrease of 3.70 percentage points from the same period last year. Diluted earnings per share were 0.35 yuan, down 22.22% year-on-year. The company had 4,351 shareholders, and the top ten shareholders held 77.68% of the total share capital.

Sofia released its 2026 interim report, with total operating revenue of 3.377 billion yuan, down 25.80% year-on-year, and net profit attributable to the parent of 61.9174 million yuan, down 80.61% year-on-year. Net cash inflow from operating activities was 49.2747 million yuan, the asset-liability ratio was 43.25%, gross margin was 31.86%, ROE was 0.93%, and diluted earnings per share was 0.06 yuan. The company had 41,500 shareholders, and the top ten shareholders held 53.13% of total share capital.

Zhejiang Zhengte disclosed its 2026 semi-annual report on August 27. In the first half of the year, it achieved total operating revenue of 1.309 billion yuan, up 25.62% year on year, but net profit attributable to the parent company was 54.6486 million yuan, down 22.49% year on year. Net profit after deducting non-recurring items was 54.6637 million yuan, down 20.78% year on year. Net cash flow from operating activities was 374 million yuan, up 235.28% year on year. Basic earnings per share were 0.35 yuan, and the weighted average return on equity was 4.78%, down 1.6 percentage points year on year. The company mainly engages in the research, development, production and sales of shading products and outdoor leisure furniture.