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 Group IncH1 net profit halved to 442M yuan, revenue fell 27.79%, and operating cash flow plunged 94.45% — worst interim results since listing.
