DEHUA TB(002043) 全景网·2025-04-25 09:29Core Insights - The company,兔宝宝, achieved a revenue of 9.189 billion yuan in 2024, representing a year-on-year growth of 1.39%, with a net profit of 585 million yuan, demonstrating resilience amid industry challenges [1] - In Q1 2025, the company reported a net profit growth of 14.22%, indicating strong operational resilience [1] - The company aims to deepen its dual-driven strategy of decorative materials and custom home furnishings, focusing on channel expansion and product innovation to maintain its industry leadership [1] Business Performance - The core business segment, decorative materials, generated a revenue of 7.404 billion yuan in 2024, up 7.58%, accounting for 70.89% of total revenue [2] - Revenue from board products reached 4.770 billion yuan, a 7.57% increase, while brand usage fees amounted to 493 million yuan, growing by 14.18% [2] - The company has established a complete industrial chain from resource cultivation to production and sales of various products, with a focus on optimizing resource allocation across regions [2] Channel Expansion - By the end of 2024, the company had 2,152 township stores and 959 易装 stores, with over 20,000 cooperative furniture factory clients [3] - The "1+N" model enhances store efficiency, and the company has over 600 stores implementing a new retail model combining online and offline sales [3] - The company supports distributors in expanding business and seeks partnerships with large decoration companies to drive growth [3] Research and Development - The company has established various research platforms and has applied for 674 patents, including 352 invention patents [4] - It has participated in the formulation of numerous national and industry standards, enhancing its competitive edge through innovation [4] - The company focuses on high-quality, environmentally friendly products and aims to be a leading comprehensive service operator in the decorative materials sector [4] Shareholder Returns - Since its listing in 2005, the company has prioritized investor returns, repurchasing shares for a total of 100 million yuan in 2024 and introducing mid-term dividends [5] - The company plans to enhance its core competitiveness through technological innovation and business development, aiming for sustainable growth [5] - In 2025, the company will continue to focus on its main business, strengthen channel operations, and optimize product structures to increase market share [5]