DEHUA TB(SZ:002043)2023-08-31 11:09Group 1: Financial Performance - The company achieved a revenue of 3.263 billion CNY in the first half of 2023, a decrease of 12.58% year-on-year [3] - Net profit reached 289 million CNY, an increase of 8.27% year-on-year [3] - Excluding stock incentive expenses, the adjusted net profit decreased by 6.87% compared to the same period last year [3] Group 2: Business Segmentation - The distribution channels for decorative materials in the first half of the year were approximately 56% retail, 28% furniture manufacturers, 11% decoration companies, and 5% engineering channels [4] - The furniture manufacturing segment showed a growth rate of 15%, with the company collaborating with around 14,000 furniture manufacturers [4] - The company completed the recruitment of 400 township stores and established 186 township stores in the first half of the year [4] Group 3: Market Strategy and Development - The company has established 19 regional subsidiaries to enhance localized operations and service capabilities [4] - The company is actively developing independent furniture manufacturer agents and expanding cooperation with local custom furniture factories [4] - The company has 773 custom home stores, with 434 dedicated to full-home customization [5] Group 4: Challenges and Outlook - The customer structure for Yufeng Hantang is primarily focused on Vanke, with expectations of a slight decrease in contract volume due to market pressures [6] - The company is adjusting its operational structure and product offerings to meet the evolving market demands [4]