SPZP(300616)2022-12-04 10:32Group 1: Market Impact and Growth - The impact of real estate regulation on the company is mitigated by the small market size and increasing penetration of custom furniture [2][3] - Historical experience shows that the custom furniture industry has successfully navigated multiple regulatory cycles [3] - The shopping center store model has advantages in attracting new customers, enhancing the company's ability to withstand real estate regulation risks [3] Group 2: Store Performance and Revenue - Same-store growth is higher for franchise stores compared to direct-operated stores due to the maturity of franchise teams [3] - Franchise stores currently account for a slightly higher revenue share than direct-operated stores, with an increase expected this year due to the opening of new franchise locations [3][4] Group 3: Software and Technology - The company emphasizes the importance of efficiency and diverse design solutions over basic design effects in furniture design software [3] - The company possesses extensive experience and strong databases, enabling quick and varied home solutions for customers [3] Group 4: O2O Strategy and Cost Management - The rising cost of online customer acquisition poses challenges for new entrants, but the company has years of effective experience in online marketing [4] - The company maintains a high return on investment for online marketing efforts, indicating confidence in continued growth and competitive advantage [4] Group 5: Cost and Profitability - Procurement costs increased in 2016 and 2017, but overall cost rates and gross margins remained stable due to improved capacity management and efficiency [4] - Changes in gross margin are primarily attributed to shifts in the sales structure between direct and franchise sales [4] Group 6: Future Plans and Project Development - The company is progressing with its整装云 (Whole House Cloud) project, which is still in the early stages with many uncertainties [5] - The custom furniture business targets the consumer end (C-end), while the整装云 project focuses on empowering B-end home decoration enterprises [5]