On the evening of January 15, home furnishing giant Holike (603898) officially disclosed its 2025 annual earnings forecast. The data shows that the company expects net profit attributable to shareholders of the listed company in 2025 to be only RMB 13.5. million to RMB 20 million, a sharp decrease of RMB 60.521 million to RMB 67.021 million from the same period of the previous year, representing a year-on-year decline of as much as 75.16% to 83.23%.

Holike explained that in 2025, the home furnishing consumer market remained under pressure and the overall pace of recovery was still slow. Orders for the company's main business decreased, and combined with changes in the channel structure, the comprehensive gross profit margin of its main business declined in phases, negatively affecting overall profit levels.

Public information shows that Guangzhou Holike Creative Home Co., Ltd. was listed on the Shanghai Stock Exchange in 2015. It is mainly engaged in the design, research and development, production, and sales of panel-type whole-house customized home furnishings and supporting home products.

In fact, Holike's development weakness has continued for many years. Since 2017, Holike's revenue growth has already shown fatigue. Except for positive year-on-year growth in 2021, revenue declined in all other years. Its revenue scale has shrunk from RMB 3.371 billion in 2021 to RMB 1.910 billion in 2024, while net profit attributable to the parent company fell from RMB 431 million in 2022 to RMB 81 million in 2024.

After entering 2025, this operating pressure further spread into various segments. According to its semiannual report, in the first half of last year, Holike's gross profit margins for overall wardrobes, cabinets, and wooden doors decreased by 2.09%, 3.8%, and 2.02% year on year, respectively. By channel, the company's revenue from directly operated stores in the first half of 2025 fell 42.64% year on year to RMB 20.4399 million, while revenue from dealer stores declined 17.27% year on year to RMB 590 million.

As of June 30, 2025, Holike had a total of 1,910 stores, including 1,907 dealer stores and 3. directly operated stores. In the first half of the year, Holike opened 221 new stores and closed 168 stores, resulting in a net increase of 53 stores.

In the highly competitive home furnishing industry, innovation should be the top priority for companies seeking breakthroughs. However, Holike's investment in research and development has shown a shrinking trend year by year. Data shows that its R&D expenses fell from RMB 164 million in 2021 to RMB 97 million in 2024, while by the end of the third quarter of 2025, this expenditure was only RMB 65 million. Against the backdrop of weak market demand, the continued decline in R&D investment has also raised external concerns about whether its internal capabilities are sufficient and whether they can support product innovation.

Looking at its peers, Qumei Home Furnishings (603818) recently announced that it expects a net loss of RMB 75 million to RMB 110 million in 2025. As of press time, customized home furnishing companies including Zbom Home (603801), Shangpin Home Collection (300616), Gold Mantis Home (603180), and Mengtian Home (603216) had not yet released their full-year 2025 earnings forecasts.

In the secondary market, as of the close on January 15, Holike was quoted at RMB 14.54 per share, with a total market value of RMB 4.527 billion.

Source: Shenzhen Economic Daily