At the beginning of 2026, the home furnishing industry saw a wave of control changes. On January 21, a Beijing Business Today reporter learned after review that *ST Dongyi had completed restructuring execution and established a "home decoration + computing power" operating model after restructuring. Youpon Integrated Ceiling announced a change of ownership, with Shi Qiming, a founding shareholder of Shuchuan Group, set to obtain control of Youpon Integrated Ceiling through share transfer and tender offer. Kelida announced that its indirect controlling shareholder planned to transfer all equity, and the actual controller would change to the Yingzhong group. Piano introduced Chuxin Group through agreement transfer, waiver of voting rights, and private placement, with founder Ma Libin exiting control. Behind the intensive changes in corporate control is the result of the home furnishing industry fully entering an adjustment period.

Industry insiders said that the current wave of control changes in the home furnishing industry is essentially an inevitable restructuring after mismatch between supply and demand. The industry has shifted from scale expansion to quality competition. Enterprises lacking core technology and refined operation capabilities will be cleared out faster, while compliant operation, service-oriented transformation, and technological innovation will become the key for enterprises to break through. This adjustment will ultimately push the industry toward higher-quality development.

Intensive changes in control

Since entering 2026, listed companies in the home furnishing industry have continued to see intensive changes in control, including cases where restructuring has been completed and actual controllers have changed, as well as equity changes still in progress.

*ST Dongyi announced that the company's restructuring plan had been fully executed. A Beijing Business Today reporter learned that in this restructuring, *ST Dongyi selected Beijing Huazhu Technology as the restructuring investor. After introducing industrial and financial support, it established a dual-main-business operating model of "home decoration + computing power" and restarted and upgraded its digital home decoration business.

Regarding future development plans, the Beijing Business Today reporter sent an interview outline to the company, but as of press time, the company had not replied. However, *ST Dongyi mentioned in the business plan section of its restructuring plan draft that after restructuring is completed, the company will continue to focus on its main home decoration business and restart and upgrade its digital home decoration business. At the same time, industrial investors will provide incremental resources and use their resource advantages, project implementation experience, and technological accumulation in the computing power industrial chain to help Dongyi Risheng expand computing power center integration services and computing power center operation services, achieving dual-wheel drive.

In addition to *ST Dongyi, many home furnishing enterprises have successively announced changes in actual control. Ma Libin, founder of customized home furnishing enterprise Piano, transferred control of the company to Hangzhou Chuxin Micro through multiple transactions. Markor Home announced that the company planned to acquire 100% equity of Wandetai in the computing power field through a combination of shares and cash, declaring its entry into the AI computing power track and attempting to build a dual-wheel drive model of home furnishing plus computing power. Kelida's indirect controlling shareholder plans to transfer all equity, and after the transfer is completed, Kelida's actual controller will change to the Yingzhong group. Youpon Integrated Ceiling, a veteran in the integrated ceiling industry, announced that actual controllers Luo Lianqin and Shi Shenxiang were planning matters related to a change in control, and Shi Qiming, a founding shareholder of Shuchuan Group, would take over as the new actual controller through share transfer and tender offer.

A senior home furnishing industry insider said that the intensive control changes in the home furnishing industry in 2026 are by no means isolated capital operations, but an inevitable choice as the industry enters an adjustment period and terminal demand comes under pressure. In essence, they represent passive self-rescue and active transformation by traditional home furnishing enterprises. The trend of cross-industry integration is pushing the home furnishing industry to transform from real estate dependence toward consumption-led and technology-empowered development, and industry reshuffling will further intensify.

Performance pressure becomes common

Behind the intensive control changes is the dilemma of declining performance among most related home furnishing enterprises. Some enterprises face delisting risks, which has also become a core reason for them to seek control changes and introduce new investors. Performance announcements show that in the first three quarters of 2025, *ST Dongyi achieved revenue of RMB 544 million, down 52.02% year on year, with a profit loss of RMB 58 million.

In fact, performance pressure is not unique to *ST Dongyi. Many listed home furnishing companies have shown declining revenue, shrinking profits, or even shifts from profit to loss in recent years. In the first three quarters of 2025, Piano's revenue decreased by 37.27% from the same period of the previous year, and net profit changed from a profit of RMB 8.2268 million to a loss of RMB 7.5252 million, a decline of 191.47%. In 2024, Piano achieved revenue of RMB 886 million, down 32.68% year on year, and recorded a net loss of RMB 375 million, down 535.88% year on year.

Youpon Integrated Ceiling achieved revenue of RMB 381 million in the first three quarters of 2025, down 20.59% year on year, and net profit of RMB 11.3197 million, turning from loss to profit year on year. Although net profit successfully turned positive in the third quarter, it could not hide the company's continuing downward performance trend. In 2024, Youpon Integrated Ceiling's annual revenue fell 37.55% year on year, shrinking from nearly RMB 1. billion in 2023 to RMB 624 million. Net profit recorded a loss of RMB 112 million, turning from profit to loss and declining 276.23% year on year.

A relevant person in charge at a securities institution said that behind changes in control, the home furnishing industry is facing multiple pressures such as channel changes and adjustments in the real estate market. Against the backdrop of pressure on main business profitability, some home furnishing enterprises may proactively seek cooperation with capital parties or equity transfers to revitalize assets and improve financial conditions, while some industrial capital can also use this opportunity to quickly enter segmented tracks through mergers and acquisitions and achieve resource integration.

Industry landscape expected to be reshaped

Facing performance pressure and market changes, new actual controllers entering the home furnishing industry are bringing cross-industry resources and new strategies. Beijing Business Today noticed that some enterprises are targeting new actual controllers in the AI field. The "home decoration + computing power" model established by *ST Dongyi after restructuring is an attempt to deeply integrate AI technology into traditional business. Wandetai Optoelectronics, which Markor Home plans to acquire, also has an AI background. Markor Home is attempting to cross over from traditional home furnishing manufacturing into the high-speed cable track for AI computing power.

It is worth noting that with policy support and changes in consumer demand, the home furnishing industry is attracting new players from technology, capital, and other fields. These new players bring not only funding, but also new technologies and new thinking, which are expected to push the industry to transform from product manufacturing into intelligent solution services. From the perspective of the industry landscape, this wave of control changes is accelerating industry reshuffling and promoting the concentration of advantageous resources toward high-quality enterprises.

A relevant person in charge at a securities institution said that the home furnishing industry previously experienced long-term scale expansion, with low market concentration, many small and medium-sized brands, serious product homogenization, and competition mainly based on price. As the industry enters an adjustment period, enterprises lacking core technology, insufficient refined operation capabilities, and continuously pressured performance will either choose to transfer control and introduce new investors or gradually be eliminated by the market.

In fact, as AI technology continues to spread, it will further push the home furnishing industry to transform from traditional manufacturing to intelligent manufacturing and reconstruct the logic of industry competition. Technological innovation will become a key component of enterprises' core competitiveness. At the 2025 Beijing Business Today Home Furnishing Think Tank Salon, Zheng Xiumiao, secretary-general of the Beijing Home Furnishing Industry Association, pointed out that the value AI can release is by no means limited to optimization and upgrading of a single industry link, but lies more in the deep reshaping of the entire industrial collaboration model. Omnichannel development is reconstructing the traditional commercial elements of people, goods, and scenarios, while AI technology is profoundly reshaping the full-chain industrial process of production, supply, and sales.

Source: Beijing Business Today