Global Home Weekly: Guangzhou Custom Home Furnishings Fair Opens, Juyi Holdings Officially Delists, Xilinmen Subsidiary Experiences Fund Anomalies…

Source: Global Times

· January to February revenue of the furniture manufacturing industry: 84.48 billion yuan, down 4.2% year over year

· The 15th Guangzhou Custom Home Furnishings Fair and Light & High-End Custom Exhibition opens

· The 57th CIFF China Home Furnishings Expo (Guangzhou) Phase Two opens

· Red Star Macallion provides guarantees of 2.2 billion yuan for two subsidiaries; total external guarantees exceed 15.9 billion yuan

· EHOME Decoration launches a “100-day campaign” plan

· Legal representative change at Sofia: Wang Bing takes over

· Jiyi Holding formally delists; several senior executives resign

· Dio Shuihua accepts 155 million yuan in debt repayment by taking over properties from 19 real-estate developers

· Home furnishings shareholder TB Home reduces its stake to 3.86%; legal auction transfer completed

· Pop Mart moves into small home appliances; the first batch of products will be launched in April

· Xingtu Helien announces tens of millions of yuan angel-round financing; Dinggu Group Creative makes a proprietary strategic investment

· Zhihao Furniture wins 137 mu of land in Longjiang, Shunde, for 236 million yuan; total investment of 2 billion yuan to build a factory

· Badestun “Forest Oxygen Bar Space” new product launch conference held

· Oke Home makes its debut at the Guangzhou custom home furnishings fair

· Sleepyhead (Joydiva): Actively disposes of abnormal funds at subsidiaries; proactively freezes accounts to cut losses

· Huidata leads in formulating the group standard for a “whole-water-journey healthy protection system”

· North Xin Building Materials net profit down 20.31% year over year; 4 billion yuan M&A of GarboLy performance commitment not met

· Haier Smart Home 2025 revenue: 302.347 billion yuan; attributable net profit: 19.553 billion yuan

January to February revenue of the furniture manufacturing industry: 84.48 billion yuan, down 4.2% year over year

On March 27, the National Bureau of Statistics released data showing that in January–February 2026, the total profits of industrial enterprises above designated size nationwide were 1,024.56 billion yuan, up 15.2% year over year. Of this, the operating revenue of the furniture manufacturing industry was 84.48 billion yuan, down 4.2% year over year; total profits were 1.98 billion yuan, down 40% year over year; operating revenue of the wood processing and wood/bamboo/rattan/raffia/cane grass products industry was 101.2 billion yuan, down 9.5% year over year; total profits were 1.85 billion yuan, down 27.2% year over year.

The 15th Guangzhou Custom Home Furnishings Fair and Light & High-End Custom Exhibition opens

On March 27, the 15th Guangzhou Custom Home Furnishings Fair and Light & High-End Custom Exhibition opened in Guangzhou. This year’s exhibition covers an exhibition area of 100,000 sq. m., bringing together about 800 brands across upstream and downstream of the custom home furnishings industry chain. With the theme of “Custom + Great Homes,” tightly aligned with market changes, consumer trends, and national directives, the event focuses on trends including light & high-end custom, water-paint customization, full-home solutions, old-area renovation, senior-friendly products, turnkey solutions, intelligent manufacturing, and overseas expansion, fully showcasing the vigor and limitless possibilities of China’s custom home furnishings industry.

The 57th CIFF China Home Furnishings Expo (Guangzhou) Phase Two opens

On March 28, Phase Two of the 57th CIFF China Home Furnishings Expo (Guangzhou)—the office and commercial exhibition and the equipment and ingredients exhibition—was held at the Guangzhou Canton Fair Complex. Among them, the office and commercial exhibition spans 240,000 sq. m., with three major zones: office environments, office seating, and public commercial; the equipment and ingredients exhibition spans 170,000 sq. m., covering three major zones: production equipment, furniture auxiliary materials, and furniture hardware. The two brand exhibitions connect the upstream and downstream of the home furnishings industry, providing a panoramic view of advanced achievements from office-commercial spaces to upstream intelligent manufacturing, highlighting three core strengths: “using green to lay the foundation,” “using intelligence to enhance quality,” and “using novelty to lead the way.”

Red Star Macallion provides guarantees of 2.2 billion yuan for two subsidiaries; total external guarantees exceed 15.9 billion yuan

On March 23, Red Star Macallion announced that it would provide 1.8 billion yuan in financing guarantee for its subsidiary Beijing Red Star Macallion and 400 million yuan in financing guarantee for its subsidiary Suzhou Red Star Macallion, totaling 2.2 billion yuan. All guarantees are joint and several liability guarantees with no counter-guarantee. This financing is mainly intended for daily operations. The board believes the risks are controllable. It is reported that as of the announcement date, the total amount of external guarantees provided by Macallion and its controlling subsidiaries was 15.934 billion yuan, accounting for 34.27% of the net assets audited in the latest period.

EHOME Decoration launches a “100-day campaign” plan

On March 24, EHOME Decoration’s oath-taking meeting for the “100-Day Foundation Building · Breakthrough and Momentum” plan was held at the EHOME store in Shilihe. At the meeting, EHOME Decoration released a comprehensive deployment for 2026, set a performance target of 130 million yuan, and broke through from four dimensions: brand, marketing, service, and management. It also established dual positioning for EHOME Decoration’s mass-market brand and “EHOME Top-Level Design Center,” its high-end brand, aiming to achieve a complete rollout of all 12 stores in Beijing within the year. Meanwhile, it introduced incentive policies, restored the “construction pre-briefing” system, and integrated the group’s “advance compensation” service DNA, so that consumers can enjoy worry-free protection equivalent to that provided in the sales venues.

Legal representative change at Sofia: Wang Bing takes over

On March 20, Sofia released an announcement regarding completion of industrial and commercial registration changes and the issuance of a new business license. Sofia’s legal representative changed from founder and chairman Jiang Ganjun to general manager Wang Bing. It is reported that Wang Bing joined Sofia in January 2014 and previously served as IT director and deputy general manager of the manufacturing center, as well as general manager of the information and digitalization center, taking the lead in the layout of intelligent manufacturing and building the digitalization system. In September 2021, he became general manager, fully responsible for day-to-day operations, and also held important positions in several subsidiaries, including Midea kitchens and cabinets and Ofei Smart.

Jiyi Holding formally delists; several senior executives resign

On March 20, Jiyi Holding announced that it received a letter from the Stock Exchange confirming that the last listing day was March 25, and it formally delisted at 9:00 a.m. on March 26. In addition, just before delisting, executive director Yang Hui, independent non-executive directors Zhang Chuwen and Wei Zhihang, Chi Shimin, and the company secretary Huang Zhijiang all resigned at the same time. Jiyi Holding stated that it would no longer appoint any directors or company secretary. It is reported that Jiyi Holding has suspended trading since April 2, 2024, and after being halted for nearly two years, it was unable to successfully resume trading.

Dio Shuihua plans to accept 155 million yuan in debt repayment by having 19 real-estate developers transfer properties

On March 20, Dio Shuihua announced that, to accelerate debt collection, it plans to accept from the debtors properties already built and under construction (including residential units, shops, apartments, and parking spaces) with a total amount of 161 million yuan (including VAT) to offset the payment due from those debtors for goods totaling 155 million yuan, with the difference of 6.049 million yuan to be paid by the company in cash. According to the announcement, the debtors involved in the property-for-debt arrangement include 19 real-estate developers such as Vanke and Country Garden; the assets involved cover more than 200 properties across multiple cities including Chengdu, Wuhan, Guangzhou, and Kunming.

Home furnishings shareholder TB Home reduces its stake to 3.86%; legal auction transfer completed

On March 23, 顾家家居 (Kuka Home) announced that shareholder TB Home was passively reduced due to a legal auction. The 9,508,700 shares bought by Zou Miaoqin have completed the transfer. After the change, TB Home’s shareholding decreased from 5.01% to 3.86%. Its concerted action parties’ combined shareholding decreased from 15.78% to 14.63%. TB Home is not the controlling shareholder; this change does not result in a change of control. Another bidder, Lu Jiayi, has not yet paid the remaining balance for 5 million shares; the transferee may not reduce its holdings within six months.

Pop Mart moves into small home appliances; the first batch of products will be launched in April

On March 25, Pop Mart held its 2025 annual performance briefing. Pop Mart’s chairman and CEO Wang Ning said that it will launch derived small home appliance products with core IP as the design soul. It is reported that Pop Mart’s core contract manufacturing enterprises for small home appliances are Newbao Co., Ltd. Currently, product categories include electric kettles, coffee machines, electric toothbrushes, hair dryers, and more, and they will be sold on e-commerce platforms such as JD.com in April. Pop Mart said it will always keep users at the core, focus on user needs, and continue to provide young consumers with home companionship options that combine individuality and texture.

Xingtu Helien announces tens of millions of yuan angel-round financing; Dinggu Group Creative makes a proprietary strategic investment

On March 26, Xingtu Helien announced the completion of angel-round financing in the tens of millions of yuan, with Dinggu Group Creative making a proprietary strategic investment. The funds will fully support the company’s technology R&D and accelerate the end-to-end industrial-chain layout for the development of lunar helium-3 resources. It is reported that this is the third time Dinggu Group Creative has invested in the commercial aerospace sector. In January 2025, it invested in shares in Hubei Jujiao Technology Co., Ltd., a leading company in high-altitude flight vehicles and reusable rocket heat protection materials. In March 2026, it acquired Xi’an SiDande Information Technology Co., Ltd., an aerospace and defense manufacturing company focusing on precise guidance and ground-to-air-to-space communication systems, gradually improving the end-to-end industrial-chain layout in commercial aerospace.

Zhihao Furniture wins 137 mu of land in Longjiang, Shunde, for 236 million yuan; total investment of 2 billion yuan to build a factory

On March 26, Foshan Zhihao Furniture Co., Ltd. won 137.08 mu of industrial land in Longjiang Town, Shunde, with a bid of 236 million yuan. The planned total investment is 2 billion yuan to build an approximately 380,000 sq. m. high-end green intelligent manufacturing base for custom furniture. It is reported that the project will realize land-intensive utilization through a model of “joint land acquisition and customized development,” jointly developing the land with multiple high-quality small and medium-sized enterprises. The land is located in the core area of Longjiang New Industrial Zone; the land price is 1.72 million yuan per mu. After completion, it will form a modern industrial park integrating R&D design and intelligent manufacturing.

Badestun “Forest Oxygen Bar Space” new product launch conference held

On March 26, Badestun held a new product launch conference for the “Forest Oxygen Bar Space.” At the meeting, Badestun launched the AIPO system 1.0, building an active healthy closed loop of “sensing, decision-making, and execution,” and independently defined a stringent “Forest Oxygen Bar Space standard”: the concentration of negative oxygen ions must be greater than 3,500 per cm³; PM2.5 in the air is close to zero; and the sterilization and killing rate of viruses and bacteria reaches 99.99%. The three healing scenario settings precisely land the three core scenarios of maternal-and-infant care, senior-friendly healing, and esports entertainment, fully covering the health needs of all age groups.

Oke Home makes its debut at the Guangzhou custom home furnishings fair

On March 27, Oke Home made its first appearance at the Guangzhou custom home furnishings fair and completed its brand debut. It is reported that Oke Home draws on deep heritage derived from A8 Space, a high-end woodwork brand with the same origin. Using three keywords—“high-end customization gene,” “intelligent manufacturing capability,” and “system thinking”—it precisely positions for “improvement-oriented” needs and proposed a new brand positioning of “Light & High-End Custom Woodwork,” advocating “Make life better at home—no need to compromise,” following “design equality” as the principle and “equality in high-end customization” as the method, so that the beauty created by a few can enter more households.

Sleepyhead (Joydiva): Actively disposes of abnormal funds at subsidiaries; proactively freezes accounts to cut losses

On March 28, Sleepyhead issued an announcement disclosing that funds in the bank accounts of its controlling subsidiary were illegally transferred and the response measures taken by the company. The announcement shows that a report has been filed and relevant accounts have been frozen. At the same time, protective freezes were quickly applied to bank accounts that might be involved in risks. It is reported that recently Sleepyhead discovered that the bank account funds of its controlling subsidiary Xitu Technology were illegally transferred, with a cumulative amount of 100 million yuan. After preliminary review, the incident appears to involve relevant personnel misappropriating company funds illegally by taking advantage of their positions. Sleepyhead said the incident will temporarily not cause a material adverse impact on the company’s overall production and operations.

Huidata leads in formulating the group standard for a “whole-water-journey healthy protection system”

Recently, the 《Technical Specification for an Intelligent Toilet’s Whole-Water-Route Healthy Protection System》, jointly developed by Huidata leading the effort with multiple companies, was officially approved and released by the China Inspection and Testing Association. This group standard for the first time systematically defines the health protection standards for intelligent toilets from the perspective of the whole water route, and points out that the “whole-water-route healthy protection system for an intelligent toilet” is an integrated system composed of the water inlet end of the intelligent toilet’s inlet pipe through to the nozzle’s water outlet terminal. By physical and chemical technical means, it achieves antibacterial, sterilization, and scaling-prevention effects, and sets corresponding technical requirements for antibacterial performance at the nozzle, sterilization of the cleaning water route, sterilization at the nozzle, and scaling-prevention effects.

North Xin Building Materials net profit down 20.31% year over year; 4 billion yuan M&A of GarboLy performance commitment not met

On March 26, North Xin Building Materials released its 2025 annual report: revenue was 25.28 billion yuan, down 2.09% year over year; attributable net profit was 2.906 billion yuan, down 20.31% year over year. By product, plasterboard revenue was 11.963 billion yuan, down 8.73% year over year. Waterproof building materials grew 3.33%, and paint building materials grew 23.1%, with combined revenue accounting for over 36%. GarboLy’s cumulative performance commitment was 741 million yuan, with a completion rate of 84.7%. Because the performance commitment was not met, North Xin Building Materials will directly withhold approximately 56.5463 million yuan as compensation from the equity transfer payment payable to the original shareholders under the agreement.

Haier Smart Home 2025 revenue: 3023.47 billion yuan; attributable net profit: 195.53 billion yuan

On March 26, Haier Smart Home released its 2025 performance announcement. During the reporting period, Haier Smart Home achieved revenue of 302.347 billion yuan, up 5.7% year over year; profit attributable to owners was 19.553 billion yuan, up 4.39% year over year. Among them, Casarte’s 2025 revenue continued to grow in double digits year over year, and the share of the premium market in core categories remained in a leading position; the Leader brand’s revenue first exceeded 10 billion yuan, up 30% year over year. For the reasons behind revenue growth, Haier Smart Home stated in the announcement that it mainly benefited from the dual-engine drive of domestic and overseas markets.

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