As of April 29, 2026, all 91 listed home furnishing companies have released their 2025 financial reports, revealing the most authentic survival status of the industry. Only 14 companies achieved a year-on-year double positive growth in revenue and net profit, with over 60% of companies experiencing a decline in revenue and a surge in the number of loss making companies. From retail stores and customization to ceramic bathroom and kitchen appliances, the entire industry is shrouded in the haze of adjustment, and a cruel survival of the fittest is unfolding across the home furnishing industry.
This statistics covers multiple core tracks such as sales, decoration, whole house customization, ceramic bathroom, soft home, kitchen appliances, etc. The performance data of 91 companies directly outlines the "cool color" of the home industry in 2025.
According to the disclosed data, the proportion of double increase enterprises is less than 15%: among the 91 enterprises, only 14 have both increased revenue and net profit year-on-year, accounting for only 15.4%; More than 60% of companies have experienced varying degrees of revenue decline, and many are caught in a dual dilemma of "revenue decline and profit loss". Home furnishing stores have become heavily affected by losses, with Meikailong's net loss reaching 23.722 billion yuan, a year-on-year drop of 695.12%; Surprisingly, Smart Home suffered a loss of nearly 1 billion yuan. In the custom track, Shangpin Home Delivery suffered a net profit loss of 248 million yuan, while Jiangshan Oupai's revenue decreased by 45.85%, resulting in a net profit loss of 195 million yuan.
Except for double growth enterprises, most companies barely maintain profitability but experience a significant decline in profits, or experience a slight increase in revenue but a decline in net profit, resulting in a sustained weakening of the overall profitability of the industry.
From this, it can be seen that in 2025, the home furnishing industry will present a differentiated pattern of "ice and fire", and the performance gap between different tracks and enterprises will be infinitely amplified by the market.
Software home is the only track that maintains overall stability, with 6 out of 9 companies achieving dual growth. Gujia Home Appliances led the way with a revenue of 20.056 billion yuan, a year-on-year increase of 8.53%, and a synchronous increase in net profit. With its omnichannel layout and whole house customization strategy, it stabilized its basic business. Enterprises such as Dream Lily, Xilinmen, and Craftsmanship Home also rely on product upgrades and overseas market expansion to achieve counter trend growth.
Partial focus on small and medium-sized enterprises in segmented fields, breaking through with differentiation advantages. In 2025, Wo Le Home will have a revenue of 1.451 billion yuan (+1.29%) and a net profit of 174 million yuan (+43.56%). We will deepen our focus on customized cabinets and the entire home market, and the increase in the proportion of high gross profit products will drive a significant increase in profits. Keda Manufacturing benefited from overseas market and capacity expansion, with revenue growth of 38.01% and net profit growth of 30.07%, achieving its best performance in history.
The kitchen appliance industry has been affected by the sluggish real estate market and weak demand, resulting in a significant decline in revenue for most brands and a halving of profits for top enterprises. Small and medium-sized brands have fallen into a quagmire of losses, becoming the most severely stressed track in the entire industry.
The glory of the high growth customization track in the past is no longer there, and the revenue of all 9 customization companies has declined. OPPEIN Home's revenue was 17.232 billion yuan (-8.94%), with a net profit of 1.997 billion yuan (-23.18%); Sofia's revenue was 9.367 billion yuan (-10.74%), with a net profit of 901 million yuan (-34.26%), and the top leaders collectively stalled. Tail end enterprises are experiencing intensified losses, with significant declines in performance for Shangpin Home Delivery and Gold Medal Home Furnishings, and the industry entering a period of deep adjustment.
Offline stores have been significantly affected by the aftermath of the epidemic, online impact, and delayed delivery of new houses, resulting in a significant decrease in customer flow. The revenue of top tier stores such as Meikailong and Yidianzhijia has declined and losses have expanded, posing severe challenges to the traditional store model.
The data of only 14 out of 91 listed home furnishing companies achieving double growth is a milestone for the industry to bid farewell to high growth and enter stock competition, as well as a cruel "reshuffle". In the future, enterprises that lack core competitiveness, rely on low price competition, and have slow transformation will accelerate their elimination from the market; Enterprises that adhere to product strength, deeply cultivate channels, and have the courage to change will seize the opportunity in industry adjustment and achieve a breakthrough against the trend.
The winter of the home furnishing industry is still here, but it is never the end, but the starting point for industry restructuring and value return. For enterprises, only by facing crises, taking the initiative to change, and practicing hard can they survive and thrive in this major reshuffle, and welcome the next spring.