Faced with the external environment in which the real estate chain has been weak and industry competition has intensified in recent years, Tubaobao has adhered to the development ideas of sound operations, proactive structural adjustments, and strict risk control. The quality of operations has continued to improve, and the core business has demonstrated strong anti-cyclical resilience.
Under the academic guidance of the China Association of Listed Companies, relevant institutions have constructed and released the “China Listed Company Health Index Report” on a quarterly basis, conducting comprehensive “physical examinations” for more than 5,000 A-share listed companies.
The report uses more than 400 quantitative and qualitative indicators to provide an accurate “portrait” of listed companies from multiple systems and sub-dimensions, and jointly draws a “healthy map” of high-quality development of the capital market.
At the same time, some leading companies in the industry are selected to conduct multi-dimensional and all-round analysis focusing on their outstanding value and form a professional report.
The health diagnosis of the relevant research association shows that the comprehensive health index of Bunny (002043.SZ) in the third quarter of 2025 is 76.34, ranking 5th among 73 listed companies in the building materials industry.
Among them, the overall performance of system health indexes such as corporate governance, external supervision, profit-making ability, value re-creation, internal control and corporate culture has been outstanding, leading the industry and laying a solid foundation for the high-quality development of the company.
As a leading company in the field of high-end environmentally friendly furniture panels in China, Bunny has become a comprehensive service provider with the widest channel coverage, the largest number of stores and the most complete categories in the industry by virtue of its five core barriers of brand, channel, product, supply chain and R&D.
Since 2025, the company has withstood the pressure from the downstream real estate industry, optimized its business structure, strictly controlled operating risks, and delivered a solid answer that has transcended industry cycles and continued to improve its profit structure.
The 2025 semi-annual report shows that the company achieved revenue of 3.634 billion yuan and net profit attributable to the parent company of 268 million yuan, a year-on-year increase of 9.71%; in the first three quarters, revenue was 6.319 billion yuan and net profit attributable to the parent company reached 629 million yuan, a significant year-on-year increase of 30.44%. The company’s profit growth rate leads the industry.
On March 12, 2026, the company released its 2025 annual performance report. The net profit attributable to shareholders of the listed company was 722 million yuan, a year-on-year increase of 23.29%. The growth momentum is strong and the competitive advantage continues to be highlighted.
Improving operational quality and efficiency: proactive strategic optimization
Traveling through cycles to demonstrate leading qualities
Faced with the external environment of a weak real estate chain and intensified industry competition, Tubaobao adheres to the development ideas of steady operation, proactive structural adjustment, and strict risk control. The quality of operations continues to improve, and the core business shows strong anti-cyclical resilience.
In terms of profitability quality, the gross profit structure continues to be optimized, the brand value and the proportion of high-gross profit businesses have steadily increased, and the underlying logic of profitability has shifted from scale-driven to quality-driven and value-driven.
At the operational management level, we continue to deepen supply chain integration and refined management, promote cost reduction and efficiency improvement in the entire production, procurement, and logistics chain, and simultaneously improve product delivery efficiency and service capabilities.
At the same time, the company promotes asset impairment provisions and risk clearance based on prudent principles, optimizes the management of receivables, speeds up capital turnover, proactively cleans up historical burdens, consolidates asset quality, further purifies the balance sheet, and relieves pressure for long-term high-quality development and travels with ease.
Building core barriers: Five major advantages forge long-term competitiveness and the leading position is irreplaceable
Relying on more than 30 years of hard work, Bunny has formed five core competitiveness that are difficult to replicate, becoming a solid foundation for the company’s high-quality development.
In terms of brand advantages, the company has long adhered to the positioning of health and environmental protection. It is one of the first companies in the industry to promote the production of aldehyde-free, antibacterial and antibacterial functional boards. It has won many honors and has a strong brand premium on both the C and B ends. It has become the first choice board brand for consumers and home decoration and furniture companies.
In terms of channel advantages, as of the first half of 2025, the company has more than 6,000 specialty stores, covering all levels of the market from front lines to villages and towns.
At the same time, we vigorously expand small B channels such as furniture factories, home improvement companies, and workwear, and cooperate with more than 20,000 furniture factories. Online new media and new retail are simultaneously developed to achieve the balanced development of multiple channels of “retail + engineering + e-commerce + bulk” and effectively hedge the risk of fluctuations in a single channel.
The advantages of products and supply chain are reflected in the fact that the company has formed a full category matrix of panels + home + auxiliary materials, covering a variety of full-system products to meet one-stop purchasing needs; the supply chain adopts the “independent production + OEM strict management” model, unified standards, full-process quality control, and a nationwide supply system layout to achieve low cost, fast delivery, high quality, and continuous release of scale effects.
In terms of R&D and innovation advantages, the company has established national-level postdoctoral workstations, CNAS laboratories, and academician expert workstations. As of the end of June 2025, it has applied for nearly 700 patents, hosted and participated in 335 international, national, and industry standards, and is a veritable industry technical standard setter.
We continue to invest in the research and development of functional panels, and related products lead the upgrading of the industry. The R&D investment is transformed into a double improvement in product strength and gross profit margin.
In terms of risk control and governance advantages, the company attaches great importance to risk management and control, proactively reduces high-risk real estate-related engineering business, strengthens the management of accounts receivable and notes receivable, and makes prudent and adequate bad debt accruals. At the same time, it has established a standardized governance system for listed companies, made scientific decisions, and strictly implemented internal controls to maintain stable operations and healthy cash flow during the industry downturn, providing institutional guarantees for high-quality development.
Value and responsibility go hand in hand: Repaying shareholders remains true and green development demonstrates responsibility
As a high-quality listed company with standardized governance and stable operations, Bunny has always adhered to the concept of synergy between shareholder returns and social responsibility, and effectively transformed high-quality development results into investor returns, industrial value and social contribution.
In terms of investor returns, the company continues to implement a medium- and long-term stable dividend mechanism, adheres to the annual and mid-term dual-period dividend policy, and rewards shareholders with real money. At the same time, it continues to improve the information disclosure and investor communication mechanism, adheres to the bottom line of compliance operations, and maintains the long-term market value foundation with transparent governance and sound operations.
At the level of green development, the company is based on the main business of environmentally friendly building materials, practicing green and low-carbon concepts throughout the chain, leading the upgrading of healthy home consumption with high environmental protection standard products, actively responding to national consumption promotion policies, and adhering to green and low-carbon development in production operations and overseas layout. At the level of social responsibility, the company relies on its leading position in the industry chain to stabilize employment and empower upstream and downstream coordinated development. It also actively responds to the country’s call and is committed to social welfare undertakings to achieve harmonious symbiosis between corporate development, society and the environment, and build a high-quality development model that unifies commercial and social values.
Generally speaking, Tubaobao is the absolute leader in the field of domestic decorative panels and customized home furnishings. Since 2025, its main business has been stable, structural optimization, barrier reinforcement, governance standardization, and high-quality development characteristics have been remarkable.
In the future, as the company continues to deepen its retail channels, promote the upgrading of whole-house wood production, strengthen its supply chain and R&D advantages, and coupled with the gradual recovery of household consumption, the company is expected to further increase its market share and release profit elasticity.
At the same time, we need to continue to pay attention to risks such as the pace of recovery in the downstream real estate industry, raw material price fluctuations and intensified market competition. The company has established a complete risk control system and is expected to rely on its leading advantages to cross the cycle and achieve long-term high-quality development.
