On April 29, Dehua Bunny New Decoration Materials Co., Ltd. (hereinafter referred to as “Bunny”) received an institutional survey through an online conference call.
69 institutional investors including Changjiang Securities, GF Securities, and Wells Fargo Fund participated. The company’s deputy general manager and board secretary Ding Tao, financial director Ruan Piaopiao, and securities department manager Chen Huaiyuan communicated with investors on issues such as the 2025 annual report, the first quarter report of 2026, and business development.
In terms of performance, in 2025, Bunny achieved operating income of 8.883 billion yuan, a year-on-year decrease of 3.33%; the net profit attributable to shareholders of listed companies was 702 million yuan, a year-on-year decrease of 702 million yuan.
An increase of 20.00%, mainly due to an increase of 208 million yuan in gains and losses from changes in fair value of Higo Group and others. At the same time, Qingdao Yufeng Hantang accrued goodwill of 119 million yuan; net profit after deducting non-recurring gains and losses was 401 million yuan, a year-on-year decrease of 18.20%.
After excluding the impact of Qingdao Yufeng Han and Tang Dynasties, the company’s headquarters achieved operating income of 8.634 billion yuan.
In the first quarter of 2026, the company’s performance will resume growth.
During the reporting period, operating income was 1.686 billion yuan, a year-on-year increase of 32.68%; net profit attributable to shareholders of listed companies was 148 million yuan, a year-on-year increase of 46.36%, mainly due to an increase in gains and losses of 31.2185 million yuan from changes in the fair value of Higo Group; non-net profit after deduction was 90.3406 million yuan, a year-on-year increase of 4.18%.
Among them, Qingdao Yufeng Hantang achieved operating income of 912,700 yuan and a net profit of -6.7016 million yuan in the first quarter.
Bunny’s headquarters performed steadily. In the first quarter, it achieved operating income of 1.685 billion yuan, a year-on-year increase of 32.57%; net profit of 155 million yuan, a year-on-year increase of 25.30%; non-net profit after deduction was 112 million yuan, a year-on-year decrease of 3.81%.
In terms of business focus, among the performance of each business segment in the first quarter of 2026, the decorative materials business was the main growth engine, with revenue of 1.474 billion yuan, a year-on-year increase of 38.54%.
Broken down, the plate business revenue was 918 million yuan, a significant year-on-year increase of 56.13%; the other decorative materials business revenue was 481 million yuan, a year-on-year increase of 26.58%; the decorative material brand royalties were 74.8281 million yuan, a year-on-year decrease of 22.00%.
The performance of the customized home furnishing business was relatively flat. In the first quarter, the revenue was 196 million yuan, a year-on-year decrease of 1.38%, of which the whole-house customization business revenue was 123 million yuan, a year-on-year decrease of 1.86%.
In response to the strategy of rapidly increasing market share in the decorative materials business, the company stated that it will insist on deep cultivation of channels.
In the rural market, we promote the transformation and upgrading of traditional stores into “board customization +” stores, shifting from selling single boards to providing board processing and customization services, and introducing products such as cabinet door panels, gypsum boards, furniture hardware, floors, and integrated walls to increase the store’s customer order value and profitability.
At present, the company’s decorative materials business has more than 5,000 stores. It will combine online new media operations to popularize product knowledge to rural consumers through short videos, live broadcasts and other forms to accurately attract traffic to stores. At the same time, it will link stores to carry out offline activities and strengthen brand awareness.
Faced with the weak furniture factory channel market and fierce competition, the company has adopted a multi-dimensional strategy: seizing the market with the cost-effective product “Cai Zhen Board” as the core, simultaneously driving the sales of high-margin auxiliary materials such as edge strips, hardware, and cabinet door panels; launching mid-to-high-end products such as “Pure Core Version” to fill the gap in the mid-to-high-end field of the particle board market; implementing “one business, one policy” and promotional policies to boost sales and accelerate product penetration.
In terms of sales expense control and dividend planning that investors are concerned about, the company stated that personnel expenses have basically remained stable. Relying on a complete channel system, many terminal marketing expenses are jointly borne by dealers, effectively controlling internal costs.
In terms of brand promotion expenses, the company plans to increase investment, including offline public investment such as high-speed rail media, dealer regional investment, and online new retail traffic investment and customer acquisition cost investment.
The company recently released its dividend plan for the next three years (2026-2028), adopting a combination of “fixed cash dividend + special cash dividend”.
Specifically, on the premise of meeting the conditions for cash dividends, the annual fixed cash dividend amounts are 500 million yuan, 550 million yuan, and 600 million yuan (tax included) respectively; if the performance meets the corresponding conditions, a special cash dividend of no less than 50 million yuan will be added every year.
In terms of subsidiary news, regarding the positioning and future planning of its subsidiary Qingdao Yufeng Hantang Wood Industry Co., Ltd., the company stated that due to the macro-influence of the real estate market, Qingdao Yufeng Hantang continued to shrink its business scale and adjust its business model, transforming into an agency operation model based on collecting service fees.
Its original engineering customization business revenue scale will further shrink, and its actual operating risks have been significantly reduced. The current focus is on the collection of accounts receivable and the disposal of work-related housing.
