Competitive pressure on market stock continues to increase, and traditional home furnishing companies have turned to the AI smart track to seek a breakthrough.
The Shanghai Main Board IPO application of Baolun Co., Ltd., which was participated by Shen Hanbiao, Chairman of Holike, has been accepted by the Shanghai Stock Exchange. This capital layout is regarded as an important measure for Holike to deeply explore the smart track.
However, in recent years, while Holike has been promoting the “high-end customization + AI smart home” brand strategy, the company’s performance has continued to be under pressure.
In the wave of smart homes, Holike is trying to seize the opportunity through a dual-line layout of investment and transformation.
In terms of investment, Holike Chairman Shen Hanbiao invested 52 million yuan in Baolun shares, and its application for an IPO on the main board was recently accepted.
Baolun Co., Ltd.’s main business is “sound, light, electricity, video, and communication” systems. Its “itc” brand is a well-known brand in the domestic professional audio-visual field. It has maintained the first market share in the fields of public broadcasting, professional sound reinforcement, and conference systems for three consecutive years. Its products have been used in major landmark projects such as the Beijing Winter Olympics and Xi’an Datang Evernight City.
Regarding whether the chairman’s investment in Baolun Shares will empower Holike in the future, relevant staff at Holike said that the company has not received relevant information at present, and the equity investment may be an external investment by the leader.
The prospectus stated that Shen Hanbiao transferred the above shares for a share transfer price of 52 million yuan based on his optimism about the development prospects of Baolun shares and the industry.
At the same time, Holike’s industrial layout is also accelerating.
In March 2025, Holike, Haomaitai and Bee Assistant jointly established Hemi Technology to continue building a smart home IoT platform.
In July of the same year, Holike successfully transferred the equity of Jixiang Technology through public delisting, further accelerating the development and implementation of new technologies and products in smart home scenarios.
Holike said that the successful transfer of Jixiang Technology’s equity through public delisting will help Hemi Technology and Jixiang Technology form a closer strategic synergy, accelerate the development, implementation and upgrade of Hemi Technology’s home-side “smart fusion gateway” product, and enhance the competitiveness of the company’s whole-house smart solutions.
After the product was launched, in December 2025, Hemi Technology’s first ecological experience store was settled in Guangzhou Hanyin Plaza.
In January this year, Hemi Technology’s full range of new whole-house smart products were publicly unveiled for the first time at the Holike Dealer Summit, and the core content of smart homes such as smart gateways, smart controls, smart lighting, and smart security were publicly released for the first time.
Holike said that the company has currently launched an internal recruitment plan and will carry out intelligent upgrades on a batch of Holike offline stores in 2026. It will deeply integrate Hemi AI smart home based on existing stores and provide end users with product experience through real scenarios.
However, behind Holike’s vigorous promotion of smart strategy, the main business continues to be under pressure.
In 2025, Holike achieved operating income of 1.665 billion yuan, a year-on-year decrease of 12.80%; and a net profit of 14.6724 million yuan, a year-on-year decrease of 81.78%.
Entering 2026, Holike’s performance will continue to be under pressure.
In the first quarter of this year, Holike achieved revenue of 277 million yuan, a year-on-year decrease of 29.03%; net profit turned from profit to loss, with a loss of 22.1101 million yuan, a year-on-year decrease of 1104.69%.
Starting from 2023, Holike’s performance will continue to be under pressure.
From 2023 to 2024, Holike’s revenue will be 2.265 billion yuan and 1.910 billion yuan, respectively, with year-on-year declines of 19.78% and 15.69%; net profits will be 217 million yuan and 80.521 million yuan, respectively, with year-on-year declines of 49.60% and 62.93%.
From a product perspective, Holike’s revenue will only grow in 2025 from cabinets and finished products.
In terms of channels, Holike’s core dealerships will achieve revenue of 1.220 billion yuan in 2025, down 19.37% year-on-year, with gross profit margins of 35.28%, down 0.71% year-on-year; direct-operated stores will achieve revenue of 36 million yuan, down 42.70% year-on-year, with gross profit margins of 49.12%, down 2.88% year-on-year.
Holike said that the overall gross profit margin declined, mainly due to the increase in the scale of bulk business with lower gross profit margins, which was caused by changes in the revenue structure.
Holike’s bulk business will achieve revenue of 339 million yuan in 2025, a year-on-year increase of 36.52%, but the gross profit margin is only 11.34%, a year-on-year decrease of 2.85%, which is far lower than the level of distribution channels and directly-operated stores. The increase in the proportion of low-gross profit businesses is continuing to squeeze Holike’s profit margins.
Industry analysts believe that the current overall home furnishing market has entered the stock stage, and traditional industries are facing many development bottlenecks, which has forced some home furnishing companies to accelerate strategic transformation.
Holike places its hope of breaking through the AI smart home, but whether this transformation path can truly lead the company out of the predicament remains to be tested.
From the perspective of profit indicators, Holike’s main business is obviously losing money, and non-net profits will further expand in the first quarter of 2026.
Hemi Technology, an important company for Holike to enter the smart track, will have a net profit loss of 2.229 million yuan in 2025, and Holike’s R&D investment has shrunk year by year.
Competition on the smart home track is becoming increasingly fierce, and there is a clear gap between Holike’s technology accumulation and brand recognition.
AI transformation has opened up a second growth curve for Holike to a certain extent, but whether it can truly be the antidote for companies to get out of performance difficulties depends on, on the one hand, whether Laike’s smart home business can achieve large-scale revenue in the short term, and on the other hand, whether it can create synergy with Holike’s existing custom home business.
