On April 30, Holike (stock code: 603898) disclosed the investor relations activity record sheet. On the same day, the company received surveys from 9 institutional and individual investors, including Galaxy Securities, Changjiang Securities, and CICC.
Zhan Chenghao, secretary of the board of directors, attended the meeting and had in-depth exchanges with investors on core issues such as the company’s performance in 2025 and the first quarter of 2026, AI smart home strategic layout, and industry competition response measures.
The basic information of the survey shows that the investor activity relationship category is a specific object survey, and the time is 11:00 on April 30, 2026. The announcement did not disclose the specific location.
Participating units include Galaxy Securities, Changjiang Securities, CICC, Shenwan Hongyuan, Zheshang Securities, Founder Securities, Cinda Securities, Tianfeng Securities, Huafu Securities and individual investors.
Among the reception staff of the listed company, the secretary of the board of directors is Zhan Chenghao, and the record-keeper is Zhuang Qi.
From the perspective of performance and strategy, performance in 2025 and the first quarter of 2026 is under pressure.
Zhan Chenghao introduced that the real estate market will undergo deep adjustments in 2025, and the customized home furnishing industry will enter a stage of inventory dominance and price involution.
In 2025, the company will achieve operating income of 1.665 billion yuan, a year-on-year decrease of 12.80%; in the first quarter of 2026, revenue will be 277 million yuan, a year-on-year decrease of 29.03%.
Facing market pressure, the company is responding to industry changes through measures such as brand upgrades, omni-channel layout, product upgrades, cost reductions and efficiency increases.
In the field of AI smart home, the company promotes its layout through its subsidiary Hemi Technology.
In March 2025, Holike, Hao Taitai and Feng Assistant jointly established Hemi Technology; in December, Hemi Technology’s first ecological experience store opened in Guangzhou Hanyin Plaza.
In January 2026, Hemi Technology’s full range of new whole-house smart products were unveiled at the dealer summit, covering core categories such as smart gateways, control, lighting, and security, forming a complete product matrix; in March, related products were further unveiled at the 2026 Guangzhou Customized Home Exhibition.
The company plans to intelligently upgrade some offline stores in 2026 and integrate Hemi AI smart home scene experience. It has made it clear that in the future, it will position its products as “high-end customization + AI smart home” and empower the customized home business through AI.
Zhan Chenghao also responded to investors’ concerns.
In terms of responding to industry competition, the company will focus on differentiated competition: first, adhere to the “original” IP, take “health and environmental protection” as the core, strengthen the aldehyde-free advantage of bamboo boards, and consolidate the benchmark position of environmentally friendly material selection; second, promote smart homes, and implement Hemi products in existing stores to achieve traffic diversion and high-end products, forming a differentiated advantage with its peers.
As for the assembly business, revenue in 2025 will be basically the same as the previous year.
In 2026, the company plans to further deepen cooperation with leading decoration companies and accelerate the expansion of art decoration outlets and increase in unit value.
Regarding the decline in gross profit margin, Zhan Chenghao explained that if we only look at the store business, the gross profit margin remains stable; the overall decline in gross profit margin is mainly due to the increase in the scale of bulk business with lower gross profit margin, which has led to changes in the revenue structure.
In terms of store planning, the company will maintain net growth in the number of stores in 2025, and will continue to promote store development in the future.
Measures to improve the efficiency of existing stores include: promoting the construction of model stores, adjusting outdated or low-frequency SKUs to optimize operational efficiency; at the same time, forming a standardized template through benchmark store training and empowerment, and promoting it to stores nationwide.
The company has made it clear that it will control the scale of bulk business in the future, and at the same time empower dealers to actively develop distribution engineering business, paying attention to risk control in the process.
