Zhiou Technology was established on January 8, 2010, and was listed on the Shenzhen Stock Exchange on June 21, 2023. Its registration and office address are located in Zhengzhou City, Henan Province.
It is a leading company in the field of cross-border e-commerce home furnishings. It takes the research and development, design and sales of its own brand home products as its core business and has the advantages of the entire industry chain.
Its main business is light industrial manufacturing – household products – finished home furnishings in the Shenwan industry, and its concept sectors cover digital economy, e-commerce, and sports industries.
In terms of operating performance, Zhiou Technology performed well in 2025.
Operating income reached 8.701 billion yuan, ranking 5th among 17 companies in the industry.
The revenue of Gujia Home Furnishing Co., Ltd., which ranks first in the industry, is 20.056 billion yuan, and Henglin Co., Ltd., which ranks second, has revenue of 11.677 billion yuan. The industry average is 5.337 billion yuan and the median is 3.411 billion yuan.
Among the main business components, cross-border e-commerce retail sales are 8.627 billion yuan, accounting for 99.15%, and other (supplementary) 73.8409 million yuan, accounting for 0.85%.
In terms of net profit, it will be 336 million yuan in 2025, also ranking 5th in the industry. The first place in the industry, Gujia Home Furnishing, is 1.867 billion yuan, the second place is 857 million yuan, the industry average is 160 million yuan, and the median is 191 million yuan.
From the perspective of financial indicators and solvency, Zhiou Technology’s asset-liability ratio in 2025 is 50.51%, which is higher than 48.55% in the same period last year and higher than the industry average of 49.35%.
In terms of profitability, the gross profit margin in 2025 will be 34.48%, slightly lower than the 34.65% in the same period last year, but higher than the industry average of 29.30%.
The company’s controlling shareholder and actual controller are both Song Chuan.
Chairman and General Manager Song Chuan, born in July 1977, holds a master’s degree. He founded Zhiou Co., Ltd. in January 2010 and has successively served as supervisor, executive director (chairman) and general manager of Zhiou Co., Ltd., and is currently the company’s chairman and general manager.
His salary in 2025 will be 686,200, an increase of 145,400 from 540,800 in 2024.
As of December 31, 2025, the number of A-share shareholders was 9,046, a decrease of 13.67% from the previous period; the average number of circulating A-shares held by each household was 21,400, an increase of 15.88% from the previous period.
As of March 31, 2026, among the top ten circulating shareholders of Zhiou Technology, Hong Kong Securities Clearing Company Limited ranked as the eighth largest circulating shareholder, holding 6.5946 million shares, a decrease of 1.7874 million shares compared with the previous period.
Sinolink Securities pointed out that the 2025-2026Q1 performance showed that the revenue in 25 years was 8.701 billion yuan (year-on-year +
7.1%), net profit attributable to the parent company was 336 million yuan (+0.7% year-on-year).
There are many business highlights. From a regional perspective, the growth of the European market has shown resilience, while the expansion of the US and Canadian markets has been hindered by trade policies. By category, the sports and outdoor series have achieved brilliant growth, while the pet series has experienced a decline in revenue due to competition. By channel, B2C/B2B revenue has been -2.5%/+64.1% year-on-year respectively, and the Amazon VC model has achieved remarkable results; the company plans to implement a 2026 restricted stock incentive plan, 26 –
The net profit trigger values for 2028 are 416/478/558 million yuan respectively.
It is expected that the company’s net profit attributable to the parent company for 2026-28 will be 4.2/4.8/580 million yuan, +25%/+14%/+20% year-on-year, maintaining a “buy” rating.
Cinda Securities also pointed out that in 2025, the company will achieve revenue of 8.701 billion yuan (+7.1% year-on-year) and net profit attributable to the parent company of 336 million yuan (+0.7% year-on-year).
In 2026, Europe will fully expand, while North America will focus on growth and build a highly resilient supply chain system; in 2025, the furniture and home furnishing categories will grow well, and the overseas channel strategy will advance steadily, and the B2B model will become the core driver of channel growth; 2026Q1 financial expenses will cause a drag, and inventory will increase but operating capabilities will remain good.
It is expected that the company’s net profit attributable to the parent company from 2026 to 2028 will be 4.5/5.5/660 million yuan respectively, maintaining a “buy” rating.
