As of July 15, 2026, more than 15 A-share listed companies in the broad home furnishing industry, including sanitary ware and custom home furnishing, have released their first-half earnings forecasts. Judging from these forecasts, most companies have fallen into losses. In the sanitary ware sector, Huida, Arrow, Rexpod (Rui Er Te), and Seagull Kitchen & Bath all forecast net losses attributable to the parent company, with Huida expecting a loss of as much as 90 million. In the custom home furnishing sector, leading enterprises have “collectively stalled,” with the shift from profit to loss becoming the dominant theme—even top performer Oppein expects its first-half net profit attributable to the parent company to decline 50%-60% year-on-year.
Sanitary Ware: Songlin Stands Alone
Huida, Arrow, Rexpod, and Seagull Under Collective Pressure
Songlin Technology: The company expects first-half net profit attributable to the parent company of 140 million to 185 million yuan, a year-on-year increase of 50.40% to 98.74%. Songlin stated that the core driver of the surge in performance was the release of production capacity at its Vietnam production base, the smooth conversion of new projects, and continued business improvement. This confirms the critical role that overseas manufacturing deployment plays in cost control and market responsiveness under the current environment.
Huida Sanitary Ware: It expects a first-half net loss attributable to the parent company of 72 million to 90 million yuan, compared with a profit of 17.9718 million yuan in the same period last year—a shift from profit to loss. The company expects first-half revenue of approximately 1.148 billion yuan, down 19.41% year-on-year. In addition to common factors such as domestic real estate adjustment, weak demand, and intensifying industry competition, Huida specifically mentioned the cancellation of export tax rebate policies and increased foreign exchange losses caused by exchange rate fluctuations, which constitute additional profit erosion for export-oriented sanitary ware enterprises.
Arrow Home Furnishing: It expects a first-half net loss attributable to the parent company of 54 million to 70 million yuan, compared with a profit of 28.4414 million yuan in the same period last year. Arrow stated that in the first half of 2026, affected by multiple factors such as the continued adjustment of the real estate market and the contraction of consumer demand, overall demand in the home furnishing and building materials industry was weak and competition intensified, putting pressure on the company’s revenue side, with operating revenue down about 9% year-on-year. In line with its 2026 operating plan, the company has accelerated the deployment of various initiatives, striving to gradually improve profitability in subsequent operations.
Rexpod: It expects a first-half net loss attributable to the parent company of 11 million to 16 million yuan, compared with a profit of 51.6662 million yuan in the same period last year—a shift from profit to loss. The company analyzed that there were two main reasons for the change in performance: first, overall demand in the home and sanitary ware industry was weak, industry competition became increasingly fierce, effective market demand was relatively insufficient, and product unit prices declined, leading to a downward trend in operating revenue; second, affected by the combined impact of declining operating revenue, pressure on the product pricing system caused by intensified market competition, and rigid expense investment, profit margins were squeezed and profitability weakened significantly.
Seagull Kitchen & Bath: It expects a first-half net loss attributable to the parent company of 37 million to 47 million yuan, compared with a loss of 26.0458 million yuan in the same period last year—an expanded loss. The company explained that during the reporting period, its order backlog grew year-on-year and new channel expansion made phased progress, but some structural mismatches in production capacity caused revenue to fail to keep pace with order growth, while the early-stage investment in new channels was substantial, increasing costs and expenses.
Custom Home Furnishing: Leading Enterprises “Collectively Stall”
Net Profit Declines and Halvings Become the “New Normal”
After looking at sanitary ware, let us turn our attention to the custom home furnishing sector, which was the most devastated area in this round of earnings forecasts.
Oppein Home: It expects to achieve a net profit attributable to the parent company of 407 million to 509 million yuan in the first half of 2026, down 50%-60% year-on-year; net profit excluding non-recurring items of 330 million to 424 million yuan, down 55%-65% year-on-year. This is a rare halving of half-year profit for Oppein Home in recent years, with the decline stemming mainly from weak industry demand compounded by the high base effect from last year’s trade-in policy stimulus, and second-quarter revenue continuing to face pressure.
Sofia: It expects first-half net profit attributable to the parent company of 47.907 million to 70.2636 million yuan, down 78%-85% year-on-year; net profit excluding non-recurring items of 98.5622 million to 145.7007 million yuan, down 66%-77% year-on-year. The performance decline was mainly due to factors such as the macroeconomy, the real estate cycle, and consumer confidence, which intensified competition in the custom furniture industry, so that the company’s fixed costs were not fully amortized, its period expense ratio rose, and its gross margin declined. Non-recurring gains are expected to affect net profit by -52 million to -74 million yuan. The company will take multiple measures to improve operations.
Zbom Home: It expects a first-half net loss attributable to the parent company of 126 million to 189 million yuan, compared with a profit of 138 million yuan in the same period last year—a shift from profit to loss. The company’s first-quarter report already showed signs of decline, with revenue of only 575 million yuan, down 29.63% year-on-year. The company stated that macroeconomic uncertainty intensified, new home deliveries continued to shrink, homogeneous competition was fierce, and it was itself in a period of deep business structure adjustment, so revenue and profit contributions still need time.
Golden Home: It expects a first-half loss of 110 million to 140 million yuan, compared with a profit of 63.6518 million yuan in the same period last year. The cause points directly to the downturn in the real estate market and weak end demand leading to reduced revenue, compounded by intensified price competition and a declining gross margin.
Holike: It expects a first-half net loss attributable to shareholders of listed companies of 27 million to 37 million yuan, compared with a net profit of 24.6245 million yuan in the same period last year. It expects a net loss attributable to shareholders of listed companies excluding non-recurring gains and losses of 35 million to 45 million yuan.
Piano: It expects a first-half net loss attributable to shareholders of listed companies of 3.8603 million to 5.7905 million yuan, compared with a loss of 12.5764 million yuan in the same period last year. Net loss excluding non-recurring gains and losses of 32.3628 million to 34.2929 million yuan, compared with a loss of 19.8019 million yuan in the same period last year.
In addition, three broad home furnishing-related enterprises—Fillinger, Der Future, and Fashilong—also all expect losses in the first half of 2026. Looking at the entire industry, the root causes of the performance decline are highly consistent—continued adjustment of the real estate market, weak end consumer demand, and intensifying industry competition. Shrinking new home deliveries have put pressure on both bulk business and retail business, while price wars have further squeezed profit margins. At the same time, the industry is in a painful transition period, shifting from reliance on new homes toward the renovation of existing homes, whole-house customization, and overseas markets, with strategic investments dragging down profits in the short term.
Originally published in WeChat by Chu Wei Tou Tiao on 2026-07-15. Translated and edited for English-language readers.