202607 Tubao Research Key Points:

English summary

1. Q2 operating results: Single Q2 revenue increased 10-15% YoY (sheet material business +15% YoY); affected by Hango fair value changes (-70 million) and other factors, Q2 net profit was -30% YoY (H1 net profit declined by more than mid-single digits); excluding this impact, net profit increased 15-20% YoY; single Q2 non-GAAP net profit increased 10-15% YoY. 2. Sheet material business: 26H1 sheet sales volume was 42-43 million sheets, compared with about 38 million sheets in the same period of 2025, an increase of nearly 20% YoY, with furniture factories contributing the most. Price-wise, terminal prices remained broadly stable overall; during H1 furniture factory activities, prices slightly declined. Brand usage fees have no further reduction plans. The company aims to increase cooperation stickiness and per-factory sales in the furniture factory channel. Cost-wise, H1 comprehensive raw material costs increased by 2 yuan per sheet, fully absorbed by suppliers. At present, H2 costs are unlikely to change significantly. The company will not proactively adjust prices, and there is no room for terminal price increases. 3. Whole-house customization: Whole-house customization includes retail and home decoration companies, with the latter accounting for about 40%; ...