Lin Ruhai has taken over for more than two years, and Royal Home Furniture is expected to lose over 580 million yuan.

LightningPacketLoss · 2026-03-29T11:01:31+00:00

Royal Home Furniture expects a loss of 580 million to 730 million yuan in 2025, affected by six major factors including weakened market demand and adjustments in the real estate industry. In 2023, the loss was approximately 386 million yuan, with a 43.3% decrease in revenue, mainly due to the cessation of merchandise trading business. Revenue is expected to continue declining in 2024.

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2026-03-29 11:01:31

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Leju Finance Li Lan March 23, Huangchao Home Furnishings (01198.HK) issued an announcement, expecting a loss of between RMB 580 million and RMB 730 million for FY2025, while the loss for the year ended December 31, 2024 was approximately RMB 348 million.

The announcement states that this expected loss is mainly driven by six factors in combination: due to the weak macro operating environment and the overall decline in market demand, the operating profit of the furniture products has fallen; due to the transmission of the cyclical adjustment in the real estate industry, the settlement gross profit of the home renovation business has declined significantly;

an increase in general provisions for trade receivables, other receivables, and inventory; a revaluation loss on investment properties; an increase in the share of losses of associates; and an increase in financing costs.

It is understood that in early December 2023, Lin Ruhai took over from Yang Jun as Chairman, Executive Director, and Chief Executive Officer of Huangchao Home Furnishings.

Lin Ruhai was born in 1982. He graduated from Zhejiang Normal University and has more than ten years of experience in corporate management and equity investments. From 2016 to 2018, he served as Deputy General Manager of the Finance Department of Guangzhou Hi-Tech Zone Investment Group Co., Ltd. and General Manager of Guangzhou Guoju Venture Capital Co., Ltd.

In 2023, Huangchao Home Furnishings generated revenue of approximately RMB 828 million, a year-on-year decrease of 43.3%. Huangchao Home Furnishings stated in its annual report that the decrease in revenue was because the Group terminated its trading of goods business during the year. The loss for 2023 was approximately RMB 386 million; the profit for 2022 was RMB 10.6 million, representing a decrease of 3,727.5%.

For the full year of 2024, the Group achieved operating revenue of RMB 526 million, a 36.5% decrease compared with the previous year. Losses attributable to owners of the company were approximately RMB 334 million.

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