Revenue and net profit both increased, with franchise business surging against the trend by 11%! How did WoLe Home achieve an industry-leading counter-cyclical growth curve?

In the 2025 annual report season for the custom home furnishing industry, market chills still linger, and most companies are stuck in growth bottlenecks, with few impressive results announced. However, Wole Home (stock code: 603326) defied the trend and submitted a financial report that can be described as an “outlier,” with comprehensive positive growth in core operating indicators, charting a high-quality growth curve independent of industry cycles.

Financial report data shows that in 2025, Wole Home achieved a year-on-year increase of 1.29% in operating revenue; net profit attributable to shareholders of the listed company surged by 43.56% year-on-year, and net profit excluding non-recurring gains and losses skyrocketed by 73.27% year-on-year, with a leap forward in profitability.

More notably, the core driver of this growth lies in the strong push from retail channels: both direct-operated and franchise businesses rose against the trend. Franchise revenue increased significantly by 11.46% year-on-year, the proportion of distribution income rose to 77.3%, and both the number of distribution stores and per-store efficiency grew. Against the backdrop of industry dealers’ systems facing pressure in 2025, this purely endogenous C-end growth is highly valuable—both proving Wole Home’s brand appeal and core competitiveness in the terminal consumer market, and highlighting the dealer system’s exceptional profitability and risk-resilience. It lays a solid, highly resilient and sustainable growth base for the company’s long-term development.

Differentiated breakthrough: the dividend of leaders on the “Light High-End Custom” track

The underlying secret behind this contrarian growth first comes from Wole Home’s forward-looking layout of the “Light High-End Custom” track, and the resulting dividend for being a leader.

Today, the “Light High-End Custom” track, which has been hailed as a new trend by the custom home furnishing industry, took shape conceptually in 2021-2022. Its core positioning sits between mass-market standard home products and luxury high-end customization. With “high-end customization feel, people-friendly pricing, and efficient delivery” as its core, it precisely matches the dual needs of the new middle-class group for both home aesthetics and quality. What’s less known is that, as early as 5 years before the industry formed the concept of “Light High-End Custom,” Wole Home had already taken the lead in anchoring this differentiated track and completed an early strategic positioning.

From the very beginning of its founding, Wole Home has taken “Design makes the home more beautiful” as its core brand mission, treating original design as the lifeline of enterprise development. The company built the ODC International Home Design Center, bringing together over 230 original designers and more than ten international design masters, with more than 300 original patents in hand. Its products have repeatedly won international design awards such as Red Dot and iF. Even more distinctive is that Wole Home has always devoted itself to deep integration between Eastern culture and modern design, creating a unique path of home aesthetics: from launching the Dunhuang series with the Dunhuang IP, to incorporating intangible cultural heritage Jinling gold foil craftsmanship into custom handles; from creating the industry’s first Shanghai-style “Blooming Flowers” series, to introducing Jiangnan garden landscape-art into home spaces with the “Velvet Flower” series. Wole Home has consistently been an aesthetic pioneer in the custom home furnishing industry, rather than a follower of trends.

It is precisely thanks to years of deep cultivation and saturated investment in design and quality that Wole Home has not only cultivated a highly sticky core consumer base in the terminal market, but also reserved ample room for profit for its dealer system through differentiated product premiumization. Ultimately, this forms a positive growth loop of “brand strength – product strength – channel strength.” Through more than a decade of careful accumulation, it has become a leading brand on the “Light High-End Custom” track.

Dimensionality-reduction attack from large stores: channel upgrades activate terminal growth momentum

If differentiated brand positioning determines the upper limit of growth, then a systematic upgrade of channel efficiency lays the underlying foundation for growth.

In 2025, while the industry generally fell into a conservative cycle of reducing investment, shrinking stores, and strictly controlling costs, Wole Home went the other way. It vigorously promoted the “Thousand Square Meter Large Store Plan,” upgrading the channel form into a scenario-based layout to achieve a dimensionality-reduction attack on the terminal market. Data shows that in 2025, Wole Home opened 200 newly installed stores, with a total area exceeding 80,000 square meters; among them, there were 60 flagship large stores with an area exceeding 1,000 square meters.

Unlike the industry’s traditional small-store model, thousand-square-meter flagship large stores can fully present Wole Home’s product matrices across all categories and all scenarios. They provide consumers with an immersive home space experience and effectively raise the value of transactions per customer. At the same time, the large-store model further strengthens the brand image at the terminal level, enabling dealers to enhance localized service and full-chain operational capabilities. Ultimately, it drives continuous improvement in per-store efficiency, providing core support for the contrarian growth of the franchise business.

In the winter of inventory-based competition across the industry, Wole Home’s 2025 countercyclical performance is, in essence, the inevitable win of long-term thinkers.

While most companies in the industry are still looking for short-term breakthroughs amid cyclical fluctuations, Wole Home has already secured a leading position on the “Light High-End Custom” track through years of “day in, day out” forward-looking deployment: it builds a differentiated barrier through original design, activates endogenous growth momentum in the terminal through channel upgrades, and connects an end-to-end positive loop of brand, product, and channels with user value at the core. This high-quality growth that transcends cycles not only locks in future development certainty for Wole Home, but also provides the entire custom home furnishing industry with a set of high-quality development samples that can be referenced and replicated.

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