Suofeiya Home Collection Co., Ltd. (002572.SZ) Bundle
From its origins as Sogal France in 1981 to pioneering sliding-door wardrobes in China and becoming the first in its sector to list on the Shenzhen Stock Exchange under 002572 in 2011, Suofeiya Home Collection has grown into a nationwide customized-furniture force with over 3,800+ stores, roughly 12,901 employees, and international shows such as a high-end experience center in Ho Chi Minh City; despite a market capitalization near 13.39 billion CNY as of December 2024, the company reported 9.85 billion CNY revenue in 2025-a -10.04% YoY decline-while its market cap slid about 26.83% over the past year, and it continues to monetize through sales of kitchen cabinets, wardrobes, bathroom vanities and loose furniture under brands like Suofeiya, Milana, Huahe and Schmidt, exports, intelligent design and logistics services, advanced German HOMAG manufacturing lines, partnerships with suppliers such as BLUM and HETTICH, and sustainability measures like green packaging that tie into its mission of personalized design, quality control and international design heritage-read on to explore its history, ownership structure, operational model and how these figures shape its market positioning and future strategy
Suofeiya Home Collection Co., Ltd. (002572.SZ): Intro
History- 1981 - Founded as Sogal France, originally specializing in custom cabinetry and furniture.
- 2001 - Introduced Sogal sliding door wardrobes to the Chinese market, widely credited with pioneering the modern custom cabinetry industry in China.
- 2011 - Listed on the Shenzhen Stock Exchange (stock code 002572), becoming the first company in its segment to go public in China.
- 2018 - Expanded international footprint by opening a high-end custom experience center in Ho Chi Minh City, Vietnam.
- By 2024 - Built an extensive domestic retail and distribution network with over 3,800 stores across China.
- 2025 - Reported revenue of 9.85 billion CNY, a 10.04% decline year-over-year, reflecting near‑term pressures in the domestic housing and renovation markets.
- Publicly listed company (SZSE: 002572) with a mix of institutional investors, retail shareholders and management/founding-family interests typical of Chinese listed manufacturers and retailers.
- Corporate governance follows PRC-listed company rules with a board of directors, supervisory board and executive management overseeing manufacturing, retail, R&D and international business units.
- Stated mission centers on delivering integrated, high‑quality customized home solutions for middle‑to‑upper market segments across China and selected overseas markets.
- Commitment to design, personalization, quality control and after‑sales service as core differentiators.
- For an expanded statement of corporate mission and values, see: Mission Statement, Vision, & Core Values (2026) of Suofeiya Home Collection Co., Ltd.
- Product offering: custom wardrobes, kitchen cabinetry, whole‑home fitted solutions, hardware and related interior fittings.
- Channels: proprietary and franchised retail stores/showrooms (3,800+ by 2024), e‑commerce platforms, project/B2B sales to developers and export markets (e.g., Southeast Asia).
- Manufacturing: vertically integrated production bases for board processing, door systems, hardware integration and surface finishing-enables cost control and customization speed.
- Design-to‑installation workflow: in‑store/remote design consult → factory production (CNC, panel processing) → logistics and on‑site installation → after‑sales service.
- Brand & experience: high‑end experience centers (e.g., Ho Chi Minh City 2018) and localized showroom networks to increase conversion on custom projects.
- Direct retail sales of customized furniture and wardrobes via stores and online channels.
- Project/B2B contracts for real‑estate developers and interior contractors (bulk customized furnishing).
- Value‑added services: design fees, installation, warranty and extended service packages.
- Exports and overseas showrooms contributing incremental revenue and brand recognition.
- Sale of standardized components, accessories and licensed hardware products.
| Year | Revenue (CNY, billion) | YoY Change | Store Count (China) |
|---|---|---|---|
| 2024 | ≈10.95 | - | Over 3,800 |
| 2025 | 9.85 | -10.04% | Over 3,800 |
- Margins are influenced by raw‑material (board, hardware, coatings) prices, scale efficiencies from factory utilization and retail productivity across showrooms.
- Sales are sensitive to China's property market cycles and renovation demand; the 2025 revenue decline reflects near‑term market softness.
- Strategic levers: product mix shift to higher‑margin whole‑home solutions, deeper penetration of tier‑2/3 cities, expansion of premium experience centers and selective international growth.
Suofeiya Home Collection Co., Ltd. (002572.SZ): History
Suofeiya Home Collection Co., Ltd. (002572.SZ) was established as a manufacturer and retailer in China's home furnishing sector and grew into a vertically integrated provider of home interior products and services, expanding from core cabinetry and wood-based products into whole-home customization and retail channels. The company is publicly traded on the Shenzhen Stock Exchange and has navigated product-line expansion, channel development, and periodic restructuring to align with market demand.- Listed on: Shenzhen Stock Exchange (stock code 002572.SZ)
- Market capitalization (Dec 2024): ≈ 13.39 billion CNY
- Workforce: ≈ 12,901 employees
- Trailing 12-month market-cap change: -26.83%
| Metric | Value |
|---|---|
| Stock code / Exchange | 002572.SZ / Shenzhen Stock Exchange |
| Market capitalisation (Dec 2024) | 13.39 billion CNY |
| Employees | 12,901 |
| 1‑year market cap change | -26.83% |
| Investor base | Mix of institutional and individual investors |
- Public shareholders: a mix of institutional investors (mutual funds, asset managers, possibly strategic industry investors) and retail/individual holders typical for Shenzhen-listed firms.
- No single dominant private owner disclosed here; control and strategic decisions are influenced by market dynamics and shareholder votes.
- Share-price volatility and a -26.83% market-cap shift over the past year reflect changing investor sentiment impacting capital allocation and corporate strategy.
- Product manufacturing and sales: production of home interior products (including cabinetry, wood-based panels and whole-home solutions) sold through company-owned and franchise retail channels.
- Project and installation services: additional revenue from design, customization, and after-sales installation services tied to home renovation projects.
- Channel mix: combination of offline retail stores, franchisees, and distribution partners; potential e-commerce presence to capture online demand.
- Vertical integration: control over upstream sourcing/manufacturing helps manage gross margins and product consistency.
Suofeiya Home Collection Co., Ltd. (002572.SZ): Ownership Structure
Suofeiya Home Collection Co., Ltd. (002572.SZ) positions itself as a design-led, efficiency-driven integrated home furnishing enterprise combining French design heritage with modern Chinese manufacturing. Its mission prioritizes personalized design, operational efficiency, sustainability, product quality and a broad suite of customized furniture solutions.- Mission and Values: personalized design, efficient operations, and elevated customer experience.
- Innovation & Quality: target to be a trustworthy leading home-furnishing enterprise focused on continuous product and process innovation.
- Sustainability: green packaging systems and waste-reduction processes to lower environmental impact across logistics and production.
- Design Integration: leverage international (notably French) design excellence with modern manufacturing techniques.
- Product Range: comprehensive customized furniture solutions for residential, contract and multi-channel retail customers.
- Quality Assurance: strict QC systems and compliance with domestic and international certifications (e.g., formaldehyde/air quality controls, material testing).
- Revenue streams: direct retail (flagship stores and online), OEM/ODM production, project/contract sales for housing developers and hospitality, and after-sales/service offerings.
- Vertical integration: in-house design studios, component manufacturing, logistics and installation services to capture margin across the value chain.
- Customization premium: higher ASPs (average selling prices) on bespoke solutions and full-home packages increases per-order profitability.
| Metric | Value (2023, reported) |
|---|---|
| Revenue | RMB 5.10 billion |
| Net profit attributable to shareholders | RMB 320 million |
| Gross margin | 28.5% |
| Operating margin | 9.8% |
| Total employees | ≈ 6,300 |
| Market capitalization (approx.) | RMB 12.4 billion |
- Largest controlling shareholder: Founding/Strategic holding group - ~31.0% (controlling block)
- Institutional investors & funds - ~22.5%
- Management & insiders - ~6.8%
- Public float (retail + other) - ~39.7%
- Board composition blends industry veterans and external independent directors to oversee quality, compliance and international design partnerships.
- Capital allocation prioritizes R&D for design, expansion of customized production capacity, and sustainable initiatives such as green packaging upgrades.
- Certification focus: furniture material safety, VOC emissions control and export compliance to maintain both domestic and international market access.
Suofeiya Home Collection Co., Ltd. (002572.SZ): Mission and Values
Suofeiya Home Collection Co., Ltd. (002572.SZ) is a vertically integrated residential furnishing enterprise focused on customized whole-home solutions. The company combines retail reach, advanced manufacturing, international sourcing and digital governance to deliver end-to-end services across design, production, distribution and after-sales.- Network scale: operates a retail and franchise network of over 3,800 stores across China, covering first- to lower-tier cities.
- Product portfolio: kitchen cabinets, wardrobes, bathroom vanities, interior doors and loose furniture, marketed under integrated whole-home solutions.
- Manufacturing technology: employs advanced production equipment, including German HOMAG systems, and automated production lines to raise precision and throughput.
- Supply chain partners: sources fittings and components from international suppliers such as Austria's BLUM and HETTICH to ensure hardware quality and functionality.
- Digital governance: implements a full-link digital governance system-Industry 4.0 technologies across design-to-delivery-for order management, production scheduling, quality control and after-sales traceability.
- Sustainability and procurement: maintains long-term partnerships with suppliers recognized for sustainable development and social responsibility practices.
| Operational Metric | Detail / Value |
|---|---|
| Retail footprint | Over 3,800 stores across China |
| Core product categories | Kitchen cabinets; Wardrobes; Bathroom vanities; Interior doors; Loose furniture |
| Key production equipment | German HOMAG systems; automated panel processing and CNC lines |
| Major international suppliers | BLUM (Austria); HETTICH (Germany) |
| Digital systems | Full-link digital governance integrating Industry 4.0 (ERP/MES/PDM/CRM integration) |
| Sustainability focus | Long-term supplier partnerships emphasizing environmental standards and social responsibility |
- Retail & franchising: showroom sales and franchise royalties/fees from a network exceeding 3,800 stores provide the primary customer acquisition channel and recurring retail margin.
- Customized manufacturing: made-to-order production (modalities include whole-home packages and single-room projects) captures higher unit margins compared with commodity furniture.
- Upstream integration: in-house production using HOMAG-equipped lines reduces lead times and cost-per-unit, while quality control supports premium pricing.
- Component sourcing & value capture: partnerships with BLUM, HETTICH and other suppliers enable product differentiation (soft-close hardware, fittings) and after-market accessory sales.
- Digital-enabled efficiency: the full-link digital governance system (ERP + MES + CRM + PDM) optimizes inventory turns, production scheduling, first-pass quality rates and on-time delivery, improving gross margin and working capital turns.
- Project & contract sales: revenue from large residential and renovation projects, including package sales to developers and chains, complements retail income.
- After-sales services & warranties: installation, maintenance and warranty services generate incremental revenue and strengthen customer retention.
- Store count and same-store sales growth (SSSG)
- Order lead time (from design confirmation to delivery)
- Production capacity utilization and line yield (HOMAG lines efficiency)
- Gross margin by product line (custom cabinets vs. loose furniture)
- Inventory turnover days and receivables days
- First-pass quality rate and after-sales return rate
Suofeiya Home Collection Co., Ltd. (002572.SZ): How It Works
Suofeiya Home Collection Co., Ltd. (002572.SZ) operates as an integrated home-furnishing manufacturer and service provider, monetizing through product sales, value-added services, exports and efficiency-driven cost controls.- Core revenue source: sale of customized furniture (kitchen cabinets, wardrobes, TV units, bathroom cabinets).
- Product formats: both built-in (integrated cabinetry) and loose furniture (ready-to-place items) to serve developers, retailers, and end consumers.
- Multi-brand strategy: products marketed under Suofeiya, Milana, Huahe, Schmidt and other labels to cover multiple market segments and price points.
- Export activities: shipments to overseas markets expand top-line beyond domestic demand.
- Service offerings: intelligent design (software-assisted customization), tooling/installation and packing & logistics services that generate incremental service revenue and lock in customer relationships.
- Operational sustainability: green packaging systems reduce material/waste costs and support marketing and compliance, potentially improving margins.
| Metric | Value (RMB) | Notes/Share |
|---|---|---|
| Total Revenue | ≈6,300,000,000 | Annual consolidated sales (approximate recent fiscal year) |
| Gross Profit Margin | ~22-26% | Typical range for mid-to-high-end customized cabinetry manufacturers |
| Net Profit | ≈300,000,000 | Post-tax net income (approximate) |
| Customized Furniture Sales | ~75% of revenue | Includes kitchen cabinets, wardrobes and system furniture |
| Loose Furniture & OEM | ~10% of revenue | Independent furniture pieces and OEM supply |
| Design, Installation & Logistics Services | ~8% of revenue | Value-added service lines, higher margin per project |
| Export Sales | ~7% of revenue | Shipments to overseas customers and distributors |
| Employees | ~8,000 | Manufacturing, R&D, sales and logistics headcount |
- Customer acquisition: showrooms, e-commerce channels, partnerships with developers/real-estate projects, and dealer networks.
- Design & order: in-store or online intelligent design tools capture exact measurements and preferences; designs convert to BOMs and production orders.
- Manufacturing: centralized factories use CNC and automated lines for cabinetry panels, doors, hardware assembly and finishing.
- Packaging & logistics: green packaging systems (recyclable/optimized packing) lower material spend and damage rates; integrated logistics coordinate delivery and on-site installation.
- Installation & after-sales: certified teams perform installation; warranty and service create add-on sales and customer retention.
- Customization premium: higher ASPs (average selling prices) for bespoke kitchens and system wardrobes versus commodity furniture.
- Vertical integration: in-house processing of boards, doors and hardware reduces input cost and protects margins.
- Brand portfolio: multi-brand approach allows price discrimination across segments and reduces exposure to any single channel.
- Export diversification: overseas orders stabilize revenue against domestic cyclicality.
- Operational efficiency: tooling automation and green packaging reduce per-unit cost and return on capital employed.
| Item | Typical Value | Impact |
|---|---|---|
| Average project revenue | RMB 25,000-50,000 | Varies by scope (kitchen + wardrobes vs single cabinet) |
| Gross margin per project | RMB 5,500-12,500 | Depends on materials, finishes, and services included |
| Installation/service margin | 10-20% | Higher margin than pure product sales |
| Packaging & transport cost | RMB 1,000-3,000 | Reduced by green packaging optimization |
Suofeiya Home Collection Co., Ltd. (002572.SZ): How It Makes Money
Suofeiya generates revenue primarily through design, manufacture and retail of customized home furnishings and related installation services. Its integrated supply chain-from factory production to brand retail-enables margin capture across product design, component manufacturing, finished furniture and after-sales services.- Retail network: over 3,800 stores across China providing customized kitchen, wardrobe, whole-house and soft-furnishing solutions.
- Manufacturing sales: proprietary factories producing boards, hardware and finished cabinetry sold to Suofeiya stores and third parties.
- Design & installation services: fees and bundled margins from customization, on-site measurement, delivery and installation.
- Export & overseas experience centers: direct sales and premium service offerings (e.g., high-end custom experience center in Vietnam).
- Value-added services: extended warranties, maintenance contracts and partnerships with real-estate developers.
| Metric | Value / Note |
|---|---|
| Retail footprint | Over 3,800 stores nationwide |
| Stock code | 002572.SZ |
| Revenue change (2024) | -10.04% year-on-year |
| International expansion | High-end custom experience center launched in Vietnam (part of global push) |
| Sustainability initiatives | Green packaging systems, material efficiency and waste reduction programs |
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