罗莱生活：业绩靓丽，产业新叙事

独立不迁 横而不流

Independent and Unwavering,

Steadfast without Yielding.

◎

罗莱生活：

业绩靓丽，产业新叙事

26H1E results: buoyant profits attest to effectiveness of innovation-led quality improvements across the board

投资要点

Investment Thesis

公司发布半年报

26Q2公司营收11亿，同增5%，归母净利1亿，同增40%，扣非后归母净利0.7亿，同增47%；

26H1公司营收23亿，同增6%，归母净利2.5亿，同增34%，扣非后归母净利2.1亿，同增35%；

向全体股东每10股派发现金红利2.8元（含税）。

2026年上半年，公司顺应家居消费市场迭代趋势及消费者购物场景多元化、线上线下融合化的发展特征，坚持双线协同、创新破局的渠道发展策略，持续优化线上、线下全渠道布局，创新渠道运营模式，补齐渠道发展短板，实现全域渠道提质增效、高质量增长。

线上渠道持续深耕突破，保持高速增长态势

公司持续深化主流电商平台战略合作，紧跟平台流量规则、营销玩法及消费趋势变化，动态迭代优化全域线上营销体系，精准调整投放策略、内容打法与货品结构。

通过精细化流量运营、场景化营销推广、数字化投放复盘，持续提升公域流量获取能力、流量转化效率及用户留存复购率，有效降低获客成本，稳固线上渠道盈利水平，持续强化线上业务的增长引擎作用。

线下渠道优化升级，持续夯实实体渠道底盘

公司聚焦门店质量与渠道质量双提升，稳步推进线下渠道结构性优化。一方面精准拓展优质点位，持续加大核心市场、重点商圈门店布局力度，扩大品牌线下市场覆盖半径；另一方面启动低效门店专项提质改造工作，从门店形象、产品陈列、场景体验、人员运营等维度全方位升级，精准盘活存量门店资源，有效提升单店店效与坪效。

Luolai met strategic goals by using innovation to tamp costs and raise efficiency, along with comprehensive quality upgrades. Greater O2O integration strengthened online channels, while a dedicated store upgrade initiative enhanced its physical brand presence. We maintain our BUY call.

The gist: BUY

- 26H1E results: 34% net profit jump attests to efficiency and cost management

- Online channels: fast growth on rigorous cost tamping and stable profitability

- Offline channels: firming physical retail POS fundamentals with upgrades

26H1E results: 34% net profit jump attests to efficiency and cost management

Home furnishing leader Luolai Lifestyle Technology released unaudited 26H1E results on 22 Aug. The moderate revenue rise and strongly buoyant profits attest to the company’s ability to tamp costs and raise efficiency to achieve its strategic goals:

Key metrics:

- Revenue: RMB2.3bn in H1, up 6% yoy; including RMB1.1bn from Q2, an increase of 5% yoy.

- Net profit: RMB250m in H1, a hefty 34% yoy jump; with Q2E rising 40% yoy to RMB100m.

- Recurring net profit: RMB210m in H1, up 35% yoy; including RMB70m from Q2E, a growth spike of 47% yoy.

DPS: The company is set to distribute a cash dividend of RMB2.80 per 10 shares (tax inclusive) to all shareholders.

H1 focus:

- Channel shifts: Mindful of evolving home furnishing trends in H1, Luolai kept pace with increasingly diverse shopping scenarios and integrated online-to-offline consumer channels.

- Strategy: Its channel buildout strategy centers on tech advances with O2O synergy.

- Steps: The company strengthened its omnichannel network by boosting innovations in its channel operation models, while addressing weaknesses in channel development.

- Outcome: Luolai achieved better-quality growth and efficiency across all channels.

Online channels: rigorous cost tamping and stable profits enabled fast growth

The company was effective in reducing customer acquisition costs and stabilizing profitability in the online channels in H1, which has strengthened the online business as a key growth driver. Luolai took the following measures:

- Ecommerce partners: It strengthened strategic partnerships with mainstream ecommerce platforms, and continued to monitor shifts in platform traffic rules, marketing tactics, and consumer trends.

- Online marketing: Through dynamic iteration, it improved online marketing network integration by targeting more precise advertising strategies, content approaches, and product mix.

- User traffic: Using fine-line user traffic management, scenario-based marketing promotions, and digital ad campaign analysis, the company became better at acquiring public users in terms of higher traffic conversion efficiency, as well as user retention and repeat purchase rates.

Offline channels: firming physical retail POS fundamentals with upgrades

Luolai lifted physical store and channel quality in H1 by improving its POS business mix. It focused on these fundamentals:

- Strategic locations: The company expanded its physical store footprint to prime locations, dialing up its presence in key markets and commercial districts to broaden its brand reach.

- Upgrades: To revitalize underperforming stores, it launched a store-dedicated quality upgrade initiative in H1. This involved comprehensive upgrades that addressed store image, product displays, the in-store experience, and staff operations, which effectively raised efficiency in per-store as well as per-square-meter terms.

投资建议

Investment Thesis

调整盈利预测，维持“买入”评级

基于公司半年报体现出大单品策略成效，我们调整盈利预测，预计26-28年收入分别为52/56/60亿元（前值为52/55/59亿元），归母净利润分别为6.2/6.9/7.8亿元（前值为6.0/6.8/7.8亿元），EPS分别为0.74/0.82/0.93元；对应PE分别为16/14/12x。

Valuation and risks

We raised our forecast to reflect the effectiveness of Luolai’s flagship product strategy in its 26H1E results. We now project 2026/27/28E revenue at RMB5.2bn/5.6bn/6.0bn (previously RMB5.2bn/5.5bn/5.9bn) and net profit at RMB620m/690m/780m (previously RMB600m/680m/780m). Our revised estimates imply RMB0.74/0.82/0.93 EPS at 16x/14x/12x PE. We maintain our BUY rating.

风险提示

核心高管流失，市场竞争激烈，终端需求不及预期等。

Risks include

loss of key executives; intensifying competition; and weaker-than-expected end-user demand.

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