In-depth Analysis of Oppein Home's 'Whole Home' Strategic Transformation

Based on the latest market data and industry information, I conducted a systematic analysis of the pain period of Oppein Home’s ‘Whole Home’ strategic transformation:

Oppein Home’s terminal channels are undergoing drastic contraction. As of the end of 2024, the company had a total of 7,813 stores, a net decrease of 973 from 8,786 at the end of 2023, representing a drop of 11.07% [1]. Specifically, it closed 2,058 stores throughout the year while opening 1,085 new ones. The pace of store closures accelerated significantly in the fourth quarter, with a net decrease of 430 stores in the single quarter—accounting for 44.5% of the full-year net closures [1].

Entering 2025, this trend has not reversed. As of the end of September 2025, the total number of stores further decreased to 7,480, a net decrease of 333 from the end of 2024 [1]. This means Oppein Home has reduced its store count by over 1,300 in less than two years.

Drastic channel adjustments have severely impacted the company’s revenue foundation. In 2024, Oppein Home’s dealer channel revenue—on which it was built—plummeted 20.10% year-on-year, and has contracted for two consecutive years [1]. Weak terminal performance quickly reflected in overall results: in Q3 2025, the company’s net profit dropped 21.79% year-on-year [1].

In terms of industry comparison, the custom home industry declined by more than 15% in 2025, falling again after 2024. It has become a fact that the market has shifted from high-speed growth to volatile consolidation. Among nine custom home listed companies, only OLO Home saw a slight increase in the first three quarters of 2025; the remaining eight all declined. Among them, Zbom Home and Holike recorded double-digit declines, while Piano’s decline exceeded 37% [3].

The actual results of the ‘Whole Home’ strategic transformation show a pattern of severe divergence. According to management disclosures, among existing retail Whole Home stores, only about 20%-30% are operating well; as many as 40%-50% are still in the exploration stage; and another 20%-30% are underperforming [1].

This divergence reflects several core issues:

• Uneven operational capabilities
  : Dealers have significant gaps in their operational capabilities for the Whole Home model.
• Unproven single-store profit model
  : Most stores are still exploring effective profit paths.
• High difficulty in resource integration
  : The Whole Home model requires integrating multiple categories such as kitchen cabinets, wardrobes, bathrooms, and wooden doors, placing higher demands on dealers’ comprehensive operational capabilities.

Oppein Home’s current predicament is a microcosm of the comprehensive collapse of related industries and consumption against the backdrop of China’s economic downturn, which was once dominated by real estate [1]. China’s real estate industry is linked to many sectors, and the impact of this nationwide ‘real estate dependency’ is continuing to deepen.

Several custom home companies’ fundraising projects have been delayed or adjusted one after another, further confirming the challenges facing the industry:

• Oppein Home’s ‘Intelligent Manufacturing (Wuhan) Project’ has been delayed to December 31, 2026, for reaching the scheduled usable state [3]
• Zbom Home’s ‘Qingyuan Intelligent Production Base’ and ‘Digital Upgrade Project’ have both been delayed to 2026-2027 [3]
• Mengtian Home’s multiple fundraising projects have been delayed to the end of 2026 [3]

At the end of 2025, Oppein Home experienced a ‘double liquidation’ in the capital market. In the second month after the adjustment of the MSCI China A-share Index, this once 100-billion-yuan market capitalization leader in custom homes was also removed from the CSI 300 Index component list [1]. The former industry giant with a 100-billion-yuan market cap has seen its value shrink by approximately two-thirds in less than four years [1].

As a representative of core high-quality assets in A-shares, the CSI 300 Index’s component selection covers core dimensions such as market capitalization scale, stock liquidity, profitability, and industry representation. In this adjustment, the number and weight of samples in the information technology and communication services industries both increased, while traditional industry stocks like Oppein Home were gradually phased out [1].

Based on the current industry situation and enterprise development, Oppein Home’s ‘Whole Home’ strategic transformation pain period is expected to last another 2-3 years, mainly based on the following judgments:

• Store adjustments will continue, but the decline is expected to narrow.
• Dealer channel revenue may continue to face pressure, but the decline will tend to moderate.
• The divergent pattern of Whole Home store operations will persist, and some underperforming stores will be eliminated.

• The real estate industry is expected to gradually stabilize, benefiting the recovery of home industry demand.
• Successfully transformed Whole Home stores will start contributing positive results.
• The industry will complete the first round of reshuffling, and competitive advantages will concentrate on leading enterprises.

• The ‘Whole Home’ model will mature, with significantly improved operational efficiency.
• The omni-channel system integrating online and offline will be more refined.
• The company is expected to achieve stable performance recovery by leveraging scale advantages and transformation experience.

Facing transformation difficulties, Oppein Home proposed the strategic direction of ‘Stabilizing the Whole Home, Moving Toward Pan-Whole Home’ in 2025 [1]. The company plans to continue building a smooth and efficient Whole Home operation platform, fully upgrade the traffic operation system, empower dealers’ development, promote innovative upgrades of the urban operation system, and continuously optimize the marketing supply chain system, etc.

However, at the critical juncture of the company’s difficult transformation, Oppein Home needs to focus on the following challenges:

1. Dealer confidence maintenance
   : Need to establish a more effective dealer empowerment system.
2. Brand reputation repair
   : Strengthen after-sales service and consumer rights protection.
3. Cash flow management
   : Ensure healthy financial conditions during the performance pressure period.
4. Talent team building
   : Cultivate professional talents with Whole Home operation capabilities.

Overall, as a leading enterprise in the custom home industry, Oppein Home has scale advantages, brand accumulation, and transformation determination. Although it faces major challenges in the short term, as long as it adheres to the correct strategic direction and responds flexibly to market changes, the company is expected to weather the cycle and regain new life.

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[1] Sina Finance - Oppein Home: Growing Pains of ‘Whole Home’ Strategic Transformation, Behind the Shrinkage of 100-Billion-Yuan Market Capitalization (https://finance.sina.com.cn/stock/relnews/2025-12-31/doc-inheshqq9152377.shtml)
[2] East Money - Oppein Home Individual Stock Data (https://data.eastmoney.com/stockdata/603833.html)
[3] Sina Finance - Custom Home Industry ‘Breaking Through’ at Year-End (https://finance.sina.com.cn/tech/roll/2025-12-30/doc-inheqixq4271753.shtml)