Easyhome New Retail Group Corporation Limited: history, ownership, mission, how it works & makes money

From a 1990 state-owned enterprise in Wuhan to a listed retail player on the Shenzhen Stock Exchange (ticker 000785.SZ) since 1997, Easyhome New Retail Group has reinvented itself-rebranding in 2019 and again in 2024-to fuse offline malls with digital services; the company reported revenue of 12.97 billion CNY and net income of 769.37 million CNY (with year‑over‑year drops of 4.04% and 40.83% respectively), employed 7,028 staff as of December 31, 2024 (a 17.70% reduction), operates 407 home furnishing stores (83 direct, 324 franchised) across 30 provinces and overseas, and generates income through five core segments-Leasing & Franchising, Decoration, Merchandise Sales, Financial and Other services-while expanding AI design tools and platforms like Juran Designer, Juran Smart Home and Dongwo, offering financing, lease and franchising revenues, decoration service fees, product sales and financial service income, and holding a market capitalization of about 19.56 billion CNY as of November 26, 2025, as it pivots toward omnichannel retail, smart home integration and precision marketing.

Easyhome New Retail Group Corporation Limited (000785.SZ): Intro

Easyhome New Retail Group Corporation Limited (000785.SZ) is a long-established Chinese home improvement and furniture retailer that has evolved from a state-owned enterprise into a publicly traded omnichannel retailer focused on integrating online, offline and smart-home solutions. Key milestones, ownership notes, strategic mission and business model are summarized below.

• Founded in 1990 in Wuhan as Wuhan Zhongshang Commercial Group (state-owned origin).
• Listed on the Shenzhen Stock Exchange in 1997 (ticker: 000785.SZ).
• Rebranded in 2019 to reflect a new omni-channel retail strategy.
• Renamed again in 2024 to emphasize new retail and technology integration.
• 2025 strategic focus: enhance digital presence and embed smart-home solutions into product and service offerings.

Ownership and Governance

• Originally state-owned at founding; transitioned to a publicly listed company in 1997.
• Shares traded on Shenzhen Stock Exchange under 000785.SZ; ownership now a mix of institutional investors, retail holders and long-term strategic stakeholders.
• Corporate governance follows listed-company reporting and board structures required by Chinese securities regulators.

Mission and Strategic Priorities

• Mission: Provide integrated home-improvement, furniture and smart-home solutions through a seamless online-offline customer experience.
• Priorities: digital transformation, supply-chain optimization, expanding service offerings (design, installation, after-sales), and smart-home ecosystem development.

How It Works - Business Model

Easyhome operates a hybrid retail model combining physical stores and digital platforms to sell furniture, home improvement materials, appliances and smart-home products, while offering value-added services (design, delivery, installation, finance and after-sales).

• Offline network: brick-and-mortar showrooms and regional distribution centers for product display, immediate customer interaction and installation services.
• Online channels: e-commerce platforms, proprietary apps and partnerships to capture sales, appointments and omnichannel fulfilment.
• Service monetization: paid design and installation, extended warranties, and home-improvement project management.
• Smart-home integration: hardware sales, platform-enabled services and partnerships with IoT vendors to create recurring service opportunities.

How It Makes Money - Revenue Streams

• Product sales: furniture, appliances, building materials and smart-home devices (primary revenue driver).
• Services: design fees, installation, delivery and project management (higher-margin components).
• Value-added services: warranties, maintenance contracts and small-ticket fintech or installment financing tied to purchases.
• Online marketplace/advertising and partnerships: platform fees, vendor promotions and cross-selling within the ecosystem.

For a detailed, linked company overview: Easyhome New Retail Group Corporation Limited: History, Ownership, Mission, How It Works & Makes Money

Easyhome New Retail Group Corporation Limited (000785.SZ): History

• Founded and scaled through franchising and store network expansion across China.
• Evolved into five main operating segments: Leasing & Franchising, Decoration, Merchandise Sales, Financial, and Other services.
• Invested in digital capabilities: AI design tools, live broadcasting, studio photography, and precision marketing to drive merchant traffic and conversion.

• Publicly listed on the Shenzhen Stock Exchange (000785.SZ) with a mix of institutional and retail shareholders.
• Corporate governance centers on board-led strategic oversight while maintaining franchisee partnerships for local operations.

• Store network and franchise partners provide physical retail footprint and local customer reach.
• Leasing and franchising segment generates recurring rental/franchise fees and enables rapid scale with lower capital intensity.
• Decoration and merchandise sales drive product margins and service revenues (installation, design).
• Financial segment offers consumer financing, guarantees, and factoring-both to end consumers and merchant partners-capturing interest and fee income.
• Digital services (AI design, live streaming, studio photography, precision marketing) monetize via subscription/fee models and bolster sales conversion for merchants.

• Position as an integrated new-retail home furnishing platform combining physical stores, digital tools and financial services.
• Drive merchant and consumer value through omnichannel execution, precision marketing and financing support.
• Enhance efficiency and scale via franchising and asset-light leasing models.

Easyhome New Retail Group Corporation Limited (000785.SZ): Ownership Structure

• Mission: To provide consumers with full-life cycle decoration and home service solutions and to be a service benchmark in the home‑furnishing industry.
• Customer-first policies: Pioneered 'payment first' and 'return without reason' rules to boost customer satisfaction and trust.
• Omnichannel approach: Deep integration of online and offline retail channels to improve accessibility and convenience.
• Technology focus: Emphasis on digital intelligence, smart logistics and smart home improvements aligned with modern consumer habits.
• Recognition: Recipient of honors such as 'Beijing's Top Ten Commercial Brands' and the '2023 China Home Furnishing Industry Leading Brand Award.'
• Commitment: Continuous innovation and adaptation to technological advances to meet evolving consumer needs.

• Retail sales: Revenue from branded furniture, home décor and appliance sales across flagship stores and franchised outlets (largest single revenue source).
• Home improvement services: Turnkey decoration projects, design and installation fees, recurring service contracts and maintenance upsells.
• Omnichannel sales & digital ecosystem: Online marketplaces, live‑streaming channels and proprietary apps that drive higher conversion and cross‑sell between online and physical stores.
• Logistics & smart operations: Monetization via in‑house logistics and warehousing efficiencies that reduce costs and support faster project delivery.
• Financial services: Point‑of‑sale financing, installment products and third‑party payment partnerships that increase average ticket size and customer retention.

• Control structure: Publicly traded on Shenzhen Stock Exchange (000785.SZ) with a concentrated promoter/shareholder base and institutional investor participation.
• Insider and institutional stakes: Significant holdings typically held by founders/promoters and large institutional investors (pension funds, asset managers); free float supports daily liquidity.
• Governance focus: Board and executive teams prioritize omnichannel expansion, margin improvement via supply‑chain upgrades, and digital transformation initiatives.

Easyhome New Retail Group Corporation Limited (000785.SZ): Mission and Values

• Large-format home lifestyle malls: Easyhome operates hundreds of Zhongshang World malls and smaller modern department-store formats across China, anchoring one-stop solutions for decoration, renovation and furnishing.
• Omnichannel integration: The company merges offline retail with digital touchpoints - store-level networks, mobile apps, mini-programs and online storefronts - to create a seamless customer journey from design to purchase to after-sales.
• Partner ecosystem: Easyhome aggregates suppliers across furniture, appliances, building materials and home décor, enabling bundled offerings, project-based renovation contracts and volume sourcing advantages.
• Digital platforms and tools: Proprietary platforms such as Juran Designer, Juran Smart Home and Dongwo supply AI-driven design, procurement and merchant-management tools that accelerate project quoting, visualization and fulfillment.
• Financial & value-added services: Beyond product sales, Easyhome provides consumer financing, guarantees, factoring and small loan services to support renovation projects, plus investment management and property leasing to monetize real estate assets.
• Retail variety: The group runs general supermarkets, campus and micro supermarkets in addition to home-mall operations, broadening footfall and cross-selling opportunities.

• Direct retail sales: Revenue from sales of furniture, appliances, building materials and décor in Easyhome malls and online channels.
• Project-based renovation contracts: End-to-end renovation projects (design, materials, installation) generate higher-margin, service-oriented income.
• Platform & merchant services: Subscription and transaction fees from B2B services (Juran, Dongwo) and digital tools sold to home furnishing merchants.
• Financial services income: Interest, fees and commissions from consumer finance, guarantees, factoring and small-loan products tied to renovation purchases.
• Property & leasing: Rental income from mall properties, as well as revenue from operating Zhongshang World department stores.
• Wholesale & distribution: Bulk procurement and wholesale sales to smaller dealers and franchisees.
• Advertising & membership: Revenue from in-mall/promotional advertising, membership programs and value-added services.

• Cross-selling: Using mall footfall and membership to bundle appliances, furniture and renovation services for higher per-customer transaction value.
• Supplier scale & procurement: Centralized sourcing reduces COGS and enables promotional pricing while preserving project margins.
• Monetizing platforms: Expanding Juran Smart Home and Dongwo adoption to grow recurring B2B revenues and data-driven upselling.
• Financial product integration: Embedding financing and guarantee products into the sales flow to increase conversion and average order value.
• Asset-light expansion: Leasing and partnership models to grow network while managing capital expenditure and working-capital needs.

• Juran Designer - AI-assisted design and visualization for consumers and merchants.
• Juran Smart Home - Integrated smart-home product suites and installation services.
• Dongwo - Merchant-facing digital procurement and supply-chain tools.
• Zhongshang World - Flagship home lifestyle malls and modern department stores.
• Financial services - Consumer loans, guarantees, factoring and investment management services linked to home projects.

Easyhome New Retail Group Corporation Limited (000785.SZ): How It Works

• Core assets: national store footprint (company-operated and franchised), decoration teams, warehouse & logistics, financial services platform, and digital marketing/precision advertising capabilities.
• Customer funnel: showroom discovery → design/decoration consultation → product selection → financing/after-sales → ancillary digital and precision marketing services.

• Leasing and Franchising Business: earns rental income from leasing retail space to franchised partners and management/franchise fees for brand, operations, and supply-chain access.
• Decoration: charges service fees for design, whole-home and partial renovations, bespoke customization, and premium mansion projects; revenue recognized on service completion and contract milestones.
• Merchandise Sales: sells home building materials, furniture and décor, department-store items, and electronics through stores and online channels; revenue recognized at point of sale or on delivery.
• Financial: provides consumer financing, guarantees and factoring for suppliers/franchisees; income from interest, financing fees, guarantee fees and factoring spreads.
• Other: digital solutions (OMNI-channel integration), precision marketing packages sold to suppliers and partners, warranty and after-sales services.

• Leasing & Franchising Business
  • Franchise fees: upfront and ongoing royalties tied to sales volume or fixed schedules.
  • Leasing income: company leases store spaces (or subleases) and charges franchisees rent plus property management fees.
• Decoration
  • Project billing: staged invoicing for design, materials and labor; higher-margin bespoke and whole-home projects drive profitability.
  • Value-added offers: premium materials and integrated procurement increase gross margin vs. pure service.
• Merchandise Sales
  • Product margin mix: electronics and appliances tend to have lower margins vs. furniture and building materials; scale purchasing and private-label SKUs improve margins.
  • Omnichannel sales: store-led sales supplemented by online marketplaces and direct-to-consumer channels.
• Financial
  • Consumer loans: installment financing tied to decoration contracts or product purchases generates interest income and origination fees.
  • Guarantees & factoring: fee income from providing working-capital solutions to suppliers and franchisees; reduces partners' liquidity constraints and locks in supply relationships.
• Other
  • Digital/precision marketing: monetizes platform traffic by selling targeted marketing campaigns and supplier promotions.
  • After-sales & warranties: paid maintenance packages and extended warranties add recurring service revenue.

• High fixed costs from store operations and design teams are offset by franchising leverage-franchised stores reduce capex while producing recurring franchise fees.
• Decoration services and private-label merchandise push gross margin higher than commodity product sales.
• Financial services enhance lifetime customer value through financed purchases and cross-selling; credit spreads contribute incremental operating profit but carry credit risk.

• Expand franchising footprint to scale network with lower capex and capture recurring franchise/leasing fees.
• Shift sales mix toward higher-margin decoration projects and private-label merchandise.
• Deepen financial services penetration to increase financed ticket size and fee income.
• Monetize platform traffic with precision marketing and digital subscriptions for suppliers.

Easyhome New Retail Group Corporation Limited (000785.SZ): How It Makes Money

• Retail product sales (furniture, home décor, appliances) - core revenue driver across both direct and franchise stores.
• Franchise and management fees - recurring income from 324 franchisees for brand, logistics and operations support.
• Value-added services - installation, interior design, extended warranties and smart-home integration services.
• Financial services - consumer finance partnerships and point-of-sale financing that increase ticket sizes and capture financing spread/fee income.
• Online platform and cross-channel sales - e-commerce, livestreaming, and digital marketing monetization as part of an omnichannel strategy.

• Omnichannel integration: continued investment in digital platforms, livestream commerce and store tech to convert online traffic into in-store conversions and vice versa.
• Smart home and services push: expanding smart-home SKUs and bundled installation/design services increases average order value and recurring service revenue.
• Franchise model leverage: 324 franchise stores broaden footprint with lower capital intensity while direct stores serve as experiential hubs and logistics anchors.
• Strategic partnerships: alliances with fintech and smart-home vendors help monetize ancillary services and financing.