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志邦家居：南洋烽火燃情

来源：家居百科时间：2026年10月09日 15:27

Custom Furniture Industry's Shift: From Domestic to Global

Custom Furniture Industry Image

Over the past few years, the narrative of the custom furniture industry has been singular: domestic competition.

Price wars, channel wars, and whole-package wars have spread from first-tier cities all the way to counties. However, by 2026, this path is reaching its end.

Half-year report data shows that the revenue and profits of many listed home furniture companies have declined, with both domestic retail and bulk channels under pressure. At the same time, another set of data has been accelerated: overseas business revenue has increased significantly.

The phrase "cold at home and hot abroad" precisely summarizes the changes the industry is experiencing.

And Zhibang Furniture has just invested 200 million yuan into Thailand.

Domestic bleeding, overseas bloodletting

Let's look at Zhibang's cards first.

In 2025, Zhibang's domestic revenue was 3.681 billion yuan, a decrease of 21.39% year-on-year; overseas revenue was 365 million yuan, an increase of 77.73%. The gap between the two is striking.

By the first half of 2026, the situation has become even more extreme. Domestic retail and bulk businesses continue to be under pressure, and the company has reported its first loss in the half-year report since its listing. However, overseas business revenue reached 142 million yuan, accounting for 9.7% of the total, with a gross margin of 21.81%, showing great resilience.

In short, domestic is bleeding, while overseas is generating blood.

This is not a problem unique to Zhibang. The entire custom furniture industry is going through the same pain.

As the domestic real estate market shifts from new house delivery-driven to existing house renovation-driven, the growth rate naturally slows down, and companies are urgently in need of finding new market space.

Going abroad has become a must rather than an option.

Why Thailand?

Zhibang's actions are clear this time: to increase the capital of its wholly-owned subsidiary Singapore Zhibang by 2 billion yuan, and then for Singapore Zhibang to increase the capital of its wholly-owned grandchild company Thailand Dezhi, for the new Thailand intelligent manufacturing base project.

The project is located in Rayong Province, Thailand, with a construction period of 18 months, expected to start on December 15, 2026. It mainly involves purchasing land, constructing new factories and office buildings, and adding production equipment.

The key is the location, the Eastern Economic Corridor (EEC) of Thailand.

This region has perfect industrial supporting facilities and prominent location advantages, closely connected with neighboring countries in ASEAN and the world's logistics. Once the base is built, the logistics transportation time to Southeast Asia, North America, and Australia will be significantly shortened, and the delivery speed and service timeliness will be rapidly improved.

But what is more worth pondering is this sentence in the announcement:

"This project can independently build a flexible custom furniture production line, specifically for overseas product specifications and local building户型 standards, releasing independent overseas production capacity, supporting the scaled expansion of the self-owned brand ZBOM in overseas markets, and completing the upgrade from product export to brand localization operation."

Translated, it means: Before, we were just selling goods; now, we are building factories, adapting to overseas markets, and establishing brands.

From selling goods to taking root, the difference is not just a factory

Zhibang has been involved in overseas business since 2014, and now its overseas business has covered more than 50 countries and regions around the world. The Australian market has set a benchmark, deeply cooperating with local old-brand enterprises IJF to win multiple comprehensive projects; the Middle East market's revenue scale has increased threefold in 2025; Southeast Asia has been exporting its own brands through加盟 chain, driving rapid growth in overseas revenue through multi-regional tiered operations.

But what has driven these past achievements? Domestic production and overseas sales.

This model works well when the order scale is not large, but once the overseas business scale increases, the shortcomings are exposed: long logistics cycle, high tariff costs, and poor product adaptability. Zhibang itself acknowledges: "As the core area for overseas production capacity layout, the existing factory capacity in Thailand is no longer able to meet the needs of scaled development."

This is why it is necessary to upgrade from renting factories to buying land and building factories.

The benefits of building a self-owned base are tangible: reducing operating costs, reducing personnel dependence, and improving risk resistance. More importantly, a self-built factory can be designed and constructed according to local environmental, labor, and construction regulations in Thailand, achieving full localization of production, quality control, and quality inspection, and adapting to overseas market product certification standards.

In short, doing business in someone else's territory, renting a house and building a house, are two completely different attitudes.

There are no shortcuts on the road to going abroad

Some companies in the industry have already paid the tuition.

Early explorers of going abroad in the home furniture industry mostly only did simple order transfers, with no local service capabilities or brand recognition, and were easily trapped in difficulties. Exporting goods and brand going abroad look the same, but they are two different things.

Zhibang's chosen path is "dual drive of engineering and brand retail". B-end takes projects to scale, C-end opens stores to build brands. Establishing the first overseas flagship exhibition in Melbourne and opening local retail stores in Sydney are not for short-term volume, but strategic attempts in developed countries markets.

This path is slow but steady.

As the consumption daily said in an analysis: Chinese home furniture companies' going abroad must ultimately complete the leap from "product output" to "systematic brand layout", establishing local-adapted channel networks, service teams, and brand recognition in overseas markets, and truly stabilizing and extending the second growth curve.

Zhibang's Thai factory is essentially the cornerstone of this "systematic" approach. With local production capacity, we can talk about local services; with local services, we can talk about brand recognition.

Conclusion:

In 2026, the custom furniture industry is experiencing a profound transformation.

The growth logic of the past twenty years was: betting on the domestic real estate dividend, competing on scale, channels, and prices. The future logic will be: holding on to the domestic basic盘, opening up new horizons abroad.

Zhibang is not the first home furniture company to build a factory in Southeast Asia, and it will not be the last. But the path it chooses is worth pondering: not greedy for speed, not taking shortcuts, first establishing production capacity, and then establishing brands.

2 billion yuan, 18 months, a factory in Thailand.

This is not just a calculation of short-term returns, but a more fundamental question: when the ceiling of the domestic market is getting closer and closer, can Chinese home furniture companies grow a new leg abroad?

"Beyond every day," the answer Zhibang gives is: can.