Summary of Conference Call Records Industry or Company Involved - Focus on the light industry sector, particularly home furnishing companies such as 欧派家居 (Oppein), 奥普科技 (Aupu), and 富森美 (Fusenmei) [1][5][6] - Discussion on the financial sector and its performance [2] - Insights into the packaging industry, including companies like 裕同科技 (Yutong), 奥瑞金 (Aoruijin), and 永新股份 (Yongxin) [10] - Analysis of the paper industry, highlighting companies such as 太阳纸业 (Sun Paper) and 环望科技 (Huanwang) [13] - New consumption sector with companies like 城光股份 (Chengguang), 恒瑞护理 (Hengrui), and 赵英集团 (Zhaoying) [9] Core Points and Arguments - The market sentiment towards traditional industries, especially real estate, is pessimistic, but there are opportunities for rebound due to low valuations and high dividends [1][3][4] - The "old-for-new" policy is expected to boost demand, particularly benefiting leading home furnishing companies as government subsidies are directed towards them [4] - High dividend stocks recommended include: - 欧派家居: Stable dividends with a yield close to 5% [5] - 奥普科技: Leading in the bathroom appliance sector with a dividend yield of approximately 7.5% [6] - 富森美: Regional retail operator with a high dividend yield of about 8.5% [6] - Companies with expected marginal improvements in low valuation include: - 顾家家居: Stable order growth and operational optimization [7] - 索菲亚: Low historical valuation with potential order improvement post-subsidy [7] - 慕思股份: Stable order performance with organizational restructuring [7] - The financial sector shows solid fundamentals but lacks significant marginal improvement; low price-to-book ratios indicate potential for recovery [2] Other Important but Possibly Overlooked Content - The packaging industry is highlighted for its potential with companies like 裕同科技, which has a competitive edge in customer expansion and a stable dividend policy [10] - The paper industry is expected to face short-term price pressure but may stabilize and improve due to seasonal demand for cultural paper [13] - New consumption companies are showing resilience, with 恒瑞护理 performing well in personal care despite cautious market expectations [9] - The overall sentiment suggests that while some sectors are currently undervalued, they may see a rebound as market conditions improve and government policies take effect [4][12]

Summary of Key Points Core Viewpoint - The Wenzhou Longwan District Market Supervision Administration has conducted a special inspection of food safety focusing on "rural counterfeit and inferior" food products, achieving a 100% pass rate in the inspection of 91 batches of various food items [1][2]. Inspection Results - The inspection covered food categories including grain products, condiments, meat products, sugar, and alcoholic beverages, with all tested samples passing the quality standards [1]. - The testing was performed by recognized institutions such as Zhejiang Public Inspection Center and Wenzhou Customs Comprehensive Technical Service Center [1]. Handling Measures and Consumer Advice - The Longwan District Market Supervision Administration has mandated local market supervision departments to immediately halt the sale of any non-compliant food products and take necessary actions to mitigate risks [2]. - Consumers are advised to report any discovered non-compliant food products or violations of their rights by calling the designated complaint hotline [2].

Industry Overview - In 2024, the new residential property sales area in China decreased by 12.9% year-on-year, totaling 97.385 million square meters, while sales revenue fell by 17.1% to 967.5 billion yuan [1] - The sales area and revenue for residential properties dropped by 14.1% and 17.6% respectively compared to 2023, indicating a continued decline in the new housing market [1] - The building materials and home furnishing market also faced challenges, with sales revenue from large-scale building materials and home furnishing markets declining by 3.9% to 1.49 trillion yuan, marking the third consecutive year of negative growth [1] Company Performance - For 2024, the company reported total revenue of 1.43 billion yuan, a slight decrease of 6.2% year-on-year, with net profit attributable to shareholders at 690 million yuan, down 14.4% from 2023 [2] - The company maintained positive cash flow from operating activities, with a net inflow of 816 million yuan, the only listed home furnishing company in A-shares to achieve growth [2] - The company's revenue is heavily concentrated in the Chengdu area, contributing 97.8% of total revenue, with minimal contributions from other regions [2] Business Model and Revenue Breakdown - The company's primary business model includes self-operated and franchised stores, with self-owned properties being the core operational model [3] - Revenue from market leasing and services decreased by 4.5% to 1.247 billion yuan, accounting for approximately 87.2% of total revenue [4] - The average revenue per unit area for 2024 was approximately 997.51 yuan per square meter, a decrease of 16.0% from 2023 [4] Cost and Profitability - The company's operating costs increased by 3.1% year-on-year to 468 million yuan, with a significant portion attributed to market leasing and service operations [9] - The gross profit margin for 2024 decreased by nearly 3 percentage points to 67.2%, reflecting external adverse factors [9] - The company successfully reduced sales expenses by 32.7% through cost control measures, resulting in a sales expense ratio of 0.4% [12] Strategic Initiatives - The company is focusing on online transformation, achieving online payment totals of 320 million yuan and attracting over 20,000 customers through digital channels [14] - The company has shifted the focus of its Tianfu project from a lifestyle commercial complex to a "live streaming port," aiming to create an ecosystem for home furnishing live streaming [15] - The company maintains a low level of interest-bearing debt, with a debt ratio of only 1.4%, indicating a healthy financial structure [16]

Core Viewpoint - The home furnishing market, referred to as "landlords" in the industry, is facing increasing challenges due to a downturn in the real estate sector, leading to saturated markets and high operational costs, which dilute profits [1] Group 1: Market Performance - The building materials and home furnishing market in China experienced a sales decline of 3.85% in 2024, with total sales amounting to 1.49 trillion yuan [2] - The market area for large-scale building materials and home furnishing has seen negative growth for three consecutive years, with a decrease from 23,093 million square meters in 2022 to 20,495 million square meters in 2024, reflecting a decline of 9.55% [5] Group 2: Company Revenue and Profitability - Major listed companies in the home furnishing sector, including Red Star Macalline, Juran Smart Home, and Fusenmei, all reported revenue declines in 2024, with the most affected company experiencing a 32.08% drop [9] - Fusenmei, despite having a smaller revenue scale, achieved a net profit of 6.90 billion yuan, with a net profit margin of 49.14%, outperforming its peers [12][15] Group 3: Cost Structure and Debt Levels - Red Star Macalline and Juran Smart Home faced significant net profit declines due to high operational costs, with Red Star's total operating cost reaching 8.21 billion yuan and a total cost rate of 105% [16] - Fusenmei maintained a strong profitability largely due to effective cost control, with total operating costs of only 6.33 billion yuan, representing 44.30% of total revenue [18] - Juran Smart Home has a high interest-bearing debt ratio of 71.83%, indicating a significant portion of its debt incurs interest [22] Group 4: Asset Management and Future Strategies - Red Star Macalline's investment properties accounted for over 80% of its total assets, while Fusenmei operated with a lighter asset model, with investment properties making up only 28.28% of its total assets [28] - Companies are adopting various strategies to address operational challenges, including transitioning to a "light asset, heavy operation" model and enhancing digital recruitment systems to improve efficiency [32][34]

Core Insights - The article highlights the emerging trend of "empowerment" and "support" in the home furnishing industry, particularly focusing on the role of leading brands in enhancing dealer and store performance through innovative strategies [1][4][8] - "Fusenmei Home" has gained attention for its successful live-streaming initiatives that empower brands to acquire customers, showcasing significant order volumes and sales figures [4][5][9] Group 1: Empowerment and Support Strategies - Empowerment in the home furnishing sector is defined as a shift from traditional support to a more integrated approach that includes direct assistance in sales and marketing [8][16] - Fusenmei's live-streaming initiatives have resulted in impressive sales figures, with specific brands achieving substantial order numbers, such as 750 orders for Gongniu and 739 for Jianpai [4][5] - The company has developed a comprehensive support system that includes training, operational guidance, and traffic support, effectively creating a "growth engine" for partner brands [8][9][24] Group 2: Sales Performance and Metrics - Fusenmei reported significant sales achievements during promotional events, with total sales reaching 1,898 orders in a special live-streaming event with Jianpai [5][9] - The company has successfully integrated online and offline sales strategies, with over 600,000 visits to its online platform and a total online payment amounting to 320 million yuan [8][10] - The live-streaming sales model has proven effective, with two live-streaming events in November and December achieving sales exceeding 10 million yuan each, setting new records in the home furnishing sector [9][26] Group 3: Market Trends and Future Directions - The home furnishing market is experiencing a shift, with a notable decline in occupancy rates for many stores, indicating a need for innovative strategies to attract customers [19][20] - Fusenmei's approach includes a dual strategy of enhancing brand partnerships and leveraging digital marketing channels to drive customer engagement and sales [24][29] - The company plans to explore new avenues such as AI integration and digital art in home furnishing, aiming to create a more cohesive market presence and enhance customer experience [29]

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company has reported a revenue of 14.30 billion yuan for 2024, a year-on-year decrease of 6.18%, with a net profit attributable to shareholders of 690 million yuan, down 14.39% year-on-year [2] - The company plans to distribute a cash dividend of 6.8 billion yuan (before tax) for every 10 shares, resulting in a total dividend payout of 8.08 billion yuan for the year, achieving a dividend payout ratio of 117% and a dividend yield of approximately 8% [2] - The company is actively responding to short-term revenue pressures by organizing promotional events and exploring new business models, including a full industry chain platform for home improvement and smart home services [3][4] Summary by Sections Financial Performance - In 2024, the company's core business revenue from leasing and services was 12.47 billion yuan, a decrease of 4.52% year-on-year, accounting for 87.2% of total revenue [3] - The gross profit margin for 2024 decreased by 2.94 percentage points to 67.24%, primarily due to revenue pressure and increased depreciation costs from new projects [5] - The company expects revenues for 2025-2027 to be 14.85 billion yuan, 15.70 billion yuan, and 16.49 billion yuan respectively, with earnings per share (EPS) projected at 0.96 yuan, 1.02 yuan, and 1.09 yuan [6][9] Market Position and Strategy - The company is recognized as a leading home goods retailer in Southwest China, with a strong competitive position and a focus on long-term growth driven by urbanization and rising income levels [6][4] - The company is enhancing its operational stability by leveraging its property cost advantages and high penetration in the Chengdu market [6] Future Outlook - The company is expected to benefit from a recovery in the home goods market, with ongoing efforts to attract new business through the Tianfu project and other initiatives [4] - The company is exploring the feasibility of coexisting business models of leasing, joint operations, and self-management starting in 2025 [3]

证券代码：002818 证券简称：富森美 公告编号:2025-018 成都富森美家居股份有限公司 第六届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 公司第六届监事会第三次会议决议。 特此公告。 成都富森美家居股份有限公司 一、监事会会议召开情况 成都富森美家居股份有限公司（以下简称"公司"）第六届监事会第三次会 议于 2025 年 4 月 28 日 10：00 在公司富森创意大厦 B 座 21 楼会议室以现场方 式召开。本次会议通知已于 2025 年 4 月 23 日以微信、书面通知等方式通知全 体监事。本次会议应出席监事 3 人，实际出席现场会议的监事 3 人，会议由监 事会主席程良主持，公司财务总监、董事会秘书和其他相关人员列席了本次会 议。本次会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的 规定。 二、监事会会议审议情况 会议以记名投票表决方式审议通过如下决议： 1、审议通过《关于公司 2025 年第一季度报告的议案》 表决结果：赞成 3 票、弃权 0 票、反对 0 票。 经审核，监事会认为董事会编制和审议的 ...

Financial Performance - The company's revenue for Q1 2025 was ¥329,927,635.02, a decrease of 13.19% compared to ¥380,073,822.19 in the same period last year[5] - Net profit attributable to shareholders was ¥147,863,965.75, down 21.06% from ¥187,306,455.55 year-on-year[5] - Basic and diluted earnings per share decreased by 20.00% to ¥0.20 from ¥0.25 in the previous year[5] - Net profit for Q1 2025 was CNY 152,919,502.44, a decline of 21.0% compared to CNY 193,480,349.86 in the same period last year[28] - Earnings per share (EPS) for Q1 2025 was CNY 0.20, down from CNY 0.25 in the previous year[30] Cash Flow - The net cash flow from operating activities increased by 50.43% to ¥405,485,317.61, compared to ¥269,543,718.90 in Q1 2024[12] - Total cash inflow from operating activities is ¥564,783,529.19, up from ¥457,953,514.25, reflecting a growth of 23.3%[31] - Cash outflow from operating activities decreased to ¥159,298,211.58 from ¥188,409,795.35, a reduction of 15.4%[31] - The company reported a significant increase in cash received from other operating activities, rising to ¥245,283,640.17 from ¥95,470,693.81, an increase of 157.5%[31] - The company’s cash flow from sales of goods and services decreased to ¥319,499,889.02 from ¥362,482,820.44, a decline of 11.8%[31] - The net cash flow from investing activities is -¥352,337,769.46, worsening from -¥285,183,086.17 in the previous period[33] - Cash inflow from investing activities totaled ¥541,849,850.84, down from ¥931,487,464.72, a decline of 41.8%[33] - Cash outflow from investing activities decreased to ¥894,187,620.30 from ¥1,216,670,550.89, a reduction of 26.5%[33] - The net cash flow from financing activities is -¥135,550.00, compared to -¥82,666.66 in the previous period, indicating a worsening situation[33] - The ending balance of cash and cash equivalents is ¥380,787,556.91, significantly up from ¥119,713,638.96 in the previous period[33] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥7,158,136,806.72, reflecting a 1.77% increase from ¥7,033,750,216.19 at the end of the previous year[5] - Total liabilities increased to CNY 1,477,456,774.22 from CNY 997,037,606.93, reflecting a significant rise in current liabilities[24] - The company's total non-current assets were CNY 4,381,170,687.56, slightly down from CNY 4,453,148,466.87[24] - The company's equity attributable to shareholders decreased by 6.21% to ¥5,451,060,480.79 from ¥5,812,148,594.24 at the end of the last year[5] - Total current assets as of March 31, 2025, amount to RMB 2,776,966,119.16, an increase from RMB 2,580,601,749.32 at the beginning of the period[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,810, with no preferred shareholders having restored voting rights[13] - The top three shareholders hold significant stakes: Liu Bing at 43.70% (327,100,886 shares), Liu Yunhua at 27.70% (207,345,600 shares), and Liu Yi at 8.71% (65,165,760 shares)[13] - The company plans to distribute cash dividends of RMB 6.80 per 10 shares, totaling RMB 508,952,079.20, based on a total share capital of 748,458,940 shares as of December 31, 2024[17] Operational Changes - The fair value change loss was ¥31,664,840.82, which is an increase of 84.80% compared to a loss of ¥17,134,993.73 in the same period last year[11] - The credit impairment loss increased by 206.19% to ¥4,429,316.96 from ¥1,446,604.70 year-on-year[11] - The company's receivables increased by 41.53% to ¥95,768,454.30, primarily due to an increase in rental and service fee receivables[9] - The company's prepayments surged by 151.29% to ¥16,496,202.25, mainly due to increased advance payments for decoration labor and materials[9] - The company completed the business scope change for its wholly-owned subsidiary, Fumei Real Estate, on January 16, 2025[20] Investor Relations - The company held a performance briefing on March 18, 2025, addressing 49 investor inquiries[19] - The company has launched a "Quality Return Dual Improvement" action plan to enhance investor confidence and support high-quality development[16]

证券代码：002818 证券简称：富森美 公告编号:2025-017 成都富森美家居股份有限公司 第六届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 1 一、董事会会议召开情况 成都富森美家居股份有限公司（以下简称"公司"）第六届董事会第三次会 议于 2025 年 4 月 28 日 14:00 在公司富森创意大厦 B 座 21 楼会议室以现场的方 式召开。本次会议通知已于 2025 年 4 月 23 日以电话、微信、书面通知等方式通 知全体董事、监事及高级管理人员。本次会议应出席董事 7 人，实际出席现场会 议的董事 7 人，会议由董事长刘兵主持，公司监事和高级管理人员列席了本次会 议。本次会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的规 定。 二、董事会会议审议情况 会议以记名投票表决方式审议通过如下决议： 1、审议通过《关于公司 2025 年第一季度报告的议案》 本议案已经董事会审计委员会审议通过。 表决结果：赞成 7 票、弃权 0 票、反对 0 票。 《公司 2025 年第一季度报告》（公告编号：2025-01 ...

Group 1 - The company plans to distribute a cash dividend of RMB 6.80 per 10 shares, totaling RMB 508,952,079.20, based on a total share capital of 748,458,940 shares as of December 31, 2024 [1][2] - The dividend distribution will not include capital reserve transfers or stock bonuses [1][2] - The cash dividend amount will remain fixed, with adjustments made only if the total share capital changes due to convertible bonds, share buybacks, or other reasons [1] Group 2 - The record date for shareholders is set for April 2, 2025, and the ex-dividend date is April 3, 2025 [2] - The dividend tax treatment varies for different types of shareholders, with specific rates for Hong Kong investors and domestic investors based on holding periods [2] - The company will not withhold individual income tax at the time of distribution, but it will be calculated based on the holding period when shares are sold [2]