成都富森美家居股份有限公司 2025 年半年度报告全文 成都富森美家居股份有限公司 2025 年半年度报告 2025-024 【2025 年 8 月】 1 成都富森美家居股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及除董事长刘兵先生因被实施留置措施无法签署关 于 2025 年半年度报告的书面确认意见之外，其他董事、监事和高级管理人员 保证半年度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或 者重大遗漏，并承担个别和连带的法律责任。 公司负责人刘云华（代）、主管会计工作负责人王鸿及会计机构负责人 (会计主管人员)阚宗涛声明：保证本半年度报告中财务报告的真实、准确、 完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席董事 | 未亲自出席董事 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 姓名 | 职务 | | | | 刘兵 | 董事长 | 因被成都市郫都区监 察委员会实施留置 | | 公司可能面临的风险详见本报告"第三节 管理层讨论与分析"中"十、 公司面临的风险和应对措 ...

Core Viewpoint - The company is facing a prolonged performance downturn while maintaining a high dividend policy, reflecting a complex balance between declining revenues and strong cash flow management [2][5][8]. Group 1: Company Governance and Control - The company is controlled by the Liu family, with a concentrated ownership structure where Liu Bing, Liu Yunhua, and Liu Yi hold 80.11% of shares, ensuring efficient decision-making but also posing governance risks [3][8]. - Liu Bing's recent detention has raised concerns about potential impacts on strategic implementation, although the company emphasizes that operations remain unaffected [1][8]. Group 2: Financial Performance - The company has experienced six consecutive quarters of revenue decline, with 2024 revenue at 1.43 billion yuan, down 6.18% year-on-year, and net profit at 690 million yuan, down 14.39% [2]. - Despite the revenue and profit declines, the company has maintained a high dividend payout, distributing 2.425 billion yuan from 2022 to 2024, with a 2024 payout ratio of 117.11% [2][5]. Group 3: Strategic Adjustments - The company is implementing a dual strategy of reducing low-margin renovation business while enhancing digital and new business models, focusing on core rental and service operations that contribute 87.2% of revenue [6][7]. - The company has adopted a "live streaming + short video" marketing strategy, significantly reducing customer acquisition costs and increasing customer engagement [6]. Group 4: Market Challenges and Opportunities - The overall building materials and home furnishing market is under pressure, with a reported 9.55% decline in market area in 2024, indicating a saturated industry [2][8]. - The company is targeting the existing housing market with its "Old House Renewal" strategy, collaborating with over 30 brands to provide comprehensive solutions [7].

Core Viewpoint - The home furnishing market is facing a critical turning point in 2025, marked by a series of tragic events involving industry leaders, which may leave a dark mark in Chinese business history [4]. Group 1: Industry Overview - The home furnishing market operates on a "real estate-like" model, relying heavily on land acquisition, loans, and rental income, making it susceptible to risks associated with resource acquisition [5]. - The industry has thrived over the past 20 years due to the real estate boom, but as this growth cycle ends, a market "cleansing" and reshuffling is necessary [6]. - The average rental rates for leading home furnishing companies have been reported to be between 89% and 93%, below the industry safety line of 95%, indicating operational risks [8]. Group 2: Financial Performance - From 2021 to 2024, the total revenue of major players like居然之家 (Yuanran Home) fluctuated around 13 billion yuan, while net profit plummeted by 67% from 2.3 billion yuan to 769 million yuan [12]. - 红星美凯龙 (Red Star Macalline) saw its revenue drop from 15.5 billion yuan in 2021 to 7.8 billion yuan in 2024, with net losses escalating from 2.2 billion yuan to 2.9 billion yuan [13]. - 富森美 (Fusenmei) maintained revenue around 1.5 billion yuan but faced declining net profits, indicating a trend of financial deterioration across the industry [14]. Group 3: Market Dynamics - The home furnishing market's sales in 2024 were approximately 1.49 trillion yuan, reflecting a year-on-year decline of 3.85%, with a significant increase in bankruptcies within the home decoration sector [9]. - The shift in consumer behavior and the rise of online platforms have led to a decline in foot traffic and sales in physical stores, with many stores reporting minimal customer engagement [10][11]. - The operational model is evolving, with companies exploring multi-format strategies and digital transformation to adapt to changing market conditions [17][19]. Group 4: Transformation Challenges - Companies are attempting to diversify their business models by integrating new formats such as automotive and dining services, but these efforts have yet to fully offset declines in core business [17]. - The transition to online platforms has proven challenging, as traditional home furnishing retailers struggle to replicate the customer experience offered by established e-commerce giants [21]. - The need for enhanced service offerings and unique in-store experiences is becoming critical as the market shifts from a focus on rental income to a more service-oriented approach [23][25].

Core Viewpoint - The home furnishing industry is experiencing significant challenges, with a notable decline in revenue and profits among major companies, despite some firms increasing their dividend payouts. The overall market is showing signs of recovery, but the underlying issues remain critical [3][5][30]. Revenue and Profit Trends - The total revenue of 30 selected A-share home furnishing companies peaked in 2021 at 167.8 billion yuan, but has since declined for three consecutive years, dropping to 135.5 billion yuan in 2024, a decrease of approximately 20% [3][11]. - Net profits reached a historical high of 18.8 billion yuan in 2019 but plummeted to 3 billion yuan in 2024, with one-third of the companies reporting losses [3][15]. Employment and Operational Challenges - The total number of employees in the home furnishing sector decreased from 217,000 in 2021 to 165,000 in 2024, resulting in a loss of over 50,000 jobs [4][22]. - The average accounts payable turnover days increased from 88 days in 2018 to 154 days in 2024, indicating worsening cash flow issues for suppliers [19][21]. Stock Performance and Shareholder Returns - The median stock price decline for the 30 companies is 64%, with over half of the companies experiencing declines of more than 64% [25][28]. - Despite poor financial performance, some companies have increased their dividend payouts significantly, with 12 companies having a cash dividend ratio exceeding 70% in 2024 [30][31]. Management and Ownership Changes - Several founding families have transferred control of their companies due to financial difficulties, including major players like Meikailong and Gujia Home [5][35][36]. - The trend of high dividend payouts amidst declining profits may reflect the financial strain on controlling shareholders [34]. Market Recovery and Future Outlook - Since the low point in 2024, the total market capitalization of the "Home 30" has shown signs of recovery, with a year-on-year increase of 19% [5][28]. - Companies are increasingly focusing on overseas markets, with 12 companies reporting overseas revenues exceeding 100 million yuan in 2024, accounting for 17% of their total revenue [5][38].

Group 1 - The total salary scale for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the general retail industry was 1.9451 million yuan, while the lowest was 320,000 yuan [1] - Nine companies paid their CFOs over 1 million yuan annually, including Huaitong Energy, Central Plaza, Wangfujing, and others [1] Group 2 - Meikailong's revenue in 2024 was 7.821 billion yuan, a decrease of 32.08% year-on-year, with a net profit loss of 2.983 billion yuan [2] - Dongbai Group's CFO received an annual salary of 1.646 million yuan, with a sales gross margin decline and a weighted average return on equity of only 1.24% [2] - Bailian Group's CFO earned 1.265 million yuan, with revenue down 9.32% to 27.675 billion yuan and a net profit drop of 42.88% [2] Group 3 - Fusenmei's CFO received an annual salary of 1.12 million yuan, despite a 45.6% year-on-year decrease, with revenue of 1.43 billion yuan, down 6.18% [3] - Wangfujing's CFO salary increased by 39.8% to 1.116 million yuan, while the company's revenue fell by 6.97% to 11.372 billion yuan, marking its first negative growth since 2021 [3] - Central Plaza's CFO earned 1.0527 million yuan, with total revenue of 2.298 billion yuan, down 6.20% year-on-year, and a net profit loss of 148 million yuan [3]

Core Insights - The total compensation for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the general retail sector was 1.9451 million yuan, while the lowest was 320,000 yuan [1] - Nine companies paid their CFOs over 1 million yuan, including Huaitong Energy, Central Plaza, Wangfujing, and others [1] Group 1: Company Performance and CFO Salaries - Meikailong reported a significant decline in performance, with total revenue of 7.821 billion yuan, down 32.08% year-on-year, and a net loss of 2.983 billion yuan, worsening from a loss of 2.216 billion yuan the previous year [2] - Dongbai Group paid its CFO 1.646 million yuan, but faced a decrease in sales gross margin and a weighted average return on equity of only 1.24%, indicating low capital efficiency [2] - Bailian Group's CFO received 1.265 million yuan, with revenue down 9.32% to 27.675 billion yuan and a net profit drop of 42.88% [2] - Wenfeng's CFO earned 1.212 million yuan, with revenue declining 12.69% to 1.891 billion yuan and a net profit decrease of 6.73% [2] Group 2: Salary Changes and Company Challenges - Fusenmei's CFO received 1.12 million yuan, despite a 45.6% salary decrease, as the company reported a revenue drop of 6.18% to 1.43 billion yuan and a net profit decline of 14.39% [3] - Wangfujing's CFO salary increased by 39.8% to 1.116 million yuan, while the company faced a revenue decline of 6.97% to 11.372 billion yuan, marking its first negative growth since 2021 [3] - Central Plaza's CFO earned 1.0527 million yuan, with total revenue of 2.298 billion yuan, down 6.20%, and a net loss of 148 million yuan [3]

Core Insights - The total compensation for CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] - The highest annual salary for a CFO in the general retail sector was 1.9451 million yuan, while the lowest was 320,000 yuan [1] - Nine companies paid their CFOs over 1 million yuan, including Huaitong Energy, Central Plaza, Wangfujing, and others [1] Group 1: Company Performance and CFO Compensation - Meikailong reported a significant decline in performance, with total revenue of 7.821 billion yuan, down 32.08% year-on-year, and a net loss of 2.983 billion yuan compared to a loss of 2.216 billion yuan the previous year [2] - Dongbai Group paid its CFO 1.646 million yuan, but faced a decrease in sales gross margin and a weighted average return on equity of only 1.24%, indicating low capital efficiency [2] - Bailian Group's CFO received 1.265 million yuan, with revenue down 9.32% to 27.675 billion yuan and a net profit drop of 42.88% [2] - Wenfeng's CFO earned 1.212 million yuan, with revenue at 1.891 billion yuan, down 12.69%, and a net profit decline of 6.73% [2] Group 2: Salary Changes and Company Challenges - Fusenmei's CFO received 1.12 million yuan, despite a 45.6% salary decrease, as the company reported a revenue drop of 6.18% to 1.43 billion yuan and a net profit decline of 14.39% [3] - Wangfujing's CFO salary increased by 39.8% to 1.116 million yuan, while the company faced a revenue decline of 6.97% to 11.372 billion yuan, marking its first negative growth since 2021 [3] - Central Plaza's CFO earned 1.0527 million yuan, with total revenue of 2.298 billion yuan, down 6.20%, and a net loss of 148 million yuan [3]

Core Insights - The report highlights that 1,144 secretaries of the board (董秘) in the A-share market earned over 1 million yuan annually, accounting for over 21% of the total [1] - The total salary for board secretaries in the A-share market reached 4.086 billion yuan, with an average salary of 754,300 yuan [1] Group 1: Salary Distribution - A total of 9 companies paid their board secretaries annual salaries of 1 million yuan or more, with the highest being Meikailong at 5.1451 million yuan and the lowest being Guoguang Chain at 204,700 yuan [2] - The salary disparity among board secretaries is significant, with Meikailong's secretary earning approximately 25.13 times more than Guoguang Chain's secretary [1][2] Group 2: Salary Changes - Among companies that did not change their board secretaries, most increased their salaries, with Meikailong's secretary experiencing the largest increase of 90.33% year-on-year [2] - ZTE Commercial's secretary saw the largest decrease in salary, down 49.94%, and is set to leave the company in May 2025 [2] Group 3: Company Performance - Meikailong's financial performance has not matched its high salary for the board secretary, with total revenue dropping to 7.821 billion yuan, a decrease of 32.08%, and a net loss of 2.983 billion yuan [3] - Tianhong's board secretary received a salary of 1.3663 million yuan, but the company reported a revenue decline of 2.49% to 11.786 billion yuan and a net profit drop of 66.16% [3] - Fusenmei paid its board secretary 1.12 million yuan, yet its revenue fell by 6.18% to 1.43 billion yuan, with a net profit decrease of 14.39% [3] - Gongxiao Daji paid its board secretary 1.022 million yuan but reported a loss of 1.324 billion yuan in 2024 [4]

Core Viewpoint - The article discusses the recent wave of investigations and detentions of executives from various listed companies in China, highlighting the extensive reach of regulatory scrutiny across multiple industries, including agriculture, manufacturing, home retail, information technology, environmental protection, chemicals, military, healthcare, and new energy [2][3]. Group 1: Overview of Detained Executives - As of this year, 18 listed companies have had 19 executives subjected to detention measures by regulatory bodies, primarily targeting founders, actual controllers, and chairpersons [3][4]. - Notable cases include the detention of prominent figures such as the founders of major home retail companies, indicating a significant impact on the industry [3][4]. Group 2: Specific Cases - The recent case of Wang Linpeng, the actual controller and CEO of Juran Smart Home, who was initially detained and later returned to work, only to pass away shortly after, has raised questions about the circumstances surrounding his death [5][6]. - Guo Baichun, chairman of Yayi International, was detained for alleged embezzlement and abuse of power, with his case highlighting the dramatic nature of his return to China after fleeing abroad [8][9]. - Dan Senlin, chairman of Senba Sensor, was detained for a brief period, which is unusual, and his involvement in both sensor and liquor industries has drawn attention [10]. Group 3: Industry Impact - The ongoing investigations have led to significant turmoil within companies, affecting their operations and stock prices, as seen with Meikailong, which has faced substantial losses despite high dividend payouts [12][17]. - The detention of executives from companies like Zhongfu Information, which operates in sensitive sectors related to national security, raises concerns about potential irregularities in their business practices [16]. Group 4: Regulatory Implications - The reasons for detentions include allegations of embezzlement, abuse of power, and serious job-related violations, indicating a pattern of misconduct among high-ranking officials [18]. - The article emphasizes the need for listed companies to adhere to regulatory standards and maintain ethical governance to protect shareholder interests and ensure market integrity [18].

Core Viewpoint - Chengdu Fusenmei Home Furnishing Co., Ltd. is facing significant challenges with declining performance, as evidenced by a continuous drop in revenue and net profit, while simultaneously maintaining a high dividend payout that exceeds its annual net profit [1][3][4]. Financial Performance - In Q1 2025, Fusenmei reported a revenue of 330 million yuan, a year-on-year decline of 13.19%, and a net profit of 148 million yuan, down 21.06% [3]. - The company has experienced six consecutive quarters of revenue decline since Q4 2023, with year-on-year declines of 6.74%, 2.46%, 7.95%, 10.08%, and 4.19% for the subsequent quarters [3]. - Despite a revenue decline of 6.18% and a net profit drop of 14.39% in 2024, Fusenmei distributed a cash dividend of 808 million yuan, resulting in a dividend payout ratio of 117.11%, which exceeds its total net profit for the year [3][4]. Dividend Policy - Fusenmei has consistently implemented cash dividends since its listing in 2016, with a cumulative payout of 4.668 billion yuan and a dividend rate of nearly 70% [3]. - The high dividend payout, particularly the 117.11% ratio in 2024, is seen as a potential financial strategy to stabilize market value, but it raises concerns about the sustainability of the company's financial health [4]. Market Dependency - Fusenmei's revenue is heavily reliant on its core market, with 87.2% of its total revenue coming from market leasing and services, which also saw a decline of 4.52% in 2024 [5][6]. - The company has shown a strong dependency on the Chengdu market, with revenue from this region accounting for over 95% from 2021 to 2024, peaking at 97.76% in 2024 [6][7]. - The performance outside of Chengdu has been poor, with revenues from markets outside Sichuan showing significant declines, indicating a lack of effective regional expansion [7]. Industry Challenges - The home furnishing industry is facing intense competition, with a reported 3.85% decline in sales for large-scale building materials and home furnishing markets in 2024 [8]. - Emerging trends such as e-commerce, home internet services, and cross-industry operations are reshaping the industry, posing challenges for traditional players like Fusenmei [8]. - Experts suggest that the future of the home furnishing industry lies in moving away from a "two landlord" model towards a more service-oriented, digital approach that centers on consumer needs [8][9]. Strategic Recommendations - Fusenmei needs to aggressively reshape its value chain, transitioning from merely being a rental intermediary to a comprehensive home service platform that includes design, material selection, construction, and delivery [9]. - The company should focus on creating a content ecosystem around home living, shifting from selling space to selling inspiration [9]. - A complete digital transformation is essential, embedding digital technologies into its operational framework to enhance efficiency and adaptability [9].