成都富森美家居股份有限公司 审计委员会年度审计工作规程 第一条 为进一步提高成都富森美家居股份有限公司（以下简称"公司"） 信息披露质量和规范运作水平，充分发挥审计委员会的职能，明确审计委员会在 年报编制、审议和披露工作中的职责，提高年报信息披露的质量和透明度，保护 投资者合法权益，根据《上市公司信息披露管理办法》《深圳证券交易所股票上 市规则》等有关法律法规及《成都富森美家居股份有限公司章程》（以下简称"《公 司章程》"）、《成都富森美家居股份有限公司信息披露事务管理制度》《成都富森 美家居股份有限公司董事会审计委员会工作细则》等公司制度的规定,并结合公 司实际情况，制订本规程。 第二条 审计委员会在公司年报编制和披露过程中，应当按照有关法律法规 和本规程的要求，认真履行责任和义务，勤勉尽责的开展工作，保证公司年报的 真实、准确、完整和及时。 第三条 审计委员会在公司年报审计过程中，应履行如下主要职责： 第四条 每个会计年度结束后两个月内，公司管理层应向审计委员会全面汇 报公司本年度的生产经营情况和重大事项的进展情况。 第六条 审计委员会有权了解审计工作的进度和审计过程中的问题，并积极 督促年审会计师事务所 ...

成都富森美家居股份有限公司 董事会审计委员会实施细则 第一章 总则 第一条 为强化董事会决策功能，做到事前审计、专业审计，确保董事会对 经营管理的有效监督，完善公司治理结构，根据《中华人民共和国公司法》《上 市公司治理准则》《上市公司独立董事管理办法》《深圳证券交易所上市公司自 律监管指引第1号——主板上市公司规范运作》《成都富森美家居股份有限公司 章程》（以下简称《公司章程》）及其他有关规定，公司特制定本实施细则。 第六条 审计委员会任期与董事会一致，委员任期届满，连选可以连任。期 间如有委员不再担任公司董事职务，自动失去委员资格，并由董事会根据上述第 三至第五条规定补足委员人数。 第七条 公司应当为审计委员会提供必要的工作条件。公司证券事务部为审 计委员会提供综合服务，负责协调审计委员会日常工作的联络、会议组织等；公 第二条 董事会审计委员会是董事会下设的专门委员会，主要负责审核公司 财务信息及其披露、监督及评估内外部审计工作和内部控制。 第二章 人员组成 第三条 审计委员会成员由三名董事组成，审计委员会成员应当为不在公司 担任高级管理人员的董事，其中独立董事两名。公司董事会成员中的职工代表可 以成为审计 ...

成都富森美家居股份有限公司 董事会战略委员会实施细则 第一章 总则 第一条 为适应公司战略发展需要，增强公司核心竞争力，确定公司发展规 划，健全投资决策程序，加强决策科学性，提高重大投资决策的效益和决策的质 量，完善公司治理结构，根据《中华人民共和国公司法》《上市公司治理准则》 《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第1号 ——主板上市公司规范运作》和《成都富森美家居股份有限公司章程》（以下简 称《公司章程》）及其他有关规定，公司特设立董事会战略委员会，并制定本实 施细则。 第二条 董事会战略委员会是董事会按照股东会决议设立的专门工作机构， 要负责对公司长期发展战略和重大投资决策进行研究并提出建议。 第二章 人员组成 第三条 战略委员会成员由三名董事组成，其中应至少包括一名独立董事。 第四条 战略委员会委员由董事长、1/2以上独立董事或者全体董事的1/3提 名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由公司董事长担任。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由董事会根据上述 ...

第五条 提名委员会设召集人一名，由独立董事担任，负责主持委员会工作； 召集人在委员内选举，并报请董事会批准产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，连选可以连任。 期间如有委员不再担任公司董事职务，自动失去委员资格，并由董事会根据上述 第三至第五条规定补足委员人数。 第二条 董事会提名委员会是董事会下设的专门工作机构，主要负责对公司 董事和高级管理人员的人选、选择标准和程序进行选择并提出建议。 第二章 人员组成 第三条 提名委员会成员由三名董事组成，独立董事占多数。 第四条 提名委员会委员由董事长、1/2 以上独立董事或者全体董事的 1/3 提名，并由董事会选举产生。 成都富森美家居股份有限公司 董事会提名委员会实施细则 第一章 总则 第一条 为规范公司领导人员的产生，优化董事会组成，完善公司治理结构， 根据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管理办 法》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号--主板上市公司规范运作》和《成都富森美家居股份有限公司章程》（以下 简称"《公司章程》"）及其他有关规定，公司特设立董事会提名委员会， ...

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]