证券代码：002818 证券简称：富森美 公告编号:2025-021 成都富森美家居股份有限公司 关于重大事项的公告 本公司及董事会除刘兵董事外全体成员保证信息披露内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 成都富森美家居股份有限公司（以下简称"公司"）于近日收到成都市郫都 区监察委员会签发的关于公司董事长刘兵先生被留置的通知书。 刘兵先生在留置期间暂时无法履行董事长职责。根据相关法律法规及《公 司章程》第一百一十三条规定，董事长不能履行职务或者不履行职务的，由公 司副董事长刘云华代为履行董事长相关职责。 截至本公告披露日，公司控制权未发生变化，除刘兵先生外的公司其他全 部董事、监事、高级管理人员目前均正常履职。公司拥有完善的治理及内部控 制机制，公司将按照《中华人民共和国公司法》《深圳证券交易所股票上市规 则》及《公司章程》等法律法规和相关制度规范运作。公司董事会运作正常， 公司及子公司生产经营情况正常，高管团队已对日常经营管理相关事项做了妥 善安排，该事项不会对公司的生产经营产生重大影响。 截至本公告日，公司尚未知悉上述事项的进展及结论，公司将持续关注上 述事项的后续情况，并严格按照有 ...

Core Viewpoint - The chairman of Fushenmei, Liu Bing, has been detained, and the vice chairman, Liu Yunhua, will temporarily assume his responsibilities. The company's control remains unchanged, and operations are normal [1]. Company Management - Liu Bing has been placed under detention by the Chengdu Pi County Supervisory Committee, which prevents him from fulfilling his duties as chairman [1]. - Liu Yunhua, the vice chairman, will take over the responsibilities of the chairman during this period [1]. - All other directors, supervisors, and senior management personnel, except Liu Bing, are continuing to perform their duties normally [1]. Operational Impact - The company's production and operational status remains normal, and this incident is not expected to have a significant impact on its business operations [1].

富森美（002818）公告，公司于近日收到成都市郫都区监察委员会签发的关于公司董事长刘兵先生被留 置的通知书。刘兵先生在留置期间暂时无法履行董事长职责，由公司副董事长刘云华代为履行董事长相 关职责。公司控制权未发生变化，其他全部董事、监事、高级管理人员目前均正常履职。公司将持续关 注事项的后续情况，并及时履行信息披露义务。 ...

一、县域叁号基金投资情况 证券代码：002818 证券简称：富森美 公告编号:2025-020 成都富森美家居股份有限公司 关于县域叁号基金完成工商注销登记的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 2020 年 12 月 11 日，成都富森美家居股份有限公司（以下简称"公司"或 "富森美"）分别与绵阳市振兴县域经济产业发展叁号股权投资中心（有限合伙） （以下简称"县域叁号基金"）原有限合伙人北京同和伟业投资管理中心（有限 合伙）（以下简称"同和伟业"）、李晓强签署《份额转让协议》，以自有资金认缴 出资 1,200 万元通过受让方式承接县域叁号基金原有限合伙人同和伟业和李晓 强合计持有的县域叁号基金 16.67%的合伙份额，成为县域叁号基金有限合伙人， 实缴金额为 1,067 万元。具体请详见公司于 2020 年 12 月 15 日在《证券时报》 《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 和 巨 潮 资 讯 网 （http://www.cninfo.com.cn）披露的《关于受让股权投资基金份额的公告》（公 告编号 ...

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]