Core Viewpoint - Chengdu Fusenmei Home Furnishing Co., Ltd. announced that its chairman Liu Bing has been detained, temporarily unable to perform his duties, with Vice Chairman Liu Yunhua taking over his responsibilities. The company asserts that its control remains unchanged and operations continue normally [2]. Company Overview - Fusenmei was established in 2000 and specializes in the operation of decorative building materials and home furnishing markets, with a self-operated market area exceeding 1.25 million square meters, making it one of the largest home furnishing markets in Southwest China. The company primarily operates in the Chengdu area, which accounted for 97.76% of its revenue in 2024 [2]. Shareholding Structure - The actual controllers of Fusenmei are the Liu siblings: Chairman Liu Bing (43.7% shareholding), Vice Chairman Liu Yunhua (27.7%), and Director and General Manager Liu Yi (8.71%). Together, they hold 80.11% of the company's shares [3]. Financial Performance - Fusenmei has experienced a decline in revenue for six consecutive quarters since Q4 2023. In 2024, the company reported revenue of 1.43 billion yuan, a decrease of 6.18% year-on-year, and a net profit of 690 million yuan, down 14.39% year-on-year. In Q1 2025, revenue was 330 million yuan, a 13.19% decrease, with a net profit of 148 million yuan, down 21.06% year-on-year [3]. Dividend Policy - Despite the decline in revenue, Fusenmei has maintained its dividend payouts, with cumulative cash dividends of 2.425 billion yuan from 2022 to 2024. In 2024 alone, the total cash dividend reached 808 million yuan, with a payout ratio of 117.11%. Since its listing in November 2016, the company has distributed a total of 4.668 billion yuan in dividends, achieving an average dividend rate of 69.52% [3].

Core Viewpoint - The chairman of Fusenmei, Liu Bing, has been detained, and during his absence, the vice chairman Liu Yunhua will assume his responsibilities. The company's control remains unchanged, and other executives continue to perform their duties normally [2][6][9]. Company Overview - Fusenmei, founded on December 7, 2000, and listed on the Shenzhen Stock Exchange on November 9, 2016, operates as a seller of decorative building materials and home goods, providing a platform for related services [11]. - The company primarily uses its marketplace to offer services such as store operations, traffic management, finance, data, supply chain, planning, and tool applications to merchants, consumers, and partners [12]. Shareholder Information - Liu Bing, Liu Yunhua, and Liu Yi hold 43.70%, 27.70%, and 8.71% of the company's shares, respectively, as of the end of the first quarter of 2025 [9][10]. Financial Performance - Fusenmei's financial performance has been declining, with revenues of 1.524 billion yuan, 1.430 billion yuan, and 330 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively. The net profits attributable to the parent company were 806 million yuan, 690 million yuan, and 148 million yuan for the same periods [12]. Market Conditions - According to the China Building Materials Circulation Association, the saturation index for the urban building materials and home goods market in 2024 indicates a decrease in market area by approximately 9.55% year-on-year, with the decline rate expanding [13]. - The growth of offline stores for leading home goods markets has peaked, leading to a shift in focus from expansion to optimizing existing store operational efficiency and quality due to online competition and market saturation [14].

资料显示，刘兵为富森美实控人，直接持有上市公司43.7%的股份，与一致行动人合计持有上市公司 80.11%的股份，对公司拥有绝对控制权。 除了富森美，另两家家居卖场龙头公司美凯龙和居然智家均在年内披露了高管被留置的信息。5月13日 美凯龙披露，云南省监察委员会对公司董事兼总经理车建兴立案调查并实施留置措施。 4月17日居然智家公告，公司实控人、董事长汪林朋被武汉市江汉区监察委员会留置、立案调查。7月23 日公司披露，汪林朋的留置措施已被解除，变更为责令候查措施。汪林朋先生已回到工作岗位正常履 职。 本周，除富森美外，中孚信息、广联航空、国光电气先后披露了高管被留置的信息，上述个股在公告次 日股价均大幅下跌。 富森美（002818）7月24日晚间公告，公司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 兵被留置的通知书。在刘兵留置期间，由公司副董事长刘云华代为履行董事长相关职责。 上市公司表示，当前公司控制权未发生变化，除刘兵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 ...

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 ...

智通财经7月24日电，富森美(002818.SZ)公告称，公司于近日收到成都市郫都区监察委员会签发的关于 公司董事长刘兵被留置的通知书。刘兵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。目前公司控制权未发生变化，除刘兵外的公司其他全部董事、监事、高级管理 人员均正常履职。公司生产经营情况正常，该事项不会对公司的生产经营产生重大影响。 富森美：董事长刘兵被留置 副董事长刘云华代为履行职责 ...

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]