Core Viewpoint - The company, Fusenmei, is facing significant turmoil with both its chairman and board secretary under investigation and detained, raising concerns about its operational stability and future performance [1][2]. Company Overview - Fusenmei is a well-known home furnishing retail company in Southwest China, primarily based in Chengdu, Sichuan, and is characterized as a "small but beautiful" enterprise in the industry [1]. - The company has a history of generous dividend payouts, distributing over 2.4 billion yuan in dividends over the past three years, which is nearly equivalent to its net profit of 2.333 billion yuan during the same period [2]. Recent Developments - The board secretary, Zhang Fengshu, has been placed under investigation and detention, following the earlier detention of chairman Liu Bing, which has raised concerns about the company's governance [1][2]. - Despite the announcement that operations remain normal, the company's stock price has declined over 10% since Liu Bing's detention, resulting in a market value loss of approximately 935 million yuan [2]. Financial Performance - Fusenmei's financial performance has deteriorated, with a reported revenue of 629 million yuan in the first half of the year, a year-on-year decline of 11.55%, marking the worst mid-year performance since 2021 [3][5]. - The net profit attributable to shareholders was 318 million yuan, down 6.35% year-on-year, while cash flow from operating activities also fell by 7.16% [3]. - The company has experienced a significant drop in revenue from its decoration and renovation services, which fell by approximately 48.39% to 22.09 million yuan [3][4]. Industry Context - The home furnishing industry is currently facing challenges, with Fusenmei's performance impacted by a sluggish recovery in the real estate market, leading to overall pressure on the building materials and home furnishing sectors [3][5]. - Fusenmei is not alone in facing governance issues, as other home furnishing companies have also seen their leaders detained this year, raising broader concerns about the industry's stability [5].

Group 1 - The core point of the article is that Fusenmei (002818) reported a total of 22,142 shareholders as of November 20, 2025 [1]

Core Viewpoint - The recent detention of two senior executives at Fushenmei raises concerns about potential systemic internal control deficiencies within the company, despite the company's assertion that these matters are personal and unrelated to the company itself [2][3][6]. Group 1: Executive Detention - Fushenmei announced that Vice General Manager and Board Secretary Zhang Fengshu has been placed under investigation and detention, following the earlier detention of Chairman Liu Bing in July [3][4]. - During the detention period, Zhang Fengshu is unable to fulfill his duties as Board Secretary, and the company has appointed Financial Director Wang Hong to temporarily assume these responsibilities [3]. - The company has stated that it is currently unaware if the detentions are related to the same case and will continue to monitor the situation while fulfilling its information disclosure obligations [4]. Group 2: Shareholding Structure - Liu Bing, the controlling shareholder and Chairman, along with Liu Yunhua and Liu Yi, who are also family members, collectively hold over 80% of Fushenmei's shares, raising questions about concentrated family power and governance issues [5][6]. - The shareholding breakdown indicates that Liu Bing holds 43.70% of the shares, and all three individuals are co-founders of the company, established in 2000 [6]. - Fushenmei has emphasized that it operates independently from its controlling shareholders and maintains a robust governance and internal control mechanism, asserting that there are no systemic internal control deficiencies [6].

Core Viewpoint - The company, Fusenmei, is currently facing significant management challenges due to the detention of its executives by local authorities, which may impact its operational stability and governance [1] Group 1: Executive Detention - Fusenmei announced that its Vice President and Board Secretary, Zhang Fengshu, is under investigation and has been detained by the Chongzhou Municipal Supervisory Committee [1] - During Zhang's detention, the company has appointed Wang Hong, the Vice President and Chief Financial Officer, to temporarily assume the responsibilities of the Board Secretary [1] - This incident follows the earlier detention of the company's Chairman, Liu Bing, by the Chengdu Pidu District Supervisory Committee, which occurred on July 24 [1] Group 2: Management Arrangements - In light of Liu Bing's detention, the company appointed Liu Yunhua, the Vice Chairman and Liu Bing's sister, to take over the Chairman's responsibilities [1] - The company has stated that it has made appropriate arrangements to ensure continuity in its operations during this period of leadership uncertainty [1]

Core Points - The company Fushenmei (002818.SZ) announced that it has received a "Case Notification" and "Detention Notification" from the Chongzhou Municipal Supervisory Committee regarding its Vice President and Board Secretary, Zhang Fengshu, who is under investigation and detention [2] - Due to Zhang Fengshu's inability to perform his duties during the detention, the company has appointed Vice President and Chief Financial Officer Wang Hong to temporarily take over the responsibilities of the Board Secretary [2] - Recently, the company's Chairman, Liu Bing, was also placed under detention by the Chengdu Pidu District Supervisory Committee, and Vice Chairman Liu Yunhua is currently fulfilling the Chairman's duties during this period [2] Company Management Changes - Zhang Fengshu is under investigation and cannot fulfill his role as Board Secretary, leading to Wang Hong's temporary appointment [2] - Liu Bing's detention has resulted in Liu Yunhua, his sister and one of the company's founders, taking over his responsibilities [2]

Core Viewpoint - The future of home retail is evolving through strategic partnerships and innovative practices, with a focus on meeting contemporary consumer demands for an "ideal home" through both online and offline integration [1][8]. Group 1: Online Strategy - In late October, the company formed a strategic partnership with Meituan, marking a significant move that allows over 200 home brands to be featured on Meituan and Dianping, enabling consumers to discover and learn about home products easily [2][4]. - This collaboration not only strengthens the company's offline presence but also actively develops new channels, advancing the integration of online and offline retail [2][4]. - The partnership leverages Meituan's extensive local traffic and user profiling capabilities, helping high-ticket home brands efficiently reach potential customers and reduce customer acquisition costs [4]. Group 2: Offline Transformation - The company's physical spaces are transforming into "lifestyle experience centers," moving beyond traditional retail to create vibrant environments that support online and offline integration [5]. - The boundaries between home and appliance brands are blurring, with major appliance brands like Haier and Midea co-locating with home brands to present a comprehensive living scene [5]. - These spaces are evolving to include multifunctional areas for product displays, experiential activities, and social events, enhancing the overall shopping experience [5]. Group 3: Ecosystem Development - The operational philosophy is shifting towards a "curation mindset," focusing on creating engaging content and social interactions that redefine the relationship between consumers and products [6]. - The concept of "full-case design" and "one-stop delivery" is becoming standard in high-quality home consumption, streamlining the process for consumers from design to final implementation [6]. - This transformation is supported by a robust service ecosystem built by the company and its brand partners, ensuring seamless integration of online and offline services [6]. Group 4: Conclusion - The company is driving a new home retail ecosystem through its online partnership with Meituan and offline collaboration with brand partners, promising a more complete, enjoyable, and surprising shopping journey for consumers in the future [8].

Core Viewpoint - The company is facing significant challenges due to the recent investigations and detentions of its top executives, which have exposed underlying issues in the home furnishing industry and raised concerns about its operational stability and market dependence. Group 1: Executive Investigations - On November 25, the company announced that its Vice General Manager and Board Secretary, Zhang Fengshu, was placed under investigation and detention by the Chongzhou Municipal Supervisory Committee [4][5] - This follows the earlier detention of the company's Chairman, Liu Bing, on July 24, highlighting a troubling trend of leadership instability within the company [5][6] - The company claims that its operations remain normal and that these events will not significantly impact its business [4][5] Group 2: Industry Context - The home furnishing industry is undergoing a major transformation, with crises and issues becoming increasingly apparent [3][6] - The overall market is experiencing a decline, with new housing sales in 2024 projected to drop by 12.9% in area and 17.1% in sales value, leading to reduced demand for home decoration services [6] Group 3: Financial Performance - The company reported a revenue of 924 million yuan for the first three quarters of 2023, a year-on-year decrease of 14.35%, and a net profit of 477 million yuan, down 12.60% [8] - Despite the declining performance, the company has maintained high dividend payouts, distributing a total of 2.425 billion yuan in cash dividends from 2022 to 2024, raising questions about its financial strategy [9][10] Group 4: Market Dependence - The company's revenue is heavily reliant on its "market leasing and services" segment, which accounted for 87.20% of total revenue in 2024, indicating a lack of diversification [11] - The company has shown an increasing dependence on the Chengdu market, with revenue from this region rising from 95.71% in 2021 to 97.76% in 2024, limiting its growth potential outside this area [12] Group 5: Future Outlook - The company faces significant challenges in navigating the current market environment, especially with the recent leadership changes and the need to adapt to a declining real estate market [13]

Group 1 - Runjian Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange [1] - Zhongfu Shenying's shareholder plans to reduce its stake by no more than 1% [2] - Chenxi Aviation's controlling shareholder intends to reduce its stake by up to 3% [2] Group 2 - Zhiguang Electric's subsidiary signed a sales contract worth 152 million yuan [3] - Sanrenxing's controlling shareholder and actual controller plan to transfer up to 8% of the company's shares [4] - Guosheng Technology intends to acquire 100% equity of Fuyue Technology for 241 million yuan [5] Group 3 - Luxiao Technology's controlling shareholder plans to reduce its stake by no more than 3% [7] - Fusenmei's vice president and board secretary are under investigation [8] - Zhongchuang Co., Ltd. plans to transfer 2% of its shares through inquiry [10] Group 4 - Anglikang plans to raise 1.16 billion yuan for innovative drug research and industrialization projects [12] - Shenling Environment intends to issue convertible bonds to raise no more than 1 billion yuan [14] - Songcheng Performing Arts plans to acquire 100% equity of Hangzhou Songcheng Industrial for 963 million yuan [16] Group 5 - Demingli plans to raise no more than 3.2 billion yuan for SSD and DRAM expansion projects [17] - Ziyan Food's three shareholders plan to reduce their stake by no more than 276,700 shares [18] - Xinhua Pharmaceutical received a drug registration certificate for a new product [20] Group 6 - Chunqiu Electronics plans to acquire all shares of Danish liquid cooling technology company Asetek A/S for up to 547 million Danish kroner [22] - Tiandi Digital intends to transfer 100% equity of its subsidiary for 49 million yuan [24] - Huaru Technology plans to invest 20 million yuan to establish a fund focusing on new digital technologies [25] Group 7 - *ST Dongtong's stock may be suspended due to regulatory penalties for false reporting [26] - Siryipu is planning to acquire shares of Ningbo Aola Semiconductor and will suspend trading [27] - Purang Co., Ltd. is planning to acquire 49% equity of Noah Changtian and will suspend trading [29] Group 8 - *ST Suwu is facing potential delisting due to significant violations in financial reporting [32]

富森美(002818.SZ)今日盘中一度跌3.45%至10.9元，股价创去年9月30日以来近14个月新低。富森美公告 称，公司近日收到崇州市监察委员会签发的《立案通知书》和《留置通知书》，对公司副总经理、董事 会秘书张凤术立案调查并实施留置措施。因张凤术不能履行职责，暂由副总经理、财务总监王鸿代行董 事会秘书职责。目前，公司生产经营正常，该事项不会对公司生产经营产生重大影响。(格隆汇) ...

张凤术先生，1968年生，EMBA。曾先后在农业银行内蒙古阿鲁科尔沁旗支行、蛇口泰山（集团）股份有限公司、通 威股份有限公司、四川永丰纸业股份有限公司从事财务和证券工作，2009年3月加入本公司，2009年11月起任本公司 董事会秘书，2009年12月起任公司副总经理、董事会秘书。 文/梧桐晓编 11月25日晚上，成都富森美家居股份有限公司（002818）发布《关于重大事项的公告》：公司于近日收到崇州市监察 委员会签发《立案通知书》和《留置通知书》，对公司副总经理、董事会秘书张凤术先生立案调查并实施留置措施。 因张凤术先生在留置期间不能履行董事会秘书职责，根据相关规定，暂由副总经理、财务总监王鸿女士代行董事会秘 书职责。 | 刘义 | 男 | 59 | 董事、 总经理 | 现任 | 272. 4 | 否 | | --- | --- | --- | --- | --- | --- | --- | | 岳清金 | 男 | 53 | 董事、副总经理 | 现任 | 82.2 | 否 | | 许志 | 男 | 47 | 独立章事 | 现任 | 9.6 | 否 | | 倪得兵 | 男 | 52 | 独立章事 | 现任 | ...