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]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 持续高分红回馈股东，期待下游景气回升 [Table_Title2] 富森美(002818) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002818 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 15.59/10.52 | | 目标价格： | | 总市值(亿) | 98.65 | | 最新收盘价： | 13.18 | 自由流通市值(亿) | 39.32 | | | | 自由流通股数(百万) | 298.36 | [Table_Summary] 事件概述 富森美发布 2024 年年报及 2025 年一季报：2024 年实现营收 14.30 元，同比-6.18%；归母净利润 6.90 亿元， 同比-14.39%；扣非后归母净利为 6.82 亿元，同比-13.92%。单季度看，2024Q4 实现营收 3.51 亿元，同比- 4.19%；实现归母净利润 1.44 亿元，同比-24.18%；扣非后净利润 ...

证券代码：002818 证券简称：富森美 公告编号:2025-018 成都富森美家居股份有限公司 第六届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 公司第六届监事会第三次会议决议。 特此公告。 成都富森美家居股份有限公司 一、监事会会议召开情况 成都富森美家居股份有限公司（以下简称"公司"）第六届监事会第三次会 议于 2025 年 4 月 28 日 10：00 在公司富森创意大厦 B 座 21 楼会议室以现场方 式召开。本次会议通知已于 2025 年 4 月 23 日以微信、书面通知等方式通知全 体监事。本次会议应出席监事 3 人，实际出席现场会议的监事 3 人，会议由监 事会主席程良主持，公司财务总监、董事会秘书和其他相关人员列席了本次会 议。本次会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的 规定。 二、监事会会议审议情况 会议以记名投票表决方式审议通过如下决议： 1、审议通过《关于公司 2025 年第一季度报告的议案》 表决结果：赞成 3 票、弃权 0 票、反对 0 票。 经审核，监事会认为董事会编制和审议的 ...

Financial Performance - The company's revenue for Q1 2025 was ¥329,927,635.02, a decrease of 13.19% compared to ¥380,073,822.19 in the same period last year[5] - Net profit attributable to shareholders was ¥147,863,965.75, down 21.06% from ¥187,306,455.55 year-on-year[5] - Basic and diluted earnings per share decreased by 20.00% to ¥0.20 from ¥0.25 in the previous year[5] - Net profit for Q1 2025 was CNY 152,919,502.44, a decline of 21.0% compared to CNY 193,480,349.86 in the same period last year[28] - Earnings per share (EPS) for Q1 2025 was CNY 0.20, down from CNY 0.25 in the previous year[30] Cash Flow - The net cash flow from operating activities increased by 50.43% to ¥405,485,317.61, compared to ¥269,543,718.90 in Q1 2024[12] - Total cash inflow from operating activities is ¥564,783,529.19, up from ¥457,953,514.25, reflecting a growth of 23.3%[31] - Cash outflow from operating activities decreased to ¥159,298,211.58 from ¥188,409,795.35, a reduction of 15.4%[31] - The company reported a significant increase in cash received from other operating activities, rising to ¥245,283,640.17 from ¥95,470,693.81, an increase of 157.5%[31] - The company’s cash flow from sales of goods and services decreased to ¥319,499,889.02 from ¥362,482,820.44, a decline of 11.8%[31] - The net cash flow from investing activities is -¥352,337,769.46, worsening from -¥285,183,086.17 in the previous period[33] - Cash inflow from investing activities totaled ¥541,849,850.84, down from ¥931,487,464.72, a decline of 41.8%[33] - Cash outflow from investing activities decreased to ¥894,187,620.30 from ¥1,216,670,550.89, a reduction of 26.5%[33] - The net cash flow from financing activities is -¥135,550.00, compared to -¥82,666.66 in the previous period, indicating a worsening situation[33] - The ending balance of cash and cash equivalents is ¥380,787,556.91, significantly up from ¥119,713,638.96 in the previous period[33] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥7,158,136,806.72, reflecting a 1.77% increase from ¥7,033,750,216.19 at the end of the previous year[5] - Total liabilities increased to CNY 1,477,456,774.22 from CNY 997,037,606.93, reflecting a significant rise in current liabilities[24] - The company's total non-current assets were CNY 4,381,170,687.56, slightly down from CNY 4,453,148,466.87[24] - The company's equity attributable to shareholders decreased by 6.21% to ¥5,451,060,480.79 from ¥5,812,148,594.24 at the end of the last year[5] - Total current assets as of March 31, 2025, amount to RMB 2,776,966,119.16, an increase from RMB 2,580,601,749.32 at the beginning of the period[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,810, with no preferred shareholders having restored voting rights[13] - The top three shareholders hold significant stakes: Liu Bing at 43.70% (327,100,886 shares), Liu Yunhua at 27.70% (207,345,600 shares), and Liu Yi at 8.71% (65,165,760 shares)[13] - The company plans to distribute cash dividends of RMB 6.80 per 10 shares, totaling RMB 508,952,079.20, based on a total share capital of 748,458,940 shares as of December 31, 2024[17] Operational Changes - The fair value change loss was ¥31,664,840.82, which is an increase of 84.80% compared to a loss of ¥17,134,993.73 in the same period last year[11] - The credit impairment loss increased by 206.19% to ¥4,429,316.96 from ¥1,446,604.70 year-on-year[11] - The company's receivables increased by 41.53% to ¥95,768,454.30, primarily due to an increase in rental and service fee receivables[9] - The company's prepayments surged by 151.29% to ¥16,496,202.25, mainly due to increased advance payments for decoration labor and materials[9] - The company completed the business scope change for its wholly-owned subsidiary, Fumei Real Estate, on January 16, 2025[20] Investor Relations - The company held a performance briefing on March 18, 2025, addressing 49 investor inquiries[19] - The company has launched a "Quality Return Dual Improvement" action plan to enhance investor confidence and support high-quality development[16]

证券代码：002818 证券简称：富森美 公告编号:2025-017 成都富森美家居股份有限公司 第六届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 1 一、董事会会议召开情况 成都富森美家居股份有限公司（以下简称"公司"）第六届董事会第三次会 议于 2025 年 4 月 28 日 14:00 在公司富森创意大厦 B 座 21 楼会议室以现场的方 式召开。本次会议通知已于 2025 年 4 月 23 日以电话、微信、书面通知等方式通 知全体董事、监事及高级管理人员。本次会议应出席董事 7 人，实际出席现场会 议的董事 7 人，会议由董事长刘兵主持，公司监事和高级管理人员列席了本次会 议。本次会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的规 定。 二、董事会会议审议情况 会议以记名投票表决方式审议通过如下决议： 1、审议通过《关于公司 2025 年第一季度报告的议案》 本议案已经董事会审计委员会审议通过。 表决结果：赞成 7 票、弃权 0 票、反对 0 票。 《公司 2025 年第一季度报告》（公告编号：2025-01 ...

Group 1 - The company plans to distribute a cash dividend of RMB 6.80 per 10 shares, totaling RMB 508,952,079.20, based on a total share capital of 748,458,940 shares as of December 31, 2024 [1][2] - The dividend distribution will not include capital reserve transfers or stock bonuses [1][2] - The cash dividend amount will remain fixed, with adjustments made only if the total share capital changes due to convertible bonds, share buybacks, or other reasons [1] Group 2 - The record date for shareholders is set for April 2, 2025, and the ex-dividend date is April 3, 2025 [2] - The dividend tax treatment varies for different types of shareholders, with specific rates for Hong Kong investors and domestic investors based on holding periods [2] - The company will not withhold individual income tax at the time of distribution, but it will be calculated based on the holding period when shares are sold [2]

证券代码：002818 证券简称：富森美 公告编号:2025-016 成都富森美家居股份有限公司 2024 年年度权益分派实施公告 本公司及全体董事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。 特别提示： 1、成都富森美家居股份有限公司（以下简称"公司"）经第六届董事会第二 次会议和 2024 年度股东会审议的具体方案为：以 2024 年 12 月 31 日的总股本 748,458,940 股为基数，向全体股东每 10 股派发现金股利人民币 6.80 元（含 税），共计派发现金股利 508,952,079.20 元，不进行资本公积金转增股本和送红 股。 2、按公司总股本折算的每股现金红利=分红总额/总股本，据此计算的证券 除权除息参考价=股权登记日收盘价-按公司总股本折算的每股现金红利=公司 2025 年 4 月 2 日收盘价-0.6800 元/股。 一、股东会审议通过利润分配方案等情况 1、公司2024年度利润分配方案（以下简称"分配方案"）已经2025年3月20 日召开的2024年度股东会审议通过，具体分配方案如下：公司拟以2024年12月31 日的总股本748,458,94 ...

北京金杜（成都）律师事务所 1. 公司 2024 年第二次临时股东大会审议通过的《成都富森美家居股份有限 公司章程》（以下简称《公司章程》）； 2. 公司于 2025 年 2 月 27 日召开的第六届董事会第二次会议决议及相关会 议文件； 3. 公司于 2025 年 2 月 27 日召开的第六届监事会第二次会议决议及相关会 议文件； 4. 公司 2025 年 2 月 28 日刊登于《中国证券报》《上海证券报》《证券时报》 《证券日报》及巨潮资讯网等中国证监会指定信息披露媒体的《成都富森美家居股 份有限公司关于召开 2024 年度股东会的通知》（以下简称《股东会通知》）； 关于成都富森美家居股份有限公司 2024 年度股东会之法律意见书 致：成都富森美家居股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受成都富森美家居股份有限 公司（以下简称公司）委托，根据《中华人民共和国证券法（2019 修订）》（以 下简称《证券法》）、《中华人民共和国公司法（2023 修订）》（以下简称《公 司法》）、中国证券监督管理委员会（以下简称中国证监会）《上市公司股东大会 规则（2022 年修订）》（以下简称《股东大会规 ...