Summary of Key Points Core Viewpoint - Fosunmei (002818.SZ) reported its Q3 2025 results, indicating a decline in institutional investor holdings and changes in public fund and foreign fund participation [1][2]. Institutional Holdings - As of October 27, 2025, six institutional investors disclosed holdings in Fosunmei A-shares, totaling 14.5191 million shares, which represents 1.94% of the total share capital. This is a decrease of 0.66 percentage points compared to the previous quarter [1]. Public Fund Activity - One new public fund disclosed holdings this quarter, namely the China Europe Dividend Select Mixed A fund. In contrast, 70 public funds, including Yongying Dividend Preferred A and others, were not disclosed this quarter [1]. Social Security Fund Changes - There was a slight increase in holdings from one social security fund, specifically the China Europe Dividend Select Mixed A fund, compared to the previous period [1]. Pension Fund Disclosure - One pension fund, the Zhongyi Asset Management - ICBC - Zhongyi Asset - Value Return Asset Management Product, was not disclosed this quarter [1]. Foreign Fund Activity - One foreign fund, Hong Kong Central Clearing Limited, reduced its holdings by 0.40% compared to the previous quarter [2].

Core Viewpoint - The company has disclosed its third-quarter report for 2025, ensuring the accuracy and completeness of the information provided, despite the absence of the chairman due to legal measures [2][12]. Financial Data Summary - The third-quarter financial report has not been audited [3][8]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items reported for the quarter [3]. Shareholder Information - The company announced a cash dividend distribution of RMB 3.60 per 10 shares, totaling RMB 269,445,218.40, based on the total share capital of 748,458,940 shares as of June 30, 2025 [5]. Board Meeting Details - The sixth board meeting was held on October 27, 2025, with the chairman absent due to legal issues, and the meeting was conducted in accordance with legal and regulatory requirements [10][12]. - The board approved the third-quarter report, confirming that it reflects the company's actual situation without any false records or misleading statements [12].

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 924 million yuan, representing a year-on-year decrease of 14.35% [1] - The net profit attributable to shareholders was 477 million yuan, down 12.60% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 438 million yuan, reflecting an 18.97% year-on-year decline [1]

Group 1 - The core point of the article is that Fusenmei (SZ 002818) held its sixth fifth board meeting on October 27, 2025, to review the proposal for the third quarter report of 2025 [1] - Fusenmei's revenue composition for the first half of 2025 is entirely from the business services sector, accounting for 100.0% [2] - As of the report date, Fusenmei's market capitalization is 8.9 billion yuan [3]

证券代码：002818 证券简称：富森美 公告编号:2025-033 成都富森美家居股份有限公司 第六届董事会第五次会议决议公告 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"）第六届董事会第五次会 议于 2025 年 10 月 27 日 14:00 在公司富森创意大厦 B 座 21 楼会议室以现场和通 讯相结合的方式召开。本次会议通知已于 2025 年 10 月 22 日以电话、微信、书 面通知等方式通知全体董事、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 5 人，公司独立董事许志先生以通讯方式参与表决，董事长刘 兵先生因被成都市郫都区监察委员会实施留置，缺席本次会议，会议由公司副董 事长刘云华代行主持。公司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。 《公司 2025 年第三季度报告》（公告编号：2025-034）详见 2025 年 10 月 28 日《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）。 三、备查文件 1 本公司及除董事长 ...

Financial Performance - The company's revenue for Q3 2025 was ¥275,392,363.38, a decrease of 20.30% compared to the same period last year[3] - Net profit attributable to shareholders was ¥159,062,163.13, down 22.90% year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥110,946,986.45, reflecting a decline of 31.93% compared to the previous year[3] - Total operating revenue for Q3 2025 was ¥924,192,679.18, a decrease of 14.4% compared to ¥1,079,070,147.50 in the same period last year[23] - Net profit for Q3 2025 was ¥487,265,712.23, down 13.0% from ¥559,582,977.86 year-over-year[24] - Earnings per share (EPS) for Q3 2025 was ¥0.64, compared to ¥0.73 in the previous year, indicating a decline of 12.3%[25] - Investment income for Q3 2025 was ¥45,139,248.45, down from ¥59,289,547.36, a decrease of 23.8%[24] - Other income increased to ¥1,168,125.57 from ¥931,701.79, marking a growth of 25.4%[24] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥6,630,717,141.79, a decrease of 5.73% from the end of the previous year[3] - The total current assets decreased from RMB 2,580,601,749.32 to RMB 2,357,997,194.08, a decline of approximately 8.7%[17] - The total non-current assets decreased from RMB 4,453,148,466.87 to RMB 4,272,719,947.71, a decline of approximately 4.1%[17] - The total liabilities decreased to ¥891,886,135.96 from ¥997,037,606.93, a reduction of 10.6%[21] - Total equity attributable to shareholders decreased to ¥5,511,053,959.57 from ¥5,812,148,594.24, reflecting a decline of 5.2%[21] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥1,019,082,738.94, an increase of 15.44%[3] - Cash flow from operating activities was ¥935,868,875.71, a decrease of 9.6% from ¥1,034,879,114.64 in the same quarter last year[26] - Cash flow from investing activities showed a net outflow of -¥312,655,005.79, a significant increase of 431.50% in outflow compared to the previous year[10] - Cash flow from financing activities also reported a net outflow of -¥785,546,719.72, up 55.17% due to equity distribution activities[10] - Operating cash inflow totaled approximately $1.47 billion, an increase from $1.37 billion year-over-year[28] - Net cash flow from operating activities reached approximately $1.02 billion, up from $882.75 million in the previous year[28] - Cash outflow from investing activities amounted to approximately $3.26 billion, compared to $3.33 billion last year[28] - Net cash flow from investing activities was negative at approximately -$312.66 million, worsening from -$58.83 million year-over-year[28] - Cash inflow from financing activities was $10 million, down from $14 million in the previous year[28] - Cash outflow from financing activities increased to approximately $795.55 million, compared to $520.24 million last year[28] - The net cash flow from financing activities was negative at approximately -$785.55 million, compared to -$506.24 million in the previous year[28] - The ending cash and cash equivalents balance was approximately $248.66 million, down from $453.12 million year-over-year[28] Shareholder Information - The total number of common shareholders at the end of the reporting period is 19,362[12] - 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)[12] - The company distributed cash dividends of RMB 3.60 per 10 shares, totaling RMB 269,445,218.40, based on a total share capital of 748,458,940 shares as of June 30, 2025[14] Other Information - Financial expenses decreased by 79.72% to -¥116,124.07, primarily due to reduced interest income[7] - The fair value change income increased by 297.23% to ¥29,165,127.07, attributed to market value fluctuations in investment activities[7] - The company received 12 investor questions during the investor relations event and responded to all of them[15] - The company’s long-term equity investments increased from RMB 479,953,293.77 to RMB 500,388,643.90, an increase of approximately 4.3%[17] - The company’s third-quarter financial report was not audited[29] - The company will implement new accounting standards starting in 2025[30]

Core Viewpoint - Chengdu Fusenmei Home Furnishing Co., Ltd. has announced a cash dividend distribution plan for its shareholders, with a total cash dividend of RMB 269,445,218.40, amounting to RMB 3.60 per 10 shares [1][2]. Summary by Sections Dividend Distribution Plan - The company plans to distribute a cash dividend of RMB 3.60 per 10 shares to all shareholders based on a total share capital of 748,458,940 shares as of June 30, 2025 [1][2]. - The total cash dividend to be distributed amounts to RMB 269,445,218.40, with no capital reserve fund conversion or bonus shares issued [1][2]. Adjustment Principles - The cash dividend amount will remain fixed, and any adjustments will be made if the total share capital changes due to convertible bonds, share buybacks, or other reasons before implementation [2]. Rights Distribution Details - The cash dividend will be distributed to shareholders based on the existing total share capital of 748,458,940 shares, with specific tax implications for different types of investors [2]. - The dividend tax rates vary for different categories of shareholders, including those holding shares before and after the initial public offering [2]. Key Dates - The record date for shareholders is set for September 29, 2025, and the ex-dividend date is September 30, 2025 [2][4]. Dividend Distribution Method - Cash dividends will be directly credited to the accounts of A-share shareholders through the designated securities companies on the ex-dividend date [4]. - The company will bear all legal responsibilities if there are any discrepancies in the dividend distribution due to changes in shareholder accounts during the application period [4]. Consultation Information - Shareholders can contact the company's securities affairs department for inquiries regarding the dividend distribution [4].

Group 1 - The company announced a profit distribution plan for the first half of 2025, proposing a cash dividend of RMB 3.60 per 10 shares for all shareholders [2] - The total number of shares used as the basis for the distribution is 748,458,940 [2] - The record date for the dividend is set for September 29, 2025, and the ex-dividend date is September 30, 2025 [2]

1、成都富森美家居股份有限公司（以下简称"公司"）经第六届董事会第四 次会议和 2025 年第一次临时股东会审议的具体方案为：公司拟以 2025 年 6 月 30 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 3.60 元（含税），共计派发现金股利 269,445,218.40 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 9 月 29 日收盘价-0.3600 元/股。 证券代码：002818 证券简称：富森美 公告编号:2025-032 成都富森美家居股份有限公司 2025 年半年度权益分派实施公告 本公司及除董事长刘兵先生外的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： 一、股东会审议通过利润分配方案等情况 公司 2025 年半年度利润分配方案（以下简称"分配方案"）已经 2025 年 9 月 18 日召开的 2025 年第一次临时股东会审议通过，具体分配方案如下： ...

Core Viewpoint - The capital market is experiencing a significant upheaval due to a surge in "detention" measures against actual controllers of listed companies, signaling governance vulnerabilities within private enterprises [1][3]. Group 1: Detention Measures and Their Impact - As of September 2025, at least 37 actual controllers, chairpersons, or senior executives of listed companies in the Shanghai and Shenzhen stock markets have faced detention measures, marking a historical high and indicating widespread governance issues across key economic sectors such as real estate, home furnishings, pharmaceuticals, and chemicals [3][5]. - The revised Supervision Law, effective June 1, 2025, extends the maximum detention period and introduces a dynamic cycle that could lead to judicial proceedings within 14 months, increasing uncertainty for corporate executives and impacting business operations [5][8]. - The majority of cases are resolved within three months, but severe penalties have also been observed, highlighting the varying outcomes of such investigations [5][8]. Group 2: Governance Issues and Regulatory Changes - Common governance issues among detained executives include concentrated power within companies, where founders often dominate decision-making, leading to ineffective independent oversight and financial processes [7][8]. - The shift in regulatory focus emphasizes a comprehensive governance approach, moving from post-event punishment to proactive prevention and accountability, targeting not just companies but also their key personnel [8][10]. - In 2024, the China Securities Regulatory Commission intensified efforts against misconduct among key personnel, with a 21% increase in cases and a 63% rise in penalties, reflecting a stricter regulatory environment [10][12]. Group 3: Market Reactions and Corporate Resilience - The detention of prominent founders has led to immediate market reactions, with companies experiencing significant declines in stock prices and loss of investor confidence, as seen with companies like居然之家, which saw a 20% drop in stock value following detention news [14][15]. - The liquidity crisis triggered by these events has forced companies to face challenges such as increased borrowing demands from banks and supply chain disruptions, further complicating their operational stability [15][16]. - Some companies, like Midea Group and Huawei, have demonstrated resilience through established crisis management protocols and governance structures that allow for smooth transitions in leadership during crises [16][17]. Group 4: Evolving Governance Dynamics - The ongoing regulatory storm is reshaping the power dynamics within Chinese enterprises, as traditional authority figures face scrutiny and potential legal consequences, leading to a re-evaluation of governance practices [18][19]. - The market's response to the detention of executives indicates a growing preference for companies with robust governance structures, as trust in leadership is increasingly tied to corporate performance and stability [18][19].