Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is expected to benefit from recent real estate policies in Chengdu, with new projects anticipated to enhance revenue and profits, indicating a positive long-term outlook [2][5] - The company has maintained a target price of 14.96 CNY, unchanged from the previous forecast, while the current price is 12.96 CNY [3][5] Financial Summary - For the first three quarters, the company reported revenue of 1.079 billion CNY, a decrease of 6.81%, and a net profit attributable to shareholders of 546 million CNY, down 11.4% [5] - In Q3 alone, revenue was 346 million CNY, down 10.1%, while net profit increased by 10% to 206 million CNY [5] - The company has adjusted its EPS forecasts for 2024-2026 to 1.02, 1.11, and 1.27 CNY respectively, reflecting growth rates of -6%, 9%, and 15% [5] Operational Insights - The company’s gross margin for the first three quarters was 68.1%, down 2 percentage points, and the net profit margin was 51.9%, down 3.1 percentage points [5] - Operating cash flow for the first three quarters was 883 million CNY, an increase of 19.8% [5] - The company is focusing on the Tianfu project, which aims to create a hub for live streaming and digital economy, and is actively working on project recruitment and industry integration [5] Dividend Policy - The company has maintained a high dividend policy, with an average dividend of 808 million CNY for 2022-2023, and a dividend payout ratio exceeding 100% [5]

Summary of Conference Call Company and Industry Involved - The conference call involved Tianfeng Securities and discussed the performance of Fusenmei, a company in the home decoration and rental services industry. Key Points and Arguments Financial Performance - For the first nine months, the company reported a revenue decrease of 78 million, representing a decline of approximately 6% compared to the same period last year [1][2]. - The decline in revenue was primarily attributed to two factors: 1. A significant drop in the decoration and renovation business, which mainly serves B-end clients affected by the real estate market [1]. 2. A reduction in rental income by around 20 million due to market conditions and rental discounts offered in new contracts [2]. - In Q3, total revenue was 345 million, down 38 million from the previous year, marking a 10% decline [2]. Cost Management - Despite the revenue decline, the company managed to keep costs relatively stable, with a slight decrease in costs compared to the previous year [3]. - The company reported a decrease in decoration and renovation costs by 13 million, while depreciation and amortization increased by 12.9 million due to the Tianfu New District project [3]. Profitability - The company maintained its profit levels due to effective cost management, despite the revenue drop [3]. - The profit was also supported by a reduction in losses from market investments, which decreased by 40 million compared to last year [3]. Market Outlook - The company expressed a cautious outlook for the future, noting that recent government policies aimed at stabilizing the market may only temporarily boost demand in the home decoration sector [4]. - Long-term growth is seen as challenging due to several factors: 1. The need for a recovery in the upstream real estate market [4]. 2. Overall income expectations remain pessimistic, impacting consumer spending [4]. 3. Population trends, including declining birth rates, are expected to have a long-term impact on the market [4]. Regional Insights - The company discussed the recent market activity in Chengdu, noting that while there was speculation about government policies and urban redevelopment, there were no confirmed plans that would significantly impact the commercial projects [5][6]. - The company emphasized that any potential urban redevelopment would require extensive planning and communication with businesses, indicating a lack of immediate certainty in the market [6]. Rental Market Dynamics - The company does not foresee a significant increase in tenant turnover in the short term, as recent negotiations have resulted in acceptable rental agreements for both parties [7]. - Future rental adjustments will depend on market conditions, with the company prepared to adapt its rental strategy if necessary [7]. Challenges in the Industry - The company highlighted ongoing challenges in the industry, including long payment cycles and difficulties in collecting receivables from government and private sector clients [8]. - Despite government policies aimed at improving payment practices, the effectiveness of these measures remains uncertain [8]. Strategic Considerations - The company is open to exploring acquisition opportunities to enhance its market position, although no specific plans have been established yet [14]. - The management is considering diversifying into other sectors beyond home decoration, contingent on favorable market conditions and regulatory changes [14]. Other Important but Overlooked Content - The company noted that while there are short-term promotional activities to drive traffic, these do not address the underlying issues facing the industry [5]. - The management emphasized the importance of maintaining reasonable rental prices to avoid losing tenants, indicating a strategic focus on tenant retention [8]. - The discussion included insights into the competitive landscape, with the company maintaining a cautious approach to pricing and market positioning [10]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the company's current performance, market outlook, and strategic considerations.

Summary of Conference Call Company and Industry Overview - The conference call involved Tianfeng Commerce and discussed the performance of Fusenmei's Q3 report, focusing on the home decoration and leasing services sectors, particularly in the Chengdu market [1][3]. Key Points and Arguments Financial Performance - For the first nine months, the company reported a revenue decrease of 78 million, representing a decline of approximately 6% compared to the same period last year [1]. - The decline in revenue was primarily attributed to two factors: 1. A significant drop in the decoration and renovation business, which mainly serves B-end clients affected by the real estate market [1][2]. 2. A reduction in leasing income by around 20 million due to rental discounts offered in response to market conditions [2]. - Q3 revenue was reported at 345 million, down 38 million from the previous year, marking a 10% decline [2]. Cost Management - Despite the revenue decline, the company managed to keep costs relatively stable, with a slight decrease in costs associated with decoration and renovation [3]. - The overall operating costs remained nearly flat compared to the previous year, which helped maintain profit levels [3]. Market Outlook - The company expressed a cautious outlook for the future, noting that recent government policies aimed at stabilizing the market may only temporarily boost demand for home decoration services [3][4]. - Long-term growth is contingent on several factors, including a recovery in the real estate market and improvements in consumer income levels [4]. - The company highlighted concerns about overcapacity in the industry and the impact of demographic trends, such as declining birth rates, on future demand [4][5]. Chengdu Market Insights - There were discussions about recent market speculation regarding government policies in Chengdu, particularly concerning urban redevelopment and potential demolition projects. However, the company clarified that there were no confirmed plans from the government regarding these issues [5][6]. - The company emphasized that any significant changes in the market would require extensive communication and planning with businesses involved [6]. Leasing and Rental Strategies - The company has been proactive in negotiating rental agreements, providing discounts to maintain tenant relationships and stabilize occupancy rates [6][7]. - The management indicated that they do not foresee a significant increase in tenant defaults in the near term, as they have established acceptable rental levels through discussions with tenants [7]. Challenges in the Decoration Sector - The decoration business faces challenges related to long payment cycles and difficulties in collecting receivables, particularly from government and state-owned enterprises [8]. - The management remains skeptical about the effectiveness of government policies aimed at improving payment practices for private enterprises [8]. Future Growth and Investment Strategies - The company is open to exploring mergers and acquisitions to diversify its business and enhance growth opportunities, although no specific plans have been finalized [14]. - There is a recognition of the need to adapt to changing market conditions and consumer preferences, particularly in the home decoration sector [14]. Additional Important Insights - The company maintains a commitment to high dividend payouts, with a focus on sustaining a stable and generous distribution policy [11]. - The management acknowledged the importance of consumer sentiment and market confidence in driving future growth, emphasizing that improvements in the overall economic environment are crucial for recovery [10][11]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's current performance, market outlook, and strategic considerations.

Investment Rating - The report maintains a "Buy" rating for the company with a target price set at 14.67, reflecting a potential upside from the current closing price of 13.13 [1][4]. Core Insights - The company reported a revenue of 1.079 billion in the first three quarters of 2024, a year-on-year decrease of 6.81%. However, Q3 showed a revenue increase of 10.08% year-on-year, indicating a potential recovery in demand [2][4]. - The net profit for the first three quarters was 546 million, down 11.37% year-on-year, but Q3 net profit increased by 10.04% year-on-year, suggesting improved profitability in the latest quarter [2][4]. - The company is expected to benefit from a recovery in the housing market, supported by recent government policies aimed at stabilizing real estate [2][4]. Revenue Summary - For the first three quarters of 2024, the company achieved a revenue of 1.079 billion, down 6.81% year-on-year. Q3 revenue was 346 million, down 10.08% year-on-year [2]. - The company is positioned as a leading home goods retailer in Southwest China, with expectations for revenue recovery as the housing market stabilizes [2][4]. Profitability Summary - The gross margin for the first three quarters of 2024 was 68.14%, and the net margin was 51.86%, reflecting a slight decline compared to the previous year [3]. - In Q3, the gross margin was 65.32%, and the net margin improved to 60.46%, indicating effective cost control measures [3]. - The company maintained a low expense ratio of 4.70% for the first three quarters, with a slight decrease in sales and management expense ratios [3]. Financial Forecast - The company is projected to achieve revenues of 1.530 billion, 1.611 billion, and 1.707 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.00, 1.08, and 1.16 [4][6]. - The report anticipates a gradual recovery in profitability, with net profit expected to stabilize and grow in the coming years [4][6].

成都富森美家居股份有限公司 关于董事会换届选举的公告 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。 一、提名第六届董事会董事候选人情况 证券代码：002818 证券简称：富森美 公告编号:2024-042 公司第六届董事会候选人人数符合《公司法》和《公司章程》等相关规定， 其中独立董事候选人人数的比例未低于董事会成员的三分之一，也不存在连任本 公司独立董事任期超过六年的情形。本次换届选举不会导致公司董事会中兼任公 司高级管理人员以及由职工代表担任的董事人数总计超过公司董事总数的二分 之一。 为确保董事会的正常运行，在新一届董事会董事就任前，原董事仍将依照法 律、行政法规、部门规章、规范性文件和《公司章程》的规定，忠实、勤勉履行 董事职责，不得有任何损害公司和股东利益的行为。 特此公告。 附件 1：第六届董事会非独立董事候选人简历； 附件 2：第六届董事会独立董事候选人简历。 成都富森美家居股份有限公司（以下简称"公司"）第五届董事会任期将于 2024 年 11 月 9 日届满，根据《公司法》《证券法》《上市公司独立董事管理办法》 《深圳证券交易所股票上市规则 ...

证券代码：002818 证券简称：富森美 公告编号:2024-045 成都富森美家居股份有限公司 关于召开 2024 年第二次临时股东会的通知 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。 根据《公司法》及《成都富森美家居股份有限公司章程》的有关规定，经成 都富森美家居股份有限公司（以下简称"公司"）第五届董事会第二十一次会议 审议通过，决定于 2024 年 11 月 8 日（星期五）15:00 召开公司 2024 年第二次临 时股东会，本次股东会采取现场投票、网络投票相结合的方式召开，现将本次股 东会的有关情况通知如下: 一、召开会议的基本情况 1．股东会届次：公司 2024 年第二次临时股东会。 2．股东会召集人：公司董事会。 经公司第五届董事会第二十一次会议审议通过，公司董事会决定召开 2024 年第二次临时股东会。 3．会议召开的合法性、合规性：本次股东会会议的召集、召开符合相关法律、 行政法规、部门规章、规范性文件和公司章程的规定。 4．会议召开的日期、时间： （1）现场会议时间：2024 年 11 月 8 日（星期五）15：00 开始 （2）网 ...

成都富森美家居股份有限公司 证券代码：002818 证券简称：富森美 公告编号:2024-039 第五届董事会第二十一次会议决议公告 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。 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"）第五届董事会第二十一 次会议于 2024 年 10 月 22 日下午 2:00 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 2024 年 10 月 17 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 2024 年第三季度报告的议案》 公司董事会审计委员会对 2024 年第三季度报告及财务报表发表审核意见， 具体内容详见同日披露于巨潮资讯网（http://www.cninfo.c ...

成都富森美家居股份有限公司董事会提名委员会 关于提名公司第六届董事会董事候选人任职资格的审查意见 独立董事候选人的任职资格和独立性尚需深圳证券交易所审核无异议后方 可提交股东会审议。 同意提名刘兵先生、刘云华女士、刘义先生、岳清金先生为公司第六届董事 会非独立董事候选人，许志先生、倪得兵先生、刘宝华先生为公司第六届董事会 独立董事候选人，并提交公司董事会审议。 成都富森美家居股份有限公司 董事会提名委员会 二〇二四年十月二十二日 根据《成都富森美家居股份有限公司公司章程》和《成都富森美家居股份有 限公司董事会提名委员会实施细则》的规定，作为公司董事会提名委员会委员， 对公司董事会提名的第六届董事会董事候选人的资格及相关情况进行了审查。经 审查，董事会提名委员会认为： 公司第六届董事会非独立董事候选人刘兵先生、刘云华女士、刘义先生、岳 清金先生均不存在《公司法》不得担任董事、监事、高级管理人员的情形；不存 在《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 第 3.2.2 条所规定情形；不存在被中国证监会在证券期货市场违法失信信息公开 查询平台公示或者被人民法院纳入失信被执行人名单，不属 ...

证券代码：002818 证券简称：富森美 公告编号:2024-046 成都富森美家居股份有限公司 独立董事提名人声明与承诺 提名人成都富森美家居股份有限公司董事会现就提名刘宝华先生为成都 富森美家居股份有限公司第六届董事会独立董事候选人发表公开声明。被提名 人已书面同意作为成都富森美家居股份有限公司第六届董事会独立董事候选 人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学 历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况后作 出的，本提名人认为被提名人符合相关法律、行政法规、部门规章、规范性文 件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具 体声明并承诺如下事项： 一、被提名人已经通过成都富森美家居股份有限公司第五届董事会提名委 员会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履 职情形的密切关系。 ■ 是 □ 否 如否，请详细说明：____________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得 担任公司董事的情形。 ■ 是 □ 否 如否，请详细说明：____________ ...

关于 2024 年第三季度报告的审核意见 成都富森美家居股份有限公司 董事会审计委员会 成都富森美家居股份有限公司董事会审计委员会 根据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管 理办法》《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》和成都 富森美家居股份有限公司（以下简称"公司"）制订的《公司章程》《董事会审计 委员会实施细则》等相关规定，公司第五届董事会审计委员会，对 2024 年第三 季度报告审核意见如下： 公司财务报表在所有重大方面公允反映了公司 2024 年 9 月 30 日的财务状 况、2024 年三季度的经营成果和现金流量，公司 2024 年第三季度报告公允反映 了公司前三季度的财务状况和经营成果。公司 2024 年第三季度报告所披露的信 息真实、准确、完整，不存在任何虚假记载、误导性陈述或重大遗漏，审计委员 会同意该议案。 二〇二四年十月二十二日 ...