EASYHOME(SZ:000785) Zhong Guo Jing Ying Bao·2025-04-30 16:09Core Viewpoint - In 2024, the core business revenue of Juran Zhijia New Retail Group Co., Ltd. declined due to domestic economic fluctuations, adjustments in the real estate market, and intensified industry competition [2] Financial Performance - In the latest annual report, the company achieved an operating income of 12.966 billion yuan, a year-on-year decrease of 4.04%, and a net profit attributable to shareholders of 769 million yuan, down 40.83% year-on-year [2][4] - The net profit has declined for three consecutive years, with revenues of 12.981 billion yuan, 13.512 billion yuan, and 12.966 billion yuan from 2022 to 2024, and net profits of 1.721 billion yuan, 1.300 billion yuan, and 883 million yuan respectively [4] Business Segments - The leasing and franchise management business generated 5.972 billion yuan in revenue, a year-on-year decrease of 9.42%, accounting for 46.06% of total operating income, which was the main drag on performance [3][4] - The company has established 407 stores across 30 provinces and cities in China and overseas, including 83 direct-operated stores and 324 franchise stores [3] Market Conditions - The overall demand in the home furnishing and building materials market has shrunk due to economic fluctuations and reduced consumer purchasing power, exacerbated by cyclical downturns in the real estate market [3][4] - The home furnishing market has entered a phase of stock competition, leading to increased market pressure on Juran Zhijia's market share [3] Strategic Initiatives - To support merchants, the company reduced rent and management fees, which led to short-term revenue declines but aimed to maintain long-term partnerships [4] - The company introduced a "one store, two systems" recruitment strategy, with 65.4% of new recruitment areas adopting this model, effectively increasing merchant occupancy rates [4] - The company is accelerating its digital transformation, with its digital platform "Dongwo" achieving a GMV of 46.6 billion yuan, a year-on-year increase of 11.8% [5] Leadership and Governance Issues - The actual controller and CEO, Wang Linpeng, was detained and investigated, leading to a significant drop in stock price and market value [6][7] - Following the detention, the company's stock price fell to its limit down, resulting in a market value loss of over 2.5 billion yuan in one day [7] - The board announced that the executive president, Wang Ning, would act as chairman and CEO [9]