FSM(SZ:002818) Mei Ri Jing Ji Xin Wen·2025-07-24 15:09Core Viewpoint - Chengdu Fusenmei Home Furnishing Co., Ltd. announced that its chairman Liu Bing has been detained, temporarily unable to perform his duties, with Vice Chairman Liu Yunhua taking over his responsibilities. The company asserts that its control remains unchanged and operations continue normally [2]. Company Overview - Fusenmei was established in 2000 and specializes in the operation of decorative building materials and home furnishing markets, with a self-operated market area exceeding 1.25 million square meters, making it one of the largest home furnishing markets in Southwest China. The company primarily operates in the Chengdu area, which accounted for 97.76% of its revenue in 2024 [2]. Shareholding Structure - The actual controllers of Fusenmei are the Liu siblings: Chairman Liu Bing (43.7% shareholding), Vice Chairman Liu Yunhua (27.7%), and Director and General Manager Liu Yi (8.71%). Together, they hold 80.11% of the company's shares [3]. Financial Performance - Fusenmei has experienced a decline in revenue for six consecutive quarters since Q4 2023. In 2024, the company reported revenue of 1.43 billion yuan, a decrease of 6.18% year-on-year, and a net profit of 690 million yuan, down 14.39% year-on-year. In Q1 2025, revenue was 330 million yuan, a 13.19% decrease, with a net profit of 148 million yuan, down 21.06% year-on-year [3]. Dividend Policy - Despite the decline in revenue, Fusenmei has maintained its dividend payouts, with cumulative cash dividends of 2.425 billion yuan from 2022 to 2024. In 2024 alone, the total cash dividend reached 808 million yuan, with a payout ratio of 117.11%. Since its listing in November 2016, the company has distributed a total of 4.668 billion yuan in dividends, achieving an average dividend rate of 69.52% [3].