EASYHOME(SZ:000785) Sou Hu Cai Jing·2025-07-28 15:05Core Viewpoint - The recent death of Wang Linpeng, the CEO of Juran Smart Home, has raised significant concerns about the company's future and the overall state of the home furnishing industry in China [3][8][20]. Financial Performance - Juran Smart Home's financial indicators have shown a downward trend, with a 4.04% decrease in revenue from 2023 to 2024, totaling approximately 12.97 billion yuan [10][11]. - The net profit attributable to shareholders dropped by 40.83%, from approximately 1.3 billion yuan in 2023 to about 769 million yuan in 2024 [11]. - The first quarter of 2025 also reflected negative trends, with a 39.39% decline in net profit compared to the same period in the previous year [12]. Market Conditions - The home furnishing and building materials market is facing intensified competition due to economic fluctuations and a downturn in the real estate sector, leading to increased pressure on merchants [13][34]. - Juran Smart Home has been forced to provide rent and management fee reductions to support merchants, contributing to a decline in rental and management income [13]. Corporate Governance Issues - Wang Linpeng was recently released from detention just four days before his death, raising questions about the circumstances surrounding his removal and the company's governance [6][22]. - The company has faced scrutiny due to the lack of transparency regarding the reasons for Wang's detention, which is typically associated with serious allegations such as corruption [22]. Industry Trends - The home furnishing industry is experiencing a significant downturn, with many once-prominent brands now struggling or facing bankruptcy [34][40]. - The case of the Foshan International Home Furnishing Expo Center, which is now up for auction due to financial distress, exemplifies the broader challenges facing the industry [39].