居然智家被谁拖入泥潭？有无患公司治理顽疾

Core Viewpoint - The article discusses the dual impact of stock price and performance decline faced by Juran Smart Home, questioning whether it is due to industry cyclical adjustments or governance issues within the company, especially following the death of its controlling shareholder [1] Company Background - Juran Smart Home, established in 1999, is a large commercial chain group focused on home furnishings and consumer goods [3] - The company went public in 2019 through a reverse merger with state-owned Wuhan Zhongshang, but has since experienced significant fluctuations in performance and a substantial decrease in market value [1][3] Governance Issues - The controlling shareholder, Wang Linpeng, allegedly used company funds to acquire control over Juran, raising concerns about self-financing and potential conflicts of interest [4][5] - Following the reverse merger, the dilution of state-owned assets has led to questions about the loss of state capital, as the ownership of state shareholders dropped from 43% to 1.7% [6][7] Financial Performance - Juran's market value peaked at over 60 billion but has since fallen to below 20 billion, representing a two-thirds loss in market capitalization [1] - The company reported a revenue of 33.12 billion in Q1, a 5.58% increase year-on-year, but a net profit decline of 39.39% [14] - For the full year 2024, Juran's revenue was 129.66 billion, down 4.04%, with a net profit of 7.69 billion, down 40.83% [15] Industry Context - The home furnishing and building materials industry is closely linked to the real estate market, which has seen a decline in sales area from 17.94 billion square meters in 2021 to 14.71 billion in 2024, a drop of 18% [15] - The company has faced increased competition and has had to provide rent and management fee reductions to support merchants, leading to a decline in rental and management income, which is a major revenue source [15] Related Transactions - Juran has engaged in significant related-party transactions, including construction projects with companies linked to the controlling shareholder, raising concerns about potential profit shifting and whether the company is being used as a financial tool for the shareholder [9][12][13]