FSM(SZ:002818) Xin Lang Zheng Quan·2025-08-18 09:51Core Viewpoint - The company is facing a prolonged performance downturn while maintaining a high dividend policy, reflecting a complex balance between declining revenues and strong cash flow management [2][5][8]. Group 1: Company Governance and Control - The company is controlled by the Liu family, with a concentrated ownership structure where Liu Bing, Liu Yunhua, and Liu Yi hold 80.11% of shares, ensuring efficient decision-making but also posing governance risks [3][8]. - Liu Bing's recent detention has raised concerns about potential impacts on strategic implementation, although the company emphasizes that operations remain unaffected [1][8]. Group 2: Financial Performance - The company has experienced six consecutive quarters of revenue decline, with 2024 revenue at 1.43 billion yuan, down 6.18% year-on-year, and net profit at 690 million yuan, down 14.39% [2]. - Despite the revenue and profit declines, the company has maintained a high dividend payout, distributing 2.425 billion yuan from 2022 to 2024, with a 2024 payout ratio of 117.11% [2][5]. Group 3: Strategic Adjustments - The company is implementing a dual strategy of reducing low-margin renovation business while enhancing digital and new business models, focusing on core rental and service operations that contribute 87.2% of revenue [6][7]. - The company has adopted a "live streaming + short video" marketing strategy, significantly reducing customer acquisition costs and increasing customer engagement [6]. Group 4: Market Challenges and Opportunities - The overall building materials and home furnishing market is under pressure, with a reported 9.55% decline in market area in 2024, indicating a saturated industry [2][8]. - The company is targeting the existing housing market with its "Old House Renewal" strategy, collaborating with over 30 brands to provide comprehensive solutions [7].