FSM(SZ:002818) Zhong Zheng Wang·2025-08-28 11:53Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but maintained strong profitability and a healthy financial structure despite industry challenges [1][2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 649 million yuan, a year-on-year decrease of 11.55% [1]. - The net profit attributable to shareholders was 318 million yuan, down 6.35% year-on-year [1]. - As of June 30, total assets amounted to 6.73 billion yuan, with shareholders' equity at 5.62 billion yuan, indicating a healthy asset-liability structure and ample cash flow [1]. - The board proposed a cash dividend of 3.6 yuan per 10 shares (before tax), totaling 269 million yuan, which represents 84.59% of the net profit for the first half [1]. Strategic Initiatives - The company is actively responding to challenges in the building materials and home furnishing industry by implementing three core strategies: "Big Market Strategy," "Deep Operation Strategy," and "Innovation in Business Formats and Models" [1]. - In terms of merchant recruitment, the company adopted a "graded pricing" strategy to optimize brand structure and product mix, achieving comprehensive coverage of merchants and efficient resource integration [1]. - Operational improvements were made through brand optimization and empowering small and medium-sized merchants, fostering a collaborative ecosystem in the marketplace [1]. Marketing and Innovation - The company capitalized on the "national subsidy" policy, enhancing merchants' customer acquisition capabilities [2]. - In the first half of 2025, the company hosted three large-scale offline marketing events attracting over 80,000 participants, alongside three online thematic events with over 30 million content exposures and more than 40,000 order conversions [2]. - The company is advancing the innovation and upgrade of the Fushenmei Tianfu project, creating a new commercial platform that integrates smart living, aesthetic experiences, and design communication [2].