董事长被留置后，富森美副总经理张凤术再被留置

Core Viewpoint - The company is facing significant challenges due to the recent investigations and detentions of its top executives, which have exposed underlying issues in the home furnishing industry and raised concerns about its operational stability and market dependence. Group 1: Executive Investigations - On November 25, the company announced that its Vice General Manager and Board Secretary, Zhang Fengshu, was placed under investigation and detention by the Chongzhou Municipal Supervisory Committee [4][5] - This follows the earlier detention of the company's Chairman, Liu Bing, on July 24, highlighting a troubling trend of leadership instability within the company [5][6] - The company claims that its operations remain normal and that these events will not significantly impact its business [4][5] Group 2: Industry Context - The home furnishing industry is undergoing a major transformation, with crises and issues becoming increasingly apparent [3][6] - The overall market is experiencing a decline, with new housing sales in 2024 projected to drop by 12.9% in area and 17.1% in sales value, leading to reduced demand for home decoration services [6] Group 3: Financial Performance - The company reported a revenue of 924 million yuan for the first three quarters of 2023, a year-on-year decrease of 14.35%, and a net profit of 477 million yuan, down 12.60% [8] - Despite the declining performance, the company has maintained high dividend payouts, distributing a total of 2.425 billion yuan in cash dividends from 2022 to 2024, raising questions about its financial strategy [9][10] Group 4: Market Dependence - The company's revenue is heavily reliant on its "market leasing and services" segment, which accounted for 87.20% of total revenue in 2024, indicating a lack of diversification [11] - The company has shown an increasing dependence on the Chengdu market, with revenue from this region rising from 95.71% in 2021 to 97.76% in 2024, limiting its growth potential outside this area [12] Group 5: Future Outlook - The company faces significant challenges in navigating the current market environment, especially with the recent leadership changes and the need to adapt to a declining real estate market [13]