400亿家具大佬、常州首富，出事了

Core Viewpoint - The article discusses the recent turmoil in the home furnishing industry, particularly focusing on the investigation of key executives at Red Star Macalline, highlighting the impact of leadership changes and financial mismanagement on the company's performance [4][12][20]. Group 1: Company Background - Red Star Macalline, a leading home furnishing company in China, has faced significant challenges following the investigation of its CEO, Che Jianxin, who has been placed under scrutiny by the Yunnan Provincial Supervisory Committee [4][20]. - The company operates 77 self-owned malls, 257 managed malls, and has authorized 33 franchise home furnishing projects, covering 405 home furnishing stores/industrial streets as of December 31, 2024 [5]. Group 2: Leadership and Management Changes - Following Che Jianxin's investigation, the company announced that Chairman Li Yupeng would temporarily assume the CEO's responsibilities to ensure business continuity [4][5]. - The management team remains stable, and the company's organizational structure and internal control mechanisms are reported to be intact, minimizing the impact of the leadership change on operations [4][5]. Group 3: Financial Performance and Challenges - Red Star Macalline's aggressive expansion into real estate led to a significant increase in debt, with liabilities nearing 70%, raising concerns about financial stability [13][14]. - The company's total liabilities peaked at nearly 200 billion yuan by 2020, with current liabilities reaching 112 billion yuan, indicating severe financial strain [16]. - The company has reported consecutive losses in 2023 and 2024, with net losses of 22.16 billion yuan and 29.83 billion yuan, respectively, and a decline in revenue of 23.5% in Q1 2025 [24]. Group 4: Market Reaction and Future Outlook - The market reacted mildly to the news of Che Jianxin's investigation, with Red Star Macalline's stock price dropping by 1.36% to 2.90 yuan per share as of May 21 [5]. - The future direction of Red Star Macalline remains uncertain, particularly in light of the leadership changes and ongoing financial difficulties [24].