前“家居首富”，彻底失势

Core Viewpoint - The article discusses the significant decline of the home furnishing empire led by Che Jianxing, highlighting his loss of power and the financial struggles of Meikailong, the company he founded, after a series of management changes and financial difficulties [5][22]. Group 1: Management Changes - Che Jianxing was recently released from detention but has lost his position as General Manager of Meikailong, now only holding a board member role [6][19]. - The management team has undergone a major reshuffle, with many of Che's long-time associates being removed from their positions [18][21]. - The new leadership, primarily from Jianfa Group, has taken control, with a focus on a new five-year strategy centered on home furnishing operations [21][22]. Group 2: Financial Performance - Meikailong has transitioned from profitability to losses, reporting a cumulative loss exceeding 7 billion yuan in the first half of 2023 [27]. - Revenue for the first half of 2023 was approximately 3.34 billion yuan, a year-on-year decline of 21%, while net losses expanded by 51.63% to 1.9 billion yuan [27]. - The company's total liabilities increased from 676.54 billion yuan at the end of Q1 to 681.3 billion yuan by the end of June 2023 [29]. Group 3: Debt and Financial Strain - Over 70% of Meikailong's assets are pledged or frozen, with restricted assets amounting to 84.05 billion yuan, representing 72.31% of total assets [32]. - Jianfa Group has provided financial support to Meikailong, injecting 3.7 billion yuan and applying for an additional loan of 9.5 billion yuan [33][34]. - Jianfa Group itself is facing pressure, with a 29.87% decline in net profit to 841 million yuan in the first half of 2023, largely due to Meikailong's losses [35]. Group 4: Future Prospects - The new management's strategy aims to stabilize the company by ensuring that home furnishing operations account for at least 70% of the business [21]. - The future of Meikailong remains uncertain, as it continues to grapple with debt and operational challenges in a declining real estate market [35][36]. - Che Jianxing's hope of regaining control over his empire is dwindling as he faces increasing distance from the company he built [43].