Core Insights - The article highlights the transformation of Fusenmei from a scale-driven, high-debt model to a profit-oriented, low-debt strategy, establishing itself as a leader in the home furnishing and building materials market in China [1][2][3] Financial Performance - Fusenmei has maintained a net profit margin exceeding 50% in most years, with net profits consistently above 500 million yuan, reaching close to 1 billion yuan at times [2] - From 2016 to 2024, Fusenmei's net profits were recorded as follows: 556 million, 651.2 million, 735.2 million, 801.1 million, 773.3 million, 918 million, 783 million, 806 million, and 690 million yuan, showcasing a strong performance relative to peers [2] - The company's asset-liability ratio has been kept below 20%, with figures of 13.21% in 2022, 13.70% in 2021, approximately 13.05% in 2023, and about 14.18% in 2024, indicating a low-debt operational model [2] Market Strategy and Innovations - Fusenmei has introduced new consumption formats such as "move-in ready" services, integrated home appliances, and high-end customized solutions, alongside upgrading store environments to enhance customer experience [5][6] - The company has evolved its business model over nine years, introducing various formats including high-end furniture and building materials stores, independent large stores, and lifestyle centers [5][6] - In 2023, Fusenmei began rethinking commercial scenarios, collaborating with elite designers to elevate its exhibition spaces into design and lifestyle benchmarks [7] Merchant Collaboration and Support - Fusenmei has redefined its collaboration with merchants, moving beyond traditional leasing and advertising to include joint marketing, proactive traffic generation, and comprehensive training and support [8][9][10] - The company has implemented a range of marketing actions in 2024, including customized services and promotional campaigns, to enhance merchant confidence and address operational challenges [13][15] - Fusenmei's approach to merchant collaboration has created a robust ecosystem, integrating resources and fostering joint market efforts for sustainable growth [15][18] Marketing and Customer Engagement - The company has adopted a comprehensive marketing strategy that includes full-channel coverage, high-frequency promotional events, and leveraging social media platforms for customer engagement [16][17] - In 2024, Fusenmei released nearly 100,000 short videos with a total view count of over 49 million, demonstrating effective online engagement [16][17] - The establishment of a flow operation organization involving 3,500 merchants and 100,000 frontline personnel aims to enhance consumer interaction and drive sales conversion [17]