Core Viewpoint - The home furnishing retail sector is facing significant challenges, highlighted by the recent detention of executives from multiple companies, including Liu Bing, the chairman of Fusenmei, amid declining performance in the industry [2][3][7]. Company Overview - Fusenmei operates as a major player in the home furnishing market, focusing on the operation of decoration and building materials retail spaces, providing comprehensive services to merchants, consumers, and partners [3][4]. - As of the end of 2024, Fusenmei's self-operated retail space exceeded 1.25 million square meters, with over 3,500 merchants [3]. Financial Performance - In 2024, Fusenmei reported revenue of 1.43 billion yuan, a year-on-year decrease of 6.18%, and a net profit attributable to shareholders of 690 million yuan, down 14.39% [5]. - Despite the decline in revenue and profit, Fusenmei distributed a cash dividend of 6.80 yuan per 10 shares, totaling 509 million yuan, indicating a commitment to shareholder returns [5]. Market Context - The home furnishing industry is experiencing a downturn due to a combination of real estate market adjustments and reduced consumer demand, leading to high inventory and low turnover rates [5][6]. - The overall performance of home furnishing companies has been poor, with many reporting significant losses, raising concerns about the sustainability of business for companies like Fusenmei [6][7]. Recent Events - The detention of Liu Bing was unexpected, and the company has stated that its operations remain stable, with the vice chairman temporarily taking over his responsibilities [2][3]. - The trend of executive detentions in the home furnishing sector raises alarms about the industry's stability, as seen with similar incidents involving leaders from other companies [7].