出品：新浪上市公司研究院 作者：夏天 2019年底，居然智家"借壳"国资武汉中商成功登陆A股资本市场。然而，上市后，公司业绩出现波动， 盈利自2021年后持续缩水。与此同时，公司市值也遭遇大幅蒸发，公司市值巅峰一度超六百亿，而今却 不足两百亿，市值蒸发三分之二。 居然智家遭遇股价业绩"双杀"背后真的动因又是什么？随着灵魂人物实控人离去，居然智家又将何去何 从？ 公司治理之困？实控人资本运作惹是非 公开资料显示，居然智家成立于1999年，是一家以家居为主业，大消费为平台的大型商业连锁集团。 事实上，居然智家在实控人控股之前，其股权结构极其分散，经过其一系列资本腾挪，最终实现控股并 成功上市。然而，公司实控人在资本运作过程却遭遇诸多非议。 首先，实控人"自融式"拿下控股权，即疑似借居然控股资金拿下其控股权。 为夯实对居然控股的掌控并推动居然新零售发展，汪林朋2015年展开密集资本运作。其先是通过个人及 关联平台"中天基业"快速收购分散股权，短短数月内清退自然人股东并强势整合主要机构股东，累计斥 资数十亿将大部分股权收归至其控制之下。 核心观点：居然智家为何遭遇股价业绩"双杀"？这背后究竟是遭受行业周期调整冲击还是 ...

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]