Core Viewpoint - The recent detention of Liu Bing, the chairman of Fusenmei, raises concerns about corporate governance stability in the home furnishing industry, which has seen multiple executives from similar companies face similar issues this year [1][2][7]. Company Summary - Fusenmei's chairman Liu Bing was detained by the Chengdu Municipal Supervisory Committee, with the vice chairman Liu Yunhua taking over his responsibilities during this period [1]. - The company maintains that its operations and governance mechanisms are sound, asserting that the chairman's detention will not significantly impact its business [1][5]. - Fusenmei has a strong history of cash dividends, with a total cash dividend exceeding 4.5 billion yuan since its IPO in 2016, and a dividend payout ratio of 68.03% [4][5]. - Despite the assurance of continued dividend policies, Fusenmei's financial performance has been declining, with a 6.18% year-on-year revenue drop in 2024 and a 14.39% decrease in net profit [5][6]. Industry Context - The home furnishing sector is experiencing scrutiny, with three key executives from major companies facing investigations this year, indicating potential risks associated with the real estate sector [7][8]. - Analysts suggest that the close ties between home furnishing companies and the real estate industry may expose them to regulatory risks, particularly in light of recent anti-corruption efforts [8][9]. - The overall market sentiment remains cautious, as evidenced by stock price declines following the announcements of executive detentions across the sector [3][9].