Core Viewpoint - The home improvement platform "Zhu Fan Er," founded by four Tsinghua graduates, is facing its biggest crisis in nearly a decade, with reports of halted construction projects and potential bankruptcy risks for customers who have already made payments [1][10]. Company Situation - Zhu Fan Er has reportedly encountered a temporary cash flow issue, attributed to funds being redirected from its Shanghai operations to cover losses in its group purchasing business in Beijing [1][7]. - Employees have confirmed that most staff in Shanghai are no longer working, with only a few remaining to handle customer inquiries [7]. - The company is actively seeking financing or acquisition to resolve its financial difficulties, although this has not been officially confirmed [3][8]. Customer Impact - Numerous customers in Beijing and Shanghai have reported that their renovation projects have stopped, with many expressing concerns about the return of their pre-paid funds [4][6]. - Some customers have indicated that they are facing significant financial strain, including loans taken out for renovations that may not be completed [6][8]. Company Background - Zhu Fan Er was established in October 2015 and has raised a total of 3.21 billion yuan across multiple funding rounds, with notable investors including Innovation Works and GGV Capital [10][11]. - The company initially gained traction through content marketing and has since expanded into private domain operations and online community group purchasing [11][12]. - As of July 2023, Zhu Fan Er had accumulated a private user base of approximately 300,000 to 400,000 [12].