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 renovation projects and potential bankruptcy risks for customers who have already made payments [2][13]. Group 1: Company Situation - Zhu Fan Er has reportedly encountered a cash flow issue, with funds being redirected from its Shanghai operations to cover losses in its group buying business in Beijing [2][9]. - Employees have confirmed that the company is seeking financing or acquisition to resolve its financial difficulties, although there has been no official confirmation from the company [2][10]. - As of late May, many employees have stopped coming to work, leaving only a few on duty to handle customer inquiries [9][10]. Group 2: 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][7]. - Some customers have indicated that they have paid substantial amounts for renovations, with one reporting a payment of 500,000 yuan, yet their projects remain incomplete [5][6]. - Customers are worried about the implications of halted renovations, especially those who have taken out loans for the work, fearing they may still be obligated to repay these loans even if the projects do not resume [7][10]. Group 3: 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 significant investments from various venture capital firms [14][15]. - The company initially gained traction through content marketing and has since expanded into private domain operations and online community group buying [15][16]. - As of July 2023, Zhu Fan Er had accumulated a private user base of 300,000 to 400,000, indicating a significant market presence in the home improvement sector [16].