FSM(SZ:002818)2025-09-12 10:09Group 1: Financial Performance and Strategies - The Tianfu project has been consolidated into the company's financials, but its overall contribution to performance is not yet significant, with expectations of substantial amortization in the future [1] - The company plans to enhance its Return on Equity (ROE) by closely monitoring macroeconomic conditions and implementing three strategic initiatives: market strategy, deep operation strategy, and innovation in business models [1] - The Tianfu project has a total investment exceeding 1.7 billion CNY, with an annual amortization of over 50 million CNY [2] Group 2: Project Details and Market Positioning - The Tianfu project is a comprehensive development that integrates live streaming, commercial consumption, and ecological experiences, with independent accounting for all commercial components [2] - The project is located in the Tianfu Headquarters Business District and includes various facilities such as corporate headquarters, flagship stores, and a live streaming industry ecological park [2] - The project aims to create a "curated commercial" experience by merging art, design, and lifestyle, with notable brands already onboard, including "Three Wings Bird" smart home experience center and other industry representatives [3] Group 3: Market Trends and Consumer Behavior - The home decoration and furnishing industry has a vast consumer base with a market size exceeding 10 trillion CNY, and the company is adapting to changing consumer demands for experience and value [2] - The company is actively adjusting its merchant structure and service offerings to better meet the needs of customers in the existing housing market [3] Group 4: Corporate Governance and Future Outlook - The company maintains a stable financial position with low debt ratios and strong cash flow, despite a significant reduction in advance payments in Q2 [4] - The company assures that the recent legal issues involving a board member will not impact its dividend policy or overall business operations [4]