Summary of Conference Call Company and Industry Involved - The conference call involved Tianfeng Securities and discussed the performance of Fusenmei, a company in the home decoration and rental services industry. Key Points and Arguments Financial Performance - For the first nine months, the company reported a revenue decrease of 78 million, representing a decline of approximately 6% compared to the same period last year [1][2]. - The decline in revenue was primarily attributed to two factors: 1. A significant drop in the decoration and renovation business, which mainly serves B-end clients affected by the real estate market [1]. 2. A reduction in rental income by around 20 million due to market conditions and rental discounts offered in new contracts [2]. - In Q3, total revenue was 345 million, down 38 million from the previous year, marking a 10% decline [2]. Cost Management - Despite the revenue decline, the company managed to keep costs relatively stable, with a slight decrease in costs compared to the previous year [3]. - The company reported a decrease in decoration and renovation costs by 13 million, while depreciation and amortization increased by 12.9 million due to the Tianfu New District project [3]. Profitability - The company maintained its profit levels due to effective cost management, despite the revenue drop [3]. - The profit was also supported by a reduction in losses from market investments, which decreased by 40 million compared to last year [3]. Market Outlook - The company expressed a cautious outlook for the future, noting that recent government policies aimed at stabilizing the market may only temporarily boost demand in the home decoration sector [4]. - Long-term growth is seen as challenging due to several factors: 1. The need for a recovery in the upstream real estate market [4]. 2. Overall income expectations remain pessimistic, impacting consumer spending [4]. 3. Population trends, including declining birth rates, are expected to have a long-term impact on the market [4]. Regional Insights - The company discussed the recent market activity in Chengdu, noting that while there was speculation about government policies and urban redevelopment, there were no confirmed plans that would significantly impact the commercial projects [5][6]. - The company emphasized that any potential urban redevelopment would require extensive planning and communication with businesses, indicating a lack of immediate certainty in the market [6]. Rental Market Dynamics - The company does not foresee a significant increase in tenant turnover in the short term, as recent negotiations have resulted in acceptable rental agreements for both parties [7]. - Future rental adjustments will depend on market conditions, with the company prepared to adapt its rental strategy if necessary [7]. Challenges in the Industry - The company highlighted ongoing challenges in the industry, including long payment cycles and difficulties in collecting receivables from government and private sector clients [8]. - Despite government policies aimed at improving payment practices, the effectiveness of these measures remains uncertain [8]. Strategic Considerations - The company is open to exploring acquisition opportunities to enhance its market position, although no specific plans have been established yet [14]. - The management is considering diversifying into other sectors beyond home decoration, contingent on favorable market conditions and regulatory changes [14]. Other Important but Overlooked Content - The company noted that while there are short-term promotional activities to drive traffic, these do not address the underlying issues facing the industry [5]. - The management emphasized the importance of maintaining reasonable rental prices to avoid losing tenants, indicating a strategic focus on tenant retention [8]. - The discussion included insights into the competitive landscape, with the company maintaining a cautious approach to pricing and market positioning [10]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the company's current performance, market outlook, and strategic considerations.

Summary of Conference Call Company and Industry Overview - The conference call involved Tianfeng Commerce and discussed the performance of Fusenmei's Q3 report, focusing on the home decoration and leasing services sectors, particularly in the Chengdu market [1][3]. Key Points and Arguments Financial Performance - For the first nine months, the company reported a revenue decrease of 78 million, representing a decline of approximately 6% compared to the same period last year [1]. - The decline in revenue was primarily attributed to two factors: 1. A significant drop in the decoration and renovation business, which mainly serves B-end clients affected by the real estate market [1][2]. 2. A reduction in leasing income by around 20 million due to rental discounts offered in response to market conditions [2]. - Q3 revenue was reported at 345 million, down 38 million from the previous year, marking a 10% decline [2]. Cost Management - Despite the revenue decline, the company managed to keep costs relatively stable, with a slight decrease in costs associated with decoration and renovation [3]. - The overall operating costs remained nearly flat compared to the previous year, which helped maintain profit levels [3]. Market Outlook - The company expressed a cautious outlook for the future, noting that recent government policies aimed at stabilizing the market may only temporarily boost demand for home decoration services [3][4]. - Long-term growth is contingent on several factors, including a recovery in the real estate market and improvements in consumer income levels [4]. - The company highlighted concerns about overcapacity in the industry and the impact of demographic trends, such as declining birth rates, on future demand [4][5]. Chengdu Market Insights - There were discussions about recent market speculation regarding government policies in Chengdu, particularly concerning urban redevelopment and potential demolition projects. However, the company clarified that there were no confirmed plans from the government regarding these issues [5][6]. - The company emphasized that any significant changes in the market would require extensive communication and planning with businesses involved [6]. Leasing and Rental Strategies - The company has been proactive in negotiating rental agreements, providing discounts to maintain tenant relationships and stabilize occupancy rates [6][7]. - The management indicated that they do not foresee a significant increase in tenant defaults in the near term, as they have established acceptable rental levels through discussions with tenants [7]. Challenges in the Decoration Sector - The decoration business faces challenges related to long payment cycles and difficulties in collecting receivables, particularly from government and state-owned enterprises [8]. - The management remains skeptical about the effectiveness of government policies aimed at improving payment practices for private enterprises [8]. Future Growth and Investment Strategies - The company is open to exploring mergers and acquisitions to diversify its business and enhance growth opportunities, although no specific plans have been finalized [14]. - There is a recognition of the need to adapt to changing market conditions and consumer preferences, particularly in the home decoration sector [14]. Additional Important Insights - The company maintains a commitment to high dividend payouts, with a focus on sustaining a stable and generous distribution policy [11]. - The management acknowledged the importance of consumer sentiment and market confidence in driving future growth, emphasizing that improvements in the overall economic environment are crucial for recovery [10][11]. This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the company's current performance, market outlook, and strategic considerations.

Investment Rating - The report maintains a "Buy" rating for the company with a target price set at 14.67, reflecting a potential upside from the current closing price of 13.13 [1][4]. Core Insights - The company reported a revenue of 1.079 billion in the first three quarters of 2024, a year-on-year decrease of 6.81%. However, Q3 showed a revenue increase of 10.08% year-on-year, indicating a potential recovery in demand [2][4]. - The net profit for the first three quarters was 546 million, down 11.37% year-on-year, but Q3 net profit increased by 10.04% year-on-year, suggesting improved profitability in the latest quarter [2][4]. - The company is expected to benefit from a recovery in the housing market, supported by recent government policies aimed at stabilizing real estate [2][4]. Revenue Summary - For the first three quarters of 2024, the company achieved a revenue of 1.079 billion, down 6.81% year-on-year. Q3 revenue was 346 million, down 10.08% year-on-year [2]. - The company is positioned as a leading home goods retailer in Southwest China, with expectations for revenue recovery as the housing market stabilizes [2][4]. Profitability Summary - The gross margin for the first three quarters of 2024 was 68.14%, and the net margin was 51.86%, reflecting a slight decline compared to the previous year [3]. - In Q3, the gross margin was 65.32%, and the net margin improved to 60.46%, indicating effective cost control measures [3]. - The company maintained a low expense ratio of 4.70% for the first three quarters, with a slight decrease in sales and management expense ratios [3]. Financial Forecast - The company is projected to achieve revenues of 1.530 billion, 1.611 billion, and 1.707 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.00, 1.08, and 1.16 [4][6]. - The report anticipates a gradual recovery in profitability, with net profit expected to stabilize and grow in the coming years [4][6].

成都富森美家居股份有限公司 2024 年第三季度报告 证券代码：002818 证券简称：富森美 公告编号：2024-041 成都富森美家居股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报 告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 1 成都富森美家居股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|------------------|-------------------------|------ ...

成都富森美家居股份有限公司 关于监事会换届选举的公告 证券代码：002818 证券简称：富森美 公告编号:2024-043 本公司及监事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、提名股东代表监事候选人情况 成都富森美家居股份有限公司（以下简称"公司"）第五届监事会任期将于 2024 年 11 月 9 日届满，根据《公司法》《证券法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运 作》等法律法规和《公司章程》的相关规定，公司监事会应于任期届满前进行换 届选举。2024 年 10 月 22 日，公司召开第五届监事会第十六次会议，审议通过 了《关于提名公司第六届监事会股东代表监事候选人的议案》。 二〇二四年十月二十二日 二、特别说明 公司股东监事候选人中最近二年内曾担任过公司董事或者高级管理人员的 监事人数未超过公司监事总数的二分之一。单一股东提名的监事未超过公司监事 总数的二分之一。 1 为确保监事会的正常运作，在股东会选举产生新一届监事会前，第五届监事 会监事将依照法律、行政法规、部门规章、规范性文件和《公司章 ...

成都富森美家居股份有限公司 证券代码：002818 证券简称：富森美 公告编号:2024-039 第五届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 成都富森美家居股份有限公司（以下简称"公司"）第五届董事会第二十一 次会议于 2024 年 10 月 22 日下午 2:00 在公司富森创意大厦 B 座 21 楼会议室以 现场方式召开。本次会议通知已于 2024 年 10 月 17 日以电话、微信、书面通知 等方式通知全体董事、监事及高级管理人员。本次会议应出席董事 7 人，实际 出席现场会议的董事 7 人。会议由董事长刘兵主持，公司监事和高级管理人员 列席了本次会议。本次会议的召集和召开符合《中华人民共和国公司法》和 《公司章程》的规定。 二、董事会会议审议情况 会议以记名投票表决方式审议通过如下决议： 1、审议通过《关于公司 2024 年第三季度报告的议案》 公司董事会审计委员会对 2024 年第三季度报告及财务报表发表审核意见， 具体内容详见同日披露于巨潮资讯网（http://www.cninfo.c ...

证券代码：002818 证券简称：富森美 公告编号：2024-044 成都富森美家居股份有限公司 关于修订《公司章程》的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 2024 年 10 月 22 日，成都富森美家居股份有限公司（以下简称"公司"）召 开第五届董事会第二十一次会议，审议通过了《关于修订<公司章程>的议案》。 具体情况如下： 一、修订公司章程具体情况 根据《中华人民共和国公司法（2023 年修订）》相关规定，结合公司实际情 况，公司拟对《公司章程》部分条款进行修订。 二〇二四年十月二十二日 2 除修改上述条款外，章程其他内容不变。 此次修订《公司章程》事项需提交公司 2024 年第二次临时股东会审议，并 以特别决议表决通过。最终变更内容以有权审批机关核准为准。同时提请股东会 授权董事会及相关负责人向工商登记机关办理工商变更所需相关事项。 修订后的《成都富森美家居股份有限公司章程》全文内容详见巨潮资讯网 （http://www.cninfo.com.cn/）。 二、备查文件 1 特此公告。 成都富森美家居股份有限公司 董事会 | 修订前章程 ...

关于 2024 年第三季度报告的审核意见 成都富森美家居股份有限公司 董事会审计委员会 成都富森美家居股份有限公司董事会审计委员会 根据《中华人民共和国公司法》《上市公司治理准则》《上市公司独立董事管 理办法》《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》和成都 富森美家居股份有限公司（以下简称"公司"）制订的《公司章程》《董事会审计 委员会实施细则》等相关规定，公司第五届董事会审计委员会，对 2024 年第三 季度报告审核意见如下： 公司财务报表在所有重大方面公允反映了公司 2024 年 9 月 30 日的财务状 况、2024 年三季度的经营成果和现金流量，公司 2024 年第三季度报告公允反映 了公司前三季度的财务状况和经营成果。公司 2024 年第三季度报告所披露的信 息真实、准确、完整，不存在任何虚假记载、误导性陈述或重大遗漏，审计委员 会同意该议案。 二〇二四年十月二十二日 ...

证券代码：002818 证券简称：富森美 公告编号:2024-046 成都富森美家居股份有限公司 独立董事提名人声明与承诺 提名人成都富森美家居股份有限公司董事会现就提名刘宝华先生为成都 富森美家居股份有限公司第六届董事会独立董事候选人发表公开声明。被提名 人已书面同意作为成都富森美家居股份有限公司第六届董事会独立董事候选 人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职业、学 历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况后作 出的，本提名人认为被提名人符合相关法律、行政法规、部门规章、规范性文 件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具 体声明并承诺如下事项： 一、被提名人已经通过成都富森美家居股份有限公司第五届董事会提名委 员会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履 职情形的密切关系。 ■ 是 □ 否 如否，请详细说明：____________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得 担任公司董事的情形。 ■ 是 □ 否 如否，请详细说明：____________ ...

第五届监事会第十六次会议决议公告 成都富森美家居股份有限公司 本公司及监事会全体成员保证信息披露内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002818 证券简称：富森美 公告编号：2024-040 一、监事会会议召开情况 成都富森美家居股份有限公司（以下简称"公司"）第五届监事会第十六次 会议于 2024 年 10 月 22 日 10:00 在公司富森创意大厦 B 座 21 楼会议室以现场方 式召开。本次会议通知已于 2024 年 10 月 17 日以微信、电话、书面通知等方式 通知全体监事。本次会议应出席监事 3 人，实际出席现场会议的监事 3 人。会议 由监事会主席程良主持，公司财务总监、董事会秘书列席了本次会议。本次会议 的召集和召开符合《中华人民共和国公司法》和《公司章程》的规定。 二、监事会会议审议情况 会议以记名投票表决方式审议通过如下决议： 1、审议通过《关于公司 2024 年第三季度报告的议案》 经审核，监事会认为董事会编制和审议公司 2024 年第三季度报告的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上 市公司的实际情况，不存在 ...