Chengdu Fusen Noble-House Industrial Co., Ltd.
富森美
002818
Shenzhen Stock Exchange
Company Profile
1. Continuous Enhancement of Brand Image and Market Influence The company has long been dedicated to the distribution business of decorative building materials and home furnishings. Through differentiated market positioning, comprehensive product and service offerings, refined operational management, and innovative marketing strategies, it has attracted a large number of high-quality clients, including provincial-level general agents and distributors. The company has become a preferred partner for home furnishing and building material manufacturers in channel expansion. 2. Significant Regional Advantages with Prime Locations Having cultivated regional markets for years, the company owns over 1.25 million square meters of mature properties in Chengdu. These self-owned properties are strategically located in prime areas with mature supporting facilities, convenient transportation, and promising development opportunities and market prospects. They hold strong appeal for merchants and end consumers in Chengdu, Sichuan Province, and parts of western China. The properties are measured at their historical acquisition costs, ensuring cost advantages and stable appreciation potential. 3. Ecosystem-Driven Operations and Diversified Business Models Guided by a professional ecosystem-driven approach, the company has successfully developed diverse formats such as the "Creative Design Center," "Home Art Gallery," "Fashion Soft Furnishings Mall," "Imported Home Furnishings," "Move-in Ready Solutions," "Large-Scale Logistics and Wholesale," "Premium Furnishings Mall," "Independent Flagship Stores," and "New Retail." These initiatives not only foster vertical and horizontal synergies across the industry chain but also mitigate homogenization risks prevalent in the sector. 4. Industrial Clustering Effects and Efficient Resource Allocation Leveraging Chengdu’s status as one of China’s largest furniture industry clusters and a renowned industrial belt for door and window manufacturers, the company collaborates with leading domestic and international manufacturers. By integrating supply chain resources, deepening product partnerships, tapping into internal potential, and strengthening brand collaborations, it drives sustainable business growth. 5. Refined Management and Standardized Operations With decades of expertise in the home furnishing and building materials sector, the company’s senior management brings extensive industry experience. In recent years, enhanced IT infrastructure, refined and standardized management practices, and the integrated application of business, finance, tax, and capital management systems have been implemented. The full-process NCC system supports end-to-end operations, forming a closed-loop management framework that reduces costs while elevating intelligent management capabilities.
Full description
(I) Basic Overview of Company Business As of December 31, 2025， the company operates self-owned stores spanning over 1.25 million square meters, with more than 3,500 tenant merchants. Its products and services cover creative design, furniture, decorative building materials, soft furnishings, smart home systems, smart appliances, renovation materials, whole house decoration, and move-in ready services. (II) Primary Business Model The pursuit of better, more comfortable, more beautiful, and smarter living spaces is a timeless human desire and a reflection of the public’s aspiration for an improved quality of life in the home living sector. The company is committed to delivering reliable, comfortable, considerate, and heartwarming products and services by enhancing efficiency, controlling costs, and elevating customer experiences. In terms of basic business, both the company's own stores and entrusted stores are for rent that use the "Fusen Noble House" brand and implement the Fusen Noble House operation management system uniformly. Our self-owned stores are independently built and owned by the company, implementing unified merchant attraction, operation management, and service. Concerning the entrusted stores, the company provide property partners with consulting services including project investigation, market research, design planning and positioning,, commercial layout, brand planning, marketing promotion, organizational structure, personnel configuration, and training. Professional, branded, and systematic operation management of partners’ properties is carried out through the output of brands, talents, and operation management systems. In terms of emerging businesses, the company is steadily promoting new retail, financial services, import and export services around the entire industry chain, and enhancing its full chain service capabilities. (III) Key Performance Drivers During the reporting period, the company's operating performance was mainly composed of market leasing and service income, decoration and renovation project income, financial business income, etc. The level of market rental income and service income depends on the scale of market operations, rental and service fee levels. During the reporting period, the company fully implemented its merchant attracting responsibility, optimized its product category structure, optimized its rental pricing strategy, and maintained stable and sustainable business vitality in its stores. The company's decoration and renovation business relies on its resources and financial advantages in the home building materials industry chain, as well as the mature decoration and renovation design, management, and construction capabilities of Fusen Noble House Jiannan. Through proactive adjustments, cost reduction and efficiency improvement measures, it strengthens risk control and improves business quality.