随着"双碳"战略深入推进与高质量发展全面深化，ESG理念正加速重构企业核心竞争力。4月25日，睡 眠科技企业喜临门(603008)发布《2024年环境、社会和公司治理报告》，通过可持续发展驱动产业升级 的主线，清晰呈现企业转型实践路径。报告明确指出，企业以"致力于人类健康睡眠"为使命，将不断研 制健康、绿色、低碳、科技的睡眠产品，坚定不移地朝着"成为全球床垫行业领导者"愿景阔步前行。 全面落实低碳环保，科技赋能绿色智造 作为家居行业的环保先锋，喜临门始终秉承绿色发展理念，坚持走可持续发展之路。截至报告期末，喜 临门及所属主要工厂均顺利取得环境管理体系认证证书，并获得ISO 9001质量管理体系、中国环境标志 产品、中国绿色产品、浙江制造等认证。 在产品端，喜临门深度布局健康睡眠领域，掀起绿色智能科技睡眠革命浪潮。2024 年发布aise宝褓AI深 睡智能床，为用户提供全场景、全生态、全周期的智慧睡眠解决方案，引领行业从"被动睡眠"向"主动 睡眠"变革。 在产品生产过程中，喜临门从原材料采购到产品生产的各个环节都融入可持续发展理念，并以绿色、健 康、安全原则为核心搭建架构及制定相关制度。污染防治方面严密管控"三 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company has achieved steady growth in mattress revenue, with a focus on advancing into the smart sleep sector, supported by strategic initiatives and product enhancements [2][3]. - The company reported a revenue of 17.30 billion yuan in Q1 2025, a decrease of 1.76% year-on-year, and a net profit attributable to the parent company of 0.71 billion yuan, down 4.02% year-on-year [1]. - The company aims to transition from "AI-assisted sleep" to a more human-centered "AI companionship" model, enhancing its product offerings [3]. Financial Performance Summary - In 2024, the company generated total revenue of 87.29 billion yuan, a slight increase of 0.59% year-on-year, while the net profit attributable to the parent company was 3.22 billion yuan, down 24.84% year-on-year [1]. - The gross margin for 2024 was 33.67%, a decrease of 0.7 percentage points, and the net profit margin was 3.7%, down 1.2 percentage points [1]. - The company expects net profits for 2025, 2026, and 2027 to be 4.2 billion yuan, 5.0 billion yuan, and 5.6 billion yuan respectively, with corresponding P/E ratios of 14X, 12X, and 11X [5]. Product Segment Performance - Mattress revenue in 2024 reached 52.7 billion yuan, up 5.05% year-on-year, with sales volume of 5.366 million units, an increase of 6.19% year-on-year [2]. - Revenue from soft beds and accessories was 24.4 billion yuan, down 8.39% year-on-year, while sofa revenue was 7.2 billion yuan, down 6.55% year-on-year [2]. Retail Business Transformation - The company reported distribution revenue of 32.1 billion yuan in 2024, with a gross margin of 45.41%, and a total of 5,065 exclusive stores by the end of 2024 [4]. - Online revenue reached 19.8 billion yuan, an increase of 9.88% year-on-year, with a gross margin of 44.61% [4]. - The company is enhancing its marketing network through a multi-channel strategy, including e-commerce and social media, to improve brand penetration and operational efficiency [4].

Investment Rating - The report does not specify a clear investment rating for the company, but it suggests continuous attention due to its potential for steady growth in the AI and new business sectors [1][7]. Core Insights - The company achieved a revenue of 87.3 billion yuan in 2024, with a year-on-year growth of 0.6%, while the net profit attributable to the parent company was 3.2 billion yuan, down 24.8% year-on-year [7]. - The company is focusing on AI and new business opportunities, with the launch of AI smart mattresses and electric bed frames, which have seen sales exceed 100 million yuan [7][8]. - The company’s mattress segment showed steady growth, with revenue reaching 5.27 billion yuan, a year-on-year increase of 5.1% [7][8]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 94.3 billion yuan, 101.3 billion yuan, and 107.8 billion yuan, respectively, with growth rates of 8.0%, 7.5%, and 6.5% [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are 3.47 billion yuan, 3.69 billion yuan, and 3.95 billion yuan, with growth rates of 7.5%, 6.4%, and 7.1% [2][9]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.85 yuan in 2024 to 1.04 yuan in 2027 [2][9]. Business Segment Performance - **Mattress Segment**: Revenue is projected to grow from 5.27 billion yuan in 2024 to 7.00 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10% [8]. - **Soft Beds and Accessories**: Revenue is expected to decline slightly, from 2.44 billion yuan in 2024 to 2.41 billion yuan in 2027 [8]. - **Sofas**: Revenue is forecasted to grow from 719 million yuan in 2024 to 883 million yuan in 2027, reflecting a recovery in demand [8]. Market and Channel Analysis - **Sales Channels**: The company reported revenue from distribution stores, bulk business, and online sales of 32.1 billion yuan, 34 billion yuan, and 19.8 billion yuan, respectively, with online sales growing by 9.9% [7][8]. - **Geographical Performance**: Domestic sales decreased by 6.4% to 64.7 billion yuan, while international sales increased by 27.5% to 21.3 billion yuan [7][8]. Valuation Metrics - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 18 in 2024 to 15 in 2027, indicating a potential increase in valuation attractiveness [2][9]. - **Price-to-Book (PB) Ratio**: The PB ratio is expected to decline from 1.58 in 2024 to 1.24 in 2027, suggesting a strengthening balance sheet [2][9].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 1.73 billion in Q1 2025, showing a year-on-year decrease of 1.76%, while the net profit attributable to the parent company was 71 million, down 4.02% [1] - The retail segment demonstrated strong e-commerce growth, with online retail revenue increasing by 29.1% to 390 million, while offline retail revenue decreased by 5.8% to 650 million [2] - The company is focusing on AI sleep technology, collaborating with Tsinghua University to enhance its product offerings [4] - Financial metrics indicate a gross margin of 33.44%, with an increase in operating expenses [5] Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.73 billion, with a net profit of 71 million and a non-recurring net profit of 60 million, reflecting a decline of 4.02% and 19.31% respectively compared to the previous year [1] Retail Segment Performance - The retail business generated 1.08 billion in revenue, with online sales growing by 29.1% to 390 million, while offline sales fell by 5.8% to 650 million [2] Manufacturing and Overseas Operations - The OEM business reported a revenue of 480 million, with international sales at 360 million, showing a growth of 2.8% [3] - The cross-border e-commerce segment saw a revenue decline of 22.9% to 60 million due to strategic adjustments [3] Product Categories - Mattress revenue reached 1.13 billion, up 10% year-on-year, with proprietary brand mattresses contributing 770 million, an 18% increase [4] Financial Metrics - The gross margin stood at 33.44%, with an increase in operating expenses, including a rise in sales and financial expense ratios [5] - The company is projected to achieve revenues of 9.46 billion, 10.26 billion, and 11.15 billion for 2025, 2026, and 2027 respectively, with net profits expected to grow significantly [6]

喜临门家具股份有限公司 第六届监事会第七次会议决议的公告 证券代码：603008 证券简称：喜临门 公告编号：2025-020 1、审议通过《2025 年第一季度报告》 （1）公司 2025 年第一季度报告编制和审议程序符合法律、法规、公司章程 和公司内部管理制度的各项规定； （2）2025 年第一季度报告的内容和格式符合中国证监会和证券交易所的各 项规定，所包含的信息能从各个方面真实地反映出公司报告期的经营管理和财务 状况等事项； （3）在提出本意见前，没有发现参与 2025 年第一季度报告编制和审议的人 员有违反保密规定的行为。 具体内容详见公司于 2025 年 4 月 29 日披露于上海证券交易所网站 （www.sse.com.cn）的《喜临门家具股份有限公司 2025 年第一季度报告》。 表决结果：同意：3 票；反对：0 票；弃权：0 票。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 喜临门家具股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日在公司 403 会议室以现场表决 ...

证券代码：603008 证券简称：喜临门 公告编号：2025-019 喜临门家具股份有限公司 第六届董事会第七次会议决议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1、审议通过《2025 年第一季度报告》 表决结果：同意：9 票；反对：0 票；弃权：0 票。 本议案已经公司第六届董事会审计委员会 2024 年第四次会议审议通过，并 同意提交公司董事会审议。 审计委员会认为：公司 2025 年第一季度报告编制符合法律、法规、《公司 章程》和公司内部管理制度的各项规定，内容和格式符合中国证监会和上海证 券交易所的各项要求，所包含的信息客观、真实、准确地反映了公司的财务状 况和经营成果。同意将公司 2025 年第一季度报告提交公司董事会审议。 具体内容详见公司于 2025 年 4 月 29 日披露于上海证券交易所网站 （www.sse.com.cn）的《喜临门家具股份有限公司 2025 年第一季度报告》。 特此公告。 一、董事会会议召开情况 喜临门家具股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日在公 ...

Financial Performance - The company's revenue for Q1 2025 was CNY 1,730,221,468.28, a decrease of 1.76% compared to CNY 1,761,132,019.31 in the same period last year[4]. - Net profit attributable to shareholders was CNY 71,100,006.20, down 4.02% from CNY 74,079,494.92 year-on-year[4]. - The net profit after deducting non-recurring gains and losses was CNY 59,952,541.07, representing a decline of 19.31% compared to CNY 74,303,818.09 in the previous year[4]. - Total revenue for Q1 2025 was CNY 1,730,221,468.28, a decrease of 1.8% compared to CNY 1,761,132,019.31 in Q1 2024[19]. - Net profit for Q1 2025 was CNY 68,090,361.25, a decline of 9.4% from CNY 75,474,696.36 in Q1 2024[20]. - Operating profit for Q1 2025 was CNY 77,982,007.55, compared to CNY 85,977,751.71 in Q1 2024, reflecting a decrease of 9.2%[20]. - The total comprehensive income for Q1 2025 was CNY 64,042,983.01, compared to CNY 67,474,654.77 in Q1 2024, showing a decrease of 5.4%[21]. - The company reported a basic earnings per share of CNY 0.19 for both Q1 2025 and Q1 2024, indicating stability in earnings per share[21]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 8,688,770,576.23, a decrease of 2.43% from CNY 8,904,781,941.06 at the end of the previous year[5]. - Total liabilities as of the reporting date were CNY 4,703,767,366.63, a decrease from CNY 4,983,821,714.47 in the previous period[16]. - Shareholders' equity attributable to the parent company increased by 1.78% to CNY 3,834,789,054.84 from CNY 3,767,736,426.88 at the end of the previous year[5]. - The total current assets decreased to CNY 4.63 billion from CNY 4.88 billion, a decline of about 5.1%[14]. - Non-current assets totaled approximately CNY 4.06 billion, a slight increase from CNY 4.02 billion[14]. Cash Flow - The cash flow from operating activities showed a net outflow of CNY 449,195,680.76, compared to an outflow of CNY 327,952,119.82 in the same period last year[4]. - In Q1 2025, the cash inflow from operating activities was approximately $2.15 billion, a decrease of 4.3% compared to $2.25 billion in Q1 2024[24]. - The net cash outflow from operating activities was approximately -$449.20 million in Q1 2025, worsening from -$327.95 million in Q1 2024[25]. - The cash inflow from financing activities was approximately $1.33 billion in Q1 2025, slightly up from $1.32 billion in Q1 2024[26]. - The net cash outflow from financing activities was $52.13 million in Q1 2025, a significant decrease from $202.68 million in Q1 2024[26]. - The ending cash and cash equivalents balance for Q1 2025 was approximately $1.63 billion, up from $1.26 billion in Q1 2024[26]. - The company received approximately $1.27 billion in borrowings in Q1 2025, compared to $1.24 billion in Q1 2024[25]. - The company paid approximately $1.27 billion in debt repayments in Q1 2025, compared to $1.10 billion in Q1 2024[25]. - The cash received from tax refunds was approximately $37.33 million in Q1 2025, slightly down from $37.85 million in Q1 2024[24]. - The company reported a total cash outflow from operating activities of approximately $2.60 billion in Q1 2025, compared to $2.57 billion in Q1 2024[25]. Shareholder Information - The largest shareholder, Zhejiang Huayi Intelligent Manufacturing Co., Ltd., holds 22.38% of the shares, while the second largest, Shaoxing Yuecheng Huahan Equity Investment Partnership, holds 9.71%[10]. - The combined control of the major shareholders amounts to 35.33% of the company's shares[11]. - The company has not reported any significant changes in the financing and securities lending activities of its top shareholders[12]. - The company repurchased 7,550,400 shares, accounting for 1.99% of the total share capital[12]. Operating Costs and Expenses - Total operating costs for Q1 2025 were CNY 1,674,161,798.20, slightly down from CNY 1,679,724,226.31 in Q1 2024[19]. - Research and development expenses for Q1 2025 were CNY 34,146,558.83, down from CNY 44,750,779.71 in Q1 2024, indicating a reduction of 23.7%[19]. - The company’s financial expenses increased to CNY 8,642,605.24 in Q1 2025 from CNY 6,174,497.52 in Q1 2024, reflecting a rise of 39.9%[20]. Inventory and Receivables - Accounts receivable decreased to CNY 1.04 billion from CNY 1.10 billion, reflecting a reduction of about 5.5%[14]. - Inventory increased slightly to CNY 909.22 million from CNY 896.69 million, indicating a growth of approximately 1.4%[14]. - The company reported a significant increase in prepayments by 68.21%, primarily due to prepayment for brand promotion expenses[7]. - Long-term borrowings increased by 110.36%, indicating a rise in financing activities during the period[7]. - Cash flow from financing activities decreased by 74.28%, mainly due to increased repayments[7].

关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 21 日（星期三）上午 9:00-10:00 会议召开地点：上海证券交易所"上证路演中心"网络平台（网址： http://roadshow.sseinfo.com/） 证券代码：603008 证券简称：喜临门 公告编号：2024-021 喜临门家具股份有限公司 （一）会议召开时间：2025 年 5 月 21 日（星期三）上午 9:00-10:00 （二）会议召开地点：上海证券交易所"上证路演中心"网络平台 （网址：http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 14 日（星期三）至 5 月 20 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过本公告后附的联系 方式进行提问。公司将在说明会上对投资者普遍关注的问题 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a revenue of 8.729 billion (up 0.59% year-on-year) and a net profit attributable to shareholders of 322 million (down 24.84% year-on-year) for the year 2024. The fourth quarter of 2024 saw a revenue of 2.753 billion (up 5.51% year-on-year), but the net profit was negative at -53 million, primarily due to a decline in gross margin and increased operating expenses [1][5][12]. Summary by Sections Retail Segment - The retail segment achieved a revenue of 5.530 billion (down 4.7% year-on-year) for 2024, with a notable growth of 10.2% in Q4. The offline retail business, which is the core of the company's operations, generated 3.010 billion (down 10.8% year-on-year) in 2024, while online retail revenue reached 1.980 billion (up 9.9% year-on-year) [2][4]. OEM & Overseas Segment - The OEM business generated 2.550 billion (up 9.2% year-on-year) in 2024, with international business contributing 1.850 billion (up 24.5%). The cross-border e-commerce segment reported a revenue of 290 million (down 11.6%) due to operational strategy adjustments [3][4]. Product Categories - The mattress category saw a revenue of 5.270 billion (up 5% year-on-year), while wooden furniture experienced significant growth with a revenue of 167 million (up 27%) [4]. Financial Metrics - The gross margin for 2024 was 33.67% (down 0.70 percentage points), with Q4 gross margin at 30.03% (down 4.68 percentage points). The operating expense ratio for 2024 was 28.94% (up 1.6 percentage points) [5][12]. Profit Forecast and Valuation - The company is expected to achieve revenues of 9.458 billion, 10.263 billion, and 11.151 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of 519 million, 587 million, and 656 million [12][14].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's core mattress business continues to grow, but the performance in 2024 is impacted by adjustments in distribution channels [4][5] - In 2024, the company achieved revenue and net profit of 8.73 billion and 320 million yuan respectively, with year-on-year changes of +0.6% and -24.8% [4] - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares (including tax) for 2024 [4] Revenue Performance - The company's revenue from different product categories in 2024 includes mattresses (5.27 billion yuan, +5.1%), soft beds and accessories (2.44 billion yuan, -8.4%), sofas (720 million yuan, -6.6%), and wooden furniture (170 million yuan, +27.5%) [5] - Domestic and international revenue reached 6.47 billion and 2.13 billion yuan respectively, with year-on-year changes of -6.4% and +27.5% [5] - Revenue from distribution channels includes 3.21 billion from dealerships (-12.9%), 3.40 billion from bulk business (+10.1%), and 1.98 billion from online sales (+9.9%) [5] Profitability Analysis - The company's gross margin for 2024 is 33.7%, a decrease of 0.7 percentage points year-on-year [6] - The gross margins for different product categories are 38.4% for mattresses, 29.3% for soft beds and accessories, 18.8% for sofas, and 1.5% for wooden furniture [6] - The company’s operating expenses ratio for 2024 is 28.9%, an increase of 1.6 percentage points year-on-year, primarily due to increased brand promotion and online sales expenses [6] Market Outlook - The report indicates that the company is a leading player in the mattress industry and is expected to capture a larger market share in a supply-clearing environment [9] - Revenue forecasts for 2025 and 2026 have been adjusted downwards to 9.42 billion and 10.40 billion yuan, reflecting a decrease of 16% and 20% respectively [9] - The projected net profit for 2025 and 2026 is revised to 350 million and 370 million yuan, down by 35% and 39% respectively [9]