证券代码：603008 证券简称：喜临门 公告编号：2025-023 喜临门家具股份有限公司 关于公司控股股东部分股份解除质押的公告 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: 喜临门家具股份有限公司（以下简称"公司"）控股股东浙江华易智能 制造有限公司（以下简称"华易智能制造"）持有公司股份 84,799,659 股，占 公司总股本的 22.38%。本次股份解除质押后，华易智能制造累计被质押股份 40,670,000 股，占其所持股总数的 47.96%，占公司总股本的 10.73%。 华易智能制造、华易智能制造一致行动人绍兴市越城区华瀚股权投资合 伙企业（有限合伙）（以下简称"华瀚投资"）、公司实际控制人陈阿裕先生、 陈阿裕先生和其子女共同委托设立的陕国投·金玉 201 号证券投资集合资金信托 计划（以下简称"金玉 201 号信托计划"）合计持有公司股份 133,910,234 股， 占公司总股本的 35.33%。本次股份解除质押后，累计被质押股份 65,520,000 股， 占其所持总股数的 48.93 ...

喜临门（603008）公告，控股股东华易智能制造解除质押1225.6万股，占其所持股份的14.45%，占公司 总股本的3.23%。解除质押时间为2025年4月29日。华易智能制造累计被质押股份4067万股，占其所持 股份的47.96%，占公司总股本的10.73%。华易智能制造及其一致行动人累计质押股份6552万股，占其 所持股份的48.93%，占公司总股本的17.29%。 ...

Core Viewpoint - The company faces performance pressure due to a deep adjustment in the real estate industry, leading to mixed results in revenue and profit for 2024 [2][3]. Financial Performance - The company reported a revenue of approximately 8.73 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to shareholders was about 322 million yuan, a decline of 24.84% [2]. - Operating cash flow decreased by 37.2% to approximately 787 million yuan, and basic earnings per share fell by 23.42% to 0.85 yuan [2]. - Revenue from soft beds and related products dropped by 8.39% to 2.44 billion yuan, and sofa business revenue decreased by 6.55% to 719 million yuan [2][3]. Market Segmentation - The company's export business grew significantly, accounting for 25% of total revenue, with a year-on-year increase of 27.46%, while domestic market revenue declined by 7.25 percentage points [2]. - In 2024, domestic and foreign market revenues were approximately 6.47 billion yuan and 2.13 billion yuan, respectively, with domestic revenue down 6.4% and foreign revenue up 27.46% [3]. Cost Structure - The company experienced an increase in "three expenses" (sales, management, and financial expenses), with total expenses reaching 1.87 billion yuan, 463 million yuan, and 309 million yuan, respectively, marking increases of 6.35%, 9.59%, and 164.95% [4]. - The rise in expenses was attributed to increased brand promotion, online sales costs, employee compensation, and interest expenses [4]. Industry Dynamics - The mattress industry in China is characterized by a large number of small companies, with increasing competition among leading brands [5]. - The company is focusing on the sleep technology sector, transitioning from traditional manufacturing to technology-driven products, aiming for differentiation [5][6]. Future Strategy - The company plans to deepen its focus on the sleep technology sector, enhancing sales capabilities, quality control, cost reduction, and innovation [6]. - The mattress industry is expected to accelerate towards smart and health-oriented products, driven by consumer demand for technology and personalized experiences [6].

Core Viewpoint - The company, Xilinmen, is committed to sustainable development and aims to become a global leader in the mattress industry by focusing on health, green, low-carbon, and technological sleep products [1][5]. Group 1: Sustainable Development and Certifications - Xilinmen adheres to a green development philosophy and has successfully obtained various environmental management certifications, including ISO 9001 and China Environmental Labeling [2]. - The company integrates sustainable development principles throughout its production process, emphasizing green, healthy, and safe practices [4]. Group 2: Product Innovation and Technology - Xilinmen has launched the Aise Baobao AI Deep Sleep Smart Bed, providing comprehensive smart sleep solutions and leading a shift from passive to active sleep [4]. - Over the past decade, the company has invested over 1.2 billion yuan in sleep technology research and holds 1,568 effective patents, ranking first in the industry [5]. Group 3: Social Responsibility and Community Engagement - The company engages in various social responsibility initiatives, including education support, disaster relief, and rural revitalization, aiming for a dual win of corporate strategy and social value [7]. - Xilinmen has been conducting the China Sleep Index survey for 14 years, contributing valuable data to the understanding of sleep conditions in the country [5]. Group 4: Future Outlook - Looking ahead, Xilinmen plans to deepen its ESG governance framework, drive industry transformation through technological innovation, and fully integrate sustainable development into its corporate strategy and operations [7].

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].