行业观点更新： 投资建议 风险因素 地产竣工恢复速度低于预期；原材料价格大幅上涨；新品推广不及预期；汇率大幅波动。 敬请参阅最后一页特别声明 1 家居板块：内销方面，5 月中国家具类社零同比+25.6%，1-5 月累计同比+21.4%。而根据渠道调研反馈，6 月以来 整体接单情况相对偏弱，国补对需求的刺激作用有一定疲软，或因部分刚性需求前期有所提前释放。其中软体家 居产品由于更新周期相对较快并且更新难度较低，Q2 软体家居企业预计多数有望同比实现增长，而定制家居企业 由于大宗渠道等影响，预计业绩相对仍有承压。外销维度，部分企业预计由于 Q2 抢出口，整体业绩表现相对较 优，而在关税风险仍存的背景下，重点仍关注后续具备自身较强成长逻辑或者具备海外产能优势，盈利有望底部 反转的企业。整体来看，建议重点关注 25 年业绩增长确定性高并且具备相对高股息支撑的内销龙头企业，此外 建议关注部分具备自身α或相关盈利底部反转型外销企业。 新型烟草：HNB 方面，6 月 9 日，glo hilo 正式在日本宫城县上市销售，从渠道调研来看，产品铺货速度较快并 且 BAT 渠道端已对 glo hilo 倾斜较多营销资源，整体产品陈 ...

证券代码：603313 证券简称：梦百合 公告编号：2025-044 梦百合家居科技股份有限公司 关于回购股份比例达到 1%暨回购进展公告 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： | 回购方案首次披露日 | 2025/5/10 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 月 9 年 | 日~2026 | 5 月 8 日 | | 预计回购金额 | 0.85亿元~1.70亿元 | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 596万股 | | | | 累计已回购股数占总股本比例 | 1.04% | | | | 累计已回购金额 | 4,974.6569万元 | | | | 实际回购价格区间 | 8.14元/股~8.46元/股 | | | 一、回购股份的基本情况 梦百合家居科技股份有限公司（以下简称"公司"）于 20 ...

证券代码：603313 证券简称：梦百合 公告编号：2025-044 梦百合家居科技股份有限公司 关于回购股份比例达到 1%暨回购进展公告 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： 回购方案首次披露日 2025/5/10 回购方案实施期限 2025 年 5 月 9 日~2026 年 5 月 8 日 预计回购金额 0.85亿元~1.70亿元 □减少注册资本 √用于员工持股计划或股权激励 回购用途 梦百合家居科技股份有限公司（以下简称"公司"）于 2025 年 5 月 9 日召开 的第四届董事会第二十八次会议以 7 票同意、0 票反对、0 票弃权审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用不低于人民币 份用于员工持股计划或者股权激励，回购资金来源为公司自有资金及回购专项贷 款。回购股份的价格不高于公司董事会通过回购股份决议前 30 个交易日公司股票 交易均价的 150%，具体回购价格授权公司管理层在回购实施期间结合公司实际情 况确定。回购期限为自公司董事会审议通过本次股份回购方案 ...

近日，代表中国品牌营销数字化领域最高专业水平的虎啸奖正式发布，该评选从引领品牌成长、推动行 业进步、承担社会公共责任等方面出发，评选梦百合家居董事长、MLILY梦百合品牌创始人倪张根 为"2024-2025年度品牌人物"。 虎啸奖由中国商务广告协会指导主办，参评者众多，以严苛标准著称，堪称行业风向标。本届虎啸奖 以"智驭时代"为评选主题，强调"价值坚守"的意义：当流量的浪潮褪去，品牌价值持续绽放，对效率的 战术追逐，不如对价值的战略坚守。而倪张根，正是品牌价值的坚定追求者，他坚持"提升人类的深度 睡眠"、"改变中国人睡硬床的传统观念"，让MLILY梦百合品牌在商业价值之外，更多了一层难能可贵 的社会价值。 此外，倪张根不仅持续通过个人抖音、视频号等自媒体开展睡眠科普相关的直播，发布短视频，听取用 户的声音，为用户答疑解惑，甚至走进用户家里，和用户面对面交流。截至目前，倪张根在全网拥有两 百多万粉丝，并多次登上新榜企业家IP抖音影响力排行榜TOP20，被称为"A股最勤奋董事长"。 "我们是行业的逆行者，逆行确实很痛。"倪张根表示，为坚守"不做硬床、不用椰棕、不碰乳胶"的底 线，梦百合国内市场多年来仍暂未盈利。 ...

Core Viewpoint - The recent surge in interest surrounding the "Su Super" league has led to increased attention on the company Dream Lily (603313), which is involved in sponsorship activities related to local football teams in Nantong, Jiangsu province [1][4]. Group 1: Company Sponsorship and Market Reaction - Dream Lily is the front jersey sponsor for the Nantong Zhiyun Football Club and is engaged in various collaborations, including stadium advertising and co-branded product development [1][2]. - Following the company's announcement regarding its sponsorship, Dream Lily's stock price rose significantly, reaching a peak of 9.2 yuan per share, the highest in nearly a year, before experiencing a slight pullback [1][8]. - The stock price of Dream Lily had previously not exceeded 8.7 yuan per share despite positive quarterly performance and share buybacks [2][8]. Group 2: Industry Context and Economic Impact - The "Su Super" league has gained popularity since its launch in May, with predictions indicating it could generate over 300 million yuan in economic benefits over the season, averaging an increase of over 2 million yuan per city [2][3]. - The Nantong team currently leads the league with three wins, which has contributed to the rising interest and discussions surrounding the team and its sponsors [3][8]. Group 3: Financial Performance and Challenges - Dream Lily reported a total revenue of 8.449 billion yuan for 2024, a year-on-year increase of 5.94%, but faced a net loss of 151 million yuan, a significant decline of 242.04% [8]. - The company experienced a positive turnaround in the first quarter of the current year, with revenue of 2.043 billion yuan, up 12.31%, and a net profit of 58.72 million yuan, marking a 196.22% increase [8]. - Despite the recent stock price increase, Dream Lily's stock has decreased by 75% from its peak of 36.82 yuan per share in 2021 [8].

证券研究报告/投资策略 机构调研、股东增持与公司回购策略周报（20250602-20250606） 投资要点 ➢ 机构调研热门公司梳理 近30天机构调研数前二十的热门公司有安培龙、汇川技术、大族激光、周大生、 中控技术、华测检测、斯迪克和曼卡龙等。近5天机构调研数前二十的热门公司有 长虹美菱、宁波银行、国脉科技、博实结、亚普股份和威胜信息等。近30天机构 调研数前二十的热门公司中评级机构家数大于或等于10家的有6家，分别为安培 龙、汇川技术、大族激光、周大生、中控技术和华测检测。深南电路、肇民科技、 大族激光2024年归母净利润相较2023年实现较大增长。 ➢ 本周A股上市公司重要股东增持情况 2025年6月2日至2025年6月6日，未有上市公司发布重要股东增持情况公告。 ➢ 本周A股上市公司回购情况 2025年6月2日至2025年6月6日，共计232家公司发布回购进展情况公告，评 级机构家数大于10家（含10家），预计回购金额上下限均值占预案日市值比 例大于1%的公司共24家，处于董事会预案阶段的为嘉益股份。 ➢ 2025/01/01-2025/06/06部分上市公司增持情况 2025年1月1日至6月6日， ...

Group 1 - The company announced a share repurchase plan with a total expected amount of 0.85 billion to 1.70 billion RMB [1] - The repurchase period is set from May 9, 2025, to May 8, 2026 [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives [1] Group 2 - The company has already repurchased 908,500 shares, accounting for 0.16% of the total share capital [1] - The total amount spent on repurchases so far is approximately 7.54 million RMB [1] - The repurchase price ranged from 8.14 RMB to 8.36 RMB per share [1] Group 3 - The board of directors approved the repurchase plan with a unanimous vote of 7 in favor, 0 against, and 0 abstentions [1] - The repurchase will be funded by the company's own funds and special loans for repurchase [1] - The company will adhere to relevant regulations and disclose information regarding the progress of the repurchase [2]

证券代码：603313 证券简称：梦百合 公告编号：2025-043 梦百合家居科技股份有限公司 关于股份回购进展公告 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： 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 梦百合家居科技股份有限公司董事会 2025 年 6 月 7 日 | 回购方案首次披露日 | 2025/5/10 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 9 月 8 | 月 | 日~2026 | 年 | 5 日 | | 预计回购金额 | 0.85亿元~1.70亿元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | ...

Core Viewpoint - Dream Lily's ambitious plan to expand to 2000 hotels has faced challenges just two months after the opening of its first hotel in Shanghai, raising concerns among investors about its operational strategy and market positioning [1][2][3] Expansion Plan - Dream Lily aims to establish 2000 "zero-pressure" hotels, with the first one located in Shanghai Hongqiao, which opened in March 2025 [1] - The hotel features a unique concept combining hospitality, experience, and sales, utilizing Dream Lily's own products such as "MLILY" mattresses and "NISCO" sofas [1][3] Market Positioning - The Shanghai hotel is positioned as a high-end establishment with room rates ranging from 800 to 2000 RMB, but it does not include breakfast, which has led to criticism regarding its market alignment [2][4] - Investors have suggested that the hotel should better align its target customer base with that of its mattress products, focusing on business travelers [2][4] Operational Challenges - The hotel has faced issues with limited booking channels, as it is primarily available on Ctrip, with no presence on other major platforms like Fliggy, Meituan, or Douyin [2][5] - The high-end positioning may restrict customer reach, and the reliance on technology could increase maintenance costs [4][5] Financial Performance - Dream Lily's hotel business reported revenue of 215 million RMB in 2024, a decline of 2.48% year-on-year, with a further drop of 21.46% in the first quarter of 2025 [6] - The company’s overall revenue for 2024 was approximately 8.5 billion RMB, with domestic revenue being significantly lower than overseas [6] Competitive Landscape - The hotel industry is experiencing intense competition, with various brands exploring new business models and revenue streams to adapt to changing consumer demands [9][10] - Other mattress brands like Mousse and Ailan have also ventured into the hotel sector, but their efforts remain limited in scale compared to Dream Lily's ambitious plans [7][8] Industry Trends - The hotel sector is witnessing a shift towards integrating retail and experiential offerings, as companies seek to enhance customer engagement and drive additional revenue [9][10] - The concept of "second curve" growth is becoming crucial for hotel brands as they look for new avenues for expansion amid market saturation [9][10]

家居行业年报及一季报总结：内销龙头高 股息率，外销关注关税政策变化 2025 年 5 月 22 日 看好/维持 轻工制造 行业报告 | 分析师 | 刘田田 电话：010-66554038 邮箱：liutt@dxzq.net.cn | 执业证书编号：S1480521010001 | | --- | --- | --- | | 分析师 | 沈逸伦 电话：010-66554044 邮箱：shenyl@dxzq.net.cn | 执业证书编号：S1480523060001 | 投资摘要： 家居板块业绩边际回暖，分红比例保持高位。2024 年：家居用品板块 2465.8 亿元，同比+2.3%；归母净利润 158.6 亿元， 同比-13.6%。2024 年家居用品板块经营存在压力，其中仅一季度在低基数下实现增长；压力下利润端下行，主要因为毛利 率的下降。2025Q1 家居用品板块营收同比+3.9%，归母净利润同比+10.6%，利润率有所提升，收入利润均呈现环比改善。 2024 年板块分红比例略有提升，至 60%以上，我们推测主要因头部公司业绩稳定，分红比例稳健提升。 家居内销：国补填补需求低谷，头部家居企业股息率高。20 ...