证券日报网讯 9月19日晚间，梦百合发布公告称，公司近期接到控股股东倪张根先生的通知，获悉其质 押了所持公司合计41，649，600股股份。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Mengbaihe's controlling shareholder, Ni Zhanggen, has pledged approximately 41.65 million shares, which is about 51.84% of his total holdings [1] - As of the announcement date, Ni Zhanggen holds around 194 million shares, representing 33.97% of the company's total equity [1] - The company's revenue composition for the first half of 2025 indicates that the furniture manufacturing sector accounts for 99.95% of its total revenue, while other businesses contribute only 0.05% [1] Group 2 - Mengbaihe's market capitalization is reported to be 4.9 billion yuan [2]

证券代码：603313 证券简称：梦百合 公告编号：2025-067 梦百合家居科技股份有限公司 关于公司控股股东部分股权质押的公告 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。 梦百合家居科技股份有限公司（以下简称"公司"）控股股东倪张根先生持有公 司股份数量为 193,831,195 股，占公司总股本的 33.97%。 截至本公告日，倪张根先生持有公司股份累计质押数量（含本次质押）为 100,473,129 股，占其持股数量的 51.84%。 公告涉及到的股数占比根据公司 2025 年 6 月 30 日总股本计算所得。 公司近期接到控股股东倪张根先生的通知，获悉其质押了所持公司合计 41,649,600 股股份，具体情况如下： 一、上市公司股份质押情况 | 合计 | 倪张 根 | 倪张 根 | | 股东 名称 | | | --- | --- | --- | --- | --- | --- | | / | 是 | 是 | 东 | 是否 为控 股股 | | | 41,649,600 | 13,200,000 | 28,449 ...

Core Viewpoint - The home improvement and building materials sector experienced a decline, with a closing index of 15081.83 points, reflecting a drop of 1.49% [1] Group 1: Stock Performance - I乐家居 closed at 8.40 yuan per share, down 4.98%, leading the decline in the sector [1] - 梦百合 closed at 8.56 yuan per share, down 4.36%, ranking second in the decline [1] - 喜临门 closed at 18.34 yuan per share, down 4.28%, ranking third in the decline [1] - 美克家居 closed at 2.70 yuan per share, up 10.20%, leading the gains in the sector [1] - 公元股份 closed at 4.64 yuan per share, up 9.95%, ranking second in the gains [1] - *ST亚振 closed at 28.82 yuan per share, up 4.99%, ranking third in the gains [1] Group 2: Market Insights - According to a report from 中信证券, the national subsidy for home improvement has shown some effectiveness, with noticeable improvements in demand in cities or regions with greater policy flexibility [1] - The current demand release is primarily driven by essential needs, and the recovery of renovation demand and the end of consumption downgrade in the home improvement industry are expected to rely on further policy enhancements [1]

Group 1 - The core viewpoint of the news is that Mengbaihe's stock price increased by 5.68% to 9.11 CNY per share, with a total market capitalization of 5.198 billion CNY as of the report date [1] - Mengbaihe Home Technology Co., Ltd. specializes in the research, production, and sales of home products aimed at enhancing deep sleep, including memory foam mattresses, pillows, sofas, electric beds, and other home products [1] - The revenue composition of Mengbaihe's main business includes memory foam mattresses (52.06%), sofas (13.12%), other products (10.07%), electric beds (7.48%), bedding (6.99%), memory foam pillows (6.95%), and other supplementary products (3.34%) [1] Group 2 - Among the top ten circulating shareholders of Mengbaihe, a fund under Southern Fund, specifically Southern Performance Growth Mixed A (202003), entered the top ten in the second quarter, holding 3.6101 million shares, accounting for 0.63% of circulating shares [2] - The fund has achieved a year-to-date return of 16.86% and a one-year return of 32.44%, ranking 4764 out of 8172 and 5004 out of 7980 in its category, respectively [2] - The fund manager, Shi Bo, has a total fund asset scale of 10.428 billion CNY, with the best fund return during his tenure being 202.68% [3]

Core Insights - Dream Beddings (603313) has opened its first Tmall experience store in Chongqing, marking a significant step in its exploration of new retail models, integrating online and offline resources to enhance consumer experience [1][6] Group 1: Store Opening and Experience - The Tmall experience store features an innovative O2O (Online to Offline) model, allowing consumers to experience products in-store and order online, thus addressing common challenges in furniture shopping [2][6] - The store showcases a diverse product range, including popular items like the M6 and M12 smart beds, and various mattress and pillow options, enhancing the shopping experience [2][4] Group 2: Consumer Engagement and Data Utilization - The store leverages Tmall's vast data to drive product selection and operations, ensuring that the offerings align with consumer preferences and behaviors [3][4] - The integration of online and offline experiences aims to meet the evolving consumer demand for immersive and satisfying shopping experiences [3][6] Group 3: Future Expansion Plans - Dream Beddings plans to expand this retail model nationwide, with a goal of opening 100 new retail stores over the next three years in major cities like Beijing, Shanghai, and Wuhan [6] - The company has rapidly developed its brand presence, with over 1,000 stores across the country, positioning itself competitively against traditional furniture retailers [6]

Core Viewpoint - Southwest Securities has issued a "Buy" rating for Dream Baker (603313.SH) with a target price of 11.8 yuan, highlighting the company's significant performance recovery potential and long-term growth logic [1] Group 1: Company Performance - The company exhibits notable performance recovery elasticity and long-term growth logic [1] - The product matrix continues to expand, with leading core technologies [1] Group 2: Market Positioning - Cross-border e-commerce shows strong performance, contributing to the establishment of an integrated home living brand [1] - Anti-dumping measures are reshaping the competitive landscape, while global production capacity layout creates core barriers [1]

Core Viewpoint - The company demonstrates significant performance recovery potential and long-term growth logic, with revenue and net profit showing substantial year-on-year increases in 2025H1 [1] Group 1: Performance and Growth - Revenue in 2025H1 increased by 9.4% year-on-year, while net profit surged by 117.8% [1] - The company has a global production layout that creates core barriers, with production bases in China, the USA, Thailand, Serbia, and Spain, enabling flexible production and effective cost pressure mitigation [1] - The company is expanding its product matrix, focusing on zero-pressure foam technology, and has established itself as a leader in the smart bed market in China, ranking first in sales in 2024 [2] Group 2: Market Strategy and Channels - The company has developed a multi-channel model that includes OEM/ODM, retail, online sales, and hotel partnerships, achieving significant revenue from both domestic and international markets [3] - In 2024, the company generated 67.5 billion yuan from overseas and 14.8 billion yuan from domestic markets, with overseas revenue accounting for 79.9% of total income [3] - The cross-border e-commerce business has shown remarkable growth, with revenue increasing by 48.7% in 2024 and 68.3% in 2025H1 [3] Group 3: Competitive Landscape - The anti-dumping measures in the US have reshaped the competitive landscape, leading to the exit of many small manufacturers and creating supply gaps that the company has capitalized on through its global production strategy [4] - The company has established factories in the US to avoid high tariffs, with a designed production capacity of 16-20 billion yuan [4] - North American revenue reached 21.8 billion yuan in 2025H1, reflecting a year-on-year increase of 7.6% and a gross margin of 40.1% [4] Group 4: Financial Projections - The company is positioned for a dual recovery in valuation and profitability, with expected EPS of 0.44 yuan, 0.59 yuan, and 0.73 yuan for 2025-2027, corresponding to PE ratios of 20x, 15x, and 12x respectively [4] - A target price of 11.8 yuan has been set for 2026, with an initial "buy" rating recommended [4]

Core Viewpoint - The stock of Dream Lily has experienced fluctuations, with a recent decline of 2.04%, and the company shows a year-to-date stock price increase of 29.25% [1] Company Overview - Dream Lily Home Technology Co., Ltd. is located in Rugao City, Jiangsu Province, and was established on May 30, 2003. The company was listed on October 13, 2016. Its main business involves the research, production, and sales of home products aimed at enhancing deep sleep, including memory foam mattresses, pillows, sofas, electric beds, and other home products [1] - The revenue composition of the company includes: memory foam mattresses (52.06%), sofas (13.12%), other products (10.07%), electric beds (7.48%), bedding (6.99%), memory foam pillows (6.95%), and other (supplementary) (3.34%) [1] Financial Performance - For the period from January to June 2025, Dream Lily achieved a revenue of 4.316 billion yuan, representing a year-on-year growth of 9.35%. The net profit attributable to the parent company was 115 million yuan, showing a significant year-on-year increase of 117.82% [2] - Since its A-share listing, Dream Lily has distributed a total of 546 million yuan in dividends, with 28.53 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Dream Lily had 24,200 shareholders, a decrease of 1.33% from the previous period. The average circulating shares per person increased by 1.34% to 23,611 shares [2] - Notable new institutional shareholders include: Huaxin Ankang Flexible Allocation Mixed A (holding 9.8278 million shares), Jiaoyin Ruisi Mixed (holding 4.1 million shares), and Xingquan Social Responsibility Mixed (holding 4.051 million shares) [3]

Core Insights - The home furnishing industry is experiencing a "premature reversal" trend due to the dual benefits of consumer promotion policies and the traditional consumption peak in the fourth quarter [1] Group 1: Industry Performance - Leading companies are showing resilience in profitability, with significant improvements in financial metrics [2] - Gujia Home achieved revenue of 9.801 billion, a year-on-year increase of 10.02%, and a net profit of 1.021 billion, up 13.89%, indicating effective cost control and product optimization [2] - Xilinmen reported revenue of 4.021 billion, a slight increase of 1.59%, with net profit rising 14.04% to 266 million, showcasing strong profit elasticity [2][4] - Mengbaihe's revenue reached 4.316 billion, up 9.35%, with net profit increasing by 17.82% to 115 million, benefiting from a low base effect [2] - Mosi's revenue declined by 5.76% to 2.478 billion, with net profit down 4.14% to 358 million, reflecting challenges in the high-end market [2] Group 2: Profitability and Margins - The industry shows a divergence in profitability, with companies focused on high-end smart products experiencing notable margin improvements [3] - Xilinmen's gross margin reached 36.28%, up 1.51 percentage points, indicating a clear and solid profit reversal despite minimal revenue growth [3] Group 3: Growth Drivers - The recovery in the home furnishing industry is driven by strong growth in segments like smart home and sleep economy, fueled by consumer demand for quality sleep and personalized products [6] - Companies are focusing on smart product development, with Xilinmen expanding its AI mattress series and Gujia Home enhancing its "whole-home smart ecosystem" [6][7] - The integration of smart features in products, such as voice-controlled electric sofas, is becoming standard in mid-to-high-end offerings [7] Group 4: Challenges and Opportunities - The industry faces challenges from raw material price fluctuations, real estate adjustments, and insufficient consumer confidence, alongside increased competition in international markets [8] - Companies are adopting various strategies, such as Mengbaihe's overseas production base to avoid trade barriers and Xilinmen's investment in R&D for smart products [8] - The home furnishing sector is currently valued at historical lows, reflecting market caution, but signs of an "early reversal" are emerging across various fields and companies [8] - The outlook for the second half of 2025 suggests that sectors like sleep economy and smart home may continue to outperform the industry, presenting potential investment opportunities [8]