证券代码：603313 证券简称：梦百合 公告编号：2025-063 梦百合家居科技股份有限公司 关于开立募集资金现金管理专户并签订三方监管协议的公告 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。 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会《关于同意梦百合家居科技股份有限公司向特定对象发 行股票注册的批复》（证监许可[2023]1431 号），并经上海证券交易所同意，公司由主 承销商广发证券股份有限公司（以下简称"广发证券"）采用向特定对象发行的方式发行 人民币普通股（A 股）股票 85,287,846 股，发行价为每股人民币 9.38 元，共计募集资金 799,999,995.48 元，坐扣承销和保荐费用 9,399,999.96 元（其中：不含税金额为 8,867,924.49 元，税款为 532,075.47 元）后的募集资金为 790,599,995.52 元，已由主 承销商广发证券于 2023 年 11 月 1 日汇入本公司募集资金监管账户。另减除律师费、审计 及验资费、 ...

Industry - Home furnishing companies have reported significant growth in overseas revenue despite the overall industry adjustment, with companies like Kuka Home achieving a revenue of 9.801 billion yuan, a year-on-year increase of 10.02%, and overseas revenue of 4.258 billion yuan, up 9.55% [1] - Other companies such as Mengbaihe and Mousse also reported revenue growth, with Mengbaihe's revenue at 4.316 billion yuan, a 9.35% increase, and overseas revenue at 3.418 billion yuan, up 8.10% [1] - Some companies experienced a decline in overall revenue but saw substantial growth in overseas markets, such as Mousse with a 5.76% decrease in revenue but a 73.97% increase in overseas revenue, and Jiannong Hardware with a 14.18% decline in revenue but a 30.75% increase in overseas revenue [1] Company - The State Administration for Market Regulation has approved the release of the national standard for "Design Guidelines for Elderly Furniture," which will be implemented on February 1, 2026, focusing on the needs and characteristics of the elderly [2] - ST Yazhen announced an abnormal fluctuation in stock trading, with a cumulative decline of 12% over two trading days, confirming no undisclosed significant events or risks [2] - Aux Electric plans to globally issue approximately 207 million shares, with a maximum price of 17.42 HKD per share, expecting net proceeds of about 3.2874 billion HKD if the shares are priced at 16.71 HKD [3] - Bear Electric announced that major shareholder Shi Mingtai has released the pledge of 1.38 million shares, accounting for 10.38% of his holdings and 0.88% of the total share capital [4] - Haier Group's Cartech Holding Company has successfully completed a strategic investment in Autohome, including a board restructuring [5]

据证券之星公开数据整理，近期梦百合（603313）发布2025年中报。截至本报告期末，公司营业总收入 43.16亿元，同比上升9.35%，归母净利润1.15亿元，同比上升117.82%。按单季度数据看，第二季度营 业总收入22.73亿元，同比上升6.83%，第二季度归母净利润5583.46万元，同比上升70.39%。本报告期 梦百合盈利能力上升，毛利率同比增幅2.86%，净利率同比增幅76.28%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率39.21%，同比增2.86%，净利率2.53%，同比增 76.28%，销售费用、管理费用、财务费用总计14.41亿元，三费占营收比33.39%，同比增2.41%，每股净 资产6.56元，同比减3.98%，每股经营性现金流0.43元，同比增16.93%，每股收益0.2元，同比增122.22% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 39.47 Z | 43.16 Z | 9.35% | | 归母净利润(元) | 5259.19万 | 1.15/Z | 117.8 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit showing significant year-on-year growth, indicating a positive trend in both domestic and international markets [1][2]. Revenue Performance - In 1H2025, the company achieved revenue of 4.32 billion yuan, up 9.4% year-on-year, and a net profit of 110 million yuan, up 117.8% year-on-year [1]. - Domestic and international sales for 1H2025 were 750 million yuan and 3.42 billion yuan, respectively, reflecting growth of 11.7% and 8.1% year-on-year [2]. - In 2Q2025, the company reported revenue of 4.4 billion yuan for domestic sales, up 17.7% year-on-year, and 1.75 billion yuan for international sales, up 2.8% year-on-year [2]. Channel Performance - The company experienced a reduction in the number of offline stores, with a net decrease of 17 direct stores and 10 dealer stores compared to the end of 2024 [3]. - Online sales for the company's proprietary brand saw rapid growth, driven by enhanced e-commerce and live-streaming strategies [3]. Profitability - The gross margin for 1H2025 was 39.2%, an increase of 1.1 percentage points year-on-year, with domestic gross margins reaching 51.1%, up 6.7 percentage points [5]. - In 2Q2025, the gross margin was 39.1%, up 1.3 percentage points year-on-year, with domestic gross margins at 51.3%, up 6.8 percentage points [6]. Cost Structure - The company's expense ratio for 1H2025 was 34.9%, up 0.8 percentage points year-on-year, primarily due to increased e-commerce operational costs [8]. - In 2Q2025, the expense ratio remained at 34.9%, with sales expenses increasing due to the focus on online business development [8]. Market Outlook - The domestic furniture retail market showed strong growth, with a 22.6% year-on-year increase in total retail sales from January to July 2025 [8]. - The company is expected to benefit from potential interest rate cuts and tariff policies that may enhance its competitive position in the U.S. market [8].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 4.32 billion yuan in the first half of 2025, representing a year-on-year increase of 9.4%, and a net profit attributable to shareholders of 110 million yuan, up 117.8% year-on-year [4][5]. - Domestic sales are accelerating, while North American operations continue to grow against the trend, with domestic and foreign sales revenue reaching 750 million yuan and 3.42 billion yuan respectively in the first half of 2025 [5]. - The company is focusing on expanding its online business, which has led to an increase in sales expenses [10][12]. Summary by Sections Financial Performance - In 1H2025, the company reported a gross margin of 39.2%, an increase of 1.1 percentage points year-on-year, with domestic gross margin at 51.1%, up 6.7 percentage points [8][9]. - The company’s revenue for 2025 is projected to be 9.463 billion yuan, with a net profit forecast of 282 million yuan, reflecting a significant recovery from previous losses [12][14]. Sales Channels - The company’s domestic brand achieved a revenue of 550 million yuan in 1H2025, with online sales growing by 16% year-on-year [5]. - The number of direct and dealer stores decreased slightly, but the company is accelerating new store recruitment and optimizing product structure [6][7]. Market Outlook - The report highlights a positive outlook for the company due to expected domestic market growth and favorable overseas conditions, including potential tariff changes that may benefit local production [11][12]. - The company is expected to see improved profitability as it completes store upgrades and stabilizes its overseas online business [12].

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company reported a revenue of 4.316 billion RMB for the first half of 2025, representing a year-on-year increase of 9.4%, with a net profit of 115 million RMB, up 118% year-on-year, aligning with performance forecasts [1] - The significant improvement in profit is attributed to the increase in gross margins for key products, ongoing brand development, and a reduction in credit impairment losses [1] - The company is expected to continue its growth trajectory due to its global production capacity, particularly in North America, and its focus on brand and channel development in the domestic market [1] Revenue Analysis - The company achieved overseas revenue of 3.418 billion RMB in the first half of 2025, a year-on-year increase of 8.1%, with North America, Europe, and other regions contributing 2.18 billion, 960 million, and 280 million RMB respectively [2] - Domestic sales reached 753 million RMB, up 11.7% year-on-year, with the Dream Lily brand contributing 550 million RMB, a 4.0% increase [2] Product Performance - Revenue from memory foam mattresses reached 2.247 billion RMB, growing 11.7% year-on-year, with a gross margin of 40.8%, an increase of 3.8 percentage points [3] - Other product categories, including sofas and memory foam pillows, also showed positive growth, with revenues of 566 million and 300 million RMB respectively [3] Profitability Metrics - The company's gross margin improved to 39.2%, up 1.1 percentage points year-on-year, driven by product upgrades and business structure optimization [4] - The net profit margin for the first half of 2025 was 2.7%, an increase of 1.3 percentage points year-on-year [4] Earnings Forecast and Valuation - The company maintains its profit forecast for 2025-2027, expecting net profits of 271 million, 375 million, and 482 million RMB respectively, with corresponding EPS of 0.47, 0.66, and 0.85 RMB [5] - The target price is set at 10.81 RMB, based on a 23 times PE ratio for 2025, reflecting the company's competitive advantages in global production and brand development [5]

证券之星消息，梦百合2025年中报显示，公司主营收入43.16亿元，同比上升9.35%；归母净利润1.15亿 元，同比上升117.82%；扣非净利润1.1亿元，同比上升96.41%；其中2025年第二季度，公司单季度主营 收入22.73亿元，同比上升6.83%；单季度归母净利润5583.46万元，同比上升70.39%；单季度扣非净利 润5181.11万元，同比上升39.86%；负债率61.18%，投资收益-190.47万元，财务费用8090.09万元，毛利 率39.21%。 财报数据概要请见下图: 2023 2024 2025 ■ 营业总收入-中报(亿) ■ 单季度营业总收入-第二季度(亿) 一 归母净利润 一 归母净利润-中报(亿) 1.15 同比 +117.81% 单季度归母净利润-第二季度(万) 5583.46 同比 +70.38% 1.14 0.97 0.8 0.55 0.52 0.32 2023 2024 2025 ■ 单季度归母净利润-第二季度(亿) ■ 归母净利润-中报(亿) 一 扣非净利润 一 扣非净利润-中报(亿) 1.10 同比 +96.41% 单季度扣非净利润-第二季度(万) 5181. ...

业绩简评 8 月 25 日公司发布 2025 年中报，25H1 实现营业收入/归母净利润 / 扣非归母净利润 分别为 +9.35%/+117.82%/+96.41% 到 43.16/1.15/1.10 亿元。单 25Q2 来看，公司实现营业收入/归母净 利 润 / 扣非归母净利润分别 +6.83%/+70.39%/+39.56% 到 22.73/0.56/0.52 亿元。考虑到 Q2 公司受关税及海运费影响，整 体利润表现相对理想。 经营分析 25H1 北美洲、欧洲业务稳步增长，线上业务增速亮眼。公司国内 /海外收入 25H1 分别同比+11.74%/+8.10%至 7.53/34.18 亿元， 25Q2 分别+17.66%/+2.81%至 4.34/17.48 亿元。内销方面，直营/ 经 销 / 电商渠道 25H1 收入分别 +5.99%/5.79%/15.98% 至 0.99/1.74/1.79 亿元，25Q2 分别+1.93%/+10.96%/+25.23% 至 0.54/1.04/0.98 亿元。25H1 梦百合直营/经销门店分别为 318/908 家，公司持续推进店态升级和品类融合，单店收入保持稳健 ...

Core Insights - Dream Lily (603313.SH) released its semi-annual report for 2025, revealing that as of August 25, 2025, 18 institutional investors held a total of 96.6088 million shares, accounting for 16.93% of the total share capital [1] - The top ten institutional investors collectively held 16.00% of the shares, with a decrease of 0.91 percentage points compared to the previous quarter [1] Group 1: Institutional Holdings - A total of 18 institutional investors disclosed their holdings in Dream Lily, with a combined shareholding of 96.6088 million shares [1] - The top ten institutional investors include notable funds such as China Industrial Bank's Hua'an Ankang Flexible Allocation Mixed Fund and Hangzhou Zheyun Private Fund Management's Zheyun Hongtai Private Fund [1] - The proportion of shares held by the top ten institutional investors decreased by 0.91 percentage points from the previous quarter [1] Group 2: Public Fund Activity - One public fund, Hua'an Ruiming Two-Year Open Mixed A, increased its holdings during this period, showing a slight rise in its shareholding percentage [2] - A total of 14 new public funds disclosed their holdings compared to the previous quarter, including funds like Hua'an Ankang Flexible Allocation Mixed A and Jiao Yin Rui Si Mixed (LOF) [2]

Group 1 - The company has reported a total of 2,912.94 million yuan in asset impairment provisions for the first half of 2025, which will reduce the total profit for the period by the same amount [63][64][66] - The impairment provisions include 2,636.10 million yuan for accounts receivable, 251.99 million yuan for inventory, and 24.85 million yuan for goodwill [64][65][66] - The company emphasizes that the data is unaudited and the final accounting treatment will be based on the annual audit results [64][66] Group 2 - The company plans to hold a performance briefing on September 12, 2025, to discuss the first half of 2025 results and address investor questions [69][70][72] - The briefing will be conducted via video and online interaction, allowing investors to submit questions in advance [70][72] - Key company executives, including the chairman and financial director, will participate in the briefing [71][72] Group 3 - The company has approved the use of up to 80 million yuan of idle raised funds for cash management, with a usage period not exceeding 12 months [46][49][60] - The cash management aims to improve the efficiency of fund usage without affecting the normal implementation of investment projects [48][60] - The company will ensure that the cash management products are safe, liquid, and have a term not exceeding 12 months [55][60] Group 4 - The company has reported a total of 58,169.67 million yuan in cumulative used raised funds as of June 30, 2025, with a remaining balance of 20,367.48 million yuan [36][37] - The company has established a special account for raised funds and signed regulatory agreements with banks to ensure proper management [39][40] - The company has not encountered any abnormal situations regarding the investment projects funded by the raised funds [40]