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]

证券代码：603313 证券简称：梦百合 公告编号：2025-057 梦百合家居科技股份有限公司 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、董事会会议召开情况 梦百合家居科技股份有限公司（以下简称"公司"）第五届董事会第二次会议通知 于 2025 年 8 月 15 日以邮件形式通知全体董事、高级管理人员，会议于 2025 年 8 月 25 日以现场与通讯相结合的方式在公司综合楼会议室召开。会议应出席董事 8 名，实际出 席董事 8 名，其中公司独立董事王建文先生因公出差以通讯方式参加，由公司董事长倪 张根先生主持本次董事会，公司高级管理人员列席了会议，符合《公司法》和《公司章 程》的规定。 二、董事会会议审议情况 本议案已经公司第五届董事会审计委员会 2025 年第一次会议审议通过，审计委员 会认为公司 2025 年半年度报告包含的信息全面、真实、准确地反映了公司报告期内的 财务状况和经营成果。公司 2025 年半年度报告的编制符合法律法规、规范性文件、公 司章程和公司内部管理制度的各项规定。一致同意将该议案提交公司 ...

Core Viewpoint - Mengbaihe (SH 603313, closing price: 8.94 yuan) announced the convening of its fifth board meeting on August 25, 2025, to review documents including the proposal to amend the "Implementation Rules of the Audit Committee" [1] Company Summary - For the first half of 2025, Mengbaihe's revenue composition was 99.95% from the furniture manufacturing industry and 0.05% from other businesses [1] - As of the report date, Mengbaihe's market capitalization was 5.1 billion yuan [1]

广发证券股份有限公司关于 梦百合家居科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐人"）作为梦百合 家居科技股份有限公司（以下简称"梦百合"或"公司"）2021 年度向特定对 象发行股票并在主板上市持续督导阶段的保荐人，根据《证券发行上市保荐业务 管理办法》《上海证券交易所股票上市规则》《上市公司募集资金监管规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等相关法律法规及规范性文件的规 定，对梦百合使用部分闲置募集资金进行现金管理的事项进行了审慎尽职核查， 具体核查情况如下： 一、募集资金基本情况 （一）募集资金到位及存放情况 | | | 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，梦百合向特定对象发行人民币普通股（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 ...

梦百合家居科技股份有限公司 董事、高级管理人员所持本公司股份及变动管理 制度 第一章 总则 第一条 为规范梦百合家居科技股份有限公司（以下简称"公司"）董事和 高级管理人员所持本公司股份及其变动的管理，维护证券市场秩序，根据《中华 人民共和国公司法》（以下简称《公司法》）《中华人民共和国证券法》（以下 简称《证券法》）《上市公司股东减持股份管理暂行办法》《上市公司董事和高 级管理人员所持本公司股份及其变动管理规则》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第8号——股份变动管理》《上海证券 交易所上市公司自律监管指引第15号——股东及董事、高级管理人员减持股份》 等法律法规、部门规章、规范性文件以及《梦百合家居科技股份有限公司章程》 等相关规定，结合本公司实际情况，特制定本制度。 第二条 本制度适用于公司董事和高级管理人员及本制度第十条规定的受 让方所持本公司股份及其变动的管理。 董事和高级管理人员就其所持股份变动相关事项作出承诺的，应当严格遵守。 第四条 本公司董事和高级管理人员所持本公司股份，是指登记在其名下和 利用他人账户持有的所有本公司股份。 董事和高级管理人员从事融资融券交 ...