Core Viewpoint - MLILY Dream Lily collaborates with Manchester United to host an immersive viewing event in Manchester, enhancing brand visibility and promoting sleep products among football fans [1][2][8]. Group 1: Partnership and Events - MLILY Dream Lily has been a global partner of Manchester United since 2016, engaging in various football culture and brand promotion activities over the past nine years [2][8]. - The "Dream Lily X Manchester United UK Tour" is a core IP event that allows consumers to participate in a lottery for a chance to experience live matches at Old Trafford [2][4]. - This year's event included fan interactions with legendary player Bryan Robson, emphasizing the importance of quality sleep for athletes [4][6]. Group 2: Product and Technology - MLILY Dream Lily provides professional sleep support to Manchester United players, utilizing zero-pressure technology and custom mattresses to enhance recovery and sleep quality [6][13]. - The company has developed a range of products, including mattresses and pillows, in collaboration with Manchester United's sports recovery team to support athletes' performance [13][15]. - Research indicates that MLILY's zero-pressure mattresses can improve sleep quality by evenly distributing body pressure, aiding in muscle recovery for athletes [15]. Group 3: Global Reach and Future Plans - MLILY Dream Lily's products are sold in over 110 countries, with significant production bases in China, the USA, Spain, and Serbia, contributing to its global brand recognition [11]. - The partnership with Manchester United is expected to continue until 2031, expanding to include sofa products, further enhancing the brand's presence in the sports and wellness market [8][17]. - The company aims to promote healthy sleep concepts globally, targeting sports enthusiasts and consumers with its innovative and comfortable products [17].

Group 1 - The core issue of young people's fatigue is linked to "ineffective involution," where efforts do not yield meaningful returns, leading to a sense of emptiness despite high work hours [2][5][21] - The average weekly working hours for employees in China is reported to be 49 hours, translating to an average of 9.8 hours per day, contributing to the feeling of being overworked without a sense of purpose [2][21] - The discussion emphasizes the importance of "effective effort" over "ineffective involution," encouraging young people to focus on meaningful choices rather than just working harder [2][10] Group 2 - The company, Mengbaihe, has launched the "Young People's Pressure Relief Plan" in collaboration with Xiaohongshu, aiming to support young people in managing stress through better sleep [10][12] - Mengbaihe introduced the "Mengbaihe Quick Charge Thin Mattress Air," which is only 5 cm thick, designed for portability and affordability, addressing the needs of young people who frequently move or rent [15][17] - The "0 Pressure New Starter Set" includes the new thin mattress and other products aimed at improving young people's sleep quality and overall well-being [19][21] Group 3 - Mengbaihe's initiatives also include a public welfare program to donate mattresses to high school students, highlighting the company's commitment to improving sleep health among the youth [21] - The company aims to change the traditional perception of hard mattresses, advocating for better sleep solutions to enhance the quality of life for young people [21] - The overall message is that while fatigue is a byproduct of modern life, the solution lies in making smarter choices and prioritizing effective efforts rather than succumbing to societal pressures [21]

Core Viewpoint - The discussion highlights the emotional struggles and fatigue experienced by contemporary youth, emphasizing the need for effective efforts rather than "ineffective involution" in their lives [2][5][18] Group 1: Youth Fatigue and Pressure - Young people face multiple sources of pressure, including intense job competition, high living costs, and societal expectations, leading to feelings of fatigue and anxiety [2][4] - Over 60% of young individuals experience various sleep disorders, with fragmented and shallow sleep becoming the norm [4] Group 2: Solutions for Sleep Improvement - The company has launched the "Zero Pressure Plan" in collaboration with Xiaohongshu to address young people's flexible living needs by offering portable and cost-effective thin mattress products [1][12] - The new "Quick Charge Thin Mattress Air" is designed to enhance sleep quality by reducing pressure on the spine and promoting deep sleep, making it a practical solution for young consumers [9][10] Group 3: Product Features and Benefits - The "Quick Charge Thin Mattress Air" is only 5 cm thick, easily compressible for storage, and suitable for various living situations, catering to the needs of young renters [12][14] - The company aims to lower the barriers for improving sleep quality among young people, emphasizing the importance of comfortable sleep environments [14][16] Group 4: Educational Initiatives - The company is actively promoting scientific sleep concepts and stress reduction lifestyles through immersive experiences and public awareness campaigns [16][18] - The goal is to change the traditional belief in hard mattresses among the Chinese population, thereby improving overall sleep comfort [18]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 8.68 CNY, based on a 19x PE for 2025 [4][9][13]. Core Insights - The company has shown a significant recovery in profitability in Q1 2025, with a net profit of 0.59 billion CNY, a year-on-year increase of 196.22% [1][3]. - The company continues to pursue a global strategy, achieving a revenue of 84.49 billion CNY in 2024, a year-on-year growth of 5.94%, despite challenging economic conditions [2][9]. - The European market has been a standout performer, with overseas revenue reaching 67.50 billion CNY in 2024, up 6.68% year-on-year, and the company expects continued growth in this region [2][8]. Revenue and Profitability - In 2024, the company's revenue from mattress sales was 44.15 billion CNY, up 10.95% year-on-year, while other product lines showed mixed results [2][10]. - The gross margin for 2024 was 36.85%, a decrease of 1.50 percentage points year-on-year, but improved to 39.37% in Q1 2025 [3][11]. - The company anticipates revenue growth of 11.45%, 11.47%, and 10.30% for 2025, 2026, and 2027, respectively, with net profits projected to reach 2.61 billion CNY in 2025 [9][12][13]. Market Position and Strategy - The company is positioned as a leader in the domestic memory foam mattress market, focusing on global capacity expansion and brand internationalization [9][10]. - The impact of U.S. tariffs has been limited, and the company is leveraging its local production capabilities in the U.S. to enhance market share [8][9]. - The company plans to strengthen regional market development and channel construction to enhance competitiveness and drive stable growth in its ODM business [8][9].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 8.68 CNY, based on a 19x PE for 2025 [4][9][13]. Core Insights - The company achieved a revenue of 8.449 billion CNY in 2024, representing a year-on-year growth of 5.94%. The net profit attributable to shareholders was -151 million CNY, a decline of 242.04% year-on-year [2][9]. - In Q1 2025, the company reported a revenue of 2.043 billion CNY, a year-on-year increase of 12.31%, and a net profit of 59 million CNY, up 196.22% year-on-year [1][3]. - The company is focusing on global capacity and brand internationalization, with significant performance in the European market, which has seen double-digit growth for two consecutive years [2][9]. Revenue and Profitability - The company's mattress business generated 4.415 billion CNY in 2024, growing by 10.95% year-on-year, while the bedding business saw a decline of 4.08% to 596 million CNY [2][10]. - The gross margin for 2024 was 36.85%, down 1.50 percentage points year-on-year, but improved to 39.37% in Q1 2025, an increase of 0.84 percentage points [3][7]. - The net profit margin for 2024 was -2.12%, with a significant recovery to 2.59% in Q1 2025 [7][9]. Market Position and Strategy - The company is positioned as a leading domestic memory foam mattress brand, benefiting from its global production layout and brand internationalization strategy [9][11]. - The impact of U.S. tariffs has been limited, and the company is leveraging its local production advantages in the U.S. to capture market share [8][9]. - Future revenue projections for 2025-2027 are 9.416 billion CNY, 10.497 billion CNY, and 11.578 billion CNY, with expected growth rates of 11.45%, 11.47%, and 10.30% respectively [10][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is showing signs of recovery in North America, with a notable improvement in profitability [1][2] - The company is actively upgrading its store formats and expanding its product categories [3] - The company is implementing cost reduction and efficiency improvement measures, which are yielding positive results [5] - The revenue forecast for 2025-2027 indicates a steady growth trajectory, with expected revenues of 96.71 billion, 111.70 billion, and 129.03 billion respectively [6][11] Revenue Overview - In 2024, the company achieved a revenue of 84.49 billion (up 5.94%), with a net profit attributable to shareholders of -1.51 billion (down 242.04%) [1] - For Q4 2024, the company reported a revenue of 23.24 billion (up 2.80%) and a net profit of 0.02 billion (up 124.68%) [1] - In Q1 2025, the company achieved a revenue of 20.43 billion (up 12.31%) and a net profit of 0.59 billion (up 196.22%) [1] Regional Performance - In 2024, North America generated a revenue of 43.34 billion (down 1.1%), while Europe saw a revenue increase of 20.35% to 19.55 billion [2] - In Q1 2025, North America reported a revenue of 10.19 billion (up 10.04%), and Europe reported 5.13 billion (up 17.36%) [2] Product and Channel Breakdown - In 2024, the company’s mattress segment generated 44.15 billion (up 10.95%), while the pillow segment saw a slight decline of 0.25% [3] - The company’s online sales increased significantly by 37.61% in 2024, reaching 17.97 billion [4] Cost Management - The gross margin for 2024 was 36.85% (down 1.5 percentage points), but improved to 39.37% in Q1 2025 (up 0.84 percentage points) [5] - The company’s management and R&D expense ratio decreased to 7.56% in Q1 2025 [5] Profitability Forecast - The company is expected to turn profitable in 2025 with a net profit of 3.01 billion, followed by 3.73 billion in 2026 and 4.79 billion in 2027 [6][11]

Group 1 - The company has completed the election of its fifth board of directors, consisting of 8 members: 4 non-independent directors, 3 independent directors, and 1 employee director [1] - Mr. Sun Jian has been elected as the employee representative director and will serve alongside the other seven directors elected at the 2024 annual shareholders' meeting [1] - The term of the new board will last until the end of the fifth board's term, starting from the approval date of the employee representative director election [1] Group 2 - Mr. Sun Jian does not hold any shares in the company and has no relationships with shareholders holding more than 5% of the company's shares or with other directors and senior management [2] - He meets all qualifications required by relevant laws and regulations to serve as a director of a listed company [2]

根据《公司章程》规定，公司于 2025 年 5 月 16 日召开的第五届董事会第一 次会议以 8 票同意、0 票反对、0 票弃权审议通过了《关于调整公司组织架构的议 案》，相应调整公司组织架构。公司不再设置监事会，原监事会的职权由董事会 审计委员会行使，同时，为进一步完善公司治理结构，优化管理体系，提高决策 和运营效率，结合公司战略发展规划，公司对组织架构进行了优化调整。 调整后的组织架构图见附件。 特此公告。 梦百合家居科技股份有限公司董事会 证券代码：603313 证券简称：梦百合 公告编号：2025-042 梦百合家居科技股份有限公司 关于调整公司组织架构的公告 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。 根据《公司法》《上市公司章程指引》等法律、法规及规范性文件的规定， 结合实际情况，梦百合家居科技股份有限公司（以下简称"公司"）已对《公司 章程》及部分内部制度中的相关条款作出适应性修订，具体内容详见刊登在上海 证券交易所网站（www.sse.com.cn）上的《关于修订<公司章程>及部分内部制度 的公告》（公告编 ...

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个别及连带责任。 鉴于梦百合家居科技股份有限公司（以下简称"公司"）第四届董事会任期届 满，公司进行董事会换届选举。公司第五届董事会由 8 名董事组成，其中非独立 董事 4 名、独立董事 3 名、职工董事 1 名。 根据《公司法》《公司章程》及《董事会议事规则》等有关规定，公司于 2025 年 5 月 16 日召开了职工代表大会，选举孙建先生担任公司第五届董事会职工代表 董事，孙建先生将与公司 2024 年年度股东会选举产生的七名董事共同组成公司第 五届董事会，任期自本次职工代表大会审议通过之日起至第五届董事会届满之日 止。 证券代码：603313 证券简称：梦百合 公告编号：2025-040 梦百合家居科技股份有限公司 关于选举第五届董事会职工代表董事的公告 2025 年 5 月 16 日 附：职工代表董事简历 孙建，男，1983年11月出生，本科学历，曾任Globed Inc.Director，公司业 务员、国际业务部经理、监事会主席。现任Mlily USA,Inc CEO，公司营销中心 ...

梦百合家居科技股份有限公司 2024年年度股东会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 5 月 16 日 证券代码：603313 证券简称：梦百合 公告编号：2025-039 （二）股东会召开的地点：公司综合楼会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 267 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 287,237,183 | | 3、出席会议的股东所持有表决权股份数占公司有表决权 | 50.3407 | | 股份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会采用的表决方式是现场投票和网络投票相结合的方式，会议由公 司董事会召集，董事长倪张根先生因公出差以通讯方式参加，由过半数的董事共 同推举董事张红建先生主持本次股东会。会 ...