Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [5]. Core Views - The company plans to repurchase shares for employee stock ownership plans, signaling confidence in long-term development [1][2]. - The U.S. mattress manufacturing is experiencing a trend of returning production to domestic markets due to anti-dumping tariffs and trade policies, which is expected to continue [2][3]. - The company is expected to benefit from improved operational efficiency in its U.S. production bases and the ongoing development of its online business and retail channels, leading to enhanced profit contributions from the North American market [3]. - The report forecasts a profit turnaround, with projected net profits for 2025-2027 being 307 million, 464 million, and 573 million yuan respectively, alongside corresponding EPS of 0.54, 0.81, and 1.00 yuan [3][10]. Summary by Sections Share Repurchase - The company intends to repurchase shares worth between 0.85 to 1.7 billion yuan at a maximum price of 10.90 yuan per share, which will account for 1.37% to 2.73% of the total share capital [1][2]. Market Trends - The U.S. has implemented multiple rounds of anti-dumping tariffs on mattresses from various countries, including China, which has led to a significant decrease in mattress imports, with a year-on-year decline of 12.7% and 9.6% expected for 2023 and 2024 respectively [2]. Financial Projections - The report projects revenue growth from 7.976 billion yuan in 2023 to 12.725 billion yuan in 2027, with a compound annual growth rate of approximately 14.33% [10]. - The company’s net profit is expected to recover from a loss of 151 million yuan in 2024 to a profit of 307 million yuan in 2025, reflecting a significant turnaround [10]. Profitability Metrics - The report anticipates an improvement in profitability, with the gross margin expected to stabilize around 38.4% by 2027, and a projected return on equity (ROE) of 11.87% in the same year [12].

● 回购股份金额：不低于人民币 0.85 亿元（含），不超过人民币 1.70 亿元（含）。 ● 回购股份资金来源：梦百合家居科技股份有限公司（以下简称"公司"）自 有资金及回购专项贷款。公司已取得上海浦东发展银行股份有限公司嘉定支行（以 下简称"浦发银行嘉定支行"）出具的《贷款承诺函》，浦发银行嘉定支行承诺给 予公司不超过人民币 1.50 亿元的股票回购专项贷款，具体股票回购专项贷款提用 金额不得高于股票回购资金的 90%。该《贷款承诺函》有效期至 2026 年 5 月 7 日。 ● 回购股份用途：本次回购股份将用于员工持股计划或者股权激励。若公司 未能在股份回购实施结果暨股份变动公告日后 3 年内转让完毕已回购股份，未转 让的已回购股份将履行相关程序予以注销。 证券代码：603313 证券简称：梦百合 公告编号：2025-036 梦百合家居科技股份有限公司 关于以集中竞价交易方式回购公司股份方案的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 相关股东是否存在减持计划：截至公司董事会通过回购股份 ...

Core Viewpoint - The company, Dream Lily Home Technology Co., Ltd., is preparing for its 2024 annual shareholder meeting, focusing on maintaining shareholder rights and ensuring orderly proceedings. The company reported a revenue of 8.449 billion yuan for 2024, a year-on-year increase of 5.94%, but a net loss of 151 million yuan, a decrease of 242.04% compared to the previous year [4][24]. Group 1: Company Overview - Dream Lily Home Technology Co., Ltd. aims to enhance its global market competitiveness and accelerate market expansion [4]. - The company achieved a revenue of 14.36 billion yuan from its ODM business, marking a year-on-year growth of 48.72% [4]. - The company has established a strong partnership with major European clients, contributing to the growth of its ODM business [4]. Group 2: Market Performance - The European market has seen continuous double-digit growth in the company's main business revenue for two consecutive years [4]. - The North American market has stabilized, with a reduction in revenue decline by 12.20 percentage points compared to the previous year [5]. - The company's online brand EGOHOME ranked among the top 20 best-selling mattress products on Amazon [5]. Group 3: Strategic Initiatives - The company is focusing on enhancing its ODM and OBM business models, with plans to strengthen regional market development and expand its customer base [11]. - The company aims to promote its brand internationally, particularly in the U.S. market, leveraging local supply chain advantages [11]. - The company plans to optimize its offline channels and enhance brand awareness through various marketing strategies [12]. Group 4: Financial Performance - The company reported a net profit attributable to shareholders of -151 million yuan for 2024, with a significant decrease in profitability [25]. - The total assets of the company decreased by 4.40%, with current assets amounting to 442.29 million yuan [24]. - The company’s cash flow from operating activities was -395.10 million yuan, a decrease of 8.87% compared to the previous year [24]. Group 5: Governance and Compliance - The company’s supervisory board has conducted regular meetings to ensure compliance with legal and regulatory requirements [20]. - The supervisory board has confirmed that the company’s financial management and internal controls are sound and comply with relevant regulations [22][23]. - The company has adhered to proper procedures regarding related party transactions and external guarantees [22].

梦百合（603313）公告，公司拟以0.85亿元至1.7亿元资金回购股份，回购价格不超过人民币10.9元/股 (含)。本次回购股份的资金来源为公司自有资金及回购专项贷款，公司已取得浦发银行嘉定支行出具的 《贷款承诺函》，承诺给予公司不超过人民币1.5亿元的股票回购专项贷款，具体股票回购专项贷款提 用金额不得高于股票回购资金的90%。本次回购股份将全部用于实施员工持股计划或者股权激励，若未 能在法律法规规定的期限内用于上述用途，将依法予以注销。回购期限为董事会审议通过之日起不超过 12个月。 ...

梦百合家居科技股份有限公司 2024 年年度股东会会议资料 二零二五年五月 | 梦百合家居科技股份有限公司 2024 年年度股东会会议须知 2 | | --- | | 梦百合家居科技股份有限公司 2024 年年度股东会会议议程 4 | | 议案一：公司 2024 年度董事会工作报告 7 | | 议案二：公司 2024 年度监事会工作报告 14 | | 议案三：公司 2024 年度财务决算报告 18 | | 议案四：公司 2024 年度利润分配预案 20 | | 议案五：公司 2024 年年度报告及其摘要 21 | | 议案六：关于续聘 2025 年度审计机构的议案 22 | | 议案七：关于公司及子公司申请综合授信及相关授权的议案 26 | | 议案八：关于开展外汇衍生品交易的议案 29 | | 议案九：关于确认 2024 年度日常关联交易及预计 2025 年度日常关联交易的议案 31 | | 议案十：关于公司及子公司 2025 年度为控股子公司提供担保额度预计的议案 43 | | 议案十一：关于公司非独立董事和高级管理人员 2024 年度薪酬确认及 2025 年度薪酬方案的议案 53 | | 议案十二：关于 ...

Core Viewpoint - The company benefits from improved profitability in cross-border e-commerce, with strong profit performance and potential for further expansion of overseas factory advantages [1] Investment Highlights - The company raises its earnings forecast and maintains a "Buy" rating, adjusting the 2025-2026 earnings expectations to EPS of 0.49/0.57 yuan (previously 0.41/0.49 yuan), and introducing a 2027 earnings forecast of 0.77 yuan. The target price is raised to 9.84 yuan based on a 20x PE for 2025, reflecting the valuation premium from the company's diversified overseas factory layout [2] - The company reports a revenue of 2.043 billion yuan in Q1 2025, a year-on-year increase of 12.31%. North American revenue reached 1.02 billion yuan, up 10.04%, with positive results in new customer development after ceasing cooperation with a major client. European revenue was 513 million yuan, growing 17.36% [2][3] - The company's proprietary brand, Mengbaihe, saw offline and online sales increase by 3.45% and 6.43% respectively, with improved losses in Shanghai Mengbaihe. Overseas online revenue surged by 64.46%, and excluding specific online businesses, the organic overseas e-commerce revenue grew over 70% [3] Cost Reduction and Efficiency Improvement - The company achieved a net profit of 58.72 million yuan in Q1 2025, a year-on-year increase of 196.22%, with a non-recurring net profit of 58.22 million yuan, up 206.80%. The gross margin was 39.37%, an increase of 0.84 percentage points, while the management expense ratio decreased to 5.96% from 7.59% in 2022. Interest expenses also fell by 23.93% [3] Overseas Capacity Advantage - The company's global capacity layout has matured, enabling localized supply and a robust channel structure overseas. The operational status of factories in the U.S. is strong, with the West Coast factory under construction and sufficient production capacity in the U.S. The trade tensions have provided opportunities for the company to enhance its market share in the U.S. [3]

Core Viewpoint - The lawsuit between Mengbaihe and Huazhu highlights the competitive dynamics between the mattress and hotel industries, with both sides seeking to capitalize on each other's markets [1][3][20]. Group 1: Legal Dispute - Mengbaihe Home Technology Co., Ltd. has filed a lawsuit against Huazhu Hotel Management Co., Ltd. and its subsidiaries for trademark infringement [2]. - The case is set to be heard in the Shanghai Pudong New Area People's Court on February 13, 2025 [2]. - The ongoing competition between the two companies has been characterized as a "water under the bridge" rivalry, with both aiming to capture market share from each other [2][3]. Group 2: Industry Challenges - The hotel industry is facing declining performance, with the average occupancy rate in 2024 at 58.8%, down 2.5 percentage points year-on-year, and average room prices decreasing by 5.8% [4]. - Increased competition and a saturated market have forced hotels to lower prices and seek cost-cutting measures, leading them to consider producing their own bedding products [4][20]. Group 3: Market Strategies - Huazhu's decision to enter the mattress market is driven by the need to enhance profitability amid declining hotel revenues [3][4]. - Other hotel brands, like Atour, have successfully launched their own bedding lines, significantly boosting their revenue [8][10]. - Mengbaihe's strategy involves collaborating with hotels to promote its products, effectively turning hotel rooms into immersive showrooms for its bedding items [16][20]. Group 4: Future Outlook - Mengbaihe aims to open 2,000 "zero-pressure" hotels, although its current progress is limited, with only a few locations operational [17][19]. - The competition between mattress manufacturers and hotels is expected to intensify, as both sectors explore new revenue streams and customer engagement strategies [13][20].

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 | 保荐人名称 | 广发证券股份有限公司 | 上市公司简称 | 梦百合 | | --- | --- | --- | --- | | 保荐代表人姓名 | 范丽琴 | 上市公司代码 | 603313 | | 保荐代表人姓名 | 毕兴明 | 报告年度 | 年度 2024 | 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，梦百合家居科技股份有限公司（以下简称"梦百合"或"公司"）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，已由广发证券股份有限公司（以下简称"广发证券"或"保 荐人"）于 2023 年 11 月 1 日汇入梦百合募集资金监管账户。另减除律师费、审 计及 ...

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 2021 年度向特定对象发行股票 之持续督导保荐总结报告书 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，梦百合家居科技股份有限公司（以下简称"梦百合"或"公司"）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，已由广发证券股份有限公司（以下简称"广发证券"或"保 荐人"）于 2023 年 11 月 1 日汇入梦百合募集资金监管账户。另减除律师费、审 计及验资费、信息披露费等其他发行费用 1,938,950.81 元（不含税）后，梦百合 本次募集资金净额为 789,193,120.18 元。 根据《中华人民共和国证券法》《证券发行上市保荐业务管理办法》《上海 证 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.8 CNY [5] Core Views - The company has shown a strong recovery in Q1 2025 with a revenue of 2.043 billion CNY, up 12.31% year-on-year, and a net profit of 59 million CNY, up 196.22% year-on-year, indicating a positive trend in profitability [1] - The company is enhancing its global market competitiveness and accelerating market expansion, with a steady revenue growth of 5.94% in 2024 despite a decline in profits due to increased e-commerce operational costs and credit impairment losses [1][9] - The overseas business has shown robust growth, particularly in Europe, where revenue reached 6.75 billion CNY, up 6.68% year-on-year, and the online business in overseas markets grew by 48.72% [2][3] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 39.37%, up 0.85 percentage points year-on-year, and the net profit margin was 2.87%, up 1.8 percentage points year-on-year [1] - For 2024, the company reported a total revenue of 8.449 billion CNY, a year-on-year increase of 5.94%, but a net loss of 151 million CNY [9] Product Performance - Revenue from mattresses in 2024 was 4.42 billion CNY, up 10.95% year-on-year, while pillow revenue slightly decreased by 0.25% to 606 million CNY [2] - The company has maintained a leading position in the smart bed market, recognized as the top brand in China for smart bed sales [4] Market Expansion - The North American market has stabilized, with a reduced revenue decline of 12.20 percentage points compared to the previous year, and the company is focusing on optimizing its business structure [3] - The company has multiple production bases globally, including in Serbia, the USA, Thailand, and Spain, which enhances its resilience against trade tensions [3] Domestic Market Strategy - Domestic revenue reached 1.48 billion CNY in 2024, with a gross margin of 42.47%, and both online and offline channels have shown growth [4] - The company is enhancing brand building through a dual-channel strategy, focusing on both online and offline sales [4]