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]

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 ...

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 ...

致：梦百合家居科技股份有限公司 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于梦百合家居科技股份有限公司 2024 年年度股东会之 法律意见书 国浩律师（上海）事务所（以下简称"本所"）接受梦百合家居科技股份有 限公司（以下简称"公司"）的聘请，指派王卫东律师、赵振兴律师出席并见证 了公司 2024 年年度股东会（以下简称"本次股东会"）。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司股东会规则》等法律、法规和中国证券监督管理委员会的有关规定，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，对本次股东会的召集和召开程 序、出席会议人员的资格、召集人资格、会议表决程序和表决结果开展核查工作， 出具本法律意见书。 一、本次股东会的召集、召开程序 公司于 2025 年 4 月 26 日向公司股东发出了《关于召开 2024 年年度股东会 的通知》（以下简称《会议通知》）。《会议通知》载明了本次股东会召开的日期、 时间、地点、会议审议事项和会议出席对象，并说明了有权出席会议的股东的股 权登记日、会议登记方法、网络投票系统及其起止日期和投票时间，以及本次股 东会联系人的 ...

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 ...

证券代码：603313 证券简称：梦百合 公告编号：2025-041 梦百合家居科技股份有限公司 第五届董事会第一次会议决议公告 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。 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"）第五届董事会第一次会议通知 于 2025 年 5 月 14 日以邮件形式发出，会议于 2025 年 5 月 16 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，其中公司董 事长倪张根先生、独立董事戴力农女士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董事会，公司审计委员会委员及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 1、审议通过了《关于选举第五届董事会董事长的议案》。 同意选举倪张根先生担任公司第五届董事会董事长，任期自本次董事会审议通过之 日起至第五届董事会届满之日止。 同意 8 票、反对 0 票、弃权 0 票。 2、审议通过了《关于选举第五届董事会专门委员 ...

Core Viewpoint - The company, Dream百合家居科技股份有限公司, has announced a share repurchase plan to enhance employee incentive mechanisms and boost investor confidence, with a total repurchase amount ranging from RMB 0.85 billion to RMB 1.70 billion [2][6]. Summary by Relevant Sections Repurchase Plan Details - The repurchase amount will be no less than RMB 0.85 billion and no more than RMB 1.70 billion [2]. - The funding sources for the repurchase include the company's own funds and a special loan from Shanghai Pudong Development Bank, which has committed up to RMB 1.50 billion [2][14]. - The repurchased shares will be used for employee stock ownership plans or equity incentives, and any untransferred shares within three years will be canceled [2][18]. - The maximum repurchase price is set at RMB 10.90 per share, which is 150% of the average trading price over the previous 30 trading days [2][14]. Implementation Timeline - The repurchase will be conducted through centralized bidding and is expected to be completed within 12 months from the board's approval [3][9]. - If the stock price exceeds the upper limit during the repurchase period, the plan may not be fully executed [4][22]. Shareholder Information - As of the board's decision date, there are no plans for share reductions by major shareholders, including directors and executives, in the next three to six months [3][17]. - The company has confirmed that there are no conflicts of interest or insider trading related to the repurchase plan [16]. Financial Impact - The repurchase amount, at its maximum, represents approximately 1.77% of the company's total assets and 4.69% of the net assets attributable to shareholders, indicating a low impact on financial operations [15][16]. - The repurchase is not expected to change the company's control structure or affect its listing status [16]. Regulatory Compliance - The repurchase plan has been approved by the board with the required majority and does not need shareholder approval [26]. - The company will adhere to all relevant laws and regulations throughout the repurchase process [20][21].