Investment Rating - The report suggests a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic furniture sector, as well as certain export companies with strong growth logic or overseas production capacity advantages [4][9]. Core Insights - The furniture retail sales in China saw a year-on-year increase of 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the overall order situation has weakened since June, indicating a potential fatigue in demand stimulation from national subsidies [4][9]. - In the new tobacco sector, the glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, supported by strong marketing resources from BAT [4][12]. - The paper packaging sector is experiencing price stability, with a focus on growth-oriented packaging companies. The report highlights the need to monitor the performance of major paper types and the overall supply pressure in the market [4][15]. - The light consumer goods and pet sectors are seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. Summary by Sections Furniture Sector - Domestic retail sales of furniture increased by 25.6% in May, with a cumulative increase of 21.4% from January to May. However, the order situation has weakened since June, indicating potential fatigue in demand stimulation [4][9]. - Recommended companies include Sofía, Gujia Home, Mousse, and others, focusing on those with high earnings growth certainty and dividend support [4][9]. New Tobacco - The glo hilo product launched in Japan is expected to accelerate revenue growth in the second half of 2025, with strong marketing support from BAT [4][12]. - Recommended companies include Smoore International, which is expected to benefit from the expansion of the overseas compliant market [4][12]. Paper and Packaging - The paper sector is experiencing price stability, with major paper types showing no significant improvement in orders. The report emphasizes the importance of monitoring growth-oriented packaging companies [4][15]. - Recommended companies include Yutong Technology and others, focusing on those with stable operations and growth potential [4][15]. Light Consumer Goods & Pets - The light consumer goods sector is seeing increased online competition, with a focus on companies that demonstrate clear growth narratives and operational capabilities [4][16]. - Recommended companies include Guibao Pet and others, focusing on those with resilient consumer demand and growth potential [4][16]. Two-Wheeler Market - The two-wheeler market is expected to see a rebound in the second half of the year, driven by new national standards and product launches, despite a temporary slowdown due to subsidy fund exhaustion [4][19]. - Recommended companies include Yadi Holdings and others, focusing on those with strong product capabilities and market expansion potential [4][19].

证券代码：603313 证券简称：梦百合 公告编号：2025-044 梦百合家居科技股份有限公司 关于回购股份比例达到 1%暨回购进展公告 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： | 回购方案首次披露日 | 2025/5/10 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 月 9 年 | 日~2026 | 5 月 8 日 | | 预计回购金额 | 0.85亿元~1.70亿元 | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 596万股 | | | | 累计已回购股数占总股本比例 | 1.04% | | | | 累计已回购金额 | 4,974.6569万元 | | | | 实际回购价格区间 | 8.14元/股~8.46元/股 | | | 一、回购股份的基本情况 梦百合家居科技股份有限公司（以下简称"公司"）于 20 ...

Group 1 - The company announced a share repurchase plan with a total expected amount of 0.85 billion to 1.70 billion RMB [1] - The repurchase period is from May 9, 2025, to May 8, 2026, and the repurchased shares will be used for employee stock ownership plans or equity incentives [1][2] - As of June 18, 2025, the company has repurchased a total of 5.96 million shares, accounting for 1.04% of the total share capital, with a total expenditure of approximately 49.75 million RMB [1][2] Group 2 - The maximum repurchase price is set at 150% of the average trading price of the company's shares over the 30 trading days prior to the board's decision [1] - The highest purchase price recorded was 8.46 RMB per share, while the lowest was 8.14 RMB per share [1] - The company will adhere to relevant regulations and will make repurchase decisions based on market conditions during the repurchase period [2]

Core Viewpoint - The article highlights the recognition of Ni Zhanggen, the founder of MLILY, as the "Brand Person of the Year 2024-2025" by the Tiger Roar Award, emphasizing his commitment to changing traditional sleeping habits in China and promoting the value of comfortable sleep [1][3]. Group 1: Brand Recognition and Philosophy - The Tiger Roar Award, guided by the China Business Advertising Association, is known for its rigorous standards and serves as an industry benchmark [1]. - The theme of this year's award is "Intelligent Control of the Era," focusing on the importance of "value adherence" over mere tactical efficiency [1]. - Ni Zhanggen's pursuit of brand value is highlighted, as he aims to enhance human deep sleep and change the traditional belief in hard beds in China [1][3]. Group 2: Market Challenges and Consumer Behavior - Despite the efforts, 65.1% of Chinese consumers still use hard mattresses, and 75.1% believe that "sleeping on a hard bed is good for the back," reflecting deep-rooted traditional beliefs [4]. - Ni Zhanggen has established a company policy against producing hard beds, coconut coir, and latex, focusing instead on memory foam mattresses, even at the cost of significant sales opportunities [4][6]. Group 3: Social Responsibility and Community Engagement - Ni Zhanggen actively promotes the dangers of hard beds through various media and personal outreach, amassing over 2 million followers on social media [6]. - The company has initiated the "One Million Hard Mattress Transformation Plan" and various social welfare projects to raise awareness about the importance of proper sleep [7][9]. - Specific initiatives include the "Dusk Plan" for the elderly and programs aimed at preventing spinal issues in children, demonstrating a commitment to social value [9][11]. Group 4: Global Expansion and Market Performance - Under Ni Zhanggen's leadership, MLILY has maintained growth in the domestic market despite challenges, and the brand has successfully expanded to 110 countries and regions globally [12][14]. - Since its listing in 2016, MLILY has sold over 100 million products, establishing itself as a leader in the global memory foam market [14]. - The brand's global strategy has been well-received in markets without the hard bed tradition, indicating a successful adaptation to diverse consumer needs [12].

Core Viewpoint - The recent surge in interest surrounding the "Su Super" league has led to increased attention on the company Dream Lily (603313), which is involved in sponsorship activities related to local football teams in Nantong, Jiangsu province [1][4]. Group 1: Company Sponsorship and Market Reaction - Dream Lily is the front jersey sponsor for the Nantong Zhiyun Football Club and is engaged in various collaborations, including stadium advertising and co-branded product development [1][2]. - Following the company's announcement regarding its sponsorship, Dream Lily's stock price rose significantly, reaching a peak of 9.2 yuan per share, the highest in nearly a year, before experiencing a slight pullback [1][8]. - The stock price of Dream Lily had previously not exceeded 8.7 yuan per share despite positive quarterly performance and share buybacks [2][8]. Group 2: Industry Context and Economic Impact - The "Su Super" league has gained popularity since its launch in May, with predictions indicating it could generate over 300 million yuan in economic benefits over the season, averaging an increase of over 2 million yuan per city [2][3]. - The Nantong team currently leads the league with three wins, which has contributed to the rising interest and discussions surrounding the team and its sponsors [3][8]. Group 3: Financial Performance and Challenges - Dream Lily reported a total revenue of 8.449 billion yuan for 2024, a year-on-year increase of 5.94%, but faced a net loss of 151 million yuan, a significant decline of 242.04% [8]. - The company experienced a positive turnaround in the first quarter of the current year, with revenue of 2.043 billion yuan, up 12.31%, and a net profit of 58.72 million yuan, marking a 196.22% increase [8]. - Despite the recent stock price increase, Dream Lily's stock has decreased by 75% from its peak of 36.82 yuan per share in 2021 [8].

Group 1 - The company announced a share repurchase plan with a total expected amount of 0.85 billion to 1.70 billion RMB [1] - The repurchase period is set from May 9, 2025, to May 8, 2026 [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives [1] Group 2 - The company has already repurchased 908,500 shares, accounting for 0.16% of the total share capital [1] - The total amount spent on repurchases so far is approximately 7.54 million RMB [1] - The repurchase price ranged from 8.14 RMB to 8.36 RMB per share [1] Group 3 - The board of directors approved the repurchase plan with a unanimous vote of 7 in favor, 0 against, and 0 abstentions [1] - The repurchase will be funded by the company's own funds and special loans for repurchase [1] - The company will adhere to relevant regulations and disclose information regarding the progress of the repurchase [2]

证券代码：603313 证券简称：梦百合 公告编号：2025-043 梦百合家居科技股份有限公司 关于股份回购进展公告 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： 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 梦百合家居科技股份有限公司董事会 2025 年 6 月 7 日 | 回购方案首次披露日 | 2025/5/10 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 5 9 月 8 | 月 | 日~2026 | 年 | 5 日 | | 预计回购金额 | 0.85亿元~1.70亿元 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | ...

Core Viewpoint - Dream Lily's ambitious plan to expand to 2000 hotels has faced challenges just two months after the opening of its first hotel in Shanghai, raising concerns among investors about its operational strategy and market positioning [1][2][3] Expansion Plan - Dream Lily aims to establish 2000 "zero-pressure" hotels, with the first one located in Shanghai Hongqiao, which opened in March 2025 [1] - The hotel features a unique concept combining hospitality, experience, and sales, utilizing Dream Lily's own products such as "MLILY" mattresses and "NISCO" sofas [1][3] Market Positioning - The Shanghai hotel is positioned as a high-end establishment with room rates ranging from 800 to 2000 RMB, but it does not include breakfast, which has led to criticism regarding its market alignment [2][4] - Investors have suggested that the hotel should better align its target customer base with that of its mattress products, focusing on business travelers [2][4] Operational Challenges - The hotel has faced issues with limited booking channels, as it is primarily available on Ctrip, with no presence on other major platforms like Fliggy, Meituan, or Douyin [2][5] - The high-end positioning may restrict customer reach, and the reliance on technology could increase maintenance costs [4][5] Financial Performance - Dream Lily's hotel business reported revenue of 215 million RMB in 2024, a decline of 2.48% year-on-year, with a further drop of 21.46% in the first quarter of 2025 [6] - The company’s overall revenue for 2024 was approximately 8.5 billion RMB, with domestic revenue being significantly lower than overseas [6] Competitive Landscape - The hotel industry is experiencing intense competition, with various brands exploring new business models and revenue streams to adapt to changing consumer demands [9][10] - Other mattress brands like Mousse and Ailan have also ventured into the hotel sector, but their efforts remain limited in scale compared to Dream Lily's ambitious plans [7][8] Industry Trends - The hotel sector is witnessing a shift towards integrating retail and experiential offerings, as companies seek to enhance customer engagement and drive additional revenue [9][10] - The concept of "second curve" growth is becoming crucial for hotel brands as they look for new avenues for expansion amid market saturation [9][10]

Investment Rating - The report maintains a "Positive" investment rating for the light industry manufacturing sector, indicating an expectation of performance that exceeds the market benchmark by more than 5% [2]. Core Insights - The home furnishing sector is experiencing marginal recovery, with a high dividend payout ratio. In 2024, the home goods sector is projected to generate revenue of CNY 246.58 billion, a year-on-year increase of 2.3%, while net profit attributable to shareholders is expected to decline by 13.6% to CNY 15.86 billion [4][14]. - The report highlights that domestic demand for home goods is under pressure, but government subsidies are expected to fill the demand gap. The sales of building materials and home goods are projected to decline by 3.9% year-on-year in 2024, but there are signs of improvement in early 2025 [5][26]. - The external sales performance is strong, with furniture exports showing a recovery since November 2023, driven by overseas retailers replenishing inventory. However, the report emphasizes the need to monitor changes in tariff policies, particularly from the U.S. [6][40]. Summary by Sections 1. Home Furnishing Sector 2024 Annual Report & Q1 2025 - The home goods sector is under operational pressure, with only Q1 showing growth due to a low base effect from previous public health events. The profit margin has been declining, reflecting increased competition [4][14]. - In Q1 2025, the sector's revenue increased by 3.9% year-on-year, and net profit rose by 10.6%, indicating a recovery trend [4][14]. 2. Domestic Sales - The report notes that the domestic home goods market is facing challenges, with a projected decline in sales. However, the introduction of government subsidies is expected to stimulate demand, particularly in key cities [5][34]. - The dividend payout ratio for leading companies in the sector has increased, with many companies offering dividend yields exceeding 3% [5][35]. 3. External Sales - The report indicates that external sales have been performing well, with all key export companies reporting revenue growth in Q1 2025. The recovery in exports is attributed to overseas retailers restocking [6][40]. - The report warns of uncertainties related to U.S. tariff policies, which could impact future export orders [6][40]. 4. Investment Recommendations - The report suggests focusing on leading companies with high dividend yields and strong market positions, such as Gujia Home, Sophia, and Zhibang Home, as they are expected to benefit from government subsidies and have resilient performance [5][39].

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].