据证券之星公开数据整理，近期梦百合（603313）发布2025年中报。截至本报告期末，公司营业总收入 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%。按单季度数据看，第二季度营 业总收入22.73亿元，同比上升6.83%，第二季度归母净利润5583.46万元，同比上升70.39%。本报告期 梦百合盈利能力上升，毛利率同比增幅2.86%，净利率同比增幅76.28%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率39.21%，同比增2.86%，净利率2.53%，同比增 76.28%，销售费用、管理费用、财务费用总计14.41亿元，三费占营收比33.39%，同比增2.41%，每股净 资产6.56元，同比减3.98%，每股经营性现金流0.43元，同比增16.93%，每股收益0.2元，同比增122.22% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 39.47 Z | 43.16 Z | 9.35% | | 归母净利润(元) | 5259.19万 | 1.15/Z | 117.8 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit showing significant year-on-year growth, indicating a positive trend in both domestic and international markets [1][2]. Revenue Performance - In 1H2025, the company achieved revenue of 4.32 billion yuan, up 9.4% year-on-year, and a net profit of 110 million yuan, up 117.8% year-on-year [1]. - Domestic and international sales for 1H2025 were 750 million yuan and 3.42 billion yuan, respectively, reflecting growth of 11.7% and 8.1% year-on-year [2]. - In 2Q2025, the company reported revenue of 4.4 billion yuan for domestic sales, up 17.7% year-on-year, and 1.75 billion yuan for international sales, up 2.8% year-on-year [2]. Channel Performance - The company experienced a reduction in the number of offline stores, with a net decrease of 17 direct stores and 10 dealer stores compared to the end of 2024 [3]. - Online sales for the company's proprietary brand saw rapid growth, driven by enhanced e-commerce and live-streaming strategies [3]. Profitability - The gross margin for 1H2025 was 39.2%, an increase of 1.1 percentage points year-on-year, with domestic gross margins reaching 51.1%, up 6.7 percentage points [5]. - In 2Q2025, the gross margin was 39.1%, up 1.3 percentage points year-on-year, with domestic gross margins at 51.3%, up 6.8 percentage points [6]. Cost Structure - The company's expense ratio for 1H2025 was 34.9%, up 0.8 percentage points year-on-year, primarily due to increased e-commerce operational costs [8]. - In 2Q2025, the expense ratio remained at 34.9%, with sales expenses increasing due to the focus on online business development [8]. Market Outlook - The domestic furniture retail market showed strong growth, with a 22.6% year-on-year increase in total retail sales from January to July 2025 [8]. - The company is expected to benefit from potential interest rate cuts and tariff policies that may enhance its competitive position in the U.S. market [8].

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 ...

每经头条（nbdtoutiao）——A股成交连续8天破2万亿元，券商招聘也来了！行业巨头秋招"求才"，25个 岗位都有什么特点？ 每经AI快讯，梦百合（SH 603313，收盘价：8.94元）8月25日晚间发布公告称，公司第五届第二次董事 会会议于2025年8月25日在公司综合楼会议室召开。会议审议了《关于修订 <审计委员会实施细则> 的 议案》等文件。 （记者 张喜威） 2025年1至6月份，梦百合的营业收入构成为：家具制造业占比99.95%，其他业务占比0.05%。 截至发稿，梦百合市值为51亿元。 ...