水星家纺在2025年上海辖区上市公司集体接待日暨中报业绩说明会活动上回答投资者提问称，公司坚持 家纺大单品策略，人体工学枕和雪糕被等新品在市场中广受欢迎。为贴合消费者需求，公司基于消费者 反馈持续迭代产品性能，不断优化产品体验；同时，公司强化专利保护，通过构建技术壁垒巩固产品差 异化优势。公司通过大单品建设形成了示范效应，大单品结合"爆款群"模式，使公司在大单品和全品类 矩阵两个维度研发创新。未来公司将延续"好被芯 选水星"的战略定位，持续打造品类标杆产品，进一 步强化产品竞争力。 更多集体接待日详情，请点击：https://rs.p5w.net/html/175611728073329.shtml ...

Core Viewpoint - The company will hold a performance briefing on September 19, 2025, to communicate with investors regarding its semi-annual performance, governance, development strategy, and operational status [2][4]. Group 1: Meeting Details - The meeting is scheduled for September 19, 2025, from 15:00 to 17:00 [3]. - It will be conducted online via the "Panorama Roadshow" website, WeChat official account, and the Panorama Roadshow APP [3][4]. - Investors can submit questions prior to the meeting by scanning a QR code provided in the announcement [2][4]. Group 2: Participation and Interaction - Investors are encouraged to participate by logging into the "Panorama Roadshow" website or using the WeChat official account during the meeting [4]. - The company aims to enhance interaction by addressing commonly asked questions from investors during the performance briefing [2][4]. - Contact information for the company’s board secretary office is provided for further inquiries [5].

Group 1 - The core viewpoint of the report indicates that Mercury Home Textile's net profit attributable to the parent company for the first half of the year is 140 million, a decrease of 3.4% year-on-year, with Q2 net profit at 50 million, down 2.7% year-on-year [1] - The company achieved a sales gross margin of 43.9%, which is an increase of 3.6 percentage points year-on-year [1] - Mercury Home Textile focuses on "healthy sleep" and "functional" selling points, utilizing a segmented design to alleviate neck and shoulder pressure, and emphasizes high cost-performance and the concept of "smart sleep" [1] Group 2 - The company has upgraded its ice silk quilt over five years, continuously optimizing through material, functionality, and health endorsements, creating a gradient price range that covers various consumer levels [1] - Mercury drives growth in summer quilt categories through technological upgrades and extends its ecosystem to related products such as cool quilts and silk quilts, utilizing high-frequency marketing to capture consumer mindshare [1] - The company employs a "direct sales + franchise" dual model, covering core business districts nationwide and penetrating lower-tier markets, while deepening terminal engagement through experiential marketing to meet the consumption upgrade needs of different cities [1] Group 3 - Considering the strong performance of major products, the company has adjusted its profit forecast for 2025-2027 and maintains a "buy" rating [1]

Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home textile industry, with significant declines in investment, new construction, and sales figures [1] Investment and Market Performance - Residential investment reached 3.58 trillion yuan, down 10.4% year-on-year - New residential construction area was 22.3 million square meters, a decrease of 19.6% - Residential completion area fell to 16.3 million square meters, down 15.5% - Residential sales area decreased by 3.7%, with new commodity housing sales amounting to 4.42 trillion yuan, down 5.5% [1] Home Textile Industry Impact - The home textile industry is adversely affected, with home textile consumption showing insufficient momentum despite the implementation of a subsidy policy for durable consumer goods [1] - In the first half of 2025, the total revenue of seven listed home textile companies was 6.837 billion yuan, roughly flat compared to the same period in 2024, while net profit increased by 22.8% to 708 million yuan [1] Company Performance Overview - Leading company in revenue: Luolai Life with 2.181 billion yuan, 3.6% increase year-on-year - Mercury Home Textile reported 1.921 billion yuan, a 6.4% increase, but net profit decreased by 3.4% - Fuanna's revenue dropped by 16.6% to 1.091 billion yuan, with a significant decline in core product revenue [3] - The highest revenue growth was seen in Zhenai Meijia, with a focus on blankets, achieving a 21.8% increase in revenue [3] Cost Control and Efficiency - Operating costs generally increased, with Luolai Life's costs at 1.138 billion yuan, the highest among peers - Zhenai Meijia's operating cost ratio approached 80%, while Fuanna maintained a lower ratio of 46.4% due to direct sales channel strategies [4] - Dreamjie Co. was the only company to see a decrease in sales, management, and R&D expenses [7] Profitability Analysis - Zhenai Meijia led in net profit with approximately 197 million yuan, a nearly sixfold increase year-on-year - Fuanna's net profit was halved due to inventory pressure and high sales expenses, despite maintaining a gross margin of 53.6% [9] - The net profit margin for Zhenai Meijia reached 50.5%, significantly higher than its peers [9] Cash Flow and Receivables Management - Approximately 57.1% of companies saw a year-on-year increase in operating cash flow exceeding 100% - Luolai Life's operating cash flow increased by 28.9% to 377 million yuan, while Mercury Home Textile experienced a net cash outflow [11] - Zhenai Meijia had an accounts receivable turnover period of 91 days, significantly longer than Fuanna's [14]

证券代码：603365 股票简称：水星家纺 公告编号： 2025-038 上海水星家用纺织品股份有限公司 关于参加 2025 年上海辖区上市公司集体接待日暨中报业绩说明会 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。 重要内容提示： 会议召开时间：2025 年 09 月 19 日（周五）15:00-17:00 会议召开地点："全景路演"网站（http://rs.p5w.net）、微信公众号 （名称：全景财经）、全景路演 APP 会议召开方式：网络方式 预征集投资者提问：投资者可在业绩说明会召开前，扫描本公告中的二维 码进行提问。公司将在业绩说明会上对投资者普遍关注的问题进行回答 一、说明会类型 本次业绩说明会通过网络问答方式召开，公司将针对 2025 半年度业绩、公司 治理、发展战略、经营状况等投资者普遍关心的问题，与投资者进行沟通与交流。 二、说明会召开的时间、地点、方式 （一）会议召开时间：2025 年 09 月 19 日（星期五）15:00-17:00。 （二）会议召开地点："全景路演"网站(http://rs ...

公司报告 | 半年报点评 水星家纺（603365） 证券研究报告 大单品联动效应逐步显现 公司发布 2025 中报 25Q2：营收 10 亿同增 11.7%，归母净利 0.5 亿同减 2.7%，销售毛利率 43.9%， 同比+3.6pp。 25H1：营收 19 亿同增 6.4%，归母净利 1.4 亿同减 3.4%。 主要品类发展： ①人体工学枕及记忆枕：以"健康睡眠"和"功能性"为核心卖点，采用 分区分体设计缓解颈肩压力，主打高性价比与"智能睡眠"概念，实现线 上线下全渠道覆盖，凭借舒适度与品牌口碑深耕细分市场。 ②水星家纺雪糕被：历经 5 年迭代升级，通过材质、功能、健康背书持续 优化，形成梯度价格带覆盖各消费层级。水星以技术升级带动夏被品类增 长，并生态化延伸至凉感被、蚕丝被等关联产品，通过高频营销占领用户 心智。 ③被芯品类：连续多年占据行业头部地位。在"好被芯选水星"战略下， 通过 IP 联名（如三丽鸥、博物馆）、剧综营销、设计师合作等方式构建年 轻化营销矩阵，强化品牌专业形象与市场渗透力。 营销渠道方面： ①线下渠道：水星采用"直营+加盟"双模式，覆盖全国核心商圈并深入下 沉市场，通过体验式营销深耕 ...

证券代码：603365 证券简称：水星家纺 公告编号：2025-037 上海水星家用纺织品股份有限公司 2025年第二次临时股东会决议公告 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 9 月 12 日 (二)股东会召开的地点：上海市奉贤区沪杭公路 1487 号公司 5 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 | 186 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 198,346,400 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 76.5924 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况 等 本次会议由公司董事会召集，公司董事长李裕陆先生担任会议主持人。本次 会议采用现场的方式召开，采用现场投票和网络投票相结合的表决方式进行表决。 ...

法律意见书 上海市锦天城律师事务所 关于上海水星家用纺织品股份有限公司 2025 年第二次临时股东会的 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：02120511000 传真：02120511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海水星家用纺织品股份有限公司 2025 年第二次临时股东会的 法律意见书 致：上海水星家用纺织品股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海水星家用纺织品股 份有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规、规范 性文件和《上海水星家用纺织品股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，指派律师列席公司 2025 年第二次临时股东会（以下简称"本次股 东会"），对本次股东会相关事项进行见证，并依法出具本法律意见书。 本法律意见书仅就本次股东会的召集和召开程序、出席本次股东会人员的资 格、召集人资 ...

Summary of Mercury Home Textiles Conference Call Company Overview - **Company**: Mercury Home Textiles - **Industry**: Home textiles industry Key Financial Metrics - **2025 H1 Revenue**: 1.29 billion CNY, up 6.4% YoY [2] - **Net Profit**: 140 million CNY, down 3.4% YoY [2] - **Gross Margin**: Increased by 2 percentage points to 43.9% [2] - **Online Revenue Growth**: 16% YoY, with Q2 growth at 23% [2][6] - **CAGR (2018-2024)**: Revenue at 9.5%, e-commerce revenue at 17.3% [2][3] Competitive Advantages - **Market Position**: Leading player in the domestic home textiles industry [3] - **Product Strategy**: Focus on big-ticket items and strong online channels [3] - **Sales Strategy**: Concentrated promotion of high-tech products like 3D goose down quilts and ergonomic pillows [3] Market Dynamics - **Market Size**: Home textiles market approximately 250 billion CNY, with bedding products around 150 billion CNY [14] - **Growth Forecast**: Expected CAGR of 2.6% over the next five years [14] - **Consumer Trends**: Increasing focus on sleep quality and product upgrades driving market growth [14][16] Online Channel Performance - **Sales Comparison**: Mercury's products generally priced lower than competitors but with higher sales volumes [18] - **Consumer Preference**: High-end consumers prefer established brands for quality assurance [19] Future Outlook - **Growth Potential**: Strong growth prospects due to online platform advantages and product upgrades [20] - **Market Strategy**: Continued focus on e-commerce and brand positioning in mid-to-high-end markets [8][20] - **Investment Recommendation**: Attractive investment opportunity due to low valuation and high dividend yield [7][12] Shareholder Returns - **Dividend Payout**: Increased to over 60% in recent years, with a dividend yield above 5% [12] - **Valuation Trends**: PE ratio around 11.5, influenced by market conditions and strategic product launches [13] Challenges and Risks - **Profit Margin Pressure**: Rising sales expenses impacting net profit margins [3][11] - **Market Competition**: Intense competition from both established and emerging brands [3][11] Conclusion - **Investment Thesis**: Mercury Home Textiles is well-positioned for growth in the home textiles market, leveraging its strong online presence and innovative product offerings to capture market share and enhance profitability [7][24]

Company Overview - Mercury Home Textile Co., Ltd. is located at 1487 Hu-Hang Highway, Fengxian District, Shanghai, established on December 7, 2000, and listed on November 20, 2017. The company specializes in the research, design, production, and sales of mid-to-high-end home textiles [1][2]. Financial Performance - For the first half of 2025, Mercury Home Textile achieved operating revenue of 1.921 billion yuan, representing a year-on-year growth of 6.40%. However, the net profit attributable to the parent company was 141 million yuan, a decrease of 3.38% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 1.422 billion yuan in dividends, with 654 million yuan distributed over the past three years [3]. Stock Performance - As of September 4, the stock price of Mercury Home Textile increased by 2.03%, reaching 17.05 yuan per share, with a total market capitalization of 4.478 billion yuan. The stock has seen an 11.34% increase year-to-date, but has declined by 2.40% over the last five trading days, 6.32% over the last twenty days, and 11.95% over the last sixty days [1]. - The company has a total of 7,591 shareholders as of June 30, with a decrease of 4.58% from the previous period. The average number of circulating shares per person increased by 4.80% to 33,995 shares [2]. Shareholder Information - As of June 30, 2025, the fourth largest circulating shareholder is China Europe Pension Mixed A (001955), holding 8.6133 million shares, an increase of 991,400 shares from the previous period [3]. Business Segmentation - The main revenue components of Mercury Home Textile are as follows: quilts account for 48.38%, bedding sets for 34.78%, other products for 9.17%, and pillows for 7.53%, with other supplementary items contributing 0.15% [1]. Market Position - Mercury Home Textile is classified under the Shenwan industry as part of the textile and apparel sector, specifically in the home textile category. The company is also associated with concepts such as small-cap and high dividend yield [2].