Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company continues its "big product" strategy, which is expected to drive product optimization and margin improvement, although the increase in sales expenses may impact net profit margins [5] - The company has seen revenue growth driven by e-commerce and group buying channels, with key products like ergonomic pillows and ice cream quilts enhancing brand influence [3] - The gross margin has improved, but net profit margin has declined due to rising sales expenses [4] Summary by Sections Financial Overview - For the first half of 2025, the company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 1.921 billion, 141 million, and 103 million CNY, respectively, showing year-on-year growth of 6.40%, a decline of 3.38%, and a decline of 21.52% [2] - In Q2 2025, the revenue was 995 million CNY, with net profit attributable to the parent at 51 million CNY, reflecting year-on-year growth of 11.74% but a decline in net profit of 2.65% [2] Product Strategy - The company has focused on niche markets, developing core products like ergonomic pillows and ice cream quilts, which have driven overall category sales [3] - The "big product" strategy leverages scale, high exposure, and continuous iteration to build a competitive moat and enhance brand recognition [3] Margin Analysis - In H1 2025, the gross margin was 43.88%, an increase of 2.01 percentage points year-on-year, while the net margin was 7.34%, a decrease of 0.75 percentage points [4] - The increase in sales expenses by 3.8 percentage points has primarily contributed to the decline in net profit margin [4] Investment Recommendations - The company is expected to maintain its revenue forecasts for 2025-2027 at 4.401 billion, 4.725 billion, and 5.079 billion CNY, with net profit forecasts of 381 million, 402 million, and 427 million CNY, respectively [5] - The projected earnings per share (EPS) for 2025-2027 are 1.45, 1.53, and 1.63 CNY, with corresponding price-to-earnings (PE) ratios of 12.2, 11.6, and 10.9 [5]

北京商报讯（记者 张君花）8月27日，水星家纺发布半年度业绩报告称，2025年上半年营业收入约19.21 亿元，同比增加6.4%；归属于上市公司股东的净利润约1.41亿元，同比减少3.38%。 ...

格隆汇8月27日丨水星家纺(603365.SH)发布2025半年度报告，公司上半年实现营业收入19.21亿元，同比 增长6.40%；归母净利润1.41亿元，同比下滑3.38%；扣非归母净利润1.03亿元，同比下滑21.52%。 ...

上海水星家用纺织品股份有限公司 章 程 二○二五年八月 | 第二章 | 经营宗旨和范围 | 4 | | --- | --- | --- | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 6 | | 第三节 | 股份转让 | 7 | | 第四章 | 股东和股东会 | 8 | | 第一节 | 股东 | 8 | | 第二节 | 控股股东和实际控制人 | 11 | | 第三节 | 股东会的一般规定 12 | | | 第四节 | 股东会的召集 | 15 | | 第五节 | 股东会的提案与通知 16 | | | 第六节 | 股东会的召开 | 17 | | 第七节 | 股东会的表决和决议 20 | | | 第五章 | 董事和董事会 | 24 | | 第一节 | 董事 | 24 | | 第二节 | 董事会 | 27 | | 第三节 | 独立董事 | 32 | | 第四节 | 董事会专门委员会 35 | | | 第六章 | 总裁及其他高级管理人员 37 | | | 第七章 | 财务会计制度、利润分配和审计 39 | | | 第一节 | 财务会计制度 | 39 | | ...

Meeting Information - The second extraordinary general meeting of shareholders for 2025 will be held on September 12, 2025, at 14:00 [1] - The meeting will be conducted using a combination of on-site and online voting methods [1] - The location for the on-site meeting is the conference room on the 5th floor of the company at 1487 Hu-Hang Highway, Fengxian District, Shanghai [1] Voting Procedures - Online voting will be available through the Shanghai Stock Exchange's shareholder meeting voting system from 09:15 to 15:00 on the day of the meeting [2] - The company will provide a reminder service for small and medium-sized investors to ensure they can participate and vote [2] - Shareholders can vote via the trading system or the internet voting platform, with specific instructions provided for first-time users [5][6] Meeting Agenda - The meeting will review a proposal to change the company's registered capital and amend the Articles of Association, which has been approved by the board of directors [4] - There are no related shareholders that need to abstain from voting on the proposal [5] Attendance Requirements - Only shareholders registered by the close of trading on September 9, 2025, are eligible to attend the meeting [6] - Shareholders can appoint a proxy to attend and vote on their behalf, and the proxy does not need to be a shareholder [6] Registration Details - Registration for the meeting will take place on September 10, 2025, from 09:00 to 17:00 [7] - Shareholders can register via fax, mail, or email, but must provide necessary identification and proof of shareholding [9] Additional Information - The meeting is expected to last half a day, and attendees are responsible for their own travel and accommodation expenses [10] - Contact information for the company is provided for any inquiries regarding the meeting [10]

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that Shanghai Mercury Home Textile Co., Ltd. has obtained the necessary approvals and authorizations for the repurchase and cancellation of part of the restricted stock under the 2024 incentive plan, as well as the adjustment of the repurchase price [8][12]. Group 1: Approval and Authorization - The company's board of directors approved the draft of the 2024 restricted stock incentive plan on March 26, 2024 [5]. - The supervisory board also approved the plan on the same day, and no objections were raised during the public announcement period [5]. - The company held a temporary shareholders' meeting on April 12, 2024, which approved the incentive plan [6]. - On October 28, 2024, the board and supervisory board approved the adjustment of the repurchase price and the cancellation of restricted stocks due to one incentive object leaving the company [6]. Group 2: Repurchase Price Adjustment - The repurchase price for the restricted stocks was adjusted from 7.26 yuan per share to 6.36 yuan per share after accounting for a dividend of 0.90 yuan per share [10]. - The adjustment method ensures that the repurchase price does not fall below the par value of the stock [10]. Group 3: Repurchase Cancellation Details - The cancellation of restricted stocks was due to two incentive objects leaving the company, resulting in a total of 137,200 shares being repurchased and canceled [11][12]. - The total funds allocated for the repurchase amount to 881,795.11 yuan, sourced entirely from the company's own funds [12]. Group 4: Information Disclosure - The company is required to disclose the decisions made during the board meetings and other relevant announcements in accordance with legal and regulatory requirements [13]. - The company has fulfilled its current information disclosure obligations and will continue to do so as the incentive plan progresses [13].

Core Points - The company has adjusted the repurchase price of the 2024 restricted stock incentive plan from 7.26 yuan per share to 6.36 yuan per share [1][6] - A total of 137,200 shares will be repurchased and canceled due to two incentive recipients leaving the company and others not meeting performance criteria [1][8] Summary of Related Sections 1. Decision Process and Disclosure - The board of directors and supervisory board approved the adjustment of the repurchase price and cancellation of shares in meetings held on October 28, 2024 [4] - The company conducted internal publicity regarding the incentive plan from March 27 to April 5, 2024, with no objections raised [2] 2. Adjustment of Repurchase Price - The repurchase price was adjusted based on the cash dividend distribution of 0.90 yuan per share, leading to the new price of 6.36 yuan per share [6][7] - The adjustment method follows the incentive plan's regulations, ensuring the repurchase price does not fall below the par value of the shares [6] 3. Reasons for Repurchase and Cancellation - The repurchase and cancellation of shares are due to two recipients leaving the company and others failing to meet performance standards, totaling 137,200 shares [8] - The repurchase price includes the interest from bank deposits in addition to the adjusted price [8] 4. Changes in Share Structure - After the repurchase, the total number of shares will decrease from 262,633,500 to 262,496,300 [8] - The structure of restricted and unrestricted shares will also be adjusted accordingly [8] 5. Impact on the Company - The repurchase and cancellation of shares comply with relevant regulations and will not materially affect the company's financial status or operational results [9] - The management team remains committed to fulfilling their responsibilities and creating value for shareholders [9] 6. Opinions from Committees and Legal Advisors - The remuneration and assessment committee supports the repurchase plan, confirming it aligns with legal and regulatory requirements [9] - Legal advisors affirm that the adjustments and repurchase have received necessary approvals and comply with applicable laws [9]

近日，上海市锦天城律师事务所就上海水星家用纺织品股份有限公司（以下简称"水星家纺"）回购注销 2024年限制性股票激励计划部分限制性股票及调整回购价格相关事宜出具法律意见书。 已取得必要批准与授权 登录新浪财经APP 搜索【信披】查看更多考评等级 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 责任编辑：小浪快报 自2024年3月起，水星家纺就本次激励计划相关事项，陆续召开董事会、监事会及股东大会进行审议。 其中，2024年3月26日，第五届董事会第十三次会议与第五届监事会第十二次会议分别审议多项激励计 划相关议案；2024年4月12日，2024年第一次临时股东大会通过相关议案；2024年4月29日，第五届董事 会第十四次会 ...

Meeting Overview - The second meeting of the sixth board of directors of Shanghai Mercury Home Textile Co., Ltd. was held on August 27, 2025, with all 9 directors participating, including one via remote communication [1][2] - The meeting was chaired by Chairman Li Yulu and was attended by senior management [1] Resolutions Passed - The board approved the "2025 Half-Year Report and Summary," which was reviewed and agreed upon by the audit committee [1][2] - The board approved the adjustment of the repurchase price for the 2024 restricted stock incentive plan and the repurchase and cancellation of certain restricted stocks, with 8 votes in favor and 1 director abstaining from voting [2] - The board approved a proposal to change the company's registered capital and amend the Articles of Association, with all 9 votes in favor [2][3] - The board approved the proposal to convene the second extraordinary general meeting of shareholders in 2025, with all 9 votes in favor [3]

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 1,921,240,060.60, representing a 6.40% increase compared to CNY 1,805,656,840.72 in the same period last year[21]. - The total profit for the period was CNY 164,760,937.59, which is a decrease of 2.66% from CNY 169,255,381.39 in the previous year[21]. - The net profit attributable to shareholders was CNY 141,146,351.97, down 3.38% from CNY 146,082,249.10 year-on-year[21]. - Basic earnings per share for the period were CNY 0.53, down 3.64% from CNY 0.55 in the same period last year[22]. - The weighted average return on net assets was 4.63%, a decrease of 0.34 percentage points from 4.97% year-on-year[22]. - The total comprehensive income for the first half of 2025 was ¥141,110,216.39, slightly lower than ¥146,082,249.10 from the previous year[114]. - The company reported a net profit of 150.92 million RMB after deducting the impact of share-based payments, a slight increase of 0.27% from the previous year[25]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -66,812,411.40, a significant decline compared to CNY 23,127,714.46 in the same period last year, marking a 388.88% decrease[21]. - The total assets decreased by 4.24% to CNY 3,642,121,438.35 from CNY 3,803,391,455.45 at the end of the previous year[21]. - Cash and cash equivalents were reported at CNY 674,362,144.69, down from CNY 893,932,732.90, a decrease of about 24.6%[104]. - The company reported a significant increase in prepayments, rising to CNY 106,912,037.88 from CNY 51,426,596.76, an increase of approximately 107.5%[104]. - The total cash outflow from financing activities was 139,678,350.81 RMB in the first half of 2025, compared to 213,701,237.10 RMB in the same period of 2024, indicating a reduction of approximately 34.6%[122]. Market Position and Strategy - The home textile industry is experiencing a market scale growth, with retail sales of clothing and textile products reaching 742.6 billion RMB, a year-on-year increase of 3.1%[28]. - The company is actively participating in government subsidy policies, offering a dual strategy of "policy subsidies + corporate discounts" to stimulate consumer demand[28]. - The company focuses on differentiated product barriers and has developed core products such as ergonomic pillows and ice silk quilts, enhancing brand influence[31]. - The company is expanding its marketing strategies through collaborations with popular IPs and designers, enhancing brand value and targeting younger consumers[42]. - The company maintains a strong market position in the bedding category, with a continuous focus on functional products and a high market penetration rate[36]. Operational Efficiency - The company has established a comprehensive supply chain system, integrating procurement, manufacturing, logistics, and sales to enhance efficiency and reduce costs[29]. - The company has established a multi-brand matrix to cater to diverse consumer needs, with the main brand "Water Planet Home Textiles" targeting the mass market[47]. - The company has a robust supply chain system, combining its own production base with strategic supplier partnerships to enhance efficiency[50]. Risks and Challenges - The company has outlined potential risks in its operations, which are detailed in the report's management discussion section[8]. - The company is facing intensified competition in the home textile industry, with emerging brands capturing market share through online channels targeting younger consumers[64]. - The company is diversifying its product offerings to meet changing consumer demands, including sustainable materials and personalized designs[64]. Shareholder and Governance - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing[76]. - The controlling shareholder, Mercury Holdings, is committed to holding shares of the issuer to ensure its controlling position and may reduce holdings after the lock-up period, limited to 10% of the total shares held at the end of the previous year[78]. - The company has established irrevocable commitments regarding shareholding reductions and lock-up periods[76]. - The company will repurchase all newly issued shares if any authority finds false statements or omissions in the prospectus, with the repurchase price adjusted for interest[80]. Financial Reporting and Compliance - The financial statements are prepared based on the going concern principle, indicating no significant doubts about the company's ability to continue operations for the next 12 months[135]. - The financial statements comply with the accounting standards issued by the Ministry of Finance, reflecting the company's financial position as of June 30, 2025[137]. - The company follows specific accounting treatments for mergers and acquisitions, distinguishing between mergers under common control and those not under common control[143]. Inventory and Asset Management - Inventory is classified into raw materials, work in progress, and finished goods, with costs including procurement and processing expenses[177]. - The company adopts a perpetual inventory system for inventory management[178]. - Inventory is measured at the lower of cost and net realizable value, with provisions for inventory write-downs recognized when costs exceed net realizable value[178].