货币资金 1,163.50 1,124.02 1,168.80 1,303.46 1,318.64 营业收入 3,663.75 4,210.91 4,682.53 5,214.00 5,769.29 应收票据及应收账款 344.77 332.59 364.29 295.46 434.55 营业成本 2,245.88 2,524.73 2,795.47 3,102.33 3,432.73 预付账款 39.95 79.19 37.13 87.41 60.13 营业税金及附加 29.25 27.30 28.10 26.07 28.85 存货 1,020.65 962.04 1,237.05 1,321.52 1,443.15 销售费用 855.16 1,015.05 1,094.78 1,223.20 1,357.51 其他 246.52 507.90 420.49 521.87 442.91 管理费用 172.98 181.05 197.13 218.99 242.31 其他 87.84 53.06 84.78 75.23 71.02 每股收益（元） 1.06 1.44 1.64 1.89 2.08 非流动负债合 ...

证 券 研 究 报 告 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 30 日 | | 收盘价（元） | 18.41 | | 一年内最高/最低（元） | 18.41/12.91 | | 市净率 | 1.6 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 4837 | | 上证指数/深证成指 | 3104.83/9587.13 | 05-0406-0407-0408-0409-0410-0411-0412-0401-0402-0403-0404-04 -40% -20% 0% 20% 40% 水星家纺 沪深300指数（收益率） 证券分析师 上 市 公 司 ——被芯战略成效显著，羽绒、蚕丝被大单品持续放量 一年内股价与大盘对比走势： 《水星家纺（603365）点评：精准错位竞 争，高性价比科技家纺品牌迎发展契机》 2024/01/22 《水星家纺（603365）点评：23Q3 营收 保持双位数稳健增长，符合市场预期》 2023/10/ ...

大家好欢迎参加声望红媛访服水星家访2023年年报及2024年一级报业绩交流会目前所有参会者均处于静音状态现在开始播报免责声明声明播报完毕后主持人可直接开始发言 请参会人员务必注意本次电话会议交流内容仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好的各位投资者大家下午好这也是今年今天放假以前可能最后一场的电话会了也感谢各位投资者对水晶家访的关注以及对我们身外红员的支持我们今天非常荣幸请到的是水晶家访的董立田总以及财务总监孙总正在朱总到我们的会场来跟大家做这一次年报及一级报业绩的一个交流 昨天公司也是发布了财报整体的表现非常好再发了财报之外也同时披露了股权经济计划我们首先还是先请田总给大家介绍一下昨天总体这一系列公告的一个基本内容先请田总来跟大家做一个分享谢谢好的 各位机构代表各位投资人大家下午好首先非常感谢大家抽空也是节日之前了抽空参加我们水星家访23年年报和20年一季度的业绩交流会我们这次同时感谢声望红人求准为本次会议提供了大力支持能够借此 ...

毛利率持续提升，24Q1 业绩超预期 ⚫ 公司 2023 年实现营业收入 42.1 亿，同比增长 14.9%，实现归母净利润 3.79 亿，同 比增长 36.2%。24Q1 收入和归母净利润分别同比增长 11.8%和 11.5%，扣非净利 润增长超 20%，一季报业绩表现超市场预期。公司拟分红 2.36 亿，分红率约为 62.4%。 ⚫ 2023 年收入端如期复苏。分渠道来看，2023 年线下直营、线下加盟、电商渠道收 入分别同比增长 24.4%、10.9%和 11.7%。毛利率方面，2023 年三者毛利率分别同 比增长 2.2、1.1 和 1.2pct。分产品来看，2023 年被子、套件、被芯品类收入同比增 长 20.4%、10.8%和 5.8%，毛利率方面，2023 年三者毛利率分别同比增长 0.5、 3.4 和-1.9pct。 ⚫ 运营质量改善。截至 2023 年底，公司存货周转天数为 141 天，同比减少 15 天，经 营活动现金流为 4.93 亿，去年同期为 1.04 亿，同比大幅提升。 ⚫ 盈利能力方面，2023 年归母净利率同比提升 1.4pct 至 9%，其中毛利率的提升为主 要驱动，同比提升 ...

Financial Performance - The company's operating revenue for 2023 reached CNY 4,210,912,053.70, representing a year-on-year increase of 14.93% compared to CNY 3,663,751,065.48 in 2022[19]. - The net profit attributable to shareholders of the listed company was CNY 379,075,331.86, a 36.23% increase from CNY 278,256,474.19 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 327,673,282.40, up 44.74% from CNY 226,393,509.32 in 2022[19]. - The net cash flow from operating activities significantly increased to CNY 492,987,278.67, a 374.42% rise from CNY 103,914,068.35 in the previous year[19]. - The total assets of the company at the end of 2023 were CNY 3,647,155,297.02, reflecting a 3.15% increase from CNY 3,535,615,935.81 at the end of 2022[19]. - The net assets attributable to shareholders of the listed company increased to CNY 2,944,814,610.71, a 6.42% rise from CNY 2,767,232,456.85 in 2022[19]. - Basic earnings per share were CNY 1.44, up 37.14% from CNY 1.05 in 2022[20]. - The diluted earnings per share also stood at CNY 1.44, marking a 37.14% increase compared to the previous year[20]. - The weighted average return on equity increased to 13.37%, up 3.05 percentage points from 10.32% in 2022[20]. Dividend and Capital Management - The company plans to distribute a cash dividend of CNY 9 per 10 shares, totaling CNY 236,460,150.00, which accounts for 62.38% of the net profit attributable to shareholders for 2023[4]. - The company does not plan to increase capital reserves to convert into share capital for the 2023 fiscal year[4]. - The company has a three-year dividend return plan for shareholders from 2023 to 2025, which was approved in the recent shareholder meeting[115]. - The company has implemented a cash dividend policy that ensures transparency and stability, with a total cash dividend and share buyback amounting to 254,010,898 RMB, which is 67.01% of the net profit attributable to shareholders[148]. Market and Product Strategy - The company focused on product technology research and development to enhance product differentiation and added value[30]. - The company is committed to developing green, environmentally friendly, and healthy bedding products[30]. - The company has implemented a new retail model that integrates online and offline channels effectively[30]. - Revenue from core bedding products reached ¥2,024,865,802.94, accounting for 48.18% of total revenue, with a year-on-year growth of 20.38%[32]. - The company has been recognized as the top seller of bedding products in China for three consecutive years from 2021 to 2023 according to Euromonitor International[33]. - The company has focused on health-oriented bedding products, achieving the highest sales in the health sleep bedding category for two consecutive years in 2022 and 2023 according to Frost & Sullivan[39]. - The company is enhancing its marketing strategies through collaborations with designers and hosting high-end design events to attract consumers[44]. - The company is leveraging online and offline channels for marketing, utilizing social media for consumer engagement and personalized services[42]. Research and Development - The company holds a total of 168 patents, including 55 invention patents and 43 utility model patents as of the end of the reporting period[75]. - The company’s R&D expenses increased by 8.60% to ¥77,809,783.01, reflecting a commitment to innovation and product development[80]. - The company has established a technical R&D center dedicated to product innovation and development, ensuring it maintains a leading position in technology and design within the industry[73]. - The company has a strong emphasis on R&D, focusing on consumer needs and technological innovation, with a goal of developing multifunctional, low-carbon, and environmentally friendly products[69]. Corporate Governance and Compliance - The company has established a performance assessment mechanism to ensure that the remuneration of senior management is linked to their actual work performance[124]. - The company has continuously improved its corporate governance structure, ensuring compliance with relevant laws and regulations[154]. - The company is committed to maintaining transparency and strong governance practices, as evidenced by the detailed reporting of director compensation and shareholdings[118]. - The company has implemented measures to ensure the independence of its operations from its controlling shareholders[112]. Social Responsibility and Sustainability - The company invested ¥5,128,800 in environmental protection during the reporting period[159]. - The company reduced carbon emissions by 1,823.45 tons through various carbon reduction measures[161]. - The company generated 2,212,928.40 kWh of solar power from rooftop solar panels installed at its production facilities[162]. - The company has obtained ISO 14001:2015 environmental management system certification[161]. - The company emphasizes the use of natural and eco-friendly materials in its products, enhancing their health and ecological features[164]. - The company has established a comprehensive employee rights protection system, ensuring fair treatment and opportunities for all employees[167]. Shareholder and Investor Relations - The company is committed to maintaining active communication with investors through various channels, including performance briefings and investor hotlines[112]. - The company has established communication channels with investors to enhance core competitiveness and protect investor interests[169]. - The company plans to issue convertible bonds to unspecified investors, with details on the issuance scale and terms to be discussed[127]. - The company has made irrevocable commitments regarding share transfers and management during the specified lock-up periods[176].

Financial Performance - The company's operating revenue for Q1 2024 reached ¥914,801,168.20, representing an increase of 11.84% compared to the same period last year[4]. - Net profit attributable to shareholders was ¥93,321,484.89, reflecting an increase of 11.55% year-on-year[4]. - The net profit after deducting non-recurring gains and losses was ¥84,542,016.48, which is a significant increase of 20.34% compared to the previous year[4]. - Total operating revenue for Q1 2024 reached ¥914,801,168.20, an increase of 11.8% compared to ¥817,973,584.73 in Q1 2023[16]. - Net profit for Q1 2024 was ¥93,321,484.89, representing a 11.7% increase from ¥83,659,513.04 in Q1 2023[18]. - Basic and diluted earnings per share for Q1 2024 were both ¥0.36, compared to ¥0.32 in Q1 2023, indicating a growth of 12.5%[18]. - The company reported other income of ¥3,182,637.76 in Q1 2024, significantly higher than ¥1,006,356.09 in Q1 2023, indicating a growth of 216.5%[17]. Cash Flow and Assets - The net cash flow from operating activities was negative at -¥8,789,561.98, a decline of 111.45% year-on-year[4]. - Cash flow from operating activities for Q1 2024 showed a net outflow of ¥8,789,561.98, a significant decline from a net inflow of ¥76,774,256.43 in Q1 2023[21]. - Cash and cash equivalents decreased to RMB 945,847,803.28 from RMB 1,124,022,442.94, representing a decline of approximately 15.88%[12]. - Cash and cash equivalents at the end of Q1 2024 totaled ¥943,930,428.27, down from ¥1,268,935,104.96 at the end of Q1 2023[23]. - Investment activities generated a net cash outflow of ¥189,898,818.91 in Q1 2024, compared to a net inflow of ¥50,993,864.97 in Q1 2023[21]. - Financing activities resulted in a net cash inflow of ¥20,579,294.32 in Q1 2024, reversing from a net outflow of ¥21,415,901.45 in Q1 2023[23]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥3,700,071,386.93, an increase of 1.45% from the end of the previous year[4]. - The company's current assets totaled RMB 3,060,463,492.67 as of March 31, 2024, compared to RMB 3,005,746,097.39 at the end of 2023, indicating an increase of about 1.82%[12]. - The total liabilities of the company were RMB 709,393,011.97 as of March 31, 2024, slightly up from RMB 702,340,686.31 at the end of 2023, reflecting a marginal increase of approximately 1.50%[14]. - The equity attributable to shareholders increased to RMB 2,990,678,374.96 from RMB 2,944,814,610.71, showing a growth of about 1.55%[14]. - The company reported a short-term loan of RMB 80,519,158.72, a significant increase from RMB 6,082,093.05, indicating a rise of approximately 1,225.73%[13]. - The accounts payable decreased to RMB 276,484,077.61 from RMB 293,280,346.04, reflecting a decline of about 5.73%[13]. Investments and Subsidies - The company reported a significant increase of 54.97% in trading financial assets, primarily due to increased purchases of financial products[7]. - The company experienced a 1,481.42% increase in construction in progress, mainly due to investments in the smart warehousing project[7]. - The company received government subsidies amounting to ¥7,061,186.87, which positively impacted its financial performance[6]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,725[9]. - The company has not reported any significant changes in the shareholding structure or any new financing activities during the reporting period[11]. Research and Development - Research and development expenses increased to ¥17,927,291.52 in Q1 2024, up from ¥14,964,330.60 in Q1 2023, marking a growth of 19.7%[17]. Other Information - There are no new product launches or technological advancements mentioned in the current report[11].

证券代码：603365 证券简称：水星家纺 公告编号：2024-021 欢迎广大投资者积极参与。 上海水星家用纺织品股份有限公司 董 事 会 2024 年 04 月 26 日 上市公司年报集体业绩说明会的公告 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。 为进一步加强与广大投资者的沟通交流，上海水星家用纺织品股份有限公司 （以下简称"公司"）将参加"2024 年上海辖区上市公司年报集体业绩说明会" 活动，现将有关事项公告如下： 本次年报集体业绩说明会活动将采取网络的方式举行，投资者可以登录"上 证路演中心"网站（https://roadshow.sseinfo.com）或关注微信公众号上证路 演中心参与活动，活动时间为 2024 年 05 月 10 日（周五）15:00 至 16:00。 届时公司的董事会秘书田怡女士、财务总监孙子刚先生将通过网络在线交流 形式与投资者就公司治理、发展战略、经营状况、融资计划、股权激励和可持续 发展等投资者关注的问题进行沟通。 上海水星家用纺织品股份有限公司 关于参加 2024 年上海辖区 第 ...

证券代码：603365 证券简称：水星家纺 公告编号：2024-019 上海水星家用纺织品股份有限公司 2024 年第一次临时股东大会决议公告 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： (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事 9 人，出席 9 人； 2、公司在任监事 3 人，出席 3 人； 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2024 年 4 月 12 日 (二)股东大会召开的地点：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 | 16 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 175,572,900 | | 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 | 67.7449 | | 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 ...

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 2024 年第一次临时股东大会的 法律意见书 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 2024 年第一次临时股东大会的 法律意见书 致：上海水星家用纺织品股份有限公司 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、表决程序及表决结果发表意见，而不对本次股东大会所审 议的议案内容以及该等议案所表述的相关事实或数据的真实性、准确性、完整性、 合法性发表意见。 业公认的业务标准、道德规范和勤勉尽责的精神，就题述事项发表法律意见如下： 本法律意见书仅供公司本次股东大会之目的使用，未经本所书面同意，不得 用作其他任何目的。 本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》和《律 师事务所证券法律业务执业规则（试行）》的有关规定以及本法律意见书出具之 日以前已经发生或者存在的事实，严格履行了法定职责，遵 ...

上海水星家用纺织品股份有限公司 关于 2024 年限制性股票激励计划内幕信息知情人 买卖公司股票及其衍生品种情况的自查报告 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。 上海水星家用纺织品股份有限公司（以下简称"公司"）于 2024 年 03 月 26 日召开第五届董事会第十三次会议、第五届监事会第十二次会议审议通过了《关 于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案， 并于 2024 年 03 月 27 日在指定媒体披露了相关公告。 证券代码：603365 证券简称：水星家纺 公告编号：2024-020 根据中登上海分公司 2024 年 04 月 01 日出具的《信息披露义务人持股及股 份变更查询证明》和《股东股份变更明细清单》，在自查期间，共有 5 名激励对 象存在买卖公司股票的行为，经核查，上述核查对象买卖公司股票时，公司尚未 开始筹划本激励计划，根据上述 5 名激励对象出具的书面说明，其本人在自查期 间买卖上市公司股票的行为系基于二级市场交易情况的自行判断而进行的操作， 系正常交易行为， ...