Group 1: Gold and Jewelry - In H1 2025, gold prices surged, leading to a decline in gold jewelry consumption while investment gold consumption increased, continuing the trend from 2024 [13][17] - The report anticipates that in H2 2025, gold prices may fluctuate at high levels due to geopolitical conflicts and economic downturns, with central banks continuing to purchase gold [23] - Recommended companies include Laopuhuang, Chow Tai Fook, Chao Hong Ji, and Cai Bai Co., which are expected to benefit from the ongoing trends in gold consumption [23][24][26][30] Group 2: Cosmetics - The cosmetics market showed weak performance in H1 2025, with a cumulative year-on-year growth of 4.1% from January to May, lagging behind overall retail growth [32][35] - Long-term trends in the cosmetics industry remain focused on increasing penetration rates and domestic brand substitution, with a recommendation to focus on brands like Mao Ge Ping and Shangmei Co. for their strong performance and growth potential [35][36][42] - Mao Ge Ping is highlighted for its high-end positioning and significant growth in both online and offline channels, while Shangmei Co. has shown impressive performance during promotional events [36][42] Group 3: Personal Care - The personal care sector, particularly in sanitary napkins and oral care, is expected to maintain stable demand, with domestic brands leading the market [49][51] - The oral care segment is experiencing a shift towards higher-value products driven by consumer demand for efficacy, with domestic brands like Deng Kang Oral Care gaining market share [53][54] - Key companies to watch include Baiya Co. and Deng Kang Oral Care, which are well-positioned to capitalize on these trends [49][53] Group 4: Apparel and Footwear - The apparel retail sector showed moderate growth in H1 2025, with a year-on-year increase of 3.3% in retail sales from January to May [8][14] - Outdoor brands are performing exceptionally well, with high-end outdoor brands like Amer Sports and Anta showing significant revenue growth [8][15] - Recommended companies include Anta Sports for its strong outdoor brand growth and Mercury Home Textiles for its effective marketing strategies [15][16] Group 5: Textile Manufacturing - The textile manufacturing sector is witnessing a shift in export share towards Southeast Asia, with a notable decline in imports from China to the U.S. [8][18] - The report indicates that U.S. apparel imports from Southeast Asia are increasing, while imports from China are decreasing, suggesting a strategic shift in manufacturing locations [18][19] - Companies with diversified production capabilities across regions are recommended for investment consideration [18][19] Group 6: Home Furnishings - The home furnishings market is experiencing growth driven by government policies encouraging upgrades, with furniture retail sales in May 2025 showing a year-on-year increase of 25.6% [8][20] - Key players in the home furnishings sector include Gujia Home and Oppein Home, which are expected to benefit from the ongoing market trends [20][21]

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that the procedures for convening and holding the 2025 first extraordinary general meeting of shareholders of Shanghai Mercury Home Textile Co., Ltd. comply with relevant laws and regulations, ensuring the legality and validity of the resolutions passed at the meeting [1][7]. Group 1: Meeting Procedures - The board of directors announced the meeting notice for the extraordinary general meeting on June 4, 2025, in accordance with the company's articles of association [2][3]. - The meeting utilized a combination of on-site voting and online voting, with the on-site meeting held on June 19, 2025, at 14:00 in Shanghai [3][4]. Group 2: Attendance and Qualifications - A total of 16 shareholders attended the on-site meeting, representing 182,595,300 shares, which accounts for 70.4992% of the total voting shares [4]. - Additionally, 86 shareholders participated in the online voting, representing 20,408,878 shares, or 7.8798% of the total voting shares [4]. Group 3: Voting Procedures and Results - The meeting's voting procedures were conducted in accordance with the announced agenda, with no modifications or new proposals introduced [5]. - The voting was overseen by shareholder representatives, supervisor representatives, and the law firm, ensuring compliance with the relevant regulations [5]. - The resolutions passed during the meeting were confirmed to be legal and valid based on the combined results of on-site and online voting [5][7].

Meeting Overview - The first meeting of the sixth board of directors of Shanghai Mercury Home Textile Co., Ltd. was held on June 19, 2025, with all nine directors present, including one participating via communication [1] - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association, making the resolutions legally valid [1] Election of Board Members - The board elected Mr. Li Yulu as the chairman of the sixth board of directors, with a term consistent with the board's duration [1] - Mr. Li Laibin was elected as the vice chairman of the sixth board of directors, also with a term aligned with the board's duration [2] Committee Appointments - The board established various specialized committees, including: - Strategic Committee: Mr. Li Yulu (Chair), Mr. Li Laibin, Mr. Li Yugao, Ms. Yang Hongqin, Mr. Wang Dihai [2] - Audit Committee: Mr. Wu Zhongsheng (Chair), Ms. Yang Hongqin, Ms. Li Lijun [2] - Compensation and Assessment Committee: Ms. Yang Hongqin (Chair), Mr. Wang Dihai, Mr. Li Yulu [2] - Nomination Committee: Mr. Wang Dihai (Chair), Mr. Wu Zhongsheng, Mr. Li Yulu [2] Executive Appointments - Mr. Li Yulu was reappointed as the president of the company, with a term consistent with the board's duration [3] - Mr. Li Laibin was reappointed as the executive vice president, Mr. Li Yugao and Ms. Li Jie were reappointed as vice presidents, all with terms aligned with the board's duration [3] Other Appointments - Ms. Tian Yi was reappointed as the board secretary, and Mr. Sun Zigang was reappointed as the financial director, both with terms consistent with the board's duration [4] Stock Incentive Plan - The board approved the achievement of conditions for the first unlock period of the 2024 restricted stock incentive plan, allowing for the unlocking of shares for eligible participants [4]

Core Viewpoint - The Shanghai Mercury Home Textile Co., Ltd. has successfully met the conditions for the first unlock period of its 2024 restricted stock incentive plan, allowing for the release of shares to eligible participants [2] Summary by Relevant Sections Incentive Plan Overview - The company has conducted a review of the first unlock conditions of its 2024 restricted stock incentive plan and confirmed that the conditions have been met [2] - The number of eligible participants for the unlock is 65, with a total of 1.7388 million shares to be released, representing 0.6620% of the company's total share capital [2] Compliance and Authorization - The release of shares complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [2] - The board's compensation and assessment committee has agreed to proceed with the share release according to the relevant regulations [2]

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第一个解除限售期解除限 售条件成就的公告 证券代码：603365 证券简称：水星家纺 公告编号：2025-029 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： 本次符合解除限售条件的激励对象人数：65 人。 本次解除限售股票数量：173.88 万股，占目前公司总股本的 0.6620%。 本次限制性股票在相关部门办理完解除限售手续后、上市流通前，公司 将发布相关提示性公告，敬请投资者注意。 2025 年 06 月 19 日，上海水星家用纺织品股份有限公司（以下简称"公司"） 召开第六届董事会第一次会议，审议通过了《关于 2024 年限制性股票激励计划 第一个解除限售期解除限售条件成就的议案》，公司董事会认为公司 2024 年限 制性股票激励计划（以下简称"本激励计划"）第一个解除限售期解除限售条件 已经成就，同意公司为 65 名符合解除限售条件的激励对象办理解除限售事宜， 共计解除限售 173.88 万股限制性股票。相关事项说明如下： 一、本激 ...

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 年限制性股票激励计划第一个解除限售期 解除限售条件成就的 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 年限制性股票激励计划第一个解除限售期 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：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 本所律师根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人 民共和国公司法》（以下简称"《公司法》"）、《上市公司股权激励管理办法》（以 下简称"《管理办法》"）、《上海证券交易所股票上市规则》（以下简称"《上市规 则》"）及《上海证券交易所上市公司自律监管指引第 2 号——业务办理》（以下 简称"《自律监管指引》"）等有关法律、法规、规章和规范性文件及《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》"）和《上海水星家用纺 织品股份有限公司 2024 年限制性股票激励计划》的有关规定，就水星家纺 2024 年限制性股票激励计划首次授予部分第一个解 ...

证券代码：603365 股票简称：水星家纺 公告编号： 2025-028 上海水星家用纺织品股份有限公司 关于董事会完成换届选举及聘任高级管理人员的公告 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。 上海水星家用纺织品股份有限公司（以下简称"公司"）于 2025 年 06 月 19 日召开 2025 年第一次临时股东大会，选举产生公司第六届董事会非独立董事 5 名、独立董事 3 名，与公司职工代表大会选举产生的 1 名职工代表董事，共同 组成公司第六届董事会。 2025 年 06 月 19 日，公司召开第六届董事会第一次会议，选举产生公司董 事长、副董事长、董事会专门委员会委员，并聘任了公司新一届高级管理人员。 现将相关情况公告如下： 一、第六届董事会换届选举情况 （一）董事会成员情况 非独立董事：李裕陆先生、李来斌先生、李道想先生、李裕高先生、李丽君 女士、王彦会先生，其中王彦会先生为职工代表董事。 独立董事：吴忠生先生、王弟海先生、杨宏芹女士，其中吴忠生先生为会计 专业人士。 上述董事简历详见附件，董事任职期限自股东大会 ...

关于选举职工代表董事的公告 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。 上海水星家用纺织品股份有限公司（以下简称"公司"）于 2025 年 06 月 19 日召开职工代表大会，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国工会法》等相关法律法规以及《公司章程》的规定，会议选举 王彦会先生为公司第六届董事会职工代表董事，简历详见附件。 王彦会先生符合《公司法》《公司章程》等有关法律、法规关于董事任职资 格和条件。王彦会先生将与公司 2025 年第一次临时股东大会选举产生的其他 8 名董事共同组成公司第六届董事会，任期三年。 特此公告。 证券代码：603365 股票简称：水星家纺 公告编号： 2025-027 上海水星家用纺织品股份有限公司 上海水星家用纺织品股份有限公司 董 事 会 2025 年 06 月 20 日 1 附件：王彦会先生简历 王彦会先生，中国国籍，无境外永久居留权，1981 年 1 月出生，本科学历。 历任新秦商务咨询（上海）有限公司研究部经理，上海横智市场营销策划有限公 司运营总监， ...

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 2025 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 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 年第一次临时股东大会（以下简称"本次 股东大会"），对本次股东大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大会的召集和召开程序、出席本次股东大会人员 的 ...

证券代码：603365 证券简称：水星家纺 公告编号：2025-025 上海水星家用纺织品股份有限公司 2025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： 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：2025 年 6 月 19 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 | 102 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 203,004,178 | | 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 | 78.3790 | | 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 ...