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 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 关于上海水星家用纺织品股份有限公司 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 法律意见书 上海市锦天城律师事务所 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 2024 年年度股东大会（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 ...

证券代码：603365 证券简称：水星家纺 公告编号：2025-019 上海水星家用纺织品股份有限公司 关于回购注销部分限制性股票暨通知债权人的公告 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。 一、通知债权人的事由 上海水星家用纺织品股份有限公司（以下简称"公司"）于 2025 年 04 月 28 日召开第五届董事会第二十次会议和第五届监事会第十八次会议，审议通过 了《关于回购注销部分限制性股票的议案》，具体内容详见公司于指定媒体披露 的《上海水星家用纺织品股份有限公司关于回购注销部分限制性股票的公告》（公 告编号：2025-011）。公司于 2025 年 05 月 21 日召开 2024 年年度股东大会，审 议通过了《关于拟变更公司注册资本与修订<公司章程>并办理工商变更登记的议 案》。 根据《上市公司股权激励管理办法》《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》等有关规定，鉴于本激励计划首次授予的激励对 象中存在 1 名激励对象因离职已不符合激励条件，公司将对其已获授但尚未解除 限售的限制性股票共 ...

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 年年度股东大会的 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 年年度股东大会的 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 2024 年年度股东大会（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 的资格、召集人资格、 ...

证券代码：603365 证券简称：水星家纺 公告编号：2025-018 上海水星家用纺织品股份有限公司 2024年年度股东大会决议公告 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 5 月 21 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 | 112 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 180,906,080 | | 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（%） | 69.8470 | (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表决方式进行表决。 ...

Group 1: Industry Insights - The home textile industry is benefiting from a 15% national subsidy on top of the 618 promotional discounts, which can be combined for consumer savings [1] - The national subsidy policy for home textiles is currently limited in scope, with only a few provinces participating, indicating potential for expansion [1][2] - The home textile sector is expected to improve sales due to the stabilization of the real estate market and supportive subsidy policies [1] Group 2: Brand Performance - Mercury Home Textile shows significant advantages on Douyin, with three products eligible for national subsidies across all ten surveyed cities [2] - Fuanna has a competitive edge on JD.com, while Luolai maintains a balanced distribution of national subsidies across various platforms and cities [2] - The current national subsidy policy primarily focuses on bedding sets, with limited coverage for popular products like memory foam pillows [2] Group 3: Market Trends - In April, U.S. apparel retail sales grew by 3.6% year-on-year, but the growth rate has slowed compared to March [3] - The Consumer Price Index (CPI) for apparel in the U.S. decreased by 0.7% in April, contrasting with a 0.3% increase in March, indicating a slight cooling in consumer demand [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.58 CNY based on a 14x PE valuation for 2025 [2][7]. Core Insights - The company is expected to see earnings per share (EPS) of 1.47, 1.57, and 1.68 CNY for the years 2025 to 2027, respectively, reflecting an upward adjustment from previous estimates [2][7]. - The company achieved a revenue of 4.211 billion CNY in 2023, with a projected revenue of 4.417 billion CNY in 2025, indicating a growth rate of 5.3% [5][6]. - The gross margin is expected to improve to 42.5% by 2025, up from 40.0% in 2023, showcasing a positive trend in profitability [5][6]. Financial Performance Summary - In 2023, the company reported a net profit of 379 million CNY, with a forecasted net profit of 385 million CNY for 2025, reflecting a growth of 5.0% [5][6]. - The company’s revenue for 2024 is projected to be 4.193 billion CNY, a slight decrease of 0.4% year-on-year, but with a recovery expected in subsequent quarters [6]. - The company maintains a high dividend payout ratio of 63.6% for 2024, indicating strong shareholder returns [6]. Market Position and Strategy - The company is focusing on deepening its presence in lower-tier cities, leveraging consumer insights and e-commerce channels to adapt to current market trends [6]. - The report highlights the successful implementation of a major product strategy, which has contributed to improved performance in Q4 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company is expected to achieve earnings per share (EPS) of 1.47, 1.57, and 1.68 yuan for the years 2025 to 2027, respectively, with a target price of 20.58 yuan based on a 14x PE valuation for 2025 [2][7]. - The company has demonstrated a significant improvement in Q4 performance, with a notable increase in net profit driven by operational leverage and cost control [6]. Financial Performance Summary - For 2023, the company reported a revenue of 4,211 million yuan, with a year-on-year growth of 14.9%. However, in 2024, revenue is projected to decline slightly to 4,193 million yuan, a decrease of 0.4% [4][6]. - The net profit attributable to the parent company for 2023 was 379 million yuan, reflecting a year-on-year increase of 36.2%. In 2024, it is expected to decrease to 367 million yuan, a decline of 3.3% [4][6]. - The gross margin for 2024 is expected to improve to 41.4%, up from 40.0% in 2023, indicating a positive trend in profitability [4][6]. Earnings Forecast - The company’s earnings forecasts have been adjusted, with the EPS estimates for 2025, 2026, and 2027 being 1.47, 1.57, and 1.68 yuan, respectively [2][7]. - The projected revenue for 2025 is 4,417 million yuan, with a growth rate of 5.3% compared to 2024 [4][6]. Market Position and Strategy - The company is focusing on deepening its presence in lower-tier cities and leveraging its e-commerce channels, which aligns with current consumer trends amid macroeconomic uncertainties [6]. - The company has successfully implemented a big product strategy, which has contributed to improved performance in Q4 [6].

Financial Performance - In 2024, the company achieved operating revenue of 4.193 billion yuan, a year-on-year decrease of 0.42% [1] - The net profit attributable to shareholders was 367 million yuan, down 3.28% year-on-year [1] - The net profit after deducting non-recurring items was 333 million yuan, an increase of 1.77% year-on-year [1] - For Q1 2025, the company reported operating revenue of 926 million yuan, a year-on-year increase of 1.20% [1] - The net profit attributable to shareholders for Q1 2025 was 90 million yuan, a decrease of 3.79% year-on-year [1] - The net profit after deducting non-recurring items for Q1 2025 was 76 million yuan, down 9.84% year-on-year [1] - The basic earnings per share for 2024 was 1.40 yuan, compared to 1.44 yuan in the previous year [1] Profitability Metrics - The gross margin for 2024 was 41.40%, an increase of 1.36 percentage points year-on-year [1] - The operating expense ratio for 2024 was 30.69%, an increase of 0.89 percentage points year-on-year [1] - The net profit margin for 2024 was 8.74%, a decrease of 0.26 percentage points year-on-year [1] E-commerce Growth - The company has maintained a leading position in e-commerce since entering the sector in 2008, achieving full coverage across major online sales channels [2] - In 2024, the e-commerce business achieved a gross margin of 42.96%, an increase of 3.19% year-on-year [2] - The company has developed a personal IP for its chairman, enhancing brand recognition and influence in the industry [2] Industry Trends - The home textile industry is entering a phase of high-quality development, driven by increased consumer willingness to spend on health, smart home, and experiential consumption [2] - The Chinese government has initiated measures to support the replacement of old consumer goods, which is expected to boost sales in the home textile sector [3] - Starting from late October 2024, home textile products will be included in consumption subsidy programs in regions like Shanghai and Jiangsu, enhancing consumer confidence [3] Investment Outlook - The company is a key player in the modern home textile industry in China, with high brand recognition and market acceptance [3] - The company focuses on the research, design, production, and sales of home textile products, reinforcing its core product advantages [3] - EPS forecasts for 2025-2027 are 1.48 yuan, 1.56 yuan, and 1.65 yuan, with corresponding PE ratios of 11.1X, 10.6X, and 10.0X [3]

Core Viewpoint - The 2024 Annual General Meeting of Shanghai Mercury Home Textile Co., Ltd. is set to address various proposals, including changes to the company's registered capital and amendments to the Articles of Association, while ensuring the protection of shareholders' rights and maintaining meeting order [1][2][26]. Meeting Procedures - The meeting will be held on May 21, 2025, at 14:00, with both on-site and online voting options available [3]. - Only authorized shareholders and invited personnel are allowed to attend, and strict adherence to meeting decorum is required [2][3]. - Shareholders have the right to speak, consult, and vote, with a time limit of three minutes for each speaker [2][3]. Financial Performance - In 2024, the company reported a net profit of 366.65 million yuan, a decrease of 3.28% compared to the previous year [19][20]. - Total revenue for 2024 was approximately 4.19 billion yuan, reflecting a slight decrease of 0.42% year-on-year [19][20]. - The company's total assets increased by 4.28% to 3.80 billion yuan, while net assets rose by 1.11% to approximately 2.98 billion yuan [20][21]. Board of Directors' Report - The Board of Directors conducted 38 meetings and approved various proposals, including share repurchase and stock incentive plans [6][10]. - The board emphasized compliance with legal regulations and the importance of effective corporate governance [10][11]. Supervisory Board's Report - The Supervisory Board held 7 meetings, reviewing 26 proposals and ensuring compliance with governance practices [13][15]. - The board confirmed that there were no instances of fund occupation or illegal guarantees during the reporting period [15][16]. Future Plans - The company aims to enhance its governance structure and improve decision-making processes in 2025 [11][12]. - The Supervisory Board will continue to monitor internal controls and ensure compliance with relevant laws and regulations [17].

公司代码：603365 公司简称：水星家纺 上海水星家用纺织品股份有限公司 2024 年年度股东大会 会 议 资 料 二零二五年五月 | 2024 | 年年度股东大会会议须知 2 | | --- | --- | | 年年度股东大会会议议程 3 2024 | | | 议案一、公司 2024 | 年度董事会工作报告 4 | | 议案二、公司 2024 | 年度监事会工作报告 8 | | 议案三、公司 2024 | 年年度报告及摘要 12 | | 议案四、公司 2024 | 年度财务决算报告 13 | | 议案五、关于公司 2024 | 年年度利润分配预案的议案 17 | | 议案七、关于续聘会计师事务所的议案 19 | | | 2024 | 年度独立董事述职报告 20 | 水星家纺 2024 年年度股东大会 会议资料 上海水星家用纺织品股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，上海水星家用纺织品股份有限公司（以下简称"公司"）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》 ...