Core Insights - Mercury Home Textile (603365.SH) released its semi-annual report for 2025, indicating a significant institutional investment in the company [1] Institutional Holdings - As of August 27, 2025, eight institutional investors disclosed holdings in Mercury Home Textile A-shares, totaling 126 million shares, which represents 47.78% of the company's total equity [1] - The institutional holding percentage increased by 2.48 percentage points compared to the previous quarter [1] Public Fund Activity - One public fund, China Europe Pension Mixed A, increased its holdings during this period, with an increase ratio of 0.38% [1] - One new public fund, Anxin Value Discovery Two-Year Open Mixed (LOF), was disclosed this quarter [1] - Two public funds, Nuonan Small and Medium Cap Selected Mixed A and China Europe Ruize Mixed A, were not disclosed in this quarter compared to the previous one [1]

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 | | ...

证券代码：603365 证券简称：水星家纺 公告编号：2025-036 上海水星家用纺织品股份有限公司 关于召开2025年第二次临时股东会的通知 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： ? 股东会召开日期：2025年9月12日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 (一)股东会类型和届次：2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 12 日 14 点 00 分 召开地点：上海市奉贤区沪杭公路 1487 号公司 5 楼会议室 (五)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 12 日 至2025 年 9 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间 ...

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]