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].

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 08 月 27 日召开第六届董事会第二次会议，会议审议通过了《关于调整 2024 年限制性股 票激励计划回购价格及回购注销部分限制性股票的议案》《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》，具体情况如下： 鉴于公司回购注销 2024 年限制性股票激励计划部分限制性股票，导致公司 股份总数减少 137,200 股，该部分股份回购注销完成后，公司总股本将由 262,633,500 股减少至 262,496,300 股，注册资本将由人民币 262,633,500 元减少 至人民币 262,496,300 元，《公司章程》相关条款应予以修订。具体如下： | 序号 | 修订前 | 修订后 | | --- | --- | --- | | 1 | 第六条公司注册资本为人民币 26,263.35 | 第六条公司注册资本为人民币 26,2 ...

证券代码：603365 股票简称：水星家纺 公告编号： 2025-034 上海水星家用纺织品股份有限公司 关于调整 2024 年限制性股票激励计划回购价格及回购注销部分 限制性股票的公告 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。 重要内容提示： 回购价格：由 7.26 元/股调整为 6.36 元/股 回购注销数量：137,200 股 鉴于 2024 年限制性股票激励计划实施中激励对象中存在 2 名激励对象因离 职已不符合激励条件，部分激励对象因个人层面绩效考核未能达标或未能完全达 标，上海水星家用纺织品股份有限公司（以下简称"公司"）将对其已获授但尚 未解除限售的限制性股票共计 137,200 股进行回购注销。相关事项具体如下： 一、2024 年限制性股票激励计划已履行的决策程序和信息披露情况 （一）2024 年 03 月 26 日，公司召开第五届董事会第十三次会议和第五届 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》《关于<公司 2024 年限制性股票激励计划实 ...

水星家纺公告，2025年上半年营业收入19.21亿元，同比增长6.40%。净利润1.41亿元，同比下降 3.38%。 ...

Market Overview - The apparel and home textile sector increased by 0.09% on August 25, with Zhongwang Fabric leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up by 1.51%, while the Shenzhen Component Index closed at 12441.07, up by 2.26% [1] Top Performers - Zhongwang Fabric (605003) closed at 27.21, up by 9.98% with a trading volume of 85,600 shares and a transaction value of 226 million [1] - Hason Co., Ltd. (603958) closed at 18.06, up by 5.24% with a trading volume of 165,500 shares and a transaction value of 304 million [1] - ST Erya (600107) closed at 5.70, up by 4.97% with a trading volume of 155,900 shares and a transaction value of 88.39 million [1] Underperformers - Tianchuang Fashion (603608) closed at 7.75, down by 4.79% with a trading volume of 293,900 shares and a transaction value of 229 million [2] - Mercury Home Textiles (603365) closed at 17.77, down by 4.77% with a trading volume of 63,800 shares and a transaction value of 115 million [2] - Anner (002875) closed at 17.95, down by 2.66% with a trading volume of 102,100 shares and a transaction value of 185 million [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 381 million from institutional investors, while retail investors saw a net inflow of 215 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Yagor (600177) had a net inflow of 77.34 million from institutional investors, but saw outflows from both retail and speculative investors [3] - Zhongwang Fabric (605003) experienced a net inflow of 29.04 million from institutional investors, with outflows from speculative and retail investors [3] - Other notable stocks like Luolai Life (002293) and Aica (603511) also showed varying net inflows and outflows among different investor categories [3]

Investment Rating - The report maintains a "Positive" outlook on the textile and apparel industry, highlighting the resilience of the sportswear segment and potential growth opportunities in various sub-sectors [2][3]. Core Insights - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising 2.5%, lagging behind the SW All A index by 1.4 percentage points [3][4]. - Recent industry data indicates a 2.9% year-on-year increase in retail sales for clothing, shoes, and textiles, totaling 837.1 billion yuan from January to July 2025 [3][30]. - Exports of textiles and apparel reached 170.74 billion USD in the same period, showing a modest 0.6% increase, while clothing exports declined by 0.3% [3][30]. - Cotton prices have shown a slight decline, with the national cotton price B index at 15,243 yuan/ton, down 0.2% [3][35]. Summary by Sections Textile Sector - Nobon Co. is highlighted for its strong growth potential due to its focus on personal care and new tobacco products, benefiting from low penetration rates and a young consumer base [3][9]. - The report emphasizes the importance of self-owned brands and the potential for breakthroughs in the new tobacco sector, particularly for Nobon [3][9]. - The textile manufacturing sector is expected to recover as the trade environment becomes more favorable for quality manufacturers [10]. Apparel Sector - The sportswear segment demonstrated the best resilience, with companies like Li Ning, Anta, and 361 Degrees showing revenue growth of 3%, 7%, and 11% respectively, despite facing headwinds [11][24]. - Li Ning's mid-year report showed a revenue increase to 14.82 billion yuan, although net profit fell by 11% [11][24]. - The report recommends several companies for investment, including Anta Sports, Li Ning, and 361 Degrees, as they are expected to benefit from improving domestic demand [3][11]. Market Dynamics - The report notes that domestic consumption recovery is a key focus for 2025, with various regions implementing measures to stimulate consumer spending [14]. - The performance of international brands is also discussed, with companies like Deckers and Asics reporting significant growth in their respective markets [16][21]. Key Recommendations - The report suggests investing in high-quality domestic brands and companies with strong growth potential in the textile and apparel sector, particularly in the sportswear and personal care segments [3][10][11].

据介绍，该榜单有三个特点。一是强调诚信合规性，对不合规的公司"一票否决"。二是注重分红的连续 性和稳定性，增加多年连续分红、分红连续增长等前置条件。三是注重多维度评价，综合考量上市公司 分红金额和分红比例，将绝对指标和相对指标相结合。 水星家纺一直以来都在强化投资回报理念，并且保持利润分配政策的连续性与稳定性。以2023年和2024 年为例，公司现金分红金额和回购金额合计分别达到2.54亿元、3.55亿元，占当年归属上市公司股东净 利润的比例分别达到67%、96.84%。其中，现金分红金额占当年归属上市公司净利润的比例分别为 62.38%和63.58%。 近日，中国上市公司协会正式发布《上市公司现金分红榜单》，国内家纺行业规模最大的上市公司水星 家纺（603365）成功入选股息率100强榜单。 2025年上市公司现金分红榜单是以现金分红客观数据为基础，综合考量多维因素，最终形成现金分红总 额、股利支付率、股息率三个榜单，每个榜单100家公司。 特别值得注意的是，水星家纺近年来的现金分红是有制度保障的。该公司在2023年12月出台的2023年至 2025年股东分红回报计划中明确规定现金分红比例。 （水星家纺入选 ...

Core Insights - Mercury Home Textiles has been included in the 2025 Cash Dividend Ranking of listed companies in China, recognized as one of the top 100 companies by dividend yield [1] - The ranking is based on objective cash dividend data, considering total cash dividends, dividend payout ratios, and dividend yields [1] Group 1: Ranking Characteristics - The ranking emphasizes compliance and integrity, with non-compliant companies being excluded [1] - It focuses on the continuity and stability of dividends, requiring companies to have a history of consistent and increasing dividends [1] - The evaluation is multidimensional, combining absolute and relative indicators of dividend amounts and ratios [1] Group 2: Mercury Home Textiles' Performance - The company has reinforced its investment return philosophy, maintaining a consistent and stable profit distribution policy [1] - In 2023 and 2024, the total cash dividends and repurchase amounts reached 254 million and 355 million respectively, accounting for 67% and 96.84% of the net profit attributable to shareholders [1] - The cash dividend amounts represented 62.38% and 63.58% of the net profit for the respective years [1] Group 3: Dividend Policy - Mercury Home Textiles has established a systematic guarantee for its cash dividends, as outlined in its shareholder return plan for 2023 to 2025 [1]

Core Viewpoint - The article emphasizes the growing concern over sleep quality in modern society and highlights the efforts of Mercury Home Textiles in collaboration with industry associations to address this issue through the publication of the "China Quilt White Paper" for six consecutive years [1]. Group 1: Market Overview - The Chinese home textile market is expected to maintain a moderate growth trend from 2020 to 2024 [4]. - The market size for bedding textiles in China is projected to reach 177.69 billion yuan by 2029, with a compound annual growth rate (CAGR) of approximately 2.6% from 2024 to 2029 [5]. - The quilt market in China is anticipated to grow to 87.01 billion yuan by 2029, with a CAGR of 3.2% [6]. Group 2: Sleep Quality Analysis - 28% of residents feel drowsy and wish to sleep more, while 19.8% still feel very fatigued, indicating insufficient deep sleep duration and poor sleep quality [9]. - Major factors affecting sleep quality include high stress (59.3%), irregular work schedules (48.4%), and bedding quality (47.4%) [14]. Group 3: Consumer Perception and Preferences - Consumers increasingly recognize the importance of bedding, with a rising acknowledgment of the impact of quilts on sleep quality from 2021 to 2025 [15]. - 90.0% of consumers believe that using good quilts reflects a responsible lifestyle for themselves and their families, while 86.3% associate it with a pursuit of high-quality living [20][21]. Group 4: Consumer Needs and Expectations - The demand for quilts has evolved from basic warmth to a focus on health, comfort, and functionality [26]. - Key issues consumers expect quilts to address include dust mites and bacteria (49.5%), temperature and humidity regulation (47.4%), and difficulties in falling asleep (36.3%) [27]. Group 5: Functional Quilt Products - 89.9% of residents believe that quilts are related to health, showing a significant increase in awareness [30]. - The acceptance of functional quilts, such as anti-mite and antibacterial options, is notably high, with 84.1% of consumers acknowledging their effectiveness [35]. Group 6: Industry Standards and Initiatives - Mercury Home Textiles has led the establishment of the "Comfort Evaluation Guidelines for Quilt Products," which will be implemented starting January 1, 2025, filling a gap in the industry regarding quilt comfort evaluation [41].