丨证券研究报告丨 公司研究丨点评报告丨慕思股份（001323.SZ） [Table_Title] 慕思股份 2025H1 点评：经营韧性强，中期 分红回报股东 报告要点 [Table_Summary] 公司 2025H1 营收/归母净利润/扣非净利润为 24.8/3.6/2.9 亿元，同比-6%/-4%/-21%；2025Q2 分别对应 13.56/2.40/1.66 亿元，同比-5%/+3%/-27%。收入端经营韧性强；盈利端复杂环境下 盈利能力保持稳健。公司正把握 AI 床垫、家居国补等成长契机聚焦提份额。看好公司品牌势能 与 AI 床垫产品的差异化竞争优势。 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 应奇航 SAC：S0490516060001 SAC：S0490520070002 SAC：S0490524080008 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司 2025H1 营收/归母净利润/扣非净利润为 24.8/3.6/2.9 亿元，同比-6%/-4%/-21%；2025Q2 分别对应 13.56/ ...

慕思股份(001323) 报告日期：2025 年 09 月 04 日 营销投入加大，期待 AI 产品发力 ——慕思股份 25H1 点评报告 1）25H1 公司收入 24.78 亿元（同比-5.76%，下同），归母净利 3.58 亿元（- 4.14%），扣非净利 2.85 亿元（-20.97%）。 2）25Q2 单季收入 13.56 亿元（-4.97%），归母净利 2.40 亿元（同比+3.35%），扣 非净利 1.66 亿（-26.86%）。 我们认为扣非口径增速的差异来自理财结构的变化：25H1 较 24H1 公司增加了 交易性金融资产理财的占比，体现在利息收入同比减少接近 0.3 亿（计入经常性 损益），而公允价值变动损益增加 0.5 亿（计入非经）。 3）股份支付费用 25H1 为 2327 万、24H1 为 568 万，增加 1759 万元，若剔除后 表现更佳。 4）公司公告中期分红 1.95 亿、分红比例 54.4%。 ❑ 收入驱动 1） 全力推进 AI 睡眠战略：2025 年为公司 AI 战略深耕之年，报告期内 AI 产品 实现收入 1.21 亿元，同比实现超三倍增长。公司 3 月发布 AI 智能 ...

慕思股份 20250902 摘要 慕思股份通过高端化和年轻化产品战略，积极拓展市场，覆盖更广泛的 消费群体，主副品牌并重，旨在吸引更多消费者。 慕思股份通过成本规模效应和费用分摊效应，提升盈利能力。AI 床垫等 技术创新提高了产品附加值，满足消费者对健康监测等功能的需求。 中国床垫市场集中度较低，慕思通过高品质、高性价比路线，在竞争激 烈的市场中寻求增长空间。2020 年市场规模约为 708 亿元，过去 15- 20 年复合增速为 1.9%。 慕思核心床垫价格定位高于喜临门、顾家家居等品牌，但低于舒达、泰 普尔等高端品牌，未来仍有提升空间，AI 床垫有助于吸引高端客户。 慕思积极拓展电商渠道，包括天猫、京东、抖音、快手等，2018 年至 2023 年电商复合增速达 25.5%。同时，拓展直供渠道，增强长期竞争 力。 慕思在床垫基础上，扩张至床架、床品、沙发等品类，提供卧室和全屋 家具套餐，满足一站式采购需求，提高客单价，从而提升整体收入。 慕思通过业务结构改革和 SKU 精简应对利润率压力，2023 年二季度为 拐点，调整直供客户订单，原材料价格回落，规模效应释放，改善盈利 成本。 Q&A 慕思股份与其他品牌 ...

8月28日，慕思股份（001323.SZ）发布2025年半年报，今年上半年，公司营收同比下滑5.76%至24.78亿元，归母净利润同比下滑4.14% 至3.58亿元，扣非净利润同比下滑20.97%至2.85亿元。 | | 营业收入 | 营业成本 | 毛利率 | 营业收入比上 年同期增减 | 营业成本比上 年同期增减 | 毛利率比上 年同期增减 | | --- | --- | --- | --- | --- | --- | --- | | 分行业 | | | | | | | | 家具制造行业 | 2, 437, 159, 681. 08 | 1, 185, 288, 028. 72 | 51. 37% | -5.81% | -6. 61% | 0. 42% | | 分产品 | | | | | | | | 床垫 | 1.255.977.927.34 | 457.836.324.98 | 63. 55% | 1. 25% | -3. 48% | 1.79% | | 床架 | 695, 314, 955. 05 | 352, 150, 772. 25 | 49. 35% | -10. 68% | - 13. 35% ...

当落日余晖洒在重庆，一场兼具浪漫氛围与睡眠温度的快闪活动正热闹上演。8 月 29 日 - 31 日，慕思 作为孙燕姿《就在日落以后》2025 巡回演唱会·重庆站的独家冠名商，在重庆大融城外广场落地了为期 三天的快闪活动。据悉，这也是2025年慕思·慕粉节的首场落地活动。 活动现场，精心设置的落日打卡装置成为了热门拍照点，将"就在日落以后" 的浪漫氛围烘托得淋漓尽 致。不少粉丝专程赶来，在巨型的孙燕姿演唱会主题海报前合影留念，现场氛围热烈非凡。此次快闪最 让人心动的，当属慕思的"宠粉福利"—— 购买慕思床垫，就有机会拿到孙燕姿重庆站演唱会门票，吸 引了不少消费者现场咨询和体验。 快闪活动现场，还设置了AI床垫体验区，市民李女士躺在慕思 AI 智能床垫上，感受着床垫根据自身身 体数据自动调节软硬度的舒适体验，她笑着说："本来就想换张好床垫改善睡眠，现在买床垫还能抽燕 姿演唱会门票，既解决了睡眠问题，又有机会圆青春梦，慕思这波服务太懂我们了！" 随着孙燕姿重庆站演唱会开唱临近，慕思的 "宠粉行动" 还将持续。未来，慕思将继续携手更多优质的 资源，创新活动形式与内容，为消费者带来更多惊喜，让更多人感受到慕思所倡导的健 ...

Core Viewpoint - The company reported a decline in e-commerce revenue for the first half of 2025, indicating challenges in high-margin platforms while experiencing growth in cross-border e-commerce [1] E-commerce Performance - E-commerce revenue for the first half of 2025 reached 471 million yuan, representing a year-on-year decrease of 14.07% [1] - The gross margin for e-commerce was 51.22%, down by 1.63 percentage points year-on-year [1] Cross-border E-commerce - Cross-border e-commerce revenue saw a significant year-on-year increase of 91.88% in the first half of 2025 [1] Revenue Structure Changes - The decline in e-commerce gross margin is attributed to changes in revenue structure, with a decrease in revenue from high-margin platforms like Tmall, while platforms such as Douyin, Amazon, and Walmart experienced rapid revenue growth [1]

Group 1 - The company Musi Co., Ltd. (SZ 001323) announced that it will accept investor research on August 28-29, 2025, with participation from key executives including the Secretary of the Board, the Securities Affairs Representative, and the IR Manager [1] - For the first half of 2025, the company's revenue composition shows that the furniture manufacturing sector accounts for 98.37% of total revenue, while other businesses contribute 1.63% [1]

证券代码：001323 证券简称：慕思股份 慕思健康睡眠股份有限公司投资者关系活动记录表 编号：2025-003 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | 其他 2025 年半年报解读交流会 | | 活动参与人员 | 兴全基金、国华兴益保险、华泰保险、太平资产、兴业基金、南方基 | | | 金、中金资管、泰康资产、招商基金、国联基金、华泰保兴基金、华 | | | 夏基金、华夏久盈、信泰人寿、国投瑞银基金、富荣基金、大家资产、 | | | square point、东方基金、国富人寿保险、红土创新基金、长信基金、 | | | 国赞投资、泓德基金、华宝基金、天弘基金、天治基金、杭州巨子私 | | | 募基金、上海亥鼎云天私募基金、浙商证券、国金证券、国联民生证 | | | 券、国泰海通、国信证券、西部证券、信达证券、兴业证券、野村东 | | | 方国际证券、申万证券、东方财富证券、华福证券、广发证券、国海 | | | 证券、长江证券、中金公司、中泰证券等 ...

Industry - Home furnishing companies have reported significant growth in overseas revenue despite the overall industry adjustment, with companies like Kuka Home achieving a revenue of 9.801 billion yuan, a year-on-year increase of 10.02%, and overseas revenue of 4.258 billion yuan, up 9.55% [1] - Other companies such as Mengbaihe and Mousse also reported revenue growth, with Mengbaihe's revenue at 4.316 billion yuan, a 9.35% increase, and overseas revenue at 3.418 billion yuan, up 8.10% [1] - Some companies experienced a decline in overall revenue but saw substantial growth in overseas markets, such as Mousse with a 5.76% decrease in revenue but a 73.97% increase in overseas revenue, and Jiannong Hardware with a 14.18% decline in revenue but a 30.75% increase in overseas revenue [1] Company - The State Administration for Market Regulation has approved the release of the national standard for "Design Guidelines for Elderly Furniture," which will be implemented on February 1, 2026, focusing on the needs and characteristics of the elderly [2] - ST Yazhen announced an abnormal fluctuation in stock trading, with a cumulative decline of 12% over two trading days, confirming no undisclosed significant events or risks [2] - Aux Electric plans to globally issue approximately 207 million shares, with a maximum price of 17.42 HKD per share, expecting net proceeds of about 3.2874 billion HKD if the shares are priced at 16.71 HKD [3] - Bear Electric announced that major shareholder Shi Mingtai has released the pledge of 1.38 million shares, accounting for 10.38% of his holdings and 0.88% of the total share capital [4] - Haier Group's Cartech Holding Company has successfully completed a strategic investment in Autohome, including a board restructuring [5]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's market position and growth opportunities. Core Insights - The company has a significant advantage in its core mattress category, with a market share expected to continue increasing despite short-term industry pressures [2]. - The AI product revenue has seen over threefold growth, indicating a strong opportunity in the smart mattress segment [3]. - Profit margins are stable, with an increase in gross margin and net profit margin reported [4]. - The company is focusing on a "health sleep" strategy and expanding its brand presence through both online and offline channels [2]. Financial Performance Summary - In H1 2025, the company achieved revenue of 2.478 billion yuan, a year-on-year decrease of 5.8%, with a net profit of 358 million yuan, down 4.1% [1]. - The revenue breakdown for core categories in H1 2025 shows mattress sales at 1.256 billion yuan (up 1.3%), while other categories like bed frames and sofas saw declines [2]. - The gross margin for mattresses and bed frames in H1 2025 was reported at 63.55% and 49.35%, respectively, both showing year-on-year increases [2]. - The company expects to achieve net profits of 770 million yuan, 820 million yuan, and 900 million yuan for the years 2025, 2026, and 2027, respectively [6]. Strategic Initiatives - The company is advancing its AI strategy, with the launch of the AI smart mattress product T11+, and has formed a partnership with Huawei to develop a new sleep ecosystem [3]. - A full-channel strategy is being implemented to enhance customer conversion potential and expand market reach [2]. - The company anticipates that the mattress industry is entering a consolidation phase, where leading firms can leverage product innovation and scale to increase market share [2].