Group 1 - The core event was the launch of the 2025 "Dream 100 Points" Beautiful Countryside Football Season, organized by Mousse Charity in collaboration with the Yao Foundation, aimed at enhancing rural education and sports [1][4] - The initiative included donations of bedding and educational resources to Xishan Middle School, addressing the lack of professional sports facilities and teachers in the region [4][10] - The program emphasizes the integration of health sleep and sports education, aiming to improve students' overall well-being and engagement in football [4][10] Group 2 - The event featured participation from various leaders and guests, highlighting the collaborative effort to inject new energy into rural revitalization through education and sports [2][3] - The initiative has been ongoing since 2015, impacting over 20,000 children across more than 100 rural schools in over 20 provinces, showcasing the commitment to social responsibility [10] - The partnership between Mousse, the Yao Foundation, and the Hong Kong University of Science and Technology (Shenzhen) aims to create a multi-dimensional support model for rural education, moving from simple donations to ecological co-construction [10][12]

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

法律意见书 北京│上海│深圳│杭州│广州│昆明│天津│成都│宁波│福州│西安│南京│南宁│济南│重庆│苏州│长沙│太原│武汉│贵阳│乌鲁木齐│郑州│石家庄│合肥│ 海南│青岛│南昌│大连│银川│拉孜│香港│巴黎│马德里│斯德哥尔摩│纽约│马来西亚 BEIJING│SHANGHAI│SHENZHEN│HANGZHOU│GUANGZHOU│KUNMING│TIANJIN│CHENGDU│NINGBO│FUZHOU│XI'AN│NANJING│NANNING│JINAN│CHONGQING│SUZHOU│ CHANGSHA│AIYUAN│WUHAN│GUIYANG│URUMQI│ZHENGZHOU│SHIJIAZHUANG│HEFEI│HAINAN│QINGDAO│NANCHANG│DALIAN│YINCHUAN│LHATSE│HONG KONG│PARIS│ 致：慕思健康睡眠股份有限公司 国浩律师（深圳）事务所 关于慕思健康睡眠股份有限公司 2024 年度股东大会 之 GLG/SZ/A4039/FY/2025-549 国浩律师（深圳）事务所（以下简称"本所"）接受慕思健康睡眠股份有限 公司（以下简称"贵公司"或者 ...

证券代码：001323 证券简称：慕思股份 公告编号：2025-033 慕思健康睡眠股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： （二） 现场会议召开地点：东莞市厚街镇厚街科技大道 1 号公司会议室 （三） 会议召开方式：本次股东大会采用现场表决和网络投票相结合的方式 （四） 召集人：公司董事会 （五） 主持人：公司董事长王炳坤先生 （六） 会议出席情况 本次股东大会未出现否决提案的情形。 本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一） 股东大会召开的时间 1、现场会议时间：2025 年 5 月 16 日（星期五）14:50 2、网络投票时间：2025 年 5 月 16 日 其中，采用深圳证券交易所网络投票系统，通过交易系统进行网络投票的具 体时间为 2025 年 5 月 16 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为 2025 ...

Group 1 - The company announced the establishment of an industrial fund with a total scale not exceeding RMB 200 million, in collaboration with Suzhou Weitili New Venture Capital Management Co., Ltd [2] - The fund was registered on April 9, 2025, and completed filing with the Asset Management Association of China on May 14, 2025 [2] - The fund manager is Suzhou Weitili New Venture Capital Management Co., Ltd, and the custodian is Shanghai Pudong Development Bank Co., Ltd [2] Group 2 - The company reported operating revenues of RMB 5.813 billion, RMB 5.579 billion, and RMB 5.603 billion for the years 2022 to 2024, reflecting year-on-year changes of -10.31%, -4.03%, and 0.43% respectively [3] - The net profit attributable to the parent company for the same period was RMB 709 million, RMB 802 million, and RMB 767 million, with year-on-year growth rates of 3.27%, 13.25%, and -4.36% [3] - The company's asset-liability ratios were 25.02%, 35.13%, and 41.16% for the years 2022 to 2024 [3]

Group 1 - The company, Mousse Health Sleep Co., Ltd., is collaborating with a professional institution to establish an industrial fund with a total scale of up to RMB 200 million [1] - The subsidiary, Mousse Investment Holdings (Tianjin) Co., Ltd., will contribute RMB 198 million as a limited partner, while the professional institution, Suzhou Weitili New Venture Capital Management Co., Ltd., will contribute RMB 2 million as the general partner [1] - The fund aims to expand the company's business areas and enhance its core competitiveness through external development [1] Group 2 - The industrial fund has obtained the Private Investment Fund Filing Certificate, indicating progress in its establishment [2]

证券代码：001323 证券简称：慕思股份 公告编号：2025-032 慕思健康睡眠股份有限公司 关于全资子公司与专业机构共同投资设立产业基金 的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 及巨潮资讯网（http://www.cninfo.com.cn）的《关于全资子公司与专业机构共同 投资设立产业基金的进展公告》（公告编号：2025-014）。 二、产业基金的进展情况 2025 年 5 月 14 日，慕思嘉御创投在中国证券投资基金业协会完成备案手续， 取得了《私募投资基金备案证明》，相关信息如下： 1、基金名称：苏州慕思嘉御创业投资合伙企业（有限合伙） 2、管理人名称：苏州维特力新创业投资管理有限公司 3、托管人名称：上海浦东发展银行股份有限公司 4、备案日期：2025 年 5 月 14 日 一、与专业机构共同投资设立产业基金情况概述 根据慕思健康睡眠股份有限公司（以下简称"慕思股份"或"公司"）战略 发展规划，为进一步拓展公司业务领域，助力公司实现外延式发展，进而提升公 司的核心竞争力，公司全资子公司慕思投资控股（天津）有限公司（以下简称"慕 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [14]. Core Views - The company is expected to achieve revenue of 5.603 billion, net profit attributable to shareholders of 767 million, and net profit excluding non-recurring items of 723 million in 2024, reflecting a year-on-year change of +0.4%, -4%, and -8% respectively [2][6]. - The fourth quarter of 2024 and the first quarter of 2025 are projected to see declines in revenue and profits, but the underlying trend is positive when excluding the impact of the "辛巴" disturbance, with national subsidies and AI mattresses acting as catalysts for growth [2][7]. - The company is focusing on accelerating the growth of AI mattresses and expanding its overseas business, aiming to capture market share [14]. Summary by Sections Revenue and Profit Forecast - For 2024, the company anticipates revenues of 5.603 billion, with a net profit of 767 million and a net profit excluding non-recurring items of 723 million, showing a slight increase in revenue but declines in profits [2][6]. - In Q4 2024, revenues are expected to be 1.725 billion, with net profits of 245 million, reflecting a year-on-year decline of 3% [6][7]. Market Trends and Product Performance - The company’s revenue is expected to stabilize in 2024, with a notable improvement in Q4 compared to Q3 [7]. - The performance of different sales channels in 2024 shows a decline in traditional distribution but growth in e-commerce and direct sales, with AI mattresses contributing significantly to sales [7]. Strategic Initiatives - The company is leveraging national subsidies and the introduction of AI mattresses to enhance its market position [14]. - Plans include launching new AI product lines and opening dedicated stores to improve consumer awareness and acceptance [14]. - The company aims to optimize its product offerings and sales strategies, focusing on high-end products and enhancing brand loyalty through customer service initiatives [14]. Financial Metrics and Projections - The company is projected to achieve net profits of 814 million, 911 million, and 1.050 billion in 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16, 14, and 12 [14]. - The dividend payout ratio is expected to reach 90% in 2024, translating to a dividend yield of 5.4% [14].

Group 1: Industry Outlook - The industry is expected to benefit from government policies promoting home appliance upgrades and smart home consumption, which will stimulate consumer demand and expand the market [1] - The furniture industry is shifting towards smart, green, and elderly-friendly products, facilitating industry upgrades and structural adjustments [1] Group 2: Company Core Competitiveness - The company's core competitiveness in the health sleep industry includes product R&D innovation, brand strength, marketing advantages, and service quality [2] - The mission is to become the largest global provider of smart health sleep solutions, focusing on product innovation, service enhancement, and brand development [2] Group 3: Financial Performance - In 2024, the company achieved revenue of CNY 56.03 billion, a year-on-year increase of 0.43%, while net profit attributable to shareholders was CNY 7.67 billion, a decrease of 4.36% [3][4] - In Q1 2025, revenue was CNY 11.21 billion, down 6.66% year-on-year, and net profit was CNY 1.18 billion, down 16.43% [3] Group 4: Industry Comparison - The soft furniture industry experienced a decline in performance due to macroeconomic factors, but the company enhanced its competitiveness through product innovation, operational efficiency, and brand upgrades [4] - The company has focused on creating differentiated product matrices and improving brand loyalty through high-quality products and services [4] Group 5: Future Growth Drivers - The company plans to focus on health sleep, AI breakthroughs, and global brand expansion as key growth strategies for 2025 [5][6] - New AI products, including an AI mattress, have been recognized with four international awards at CES 2024, indicating strong market potential [6] Group 6: Employee Incentives - The 2024 employee stock ownership plan involves 5.33 million shares, aimed at enhancing governance and aligning employee interests with company growth [7] Group 7: Market Expansion and Challenges - The company is expanding into Southeast Asia and the Middle East, leveraging social media and e-commerce platforms for brand promotion [6] - The impact of anti-dumping investigations in Europe on latex mattress exports is minimal, as European sales account for less than 20% of total cross-border e-commerce sales [7]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 36.00 RMB based on a 2025 PE of 18 times [4]. Core Insights - The industry is poised for growth driven by AI mattresses and government subsidies, with short-term demand expected to rebound and long-term expansion potential [1][2][3]. - The company is leveraging AI mattress innovations to enhance customer engagement and increase average transaction values, while also expanding its brand matrix to cover various market segments [2][3][36]. - The acquisition of a Singaporean brand is anticipated to facilitate entry into the Southeast Asian market, which is projected to grow significantly [3][36]. Summary by Sections Industry Demand - Government subsidies are expected to stimulate short-term demand recovery, with significant increases in mattress sales observed on major e-commerce platforms [1][13][18]. - The long-term outlook for the mattress industry remains positive, with potential for increased market share among leading companies as they enhance product offerings and distribution channels [1][21]. AI Mattress Growth Drivers - The global market for AI mattresses is projected to reach approximately 1.8 billion USD by 2024, with the company’s AI mattress products expected to drive sales growth and customer acquisition [2][42]. - The company has developed a comprehensive brand matrix to cater to different price segments, thereby broadening its target consumer base [2][47]. Expansion and Acquisitions - The company’s acquisition of MIPL and its Indonesian factory is expected to enhance its presence in the Southeast Asian market, which is currently underpenetrated compared to China and the US [3][36]. - The Southeast Asian mattress market is projected to reach 3.3 billion USD by 2025, indicating substantial growth opportunities [3][36]. Financial Projections - The company’s projected net profits for 2025-2027 are 799 million, 900 million, and 989 million RMB, reflecting growth rates of 4.12%, 12.69%, and 9.87% respectively [4][6]. - The revenue forecast shows a gradual increase from 5.6 billion RMB in 2024 to 7.5 billion RMB in 2027, with a compound annual growth rate of approximately 10% [6][4].