Core Viewpoint - The domestic real estate market continues to face pressure in the first half of 2025, impacting the home furnishing industry, although the implementation of trade-in subsidies for durable consumer goods has somewhat mitigated the downturn [1] Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% - Completed residential area was 16.3 million square meters [1] Home Furnishing Industry Performance - A total of 17 listed home furnishing companies reported combined revenue of 43.433 billion yuan, a slight increase of 6.1% year-on-year - Gujia Home ranked first with revenue of 9.801 billion yuan, 1.83 times that of the second-ranked Henglin Shares [1] Cost Control - The operating costs of home furnishing companies generally increased, with over half of the companies experiencing a growth rate in costs higher than revenue growth - Gujia Home had the highest operating cost at 6.577 billion yuan, while Henglin Shares had an operating cost ratio of 82.1% [1] Expense Efficiency - Only Meike Home and *ST Yazhen reduced sales, management, and R&D expenses year-on-year - *ST Yazhen had the highest management expense ratio at approximately 22.2% among the 17 companies [1] R&D Investment - R&D expense ratios for home furnishing companies remained between 2% and 5% - Qisheng Technology and Xiangxin Home led with R&D expense ratios of 5.3% and 5.2% respectively [1] Profitability - Gujia Home reported a net profit of approximately 1.021 billion yuan, a year-on-year increase of 13.9%, surpassing the combined net profit of the second and third-ranked companies by over 76 million yuan [1] Profit Quality - Meike Home, Yongyi Shares, and Zhongyuan Home reported positive cash flow from operating activities, while nearly 60% of companies saw a year-on-year decrease in cash flow [1] - *ST Yazhen had the highest accounts receivable turnover days at approximately 127 days [1]

Core Viewpoint - The domestic real estate market in China continues to face pressure in the first half of 2025, impacting related industries such as home furnishings, despite some government measures to stimulate demand through subsidies for durable consumer goods [1][2]. Investment and Construction - Residential investment reached 3.58 trillion yuan, a year-on-year decline of 10.4% - New residential construction area was 22.3 million square meters, down 19.6% year-on-year - Completed residential area was 16.3 million square meters, a decrease of 15.5% [1]. Sales Performance - Residential sales area decreased by 3.7%, with new commodity housing sales amounting to 4.42 trillion yuan, down 5.5% - Residential sales revenue fell by 5.2% [1]. Home Furnishing Industry Impact - The home furnishing industry is inevitably affected, with total revenue for major furniture manufacturing companies amounting to 302.39 billion yuan, a year-on-year decline of 4.9% - Total profit for the industry was 10.64 billion yuan, down 23.1% [1]. Company Financials - A total of 17 listed home furnishing companies reported combined revenue of 43.433 billion yuan, a slight increase of 6.1% year-on-year - The total net profit attributable to shareholders was 3.251 billion yuan, compared to 2.705 billion yuan in the same period of 2024 [2]. Company Performance Highlights - Gujia Home ranked first in revenue with 9.801 billion yuan, a 10% increase year-on-year - Mengbaihe saw a significant net profit increase of 117.8% due to a turnaround in investment income [4][12]. - *ST Yazhen reported a continuous loss for 18 consecutive quarters, with a revenue of only 106 million yuan [6][12]. Cost and Efficiency - The operating costs for home furnishing companies generally increased, with over half of the companies experiencing a cost growth rate higher than revenue growth - Gujia Home's operating cost was 6.577 billion yuan, the highest among peers [6][7]. Profitability Metrics - Gujia Home's net profit was approximately 1.021 billion yuan, a 13.9% increase year-on-year - The gross profit margin for Mosi Home remained the highest at 51.9%, while *ST Yazhen's gross margin fell over 20% [12]. Cash Flow Analysis - Zhejiang Yongqiang reported a significant increase in operating cash flow, up 14% to 2.043 billion yuan - Many companies, including Mosi Home, experienced a decline in cash flow from operating activities [15]. Inventory and Receivables Management - *ST Yazhen had the highest accounts receivable turnover days at approximately 127 days, indicating longer collection periods - Mosi Home's accounts receivable turnover days increased to 6 days, while Jiangxin Home's inventory turnover days rose by 48.6% to 80 days [18].

证券代码：001323 证券简称：慕思股份 公告编号：2025-060 慕思健康睡眠股份有限公司 2025 年第三次临时股东大会决议公告 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： 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 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 9 月 12 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 年 9 月 12 日 9:15-15:00 期间的任意时间。 （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 出席本次股东大会的股东及股东授权委托代表共 81 名，代表股份数量为 354,6 ...

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Core Insights - The home furnishing industry is experiencing a "premature reversal" trend due to the dual benefits of consumer promotion policies and the traditional consumption peak in the fourth quarter [1] Group 1: Industry Performance - Leading companies are showing resilience in profitability, with significant improvements in financial metrics [2] - Gujia Home achieved revenue of 9.801 billion, a year-on-year increase of 10.02%, and a net profit of 1.021 billion, up 13.89%, indicating effective cost control and product optimization [2] - Xilinmen reported revenue of 4.021 billion, a slight increase of 1.59%, with net profit rising 14.04% to 266 million, showcasing strong profit elasticity [2][4] - Mengbaihe's revenue reached 4.316 billion, up 9.35%, with net profit increasing by 17.82% to 115 million, benefiting from a low base effect [2] - Mosi's revenue declined by 5.76% to 2.478 billion, with net profit down 4.14% to 358 million, reflecting challenges in the high-end market [2] Group 2: Profitability and Margins - The industry shows a divergence in profitability, with companies focused on high-end smart products experiencing notable margin improvements [3] - Xilinmen's gross margin reached 36.28%, up 1.51 percentage points, indicating a clear and solid profit reversal despite minimal revenue growth [3] Group 3: Growth Drivers - The recovery in the home furnishing industry is driven by strong growth in segments like smart home and sleep economy, fueled by consumer demand for quality sleep and personalized products [6] - Companies are focusing on smart product development, with Xilinmen expanding its AI mattress series and Gujia Home enhancing its "whole-home smart ecosystem" [6][7] - The integration of smart features in products, such as voice-controlled electric sofas, is becoming standard in mid-to-high-end offerings [7] Group 4: Challenges and Opportunities - The industry faces challenges from raw material price fluctuations, real estate adjustments, and insufficient consumer confidence, alongside increased competition in international markets [8] - Companies are adopting various strategies, such as Mengbaihe's overseas production base to avoid trade barriers and Xilinmen's investment in R&D for smart products [8] - The home furnishing sector is currently valued at historical lows, reflecting market caution, but signs of an "early reversal" are emerging across various fields and companies [8] - The outlook for the second half of 2025 suggests that sectors like sleep economy and smart home may continue to outperform the industry, presenting potential investment opportunities [8]

Summary of Mousse Co. Conference Call Company Overview - Mousse Co. is a high-end mattress brand benefiting from the scarcity and smart features of its products, leading to a valuation higher than its peers [2][5] - The company has shown resilience against real estate cycles, with high-end customers less affected by economic conditions [2][5] Core Business Insights - The core strategy involves transforming from a channel-driven brand to a consumer-driven brand, leveraging user accumulation for growth [2][6] - Mousse aims to become a technology-driven leader in sleep solutions, enhancing product premium through smart mattresses [2][6] Market Potential - The smart mattress industry has vast potential, extending beyond mattresses to include bed frames, sleep aids, and related services, significantly increasing average transaction value [2][7] - Domestic penetration rates are low compared to the U.S. market, where smart mattress penetration is around 10% with a high concentration ratio [7][8] Product Development and Pricing - Mousse has been developing smart sleep solutions since 2012 and is entering the AI mattress era in 2024, focusing on improving sleep quality through advanced technologies [2][9] - The price of smart mattresses has decreased from 40,000 yuan to 19,800 yuan, with plans to further reduce costs through collaboration with Huawei [9] Sales and Financial Projections - For 2025, Mousse expects revenue growth of 0-5%, with profit growth slightly higher, and a potential increase in valuation to 18-20 times earnings if AI mattress sales perform well [3][4] - The current market capitalization is approximately 13 billion yuan, with potential growth to 18-20 billion yuan based on future performance [3] Competitive Landscape - Mousse's valuation is generally 2-3 percentage points higher than other furniture companies, attributed to its high-end positioning and product innovation [4][5] - The company is focused on maintaining gross margins despite price declines by optimizing supply chains and reducing component costs [12] Strategic Partnerships and Marketing - Collaborating with Huawei to launch smart mattresses with the HarmonyOS is expected to expand the high-end customer base [8][9] - Mousse employs a dual-channel strategy, enhancing e-commerce investments while rapidly opening physical stores to capture online traffic [10] International Expansion and Acquisitions - Mousse has acquired a Singaporean sofa company and plans further acquisitions to enhance profitability and market presence [16] Consumer Acceptance and Market Differences - There are notable differences in consumer acceptance of smart mattresses between China and the U.S., primarily due to varying privacy concerns [17] Lessons from Competitors - The experience of Sleep Number, a leading overseas company, provides valuable insights for Mousse, particularly regarding technology advantages and market adaptation [18]

Core Viewpoint - Mousse Health Sleep Co., Ltd. is facing serious allegations from its distributors regarding profit exploitation, mandatory store renovations, and potential financial misconduct, which the company has denied, claiming compliance with accounting standards [1][17]. Group 1: Distributor Complaints - Several distributors from Jiangsu and Chongqing have reported that Mousse coerces them into regular store renovations to extract profits and imposes various fines categorized as "off-balance income" [1][4]. - Distributors allege that Mousse compresses the sales cycle for new products, forcing them to purchase unsold inventory, which inflates the company's sales figures [11][6]. - A distributor reported losses exceeding 10 million yuan due to Mousse's practices, including mandatory procurement of store decorations exclusively from the company [6][11]. Group 2: Company Response - Mousse has publicly stated that the allegations from distributors are unfounded and that the company operates legally and in accordance with accounting principles, with all financial reports receiving "standard unqualified opinions" from auditing firms [1][17]. - The company emphasizes its commitment to treating distributors as strategic partners and aims for mutual growth [17]. Group 3: Historical Context - This is not the first instance of distributor complaints; in 2023, a collaboration with influencer Xinba led to significant dissatisfaction among distributors when a mattress priced at 20,000 yuan was sold for under 5,000 yuan during a live stream [17][18]. - In 2021, a former distributor publicly accused Mousse of IPO data fraud and tax evasion, which the company also denied, asserting compliance with tax laws [18]. Group 4: Financial Performance - Mousse's revenue heavily relies on its distribution model, with 74.13% of its revenue in 2024 coming from distributors, amounting to approximately 4.15 billion yuan [19][21]. - The company's total revenue for 2024 was approximately 5.60 billion yuan, showing a slight increase of 0.43% compared to the previous year [21].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items for H1 2025 at 2.48 billion, 360 million, and 290 million yuan respectively, showing year-on-year declines of -6%, -4%, and -21%. For Q2 2025, the figures were 1.356 billion, 240 million, and 166 million yuan, with year-on-year changes of -5%, +3%, and -27% respectively. The revenue demonstrates strong operational resilience, while profitability remains stable despite a complex environment [2][6] - The company is seizing growth opportunities in AI mattresses and government subsidies for home furnishings, focusing on increasing market share. The brand's strength and the differentiated competitive advantage of AI mattress products are viewed positively [2][6] Summary by Sections Revenue Performance - The company experienced a revenue decline of -6% in H1 2025 and -5% in Q2 2025. The mattress segment showed resilience with a +1% increase, while bed frames, sofas, and bedding saw declines of -11%, -16%, and -22% respectively. The online sales channel faced pressure due to high base effects from the previous year, but excluding this impact, online sales are estimated to have shown good growth [2][11] Profitability - The gross margin increased by 0.6 percentage points year-on-year in H1 2025, with continued internal cost reduction and efficiency improvements. The gross margins for mattresses and bed frames increased by 1.8 and 1.6 percentage points respectively. In Q2, the gross margin decreased by 0.2 percentage points, while the net profit margin attributable to the parent increased by 1.4 percentage points [2][11] Growth Opportunities - The company is focusing on AI mattresses and government subsidies for home furnishings as growth opportunities. In H1 2025, revenue from AI products reached 121 million yuan, a year-on-year increase of over three times. The company launched the T11+ series in March, featuring advanced smart sleep technology, and signed a memorandum of cooperation with Huawei to develop a smart sleep ecosystem [2][11] Brand and Market Strategy - The company has been enhancing its product suite, optimizing store series, and strengthening brand building. The number of specialty stores decreased by approximately 100 to 5,300 in H1 2025. The membership system saw an increase of 1.4837 million new registrations, totaling over 3.92 million members by H1 2025 [2][11] Financial Outlook - The company is expected to maintain a high dividend level, with a projected payout ratio of 90% in 2024. The mid-year dividend for this year is estimated at 195 million yuan. Forecasted net profits attributable to the parent for 2025-2027 are 780 million, 820 million, and 900 million yuan, corresponding to PE ratios of 16, 15, and 14 times [2][11]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 2.478 billion yuan in H1 2025, a year-on-year decrease of 5.76%, with a net profit attributable to shareholders of 358 million yuan, down 4.14% [1] - The company is focusing on its AI sleep strategy, with AI product revenue reaching 121 million yuan, representing over threefold growth year-on-year [2] - The company is expanding its overseas market, achieving 109 million yuan in foreign revenue, a 73.97% increase [2] - The gross margin remained stable with a year-on-year increase of 0.64 percentage points, while sales expense ratio increased by 3.62 percentage points due to higher marketing investments [3] - The company expects to benefit from the old-for-new subsidy program, with projected revenues of 5.774 billion yuan, 6.197 billion yuan, and 6.698 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 3.06%, 7.32%, and 8.09% [4] Revenue Drivers - The core mattress category showed stable growth with H1 2025 revenue of 1.256 billion yuan, a 1.25% increase [2] - The company launched the AI smart mattress T11+ and upgraded its tidal algorithm, enhancing its technological and ecological positioning [2] - The company has developed a smart service system and continues to operate a high-end membership club, increasing customer loyalty with over 3.92 million registered members [2] Profitability and Valuation - The company is expected to achieve net profits of 771 million yuan, 842 million yuan, and 922 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.30X, 14.92X, and 13.64X [4]

Summary of Mousse Co. Conference Call Company Overview - Mousse Co. is focusing on high-end and youth-oriented product strategies to expand its market reach and attract a broader consumer base [2][4] - The company is leveraging cost scale effects and expense sharing to enhance profitability [2][5] Industry Insights - The Chinese mattress market had a size of approximately 70.8 billion yuan in 2020, with a compound annual growth rate (CAGR) of 1.9% over the past 15-20 years [2][6] - The mattress industry is characterized by low concentration, with the top three companies holding only 16% of the market share as of 2021 [6] Competitive Positioning - Mousse's core mattress pricing is positioned higher than brands like Xilinmen and Kuka, but lower than premium brands like Serta and Tempur [7] - The company aims to attract high-end customers through innovative products like AI mattresses, which enhance product value and meet consumer demands for health monitoring [5][7] Revenue Growth Potential - Mousse is expected to achieve revenue growth by continuously expanding its consumer base and product offerings, including the introduction of AI mattresses [4] - The company is actively developing e-commerce channels, achieving a compound annual growth rate of 25.5% from 2018 to 2023 [8] Product and Category Expansion - Mousse is expanding its product range beyond mattresses to include bed frames, bedding, and sofas, catering to one-stop shopping needs and increasing average order value [10] - The introduction of bedroom and whole-home furniture packages is aimed at enhancing overall revenue [10] Profitability Strategies - The company is addressing profit margin pressures through business structure reforms and SKU simplification, with Q2 2023 marking a turning point for profitability improvement [3][11] - Mousse is benefiting from a decrease in raw material prices and the release of scale effects, which are expected to improve overall profit margins [11] Expense Management - The company is experiencing significant impacts on profit recovery from expense management, particularly through the sharing of fixed costs as revenue scales up [12][13] - Mousse's future profitability is expected to improve as advertising and promotional expenses decrease, similar to the trajectory observed in Boss Electric [12][14] Long-term Outlook - Mousse has substantial potential for profit margin improvement by following a growth path similar to Boss Electric, focusing on channel expansion and consumer coverage [14]