慕思健康睡眠股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日召开 第二届董事会第十六次会议，审议通过了《关于变更公司注册资本并修订<公司 章程>的议案》。具体内容详见公司于 2025 年 8 月 28 日刊登在《证券时报》《证 券日报》《中国证券报》《上海证券报》《经济参考报》及巨潮资讯网 （http://www.cninfo.com.cn）上的《第二届董事会第十六次会议决议公告》（公 告编号：2025-052）及《关于变更公司注册资本并修订<公司章程>的公告》（公 告编号：2025-058）。 近日，公司已完成工商变更登记和章程备案手续，并取得了东莞市市场监督 管理局换发的《营业执照》，本次变更具体情况如下： 证券代码：001323 证券简称：慕思股份 公告编号：2025-063 慕思健康睡眠股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 成立日期：2007 年 04 月 30 日 住所：广东省东莞市厚街镇厚街科技大道 1 号 经营范围：一般项目：家具制造；家具销售；家具零配件生产；家 ...

证券日报网讯 9月16日晚间，慕思股份发布公告称，公司于近日接到公司实际控制人王炳坤先生的通 知，获悉其所持有本公司的部分股份被质押，本次质押数量为7，650，000股。 （文章来源：证券日报） ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：001323 证券简称：慕思股份 公告编号：2025-062 慕思健康睡眠股份有限公司 关于参加 2025 年广东辖区上市公司投资者 网上集体接待日活动的公告 2025 年 9 月 17 日 为进一步加强与投资者的互动交流，慕思健康睡眠股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"向新提质 价 值领航——2025 广东辖区上市公司投资者关系管理月活动投资者网上集体接待 日"，现将相关事项公告如下： 本次投资者网上集体接待日活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站（http://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。届时公司董事长、总经理王炳坤先生，副总经理、 财务总监、董事会秘书邓永辉先生将通过网络在线交流形式与投资者进行沟通， 在信息披露允许的范围内就投资者普遍关注的问题进行回答，欢迎广大投资者踊 跃参与！ 特此公告。 慕思健康睡眠股份有限公司 董事会 ...

| | 是否为 控股股 | | 占其 | 占公 | 是否为 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 东或第 | 本次质押 | 所持 | 司总 | 限售股 | 为补 | | | | 质押用 | | 称 | 一大股 | 数量（股） | 股份 | 股本 | （如是， | 充质 | 质押起始日 | 质押到期日 | 质权人 | 途 | | | 东及其 | | 比例 | 比例 | 注明限 | 押 | | | | | | | 一致行 | | （%） | （%） | 售类型） | | | | | | | | 动人 | | | | | | | | | | | | | | | | 是，首发 | | 年 月 2025 9 | 年 月 2028 9 | 国金证券股 | 个人投 资企业 | | 王炳坤 | 是 | 7,650,000 | 9.52 | 1.76 | 前限售 | 否 | | | | 经营所 | | | | | | | 股 | | 15 日 | 12 日 | 份有限公司 | 需 | ...

Market Overview - The Shanghai Composite Index is at 3852.31 points with a decline of -0.21% as of 10:32 AM, and the total trading volume of A-shares is 1,075.764 billion yuan [1] Stocks with Death Cross - A total of 152 A-shares have seen their 5-day moving average cross below the 10-day moving average, indicating potential bearish trends [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Songjing Co., Ltd. (688157) with a distance of -1.61% - Chunguang Technology (603657) with a distance of -1.02% - Pilin Bio (000403) with a distance of -0.93% [1] Detailed Stock Performance - Key stock performances include: - Songjing Co., Ltd. (688157): Today's change is -0.67% with a latest price of 40.09 yuan, which is -3.28% from the 10-day moving average [1] - Chunguang Technology (603657): Today's change is -3.47% with a latest price of 38.70 yuan, which is -6.79% from the 10-day moving average [1] - Pilin Bio (000403): Today's change is -0.52% with a latest price of 17.32 yuan, which is -2.64% from the 10-day moving average [1] Additional Stocks with Notable Changes - Other stocks showing significant changes include: - Jiangsu New Energy (603693): Today's change is -1.38% with a latest price of 12.87 yuan, which is -2.29% from the 10-day moving average [2] - Yongan Pharmaceutical (002365): Today's change is -1.04% with a latest price of 18.11 yuan, which is -1.45% from the 10-day moving average [2] - Mosi Co., Ltd. (001323): Today's change is -1.95% with a latest price of 28.16 yuan, which is -2.96% from the 10-day moving average [2]

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]