（一）本次担保的基本情况 为满足公司生产经营活动的需要，慕思健康睡眠股份有限公司（以下简称"慕 思股份"或"公司"）于 2026 年 2 月 4 日与兴业银行股份有限公司东莞分行（以 下简称"兴业银行"或"融资行"）签署了《最高额保证合同》，分别为全资子 公司东莞慕思寝具销售有限公司（以下简称"慕思销售"）、重庆慕雅家居时尚 有限公司（以下简称"慕雅时尚"）、重庆慕享家居有限公司（以下简称"慕享 家居"）在融资行获授的授信融资额度所负的全部债务承担连带偿还义务，具体 明细如下： | 授信单位/被担保人 | 担保人 | 授信银行/债权人 | 授信金额/担保金额/万元 | | --- | --- | --- | --- | | 慕思销售 | 慕思股份 | 兴业银行 | 40,000 | | 慕雅时尚 | 慕思股份 | 兴业银行 | 20,000 | | 慕享家居 | 慕思股份 | 兴业银行 | 20,000 | （二）本次担保事项履行的内部决策程序 公司于 2025 年 4 月 24 日、2025 年 5 月 16 日，分别召开了第二届董事会第 十四次会议、2024 年年度股东大会，审议通过了《关于公司及子公司 ...

Group 1 - The core viewpoint of the news is that Mousse Health Sleep Co., Ltd. has seen a stock price increase of 5.32%, reaching 28.73 yuan per share, with a total market capitalization of 12.5 billion yuan [1] - Mousse's main business involves the research, production, and sales of health sleep systems, with revenue composition as follows: mattresses 50.69%, bed frames 28.06%, others 7.84%, sofas 7.09%, bedding 4.68%, and other supplementary products 1.63% [1] Group 2 - Among the top circulating shareholders of Mousse, the ICBC Credit Suisse Fund has a fund, ICBC Value Selection Mixed A (019085), which entered the top ten circulating shareholders in the third quarter, holding 2.58% of the circulating shares [2] - The ICBC Value Selection Mixed A fund has a total scale of 8.807 billion yuan and has achieved a year-to-date return of 12.12%, ranking 781 out of 8,873 in its category [2] Group 3 - The fund manager of ICBC Value Selection Mixed A is You Hongye, who has been in the position for 2 years and 343 days, with the fund's total asset scale at 15.113 billion yuan [3] - During You Hongye's tenure, the best fund return was 34.31%, while the worst return was 21.03% [3]

Core Viewpoint - The article emphasizes the importance of expanding domestic demand as a key strategy for economic recovery, highlighting the proactive role of Jiaxing in implementing national strategies through local practices [3]. Group 1: Company Overview - Jiaxing Mu Si Smart Home Co., Ltd. operates in a highly automated environment, showcasing a shift from traditional furniture manufacturing to smart sleep solutions, reflecting the company's resilience since its listing in 2022 [3]. - The company reported a cumulative revenue of 3.761 billion yuan for the first three quarters of 2025 [3]. Group 2: Product Innovation - The AI smart mattress developed by the company can monitor heart rate and adjust firmness automatically, providing real-time health data to users [5]. - The evolution of the smart sleep product line has progressed to its eleventh generation, utilizing self-developed sensors and AI algorithms to enhance sleep quality [5]. Group 3: Consumer Experience - The transition from traditional sales methods to immersive experience-driven sales is highlighted, where consumers engage in self-exploration and direct interaction with products [6]. - This shift reflects a broader change in consumer behavior, where individuals are willing to pay for experiences that resonate with their personal needs and emotional connections [6]. Group 4: Technological Advancement - The company allocates 60% of its R&D budget to smart sleep systems, indicating a commitment to long-term innovation rather than short-term marketing strategies [6]. - Technological breakthroughs in materials and AI applications are establishing a solid competitive advantage for the company [6]. Group 5: Industry Ecosystem - The establishment of the "Mu Si Gold Steward" service system signifies a shift from one-time product delivery to ongoing experiential delivery, transforming the brand's role from manufacturer to solution provider [7]. - The company is also developing a Mu Si Sleep Museum to integrate manufacturing with cultural and tourism experiences, creating a new industrial tourism landmark [7].

2026年1月17日至18日，以"敢出色 耀同行"为主题的卡丽亚&羡慕家居经销商年会暨新品发布会，在慕 思集团总部圆满落幕。集团高管、全国经销商伙伴与行业嘉宾齐聚一堂，回顾2025年业绩成果，举行年 度荣耀颁奖，聚焦营销、产品、培训、销售与服务体系多维度赋能培训，为经销商提供系统化支持，助 推2026新征程全面启航。 新品亮相：诠释品牌主张，释放增长动能 回顾与擘画：明确年度规划，升级核心战略 盛会于17日9时拉开帷幕，一段2025年度回顾视频，引领现场来宾重温过去一年的关键历程：从签约国 际超模杜鹃为品牌代言人，到携手阿玛尼美妆、哆啦A梦等超级IP跨界破圈；从终端门店形象升级，到 创新渠道拓展——每一幕都体现出品牌"敢为人先"的突破与"精益求精"的匠心。 慕思集团董事长王炳坤、副总裁盛艳、设计大师戴昆、中央美术学院副院长高扬等重量级嘉宾悉数亮 相，凸显本次大会的高规格与行业影响力。 慕思集团董事、副总裁，沙发事业部总经理盛艳作《2026年度战略规划》主题分享。她系统回顾了品牌 在复杂市场环境中取得的亮眼成绩，并以前瞻视野部署2026核心战略：深耕市场、聚焦用户、强化产品 创新、提升渠道赋能，携手经销商共同构 ...

Investment Rating - The report maintains a positive outlook on the home furnishing sector, indicating that valuations are at a bottom and are expected to rise due to favorable real estate policies [2][5][17] Core Insights - The home furnishing sector is poised for valuation recovery driven by improved real estate policies and market stabilization, with a focus on companies with high dividend safety margins such as Gujia Home, Sophia, and Oppein [2][5][6] - The metal packaging industry is seeing price increases for two-piece cans, leading to improved profitability and a more consolidated industry structure [2][5][6] - The AI glasses market is expected to grow significantly, with Meta's optimistic shipment forecasts and partnerships enhancing production capabilities [2][10][11] - The paper industry is stabilizing in the short term, with potential for improved supply-demand dynamics and profitability in the medium term [2][14][15] Summary by Sections Home Furnishing - The sector is experiencing a bottoming out of valuations, with real estate policies expected to catalyze upward movement. The central economic work conference emphasizes stabilizing the real estate market, which is anticipated to improve demand for home furnishings [6][17] - The increase in second-hand housing transactions is expected to support demand recovery, while industry consolidation is accelerating, with mid-tier companies exiting the market [6][7][17] - Key companies to watch include Gujia Home, Sophia, Oppein, Mousse, and Xilinmen, which are positioned well for valuation recovery [2][5][6] Metal Packaging - The industry is witnessing price increases for two-piece cans, with a confirmed profit margin turning point in 2026. The consolidation of leading companies is enhancing pricing power and profitability [2][5][6][8] - The demand from downstream sectors, particularly beer and carbonated beverages, is expected to drive growth, with significant room for improvement in can penetration rates compared to developed markets [7][8] AI Glasses - Meta's production capacity for AI glasses is rapidly increasing, with expectations to double output to 20 million units by the end of 2026. This growth is supported by strong market demand and technological advancements [10][11] - Partnerships with companies like EssilorLuxottica and the establishment of joint ventures are expected to accelerate the rollout of AI glasses [11][12] Paper Industry - The short-term stability of boxboard prices is noted, with medium-term improvements in supply-demand dynamics anticipated to enhance profitability [14][15] - The report highlights the importance of integrated supply chains and cost advantages for companies like Sun Paper and Nine Dragons Paper, which are well-positioned to benefit from market recovery [14][15]

Core Viewpoint - The 20th China Brand Person Annual Conference emphasizes the theme "Who Earns Respect for China" and aims to gather insights and power for the development of Chinese brands, showcasing the evolution and future opportunities in brand building [3][16]. Group 1: High-End Brand Methodology - The founder of the high-end brand methodology shared insights from 30 years of experience in building brands like Vatti, Oppein, and Mousse, highlighting the importance of adapting Western management theories to the Chinese market [3][17]. - The methodology focuses on "seizing the high ground and building deep moats" as a way to navigate through market cycles and establish high-end brands [4][18]. - A high-quality development cycle is proposed, emphasizing increased investment in technology and product innovation to create unique selling points and achieve high standards, quality, and profitability [6][20]. Group 2: Key Challenges for High-End Brands - Three critical barriers for entrepreneurs aiming to establish high-end brands include system management, long-term commitment, and understanding market trends [7][21]. - System management requires a comprehensive tactical approach, moving beyond traditional advertising to a structured strategy that includes a "Nine Virtues Training" for brand success [7][21]. - Long-term commitment is essential, as demonstrated by successful brands like Moutai and Casarte, which persisted through initial losses to achieve growth [8][22]. Group 3: Strategic High Grounds and Moats - Four strategic high grounds identified are strategy, organizational culture, product, and brand, which are essential for establishing a high-end brand [8][22]. - Building three moats is crucial: a digital intelligence moat, a marketing moat, and a service and experience moat, which collectively enhance brand competitiveness [12][25]. - The digital intelligence moat involves restructuring ecosystems through digital transformation, while the marketing moat focuses on creating brand asset value through effective campaigns [12][25][26]. Group 4: Market Opportunities - The current era presents a unique opportunity for Chinese brands to transition from manufacturing powerhouses to brand leaders, with examples like Huawei and BYD reshaping the global brand landscape [14][27]. - The call to action encourages companies to move away from price wars and strive for true pricing power, aiming to create iconic brands that resonate on the global stage [14][27].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights various sectors including trendy toys, new tobacco, home furnishings, paper packaging, personal care, AI glasses, Xiaomi Group, pet food, and AI+3D printing, indicating a mixed outlook across these industries with some showing growth potential while others face challenges Trendy Toys - The collaboration between Honor and Pop Mart to launch the first trendy toy smartphone is expected to differentiate products in a competitive market, targeting younger consumers [8] - Despite a decline in overall online GMV for trendy toys, leading companies like Miniso and Bluku are experiencing significant growth, with Miniso's blind box category growing by 315% [10] New Tobacco - The cancellation of VAT export rebates for e-cigarettes is expected to pressure profits in the short term, but may benefit companies like Smoore in the long run as they can capture market share from smaller competitors [11] - The HNB market is anticipated to expand significantly with the upcoming launch of IQOS in the US [12] Home Furnishings - The domestic real estate market remains weak, with significant declines in new and second-hand home transactions [13] - Export figures show a decline for Chinese furniture, while Vietnam's furniture exports are growing, indicating a shift in regional competitiveness [14] Paper Packaging - The report notes fluctuations in paper prices, with a general decline in prices for various paper types, but anticipates a recovery in demand as packaging needs stabilize [15] - The overall retail growth in food, beverages, and daily necessities is expected to support the packaging sector's recovery [16] Personal Care and AI Glasses - The personal care sector shows mixed performance, with some brands experiencing growth while others decline [17] - Meta's plans to significantly increase the production capacity of AI glasses signal a positive outlook for the sector, potentially boosting demand across the supply chain [18] Xiaomi Group - Xiaomi continues to lead in the smartphone market, with expectations to integrate self-developed chips and AI models into their products by 2026 [19] - The company aims to enhance its brand positioning and profitability through technological advancements and strategic product launches [20] Pet Food - The pet food market is projected to grow, with a focus on new product introductions and market expansion strategies [23] - Recent data indicates a decline in GMV for pet food on major e-commerce platforms, highlighting competitive pressures [24] AI+3D Printing - The consumer-grade 3D printing market is expected to grow, driven by new product launches and community engagement initiatives [33] - Companies are focusing on lowering entry barriers and enhancing user experience to penetrate the market further [36]

Core Insights - Mousse Health Sleep Co., Ltd. showcased its new smart sleep products at CES, emphasizing the transition of AI from an optional feature to a necessity in product value [1] - The company plans to release its first AI mattress, T11Pro, in 2024, followed by T11+ in 2025, and further AI-based health management products in 2026 [1] Product Development - The new smart sleep series aims to redefine bedding from a "resting tool" to a "personalized health management terminal" through advanced AI applications [1] - The products utilize "medical-grade" sensors for data collection, extending from behavioral to physiological metrics, and provide structured sleep reports via voice assistant queries [1] - The system offers personalized improvement suggestions based on sleep models and long-term data, covering aspects like exercise, diet, and daily routines [1] Technological Innovations - The CTO highlighted the significance of the "Tidal Algorithm 3.0," which is built on a self-developed sleep model that understands sleep causality and proactively offers improvement suggestions [1] - The company publicly displayed all core components of its smart beds, including sensors that have received national Class II medical device certification, achieving precision comparable to professional medical equipment [2] - The smart bed features hundreds of flexible adjustment columns for millimeter-level support, and the main control box operates at noise levels below 26 decibels, meeting silent room standards [2]

Group 1 - The company Musi Co., Ltd. announced on January 16 that after the latest guarantee, the total amount of guarantees for its wholly-owned subsidiary reached RMB 2.01 billion, accounting for 44.49% of the company's audited net assets for the year 2024 [1] - The remaining balance of guarantees provided by the company for its wholly-owned subsidiary is approximately RMB 537 million, which represents 11.9% of the company's audited net assets for the year 2024 [1] Group 2 - The article highlights that silver prices have surged over 80% in the past 50 days, indicating a level of market activity that surpasses that of gold [1] - Historically, significant speculation in silver has often signaled that a bull market in precious metals is reaching its peak, raising questions about the current market dynamics [1]

证券代码：001323 证券简称：慕思股份 公告编号：2026-001 慕思健康睡眠股份有限公司 关于公司为全资子公司提供担保的公告 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。 一、担保情况概述 （一）本次担保的基本情况 为满足公司生产经营活动的需要，东莞慕思寝具销售有限公司（以下简称"慕 思销售"）、重庆慕雅家居时尚有限公司（以下简称"慕雅时尚"）、东莞市艾 慕寝室用品有限公司（以下简称"东莞艾慕"）于 2026 年 1 月 15 日与广发银行 股份有限公司深圳分行（以下简称"广发银行"或"融资行"）分别签署了《授 信额度合同》。结合慕思健康睡眠股份有限公司（以下简称"慕思股份"或"公 司"）与广发银行签署的《最高额保证合同》，公司为慕思销售、慕雅时尚、东 莞艾慕在融资行获授的授信融资额度所负的全部债务承担连带偿还义务，具体明 细如下： | 授信单位/被担保人 | 担保人 | 授信银行/债权人 | 担保金额/万元 | | --- | --- | --- | --- | | 慕思销售 | 慕思股份 | 广发银行 | 20,000 | | 慕雅时尚 | 慕思 ...