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].

慕思健康睡眠股份有限公司 持续督导保荐总结报告书 招商证券股份有限公司 关于慕思健康睡眠股份有限公司 首次公开发行股票并上市持续督导保荐总结报告书 招商证券股份有限公司（以下简称"招商证券"、"保荐人"、"保荐机构" 或"本机构"）作为慕思健康睡眠股份有限公司（以下简称"慕思股份"、"发 行人"、"上市公司"或"公司"）首次公开发行股票并上市的保荐机构，持续 督导期限至 2024 年 12 月 31 日止。目前，持续督导期已经届满，招商证券根据 《证券发行上市保荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等法规和规范性文件的相关规定，出具本持续督导保荐总 结报告书。 一、保荐人及保荐代表人承诺 （一）保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误 导性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法 律责任。 （二）本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证 监会"）对保荐总结报告书相关事项进行的任何质询和调查。 （三）本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理 办法》的有关规定采取的监管措施。 1 项目 内 ...

招商证券股份有限公司 关于慕思健康睡眠股份有限公司 2024年度保荐工作报告 | 保荐机构名称：招商证券股份有限公司 | 被保荐公司简称：慕思股份 | | --- | --- | | 保荐代表人姓名：汤玮 | 联系电话：0755-82943666 | | 保荐代表人姓名：张燚 | 联系电话：0755-82943666 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括但 不限于防止关联方占用公司资源的制度、募集 | | | | 是 | | 资金管理制度、内控制度、内部审计制度、关 | | | 联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | ...

证券代码：001323 证券简称：慕思股份 公告编号：2025-031 慕思健康睡眠股份有限公司 关于以集中竞价交易方式回购公司股份比例达到 1% 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。 慕思健康睡眠股份有限公司（以下简称"公司"）于 2024 年 7 月 2 日召开 第二届董事会第七次会议和第二届监事会第五次会议，并于 2024 年 7 月 19 日召 开 2024 年第一次临时股东大会，审议通过了《关于以集中竞价交易方式回购公 司股份方案的议案》，同意公司使用自有资金通过深圳证券交易所交易系统以集 中竞价交易方式回购部分公司股份，本次回购股份将全部用于注销以减少注册资 本。本次回购股份的种类为公司发行的 A 股社会公众股份，回购资金总额不低 于人民币 12,000 万元（含），不超过人民币 24,000 万元（含），回购价格不超 过人民币 39 元/股（含）；按回购金额上限人民币 24,000 万元、回购价格上限 39 元/股测算，回购股份数量约为 6,153,846 股，占公司目前总股本的 1.54%；按 回购金额下限人民币 12,0 ...

2024年公司仅床垫和其他业务营收增长 床垫毛利率微降至61% 分产品来看，慕思拥有床垫、床架、沙发、床品、其他，和其他业务，营收占比分别为47.81%、 29.72%、7.70%、5.43%、7.90%、1.44%。 其中床垫营收同比增长3.78%至26.79亿元，床架营收同比下滑0.07%至16.65亿元，沙发营收同比下滑 0.42%至4.32亿元，床品营收同比下滑7.47%至3.04亿元，其他营收同比下滑12.68%至4.43亿元，其他业 务营收同比增长29.43%至0.81亿元。 4月25日，慕思股份（001323.SZ）发布2024年财报，财报显示，2024年，公司营收同比增长0.43%至 56.03亿元，归母净利润同比下滑4.36%至7.67亿元，扣非净利润同比下滑7.67%至7.23亿元。 此外，2025年一季度，慕思股份营收同比下滑6.66%至11.21亿元，归母净利润同比下滑16.43%至1.18亿 元，扣非净利润同比下滑10.90%至1.19亿元。 财报披露了营收占比10%以上产品的毛利率，床垫和床架的毛利率分别为61.42%和47.89%，分别同比下 滑0.91%和同比增长1.25%。 ...

南方财经全媒体记者程浩 东莞报道 日前，慕思股份发布2024年年报。报告显示，公司2024年营业收入为56.03亿元，同比增长0.43%；归母 净利润为7.67亿元，同比下降4.36%；扣非归母净利润为7.23亿元，同比下降7.67%。这家发轫于东莞厚 街的家具企业，用十年时间完成了从代工生产到制定国际标准的蜕变，面对房地产下行、家居消费疲软 等不利因素，慕思股份交出了一份营收微增、利润小幅下滑的成绩单。 年报显示，2024年慕思股份高端化与智能化的双轨战略已初见成效。公司核心产品床垫2024年收入 26.79亿元，同比增长3.78%。但行业竞争格局也在悄然变化。一方面，传统竞争对手如喜临门、顾家家 居纷纷加码睡眠产品线；另一方面，科技公司如华为、小米通过生态链企业切入智能家居领域，对慕思 形成跨界竞争。收购Maxcoil品牌虽然打开了东南亚市场的大门，但跨境经营的文化整合、供应链协同 绝非易事。 慕思股份的渠道变革同样进入深水区。电商渠道19.51%的占比看似健康，但抖音、快手等新兴平台与 传统天猫、京东的运营逻辑迥异，需要不同的团队和能力。而经销渠道的数字化转型更为棘手——未来 如何平衡线上线下的利益冲突 ...