证券代码：001323 证券简称：慕思股份 公告编号：2025-034 根据公司《2024 年员工持股计划》，本员工持股计划的存续期不超过 36 个 月，所获标的股票分两期解锁，锁定期分别为 12 个月、24 个月，均自公司公告 最后一笔标的股票过户至本员工持股计划名下之日起计算。锁定期满后，本员工 持股计划所持股票权益将依据对应考核年度考核结果分配至持有人，每期解锁比 例分别为 50%、50%。 二、本员工持股计划 2024 年度业绩考核指标达成情况及后续安排 根据公司《2024 年员工持股计划》及《慕思健康睡眠股份有限公司 2024 年 员工持股计划管理办法》（以下简称"《2024 年员工持股计划管理办法》"）， 本员工持股计划设置了公司层面业绩考核、事业部层面业绩考核与个人层面绩效 考核。根据持有人岗位职责不同，本员工持股计划对不同类型持有人设置不同的 考核结构，对应实际可解锁的权益数量的确认方式存在不同安排，具体如下： 慕思健康睡眠股份有限公司 关于 2024 年员工持股计划第一个锁定期届满的提示性公告 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。 ...

Core Viewpoint - Mousse Co., Ltd. has demonstrated stable performance in its annual report, achieving a revenue of 5.603 billion yuan, a slight increase of 0.43% year-on-year, and a net profit of 767 million yuan, reflecting the company's operational stability [1] Group 1: Financial Performance - The company reported a revenue of 5.603 billion yuan for the year, with a year-on-year increase of 0.43% [1] - The net profit attributable to shareholders reached 767 million yuan, showcasing the company's robust financial health [1] Group 2: Strategic Initiatives - Mousse Co., Ltd. focuses on three strategic pillars: product innovation, operational efficiency, and brand upgrading, which are expected to maintain its core competitiveness [1] - The company aims to become an innovation-driven high-tech enterprise within five years, emphasizing its commitment to AI technology in its sleep solutions [2] Group 3: Product Development - The newly launched AI smart mattress T11+ features a millisecond response rate and upgraded AI "Tide Algorithm 2.0," providing personalized sleep experiences [1][2] - T11+ integrates with smart home systems, offering a comprehensive smart sleep solution that includes sleep monitoring and health recommendations [2] Group 4: Market Positioning - Mousse Co., Ltd. is positioned as a leader in the health sleep sector, targeting the mid-to-high-end market with its "healthy sleep system overall solution" [1] - The company is capitalizing on the growing "sleep economy" and the shift towards smart home solutions, positioning itself advantageously in the evolving home furnishings industry [1][3] Group 5: Customer Engagement - The company has developed a 360° digital butler service system to provide personalized and comprehensive customer service, enhancing customer loyalty and retention [3] - Mousse Co., Ltd. aims to create value for users and improve customer stickiness through its membership benefits and superior service offerings [3]

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].

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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].