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].

Investment Rating - The investment rating for the home furnishing sector is "Positive" [2] Core Insights - The report highlights that the national subsidy policy has begun to show effects, leading to a convergence in revenue decline and a differentiation in profitability within the industry. The real estate sector has gradually reached its bottom after a year of adjustment, with new home transactions stabilizing and second-hand home transactions recovering. The home decoration market is expected to maintain a "442" structure in 2024, with new homes accounting for 40%, existing homes for 40%, and second-hand homes for 20% [2][9] - Leading companies in the home furnishing sector are transitioning from store expansion to refined operations, focusing on cost reduction and exploring new market opportunities such as home renovation and e-commerce. For instance, Oppein has encouraged dealers to consolidate resources and close inefficient stores, significantly reducing various assessment indicators to focus on market advantages [2][3][9] Industry Overview - The national subsidy policy has normalized, positively impacting domestic sales. In Q4 2024, leading companies like Kuka and Zhijia showed revenue growth, with Kuka's domestic sales increasing by approximately 12.9% year-on-year in Q1 2025. The report anticipates that orders and revenues for leading companies will see tangible growth starting from Q2 2025 [3][10] - In terms of exports, companies like Kuka and Oppein are expected to maintain double-digit growth in overseas sales, with Oppein establishing a solid sales network in 146 countries and regions, achieving a revenue increase of 34.4% in overseas channels in 2024 [4][11] Segment Analysis - The core categories, particularly cabinets and wardrobes, are showing signs of recovery, with supporting categories also improving. Leading companies are actively implementing whole-home strategies and enhancing scene-based designs. For example, Oppein is building a more comprehensive supply chain system for home products and renovation materials [5][6] - The report notes that the profitability of leading companies is diverging, with Oppein achieving a gross margin of 34.3% in Q1 2025, while others like Zhijia experienced a decline in gross margin due to internal reforms and channel subsidies [7][9] Sales Channels - Retail channels are recovering first, while bulk channels are under pressure, with a general decline of over 20% in Q1 2025. The report indicates that the performance of single stores has improved, with leading companies like Oppein and Zhijia reporting year-on-year revenue increases of 10% and 43%, respectively [6][9]

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 | | ...

Core Insights - The modern lifestyle has made quality sleep a luxury, with the average sleep duration in China decreasing from 7.02 hours to 6.67 hours, highlighting the importance of sleep quality over quantity [3] - Mousse Co. launched the AI-powered T11+ smart mattress, which utilizes advanced algorithms and real-time data to enhance sleep quality, showing significant improvements in sleep metrics [3][6] - The collaboration with Ximalaya has led to the creation of an upgraded "Mousse Goodnight Radio," integrating AI technology to provide a comprehensive sleep solution that combines sound and sleep experience [5][6] Group 1 - The launch of the "Deep AI Sleep Revolution" event by Mousse Co. aims to address the sleep challenges faced by modern individuals [1] - The T11+ mattress features the Mousse Tide Algorithm 2.0, which is based on extensive ergonomic data to manage sleep through real-time assessments and health reports [3] - Clinical tests indicate that users of the T11+ mattress experience a nearly 50% improvement in sleep onset speed, a 14.6% reduction in tossing and turning, and a 38% increase in sleep duration [3] Group 2 - The upgraded "Mousse Goodnight Radio" incorporates AI-driven sound elements, enhancing the sleep experience by providing tailored audio interventions [5] - The content of the radio has been updated to meet the needs of a new generation, offering professional sleep knowledge, humanistic care, and innovative AI poetry therapy modules [6] - The collaboration between Mousse and Ximalaya creates a synergistic effect between sound and sleep, transforming sleep from a mystical concept into a quantifiable science [6]

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 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Core Viewpoint - In 2024, Mousse Co., Ltd. reported a slight revenue increase of 0.43% to 5.603 billion yuan, but net profit decreased by 4.36% to 767 million yuan, indicating challenges in profitability despite stable revenue growth [1] Revenue and Profit Summary - The company's revenue for 2024 was 5.603 billion yuan, with a net profit of 767 million yuan, and a non-recurring net profit of 723 million yuan, both showing declines compared to the previous year [1] - In Q1 2025, revenue fell by 6.66% to 1.121 billion yuan, with net profit down 16.43% to 118 million yuan [1] Product Performance - Only the mattress and other business segments saw revenue growth in 2024, with mattress revenue increasing by 3.78% to 2.679 billion yuan, while other segments experienced declines [2] - The gross margin for mattresses slightly decreased to 61.42%, while the gross margin for bed frames increased to 47.89% [2] Sales Model Analysis - The distribution model remains dominated by the dealership, accounting for 74.13% of revenue, while e-commerce contributed 19.51% [5] - Revenue from the dealership model slightly decreased by 0.26% to 4.153 billion yuan, while e-commerce revenue grew by 6.04% to 1.093 billion yuan [5] E-commerce Performance - Despite growth in e-commerce revenue, the subsidiary Mousse E-commerce reported a significant loss, with revenue dropping by 23.14% to 764 million yuan and a net loss of 20,860 yuan in 2024 [6][9] - The company aims to enhance its e-commerce strategy by leveraging social media and live streaming for marketing [6] International Market Expansion - The overseas market showed a significant revenue increase of 61.07% to 155 million yuan, while domestic revenue slightly declined by 0.63% to 5.447 billion yuan [8] - Mousse Co. is pursuing international expansion through acquisitions, including a planned purchase of a Singaporean home goods company for 46 million Singapore dollars [8] Subsidiary Performance - Several subsidiaries, including Mousse International Holdings and Dongguan Aimu, reported losses in 2024, with the latter's revenue falling to 513 million yuan and a net loss of 41.616 million yuan [9]

Core Insights - The company reported a slight revenue increase of 0.43% in 2024, with total revenue reaching 5.603 billion yuan, while net profit decreased by 4.36% to 767 million yuan [1][3] - The company's dual strategy of high-end and intelligent products is showing initial success, particularly in the mattress segment, which saw a revenue increase of 3.78% [1][4] - The competitive landscape is evolving, with traditional competitors expanding their product lines and tech companies entering the smart home market, posing new challenges for the company [1][2] Financial Performance - The revenue growth rate of 0.43% is significantly lower than the average annual growth rate of over 15% from 2017 to 2021, indicating a growth bottleneck since reaching a peak of 6.481 billion yuan in 2021 [3] - The gross margin remained stable at approximately 49.63%, reflecting the company's ability to maintain profitability despite rising costs in the furniture manufacturing sector [3][5] - Operating cash flow decreased by 43.63% to 1.091 billion yuan, highlighting challenges in cash management amid increased outflows [5] Product and Sales Channel Analysis - The core product, mattresses, accounted for 47.81% of total revenue, indicating strong resilience in this category, while other product lines like bed frames and bedding saw declines [4] - E-commerce sales grew by 6.04% to 1.093 billion yuan, now representing 19.51% of total revenue, showcasing the importance of online channels for growth [4] - The company is focusing on digital transformation in its distribution channels, facing challenges in balancing online and offline interests [2] International Expansion - The company made significant strides in international markets, with overseas revenue increasing by 61.07% to 155 million yuan, although it still represents only 2.77% of total revenue [4] - The acquisition of the Maxcoil brand has opened doors to Southeast Asian markets, but cultural integration and supply chain coordination remain complex challenges [1][4] Research and Development - R&D investment reached 205 million yuan in 2024, a 10.51% increase, representing 3.66% of total revenue, which is significantly higher than the industry average [7][8] - The company has focused its R&D efforts on smart sleep, health monitoring, and material innovation, with 60% of R&D spending directed towards smart and health monitoring technologies [8] - The company has established a strong position in the smart sleep segment, with new product launches and a high customer repurchase rate for smart products [9]