Core Viewpoint - The company, Mousse Co., Ltd. (stock code: 001323), announced the appointment of Mr. Mai Xibiao as the employee representative director for its second board of directors [1] Group 1 - The announcement was made on the evening of November 14 [1] - The appointment reflects the company's commitment to employee representation in its governance structure [1]

证券代码：001323 证券简称：慕思股份 公告编号：2025-072 特此公告。 慕思健康睡眠股份有限公司 董事会 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。 为全面贯彻落实《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司章程指引》等法律、法规、规范性文件的规定，慕思健康睡眠股份有 限公司（以下简称"公司"）于 2025 年 10 月 29 日召开了第二届董事会第十七 次会议，并于 2025 年 11 月 14 日召开了 2025 年第四次临时股东大会，审议通过 了《关于调整董事会人数并修订〈公司章程〉的议案》。 根据公司 2025 年第四次临时股东大会审议通过的《公司章程》，公司董事 会设职工代表董事一名。结合治理结构调整实际情况，公司于 2025 年 11 月 14 日召开职工代表大会，经与会职工代表认真审议，同意推选麦锡标先生为公司第 二届董事会职工代表董事（麦锡标先生简历详见附件），任期自职工代表大会审 议通过之日起至公司第二届董事会任期届满之日止。本次候选人当选后，董事会 中兼任公司高级管理人员以及由职工代表担任的董事人数总计不 ...

BEIJING│SHANGHAI│SHENZHEN│HANGZHOU│GUANGZHOU│KUNMING│TIANJIN│CHENGDU│NINGBO│FUZHOU│XI'AN│NANJING│NANNING│JINAN│CHONGQING│SUZHOU│ CHANGSHA│AIYUAN│WUHAN│GUIYANG│URUMQI│ZHENGZHOU│SHIJIAZHUANG│HEFEI│HAINAN│QINGDAO│NANCHANG│DALIAN│YINCHUAN│LHATSE│HONG KONG│PARIS│ MADRID│STOCKHOLM│NEW YORK│MALAYSIA│CAMBODIA│UZBEKISTAN 致：慕思健康睡眠股份有限公司 国浩律师（深圳）事务所 关于慕思健康睡眠股份有限公司 2025 年第四次临时股东大会 之 法律意见书 GLG/SZ/A4039/FY/2025-1460 国浩律师（深圳）事务所（以下简称"本所"）接受慕思健康睡眠股份有限 公司（以下简称"贵公司"或者"公司"）的委托，指派律师出席了贵公司 2025 年第四次临时股东大会（以下简称"本次股东大会"）。现根据《中华人民 ...

证券代码：001323 证券简称：慕思股份 公告编号：2025-071 慕思健康睡眠股份有限公司 2025 年第四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 （一） 股东大会召开的时间 1. 现场会议时间：2025 年 11 月 14 日（星期五）14:50 2. 网络投票时间：2025 年 11 月 14 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11月14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 11 月 14 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 ...

Core Insights - The article discusses how Chinese companies are seizing opportunities in the new technological revolution and industrial transformation, enhancing their independent innovation capabilities and striving for high-quality development [9] Group 1: Chihong Zinc and Germanium - Chihong Zinc and Germanium has transformed from a small mine into one of the world's most comprehensive companies in lead-zinc smelting and resource recovery [21] - The company focuses on "technological innovation, resource security, green low-carbon, and high-end transformation" to enhance traditional industries through intelligent upgrades and strategic extensions into high-value new materials [23] - Chihong Zinc and Germanium has achieved a significant increase in metal recovery rates and reduced smelting costs for zinc products for six consecutive years [21][22] Group 2: Haon Automotive Electronics - Haon Automotive Electronics has become a leader in intelligent perception technology, collaborating with major automotive manufacturers and AI giants [10][12] - The company aims to transition from a "follower" to a "technology leader" through strategic upgrades in its R&D center [17] - In the first half of this year, Haon Automotive Electronics held a market share of 27.3% in the domestic ultrasonic radar supplier market [15] Group 3: Mousse Co., Ltd. - Mousse Co., Ltd. has embraced AI technology since 2015, resulting in a revenue of 121 million yuan from AI products in the first half of this year, a year-on-year increase of over three times [11][39] - The company has transitioned from a traditional mattress seller to a promoter of healthy sleep culture, focusing on AI and brand expansion [42] - Mousse has invested significantly in R&D, with expenditures rising from 74 million yuan in 2019 to 205 million yuan in 2024, reflecting a compound annual growth rate of 22.6% [38]

Core Points - The Shanghai Composite Index closed at 3993.35 points, remaining above the six-month moving average, with a slight decline of 0.24% [1] - The total trading volume of A-shares reached 1,270.245 billion yuan [1] - A total of 49 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks with high deviation rates include: - Qudongli (驱动力) with a deviation rate of 5.91% and a daily increase of 7.05% [1] - Lubridge Information (路桥信息) with a deviation rate of 5.60% and a daily increase of 13.08% [1] - Beiyikang (倍益康) with a deviation rate of 4.75% and a daily increase of 7.60% [1] - Other stocks that just crossed the six-month moving average include: - Qianyuan Pharmaceutical (仟源医药) and *ST Jinke (*ST金科) with smaller deviation rates [1] Trading Activity - The trading turnover rate for Qudongli was 3.59%, while Lubridge Information had a turnover rate of 6.91% [1] - The stock with the highest turnover rate was Aipeng Medical (爱朋医疗) at 19.33% with a daily increase of 10.57% [1] Market Trends - The overall market shows a mix of stocks performing well above the six-month moving average, indicating potential bullish sentiment in certain sectors [1]

Core Insights - The company reported a revenue of 37.61 billion yuan and a net profit attributable to shareholders of 4.67 billion yuan for the first three quarters of 2025, reflecting a year-on-year decline of 3% and 11% respectively [1] - In Q3 2025, the company achieved a revenue of 12.84 billion yuan, with a year-on-year increase of 3%, while net profit attributable to shareholders decreased by 27% [1][2] Revenue and Profit Analysis - The revenue decline in the first three quarters was primarily driven by a decrease in sales of certain product categories, although Q3 showed improvement due to growth in bed-related products, particularly mattresses [2] - Gross margin improved by 3.3 percentage points in Q3, while net profit margin and adjusted net profit margin decreased by 3.4 and 4.0 percentage points respectively [2] Product and Brand Strategy - The company has focused on enhancing its product offerings through systematic sales, popular product development, and smart technology integration, which has increased the sales of high-end products [3] - The number of specialty stores decreased by approximately 100 to 5,300 in H1 2025, indicating a strategic optimization of retail channels [3] Strategic Trends - The company is prioritizing AI mattresses and globalization as key strategic focuses, with AI product revenue in H1 2025 reaching 1.21 billion yuan, a year-on-year increase of over three times [4] - The company has signed a memorandum of cooperation with Huawei to develop smart sleep ecosystems and launched the Hongmeng Smart Mousse Bed, enhancing the cost-performance ratio of smart beds [4] Future Outlook - The company is expected to maintain a high dividend payout ratio of 90% in 2024, with projected net profits for 2025-2027 at 6.8 billion, 7.2 billion, and 8.0 billion yuan respectively, corresponding to PE ratios of 17, 16, and 14 [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company achieved revenue of 3.761 billion yuan, net profit attributable to shareholders of 467 million yuan, and net profit excluding non-recurring items of 366 million yuan for the first three quarters of 2025, representing year-on-year changes of -3%, -11%, and -25% respectively. In Q3 2025, the company reported revenue of 1.284 billion yuan, net profit attributable to shareholders of 109 million yuan, and net profit excluding non-recurring items of 81 million yuan, with year-on-year changes of +3%, -27%, and -37% respectively. The company is accelerating its layout in AI mattresses and global business [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 3.761 billion yuan, a decrease of 3% year-on-year. In Q3 2025, revenues increased by 3% year-on-year to 1.284 billion yuan. The net profit attributable to shareholders for the first three quarters was 467 million yuan, down 11% year-on-year, while Q3 net profit decreased by 27% year-on-year to 109 million yuan [2][6]. Strategic Focus - The company is focusing on AI mattresses and global expansion. In 2025, the company aims to deepen its AI strategy, with AI product revenue reaching 121 million yuan in H1 2025, a year-on-year increase of over three times. The company has launched the T11+ series, featuring advanced smart sleep technology, and has signed a memorandum of cooperation with Huawei to develop a smart sleep ecosystem [2][6]. Market Positioning - The company has a strong focus on sleep scenarios, enhancing product offerings and brand strength. It has optimized its product sales strategy, reduced the number of specialty stores, and strengthened brand building through customer service systems. The membership system saw an increase of 1.484 million new registrations, totaling over 3.92 million members by H1 2025 [2][6]. Future Outlook - The company is expected to maintain a high dividend payout ratio of 90% in 2024, with projected net profits attributable to shareholders of 680 million yuan, 720 million yuan, and 800 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 17, 16, and 14 times [2][6].

Core Viewpoint - The company is experiencing a decline in revenue and net profit, but is actively pursuing an AI sleep strategy and expanding its market presence, particularly in Southeast Asia through partnerships and new product launches [1][2][4]. Financial Performance - For the first three quarters of 2025, the company reported revenue of 3.761 billion yuan, a year-on-year decrease of 3.01%, and a net profit attributable to shareholders of 467 million yuan, down 10.61%. The non-recurring net profit was 366 million yuan, a decline of 25.29% [1]. - In Q3 2025, the company achieved a single-quarter revenue of 1.284 billion yuan, an increase of 2.79% quarter-on-quarter, but the net profit attributable to shareholders fell by 26.80% to 109 million yuan, with non-recurring net profit down 37.35% to 81 million yuan [1]. - The gross profit margin for the first three quarters of 2025 was 52.34%, an increase of 1.54 percentage points, with Q3 showing a 3.33 percentage point increase, attributed to product structure optimization and refined management [3]. Strategic Initiatives - The company is fully committed to advancing its AI sleep strategy, launching a new smart mattress in collaboration with Huawei, priced at 8,999 yuan for the standard version and 16,999 yuan for the Pro version. This initiative aims to leverage Huawei's high-end user base and brand promotion [1]. - To support the promotion of new products, the company has increased marketing expenditures and is expanding its presence in new retail channels, such as smart sleep stores and shopping centers, leading to a rise in the sales expense ratio by 7 percentage points year-on-year in Q3 2025 [1][3]. Market Expansion - The company is actively pursuing international market expansion, using Singapore as a base to penetrate the Southeast Asian market with its own brand [2]. Profit Forecast and Valuation - As a leading brand in the mid-to-high-end mattress market, the company is expected to benefit from its focus on the AI sleep strategy and collaboration with Huawei, which could catalyze growth in AI mattress penetration. Revenue projections for 2025-2027 are 5.540 billion yuan, 5.886 billion yuan, and 6.381 billion yuan, with corresponding net profits of 675 million yuan, 746 million yuan, and 857 million yuan [4].

Core Viewpoint - Mousse Co., Ltd. (001323.SZ) has reported a rare decline in both revenue and net profit for the first three quarters of 2025, marking the first such drop since it began disclosing operational performance data in 2021 [1][2][4]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.761 billion yuan, a year-on-year decrease of approximately 3% [1][4]. - The net profit attributable to shareholders was 467 million yuan, down about 10% year-on-year [1][4]. - The non-recurring net profit saw a more significant decline, dropping over 25% [1][2][4]. - The quarterly breakdown shows revenue of 1.121 billion yuan, 1.356 billion yuan, and 1.284 billion yuan for Q1, Q2, and Q3 respectively, with year-on-year changes of -6.66%, -5.01%, and 2.79% [5]. Operational Strategy - Despite a strategy of aggressive expansion, including an increase in the number of stores and showrooms, the operational results have been disappointing [2][7]. - The company’s financial expenses surged by approximately 159% year-on-year, indicating potential financial strain [2]. - As of September 2025, the company had invested around 3 billion yuan in investment and wealth management, while its interest-bearing debt increased to 1.249 billion yuan, up 178 million yuan from the end of 2024 [2][11]. Marketing and R&D Focus - Mousse Co., Ltd. continues to prioritize marketing over research and development, with sales expenses of 1.079 billion yuan being 6.7 times higher than R&D expenses of 161 million yuan [3][10]. - The company has distributed a total of 2.082 billion yuan in cash dividends since its listing, with 1.591 billion yuan going to the actual controllers [3][11]. Market Position and Competitiveness - The company’s performance has lagged behind competitors in the mattress industry, with peers like Mengbaihe and Xilinmen reporting revenue and profit growth during the same period [5][6]. - The decline in sales of complementary products such as bed frames and sofas, all dropping over 10%, suggests a failure to achieve synergistic growth with core mattress sales [6]. Stock Performance - The stock price has significantly declined, dropping over 47% from its peak of 61.67 yuan per share shortly after its IPO, closing at 27 yuan on October 31, 2025, which is below the issue price of 38.93 yuan [12].