喜临门(603008) - 2025 Q2 - 季度财报

Definitions This chapter defines key terms and abbreviations used in the report, such as "the Company" referring to Sleemon Furniture Co., Ltd., and "Controlling Shareholder" referring to Zhejiang Huayi Intelligent Manufacturing Co., Ltd - This chapter defines key terms and abbreviations used in the report, such as "the Company" referring to Sleemon Furniture Co., Ltd., and "Controlling Shareholder" referring to Zhejiang Huayi Intelligent Manufacturing Co., Ltd[16] Company Profile and Key Financial Indicators This section provides an overview of Sleemon Furniture Co., Ltd., including its basic information and key financial performance metrics for the first half of 2025 Company Basic Information This chapter provides basic information about Sleemon Furniture Co., Ltd., including its Chinese and English names, legal representative, contact details, registered address, and information disclosure channels Company Information | Item | Information | | :--- | :--- | | Company Chinese Name | 喜临门家具股份有限公司 | | Stock Abbreviation | 喜临门 | | Stock Code | 603008 | | Legal Representative | 陈阿裕 | | Registered Address | 浙江省绍兴市越城区灵芝镇二环北路1号 | | Company Website | http://www.sleemon.cn/ | Key Accounting Data and Financial Indicators In the first half of 2025, the company achieved operating revenue of 4.021 billion CNY, a 1.59% year-on-year increase, with net profit attributable to shareholders rising 14.04% to 266 million CNY. Basic earnings per share increased by 14.29% to 0.72 CNY/share, and net cash flow from operating activities significantly improved despite remaining negative Key Accounting Data for H1 2025 (Unit: CNY) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,020,509,915.07 | 3,957,601,195.25 | 1.59 | | Net Profit Attributable to Shareholders of Listed Company | 266,491,172.67 | 233,677,195.79 | 14.04 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | 259,560,008.85 | 222,899,255.22 | 16.45 | | Net Cash Flow from Operating Activities | -39,624,133.07 | -173,790,428.97 | Not Applicable | | Total Assets (Period-end) | 8,642,870,981.43 | 8,904,781,941.06 | -2.94 (Compared to prior year-end) | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.72 | 0.63 | 14.29 | | Diluted Earnings Per Share (CNY/share) | 0.72 | 0.63 | 14.29 | | Weighted Average Return on Net Assets (%) | 6.87 | 6.13 | Increased by 0.74 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 6.69 | 5.85 | Increased by 0.84 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled 6.9312 million CNY, primarily from government subsidies and fair value changes in financial assets[27] Management Discussion and Analysis This section provides management's perspective on the company's industry, business operations, core competencies, and financial performance during the reporting period, along with risk analysis and mitigation strategies Industry and Main Business Overview The company operates in the upholstered furniture manufacturing sector, focusing on mattresses, and despite industry pressures, benefits from consumption upgrades and "trade-in" policies, maintaining its leadership with extensive production bases and stores while investing in AI technology - The company operates in the furniture manufacturing industry (C21), specifically the upholstered furniture sector, with products primarily including mattresses, upholstered beds, and sofas[30] - In the first half of 2025, China's furniture industry continued to exhibit characteristics of "overall pressure with structural optimization", with revenue for large-scale furniture manufacturers decreasing by 4.9% year-on-year, though the decline narrowed compared to Q1, showing marginal improvement[32] - The company is a leader in China's mattress industry, boasting eight domestic production bases, one overseas base in Thailand, over 5,000 offline stores, and continuous investment in AI smart sleep product R&D[36] - The company's sales models include own-brand retail (online and offline), own-brand engineering channels (hotels, apartments), and OEM business channels (manufacturing for leading domestic and international brands)[55][56][57] Discussion and Analysis of Operations In H1 2025, designated as "AI Year One," the company strategically transformed into a technology-driven sleep solution provider, achieving robust growth by optimizing online and offline retail, upgrading "Net-Sleep Formaldehyde Removal Technology," expanding its "aise Baobao" AI product matrix, and integrating AI into internal operations for efficiency gains - The company designated 2025 as "AI Year One", committing to transform from a traditional furniture manufacturer into a technology-driven sleep solution provider[60] - In technological innovation, the company upgraded its "Net-Sleep Formaldehyde Removal Technology", launched new Net-Sleep M series and zero-glue mattresses; the AI product matrix continues to improve with the addition of aise Baobao Cloud Enjoy series and Sleemon AI Net-Sleep E series product lines[63] - The company deepened industry-academia-research collaboration, co-establishing a Smart Sleep Technology Joint Research Center with Tsinghua University, and forming an exclusive strategic partnership with Strong Brain Technology to launch co-branded AI mattresses and jointly develop brain-computer interface-based sleep solutions[63] - AI technology has been applied in various scenarios, including human resources, quality inspection, intelligent customer service, and in-store smart bed selection systems, effectively improving operational efficiency and service conversion rates[64] Analysis of Core Competencies The company's core competencies remained stable, highlighted by strong design and R&D, a leading brand position as "China's first mattress stock," extensive online and offline marketing networks, efficient manufacturing and digitalized supply chains, and robust quality control systems - Design and R&D Advantage: The company is a national high-tech enterprise, possessing provincial-level key enterprise research institutes and academician expert workstations, forming a virtuous cycle of independent R&D complemented by industry-academia-research collaboration[66][67] - Brand Advantage: Known as "China's first mattress stock," the company has built a pyramid-shaped brand matrix centered on its main brand "Sleemon" and high-end sofa brands "Chateaux" and "M&D," continuously reinforcing its brand positioning of "spinal protection" and "deep quality sleep"[68][69] - Marketing Network Advantage: A comprehensive multi-channel marketing network has been established, with over 5,000 offline exclusive stores and full coverage across mainstream e-commerce platforms like Tmall, JD.com, and Douyin[70] - Manufacturing and Supply Chain Advantage: The company operates eight domestic production bases, achieving full coverage across China, and an overseas production base in Thailand, integrating CRM, SAP, MES, and other systems to streamline order-to-production processes for efficient and intelligent supply chain management[72] - Quality Control Advantage: The company was among the first to pass the ISO9001, ISO14001, ISO45001 "three-in-one" management system certification, and has served as a primary drafting unit for multiple national and industry standards[73][74] Analysis of Main Operating Performance During the reporting period, the company's main business financial indicators remained stable, with sales expenses increasing by 8.42% while management, financial, and R&D expenses decreased; significant increases in prepayments, construction in progress, notes payable, and long-term borrowings were noted, alongside strategic investments in Milan Image and new sales subsidiaries Financial Statement Item Variation Analysis | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,020,509,915.07 | 3,957,601,195.25 | 1.59 | | Selling Expenses | 833,673,502.19 | 768,947,186.99 | 8.42 | | Administrative Expenses | 208,718,414.85 | 222,087,357.78 | -6.02 | | Financial Expenses | 13,403,476.65 | 17,418,988.01 | -23.05 | | R&D Expenses | 82,333,831.16 | 90,105,586.15 | -8.63 | Analysis of Asset and Liability Status Changes | Item Name | Current Period End Amount (CNY) | Prior Period End Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 183,832,686.93 | 98,580,621.33 | 86.48 | Increase in prepaid material costs, brand promotion fees, etc | | Construction in Progress | 126,296,504.20 | 47,025,497.41 | 168.57 | Factory intelligent transformation, Jiangxi factory phase II construction, etc | | Notes Payable | 1,006,389,191.34 | 494,047,735.17 | 103.70 | Increase in settlement by notes | | Accounts Payable | 978,153,322.07 | 1,713,925,134.40 | -42.93 | Payment for goods, equipment | | Long-term Borrowings | 694,414,900.00 | 261,265,558.33 | 165.79 | Increase in borrowings | - During the reporting period, the company acquired a 30% equity stake in Jiaxing Milan Image Furniture Co., Ltd. for 97.5 million CNY, increasing its shareholding from 51% to 81%, aiming to strengthen its sofa product category and overseas business[80][89] Risk Analysis and Response The company faces risks from raw material price fluctuations, market competition, demand volatility, international trade friction, operational management, and brand management, addressed through diversified procurement, enhanced competitiveness, market monitoring, adjusted overseas layouts, improved internal controls, and brand protection - The company identified six major risks: raw material price fluctuations, intensified market competition, market demand volatility, international trade friction, operational management risks, and brand operation and management risks[91][92][94][96][97] - Countermeasures include: managing raw material costs through centralized procurement and price locking; leveraging brand and channel advantages to capture market share; establishing a sensitive market monitoring system to respond to demand changes; adjusting overseas factory layouts to mitigate trade friction; improving internal organizational structure and risk control systems; and establishing dedicated departments for brand maintenance and crisis public relations[91][92][93][95][96][97] Corporate Governance, Environment, and Society This section covers the company's profit distribution plan, adjustments to its equity incentive plan, and the proposed cancellation of employee stock ownership plan shares due to unfulfilled performance targets Profit Distribution Plan The board approved a H1 2025 profit distribution plan to pay a cash dividend of 2.80 CNY (tax inclusive) per 10 shares, totaling approximately 104 million CNY, representing 39.03% of half-year net profit attributable to the parent company, pending shareholder approval H1 2025 Profit Distribution Plan | Distribution/Conversion Item | Plan | | :--- | :--- | | Number of Bonus Shares per 10 Shares | 0 shares | | Dividend per 10 Shares (tax inclusive) | 2.80 CNY | | Number of Shares Converted from Capital Reserve per 10 Shares | 0 shares | | Total Proposed Cash Dividend (tax inclusive) | 104,003,614.40 CNY | | Percentage of Half-Year Net Profit Attributable to Parent Company | 39.03% | Equity Incentive and Employee Stock Ownership Plans During the reporting period, the company adjusted and partially canceled its 2021 stock option incentive plan due to unachieved 2024 performance targets, leading to the cancellation of 872,820 stock options and a proposal to repurchase and cancel 3,149,045 unvested shares from the 2021 employee stock ownership plan - Due to the company's failure to meet its 2024 performance targets, the third exercise period conditions for the 2021 stock option incentive plan were not met, and the company canceled all remaining 872,820 stock options on May 29, 2025[103][455] - As performance targets for 2022-2024 were not met, none of the three vesting periods for the 2021 employee stock ownership plan were achieved; the company proposes to repurchase and cancel all remaining 3,149,045 unvested shares from the plan at a price of 23.65 CNY/share[105][106] Significant Matters This section details the fulfillment of commitments, significant related-party transactions, and major guarantees during the reporting period Fulfillment of Commitments During and continuing into the reporting period, the company's actual controller, shareholders, and related parties strictly fulfilled all commitments made during major asset restructurings, initial public offerings, and equity incentives, including those concerning avoiding horizontal competition, regulating related-party transactions, and share lock-ups, with no breaches reported - The company's controlling shareholder, actual controller, and related parties strictly fulfilled all commitments during the reporting period regarding avoiding horizontal competition, regulating related-party transactions, and share lock-ups[109][110][111] Significant Related-Party Transactions The company projected its 2025 annual routine related-party transactions and is currently preparing and refining materials for a proposed non-public issuance of A-shares to Anhui Xinhong Equity Investment Co., Ltd., a wholly-owned subsidiary of the controlling shareholder, which constitutes a related-party transaction - The company approved the "Proposal on Estimated Routine Related-Party Transactions for 2025" in April 2025[113] - The company plans to privately issue 66,354,410 A-shares to Anhui Xinhong Equity Investment Co., Ltd., a wholly-owned subsidiary of the controlling shareholder, which constitutes a related-party transaction and is currently in progress[115][116] Significant Guarantees During the reporting period, all external guarantees were provided to wholly-owned subsidiaries to support their operations and business expansion; as of the period-end, the total guarantee balance for subsidiaries was 221 million CNY, representing 5.85% of the company's net assets, with no irregular guarantees Company Guarantee Total (Unit: Ten Thousand CNY) | Item | Amount | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During the Reporting Period | 21,750.00 | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 22,060.00 | | Total Guarantees (A+B) | 22,060.00 | | Percentage of Total Guarantees to Company's Net Assets (%) | 5.85 | Share Changes and Shareholder Information This section details changes in the company's share capital due to share repurchases and cancellations, along with an overview of its shareholder structure, including the top ten shareholders and their respective holdings Share Capital Changes During the reporting period, the company's total share capital changed due to share repurchases and cancellations, with 7,550,400 shares repurchased and canceled in May 2025, reducing the total share capital from 378,991,880 shares to 371,441,480 shares - The company completed share repurchases and cancellations in May 2025, resulting in a reduction of 7,550,400 shares in its total share capital[122] Total Share Capital Changes | Item | Quantity Before Change (Shares) | Current Change (Shares) | Quantity After Change (Shares) | | :--- | :--- | :--- | :--- | | Total Shares | 378,991,880 | -7,550,400 | 371,441,480 | Shareholder Information As of the end of the reporting period, the company had 15,699 common shareholders, with the controlling shareholder, Zhejiang Huayi Intelligent Manufacturing Co., Ltd., holding 22.83%, and the actual controller, Chen Ayu, along with his concerted parties, holding a combined 36.05% - As of the end of the reporting period, the company had a total of 15,699 common shareholders[124] Top Three Shareholders' Holdings | Shareholder Name | Shares Held at Period-End (Shares) | Percentage (%) | | :--- | :--- | :--- | | Zhejiang Huayi Intelligent Manufacturing Co., Ltd. | 84,799,659 | 22.83 | | Shaoxing Yuecheng Huahan Equity Investment Partnership (Limited Partnership) | 36,807,950 | 9.91 | | National Social Security Fund 413 Portfolio | 10,897,147 | 2.93 | - Controlling shareholder Zhejiang Huayi Intelligent Manufacturing Co., Ltd., Shaoxing Yuecheng Huahan Equity Investment Partnership (Limited Partnership), actual controller Chen Ayu, and Shaanxi Guotou · Jinyu No. 201 Trust Plan are parties acting in concert[127] Bond-Related Information This section confirms that the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period Corporate Bonds and Convertible Corporate Bonds During the reporting period, the company had no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company had no corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during this reporting period[131] Financial Report This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity Financial Statements This chapter provides the company's unaudited consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The financial report in this semi-annual report is unaudited[7][133] Key Items from Consolidated Balance Sheet (June 30, 2025) (Unit: CNY) | Item | Period-End Balance (CNY) | Prior Year-End Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 8,642,870,981.43 | 8,904,781,941.06 | | Total Liabilities | 4,823,048,333.35 | 4,983,821,714.47 | | Total Owners' Equity Attributable to Parent Company | 3,772,795,790.72 | 3,767,736,426.88 | Key Items from Consolidated Income Statement (Jan-Jun 2025) (Unit: CNY) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 4,020,509,915.07 | 3,957,601,195.25 | | Operating Profit | 299,604,165.85 | 286,300,305.51 | | Total Profit | 297,144,153.02 | 276,020,944.13 | | Net Profit | 261,653,850.49 | 235,881,318.19 | | Net Profit Attributable to Parent Company Shareholders | 266,491,172.67 | 233,677,195.79 | Key Items from Consolidated Cash Flow Statement (Jan-Jun 2025) (Unit: CNY) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -39,624,133.07 | -173,790,428.97 | | Net Cash Flow from Investing Activities | -234,195,718.43 | -39,527,543.50 | | Net Cash Flow from Financing Activities | -211,767,908.96 | 12,724,612.36 | | Net Increase in Cash and Cash Equivalents | -485,587,760.46 | -200,593,360.11 | Notes to Financial Statements This chapter details the basis of financial statement preparation, accounting standards followed, significant accounting policies and estimates, and provides comprehensive notes on major consolidated financial statement items, related-party relationships and transactions, share-based payments, contingent liabilities, and post-balance sheet events - The financial statements are prepared on a going concern basis and comply with the requirements of Enterprise Accounting Standards[160][163] - The company's principle for revenue recognition is to recognize revenue when the customer obtains control of the related goods or services; for domestic sales, revenue is recognized upon product delivery to the buyer, and for export sales, upon customs declaration and receipt of the bill of lading[221][222] - As of the period-end, the total book value of assets with restricted ownership or use rights amounted to 1.14 billion CNY, primarily comprising monetary funds, fixed assets, and intangible assets used for secured borrowings and issuing bank acceptance bills[332]