Core Viewpoint - The company, Mousse, demonstrated resilience in its 2024 annual report, achieving revenue of 5.603 billion yuan and a net profit of 767 million yuan, amidst a challenging home furnishing industry environment marked by intensified competition and changing consumer demands [1][2]. Group 1: Financial Performance - In 2024, Mousse reported a revenue of 5.603 billion yuan, representing a year-on-year growth of 0.43% [2]. - The net profit attributable to shareholders was 767 million yuan [1]. - The company announced a cash dividend of 10 yuan per 10 shares to all shareholders [1]. Group 2: Market Strategy and Growth - Mousse's domestic business maintained stability through channel optimization and steady growth in traditional main businesses, supported by a diversified sales network with over 5,400 offline stores [2][3]. - E-commerce revenue reached 1.093 billion yuan in 2024, growing by 6.04% year-on-year, showcasing significant online and offline synergy [2]. - The mattress segment generated 2.679 billion yuan in revenue, reflecting a year-on-year increase of 3.78% [2]. Group 3: Research and Development - Mousse invested over 400 million yuan in R&D from 2020 to 2022, ranking among the industry leaders, and continued to increase R&D spending to 205 million yuan in 2024, up by 10.51% [3]. - The launch of the AI smart mattress T11PRO, featuring proprietary "Tidal Technology" for sleep algorithm adjustment, marked a significant product innovation [3]. Group 4: International Expansion - Mousse's overseas business generated 155 million yuan in revenue in 2024, a remarkable year-on-year growth of 61.07%, particularly in the Southeast Asian market [3]. - The company has established a retail network covering 19 countries, including Australia, Europe, and Singapore, and is actively exploring new e-commerce platforms [3]. Group 5: Policy Impact and Future Outlook - The "old-for-new" policy initiated by the government has positively influenced the home furnishing market, with significant retail growth in the furniture sector [4][5]. - Mousse has actively participated in these initiatives, launching promotional activities and offering additional subsidies to stimulate consumer demand [5]. - The company is preparing for the 2025 policy environment by developing innovative products, including AI smart mattresses, to enhance its market position [6][7].
慕思股份以“韧性发展”穿越周期，锚定创新驱动新增长丨财面儿·年报深解