电商、国际等业务由盈转亏！慕思股份2024年增收不增利

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]