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].
慕思股份渠道扩张扣非降超25% 有息负债增至12.49亿投30亿理财