Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported revenue, net profit attributable to the parent, and net profit excluding non-recurring items for H1 2025 at 2.48 billion, 360 million, and 290 million yuan respectively, showing year-on-year declines of -6%, -4%, and -21%. For Q2 2025, the figures were 1.356 billion, 240 million, and 166 million yuan, with year-on-year changes of -5%, +3%, and -27% respectively. The revenue demonstrates strong operational resilience, while profitability remains stable despite a complex environment [2][6] - The company is seizing growth opportunities in AI mattresses and government subsidies for home furnishings, focusing on increasing market share. The brand's strength and the differentiated competitive advantage of AI mattress products are viewed positively [2][6] Summary by Sections Revenue Performance - The company experienced a revenue decline of -6% in H1 2025 and -5% in Q2 2025. The mattress segment showed resilience with a +1% increase, while bed frames, sofas, and bedding saw declines of -11%, -16%, and -22% respectively. The online sales channel faced pressure due to high base effects from the previous year, but excluding this impact, online sales are estimated to have shown good growth [2][11] Profitability - The gross margin increased by 0.6 percentage points year-on-year in H1 2025, with continued internal cost reduction and efficiency improvements. The gross margins for mattresses and bed frames increased by 1.8 and 1.6 percentage points respectively. In Q2, the gross margin decreased by 0.2 percentage points, while the net profit margin attributable to the parent increased by 1.4 percentage points [2][11] Growth Opportunities - The company is focusing on AI mattresses and government subsidies for home furnishings as growth opportunities. In H1 2025, revenue from AI products reached 121 million yuan, a year-on-year increase of over three times. The company launched the T11+ series in March, featuring advanced smart sleep technology, and signed a memorandum of cooperation with Huawei to develop a smart sleep ecosystem [2][11] Brand and Market Strategy - The company has been enhancing its product suite, optimizing store series, and strengthening brand building. The number of specialty stores decreased by approximately 100 to 5,300 in H1 2025. The membership system saw an increase of 1.4837 million new registrations, totaling over 3.92 million members by H1 2025 [2][11] Financial Outlook - The company is expected to maintain a high dividend level, with a projected payout ratio of 90% in 2024. The mid-year dividend for this year is estimated at 195 million yuan. Forecasted net profits attributable to the parent for 2025-2027 are 780 million, 820 million, and 900 million yuan, corresponding to PE ratios of 16, 15, and 14 times [2][11]
慕思股份（001323）：经营韧性强，中期分红回报股东