Core Viewpoint - Mousse Co., Ltd. (001323.SZ), one of the "three giants" in the A-share mattress industry, faced a decline in both revenue and net profit in the first half of the year, indicating significant operational challenges amid a contracting core sales channel and pressure on its mattress and related product sales [2][5]. Group 1: Financial Performance - The company's revenue decreased by 5.76% year-on-year to 2.48 billion yuan, while net profit fell by 4.14% to 358 million yuan. The net profit excluding non-recurring items dropped by 20.97% to 285 million yuan [4][5]. - The operating cash flow also saw a significant decline, down 61.22% to 86 million yuan, attributed to reduced cash receipts from sales [10]. - The basic and diluted earnings per share both decreased by 4.21% to 0.91 yuan [4]. Group 2: Sales Channel and Product Performance - The core sales channel, primarily through distributors, experienced a 2.79% decline in revenue, with the number of specialized stores decreasing from 5,400 to 5,300 [10]. - Among product categories, only the mattress segment saw growth, with revenue up 1.25% to 1.26 billion yuan, while other categories like bed frames, sofas, and bedding faced declines of 10.68%, 15.64%, and 22.23%, respectively [8][9]. - Domestic sales accounted for 95.60% of total revenue, while overseas sales increased by 73.97% to 109 million yuan, albeit from a low base [6][13]. Group 3: Strategic Initiatives - The company is focusing on an AI strategy and aims to enhance its global brand presence, with AI product revenue reaching 121 million yuan, a more than threefold increase year-on-year [11][14]. - Despite the growth in AI product revenue, the company has not significantly increased its R&D investment, which raises concerns about the sustainability of this growth [14]. - The company announced a substantial dividend payout of 4.50 yuan per 10 shares, totaling approximately 195 million yuan, which is 68.4% of its net profit excluding non-recurring items, benefiting major shareholders significantly [14].
慕思股份上半年营收净利双线失守，床垫业务增速放缓