Core Viewpoint - Mousse Health Sleep Co., Ltd. is facing allegations from several distributors regarding profit manipulation and management practices, which the company denies, asserting compliance with accounting standards and audit approvals [1][2]. Financial Performance - In the first half of 2025, Mousse reported revenue of 2.478 billion yuan, a decrease of 5.76% year-on-year, and a net profit of 358 million yuan, down 4.14% year-on-year [2][3]. - The mattress segment saw a slight revenue increase of 1.25% to 1.256 billion yuan, while revenues from bed frames, sofas, bedding, and other products declined [2][3]. Business Operations - The company has approximately 5,300 offline specialty stores through distribution channels, indicating a reduction of about 300 stores over the past year [4]. - Mousse's distribution model is crucial for expanding its marketing and service networks, but it also presents management challenges due to the dispersed nature of its distributors [4]. Investment Projects - The "East China Health Bedding Production Line Construction Project" has not yet achieved the expected benefits, with production capacity gradually being released [4][5]. Market Performance - As of the afternoon of the 19th, Mousse's stock price was 27.89 yuan per share, with a total market capitalization of 12.134 billion yuan, reflecting a decline of 16.78% since the beginning of 2025 [5].