史凡可 浙商证券轻工分析师: 好的。那个，各位投资者大家早上好，我是浙商轻工的石凡可那和我一起，还有这个我的 同事付嘉成。感谢大家来参加，这一场是慕思股份的三季报的业绩交流。那也是感谢这个 公司管理层的时间，那今天的话，其实我们是非常荣幸的邀请到了慕斯股份的这个副总裁 兼财务总监，兼董秘，这个邓总。正代的话是杨总，然后还有就是 L 赵总一起来和大家去 做这样子的一个相应的经营展望吧。应该说今年的话，我们觉得整体家居的大环境还是非 常有压力的。 那在这个应该说是地产走弱和国补拉动其实也在减少的这样的一个单三季度。我们其实觉 得慕思就是整体在收入端，因为本身实际上去年的表现也很好，那在今年的这样的一个环 境下，就实现到一个个位数的正增长，我们觉得还是非常有经营的韧性的。当然盈利上面 的话，就是考虑到公司目前为止是坚定的在推行这个 AI 睡眠战略，那在这个 AI 床垫上面 的这个品宣的投入，就一会可能邓总也会跟大家去做一下相应的分解。那我们觉得可能是 影响到了这个阶段性的一个相应的表现，但往后看的话，实质上我们还是非常应该说是相 信，就是公司后面在这个 AI 床垫上面的相应的一个布局和收获。 那下面的话，我们还是把 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 2.478 billion yuan in H1 2025, a year-on-year decrease of 5.76%, with a net profit attributable to shareholders of 358 million yuan, down 4.14% [1] - The company is focusing on its AI sleep strategy, with AI product revenue reaching 121 million yuan, representing over threefold growth year-on-year [2] - The company is expanding its overseas market, achieving 109 million yuan in foreign revenue, a 73.97% increase [2] - The gross margin remained stable with a year-on-year increase of 0.64 percentage points, while sales expense ratio increased by 3.62 percentage points due to higher marketing investments [3] - The company expects to benefit from the old-for-new subsidy program, with projected revenues of 5.774 billion yuan, 6.197 billion yuan, and 6.698 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth of 3.06%, 7.32%, and 8.09% [4] Revenue Drivers - The core mattress category showed stable growth with H1 2025 revenue of 1.256 billion yuan, a 1.25% increase [2] - The company launched the AI smart mattress T11+ and upgraded its tidal algorithm, enhancing its technological and ecological positioning [2] - The company has developed a smart service system and continues to operate a high-end membership club, increasing customer loyalty with over 3.92 million registered members [2] Profitability and Valuation - The company is expected to achieve net profits of 771 million yuan, 842 million yuan, and 922 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.30X, 14.92X, and 13.64X [4]