Core Viewpoint - The Shanghai Mercury Home Textile Co., Ltd. has successfully met the conditions for the first unlock period of its 2024 restricted stock incentive plan, allowing for the release of shares to eligible participants [2] Summary by Relevant Sections Incentive Plan Overview - The company has conducted a review of the first unlock conditions of its 2024 restricted stock incentive plan and confirmed that the conditions have been met [2] - The number of eligible participants for the unlock is 65, with a total of 1.7388 million shares to be released, representing 0.6620% of the company's total share capital [2] Compliance and Authorization - The release of shares complies with relevant laws and regulations, and does not harm the interests of the company or its shareholders [2] - The board's compensation and assessment committee has agreed to proceed with the share release according to the relevant regulations [2]

Investment Rating - The report gives a "Strong Buy" rating for the company, with a current market price of 20.37 CNY and a corresponding PE ratio of 13X [1][3]. Core Insights - The company is experiencing rapid online growth, particularly with its "Deep Sleep Pillow" and "Ice Cream Quilt" products, as consumer demand shifts towards functional upgrades and daily replacement needs [1][7]. - The overall market size for the home textile industry is estimated at 150 billion CNY, with leading brands holding low single-digit market shares [7][12]. - The company has adopted a big product strategy, focusing on high-value items, and has seen significant online sales growth, with online revenue accounting for over 50% of total income [7][32]. Financial Data and Valuation - Total revenue is projected to grow from 41.93 billion CNY in 2024 to 57.15 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 11% [2][57]. - Net profit is expected to increase from 4.16 billion CNY in 2025 to 5.35 billion CNY in 2027, reflecting a growth rate of 13% to 14% [2][57]. - The company's gross margin is forecasted to improve gradually, reaching 42.5% by 2027 [57][64]. Market Dynamics - The report highlights a weakening correlation between home textile sales and real estate performance, indicating a shift towards daily replacement demand as a primary driver [7][12]. - The competitive landscape is fragmented, with major brands like Luolai, Ato, and Mercury holding relatively small market shares in the online space [7][12]. - Young consumers are increasingly willing to pay for health-related sleep products, driving sales for innovative offerings [7][26]. Company Strategy - The company focuses on a "core product" strategy, emphasizing high-quality bedding items, which has led to a significant increase in revenue from these categories [32][33]. - Online sales have been a major growth driver, with a notable increase in revenue from e-commerce platforms [38][57]. - Marketing strategies have evolved to target younger demographics, utilizing social media and influencer partnerships to promote key products [51][52].

Meeting Details - The fifth meeting of the supervisory board of Shanghai Mercury Home Textile Co., Ltd. was held on June 3, 2025, in compliance with the Company Law of the People's Republic of China and the company's articles of association [1] - The meeting was notified to all supervisors via Feishu on May 29, 2025, and was attended by all voting supervisors [1] Voting Results - The voting results showed unanimous support with 3 votes in favor, 0 against, and 0 abstentions [2][3] - The proposals discussed in the meeting will be submitted for review at the company's first extraordinary general meeting of shareholders in 2025 [2][3] Agenda Items - The meeting reviewed and approved the revision of the company's articles of association and the modification, addition, or repeal of certain internal regulations [1]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on June 19, 2025, at 14:00 [1] - The meeting will take place at the company's conference room located at 1487 Hu-Hang Highway, Shanghai [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system from 09:15 to 15:00 on the day of the meeting [1][4] - Specific voting times for the trading system are from 09:15-09:25, 09:30-11:30, and 13:00-15:00 [1] - Shareholders holding multiple accounts can aggregate their voting rights across all accounts [5] Meeting Agenda - The meeting will review proposals that have been approved by the company's board and supervisory committee [2] - Related announcements and materials will be published on the Shanghai Stock Exchange's website [2] Attendance and Registration - Shareholders registered by the close of trading on June 13, 2025, are eligible to attend [6] - Registration for the meeting will occur on June 17, 2025, from 09:00 to 17:00 [6][7] - Shareholders can register via fax, mail, or email, but must provide necessary documentation [7] Additional Information - The meeting is expected to last half a day, and attendees are responsible for their own travel and accommodation costs [8] - Contact information for the board secretary's office is provided for any inquiries [8]

Core Points - The candidate Wang Dihai has been nominated as an independent director for the sixth board of Shanghai Mercury Household Textile Co., Ltd. and has declared his qualifications and independence [1][4] - The candidate possesses over 5 years of relevant work experience in law, economics, finance, or management, and has completed the necessary training recognized by the stock exchange [1][4] - The candidate confirms compliance with various legal and regulatory requirements regarding independent director qualifications, including the Company Law of the People's Republic of China and relevant regulations from the China Securities Regulatory Commission [1][4] - The candidate asserts independence by stating that he does not fall under any disqualifying conditions, such as holding shares or having close relationships with major shareholders [1][4] - The candidate has no adverse records in the last 36 months, including administrative penalties or criminal charges from the China Securities Regulatory Commission [2][3] - The candidate has not been dismissed from previous independent director positions due to attendance issues and has not exceeded the limit of serving as an independent director for more than three listed companies [3][4] - The candidate commits to adhering to laws, regulations, and the rules of the Shanghai Stock Exchange while ensuring sufficient time and effort to fulfill his duties independently [4]

Core Insights - The JAPANTEX exhibition, scheduled from November 19 to 21, 2025, in Tokyo, serves as a significant platform for the home textile industry, bringing together manufacturers, designers, and buyers [1] Group 1: Exhibition Highlights - The exhibition will focus on innovation and sustainability in home textiles, showcasing products made from new eco-friendly materials [1] - A diverse range of products will be displayed, including bedding, curtains, carpets, and tablecloths, emphasizing the integration of smart technology to enhance user experience [1] Group 2: Industry Trends - The event will feature forums and seminars led by industry experts discussing the latest trends and future directions in home textiles, covering material innovation, design trends, and marketing strategies [2] Group 3: Networking Opportunities - JAPANTEX provides a valuable opportunity for exhibitors and buyers to establish connections and expand their markets through face-to-face interactions [3] Group 4: Visitor Experience - The exhibition offers a chance for general visitors to gain insights into the home textile industry, with experience zones allowing them to touch and feel various materials and products [4] Group 5: Future Outlook - The successful hosting of JAPANTEX indicates ongoing growth in the home textile industry in Japan, driven by increasing consumer interest in quality home products [5] - The exhibition is expected to inspire innovation and development within the industry, highlighting the importance of diverse designs and eco-friendly materials for future products [5]

Group 1 - The company announced the repurchase and cancellation of 40,000 restricted stocks due to one incentive object no longer meeting the incentive conditions after leaving the company [2] - The repurchase price for the restricted stocks is set at 7.26 yuan per share, plus interest, with a total fund amounting to 291,857.62 yuan [2] - Following the completion of the repurchase and cancellation, the company's total share capital will decrease from 262,673,500 shares to 262,633,500 shares, and the registered capital will reduce from 262,673,500 yuan to 262,633,500 yuan [2] Group 2 - Creditors have the right to request debt repayment or corresponding guarantees within 30 days of receiving the notice, or within 45 days from the announcement date if no notice is received [3] - Required materials for creditors to declare their claims include original and photocopied documents proving the existence of the debt relationship [3] - Creditors can declare their claims through on-site, mail, or email methods, with specific instructions provided for each method [3]

证券代码：603365 证券简称：水星家纺 公告编号：2025-018 上海水星家用纺织品股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 21 日 (一) 非累积投票议案 第 1页 共 4页 审议结果：通过 | 比例（%） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 类型 A股 | 票数 180,896,780 | 比例（%） 99.9948 | 3,800 | 票数 0.0021 | 比例（%） 5,500 | 票数 0.0031 | 审议结果：通过 表决情况： 股东 同意 反对 弃权 类型 票数 比例（%） 票数 比例（%） 票数 比例 (二)股东大会召开的地点：上海市奉贤区沪杭公路 1487 号公司 5 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (四)表决方式是否符合《公司法 ...

上海市锦天城律师事务所 关于上海水星家用纺织品股份有限公司 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：02120511000 传真：02120511999 邮编：200120 关于上海水星家用纺织品股份有限公司 法律意见书 致：上海水星家用纺织品股份有限公司 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 上海市锦天城律师事务所（以下简称"本所"）接受上海水星家用纺织品股 份有限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、 《中华人民共和国证券法》 （以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规、规范 性文件和《上海水星家用纺织品股份有限公司章程》 （以下简称"《公司章程》"） 的有关规定，指派律师列席公司 2024 年年度股东大会（以下简称"本次股东大 会"），对本次股东大会相关事项进行见证，并依法出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序、出席本次股东大会人员 的资格、召集人资格、表决程序及表决结果发表意见，而不对本次股东大会所审 ...

Core Insights - China's home textile exports reached $7.62 billion in Q1, a year-on-year increase of 3.4%, accounting for 11.5% of the total textile and apparel exports, outperforming the overall industry growth rate of 1% by 2.4 percentage points [1] Product Segmentation - Key products in home textile exports include bedding, carpets, bath textiles, curtains, towels, and tablecloths. In Q1, bedding exports were $3.35 billion, up 4.7%; carpets at $1.05 billion, up 5.2%; bath textiles at $760 million, up 0.7%; curtains at $730 million, up 8.9%; bedspreads at $710 million, up 1.9%; towels at $440 million, down 4.3%; tablecloths at $160 million, down 9.6%; and other products at $410 million, up 1.6% [2] Market Performance - The top five markets for China's home textile exports are the United States, EU, ASEAN, Japan, and Australia. In Q1, exports to the US were $2.45 billion, up 7.7%, accounting for 32.1% of total home textile exports. Exports to the EU were $980 million, up 11.8%, accounting for 12.8%. Exports to ASEAN were $720 million, down 25.3%, accounting for 9.5%. Exports to Japan were $560 million, down 2.2%, accounting for 7.3%. Exports to Australia were $260 million, down 10.9%, accounting for 3.4% [3] Regional Performance - The leading regions for home textile exports are Zhejiang, Jiangsu, Shandong, Guangdong, and Shanghai. In Q1, Zhejiang's exports were $2.6 billion, up 12.3%; Jiangsu's exports were $1.61 billion, up 3.9%; Shandong's exports were $990 million, down 3.2%; Guangdong's exports decreased by 14%; and Shanghai's exports increased by 10.9%. Notably, Xinjiang saw a growth of 27.3%, while Guangxi surged by 72.4% [4] International Market Share - In Q1, US imports of home textiles reached $4.16 billion, up 4.1%. Imports from China were $1.71 billion, up 2.8%, accounting for 41.1%, a decrease of 0.5 percentage points. The EU imported $1.78 billion, up 24.8%, with imports from China at $670 million, up 35%, accounting for 37.3%, an increase of 3.2 percentage points. Japan's imports were $680 million, up 3%, with imports from China at $490 million, up 2.5%, accounting for 71.3%, a slight decrease of 0.3 percentage points [5] Trend Outlook - The US remains the largest single market for China's home textile exports, accounting for over 30%. A recent agreement between China and the US to reduce tariffs from 145% to 30% for 90 days is expected to stabilize export orders and lower costs in the short term. However, long-term structural trade issues and strategic competition will remain core challenges. Companies are encouraged to pursue industrial upgrades, diversify markets, enhance product value through technological innovation, and strengthen supply chain management to reduce reliance on single markets [6]