Meeting Overview - The first meeting of the sixth board of directors of Shanghai Mercury Home Textile Co., Ltd. was held on June 19, 2025, with all nine directors present, including one participating via communication [1] - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association, making the resolutions legally valid [1] Election of Board Members - The board elected Mr. Li Yulu as the chairman of the sixth board of directors, with a term consistent with the board's duration [1] - Mr. Li Laibin was elected as the vice chairman of the sixth board of directors, also with a term aligned with the board's duration [2] Committee Appointments - The board established various specialized committees, including: - Strategic Committee: Mr. Li Yulu (Chair), Mr. Li Laibin, Mr. Li Yugao, Ms. Yang Hongqin, Mr. Wang Dihai [2] - Audit Committee: Mr. Wu Zhongsheng (Chair), Ms. Yang Hongqin, Ms. Li Lijun [2] - Compensation and Assessment Committee: Ms. Yang Hongqin (Chair), Mr. Wang Dihai, Mr. Li Yulu [2] - Nomination Committee: Mr. Wang Dihai (Chair), Mr. Wu Zhongsheng, Mr. Li Yulu [2] Executive Appointments - Mr. Li Yulu was reappointed as the president of the company, with a term consistent with the board's duration [3] - Mr. Li Laibin was reappointed as the executive vice president, Mr. Li Yugao and Ms. Li Jie were reappointed as vice presidents, all with terms aligned with the board's duration [3] Other Appointments - Ms. Tian Yi was reappointed as the board secretary, and Mr. Sun Zigang was reappointed as the financial director, both with terms consistent with the board's duration [4] Stock Incentive Plan - The board approved the achievement of conditions for the first unlock period of the 2024 restricted stock incentive plan, allowing for the unlocking of shares for eligible participants [4]

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].

公司代码：603365 公司简称：水星家纺 上海水星家用纺织品股份有限公司 会 议 资 料 二零二五年六月 水星家纺 2025 年第一次临时股东大会 会议资料 目 录 水星家纺 2025 年第一次临时股东大会 会议资料 上海水星家用纺织品股份有限公司 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，上海水星家用纺织品股份有限公司（以下简称"公司"）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》 《上市公司股东会规则》以及《公司章程》《公司股东大会议事规则》的相关规 定，特制定公司 2025 年第一次临时股东大会会议须知： 一、本次会议设立股东大会会务组，具体负责会议期间的组织及相关会务工 作。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，除依 法出席会议的公司股东（或其授权代表）、董事、监事、董事会秘书、高级管理 人员、聘请的律师和董事会邀请参会的人员外，公司有权依法拒绝其他人士入场。 三、请参会人员自觉遵守会场秩序，进入会场后，请关闭手机或调至静音状 态。 四、股东（或其授权代表）参加本次大会依法享有发言权、咨询权和表决权 ...

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]

Meeting Details - The shareholders' meeting was held on May 21, 2025, at the company's conference room in Shanghai [1] - The meeting was chaired by the company's chairman, Mr. Li Yulu, and utilized a combination of on-site and online voting methods [1] Voting Results - All resolutions presented at the meeting were approved with significant majority votes, including: - A total of 180,896,780 votes in favor, representing 99.9948% for the first resolution [2] - A total of 180,889,980 votes in favor, representing 99.9911% for the second resolution [2] - A total of 180,894,580 votes in favor, representing 99.9936% for the third resolution [2] - A total of 180,893,580 votes in favor, representing 99.9930% for the fourth resolution [2] - A total of 180,898,080 votes in favor, representing 99.9955% for the fifth resolution [3] Legal Compliance - The procedures for convening and conducting the shareholders' meeting, as well as the qualifications of attendees and voting processes, complied with relevant laws and regulations [5] - All resolutions passed during the meeting are deemed legal and effective [5] Witnessing by Lawyers - The meeting was witnessed by lawyers Hu Jiajun and Peng Sijia, ensuring the legality of the proceedings [5]