单位：万元 币种：人民币 销售渠道 主营业务收入 主营业务成本 毛利率 （%） 主营业务收入比 上年同期增减 （%） 主营业务成本比 上年同期增减 （%） 毛利率比上 年同期增减 （%） 门店合计 126,729.45 63,557.41 49.85 2.55 1.75 0.40 直营店 108,112.78 52,452.87 51.48 1.87 3.61 -0.82 其中：境内销售 10,543.39 4,170.85 60.44 11.14 8.02 1.14 其中：境外销售 97,569.39 48,282.02 50.52 0.96 3.25 -1.09 经销店 18,616.67 11,104.54 40.35 6.68 -6.22 8.21 其中：境内销售 18,616.67 11,104.54 40.35 6.68 -6.22 8.21 其中：境外销售 线上销售 117,014.58 59,557.44 49.10 57.40 44.15 4.68 其中：境内销售 17,936.54 6,006.42 66.51 15.98 1.01 4.96 其中：境外销售 99,078.04 53,55 ...

点击注册小程序 公司发布2025年中报，1H2025公司实现营收/归母净利润分别为98.0/10.2亿元，分别同比+10.0%/+13.9%，实现 经营性活动现金流净额10.9亿元，同比+71.9%；1Q2025实现营收/归母净利润分别为49.1/5.2亿元，分别同比 +12.9%/+23.5%；2Q2025实现营收/归母净利润分别为48.9/5.0亿元，分别同比+7.2%/+5.4%。 点评： 零售转型下内销企稳向好，外贸稳健增长 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 1H2025，分品类看，沙发/床类/集成产品/定制分别实现营收56.7/16.9/11.6/5.5亿元，分别同比 +14.7%/+10.3%/-8.2%/ +12.6%。公司功能沙发经营态势较好，内贸功能 ...

顾家家居在 2025 年上半年取得了不错的业绩表现，能否分享一下公司在面对 国内外市场挑战时采取了哪些具体措施？ 顾家家居 20250823 摘要 顾家家居通过渠道多元化（乐活分销、整装渠道、购物中心店）和内部 KBS 效率提升，推动内贸规模扩张和零售增长，尤其在三大战略品类上 表现出色，同时积极应对房地产结构变化，调整产品设计和尺寸以适应 市场需求。 公司在流量运营上，通过投服转派系统实现公域流量到成交闭环，并利 用约 600 万会员进行私域流量运营，提高复购率和转介绍率。数字化信 息系统及仓配服务等基础设施建设也在加速推进，超媒付覆盖率有望突 破 60%-70%。 面对家居行业终端需求压力，顾家家居通过提升产品力、优化零售效率、 多元化渠道建设、强化流量运营和加大基础设施投入等五大方面进行调 整，以适应市场变化，应对竞争压力并保持稳健发展。 顾家家居积极参与国补政策，约 70%以上的经销商参与，但补贴形式从 全国性补贴转为省级补贴，补贴比例有所下降。线上平台国补也以省级 补贴为主，同时，公司通过越南、墨西哥和美国三个生产基地覆盖对美 产能，预计 2025 年底覆盖率达 90%以上。 Q&A 2025 年上 ...

2025 年 8 月 24 日 公司研究 内销企稳向好，外贸持续增长 ——顾家家居（603816.SH）2025 年半年报点评 买入（维持） 当前价：28.70 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com | 总股本(亿股) | 8.22 | | --- | --- | | 总市值(亿元)： | 235.85 | | 一年最低/最高(元)： | 20.32/33.43 | | 近 3 月换手率： | 42.23% | 股价相对走势 -14% -1% 12% 24% 37% 08/24 11/24 02/25 05/25 顾家家居 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 6.26 | 5.62 | -11.00 | | 绝对 | 12.55 | 17.48 | 21.14 | | 资料来源：Wind | | | | 相关研报 分析师：吴子倩 执业证书编号：S0930525070004 021-52523872 wuz ...

截至2025年8月22日收盘，趣睡科技股价报61.44元，较前一交易日上涨0.01元，涨幅0.02%。盘中曾出 现快速反弹，5分钟内涨幅超过2%，最高触及62.30元，成交额达0.95亿元。 趣睡科技属于家用轻工板块，主营业务为家居产品的研发、生产和销售，涵盖床垫、枕头等睡眠相关产 品。公司产品以科技和舒适性为卖点，主要面向中高端消费市场。 消息面上，8月22日早盘，趣睡科技股价在短时间内快速拉升，成交活跃，显示市场存在一定的短期交 易机会。 资金流向方面，8月22日主力资金净流出542.30万元，占流通市值的0.29%。近五个交易日主力资金累计 净流出85.13万元，占流通市值的0.05%。 风险提示：股市有风险，投资需谨慎。 ...

顾家家居股份有限公司2025 年半年度报告 公司代码：603816 公司简称：顾家家居 顾家家居股份有限公司 顾家家居股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李东来、主管会计工作负责人高林及会计机构负责人（会计主管人员）高伟琴 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中基于对未来政策和经济的主观假定和判断而作出的未来计划、发展战略等前瞻性描 述不构成公司对投资者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中 ...

在装修行业深耕十几年，做快手电商8年，从五金日杂店老板，到整日跑市场积累资源的装修材料二批 商家，再到坐拥超1140万粉丝的快手家居头部主播，创业路上机遇与坎坷并存，但他始终坚持把"服 务"和"质量"当做第一要义，以最专业和实在的初心面对所有消费者。 祝哥越来越适应在镜头前表达观点的生活：面对着各式各样的家电家具，有条不紊地分析着用料和工 艺，和商家可能会"以次充好"的手段。 今年，祝哥受邀成为快手"国补合伙人"项目的成员之一，他在直播间推广国补新品，让更多用户享受到 国补带来的实惠。在中国新闻网联合快手电商发布的"国补合伙人"系列视频中，内向祝哥第一次讲述了 自己和直播间的故事。 在他看来，自己并非能说会道，是个有天赋的主播，那就以真诚取胜，"把质量升级到最好，把服务做 到最好，抓住每个能为大家带来福利的机会，踏实做自己该做的事情，终有一天能收获人们的认可"。 从批发市场到直播间，精品资源引爆亿级生意 在快手直播间卖出30多万元的那天晚上，祝哥彻夜未眠。 那是2018年5月他首次在快手尝试做直播活动，仅用了两个小时，却卖出了比他预期成绩多上5倍的销售 额，"当时快手还没推出小黄车，我家5位客服的社交软件直接 ...

Core Viewpoint - The recent extreme weather in Beijing's Miyun, Huairou, and Yanqing districts has led to severe flooding, with the maximum rainfall exceeding 300 millimeters, prompting urgent relief efforts from companies and organizations [1]. Group 1: Company Response - Shangchi Group's chairman, Du Haiyun, issued an immediate directive to mobilize resources, coordinating with the China Siyuan Engineering Foundation and the China Disaster Prevention Association to deliver over one million yuan worth of high-quality mattresses to the most affected areas [2][3]. - The donated mattresses are intended for temporary housing and living support for disaster victims, providing essential sleeping arrangements to help restore normalcy in the affected regions [2][3]. Group 2: Social Responsibility - Shangchi Group has a long-standing commitment to social responsibility, actively engaging in charitable efforts across the country, and this response exemplifies the spirit of mutual aid during crises [3][5]. - The company plans to continue monitoring the flood situation and collaborate with various charitable organizations to support the reconstruction of affected areas, demonstrating its dedication to community welfare [6].

Core Viewpoint - Qisheng Technology (603610.SH), known as the "first stock of smart beds," is experiencing significant performance fluctuations due to its heavy reliance on overseas markets, which have been pressured by international operating conditions and management issues. The company aims to expand its domestic market presence through the "Shufude" brand, despite challenges in its partnership with Shanghai Shufude, which has faced financial difficulties and operational inefficiencies [3][5][12]. Group 1: Company Performance and Strategy - Qisheng Technology's overseas revenue has been under pressure, leading to substantial fluctuations in its overall performance [3]. - The company plans to leverage the "Shufude" brand to penetrate the domestic smart bed market, which has low market penetration [3][5]. - Despite Shanghai Shufude's poor performance, Qisheng Technology intends to continue supplying products to it, with projected sales increasing to 160 million yuan by 2025 [3][12]. Group 2: Financial Issues and Risks - As of April 2023, Shanghai Shufude is in a state of insolvency, with Qisheng Technology's receivables from it amounting to 112 million yuan, of which 97.16 million yuan is overdue [3][13]. - Shanghai Shufude's financial performance has been disappointing, with revenues of 20.26 million yuan in 2023 and a net loss of 18.96 million yuan [8][10]. - Qisheng Technology has recognized the risk of loss on its receivables from Shanghai Shufude, leading to a provision for bad debts of 87.05 million yuan, impacting its net profit significantly [10][12]. Group 3: Management and Operational Concerns - The partnership with Shanghai Shufude raises concerns due to the lack of relevant experience of its key personnel, particularly Zhao Yunfeng, who has a background primarily in finance [5][7]. - The financing structure for Zhao Yunfeng's investment in Shanghai Shufude involved complex arrangements that raise questions about the financial stability and operational capability of the new entity [5][7]. - Qisheng Technology's decision to grant exclusive distribution rights to a newly established company with insufficient capital and experience has been criticized, especially given the ongoing financial struggles of Shanghai Shufude [8][12].

Group 1 - The stock price of Mousse Co., Ltd. closed at 32.30 yuan on August 8, 2025, with an increase of 0.25 yuan, representing a rise of 0.78% [1] - The trading volume on that day was 5,576 hands, with a transaction amount of 18 million yuan and a turnover rate of 0.68% [1] Group 2 - Mousse Co., Ltd. is primarily engaged in the research, production, and sales of health sleep systems, including mattresses, bed frames, and bedding [1] - The company has established one national CNAS laboratory and three provincial-level research and development platforms, accumulating a total of 3,589 intellectual property rights [1] Group 3 - Recent developments include the implementation of the national standard for "Smart Beds" on August 1, which sets regulations on product safety and intelligent performance [2] - On August 7, the company announced plans to resolve equity distribution issues caused by share repurchase and cancellation through a capital reserve transfer, expected to be completed by August 21 [2] - The total guarantee amount for the company's wholly-owned subsidiary is 1.68 billion yuan, accounting for 37.19% of the audited net assets for the year 2024 [2] Group 4 - On August 8, the net inflow of main funds was 273,000 yuan, while there was a net outflow of 6.9931 million yuan over the past five days [2]