报告由林氏家居、Keep和艾瑞咨询联合发布 居家健康放松方式丨白皮书 核心摘要： 国民健康管理向身心灵平衡升级，居家运动放松成为重要手段 国民健康管理意识经历 从身体健康，到身心健康，再到身心灵平衡的三级跃迁。 高压生活导致国人身心灵 紧绷，系统性健康危机亟待破解。在此背景下， 运动和放松成为了国人健康管理的双引擎。 社会环境的发 展和科技的赋能，将居住空间转化为个人健康基站， 居家运动放松将成为健康生活重要环节 关注健康放松的人群追求高品质健康生活，家具舒适度是居家放松关键 关注健康放松的人群重视身心灵全面健康，愿意为自己的 高品质健康生活 投资；他们遵循自然节律，通过 运动和放松的有机结合实现高品质健康。 整体来看，当代人的放松空间既有居家，也有室外和商业室内场所，呈现跨空间利用的特点，但居家放松仍 为核心选择。另外， 家具舒适度是影响放松效果的关键因素，智能床架/床垫和沙发/沙发椅 是主要放松产 品。 从动态恢复至静态疗愈，四类人群借高品质家居重构健康阈值，高效放松 关注健康放松的人细分为 悦活高能族、自律管理派、宅家躺平派和松弛养生党。 悦活高能族： 能量外放，通过动态恢复 提升睡眠质量； 偏好运动恢 ...

Group 1 - The company announced the establishment of an industrial fund with a total scale not exceeding RMB 200 million, in collaboration with Suzhou Weitili New Venture Capital Management Co., Ltd [2] - The fund was registered on April 9, 2025, and completed filing with the Asset Management Association of China on May 14, 2025 [2] - The fund manager is Suzhou Weitili New Venture Capital Management Co., Ltd, and the custodian is Shanghai Pudong Development Bank Co., Ltd [2] Group 2 - The company reported operating revenues of RMB 5.813 billion, RMB 5.579 billion, and RMB 5.603 billion for the years 2022 to 2024, reflecting year-on-year changes of -10.31%, -4.03%, and 0.43% respectively [3] - The net profit attributable to the parent company for the same period was RMB 709 million, RMB 802 million, and RMB 767 million, with year-on-year growth rates of 3.27%, 13.25%, and -4.36% [3] - The company's asset-liability ratios were 25.02%, 35.13%, and 41.16% for the years 2022 to 2024 [3]

"真 金白银"激活家装厨卫新消费模式。今年，我省新的家装以旧换新政策全面落地，覆盖瓷砖、智能 马桶、适老化扶手等40类产品，单户年度最高可享1.8万元叠加补贴。政策实施首季度，太原市重点卖 场销售额同比激增，尤其是智能卫浴品类销量增长翻番。近日，山西晚报记者在实地走访时发现，从婚 房智能升级到老房家装改造，从"国补+商补"双重让利到旧物回收零门槛，政策红利催生出更多绿色、 智能消费。 最高补贴1.8万元，40类家装产品"以旧换新"全面铺开 近日，山西晚报记者走访了太原市居然之家、红星美凯龙等大型家居卖场，发现"以旧换新"政策实施 后，市场内政策展架铺天盖地。小店区长风街的居然之家的商场入口处，在醒目位置，商家设置了太原 市家装消费品"焕新"活动指定门店、家装"焕新"政府补贴等字样的广告宣传牌。商场内，参与补贴活动 品牌的店面比比皆是，店门口均悬挂有宣传标语。国补期间，消费者不仅享受以旧换新的政府补贴，还 可以参加各家门店推出的活动，享受双重福利。"目前商场内大多数家装消费品都有品牌参与'以旧换 新'活动，其中选购卫浴的消费者居多。"商场工作人员表示。 在喜临门品牌展销区，消费者周女士正在选购床架和床垫。"儿子 ...

今天（5月3日），济南市商务局发布家装、家居"焕新"补贴活动公告，活动将于2025年5月4日开始，持 续至12月31日，其间若补贴资金提前使用完毕，活动结束。 个人消费者购买上述材料和物品的，将按照不高于实际销售价格（剔除所有折扣和优惠后的含税价格， 下同）的15%进行补贴（不包含人工费，下同）；对购买1级及以上能效或水效标准的产品（指智能马 桶），按照不高于产品实际销售价格的20%予以补贴。除装修材料类、家具照明类中的全屋定制类及智 能照明类、智能家居类中的智能控制类，其余产品最多申领补贴3件、每件产品限补贴1次。每个消费者 单笔订单最高补贴1500元，最多使用消费补贴券10张，总补贴金额不超过15000元。 其中，智能照明、智能控制2类产品按套补贴。智能照明每套不超过3件主灯、30件无主灯（筒灯、射灯 等）；智能控制每套不超过5个网关、1个路由器（含子母路由器）、5个智能插座。 消费者可在"建行生活－济南"微信公众号首页"家装补贴"界面，点击"消费者入口"完成注册登录。登录 后点击"房产绑定"进行房产相关信息上传。审核通过后，登录"建行生活App"首页"2025年济南市家 装、家 居'焕 新'补贴"活动页 ...

2024年公司仅床垫和其他业务营收增长 床垫毛利率微降至61% 分产品来看，慕思拥有床垫、床架、沙发、床品、其他，和其他业务，营收占比分别为47.81%、 29.72%、7.70%、5.43%、7.90%、1.44%。 其中床垫营收同比增长3.78%至26.79亿元，床架营收同比下滑0.07%至16.65亿元，沙发营收同比下滑 0.42%至4.32亿元，床品营收同比下滑7.47%至3.04亿元，其他营收同比下滑12.68%至4.43亿元，其他业 务营收同比增长29.43%至0.81亿元。 4月25日，慕思股份（001323.SZ）发布2024年财报，财报显示，2024年，公司营收同比增长0.43%至 56.03亿元，归母净利润同比下滑4.36%至7.67亿元，扣非净利润同比下滑7.67%至7.23亿元。 此外，2025年一季度，慕思股份营收同比下滑6.66%至11.21亿元，归母净利润同比下滑16.43%至1.18亿 元，扣非净利润同比下滑10.90%至1.19亿元。 财报披露了营收占比10%以上产品的毛利率，床垫和床架的毛利率分别为61.42%和47.89%，分别同比下 滑0.91%和同比增长1.25%。 ...

南方财经全媒体记者程浩 东莞报道 日前，慕思股份发布2024年年报。报告显示，公司2024年营业收入为56.03亿元，同比增长0.43%；归母 净利润为7.67亿元，同比下降4.36%；扣非归母净利润为7.23亿元，同比下降7.67%。这家发轫于东莞厚 街的家具企业，用十年时间完成了从代工生产到制定国际标准的蜕变，面对房地产下行、家居消费疲软 等不利因素，慕思股份交出了一份营收微增、利润小幅下滑的成绩单。 年报显示，2024年慕思股份高端化与智能化的双轨战略已初见成效。公司核心产品床垫2024年收入 26.79亿元，同比增长3.78%。但行业竞争格局也在悄然变化。一方面，传统竞争对手如喜临门、顾家家 居纷纷加码睡眠产品线；另一方面，科技公司如华为、小米通过生态链企业切入智能家居领域，对慕思 形成跨界竞争。收购Maxcoil品牌虽然打开了东南亚市场的大门，但跨境经营的文化整合、供应链协同 绝非易事。 慕思股份的渠道变革同样进入深水区。电商渠道19.51%的占比看似健康，但抖音、快手等新兴平台与 传统天猫、京东的运营逻辑迥异，需要不同的团队和能力。而经销渠道的数字化转型更为棘手——未来 如何平衡线上线下的利益冲突 ...

Core Insights - The report highlights that the inbound economy may boost China's GDP by approximately 0.2 percentage points in 2025, driven by policy changes aimed at optimizing the outbound tax refund system and increasing inbound consumption [5][6][7] - The report provides a detailed analysis of various industries and companies, indicating a mixed performance across sectors, with some companies showing strong growth while others face challenges [3][4] Industry Overview - **Chemical Industry**: Huafeng Chemical (002064.SZ) reported Q1 performance exceeding expectations, with revenue of 6.314 billion yuan, a year-on-year decrease of 5.15%, and a net profit of 504 million yuan, down 26.21% year-on-year, but a significant increase of 145.60% quarter-on-quarter [28][29] - **Coal Mining**: Lu'an Environmental Energy (601699.SH) faced a decline in both volume and price, leading to a projected annual revenue of 35.85 billion yuan, down 16.9% year-on-year, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [32][33] - **Textiles and Apparel**: Mousse Co., Ltd. (001323.SZ) reported a Q1 revenue of 1.12 billion yuan, a decrease of 6.7% year-on-year, with expectations for recovery following government subsidies [54][55] - **Home Appliances**: Dechang Co., Ltd. (605555.SH) achieved a Q1 revenue of 1 billion yuan, up 21.33% year-on-year, with a focus on expanding production capacity in Southeast Asia [40][41] Company-Specific Insights - **Huafeng Chemical**: The company is consolidating its position in the polyurethane industry through vertical mergers and acquisitions, maintaining a "buy" rating with projected net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [28][30] - **Lu'an Environmental Energy**: The company is expected to see a rebound in coal prices, with a focus on capacity growth and price elasticity, maintaining a "buy" rating despite recent performance challenges [32][34] - **Mousse Co., Ltd.**: The company is enhancing its multi-channel and multi-category market layout, with a projected net profit of 799 million, 872 million, and 956 million yuan for 2025-2027 [54][55] - **Dechang Co., Ltd.**: The company is expanding its overseas production capacity and expects significant growth in its automotive motor segment, maintaining a "buy" rating [40][41]

Financial Performance - In 2024, the company achieved a revenue of 56.03 billion CNY, a year-on-year increase of 0.43%, with a net profit of 7.67 billion CNY, a decrease of 4.36% [1][2] - For Q1 2025, the revenue was 11.21 billion CNY, a decline of 6.66%, and the net profit was 1.18 billion CNY, down 16.63% [2][3] Revenue Breakdown By Product Category - 2024 revenue by product: Mattresses (26.79 billion CNY), Bed Frames (16.65 billion CNY), Sofas (4.32 billion CNY), Bedding (3.04 billion CNY), Others (4.43 billion CNY) [2] - Q1 2025 revenue by product: Mattresses (5.65 billion CNY), Bed Frames (3.14 billion CNY), Sofas (0.84 billion CNY), Bedding (0.54 billion CNY), Others (0.89 billion CNY) [2][3] By Sales Channel - 2024 revenue by channel: Distributors (41.53 billion CNY), E-commerce (10.93 billion CNY), Direct Supply (2.32 billion CNY), Direct Sales (0.72 billion CNY), Others (0.52 billion CNY) [2] - E-commerce revenue growth attributed to cross-border e-commerce [2] By Region - 2024 revenue by region: Domestic (54.47 billion CNY), International (1.55 billion CNY) [2] Profitability Metrics - 2024 overall gross margin was 50.08%, a decrease of 0.21 percentage points [2] - Q1 2025 gross margin was 51.84%, an increase of 1.69 percentage points [3] Cost Management - 2024 total operating expenses were 19.19 billion CNY, a year-on-year increase of 1.23% [2] - Q1 2025 total operating expenses were 4.12 billion CNY, a decrease of 7.55% [3] Membership and Customer Engagement - In 2024, the company added 1.48 million new members, reaching a total of 3.14 million members [4] - Plans for 2025 include enhancing the membership ecosystem and launching a "Gold Manager Membership Club" [4] Channel Strategy - The company has established a diversified sales network with over 5,400 offline stores by the end of 2024 [5] - 2025 plans include expanding new retail channels and enhancing international market presence [5] Product Strategy - Focus on suite development and popular product creation to enhance product competitiveness [7] - Plans for AI mattress development to maintain technological leadership [8] E-commerce Performance - In 2024, e-commerce revenue was 10.93 billion CNY, a growth of 6.04%, with Tmall accounting for approximately 39% of revenue [8] - 2025 plans include expanding social media marketing and live streaming sales channels [8] Future Outlook - No major capital expenditure projects planned for 2025, with a focus on stable dividend policies [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a gradual recovery in revenue performance as government subsidies for home furnishings are implemented, despite facing short-term pressure on earnings in Q1 2025 [5] - The company has maintained a stable gross margin while increasing its investment in new business development, which has led to a temporary decline in net profit margin [5] - The company is actively expanding its product lines and sales channels, focusing on both online and offline markets to enhance revenue growth [6] Financial Performance Summary - In 2024, the company achieved revenue of 56.0 billion (up 0.4% year-on-year) and a net profit of 7.67 billion (down 4.4%) [5] - For Q1 2025, the company reported revenue of 11.2 billion (down 6.7%) and a net profit of 1.18 billion (down 16.4%) [5] - The gross margin for 2024 was 50.1%, with a net profit margin of 13.7% [5] - The gross margin improved to 51.8% in Q1 2025, while the net profit margin decreased to 10.5% [5] Revenue Breakdown - In 2024, the company's revenue from core products was as follows: mattresses 26.79 billion (up 3.8%), bed frames 16.65 billion (down 0.1%), sofas 4.32 billion (down 0.4%), and bedding 3.04 billion (down 7.5%) [6] - The company has over 5,400 offline stores and has achieved online sales revenue of 10.93 billion (up 6.0%) through various platforms [6] - The company is also expanding into smart products and international markets, including acquiring a 100% stake in the Singapore sales headquarters of Maxcoil [6] Financial Forecasts - The company forecasts net profits for 2025-2027 to be 7.99 billion, 8.72 billion, and 9.56 billion respectively, with corresponding EPS of 2.00, 2.18, and 2.39 [5] - The projected P/E ratios for 2025-2027 are 15.0, 13.7, and 12.5 respectively [5]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is focusing on enhancing its core competitiveness through product innovation, operational efficiency, and brand upgrading, demonstrating resilience and potential for high-quality development despite adverse external conditions [1][2] - The company has achieved stable performance in its mattress segment, with revenue of 2.679 billion and a gross margin of 61.4% in 2024, indicating a solid product lineup [2] - The company is expanding its overseas presence and optimizing its channel strategy, including the acquisition of a Singaporean home brand to enhance its market competitiveness in Southeast Asia [4] Financial Performance Summary - In Q1 2025, the company reported revenue of 1.121 billion, a year-on-year decrease of 6.7%, and a net profit of 118 million, down 16.4% [1] - For the full year 2024, the company achieved revenue of 5.603 billion, a slight increase of 0.4%, with a net profit of 767 million, down 4.4% [1] - The gross margin for 2024 was 50.1%, a decrease of 0.2 percentage points, while the net margin was 13.7%, down 0.7 percentage points [1] Product and Brand Strategy - The company is enhancing its product matrix through the iteration of traditional and smart products, targeting young consumers and revitalizing existing customer demand [2] - The introduction of AI mattresses at the CES exhibition in the US has garnered international recognition, showcasing the company's commitment to smart sleep solutions [3] Channel and Operational Strategy - The company reported a revenue of 4.153 billion from distribution channels, a slight decrease of 0.3%, while e-commerce revenue increased by 6.0% to 1.093 billion [4] - The company is optimizing its traditional store network and enhancing its online marketing strategies to improve sales conversion rates [4] Profit Forecast Adjustment - The profit forecast has been adjusted to reflect ongoing operational pressures, with expected net profits for 2025, 2026, and 2027 at 800 million, 870 million, and 930 million respectively [5]