证券研究报告 SFC No. BDO986 亚朵 (ATAT US) 酒店及零售双曲线增长向好 2025 年 11 月 27 日│美国 酒店 | 华泰研究 | | | 季报点评 | 投资评级(维持): | | 买入 | | --- | --- | --- | --- | --- | --- | --- | | 2025 年 11 月 | 27 日│美国 | | 酒店 | 目标价(美元): | | 50.50 | | 公司公布三季度业绩：收入 | | 26.28 亿元，同比+38.4%；归母净利润 | 4.74 亿 | 樊俊豪 SAC No. S0570524050001 | fanjunhao@htsc.com | 研究员 | 曾珺 研究员 SAC No. S0570523120004 SFC No. BTM417 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 | 收盘价 (美元 截至 11 月 25 日) | 37.16 | | --- | --- | | 市值 (美元百万) | 5,113 | | 6 个月 ...

Group 1 - The core viewpoint of the news is that Qusleep Technology has experienced a decline in stock price and trading activity, with a current market value of 2.04 billion yuan and a year-to-date stock price drop of 5.14% [1] - As of October 20, 2023, Qusleep Technology's revenue for the first half of 2025 is projected to be 146 million yuan, representing a year-on-year growth of 15.82%, while the net profit attributable to shareholders is expected to be 16.78 million yuan, up 19.43% year-on-year [2] - The company has a diverse product portfolio, with mattresses accounting for 37.06% of revenue, pillows 28.62%, and other home products making up the remainder [1] Group 2 - Qusleep Technology is categorized under the light industry manufacturing sector, specifically in home products and finished home goods, and is associated with concepts such as new retail and e-commerce [2] - The company has distributed a total of 25.72 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the top ten circulating shareholders include a new entrant, the Nu'an Multi-Strategy Mixed A fund, holding 184,400 shares, while the Guangfa Technology Innovation Mixed A fund has exited the top ten list [3]

Core Insights - The arrival of strong cold air has significantly increased the demand for warming products in Zhejiang, particularly in Chuzhou, where sales of gloves, thermal pants, and thick quilts have surged [1][2]. Group 1: Sales Trends - In Chuzhou, many daily goods stores have prominently displayed thick gloves, fleece hats, and various autumn clothing to attract customers, resulting in a more than doubling of sales for warming products in the past two days [2]. - The demand for warming products extends beyond clothing, with a notable increase in the purchase of bedding items such as cotton quilts, cashmere quilts, and down quilts [3]. Group 2: Consumer Behavior - A home goods store owner reported that items like quilts and bedding sets have seen a significant uptick in sales, averaging around seventy to eighty quilts sold daily in recent days [4].

Group 1 - The arrival of strong cold air has significantly increased the demand for warming products among citizens [1][4] - In Quzhou, Changshan County, sales of warming items such as gloves, thermal pants, and thick quilts have more than doubled in recent days [4] - Home goods stores report a surge in sales of bedding products, with an average of 70 to 80 quilts sold in recent days [6][7] Group 2 - Various daily goods stores prominently display thick gloves, fleece hats, and autumn clothing to attract customers [4] - The demand for bedding items, including cotton quilts, cashmere quilts, and down quilts, has also risen alongside clothing needs [7]

Core Insights - The consumption platform "What Worth Buying" reported strong performance in traditional categories such as mobile communication, home appliances, and furniture during the first phase of the "Double 11" shopping festival, indicating a sustained trend towards quality consumption [1] - The cold wave across many regions has led to a significant increase in demand for warm clothing and winter home goods, creating a new consumption pattern characterized by "temperature drop warming" and "home upgrade" [1] Group 1: Sales Performance - From October 15 to October 20, the GMV for overcoats, down jackets, and cotton jackets increased by 105.43%, 61.79%, and 36.01% year-on-year, respectively [2] - High-quality items such as goose down saw a GMV increase of 243.30%, while new thermal technology products like gold standard P cotton increased by 115.12% [2] - The demand for outdoor sports gear also rose, with yoga clothing GMV up by 43.84%, and climbing jackets and fleece jackets increasing by 80.95% and 100.99%, respectively [2] Group 2: Consumer Behavior - The cold weather has not dampened consumer enthusiasm for sports; instead, it has driven growth in related equipment, with keywords related to skiing seeing a 27.22% increase in popularity [2] - The GMV for ski clothing increased by 48.80%, and outdoor products like thermos cups grew by 70.42%, indicating a dual-line consumption trend of indoor and outdoor activities [2] - In contrast to the immediate consumption of clothing, home heating products showed a strong growth trend, with bedding GMV increasing by 169.44%, and winter bedding specifically rising by 258.17% [3] Group 3: Consumer Decision-Making - The purchasing pattern reflects a rational decision-making process where consumers first seek immediate warmth through clothing and then plan for long-term heating solutions based on personal home needs [3] - Products like water heating blankets and electric blankets saw GMV increases of 221.80% and 110.90%, respectively, due to their convenience and immediate effectiveness [3]

Group 1 - The core point of the news is that QuSleep Technology's stock experienced a slight decline of 0.36% on October 13, with a trading volume of 45.8041 million yuan, indicating a relatively stable market performance despite fluctuations in financing activities [1] - On October 13, QuSleep Technology had a financing buy-in amount of 4.1402 million yuan and a financing repayment of 5.1997 million yuan, resulting in a net financing buy of -1.0595 million yuan. The total financing and securities balance reached 86.005 million yuan, which is 4.26% of the circulating market value, indicating a high level of financing balance compared to the past year [1] - The company’s main business includes the research, design, production, and sales of high-quality, easy-to-install furniture and home products, with mattress products contributing 37.06% to revenue, followed by pillows at 28.62% and bedding products at 13.57% [2] Group 2 - As of September 30, the number of shareholders in QuSleep Technology was 8,406, a decrease of 3.52% from the previous period, while the average circulating shares per person increased by 3.65% to 3,620 shares [2] - For the first half of 2025, QuSleep Technology reported a revenue of 146 million yuan, representing a year-on-year growth of 15.82%, and a net profit attributable to the parent company of 16.7847 million yuan, up 19.43% year-on-year [2] - Since its A-share listing, QuSleep Technology has distributed a total of 25.721 million yuan in dividends [3]

Group 1 - On October 10, Qusleep Technology's stock increased by 0.08%, with a trading volume of 36.07 million yuan [1] - The financing data for Qusleep Technology on the same day showed a financing purchase amount of 3.40 million yuan and a net financing purchase of 0.08 million yuan, with a total financing and securities balance of 87.06 million yuan [1] - The financing balance of Qusleep Technology accounted for 4.30% of its circulating market value, indicating a relatively high level compared to the past year [1] Group 2 - Qusleep Technology, established on October 22, 2014, specializes in the research, design, production, and sales of high-quality, easy-to-install home furnishings, with a listing date of August 12, 2022 [2] - The company's main revenue sources include mattress products (37.06%), pillow products (28.62%), and other home products, with a total revenue of 146 million yuan for the first half of 2025, representing a year-on-year growth of 15.82% [2] - As of September 30, the number of shareholders in Qusleep Technology was 8,406, a decrease of 3.52% from the previous period [2] Group 3 - Since its A-share listing, Qusleep Technology has distributed a total of 25.72 million yuan in dividends [3] - As of June 30, 2025, the top ten circulating shareholders included a new shareholder, Nuoan Multi-Strategy Mixed A, holding 184,400 shares [3] - The previous top ten shareholder, Guangfa Technology Innovation Mixed A, has exited the list [3]

Core Insights - The U.S. tariff policy, aimed at reducing costs and revitalizing manufacturing, has not yielded the expected benefits for American companies, leading to increased operational costs and economic challenges [1][2] Group 1: Impact on Costs - Many U.S. companies report significant cost increases due to tariffs, with some facing additional monthly expenses exceeding $100,000 [1] - The tariff policy has forced companies to cut back on investments in new equipment and marketing due to rising costs [1] Group 2: Manufacturing Sector Challenges - The manufacturing sector is experiencing a slowdown, with a reported loss of 12,000 jobs in August alone [2] - Companies express frustration over the lack of benefits from tariffs, with some stating that the promised manufacturing revival is unlikely to occur due to labor shortages and uncertainty in demand [2]

Company Overview - Mercury Home Textile Co., Ltd. is located at 1487 Hu-Hang Highway, Fengxian District, Shanghai, established on December 7, 2000, and listed on November 20, 2017. The company specializes in the research, design, production, and sales of mid-to-high-end home textiles [1][2]. Financial Performance - For the first half of 2025, Mercury Home Textile achieved operating revenue of 1.921 billion yuan, representing a year-on-year growth of 6.40%. However, the net profit attributable to the parent company was 141 million yuan, a decrease of 3.38% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 1.422 billion yuan in dividends, with 654 million yuan distributed over the past three years [3]. Stock Performance - As of September 4, the stock price of Mercury Home Textile increased by 2.03%, reaching 17.05 yuan per share, with a total market capitalization of 4.478 billion yuan. The stock has seen an 11.34% increase year-to-date, but has declined by 2.40% over the last five trading days, 6.32% over the last twenty days, and 11.95% over the last sixty days [1]. - The company has a total of 7,591 shareholders as of June 30, with a decrease of 4.58% from the previous period. The average number of circulating shares per person increased by 4.80% to 33,995 shares [2]. Shareholder Information - As of June 30, 2025, the fourth largest circulating shareholder is China Europe Pension Mixed A (001955), holding 8.6133 million shares, an increase of 991,400 shares from the previous period [3]. Business Segmentation - The main revenue components of Mercury Home Textile are as follows: quilts account for 48.38%, bedding sets for 34.78%, other products for 9.17%, and pillows for 7.53%, with other supplementary items contributing 0.15% [1]. Market Position - Mercury Home Textile is classified under the Shenwan industry as part of the textile and apparel sector, specifically in the home textile category. The company is also associated with concepts such as small-cap and high dividend yield [2].

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of QuSleep Technology, indicating a positive trend in both stock price and financing activities [1][2]. - On September 1, QuSleep Technology's stock increased by 1.03%, with a trading volume of 73.91 million yuan. The net financing purchase for the day was 2.06 million yuan, with a total financing balance of 109 million yuan, representing 4.70% of the circulating market value [1]. - The company has a high financing balance, exceeding the 80th percentile of the past year, indicating strong investor interest [1]. Group 2 - QuSleep Technology, established on October 22, 2014, and listed on August 12, 2022, specializes in the research, design, production, and sales of high-quality, easy-to-install furniture and home textile products [2]. - The revenue composition of QuSleep Technology includes mattress products (33.43%), bedding and blanket products (27.38%), pillow products (17.61%), bed products (13.04%), sofa products (4.36%), peripheral living products (2.69%), and other furniture products (1.47%) [2]. - For the first half of 2025, QuSleep Technology reported a revenue of 146 million yuan, a year-on-year increase of 15.82%, and a net profit attributable to shareholders of 16.78 million yuan, up 19.43% year-on-year [2]. Group 3 - Since its A-share listing, QuSleep Technology has distributed a total of 25.72 million yuan in dividends [3]. - As of June 30, 2025, the top ten circulating shareholders include a new entrant, Nuoan Multi-Strategy Mixed A, holding 184,400 shares, while Guangfa Technology Innovation Mixed A has exited the top ten list [3].