自美国关税政策实施以来，美国就业增长大幅放缓。报道称，仅在8月，美国制造业就已减少1.2万个就 业岗位。而商业调查显示，制造业领域的活动也处于萎缩状态。报道援引床品制造商马图克的话 说："为了在美国投资工业基础，我们做了所有应该做的事，而现在我们却受到惩罚，这真的让人很沮 丧。" 责编：李磊、王瑞景 马图克表示，从今年4 月到 8 月，关税导致其每月增加超过 10 万美元的成本，因为高额关税影响了来 自印度和葡萄牙的棉布、来自列支敦士登的羽绒等原材料的供应。不仅如此，增加的成本还迫使企业削 减了在新设备以及营销方面的开支。乔治•马图克说，他"没有从关税中看到任何好处"。 报道称，专家们早已警告，关税的实质是对进口商品征税，这不仅会增加美国企业和消费者的开支，还 可能抑制经济增长，对制造业尤其不利，因为他们的生产往往依赖进口原材料。 报道援引一家新生儿用品制造企业负责人弗兰克·特谢拉的话称，"关税是一项糟糕的政策，最终会反过 来害了我们"。 特谢拉还表示，总统所承诺的制造业复兴"根本不可能发生"，一方面当前在移民政策收 紧的情况下招工困难；另一方面本土制造商也担心在关税措施导致的不确定性下，需求增加能否持续。 ...

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].

9月1日，趣睡科技涨1.03%，成交额7390.75万元。两融数据显示，当日趣睡科技获融资买入额1256.64 万元，融资偿还1050.86万元，融资净买入205.78万元。截至9月1日，趣睡科技融资融券余额合计1.09亿 元。 融资方面，趣睡科技当日融资买入1256.64万元。当前融资余额1.09亿元，占流通市值的4.70%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，趣睡科技9月1日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，成都趣睡科技股份有限公司位于中国(四川)自由贸易试验区成都高新区天府大道中段1268号 1栋7楼8号，成立日期2014年10月22日，上市日期2022年8月12日，公司主营业务涉及高品质易安装家 具、家纺等家居产品的研发、设计、生产(以外包生产方式实现)与销售。主营业务收入构成为：床垫产 品33.43%，被子、毯类产品27.38%，枕头产品17.61%，床类产品13.04%，沙发产品4.36%，生活周边产 品2.69%，其他家具产品1.47%，其他 ...

Core Viewpoint - Atour Group is increasingly focusing on its retail business, particularly sleep products like pillows and quilts, as its hotel operations face declining key performance indicators such as average room revenue and occupancy rates [1][3][9]. Group 1: Financial Performance - In the first half of 2025, Atour Group reported a revenue of 4.374 billion yuan, a year-on-year increase of 34%, and a net profit of approximately 668 million yuan, up 19.02% [3]. - The retail business revenue reached 9.65 billion yuan in Q2 2025, accounting for nearly 40% of total revenue, while hotel business revenue growth was only 26.5% [9]. - The average room revenue for Q2 2025 was 343 yuan, with a daily average room price of 422 yuan, and an occupancy rate of 76.4% [6]. Group 2: Business Strategy - Atour Group is shifting its strategy towards a "sleep product" focus, with significant sales in pillows, which have sold over 380 million units in 2024 [9]. - The company has adopted a light-asset strategy, with 98% of its hotels being franchised, leading to quality control issues and increased customer complaints [2][13]. Group 3: Market Challenges - Despite revenue growth, Atour faces challenges such as declining average room revenue, daily average room prices, and occupancy rates compared to previous years [8][17]. - Complaints regarding service quality and hygiene issues have surged, impacting the brand's reputation and customer trust [11][16]. - The reliance on retail sales has raised concerns about product competitiveness due to the emergence of cheaper alternatives in the market [10][17]. Group 4: Future Outlook - Atour's CEO has set a strategic goal of reaching 2,000 high-end hotels, but existing operational issues may hinder this ambition [18].

Core Viewpoint - The incident involving a hotel room pillowcase printed with a hospital logo has raised public concerns about hygiene management at Atour, a well-known mid-to-high-end hotel chain in China. The company has since issued apologies and taken corrective actions to address the issue [1][4]. Group 1: Incident and Response - On June 3, a social media post revealed that a pillowcase in an Atour hotel in Hangzhou bore the logo of "Hangzhou Yuxiang Lake Future Hospital," leading to public scrutiny over hygiene practices [1][4]. - The hotel involved issued an apology and confirmed that the issue stemmed from a sorting error by their laundry supplier, resulting in a temporary closure for thorough rectification and replacement of all 4,440 pieces of linen [1][4]. - Atour's investigation concluded that the incident was an isolated case, with no other similar issues found during a comprehensive inspection [4]. Group 2: Company Overview and Performance - As of the end of Q1 2024, Atour operates 1,727 hotels with approximately 194,559 rooms, marking a year-on-year increase of 32.6% and 31.3% respectively [6][7]. - Atour is the fourth largest hotel group in China, following Huazhu, Jinjiang, and Shoulv, and has a strong market presence in the mid-to-high-end hotel segment [5][8]. - The company has adopted a light-asset expansion model, with over 98% of its hotels being franchise operations, totaling 1,593 franchise hotels by the end of 2024 [9]. Group 3: Financial Performance - In 2024, Atour reported a revenue of 7.248 billion yuan and a net profit of 1.275 billion yuan, reflecting year-on-year growth of approximately 55% and 73% respectively [3][11]. - The retail business has significantly contributed to Atour's revenue growth, with sales from pillows and quilts reaching approximately 2.2 billion yuan in 2024, doubling compared to the previous year [3][13]. - Despite impressive overall revenue growth, the hotel segment has faced challenges, with declines in average room revenue, daily room rates, and occupancy rates in 2024 [13].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.58 CNY based on a 14x PE valuation for 2025 [2][7]. Core Insights - The company is expected to see earnings per share (EPS) of 1.47, 1.57, and 1.68 CNY for the years 2025 to 2027, respectively, reflecting an upward adjustment from previous estimates [2][7]. - The company achieved a revenue of 4.211 billion CNY in 2023, with a projected revenue of 4.417 billion CNY in 2025, indicating a growth rate of 5.3% [5][6]. - The gross margin is expected to improve to 42.5% by 2025, up from 40.0% in 2023, showcasing a positive trend in profitability [5][6]. Financial Performance Summary - In 2023, the company reported a net profit of 379 million CNY, with a forecasted net profit of 385 million CNY for 2025, reflecting a growth of 5.0% [5][6]. - The company’s revenue for 2024 is projected to be 4.193 billion CNY, a slight decrease of 0.4% year-on-year, but with a recovery expected in subsequent quarters [6]. - The company maintains a high dividend payout ratio of 63.6% for 2024, indicating strong shareholder returns [6]. Market Position and Strategy - The company is focusing on deepening its presence in lower-tier cities, leveraging consumer insights and e-commerce channels to adapt to current market trends [6]. - The report highlights the successful implementation of a major product strategy, which has contributed to improved performance in Q4 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company is expected to achieve earnings per share (EPS) of 1.47, 1.57, and 1.68 yuan for the years 2025 to 2027, respectively, with a target price of 20.58 yuan based on a 14x PE valuation for 2025 [2][7]. - The company has demonstrated a significant improvement in Q4 performance, with a notable increase in net profit driven by operational leverage and cost control [6]. Financial Performance Summary - For 2023, the company reported a revenue of 4,211 million yuan, with a year-on-year growth of 14.9%. However, in 2024, revenue is projected to decline slightly to 4,193 million yuan, a decrease of 0.4% [4][6]. - The net profit attributable to the parent company for 2023 was 379 million yuan, reflecting a year-on-year increase of 36.2%. In 2024, it is expected to decrease to 367 million yuan, a decline of 3.3% [4][6]. - The gross margin for 2024 is expected to improve to 41.4%, up from 40.0% in 2023, indicating a positive trend in profitability [4][6]. Earnings Forecast - The company’s earnings forecasts have been adjusted, with the EPS estimates for 2025, 2026, and 2027 being 1.47, 1.57, and 1.68 yuan, respectively [2][7]. - The projected revenue for 2025 is 4,417 million yuan, with a growth rate of 5.3% compared to 2024 [4][6]. Market Position and Strategy - The company is focusing on deepening its presence in lower-tier cities and leveraging its e-commerce channels, which aligns with current consumer trends amid macroeconomic uncertainties [6]. - The company has successfully implemented a big product strategy, which has contributed to improved performance in Q4 [6].

Core Insights - The company reported a revenue of 4.193 billion and a net profit attributable to shareholders of 367 million for 2024, showing a slight decline in revenue and net profit compared to the previous year, while the non-recurring net profit increased by 1.77% [1] - In Q4 2024, the company achieved a revenue of 1.51 billion, with a significant increase in net profit attributable to shareholders by 23.56% and a non-recurring net profit increase of 30.98%, attributed to home textile subsidies and internal adjustments [1] - For Q1 2025, the company reported a revenue of 926 million, with a decline in net profit attributable to shareholders by 3.79% and a non-recurring net profit decrease of 9.84% [1] Revenue and Profit Analysis - The online channel generated a revenue of 2.299 billion in 2024, a decrease of 3.75%, but the gross margin improved by 3.19 percentage points to 42.96% due to product structure optimization and reduced promotional efforts [2] - Offline revenue from franchise and direct sales was 1.333 billion and 325 million respectively, with franchise revenue increasing by 1.46% while direct sales declined by 6.51% [2] - The company’s core product category, bedding, maintained stable revenue of 2.029 billion, while pillow sales grew by 8.18% to 316 million [2] Margin and Expense Overview - The overall gross margin for 2024 was 41.4%, an increase of 1.36 percentage points, benefiting from improved online channel margins and product structure optimization [3] - The company’s expense ratios for sales, management, R&D, and financial expenses were 24.43%, 4.47%, 1.96%, and 0.17% respectively, with increases attributed to higher wage expenses and reduced interest income [3] - By Q1 2025, the gross margin rose to 43.9%, while the net profit margin was 9.7%, reflecting a slight decline of 0.5 percentage points year-on-year [3] Inventory and Cash Position - The company’s inventory at the end of 2024 was 1.012 billion, an increase of 5.21%, with inventory turnover days rising by 3.3 days to 144.62 days [3] - As of Q1 2025, inventory grew to 1.080 billion, a 6.72% increase from the beginning of the year, indicating a need to monitor inventory clearance [3] - The company had a strong cash position with monetary funds reaching 835 million by the end of Q1 2025 [3] Market Position and Future Outlook - The company is recognized as a leading player in the domestic home textile industry, continuing to deepen its "Good Bedding, Choose Mercury" strategy, with an increasing market share [4] - Despite a soft demand in the home textile industry since Q2 2024, Q4 saw a sales recovery due to regional home textile subsidy policies, with expectations for continued support in 2025 [4] - Profit forecasts for 2025, 2026, and 2027 are 384 million, 410 million, and 435 million respectively, with a maintained "buy" rating [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company's gross margin has improved, driven by the e-commerce sector and the ongoing development in smart home textiles [6][7] - The company has faced challenges in revenue growth, with a slight decline in overall income and net profit in 2024 compared to the previous year [2][3] - The company is actively upgrading its product lines and expanding into the smart home textile market, which is expected to contribute to future revenue growth [6][7] Summary by Sections Financial Performance - In 2024, the company's revenue was 4.193 billion, with a net profit of 367 million, reflecting a year-on-year decline of 0.42% and 3.28% respectively [2] - The operating cash flow for 2024 was 516 million, showing a year-on-year increase of 4.58% [2] - For Q1 2025, the revenue was 926 million, with a net profit of 90 million, indicating a year-on-year growth of 1.20% but a decline in net profit compared to the previous year [2] Product and Revenue Breakdown - In 2024, revenue from different product categories showed mixed results, with bedding and quilts experiencing a decline, while other categories like pillows saw growth [3] - E-commerce revenue decreased by 3.75%, while other channels like franchises and direct sales also faced challenges [3] - Regional performance indicated strong growth in Northeast and Central China, with international sales also showing a significant increase [3] Margin Analysis - The gross margin for 2024 was 41.40%, an increase of 1.36 percentage points year-on-year, while the net margin decreased to 8.74% [4] - In Q1 2025, the gross margin improved to 43.9%, but the net margin fell to 9.7% due to increased sales expenses [4] Inventory and Cash Flow - As of the end of 2024, inventory increased to 1.012 billion, with a turnover period of 145 days [5] - Accounts receivable and payable showed a decline, indicating improved cash flow management [5] Investment Recommendations - The company is expected to continue its "big product" strategy, enhancing product structure and investing in new materials, which should support margin improvement [6] - The introduction of smart home textile products is anticipated to create new revenue streams [7] - The revenue forecasts for 2025 and 2026 have been adjusted downwards, but the long-term outlook remains positive with expected EPS growth [7]