慕思股份(001323) - 2025年8月28-29日投资者关系活动记录表

Financial Performance - In the first half of 2025, the company achieved a revenue of 2.478 billion CNY, a decrease of 5.76% year-on-year [2] - The net profit attributable to shareholders was 358 million CNY, representing a year-on-year increase of 3.35% [3] - The comprehensive gross margin for the first half of 2025 was 51.90%, an increase of 0.64 percentage points year-on-year [3] Revenue Breakdown By Product Category - Revenue from mattresses, bed frames, sofas, bedding, and others was 1.256 billion, 695 million, 176 million, 116 million, and 194 million CNY respectively, with year-on-year changes of 1.25%, -10.68%, -15.64%, -22.23%, and -7.97% [3] By Sales Channel - Revenue from distribution, e-commerce, direct supply, direct sales, and others was 1.860 billion, 471 million, 85 million, 16 million, and 46 million CNY respectively, with year-on-year changes of -2.79%, -14.07%, 7.49%, -66.73%, and 11.65% [3] By Region - Domestic and overseas revenue was 2.369 billion and 109 million CNY respectively, with year-on-year changes of -7.71% and 73.97% [3] AI Product Development - AI mattress revenue in the first half of 2025 was 121 million CNY, with a focus on traditional distribution channels and high-traffic core business districts for store placements [4] - The company plans to release new collaborative products in the second half of the year [4] E-commerce Performance - E-commerce revenue was 471 million CNY, a year-on-year decline of 14.07%, with a gross margin of 51.22%, down 1.63 percentage points [4] - Cross-border e-commerce revenue grew by 91.88% year-on-year [4] Overseas Business Strategy - Overseas revenue reached 109 million CNY, a year-on-year increase of 73.97%, focusing on Southeast Asia and major platforms like Wayfair and Amazon [5] National Subsidy Impact - National subsidy-related revenue exceeded 300 million CNY in the first half of 2025, significantly boosting performance in March and April [6] Customer Service and Membership Growth - The company launched the "Musi Gold Manager 4.0" service system, achieving over 3.92 million registered members by the end of the reporting period [7] Dividend Policy - The proposed dividend for the first half of 2025 is 4.5 CNY per 10 shares (tax included), emphasizing a commitment to stable and continuous returns for investors [8]