慕思股份(001323) - 2025年4月25日投资者关系活动记录表

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]