首页即时动态梦百合“亏损深蹲”全球布局，价值底仓崛起

梦百合“亏损深蹲”全球布局，价值底仓崛起

来源：家居百科时间：2026年05月11日 11:50

Mengliyu’s Financial Resilience and Strategic Growth Mengliyu (603313.SH): Overcoming Challenges and Embracing Growth

When Mengliyu (603313.SH) released its 2025 annual report and Q1 2026 report, the "net profit after tax" showing a loss initially led the market into a period of temporary pessimism. However, by peeling back the surface of the financial data, it becomes evident that this global memory foam mattress leader is displaying strong business resilience and strategic determination.

With the revenue continuing to grow and the profits of its US factory doubling, Mengliyu is currently experiencing a crucial transition period from "scale expansion" to "profit repair". For investors, this seemingly underwhelming performance report actually hides multiple positive signals of the company's globalization entering the harvest period and the acceleration of the repair of its balance sheet.

Revenue Scaling New Heights, Profitability on the Upswing

In terms of scale, Mengliyu remains at the forefront of China's home products export. The financial report shows that the company achieved a revenue of 8.912 billion yuan in 2025, an increase of 5.48% year-on-year. In the face of complex and changing international trade environments and weak consumer demand, this countercyclical growth is particularly valuable. In the first quarter of 2026, the growth momentum remained stable with quarterly revenue reaching 2.251 billion yuan, up 10.18% year-on-year.

What is even more值得关注 is the improvement in profitability. In 2025, although Mengliyu still recorded a net loss of 9.8225 million yuan, this was a significant reduction from the 151 million yuan loss in 2024, a decrease of 141 million yuan, with a year-on-year increase of 93.51%. This indicates that the company's core business logic is fundamentally sound, and after excluding occasional factors, the main business has reached the break-even point.

Global Production Capacity as a "Ballast Stone": Profit Increase in US East and West Factories by 207%

The overseas heavy asset investment by Mengliyu, which has been controversial in the past few years, finally delivered on its promises in 2025. As a model for Chinese enterprises going abroad, the "US East + US West" dual factories of Mengliyu in the US presented an impressive performance.

According to investor relations activity records, the combined profit of Mengliyu's US East and West factories in 2025 reached about 80 million yuan, compared to 26 million yuan in 2024, with an increase of approximately 207.57%. This data has a milestone significance.

Emergence of New Powerhouses: Overseas E-commerce and Electric Beds as Growth Dual Engines

Behind the pressure from traditional bulk businesses, Mengliyu's "second growth curve" has already shown an explosive growth trend.

The financial report for 2025 showed that Mengliyu's online sales channels achieved a main business revenue of 2.818 billion yuan, an increase of 56.88% year-on-year. Among them, the overseas online business (i.e., cross-border e-commerce) performed particularly well, with an increase of more than 60% in revenue in 2025, and continued rapid expansion in the first quarter of 2026. On the Amazon platform, Mengliyu has firmly occupied the top position in the mattress category, evolving from an ODM contract manufacturer to a platform core seller with pricing power. Although Mengliyu's overseas e-commerce business lost 139 million yuan in 2025, this is seen as a strategic investment to capture the North American online mindshare. With the stabilization of its market share, the profit turning point is in sight.

Regarding the 38.11 million yuan loss in the first quarter of 2026, the market reaction was overly pessimistic. However, by decomposing the reasons, it is found that most of them are short-term, unsustainable factors.

Outlook and Valuation Repair

Although Mengliyu is still in the "deep water" of performance repair, the logic of its value revaluation has not been destroyed. From the perspective of valuation, the company's market-to-sales ratio has dropped to a historical low, while its globalization production capacity layout, continuously optimized customer structure, and first-mover advantage in the smart home field have not been reasonably reflected in the valuation.

Mengliyu is at the starting point of "valuation + profit" double repair. With the improvement of overseas e-commerce business quality, the continuous release of scale effects in US factories, and the transmission of raw material cost pressures, and with the continuous optimization of the industry competitive landscape, this Chinese manufacturing enterprise that sticks to long-termism is waiting for the market to give it the value revaluation it deserves.