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Shanghai Shuixing Home Textile Stock Co., Ltd. - Mercury

Mercury

Shanghai Shuixing Home Textile Stock Co., Ltd. (Mercury, SSE: 603365) is a leading listed enterprise in China's home textiles industry, headquartered in Shanghai. The company operates a vertically integrated model encompassing design, manufacturing, and sales, with a long-term focus on the Home Textiles and Soft Furnishings sector. Its business is absolutely centered on bedding essentials (e.g., bedding sets, quilt fillings, pillows) and is marketed through a multi-brand portfolio including "Mercury", "Bliss", and "Mercury KIDS" to cover mass and niche markets. Renowned for its clear strategic theme "For Good Quilt Fillings, Choose Mercury", the company generated revenue of RMB 4.193 billion in 2024, with the quilt filling category contributing nearly half, and e-commerce sales accounting for 56.72% of total revenue, demonstrating its formidable online operational strength and solid market position. As an industry benchmark, Mercury continues to lead trends in healthy sleep consumption, leveraging its stable financial performance, consistent R&D investment, and deeply rooted national brand image.

Strengths: Mercury's core strengths are its extreme vertical focus within the Home Textiles and Soft Furnishings track, particularly in bedding essentials, and its powerful channel mastery, notably its leadership in e-commerce as an industry pioneer (with over 56% of revenue from online channels in 2023), alongside the strong consumer mindshare and market share established around its key "quilt fillings" category.

Weaknesses: Mercury's main weaknesses stem from its high concentration on the single sector of Home Textiles and Soft Furnishings, which limits growth potential and risk resilience due to the size and consumption cycles of this niche within the broader home market; concurrently, as a manufacturer, its profitability is susceptible to fluctuations in raw material (e.g., cotton, chemical fiber) prices, and it faces challenges in brand premiumization and international market expansion.

Business Nature

Mercury Vertically integrated home textile manufacturer: • Independent design, R&D, production, and distribution • Owned factories with integrated supply chain network • Focus on proprietary brand with selective OEM capabilities Manufacturing Network: Owned factories: 5 production bases Shanghai, Jiangsu Annual output: Over 60 million home textile products Automation: 60% process automation Workforce: 6,000+ professionals Material Consumption 2023: Cotton: 32,000 tons annually Synthetic fibers: 20,000 tons annually Dyes: 6,000 tons annually Auxiliary materials: 12,000 tons annually

Core Business Areas

Company: Mercury Bedding & Bed Linens — [Core Product] Complete bedding collection: bed sheets, duvet covers, pillowcases, fitted sheets, etc. - Diverse materials: cotton, linen, Tencel, silk, and other materials - Innovative features: dust mite prevention, antibacterial, temperature regulation, and other functionalities Curtains & Window Treatments — [System Solutions] Curtain collection: blackout curtains, sheer curtains, decorative curtains, etc. - Window treatment accessories: curtain rods, tiebacks, track systems, etc. - Customization services: size-customized curtain solutions Rugs & Mats — [Diverse Options] Rug collection: machine-woven rugs, hand-knotted rugs, decorative rugs, etc. - Functional mats: bathroom mats, kitchen mats, doormats, etc. - Material innovations: application of new eco-friendly materials Throw Pillows & Cushions — [Decorative Accessories] Pillow collection: decorative pillows, functional cushions, pet products, etc. - Filling materials: down, memory foam, polyester fiber, etc. - Cover materials: cotton, linen, silk, synthetic fibers, etc. Decorative Throws — [Cozy Experience] Blanket collection: sofa throws, air-conditioning throws, travel blankets, etc. - Functional blankets: picnic blankets, yoga mats, baby blankets, etc. - Premium materials: cashmere, knit, cotton, etc. Table Linens & Dining Accessories — [Dining Coordination] Tablecloth collection: waterproof tablecloths, decorative tablecloths, table runners, etc. - Dining accessories: napkins, coasters, table centerpieces, etc. - Craftsmanship: printing, embroidery, jacquard, etc. Functional Accessories — [Practical Innovation] Storage items: storage boxes, laundry hampers, dust covers, etc. - Decorative accessories: wall decorations, decorative covers, etc. - Smart accessories: smart home textiles Classification codes: 4.1, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7 Note: Mercury Home Textile achieves full category coverage in the home textile and soft furnishing sector, with bedding as its core product, providing complete home textile and soft furnishing solutions. Bedding & Bed Linens accounts for 75% of home textile revenue Core product performance: Bedding sets: various materials and sizes, price range ¥200–¥1,500 Quilt/Duvet series: down comforters, fiber quilts, summer quilts, etc., price range ¥300–¥2,000 Pillow series: memory foam pillows, latex pillows, down pillows, etc., price range ¥150–¥600 Mattress protectors: waterproof, dust mite prevention, etc., price range ¥200–¥500 Curtains & Window Treatments accounts for 7% of home textile revenue Systematic products: Curtain collection: various functional curtains, price range ¥150–¥800 Curtain accessories: rods, rings, hooks, etc., price range ¥40–¥200 Custom curtains: size customization services, price range ¥200–¥900 Rugs & Mats accounts for 6% of home textile revenue Diverse products: Rug collection: various material rugs, price range ¥250–¥1,200 Functional mats: bathroom mats, kitchen mats, etc., price range ¥80–¥300 Decorative rugs: hand-knotted rugs, machine-woven rugs, etc., price range ¥300–¥1,500 Throw Pillows & Cushions accounts for 5% of home textile revenue Decorative accessories: Pillow collection: various decorative pillows, price range ¥60–¥300 Functional cushions: lumbar supports, neck pillows, etc., price range ¥100–¥400 Pet products: pet beds, pet mats, etc., price range ¥120–¥500 Decorative Throws accounts for 3% of home textile revenue Cozy products: Blanket collection: various material throws, price range ¥120–¥500 Functional blankets: picnic blankets, yoga mats, etc., price range ¥100–¥400 Baby blankets: infant blanket collection, price range ¥150–¥600 Table Linens & Dining Accessories accounts for 2% of home textile revenue Dining coordination products: Tablecloth collection: various size tablecloths, price range ¥80–¥400 Placemats & coasters: dining accessory sets, price range ¥40–¥200 Table decorations: table runners, napkins, etc., price range ¥60–¥250 Functional Accessories accounts for 2% of home textile revenue Practical products: Storage items: storage boxes, laundry hampers, etc., price range ¥60–¥300 Decorative accessories: wall decorations, covers, etc., price range ¥80–¥350 Smart textiles: smart home textiles, price range ¥150–¥500

Industry Rankings

8Factory Rankings in the Home Textiles & Soft Furnishings Industry

Mfr

10Company Rankings in the Home Textiles & Soft Furnishings Industry

Brand

Corporate Report

Mercury (Shanghai Shuixing Home Textile Stock Co., Ltd., SSE: 603365) is a leading integrated home textile manufacturer and brand operator headquartered in Shanghai, China. Established as a vertically integrated enterprise, the company designs, produces, and sells home textile products through a multi-brand portfolio including Mercury, Mercury STARZ HOME, Mercury kids, and Bliss. With a workforce of 3,439 employees and two production facilities across Shanghai and Hai'an, Mercury commands significant scale in China's home textile market.

Core Business

Mercury's core business centers on home textiles, with bedding essentials—particularly quilt and comforter products—serving as the primary revenue driver, accounting for 48.38% of total revenue. The company maintains a clear strategic positioning built around the tagline "Quality Quilt, Choose Mercury," reflecting its commitment to quality and consumer trust. Its market leadership is evidenced by top-ranked sales across multiple segments including quilts, wedding bedding, health-focused sleep products, and children's bedding, demonstrating strong brand resonance across diverse customer demographics.

For fiscal year 2024, Mercury reported revenue of RMB 4.19 billion, representing a marginal decline of 0.42% year-over-year. Net profit attributable to shareholders reached RMB 367 million, while earnings per share stood at RMB 1.40. Operating cash flow remained robust at RMB 516 million, up 4.58% from the prior year, underscoring the company's financial resilience despite challenging market conditions. The company operates a balanced manufacturing model combining self-production facilities with outsourced and custom manufacturing, providing operational flexibility while maintaining quality control.

Global Presence

Mercury maintains its operational base primarily within China, with headquarters in Shanghai and two production facilities strategically located in Shanghai and Hai'an. The company employs 3,439 professionals as of 2024, supporting its integrated design, production, and sales operations. As a publicly listed entity on the Shanghai Stock Exchange (SSE: 603365), Mercury's primary market focus remains domestic, though its brand portfolio and production capabilities position it as a significant player in the broader Asian home textile industry.

Key Strengths

Mercury has pioneered e-commerce integration in China's home textile industry, with online sales contributing 56.72% of 2023 revenue, providing substantial competitive advantage and a resilient channel mix. The company's commitment to innovation is reflected in R&D expenditure of RMB 82.1 million in 2024, representing 5.52% year-over-year growth, supporting 170 patents and collaborations with academic institutions including Donghua University. With a 2023 brand value of RMB 157.13 billion and recognition as a "People's National Brand" through People's Daily Digital Media's initiative, Mercury commands strong consumer awareness and trust across its core product categories, supported by a diversified multi-brand portfolio that enables coverage across price points and demographic segments.

VerityRank Score

VerityRank Score of 82/100

VerityRank Score

82/ 100

Based on market presence, financial scale, operational capacity, and brand strength.

Quick Facts

Headquarters

Fengxian District, Shanghai, China

Founded

1987

Employees

3K+

Listing

Publicly Listed

Data Sources & Methodology

This corporate profile is compiled from publicly available sources including company annual reports, SEC/regulatory filings, official press releases, and verified third-party industry databases. Financial figures reflect the most recent fiscal year disclosures and are cross-validated across multiple independent references.

VerityRank Score is calculated using a proprietary multi-dimensional model evaluating market presence, financial strength, operational scale, innovation capacity, and brand influence. Individual dimension scores are normalized against industry peers and updated quarterly.

Disclaimer: This profile is for informational purposes only. VerityRank makes no warranties regarding completeness or timeliness. This content does not constitute investment advice or endorsement.

Key references: SSE : 603365

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