Core Viewpoint - Lixun Precision's stock price has shown fluctuations, with a recent decline of 2.01% and a total market capitalization of approximately 422.8 billion yuan. The company has a diverse revenue stream primarily from consumer electronics, and it has experienced significant growth in revenue and net profit year-over-year [1][2]. Financial Performance - For the period from January to September 2025, Lixun Precision achieved a revenue of 220.9 billion yuan, representing a year-on-year growth of 24.69%. The net profit attributable to shareholders was 11.52 billion yuan, reflecting a growth of 26.92% [2]. Stock Performance - As of January 7, Lixun Precision's stock price was 58.03 yuan per share, with a year-to-date increase of 2.33%. Over the last five trading days, the stock has decreased by 0.33%, and over the last 20 days, it has declined by 3.41% [1]. Shareholder Information - As of December 31, the number of shareholders for Lixun Precision was 420,900, an increase of 2.30% from the previous period. The average number of circulating shares per shareholder decreased by 2.20% to 17,269 shares [2]. Dividend Distribution - Lixun Precision has distributed a total of 7.65 billion yuan in dividends since its A-share listing, with 4.53 billion yuan distributed over the past three years [3]. Major Shareholders - As of September 30, 2025, the top circulating shareholders included Hong Kong Central Clearing Limited with 428 million shares, an increase of 84.42 million shares. Other significant shareholders include Huatai-PB CSI 300 ETF and China Securities Finance Corporation, with varying changes in their holdings [3].

Core Viewpoint - Anpelon Technology Co., Ltd. has shown a mixed performance in stock trading, with a recent decline in share price despite a year-to-date increase, indicating potential volatility in the market [1]. Group 1: Stock Performance - On January 7, Anpelon’s stock price decreased by 2.01%, reaching 138.08 CNY per share, with a trading volume of 330 million CNY and a turnover rate of 4.03% [1]. - Year-to-date, the stock has increased by 2.43%, with a notable rise of 11.58% over the last five trading days, but a decline of 10.97% over the past 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Anpelon reported a revenue of 862 million CNY, reflecting a year-on-year growth of 30.27%, and a net profit attributable to shareholders of 73.13 million CNY, up by 17.20% [2]. Group 3: Shareholder Information - As of December 19, Anpelon had 19,100 shareholders, a decrease of 2.48% from the previous period, with an average of 3,081 circulating shares per shareholder, which is an increase of 4.73% [2]. - The company has distributed a total of 52.23 million CNY in dividends since its A-share listing [3]. Group 4: Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders, notable changes include a decrease in holdings by Penghua Carbon Neutral Theme Mixed A and Yongying Advanced Manufacturing Selected Mixed A, while new entries include several funds from Jingshun Longcheng [3].

Core Viewpoint - The stock of PIANO has shown mixed performance, with a slight increase in the short term but a significant decline in revenue and profit year-over-year, indicating potential challenges ahead for the company [1][2]. Group 1: Stock Performance - On January 7, PIANO's stock rose by 2.00%, reaching a price of 20.89 yuan per share, with a trading volume of 37.02 million yuan and a turnover rate of 1.40%, resulting in a total market capitalization of 3.82 billion yuan [1]. - Year-to-date, PIANO's stock price has decreased by 0.33%, with a 5-day decline of 0.90%, a 20-day increase of 42.11%, and a 60-day increase of 71.23% [1]. Group 2: Financial Performance - For the period from January to September 2025, PIANO reported a revenue of 420 million yuan, representing a year-over-year decrease of 37.27%, and a net profit attributable to shareholders of -7.53 million yuan, a decline of 191.47% compared to the previous year [2]. - Since its A-share listing, PIANO has distributed a total of 198 million yuan in dividends, with 36.58 million yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of December 31, PIANO had 15,300 shareholders, a decrease of 39.17% from the previous period, with an average of 8,409 circulating shares per shareholder, an increase of 64.39% [2]. - As of September 30, 2025, the ninth largest circulating shareholder is the Nuoan Multi-Strategy Mixed A fund, holding 1.2967 million shares as a new shareholder [3].

www.leadleo.com 中国AI床垫行业调研简报 | 2025/08 报告标签：AI床垫、技术密集、市场扩张 2025年8月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 1 头豹调研简报 | 2025/08 AI床垫行业 Q1：作为创新型的床垫产品，AI床垫与传统弹簧床垫相比有何异同？ ◼ AI床垫在功能体验方面相较于传统弹簧床垫优势明显 AI床垫是一种融合睡眠科学与人工智能、物联网等智能技术的创新床垫产品，通过内置AI算法与传感系统，能够 智能识别人体的体型和睡姿并实时采集用户睡眠数据，以实现床垫软硬度、支撑性、温度等参数的自动调整，部 分还能联动灯光、空调等其他 ...

Core Viewpoint - The company, Lega Co., focuses on ergonomic-related businesses primarily based on linear drive technology, applied innovatively in smart home and smart office products [1] Group 1: Business Focus - The company's product offerings include height-adjustable desks, functional sofas, and smart electric beds [1] - Future research and development resources will be allocated to meet the core technical needs of the company's main businesses: smart home and public overseas warehouse services [1] Group 2: Disclosure Policy - The company will disclose any significant cooperation progress in accordance with legal and regulatory requirements [1]

Group 1 - The stock price of PIANO dropped by 2.20% on January 6, reaching 20.49 CNY per share, with a trading volume of 143 million CNY and a turnover rate of 5.35%, resulting in a total market capitalization of 3.748 billion CNY [1] - Year-to-date, PIANO's stock has decreased by 2.24%, with an 8.40% decline over the last five trading days, a 38.92% increase over the last 20 days, and a 68.23% increase over the last 60 days [1] - PIANO's main business includes the research, design, production, sales, installation, and after-sales service of mid-to-high-end customized cabinets, wardrobes, wooden doors, and related home products, with revenue composition being 54.78% from customized cabinets, 39.55% from customized wardrobes, 3.86% from doors and walls, and 1.82% from other products [1] Group 2 - As of December 19, the number of PIANO shareholders increased by 118.22% to 25,200, while the average circulating shares per person decreased by 54.18% to 5,115 shares [2] - For the period from January to September 2025, PIANO reported a revenue of 420 million CNY, a year-on-year decrease of 37.27%, and a net profit attributable to shareholders of -7.5252 million CNY, a year-on-year decrease of 191.47% [2] - PIANO has distributed a total of 198 million CNY in dividends since its A-share listing, with 36.5832 million CNY distributed over the past three years [3]

Core Viewpoint - The stock price of Silan Microelectronics has shown a positive trend recently, with significant increases in revenue and net profit, indicating strong financial performance and investor interest [2][3]. Group 1: Stock Performance - On January 6, Silan Microelectronics' stock rose by 2.02%, reaching 29.30 CNY per share, with a trading volume of 1.087 billion CNY and a turnover rate of 2.25%, resulting in a total market capitalization of 48.757 billion CNY [1]. - Year-to-date, the stock price has increased by 3.13%, with a 3.90% rise over the last five trading days and a 4.23% increase over the last 20 days, although it has decreased by 5.79% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Silan Microelectronics achieved a revenue of 9.713 billion CNY, representing a year-on-year growth of 18.98%, while the net profit attributable to shareholders reached 349 million CNY, marking a substantial increase of 1108.74% [2]. - The company has distributed a total of 720 million CNY in dividends since its A-share listing, with 208 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Silan Microelectronics was 296,200, an increase of 13.11% from the previous period, with an average of 5,618 circulating shares per person, a decrease of 11.59% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 32.1797 million shares, a decrease of 32.9556 million shares from the previous period [3].

Core Viewpoint - Stone Technology's stock has shown a mixed performance with a year-to-date increase of 4.79%, but a significant decline of 19.43% over the past 60 days, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Stone Technology achieved a revenue of 12.066 billion yuan, representing a year-on-year growth of 72.22%. However, the net profit attributable to shareholders decreased by 29.51% to 1.038 billion yuan [2]. - Cumulatively, since its A-share listing, Stone Technology has distributed a total of 1.463 billion yuan in dividends, with 1.052 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Stone Technology was 15,900, a decrease of 8.77% from the previous period. The average number of circulating shares per shareholder increased by 9.76% to 16,251 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 14.5491 million shares, an increase of 4.4262 million shares from the previous period [3].

Summary of Dineike Conference Call Company Overview - **Company**: Dineike - **Industry**: Brain-Computer Interface (BCI) and Health Technology Key Points Industry and Market Position - Dineike is entering the health consumer market by miniaturizing serious medical technology for home use, focusing on smart hardware and EEG data to ensure revenue streams [2][5] - The company has established channel advantages in smart communities, homes, and hospitals, particularly in digital wards and smart hotel room control systems, aiding the rapid promotion of its BCI products [2][6] Product Development and Research - Dineike is collaborating with Xiamen University Medical College to research Alzheimer's disease using 40 Hz optoelectronic technology, continuously improving data collection devices and establishing a big data cloud platform for model training [2][7] - The accuracy of Dineike's BCI algorithm in PSG tests reached 84.3%, close to the international benchmark of 85%, but further improvements are needed to meet consumer market demands [2][8] Strategic Focus - The future strategy includes consolidating the smart community business, expanding into self-funded hospitals, entering overseas markets, and developing BCI technology, with a product launch expected in the first half of 2026 [2][9] - Dineike is focusing on non-invasive BCI technology, which has a broader market appeal, and plans to consider invasive BCI technology in 8-10 years based on social acceptance and technological advancements [3][18] Revenue Assurance and Market Expansion - The company aims to ensure stable revenue by transforming medical devices into consumer products, utilizing smart hardware and EEG data for a closed-loop solution [5][9] - Dineike has successfully transitioned into the self-funded hospital market, covering nearly 3,000 top-tier hospitals nationwide and becoming the first to implement the HarmonyOS [9] Challenges and Solutions - Key challenges include improving the accuracy of BCI technology and establishing a viable business model. Dineike's current algorithm is close to medical-grade accuracy but requires further validation for consumer use [8][19] - The company is in the process of obtaining a Class II medical device certificate, with expectations to receive it within one to two months [11] Future Developments - Dineike plans to host a BCI product launch in 2025 to accelerate domestic market expansion and is negotiating with the Xiamen government for the construction of a new R&D building [9][10] - The company is also developing AI algorithms for sleep analysis and attention assessment, with a focus on building a proprietary EEG database [12][21] Collaboration and Clinical Trials - Dineike is in discussions with hospitals for clinical trials in cognitive rehabilitation and is working with Xiamen University on cutting-edge scientific research [13][21] Market Feedback and Sales - Currently, Dineike has not launched consumer-grade sleep products due to the rigorous medical certification process, with sales expected to begin in late 2025 or early 2026 [12][16] Conclusion - Dineike is strategically positioned to leverage its existing channels and technological advancements in the BCI space, with a clear focus on non-invasive solutions and a robust plan for market entry and expansion in the health technology sector [2][21]

Core Viewpoint - Whirlpool's stock price has shown a modest increase of 2.09% year-to-date, with fluctuations in recent trading periods indicating mixed performance [2]. Group 1: Stock Performance - As of January 5, Whirlpool's stock price reached 9.76 yuan per share, with a trading volume of 25.35 million yuan and a turnover rate of 0.34%, resulting in a total market capitalization of 7.48 billion yuan [1]. - Year-to-date, Whirlpool's stock has increased by 2.09%, with a 0.93% rise over the last five trading days, a 3.84% decline over the last 20 days, and a 4.50% drop over the last 60 days [2]. Group 2: Company Overview - Whirlpool (China) Co., Ltd. was established on March 30, 2000, and listed on July 27, 2004. The company is located in Hefei High-tech Industrial Development Zone and specializes in the production, sales, and service of washing machines, refrigerators, microwave ovens, motors, and controllers [2]. - The company belongs to the household appliances sector, specifically in the white goods category, and is associated with concepts such as C2M, smart home, Douyin stores, small-cap stocks, and waste classification [2]. Group 3: Financial Performance - For the period from January to September 2025, Whirlpool reported a revenue of 3.297 billion yuan, reflecting a year-on-year growth of 30.61%. The net profit attributable to shareholders reached 317 million yuan, marking a significant increase of 496.88% [2]. - Since its A-share listing, Whirlpool has distributed a total of 1.508 billion yuan in dividends, with 826 million yuan distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, Whirlpool had 16,700 shareholders, an increase of 12.08% from the previous period, with an average of 45,886 circulating shares per shareholder, a decrease of 10.78% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the eighth largest, holding 2.7807 million shares as a new shareholder, while招商量化精选股票发起式A (001917) has exited the top ten list [3].