1H25 业绩略低于我们预期 公司发布1H25 业绩，收入同增29.6%至31.45 亿元，归母净利润同降19.5%至1.29 亿元，扣非归母净利 润同降26.6%至0.79 亿元，业绩略低于我们预期，主因尾程涨价及新仓爬坡拖累海外仓毛利率、分销业 务经营短期承压等。分季度看，1Q/2Q25 收入同增37.7%/22.6%，归母净利同降35.2%/3.9%。 发展趋势 1、供需两旺下海外仓营收延续快增，人体工学新品类加速打造。1）海外仓：1H25 收入同增84.3%至 15.7 亿元，收入占比同比提升15ppt 至49.9%，美国电商渗透率提升及国内跨境企业加速出海驱动下， 公司1H25包裹发件量同增超120%，欧洲市场亦成功开拓，德国海外仓利用率已超70%并实现盈利；2） 人体工学业务：1H25 收入同增3.5%至13.8 亿元，分品类看，人体工学椅、电动沙发、电动床销售额同 增100%，新品类收入占比提升至20%；分渠道看，1H25 跨境电商收入同增9.2%至10 亿元，其中独立站 收入同增11.2%，于跨境电商收入占比达41%。 2、尾程涨价、新仓爬坡拖累海外仓毛利率，新业务调整下管理费用较高。 盈利预 ...

Company Overview - Shenzhen Xihao Intelligent Home Furnishing Co., Ltd. is a leading ergonomic chair company established in 2011, headquartered in Shenzhen, with a supply chain based in Foshan. The company has achieved annual growth rates of 30%-50% since 2017 and expects to surpass 2 billion in sales this year [1][6][14]. Sales and Market Position - Xihao's projected sales for 2024 are nearly 1.6 billion, with products sold in 85 countries and regions, achieving annual sales of over 1.5 million units [1][12]. - The company aims to maintain over 30% annual growth for the next decade, with a target of doubling its scale in three years and quadrupling it in five years [1][14]. Product Development and Innovation - The ergonomic chair market is experiencing a significant increase in demand, with a projected 43% year-on-year growth in the online market for ergonomic chairs in 2024, driven by a rising number of lumbar disease patients in China [8][10]. - Xihao invests 13%-16% of its profits into research and development, with over 100 R&D staff making up 20% of the company's non-manufacturing workforce [10][16]. Market Challenges and Strategies - The company faced challenges in 2014 due to market homogenization, leading to a significant drop in product prices and inventory issues. Xihao responded by focusing on core business areas and investing in technological innovation [7][11]. - Xihao successfully entered the overseas market in 2018, selling its M18 ergonomic chair on Amazon at a competitive price of around $200, which led to rapid sales growth [11][12]. Future Market Potential - The current domestic ergonomic chair market is estimated at 400-500 billion, while the global market exceeds 2 trillion. With the potential for every household to own an ergonomic chair, the market could grow to 4-5 trillion [14][15]. - Xihao's vision includes making ergonomic chairs a universal product, with plans for three phases of market penetration: one chair per household, one chair per person, and ultimately two chairs per person [14][15].

Core Insights - The article highlights the success of Guangming Yuandi in the children's study desk market, which has maintained a 30% higher price than competitors while being the top seller in the mid-to-high-end segment for five consecutive years. This phenomenon is attributed to a shift in parenting perspectives towards health and scientific management of children's growth, moving from basic functionality to value-based considerations [1] Product Safety and Standards - Guangming Yuandi emphasizes material safety by using E0 grade solid wood particle board, with formaldehyde release as low as 0.012mg/L, significantly below the national E1 standard limit of 0.15mg/L. The use of UV varnish on the desktop ensures durability, maintaining the original wood texture even after over 10,000 wear tests. This commitment to safety addresses parents' concerns about hidden health risks [2] Growth Adaptation System - The company has developed a growth adaptation system supported by over 500 patents, incorporating ergonomic designs that provide elbow support and adjustable desktop angles from 0° to 40°. This system is designed to accommodate children's growth from ages 3 to 18, promoting healthy sitting postures and reducing spinal pressure through scientifically backed design [3] Service Model Transformation - Guangming Yuandi has transitioned from merely selling products to offering a comprehensive growth management service. With over 1,600 stores nationwide, the company provides an immersive shopping experience and dedicated installation services, creating a closed-loop system of "product + service." Parents are willing to pay a 30% premium for a long-term health management solution that supports their children's educational journey [4]

Core Insights - The 618 sales event showcased significant growth for the company, with a 92% year-on-year increase in sales on JD.com and a 338% increase on Douyin, establishing the brand as a leader in the ergonomic chair industry [1][7] - The flagship product, the Black and White E3 chair, saw a 186% increase in sales on JD.com and a 294.8% increase on Douyin, highlighting its popularity and high customer satisfaction [1] - The Black and White P2Pro chair experienced a 196% increase in sales on JD.com and a 392.7% increase on Douyin, reinforcing its position as a cost-effective option in the ergonomic chair market [1] - The Black and White X7 chair, launched only a year ago, has quickly become the top choice in the 4K price segment for smart ergonomic chairs, thanks to its innovative back support technology [1] Market Position - The company has achieved multiple industry firsts during the 618 event, including top sales in various price segments: the 5000 yuan segment, the 2000 yuan segment in terms of growth, and the 1000 yuan segment [4] - With over 10 million users served globally and partnerships in more than 30 countries, the company has consistently ranked first in industry sales [7] - The company has received numerous certifications from professional organizations, further solidifying its reputation as a leading brand in the ergonomic chair market [7] Industry Trends - The global ergonomic chair market is experiencing continuous expansion, driven by increasing consumer focus on health and comfort, as well as advancements in product design and technology [9] - The company is enhancing its global market presence by developing both online sales systems and offline experiences, despite facing intense competition [9] - The brand is committed to innovation and differentiation in product design, aiming to improve the health of users who spend long hours sitting [9]

Group 1 - The core initiative is the "Teacher Health Escort Plan" launched by Shenzhen Xihou Intelligent Home Co., Ltd. in collaboration with UNESCO, aimed at improving the working conditions of teachers in Tanzania, particularly in Zanzibar [1][3] - The plan includes the donation of over 100 ergonomic chairs and related materials valued at over $100,000 to address the structural shortage of teachers in the region, particularly in science subjects [1][3] - The initiative aligns with the UN's Sustainable Development Goals, focusing on decent work and economic growth, and aims to enhance educational equity and regional sustainable development [1][3][6] Group 2 - Data from the Tanzanian Ministry of Education indicates a significant shortage of teachers, with a gap of 816 teachers in Zanzibar, including 259 in physics and 430 in mathematics [3] - The donation is seen as a systemic safeguard for the dignity of the teaching profession, emphasizing that improving working conditions is an investment in human creativity rather than a cost [3][5] - The collaboration aims to optimize educational infrastructure through public-private partnerships, enhancing community development and strengthening international partnerships [3][6] Group 3 - Xihou has a history of corporate social responsibility, having donated educational equipment to various schools in China, thereby improving the teaching environment [5] - The company integrates social responsibility into its brand ethos while focusing on ergonomic technology development [5][6] - Xihou's initiatives extend beyond education, providing support to vulnerable groups through various charitable programs [5] Group 4 - Xihou's commitment to health and ergonomic innovation is driven by the global issue of sedentary lifestyles, with a reported 619 million people suffering from back pain as of 2020, a 60.4% increase since 1990 [7] - The company has developed the BM Dynamic Lumbar Support System, which adapts to the user's movements, enhancing spinal health management [7] - Xihou's ergonomic chairs are now available in 85 countries, demonstrating its global influence and commitment to user health [8]

随着现代办公节奏的加快，不少职场人都为如何实现"健康办公"而绞尽脑汁。据CBNData调研显 示，超过60%的用户每天座椅使用时间超过5小时，作为时时相伴的重要办公工具，一把合适的人 体工学椅能够帮助消费者减轻久坐带来的危害，是守护健康的一道重要防线。 近两年来，人体工学椅行业迎来了爆发式的增长。恒州博智咨询最新统计及预测数据显示， 2 0 2 3年全球人体工学办公椅市场销售额已达到了惊人的1 4 3 . 8亿美元，预计到2 0 3 0年将达到 2 0 2 . 8亿美元，年复合增长率为5 . 1%。 但是，市场迅猛发展的同时，也出现了产品良莠不齐、质量难以保障等问题，如何才能挑选 出一把真正科学的人体工学椅？这个问题一直困扰着广大消费者。 3 1 5 国 际 消 费 者 权 益 日 ， 为 进 一 步 明 确 人 体 工 学 椅 行 业 质 量 标 准 、 打 击 市 场 假 冒 伪 劣 产 品，"真工学·真品质·真健康" 2 0 2 5广东3 · 1 5消费维权打假论坛人体工学椅行业分论坛在广州 举行。在这场论坛上，西昊联手广东3 · 1 5组委会，为消费者带来真工学、真品质、真健康的 西昊人体工学椅。 严 ...