在快节奏的现代生活中，一夜好眠，竟成为许多人的奢求。 中国睡眠研究会发布的《2025年中国睡眠健康调查报告》显示，中国超3亿人存在睡眠障碍，其中约1.5 亿人需积极干预，而且，睡不着、睡不醒、睡不好等睡眠障碍问题，呈现出年轻化的趋势。 如果有一张床，能感知人的心跳呼吸，读懂人的辗转反侧，在人噩梦时轻轻调节，在人感到寒冷时默默 升温——看似科幻的场景，正在由健康睡眠品牌慕思推动人工智能（AI）技术应用于寝具产品中，从 而变成现实。 慕思作为床垫家具领域的龙头企业，布局智能化转型至今已迈向第五个年头，期间研发的智能床垫产品 已迭代至第八代——T11Pro，不但可以自动调整适应个体健康，还能预警潜在健康问题，深受用户青 睐；智能床也经历多代优化，于今年9月末升级为可搭载鸿蒙系统完成多模态交互、分区智控的产品， 核心功能更实现了从"被动记录"到"主动干预"的跨越。 多款智能产品成功打开市场的背后，这家从广东东莞厚街走出的传统寝具制造商，正转型成为一家智能 睡眠服务商。慕思视野广阔，它瞩目智能化与全球化，还横跨太平洋，与世界顶尖学府——美国麻省理 工学院（MIT）实验室展开科技共创。 10月27日，在金秋十月的MIT校 ...

智能纤维可以创造一个方向，把物理世界和数字世界结合起 来。 作者：钱方 封图：图片资料室 在快节奏的现代生活中，一夜好眠，竟成为许多人的奢求。 中国睡眠研究会发布的《 2025 年中国睡眠健康调查报告》显示，中国超 3 亿人存在睡眠障碍，其 中约 1.5 亿人需积极干预，而且，睡不着、睡不醒、睡不好等睡眠障碍问题，呈现出年轻化的趋 势。 如果有一张床，能感知人的心跳呼吸，读懂人的辗转反侧，在人噩梦时轻轻调节，在人感到寒冷时 默默升温——看似科幻的场景，正在由健康睡眠品牌慕思推动人工智能（ AI ）技术应用于寝具产 品中，从而变成现实。 慕思作为床垫家具领域的龙头企业，布局智能化转型至今已迈向第五个年头，期间研发的智能床垫 产品已迭代至第八代—— T11Pro ，不但可以自动调整适应个体健康，还能预警潜在健康问题，深 受用户青睐；智能床也经历多代优化，于今年 9 月末升级为可搭载鸿蒙系统完成多模态交互、分 区智控的产品，核心功能更实现了从"被动记录"到"主动干预"的跨越。 多款智能产品成功打开市场的背后，这家从广东东莞厚街走出的传统寝具制造商，正转型成为一家 智能睡眠服务商。慕思视野广阔，它瞩目智能化与全球化， ...

Core Insights - The collaboration between Xue Tian Salt Industry Group and Fudan University marks a significant step in the company's strategic transformation into the smart fiber new materials sector, with an initial investment of 51 million yuan for a 51% stake in the newly established "Intelligent Fiber New Energy Materials Research Institute" [1][2] - This partnership is not merely a traditional business expansion but a strategic move to deepen and extend the value chain of the salt industry, leveraging existing technological and resource advantages [1][3] Company Strategy - Xue Tian Salt Industry is transitioning from a traditional salt business to a dual-driven development model of "Salt Industry + New Energy," indicating a proactive approach to innovation and market adaptation [1][3] - The company has previously established a foothold in the new energy materials sector, with its subsidiary, Meite New Materials, holding a 30% market share in the electronic cigarette battery segment and preparing for mass production of high-voltage positive materials for solid-state batteries [1][2] Research and Development - The research institute's core technology is supported by a top-tier research team led by Academician Peng Huisheng, known for developing multifunctional fiber devices that integrate power generation, energy storage, and sensing capabilities [2] - The collaboration involves a comprehensive strategic partnership with government entities, focusing on research transformation, platform construction, resource sharing, and talent cultivation across eight major research directions [2] Industry Impact - The strategic significance of this initiative extends beyond the company's transformation, as smart fibers are expected to reshape multiple industries, including flexible energy storage devices in the new energy sector and advanced sensing solutions in healthcare [3] - By holding a 51% stake, Xue Tian Salt Industry demonstrates its commitment to seizing innovation leadership, providing a reference model for similar traditional enterprises facing development bottlenecks [3]

Core Viewpoint - The collaboration between XueTian Salt Industry Group and Fudan University marks a significant step in the traditional salt industry’s transition into the smart fiber and new materials sector, showcasing a model for traditional industries to upgrade and innovate [1][3]. Group 1: Company Strategy - XueTian Salt Industry has invested 51 million yuan to acquire a 51% stake in the newly established "Intelligent Fiber New Energy Materials Research Institute," indicating its commitment to diversifying beyond traditional salt production [1]. - The company aims to implement a dual-driven development model of "salt industry + new energy," leveraging its existing resources and technology in the salt chemical industry to explore new opportunities [1][3]. - The chairman emphasized that the move into new energy materials is a deepening of the salt industry value chain rather than a blind expansion away from its core business [1]. Group 2: Research and Development - The research institute will be supported by a top-tier research team from Fudan University, led by Academician Peng Huisheng, known for their work in multifunctional fiber devices that integrate power generation, storage, and sensing capabilities [2]. - The team has achieved significant recognition, including 81 domestic and international patents and a high citation rate of 21,000 in SCI, which will facilitate the commercialization of laboratory results [2]. - The collaboration creates a "government-industry-university-research application" ecosystem, involving local government support and focusing on eight major research directions, including material synthesis and energy conversion devices [2]. Group 3: Industry Implications - The strategic significance of this initiative extends beyond the company, as smart fibers are expected to reshape multiple industries, including renewable energy and healthcare, by enabling flexible energy storage and advanced monitoring technologies [3]. - XueTian Salt Industry's 51% stake reflects its determination to take the lead in innovation within the high-tech industry chain, providing a reference model for similar traditional enterprises facing development challenges [3]. - The establishment of the research institute represents a proactive response from traditional industries to embrace new productive forces, combining substantial investment with collaborative innovation to enhance technological prospects [3].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a revenue of 1.903 billion yuan for the first half of 2025, a year-on-year decrease of 2.48%, with a net profit attributable to the parent company of 26 million yuan, down 77.58% year-on-year [1] - The second quarter of 2025 saw a revenue of 846 million yuan, a decline of 14.18% year-on-year, and a net profit of 15 million yuan, down 83.98% year-on-year, but with a quarter-on-quarter increase of 28.01% [1] - The report highlights ongoing weakness in the spandex market and intensified competition in the aramid fiber sector, with a focus on the ramp-up of aramid separator production [1][6] Financial Performance - The company’s spandex segment generated revenue of 719 million yuan in the first half of 2025, with a gross margin of -6.47%, reflecting a year-on-year increase of 3.08 percentage points [6] - The aramid segment achieved revenue of 1.170 billion yuan in the first half of 2025, with a gross margin of 32.63%, down 5.85 percentage points year-on-year [6] - The company expects net profits for 2025-2027 to be 67 million, 206 million, and 229 million yuan respectively, with corresponding EPS of 0.08, 0.24, and 0.27 yuan [6][8] Market Dynamics - The spandex industry is experiencing an imbalance in supply and demand, with production capacity increasing to 1.43 million tons in the first half of 2025, while demand growth remains limited [6] - The aramid market is facing intensified competition due to new capacity releases and weak demand in traditional industrial sectors, leading to price declines and shrinking profit margins [6] - Long-term growth potential exists in the aramid materials market, driven by environmental regulations and the demand for lightweight automotive components [6] Future Outlook - The company is accelerating the industrialization of aramid-coated separators, with production trials expected to begin in the first half of 2025 [6] - The report anticipates a gradual release of capacity in the aramid-coated separator market, which could enhance the company's market position [6]