Core Viewpoint - The company reported a steady growth in revenue and profit for the first half of 2025, indicating improved operational efficiency and a focus on smart product development. Financial Performance - In the first half of 2025, the company achieved a revenue of 4.021 billion yuan, representing a year-on-year increase of 1.59% [1] - The net profit attributable to shareholders was 266 million yuan, showing a year-on-year growth of 14.04% [1] - The non-recurring net profit growth rate was 16.45%, indicating a sustained enhancement in the company's core business profitability [1] Profitability and Efficiency - The gross margin increased to 36.28%, up by 1.51 percentage points year-on-year [1] - Management and financial expenses were effectively controlled, decreasing by 6.02% and 23.05% respectively, leading to a significant improvement in overall operational efficiency [1] Product Strategy - The company employs a dual-line strategy for its smart products: a high-end line focused on cutting-edge technology for high-net-worth individuals, and a mass-market line leveraging mature technology for broader accessibility [1] - As technology evolves and production scales, product pricing is becoming more rationalized to cater to both tech enthusiasts and price-sensitive consumers [1] Future Strategy - The company is focusing on a strategic transformation towards sleep technology, emphasizing AI-enabled smart product development and the establishment of a smart sleep ecosystem [2]

Group 1 - The company held a half-year performance briefing on September 2, 2025, to discuss its operational results and financial status with investors [2][8] - The briefing was attended by key executives including the president, board secretary, and financial director, who engaged with investors on various topics [2] Group 2 - The company employs a dual-line strategy for its smart products, targeting both high-end consumers with cutting-edge technology and a broader market with mature technology [3] - The company is focusing on AI-enabled smart product development and a smart sleep ecosystem as part of its technological transformation strategy [4] - In the first half of 2025, the company saw a significant increase in sales of smart mattresses due to its ongoing sleep technology strategy [5] Group 3 - The company's gross margin improved due to product structure optimization and effective operational management [6] - Sales expenses exceeded 800 million, attributed to brand strategy investments and increased platform costs, while R&D expenses decreased due to material cost optimization [7] - The company is innovating its distribution channels through a multi-track strategy, including refining traditional stores and expanding into lower-tier markets [7] Group 4 - Leading companies benefit from government policies like "old-for-new" programs due to their brand recognition, sales channels, and compliance, allowing them to capitalize on subsidies [7] - These companies also have advantages in technology innovation and product development, enabling them to lead the industry towards higher-end, intelligent, and eco-friendly products [7]