从"卖产品"转变为"卖服务+产品"，服务型制造正成为中国制造转型升级的重要抓手。近期，工业和信 息化部等7部门联合印发的《深入推动服务型制造创新发展实施方案（2025—2028年）》提出，到2028 年，服务型制造在制造业高质量发展中的作用进一步增强，以及完成20项标准制定、打造50个领军品 牌、建设100个创新发展高地等目标，并提出加强关键共性技术攻关和模式创新等7项主要任务和3项专 项行动。 服务型制造研究院院长、中国服务型制造联盟常务副秘书长刘尚文表示，服务型制造有别于传统的生产 型制造，是制造与服务融合发展的新型产业形态，是先进制造业和现代服务业深度融合的重要方向。发 展服务型制造有助于化解制造业发展中存在的矛盾和问题，对于构建强大而有韧性的产业体系、建设制 造强国具有重要意义。 优化产业结构 服务型制造指的是以客户需求为导向、以数智技术为支撑，通过创新优化生产组织形态、运营管理方式 和商业发展模式，将服务深度嵌入制造业产品全生命周期和各环节，延伸产业链、重塑价值链、构建新 生态，实现制造与服务融合发展的新型产业形态。 浙江大学发展规划处处长、软件学院院长、中国服务型制造联盟专家委员会副主任尹建伟认为 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company achieved revenue of 3.761 billion yuan, net profit attributable to shareholders of 467 million yuan, and net profit excluding non-recurring items of 366 million yuan for the first three quarters of 2025, representing year-on-year changes of -3%, -11%, and -25% respectively. In Q3 2025, the company reported revenue of 1.284 billion yuan, net profit attributable to shareholders of 109 million yuan, and net profit excluding non-recurring items of 81 million yuan, with year-on-year changes of +3%, -27%, and -37% respectively. The company is accelerating its layout in AI mattresses and global business [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 3.761 billion yuan, a decrease of 3% year-on-year. In Q3 2025, revenues increased by 3% year-on-year to 1.284 billion yuan. The net profit attributable to shareholders for the first three quarters was 467 million yuan, down 11% year-on-year, while Q3 net profit decreased by 27% year-on-year to 109 million yuan [2][6]. Strategic Focus - The company is focusing on AI mattresses and global expansion. In 2025, the company aims to deepen its AI strategy, with AI product revenue reaching 121 million yuan in H1 2025, a year-on-year increase of over three times. The company has launched the T11+ series, featuring advanced smart sleep technology, and has signed a memorandum of cooperation with Huawei to develop a smart sleep ecosystem [2][6]. Market Positioning - The company has a strong focus on sleep scenarios, enhancing product offerings and brand strength. It has optimized its product sales strategy, reduced the number of specialty stores, and strengthened brand building through customer service systems. The membership system saw an increase of 1.484 million new registrations, totaling over 3.92 million members by H1 2025 [2][6]. Future Outlook - The company is expected to maintain a high dividend payout ratio of 90% in 2024, with projected net profits attributable to shareholders of 680 million yuan, 720 million yuan, and 800 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 17, 16, and 14 times [2][6].

Group 1 - The Guangdong Province live-streaming recruitment event will take place from July to December 2025, featuring 40 online job fairs [1] - The 29th session of the event will focus on university graduates and is scheduled for November 8, 2025, from 10:00 to 12:00 [2] - The event is organized by various governmental and educational institutions in Guangdong Province [1] Group 2 - Shenzhen Zhongshen Ai's Bedding Technology Co., Ltd. is a leading ODM manufacturer of mattresses in China, established in 2005, with an annual production capacity of 3 million mattresses [2] - Shenzhen Pincheng Metal Products Co., Ltd. specializes in aluminum, magnesium, and zinc alloy die-casting mold design and manufacturing, recognized as a major exporter in China [4] - Shenzhen Dongzheng Optical Technology Co., Ltd. is a global optical technology company founded in 2013, known for its innovative optical products and solutions [5] - Guangzhou Jusa Long Engineering Plastics Co., Ltd. focuses on advanced polymer material modification and has an annual production capacity of 400,000 tons [7] - Guangdong Lingzhuo Energy Technology Co., Ltd. provides comprehensive services in the energy engineering sector, including construction and maintenance of gas stations and charging stations [8] Group 3 - Various job positions are available across different companies, with monthly salaries ranging from 4,000 to 15,000 RMB depending on the role [4][5][7][8] - The recruitment includes positions such as quality management trainees, engineering trainees, and manufacturing trainees, among others [4][5][8]

Core Viewpoint - The company has demonstrated significant recovery in profitability and steady growth in overseas markets, with a positive outlook for future revenue and profit growth. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 6.756 billion, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 161 million, up 205.18% [1] - In Q3 2025 alone, the company reported revenue of 2.440 billion, an increase of 11.98%, and a net profit of 46 million, up 122.55% [1] Overseas Business Growth - In Q1-Q3 2025, North America generated revenue of 3.466 billion (up 10.49%), Europe 1.456 billion (up 1.22%), domestic revenue 1.171 billion (up 11.59%), and other regions 0.452 billion (up 33.03%) [2] - The company has completed its overseas warehouse strategy in the U.S. and is actively expanding in Europe, which is expected to become a significant growth area for its online business [2] Product and Channel Breakdown - Revenue from various products in Q1-Q3 2025: mattresses 3.606 billion (up 14.02%), pillows 468 million (up 7.89%), sofas 885 million (up 4.12%), electric beds 507 million (up 6.78%), and others 1.079 billion (up 3.44%) [3] - Revenue by channel: offline 1.954 billion (up 2.93%), online 1.982 billion (up 66.07%), and bulk sales 2.609 billion (down 9.17%) [3] Cost Reduction and Efficiency Improvement - The gross margin for Q1-Q3 2025 was 39.48%, an increase of 2.25 percentage points, while management and R&D expense ratio was 7.77% (down 0.08 percentage points) and financial expense ratio was 2.41% (down 1.87 percentage points) [4] - Sales expenses increased to 1.730 billion (up 23.70%), primarily due to rising e-commerce operational costs aimed at enhancing brand influence [4] Profit Forecast and Valuation - The company forecasts revenues of 9.436 billion, 10.799 billion, and 12.366 billion for 2025-2027, with year-on-year growth rates of 11.68%, 14.44%, and 14.51% respectively [5] - Expected net profits for the same period are 248 million (turning profitable), 358 million (up 44.18%), and 457 million (up 27.52%), indicating a gradual recovery in profit margins [5]

Core Viewpoint - Luoyang Xingruida Technology Co., Ltd. has been established with a registered capital of 100,000 RMB, indicating a new player in the furniture and hardware industry [1] Company Summary - The legal representative of Luoyang Xingruida Technology Co., Ltd. is Gong Haoli [1] - The company’s business scope includes the production and sales of furniture and furniture accessories, as well as installation and maintenance services [1] - The company is also involved in the sales and manufacturing of metal products, daily necessities, and hardware products, both wholesale and retail [1] - Additionally, the company engages in the sales of electronic products and components, as well as the sales of forgings and powder metallurgy products [1]

上市公司：方大集团（000055），海螺新材（000619），北新建材（000786），中旗新材（001212）， 兔宝宝（002043），宝鹰股份（002047），亚厦股份（002375），北京利尔（002392），垒知集团 （002398），青龙管业（002457），名雕股份（002830），美芝股份（002856），豪尔赛（002963）， 中天精装（002989） 2016-2025年1-9月家具制造业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国家具制造行业市场产销状况及投资潜力研判报告》 2025年1-9月，家具制造业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年起，规模 以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为7435个， 和上 ...

Group 1 - The core theme of the event was the launch of a new generation of electric smart sofas, showcasing the company's commitment to innovative technology in a competitive home furnishing industry [1] - The innovation is not merely a functional upgrade but a significant enhancement in user experience, moving from "function stacking" to "experience definition" [1] - The company introduced a "golden zero-pressure angle" design, which effectively reduces spinal pressure and evenly distributes body weight, enhancing comfort [1] Group 2 - The company addressed the "impossible triangle" challenge in the industry, which involves balancing true zero-gravity comfort, aesthetic appeal, and space utilization [2] - The K-TRON Space Z functional framework allows the electric sofa to achieve zero-gravity mode without compromising on space, breaking traditional design constraints [2] - The design features a 14cm "true high leg" that creates a light and elegant floating effect, aligning with modern minimalist decor while overcoming the bulky image of traditional electric sofas [2]

Core Viewpoint - The company, Dream Home Furniture, is undergoing significant changes, including a planned transfer of control by its founder and a simultaneous cross-industry acquisition in the semiconductor sector [2][5]. Group 1: Control Change - The founder and actual controller, Yu Jingyuan, plans to relinquish control of Dream Home Furniture, which has been publicly listed for nearly four years [2][5]. - The company has announced that its stock will be suspended from trading starting November 6, 2025, due to the planned acquisition and control change [4][5]. Group 2: Acquisition Plans - Dream Home Furniture is planning to acquire control of Shanghai Chuantou Microelectronics Co., Ltd. (Chuantou Micro) through a combination of issuing shares and cash payments, which is expected to constitute a major asset restructuring [5]. - Chuantou Micro specializes in high-end analog chip research and design, indicating Dream Home Furniture's strategic move into the semiconductor industry [5][6]. Group 3: Financial Performance - Dream Home Furniture has experienced declining revenue over the past few years, with reported revenues of approximately 1.389 billion, 1.317 billion, and 1.117 billion yuan for 2022, 2023, and 2024, respectively [9]. - The net profit has also decreased, with figures of about 220 million, 95.73 million, and 61.26 million yuan for the same years [9]. - In the first three quarters of 2025, the company reported revenues of approximately 773 million yuan, a year-on-year decrease of 2.93%, but net profit increased by 37.6% to about 56.30 million yuan [9].

Core Viewpoint - The article discusses the planned acquisition of control over Shanghai ChuanTu Microelectronics Co., Ltd. by MengTian Home (603216.SH) through a combination of share issuance and cash payment, alongside a potential change in the actual controller's ownership [2]. Group 1: Acquisition Details - MengTian Home announced a stock suspension starting November 6, due to the planned acquisition of ChuanTu Microelectronics and the actual controller's control change [2]. - The acquisition aims to enhance MengTian Home's position in the semiconductor industry by integrating ChuanTu Microelectronics, a company specializing in high-end analog chip design and sales [2][3]. Group 2: ChuanTu Microelectronics Overview - Founded in 2016, ChuanTu Microelectronics has become a well-known supplier in the high-end analog chip sector, serving over 5,000 customers [3]. - The company focuses on various product lines, including isolation and interface, driver and power, and high-performance analog products, with applications in industrial control, power energy, communications, computing, and automotive electronics [2][3]. Group 3: Product Innovations - ChuanTu Microelectronics' core product lines include advanced technologies such as capacitive isolation and magnetic isolation, with high voltage isolation ratings and efficient energy transmission [3][4]. - The μMiC product series integrates high-end chip design and advanced packaging, offering customers differentiated design solutions while reducing costs and simplifying supply chains [3][4].

顾家家居公告称，截至公告披露日，杭州德烨嘉俊企业管理有限公司持有公司8847.15万股，占总股本 10.77%；TBHome Limited持有4117.68万股，占总股本5.01%，二者所持公司股份累计被冻结（含轮候 冻结）和司法标记比例均为100%。近日，杭州德烨持有的8847.15万股被河北省衡水市中级人民法院轮 候冻结，起始日为2025年11月5日，债权金额4.34亿元。两股东均非控股股东、实控人，该事项不影响 公司控制权和日常经营。 ...