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 ...

这场更名，其实远远滞后于它的实际行动。行业内一向以"做得多、说得少"而闻名的喜临门，其实早在十余年前，便埋下了科技的种子，从推出兼具智能监 测与护脊功能的宝褓系列智能床垫，到搭建睡眠医学与智能技术融合的研发体系，再到斩获多项睡眠科技领域的专利认证……十余载深耕不辍，昔日的科技 种子，如今已然长成枝繁叶茂的参天大树。 喜临门睡眠研究院通过长期睡眠研究和大数据监测，持续追踪国人睡眠状况。新京报记者 王琳 摄 低调喜临门迟来的"正名" 12月26日，喜临门发布公告，宣布在2025年第三次临时股东会上审议通过公司更名议案。早前，喜临门发公告称，公司名称由"喜临门家具股份有限公司"变 更为"喜临门健康睡眠科技股份公司"。 公司更名的建议，最初是几年前一位企业家朋友向董事长陈阿裕提出的，他认为喜临门具备很强的科技基因，改名是必然的，但陈阿裕一直说"再等等"。 2020年，喜临门历时9年研发、历经5次迭代，推出全球首款软硬可调空气弹簧床垫Smart One，以8项国际发明专利、107项总专利认证，打破欧美200多年钢 丝弹簧技术垄断。"当时技术已经领先，但我想把工作做扎实点儿再更名。" 此后5年，喜临门继续默默升级科技实力 ...

脑机接口（BCI），一项自带神秘感的前沿技术，因为埃隆·马斯克的狂热声名大噪。随着AI的突破性进 展，这一有望成为人工智能"终极物理体现"技术，愈发处在风口浪尖。 正因如此，当消费级脑机接口AI床垫"宝褓·BrainCo"在2025年7月惊艳亮相时，外界哗然：一家"床垫企 业"何以具备如此前沿的科技实力？ 直到近日，该床垫研发者喜临门一则更名公告发出——由"喜临门家具股份有限公司"变更为"喜临门健 康睡眠科技股份公司"，答案豁然开朗，伏笔早已埋好：喜临门从来都是一家睡眠科技公司。 追溯科技DNA：四十载积淀技术厚土 低调的喜临门，深耕床垫产业四十余年，其手握从精密传感、智能算法到前沿脑机接口（BCI）的完整 技术栈，技术布局早已超越传统家具制造的范畴。 而支撑这一技术体系的，是持续的高研发投入与产学研协同创新。喜临门过去十年累计研发投入超12亿 元，构建起包含2376项有效专利的技术壁垒。并且，喜临门成立行业公益睡眠研究院，携手多位院士成 立工作站，并联合国内外多个顶尖高校、科研院所开展深度睡眠研究。仅今年，便先后与清华大学、浙 江大学上海高等研究院共建联合研究中心，攻坚主动助眠、脊柱健康等关键领域。喜临门的 ...

脑机接口（BCI），一项自带神秘感的前沿技术，因为埃隆·马斯克的狂热声名大噪。随着AI的突破性进 展，这一有望成为人工智能"终极物理体现"技术，愈发处在风口浪尖。 值得注意的是，喜临门的科技成果从未脱离产业实践。无论是早期的电动调节还是如今的智能监测，每 一步技术迭代都基于对人体工学、材料科学和供应链的深刻理解。这种"科技与制造深度融合"的特质， 让其技术产品能够真正规模化落地、惠及万千用户。 全球领先突破：中国睡眠科技的世界级表达 正因如此，当全球首款消费级脑机接口AI床垫"宝褓·BrainCo"在2025年7月惊艳亮相时，外界哗然：一 家"床垫企业"何以具备如此前沿的科技实力？ 直到近日，该床垫研发者喜临门一则更名公告发出——由"喜临门家具股份有限公司"变更为"喜临门健 康睡眠科技股份公司"，答案豁然开朗，伏笔早已埋好：喜临门从来都是一家睡眠科技公司。 追溯科技DNA：四十载积淀技术厚土 判断一家企业的核心属性，从来不是看它当下的标签，而是看其发展历程中一以贯之的基因。就像华为 从通信设备起家便深植技术基因，喜临门的科技底色，早在90年代就已奠定。彼时，国内床垫行业才刚 刚走上规范化发展道路，喜临门于19 ...

Core Viewpoint - Xilinmen Furniture Co., Ltd. is changing its name to Xilinmen Healthy Sleep Technology Co., Ltd. to align with its strategic development in the sleep technology sector, marking a significant brand transformation from a traditional furniture manufacturer to a technology-driven sleep solution provider [1][5][6]. Company Strategy and Transformation - The name change reflects the company's commitment to "dedicating to human health sleep" and aims to enhance brand recognition and premium positioning in the market [6][15]. - Xilinmen has invested heavily in sleep technology, holding 2,376 valid patents, including 73 invention patents, and has developed core technologies such as flexible air bags and intelligent monitoring systems [1][12]. - The company has established a proprietary 5G industrial internet platform and has been recognized as an advanced intelligent factory in Zhejiang Province [1][14]. Market Context and Growth Potential - The Chinese sleep economy market has grown from 261.63 billion yuan in 2016 to 495.58 billion yuan in 2023, with projections to reach 658.68 billion yuan by 2027, indicating a significant growth opportunity [7]. - Increasing consumer awareness of sleep quality is driving demand for smart sleep products that incorporate features like intelligent monitoring and personalized adjustments [8][15]. Product Innovation and Development - Xilinmen's product range has expanded from traditional soft furniture to include smart sleep products, with electric smart home products accounting for over 3% of revenue in the first three quarters of 2025 [12]. - The company has successfully upgraded its core technology modules, enabling dynamic adjustment of mattress firmness and intelligent adaptation to sleep environments [12][15]. - The Aise Baobao brand has achieved the highest L4 level certification for smart mattresses, showcasing the company's leadership in the smart sleep product category [4][13]. Industry Trends and Future Outlook - The sleep industry is transitioning into a technology-driven phase, characterized by product intelligence, data-driven services, and ecosystem integration [15]. - Xilinmen is positioned to lead this transformation by leveraging data to enhance user engagement and create continuous value-added services, thereby redefining sleep as a measurable and manageable health metric [15].

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The new consumption growth opportunities are expected to differ significantly from the previous cycle (2016-2019), with a focus on AI-driven consumption, emotional value, global brand expansion, and experiential upgrades [1] - The overall weak recovery of domestic demand is anticipated to be influenced by both economic and policy cycles, with a projected recovery in consumption starting in 2026 [1][2] - The report highlights the importance of structural policy changes to enhance consumer spending capacity and promote new consumption formats [1][2] Summary by Sections 1. Sub-sector Trends - Xiaomi Group is positioned to benefit from the systemic opportunities in the domestic smartphone market due to talent loss at Apple [10] - The pet food market is experiencing a shift towards new product formats like "fresh steamed grain," which saw significant sales growth during the Double Eleven shopping festival [13] - AI and 3D printing are emerging as key areas for growth, with educational applications expected to drive demand [18][19] 2. Macro Consumption Data Tracking - In November, the Consumer Price Index (CPI) increased by 0.7% year-on-year, with a notable rise in service sector prices [30] - The Producer Price Index (PPI) decreased by 2.2% year-on-year, indicating ongoing deflationary pressures in the manufacturing sector [30] 3. Long-term Consumption Themes - The report identifies four main themes for future consumption growth: AI-driven consumption, emotional value in new services, structural upgrades in consumption, and the silver economy [1][16] - The silver economy is highlighted as a significant growth area, with policies increasingly focusing on the needs of the aging population [16] 4. Market Performance - The pet food market's gross merchandise volume (GMV) reached 3.1 billion yuan in November, reflecting a year-on-year growth of 15% [48] - Sales of Stanley products on Amazon showed substantial growth, particularly in the U.S. market, with a year-on-year increase of 168.73% in November [20][21]

当普通大众还在DeepSeek上查找资料、写文案做表格时，GPT-5已经协助破解困扰数学界数十年的Erdős谜题，还将数月的生物实验推理压缩至几分钟。AI 已不再是一个简单的"聊天机器人"，开始向拥有逻辑直觉的"硅基科研员"进化。 以远超人类认知的速度重塑世界的AI，下一步在哪？无限的宇宙或是答案。 最近，xAI、SpaceX的CEO马斯克提出了一个颠覆性的愿景：将AI计算中心部署到太空。他表示，利用太阳能与辐射冷却，每年在轨道上部署100吉瓦的太 阳能AI卫星，5年内或实现。对于他的"太空计划"，英伟达CEO黄仁勋评论道："这就是个梦想。" 马斯克的太空梦不知能否实现，但在"人间一年，AI一天"的疯狂状态中，人类生活的多数都被重构。 从陪伴机器人进入家庭、自动驾驶车辆载着乘客前往目的地，到数字人导游与博物馆游客实时互动、智能房间依据指令进入"睡眠模式"……一场由AI技术驱 动的商业消费升级正悄然发生。 谁是当下最受关注的消费单品？11月28日，在36氪[WISE2025 商业之王]活动上，"2025年度焦点产品榜单"给出了回答。 图源：36氪 作为中国商业领域的年度盛典，36氪[WISE2025 商业之王] ...

Core Viewpoint - The spring mattress industry in China is experiencing rapid growth, driven by increasing consumer awareness of sleep health and rising disposable incomes, with a projected market size growth from 432 billion yuan in 2015 to 646.4 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 4.58% [5][11]. Industry Overview - Spring mattresses, also known as "Simmons" in Chinese, are primarily categorized into various structures such as interconnected, one-wire steel, high-elasticity, independent spring packages, and independent cylinder types, which are favored for their excellent elasticity, support, breathability, and durability [1][3]. - The production capacity of spring mattress manufacturers in China has been steadily increasing, with production volume expected to rise from 72.08 million units in 2020 to 86.01 million units in 2024, representing a CAGR of 4.52% [6][11]. Market Size - The market share of spring mattresses in China is nearly 80%, making them the dominant product in the mattress market [5][11]. - The industry is projected to continue growing due to urbanization and rising income levels, leading to a broader consumer base and ongoing product upgrade demands [5][11]. Trade Situation - China primarily exports spring mattresses, with imports showing fluctuations due to external factors such as the COVID-19 pandemic. In 2021, imports reached 143,600 units, a 41.14% increase year-on-year, while in 2024, imports surged to 175,500 units, a 77.44% increase [7][13]. - Exports of spring mattresses have been on a steady rise, with 13.72 million units exported in the first three quarters of 2025, marking a 9.91% increase year-on-year [7][13]. Competitive Landscape - The spring mattress industry in China features a diverse competitive landscape, with traditional brands maintaining advantages through established channels, while emerging brands leverage online platforms and innovative products to capture market share [8][11]. - Key players in the industry include brands such as Xilinmen, Mousse, Mengbaihe, and Gujia, among others, with competition shifting from price to material research, functional design, and sleep experience [8][11]. Future Trends - The industry is expected to evolve beyond basic sleep functions towards integrated smart health management platforms, incorporating non-invasive sensors to monitor physiological data [8]. - Material innovation will focus on resolving performance conflicts of traditional materials, while sustainability will become a mandatory aspect driving the entire industry chain towards green transformation [8].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The research highlights the significant generational differences in consumer behavior and production capabilities across Thailand, Vietnam, and Cambodia, with Thailand resembling a "miniature" version of the Western consumer market, Vietnam in a rapid growth phase, and Cambodia reflecting characteristics of less developed nations [1] - The report emphasizes the potential for investment in Southeast Asia, particularly in consumer goods and technology-driven sectors, as companies leverage local production capabilities and growing consumer markets [1][2] Summary by Sections 1. Industry Insights - Thailand is compared to a "miniature" Western market, showcasing a mature consumer culture and a well-developed service industry, making it a reference point for companies looking to expand into Western markets [1] - Vietnam is characterized as a rapidly developing economy, with a GDP projected to reach approximately 62.69 trillion VND (around 4,700 USD) in 2024, indicating a significant consumer market potential [1] - Cambodia is noted for its low average income and high income disparity, with consumer spending primarily focused on essential goods, suggesting a slower penetration of discretionary spending [1] 2. Segment Tracking - Xiaomi Group is exploring the future of smart home technology with its Xiaomi Miloco initiative, aiming to enhance user interaction and privacy through advanced AI models [9][10] - The pet food sector saw significant growth during the Double Eleven shopping festival, with sales for the brand Guibao exceeding 1 billion RMB, reflecting a trend towards premium pet products [11][12] - The AI and 3D printing industry is experiencing high demand, with companies like Tuozhu achieving record sales during major shopping events, indicating strong market potential [21][22] 3. Macro Consumption Data - In October, the Consumer Price Index (CPI) showed a year-on-year increase of 0.2%, with service sector prices rising, indicating a recovery in consumer spending [35] - The Producer Price Index (PPI) decreased by 2.1% year-on-year, but showed signs of improvement in the month-on-month trend, suggesting a potential stabilization in production costs [45] - Online sales data from major platforms indicated a decline in the home appliance sector, with specific brands like Ecovacs and Roborock showing positive growth despite overall market challenges [50]

Core Viewpoint - The company reported its Q3 2025 results, showing revenue growth and a strategic shift towards becoming a sleep technology enterprise, despite short-term profit pressures [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 6.196 billion yuan, a year-over-year increase of 3.68%, and a net profit attributable to shareholders of 399 million yuan, up 6.45% year-over-year [1]. - In Q3 alone, the company reported revenue of 2.176 billion yuan, with a year-over-year growth of 7.78%, but a decline in net profit attributable to shareholders by 6.10% [1]. Strategic Developments - The company is accelerating its transformation into a sleep technology firm, enhancing its product matrix and deepening partnerships with top institutions like Tsinghua University to optimize sleep algorithms [2]. - The brand "aise" is expanding its domestic and overseas channels, successfully entering the Middle East market, with a total of 5,264 offline stores as of the end of Q3 [2]. Profitability and Cost Management - The gross profit margin for Q3 was 35.6%, reflecting a decrease of 0.9 percentage points year-over-year, attributed to increased promotional activities [2]. - The company’s net profit margin for Q3 was 6.1%, down 0.9 percentage points year-over-year, while management expenses showed a steady improvement [2]. Investment Outlook - The company is positioned as a leading domestic mattress brand, with expectations for net profit growth to reach 453 million yuan in 2025, 557 million yuan in 2026, and 644 million yuan in 2027, corresponding to PE ratios of 16, 13, and 11 times [3]. - A target price of 21.18 yuan per share is set for 2026, with a recommendation to maintain a "buy" rating based on the steady progress in the smart sleep business [3].