2025 年 8 月 22 日 分析师点评 市场数据 公司研究 【非银】承保改善推动利润高增，银行板块首次扭亏为盈——众安在线（6060.HK） 2025 年半年报点评(买入) 众安在线持续领跑国内互联网财险赛道，未来随着公司研发投入赋能保险价值链成效 不断显现，盈利水平有望进一步提升。我们上调公司 2025-2027 归母净利润预测至 8.2/8.5/9.7 亿元（前值 7.4/7.9/9.0 亿元）。目前股价对应公司 25-27 年 PB 分别为 1.36/1.33/1.29，维持"买入"评级。 【石化】扣非业绩稳增长，商业航天市场开拓成果显著——九丰能源（605090.SH） 2025 年半年报点评(买入) 考虑到天然气行业景气度下行，公司天然气销量增长或将略低于我们此前预期，因此 我们小幅下调公司 2025-2026 年盈利预测，新增 2027 年盈利预测，预计公司 2025-2027 年的归母净利润分别为 17.32（下调 7%）/19.78（下调 6%）/22.45 亿 元，折合 EPS 分别为 2.60、2.97、3.37 元。维持公司"买入"评级。 风险提示：海 外天然气价格大幅波动风险、国际 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has demonstrated steady growth in performance, with significant results from its retail transformation [1][6] - The company’s revenue for 1H2025 reached 40.2 billion yuan, a year-on-year increase of 1.6%, while net profit attributable to shareholders was 2.7 billion yuan, up 14.0% year-on-year [5][6] - The company is focusing on optimizing its business structure and enhancing profitability through cost reduction and efficiency improvements [6][8] Revenue Performance - The company’s mattress and soft bed products achieved revenue of 26.6 billion yuan, a year-on-year increase of 10% [6] - The online retail business for self-owned brands saw a revenue increase of 30% year-on-year in 1H2025 [6] Profitability - The gross margin for 1H2025 was 36.3%, an increase of 1.5 percentage points year-on-year, with the gross margin for 2Q2025 reaching 38.4%, up 2.6 percentage points year-on-year [6][7] - The report projects an increase in net profit forecasts for 2025-2027 to 4.6 billion, 5.1 billion, and 5.7 billion yuan respectively, with corresponding P/E ratios of 13, 12, and 11 times [8][10] Financial Forecasts - The company’s revenue is expected to grow from 8.678 billion yuan in 2023 to 10.578 billion yuan in 2027, with a compound annual growth rate of approximately 7.85% [10] - The net profit attributable to shareholders is projected to increase from 429 million yuan in 2023 to 565 million yuan in 2027, reflecting a significant growth trajectory [10] Strategic Initiatives - The company is embracing the sleep technology sector with the launch of its smart sleep ecosystem brand, aiming to enhance product functionality and market competitiveness [8] - The retail transformation strategy is yielding positive results, with a focus on channel innovation and deepening market penetration [8]

技术升级驱动转型，AI赋能睡眠产品全面落地 8月21日，睡眠健康龙头喜临门(603008.SH)披露2025年半年度报告。报告期内，公司实现营业收入40.21 亿元，同比增长1.59%;归属于上市公司股东的净利润2.66亿元，同比增长14.04%;扣非净利润2.60亿元， 同比增长16.45%。在行业整体承压的大背景下，喜临门通过持续的产品创新和智能化转型，展现出稳 健的发展韧性与较强的盈利弹性。 财务表现稳健向好，盈利质量持续改善 尽管上半年家俱制造业整体营收同比下降4.9%、利润总额下滑23.1%，喜临门依然实现了逆势增长，展 现出良好的财务韧性。 从盈利能力来看，公司综合毛利率提升至36.3%，同比上升1.5个百分点，其中第二季度单季毛利率达到 38.4%，同比大幅提升2.6个百分点。华泰证券研报认为，这主要得益于公司业务结构优化，高毛利率的 自主品牌牀垫收入同比增长19%，显著快于整体营收增速，而OEM代工业务收入占比下降。 费用端表现亦趋稳健。销售费用同比增长8.42%，反映出公司加大品牌推广及线上投放力度;但管理费用 同比下降6.02%，财务费用因汇兑收益增加下降23.05%，整体期间费用率仅为2 ...

Core Viewpoint - The era of "buying and forgetting" is over, and the true value of a mattress now depends on the post-purchase services provided by the retailer [1][3] Group 1: Service Innovation - Mousse Group has established a comprehensive service network that covers the entire lifecycle of the product, offering services from delivery to maintenance, making the experience predictable and verifiable [1] - The company has achieved a Guinness World Record for the most simultaneous mattress deep cleaning, showcasing its commitment to service excellence [1][3] Group 2: Customer Satisfaction - Third-party surveys indicate that Mousse Group has maintained the highest service satisfaction in the industry for ten consecutive years, with satisfaction rates of 99.7% for sales, 99.73% for installation and delivery, and 99.65% for after-sales problem resolution [3] - The company has transformed service from a cost center into a secondary sales channel, enhancing customer loyalty through efficient and reliable service [3] Group 3: Competitive Advantage - Mousse Group emphasizes the importance of service precision and emotional connection as new competitive dimensions in a market where product differentiation is challenging [5] - The company aims to set new standards and continuously upgrade its service offerings, positioning itself as a leader in the mattress industry [5]

Core Viewpoint - The recent extreme weather in Beijing's Miyun, Huairou, and Yanqing districts has led to severe flooding, with the maximum rainfall exceeding 300 millimeters, prompting urgent relief efforts from companies and organizations [1]. Group 1: Company Response - Shangchi Group's chairman, Du Haiyun, issued an immediate directive to mobilize resources, coordinating with the China Siyuan Engineering Foundation and the China Disaster Prevention Association to deliver over one million yuan worth of high-quality mattresses to the most affected areas [2][3]. - The donated mattresses are intended for temporary housing and living support for disaster victims, providing essential sleeping arrangements to help restore normalcy in the affected regions [2][3]. Group 2: Social Responsibility - Shangchi Group has a long-standing commitment to social responsibility, actively engaging in charitable efforts across the country, and this response exemplifies the spirit of mutual aid during crises [3][5]. - The company plans to continue monitoring the flood situation and collaborate with various charitable organizations to support the reconstruction of affected areas, demonstrating its dedication to community welfare [6].

Group 1 - The 2025 World Artificial Intelligence Conference (WAIC) held in Shanghai showcased over 3,000 cutting-edge exhibits from more than 800 companies, highlighting AI's transformative impact across various sectors, including daily shopping, health management, and education [3] - Three major trends in the AI industry were identified: systematic technological breakthroughs leading to ecological transformations, young entrepreneurs driving AI development, and the acceleration of AI empowering various industries from intelligent manufacturing to smart living [3] - The sleep health sector is emerging as a critical battleground for technological advancements, with innovations in brainwave monitoring and smart interventions aimed at addressing the global insomnia epidemic [3][4] Group 2 - The rise of smart mattresses exemplifies the transformation in sleep technology, offering personalized adjustments in firmness and height, and integrating AI to create customized sleep environments [4] - Sleep Number, a U.S. mattress brand, reported a net sales figure of $1.68 billion in 2024, with its smart mattress line priced between $1,099 and $9,999, earning it the nickname "Tesla of mattresses" [4] - China's smart mattress market is still in its early stages, with a penetration rate of less than 5%, indicating significant growth potential compared to developed countries [6] Group 3 - Domestic mattress companies are actively engaging in the "sleep economy," utilizing sleep research to understand consumer needs and innovating with technologies like air springs and memory materials [6][8] - Xilinmen has demonstrated foresight in the smart mattress sector, launching various innovative products since 2014, including the first smart mattress health system and the recent AI mattress that incorporates brainwave technology [8] - Xilinmen's sales of functional smart products exceeded 100 million yuan in 2024, with its AI smart mattress series available in over 200 stores nationwide and expanding into Southeast Asia and the Middle East [8] Group 4 - The future of sleep is being redefined by technology, with reports indicating that sleep is becoming a new infrastructure rather than an outdated business, focusing on emotional support and non-pharmaceutical health interventions as key growth areas [8][9] - As technology continues to advance and costs decrease, smart sleep solutions integrating cutting-edge technology are expected to reach a broader audience, promoting a vision of "AI companionship, no sleepless nights" [9]

Core Insights - KINGKOIL officially enters the "Spine Care 2.0" era with the launch of its intelligent mattress products, emphasizing the integration of smart technology and spine health [1][11][18] Group 1: Event Overview - The intelligent product launch event took place at the Shanghai Shimao Intercontinental Hotel, featuring a Guinness World Record challenge with 300 participants [1][18] - The event was led by Chinese hurdler Wu Yanni, who highlighted the connection between professional sports and public health sleep [3][18] Group 2: Product Development and Innovation - KINGKOIL has a long history in spine care, having introduced the first spine care mattress in 1969 and continuously innovating in the field [7][11] - The company has integrated smart technology into its products, allowing for comprehensive sleep management through data and algorithms [11][14][15] Group 3: Product Features - The new "Yue Zhi Smart Bed" features high-precision sensors, adaptability to various living scenarios, and an AI engine that learns from user sleep patterns [15][14] - The product aims to provide personalized spine support and enhance the overall sleep experience [14][15] Group 4: Health Awareness Campaign - The Guinness World Record challenge aimed to raise public awareness about spine health and the importance of proper sleep [18] - KINGKOIL is committed to promoting spine health and plans to continue innovating in the spine care mattress market [18]

Core Insights - The global demand for sleep health is experiencing explosive growth, leading to a transformative change in the sleep experience industry [1] - The strategic partnership between AI Xilinmen and Qiangnao Technology aims to innovate sleep monitoring technology and create a new ecosystem for sleep management services [5][7] Group 1: Technological Innovation - The core highlight of the collaboration is Qiangnao Technology's non-invasive brain-computer interface technology, which overcomes the limitations of traditional monitoring methods and allows for precise brainwave data collection [3] - The partnership will develop an active sleep optimization system that integrates home manufacturing with neuroscience, enabling real-time monitoring of key sleep data such as brainwaves and heart rate [3][5] Group 2: Strategic Advancement - This collaboration signifies a strategic leap for Xilinmen, transitioning from product-focused strategies to a comprehensive ecosystem approach in sleep technology [5] - Xilinmen has established itself as a leader in the mattress industry in China and Asia, having provided quality sleep products and services to over 60 million families [5] Group 3: Comprehensive Service Ecosystem - The partnership will create a one-stop service system covering precise detection, scientific intervention, and health management, accelerating Xilinmen's transformation into a "full-scenario sleep management service provider" [7] - The integration of smart device detection, sleep product recommendations, and health data tracking will enhance the overall consumer experience [7] Group 4: Research and Development Collaboration - The collaboration is built on two years of joint technical efforts, focusing on the integration of non-invasive brain-computer interface technology with sleep products [8] - Xilinmen has previously established a "Smart Sleep Technology Joint Research Center" with Tsinghua University to explore the fusion of sleep science and artificial intelligence [8] Group 5: Future Development - Xilinmen plans to deepen its industry-academia-research collaboration to build a "sleep health industry community," supporting the intelligent transformation of the entire industry [10] - The partnership serves as a model for breaking through challenges in the sleep and home industries, providing a reference path for companies facing transformation dilemmas [10]

Core Viewpoint - Strong Brain Technology and Xilinmen have signed an exclusive strategic cooperation agreement to develop a smart sleep ecosystem based on brain-computer interface technology, aiming to achieve the strategic goal of "no one suffers from insomnia tonight" [1][3]. Group 1: Strategic Cooperation - The partnership will focus on co-developing products such as smart sleep pillows based on brain-computer interfaces, and will collaborate in supply chain, channels, and investment [3]. - The collaboration aims to achieve three strategic transitions: 1) Technological upgrade from material mechanics to "brainwave-level sleep optimization," creating high technical barriers in the industry; 2) Role evolution from a bedding manufacturer to a "full-scenario sleep management service provider," covering precise detection, scientific intervention, and health management; 3) Ecological layout by partnering with universities and tech companies to explore new boundaries in smart sleep [3]. Group 2: Company Background - Strong Brain Technology, founded in 2015 by Han Bicheng during his PhD at Harvard University, is a leading company in non-invasive brain-computer interface technology in China [4]. - The company utilizes external sensors to collect brain, nerve, and muscle electrical signals for high-precision human-computer interaction, and has applied this technology in rehabilitation and health sectors [4]. - The collaboration with Xilinmen marks a significant expansion of this technology into the smart home sector, potentially boosting product sales [4].

Group 1 - The term "stock era" has become a core keyword for the home furnishing industry in 2025, indicating the importance of understanding consumer demand in a competitive market [1] - Consumer attitudes have shifted from focusing on basic functionality and cost-effectiveness to valuing overall experience, emotional resonance, and personalized services [1] - Home furnishing brands are now at a critical juncture, needing to innovate and redefine brand value centered around user experience [1] Group 2 - Mousse has recognized the equal importance of "service value" and "product value" in the health sleep sector, leading to the establishment of a comprehensive service ecosystem [2] - The "Mousse Gold Steward" service has evolved from a single mattress cleaning service to a full lifecycle health management service, enhancing user engagement [2][4] - The 10th anniversary of the "618 World Dust Mite Day" saw Mousse successfully recruit 474 participants for a Guinness World Record challenge, showcasing its service capabilities [2][7] Group 3 - Mousse's commitment to customer satisfaction is reflected in high service quality metrics, with customer satisfaction rates exceeding 99.6% across various service categories [6] - The successful Guinness World Record challenge highlights Mousse's top-tier service standards in deep cleaning mattresses, reinforcing its brand reputation [9] - The challenge involved 474 participants completing a standardized deep cleaning process, demonstrating Mousse's professional management and coordination capabilities [7][13] Group 4 - The shift in consumer expectations from functional satisfaction to emotional recognition has led brands to provide comprehensive service experiences throughout the entire customer journey [15] - Mousse is positioned as a leader in this service upgrade trend, redefining user experience rules through proactive service and standardization [15] - The focus on "service capability" is becoming a new battleground for defining high-end home furnishing brand value and competitive advantage [15]