脑机接口（BCI）技术，这个曾经只出现在科幻影视中的概念，正以前所未有的速度向现实奔来。 埃隆·马斯克旗下的Neuralink公司是这一领域的激进探索代表，无论是帮助渐冻症患者重新"说话"，还 是让瘫痪20年的女孩用意念画出自己的名字和一只叫埃莉的小猫，都在全球范围内点燃了技术改变生命 的希望。 然而，脑机接口技术仍面临严峻的落地挑战。 经实践观察，医疗康复虽是BCI的首要战场，但大众市场的普及亟需更普适的应用落点。在这一过程 中，更安全、高效的非侵入式脑机接口技术扮演着不可或缺的角色。这一方向在中国获得了政策的有力 支持。 日前，我国工业和信息化部等七部门联合印发的《关于推动脑机接口产业创新发展的实施意见》明确指 出，要加速脑机接口产品在工业制造、医疗健康、生活消费等领域的应用，推动非植入设备量产迭代与 发展辅助设备。因此，寻找贴近日常生活的具体应用场景，成为行业突破的核心。 在刚刚过去的7月，喜临门（603008）与强脑科技的独家战略发布会，展现了一个可行性新思路：将脑 机接口技术引入卧室，直击现代人普遍存在的"睡不好"痛点。 这或许标志着，在"深度优化睡眠"这一 看得见、摸得着的健康场景中，脑机接口技术 ...

Core Insights - Qiangnao Technology, one of the "Six Little Dragons of Hangzhou," is making strides in the global brain-computer interface (BCI) field, with the sleep industry being a key focus for commercializing its technology [1][2] - The company has entered into a strategic partnership with Xilinmen to develop the co-branded product "Baopao BrainCo," aiming to create an "AI companionship" smart sleep ecosystem to achieve the goal of "No one suffers from insomnia tonight" [1][2] Group 1: Company Collaboration and Product Development - The partnership between Qiangnao Technology and Xilinmen began in 2023, transitioning from conceptual research to the launch of new products powered by technology [1][2] - Qiangnao's non-invasive BCI technology can monitor users' brainwave states in real-time and provide personalized interventions based on different sleep stages [1][2] - The co-branded product "Baopao BrainCo" is the world's first mattress incorporating BCI technology, aiming to set a new standard for sleep monitoring [2][3] Group 2: Market Context and Growth Potential - In China, there are approximately 300 million people suffering from insomnia, with an average sleep onset time of 70 minutes, and sleep duration has decreased by 1.5 hours over the past decade [2] - The sleep industry in China has surpassed 400 billion yuan, with an annual growth rate exceeding 10% [2] Group 3: Technological Advancements and Unique Features - The collaboration combines Qiangnao's BCI technology with Xilinmen's unique "air spring matrix" technology, which addresses the diverse needs of consumers in the mattress industry [3][5] - The AI mattress can adaptively adjust its firmness and support based on user body type and sleeping position, and it can also intervene actively based on brainwave data [3][5] Group 4: Strategic Vision and Future Goals - Xilinmen aims to build a "sleep health industry community" and has established a joint research center with Tsinghua University to promote the deep application of AI technology in sleep [4][6] - The partnership is expected to elevate Xilinmen from a mattress manufacturer to a comprehensive sleep management service provider, covering the entire chain from precise detection to health management [5][6] Group 5: Industry Challenges and Competitive Landscape - The collaboration represents a significant shift in the Chinese mattress industry, which has traditionally been dominated by Western brands, and aims to create a unique technological barrier [6] - The mattress industry in China has a low concentration, with leading companies holding less than 20% market share, indicating a need for consumer education on "smart mattresses" [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [5]. Core Views - The company plans to repurchase shares for employee stock ownership plans, signaling confidence in long-term development [1][2]. - The trend of mattress manufacturing returning to the U.S. continues due to anti-dumping tariffs and trade policies, impacting imports from various countries including China [2][3]. - The company's operational efficiency in U.S. production bases is improving, with profitability achieved in 2024, and the North American market is expected to contribute significantly to profits [3]. - Domestic consumption stimulus policies are being enhanced, and the company is diversifying its sales channels, which is likely to improve its competitiveness and brand influence in the domestic market [3]. - The report forecasts a profit turnaround, with projected net profits of 307 million, 464 million, and 573 million yuan for 2025, 2026, and 2027 respectively, alongside corresponding EPS of 0.54, 0.81, and 1.00 yuan [3][10]. Summary by Sections Share Repurchase - The company intends to repurchase shares worth 0.85 to 1.7 billion yuan at a maximum price of 10.90 yuan per share, which will account for 1.37% to 2.73% of the total share capital [1][2]. Market Trends - The U.S. has implemented multiple rounds of anti-dumping tariffs on mattresses, leading to a significant decrease in imports, with a projected decline of 12.7% and 9.6% in 2023 and 2024 respectively [2]. - The continuation of high anti-dumping tariffs on Chinese mattresses indicates a sustained trend of "de-China" and manufacturing returning to the U.S. [2]. Financial Projections - The report projects revenue growth from 7.976 billion yuan in 2023 to 12.725 billion yuan in 2027, with a compound annual growth rate of approximately 14.33% [10]. - The company is expected to achieve a gross profit margin of around 38.4% by 2027, indicating stable profitability [12]. Profitability and Valuation - The report anticipates a significant increase in net profit margins, with a forecasted return on equity (ROE) of 11.87% by 2027 [12]. - The price-to-earnings (P/E) ratio is projected to decrease from 42 in 2023 to 8 by 2027, suggesting an attractive valuation as earnings improve [13].

Core Viewpoint - The company plans to repurchase shares through a centralized bidding method, with an amount ranging from 85 million to 170 million yuan, and a maximum repurchase price of 10.90 yuan per share [3][4]. Group 1: Share Repurchase - The repurchased shares will be used for employee stock ownership plans or equity incentives, aiming to enhance the long-term incentive mechanism and boost employee motivation, thereby promoting sustainable development of the company [4]. Group 2: Industry Trends - The trend of mattress manufacturing returning to the U.S. continues, driven by anti-dumping and tariff policies. The U.S. has imposed high anti-dumping tax rates on mattresses from various countries, including China, Vietnam, Mexico, and Indonesia, with a significant decrease in mattress imports expected [5]. - The U.S. International Trade Commission (ITC) announced the continuation of the highest anti-dumping tax rate of up to 1732% on Chinese mattresses, extending the policy for at least another five years [5]. Group 3: Performance Outlook - The company's production efficiency in U.S. manufacturing bases is steadily improving, with profitability achieved in 2024. The ongoing development of online business and retail channel clients is expected to enhance profit contributions from the North American market [6]. - In the domestic market, the company is advancing store upgrades and channel diversification, integrating various brands to create a one-stop home furnishing consumption scenario, which is anticipated to enhance competitiveness and brand influence [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment returns over the next 6-12 months [5]. Core Views - The company plans to repurchase shares for employee stock ownership plans, signaling confidence in long-term development [1][2]. - The U.S. mattress manufacturing is experiencing a trend of returning production to domestic markets due to anti-dumping tariffs and trade policies, which is expected to continue [2][3]. - The company is expected to benefit from improved operational efficiency in its U.S. production bases and the ongoing development of its online business and retail channels, leading to enhanced profit contributions from the North American market [3]. - The report forecasts a profit turnaround, with projected net profits for 2025-2027 being 307 million, 464 million, and 573 million yuan respectively, alongside corresponding EPS of 0.54, 0.81, and 1.00 yuan [3][10]. Summary by Sections Share Repurchase - The company intends to repurchase shares worth between 0.85 to 1.7 billion yuan at a maximum price of 10.90 yuan per share, which will account for 1.37% to 2.73% of the total share capital [1][2]. Market Trends - The U.S. has implemented multiple rounds of anti-dumping tariffs on mattresses from various countries, including China, which has led to a significant decrease in mattress imports, with a year-on-year decline of 12.7% and 9.6% expected for 2023 and 2024 respectively [2]. Financial Projections - The report projects revenue growth from 7.976 billion yuan in 2023 to 12.725 billion yuan in 2027, with a compound annual growth rate of approximately 14.33% [10]. - The company’s net profit is expected to recover from a loss of 151 million yuan in 2024 to a profit of 307 million yuan in 2025, reflecting a significant turnaround [10]. Profitability Metrics - The report anticipates an improvement in profitability, with the gross margin expected to stabilize around 38.4% by 2027, and a projected return on equity (ROE) of 11.87% in the same year [12].

Core Viewpoint - The U.S. International Trade Commission (ITC) has ruled to maintain anti-dumping measures on mattresses imported from China, indicating potential substantial harm to the U.S. domestic industry if these measures are lifted [1] Summary by Relevant Sections - **Anti-Dumping Measures** - The ITC's affirmative final ruling on May 1, 2025, confirms that the current anti-dumping measures will remain in effect due to the likelihood of substantial harm to the U.S. industry if lifted [1] - **Timeline of Investigations** - The U.S. Department of Commerce initiated an anti-dumping investigation on mattresses from China on October 10, 2018 [1] - A final ruling on the anti-dumping case was made on October 18, 2019 [1] - A sunset review investigation was announced on November 4, 2024, leading to a rapid sunset review ruling on February 6, 2025 [1]

Core Insights - The collaboration between Tsinghua University and Xilinmen (603008) has led to the establishment of a Smart Sleep Technology Research Center, marking a significant step in the application of AI sleep technology in the consumer market [1][2] - The AI Smart Deep Sleep Experience Center opened in Changchun, achieving impressive metrics such as 500 daily visitors and over 1 million in sales within the first week, indicating a strong market demand for intelligent sleep solutions [1][2] Company Developments - The Smart Sleep Technology Research Center focuses on integrating neuroscience, biosensing, and intelligent algorithms, particularly in areas like "AI companionship" and "emotional interaction" [2] - The Baobao AI Deep Sleep Smart Bed at the experience center offers features like dynamic sensing and proactive intervention, providing a comprehensive sleep management service [2] - The average user experience time at the center exceeds 30 minutes, with a repurchase and referral rate of 35%, highlighting consumer interest in smart sleep solutions [2] Industry Trends - Over 50 leading franchisees visited the AI Smart Deep Sleep Experience Center, with more than 60% signing contracts on-site, indicating a shift in the industry towards technology-driven differentiation [2] - The smart product market share in the replacement market has surpassed 47%, suggesting that consumers are increasingly willing to pay for comprehensive sleep solutions rather than just traditional mattresses [2][3] - The Chinese sleep economy is projected to reach a trillion yuan by 2025, with Xilinmen's dual strategy of "technology research and scene implementation" driving the industry towards a transformation from mere bedding manufacturing to sleep health services [3]