行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

机构持仓方面，截止2025年9月30日，喜临门十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股1231.72万股，为新进股东。招商量化精选股票发起式A（001917）位居第六大流通股东，持 股509.63万股，为新进股东。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，喜临门健康睡眠科技股份公司位于浙江省绍兴市斗门镇三江路13-1号喜临门袍江工厂B楼， 成立日期1996年11月6日，上市日期2012年7月17日，公司主营业务涉及床垫、软床及酒店家具的研发、 生产和销售。文化传媒相关业务。主营业务收入构成为：床垫60.37%，软床及配套27.93%，沙发 8.24%，木质家具1.91%，其他(补充)1.55%。 截至10月31日，喜临门股东户数1.60万，较上期增加0.00%；人均流通股23049股，较上期减少0.85%。 2025年1月-9月，喜临门实现营业收入61.96亿元，同比增长3.68%；归母净利润3 ...

Financial Data and Key Metrics Changes - Net sales for Q4 2025 were $201.9 million, an increase of 9.5%, with comparable sales up 8.2% [3][4] - Gross margins for Q4 were 60.4%, down from 61.9% the previous year, with LIFO charges of $3.9 million impacting results [3][4] - Pre-tax income for Q4 was $10.8 million, resulting in earnings of $0.51 per share, compared to $0.49 per share in the same quarter last year [4][16] - For the full year 2025, net sales were $759 million, up 5%, with comparable sales up 2.1% [4] Business Line Data and Key Metrics Changes - The design business accounted for 33.3% of sales, driven by a 14.8% increase in upholstery special orders [5] - Average ticket for Q4 increased by 10.9% to $3,759, with design average ticket growing 11.9% to $8,072 [5][6] - Written sales for the year were up 2.8%, with comparable sales up 0.7% [6] Market Data and Key Metrics Changes - Traffic for Q4 ended with a decrease in the low single digits, following a positive trend in the previous months [5][6] - The company experienced a mid-single-digit increase in traffic for the full year, with conversion rates showing improvement [6] Company Strategy and Development Direction - The company plans to open five new stores in 2026, including its first location in Pennsylvania, while closing one underperforming store [10][11] - Capital expenditures for 2026 are projected to be around $33.5 million, focusing on store growth and remodels [11][19] - The company aims to continue testing new ideas and processes while maintaining organic store growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business rebound in 2025, feeling they hit an inflection point in Q3 with momentum continuing into Q4 [12] - The company is monitoring tariff developments closely, with expectations that gross margins for 2026 will be between 60.5% and 61% [18][19] - Management noted that the recent government shutdown may have impacted consumer behavior and traffic [38] Other Important Information - The company ended Q4 with $125.3 million in cash and cash equivalents and no funded debt [16] - Marketing expenses were down slightly as a percentage of net sales, with plans to keep marketing spend flat in 2026 [10][43] Q&A Session Summary Question: Can you provide details about same-store sales trends throughout the quarter? - Management reported high single-digit growth in October, mid-single-digit growth in November, and low single-digit decline in December [24] Question: What factors are affecting the variable component of SG&A outlook for 2026? - Management indicated that higher selling costs and competitive pressures are expected, but they aim to keep the percentage flat [26][28] Question: How will the evolving tariff environment affect pricing actions? - Management stated they will be deliberate in their approach and will wait to see how the new tariffs impact inventory before making pricing decisions [29] Question: How long will it take to work through current inventory at the previous tariff rate? - Management anticipates it will take the first half of the year to work through the current inventory [36] Question: What changes are being made in the mattress or bedding refresh program? - Management noted improvements in presentation and information for consumers, which have positively impacted sales in tested stores [40][42] Question: What are the expectations for marketing and advertising expenses in 2026? - Management expects marketing spend to remain flat compared to 2025 after increasing it in the previous year [43]

据英国《金融时报》报道，美国总统特朗普正计划削减部分钢铁和铝制品关税，以应对美国民众的生活 成本危机——这一危机已在11月中期选举前拖累其支持率。 去年夏天，特朗普对钢铁和铝进口加征最高50%的关税，并将征税范围扩大至洗衣机、烤箱等各类金属 制成品。 但据三位知情人士透露，其政府目前正审查受关税影响的产品清单，计划豁免部分商品、停止扩大征税 范围，并转而对特定商品启动更具针对性的国家安全调查。 这些人士表示，商务部和美国贸易代表办公室的贸易官员认为，关税推高了派盘、食品饮料罐等商品价 格，损害了消费者利益。 特朗普的关税攻势已将美国关税推至二战前以来的最高水平。但面对选民对生活成本危机的愤怒，他已 多次撤回部分强硬关税。这一反复无常的模式被戏称为"TACO"。 一位知情人士称，官员们认为关税制度"过于复杂，难以执行"，需要简化。 英国、墨西哥、加拿大及欧盟成员国等，都可能从美国钢铁铝制品关税的放松中受益。 一位不愿具名的欧洲企业高管表示，其所知一家公司向美国发送四批相同机械，却被收取不同税率。 皮尤研究中心（Pew Research Center）本月发布的民调显示，超过70%的美国成年人认为经济状况一般 或 ...

Financial Data and Key Metrics Changes - Fourth quarter sales were $939 million, down 11% compared to Q4 2024, primarily due to sales weakness at a certain customer and retailer merchandising changes in adjustable bed and specialty foam [13] - Full year 2025 sales decreased 7% to $4.05 billion, driven by weak demand in residential end markets and other factors [15] - Fourth quarter EBIT was $32 million, and adjusted EBIT was $48 million, down $8 million versus Q4 2024 [14] - Full year adjusted EBIT decreased $4 million to $263 million, primarily from lower volume [15] - Full year EPS was $1.69, and adjusted EPS was $1.05, flat versus 2024 [15] - Operating cash flow was $338 million, an increase of $33 million versus 2024 [15] - Net debt to Adjusted EBITDA decreased from 3.8x to 2.4x by the end of the year [16] Business Line Data and Key Metrics Changes - Bedding Products sales decreased 11% compared to Q4 2024 [13] - Specialized Products declined 21%, mainly due to the aerospace divestiture [13] - Furniture, Flooring, and Textile Products were down 3% [13] - In the bedding segment, demand is expected to be down low single digits in 2026 due to volume declines in adjustable bed and specialty foam [9] - Specialized product segment sales are expected to be flat to slightly above 2025, excluding aerospace [10] Market Data and Key Metrics Changes - Residential markets remain in a multi-year depression, with demand well below average cycle levels [7] - The U.S. mattress market was down low single digits in 2025, with domestic production down high single digits [8] - Automotive volume in 2026 is expected to reflect a challenging industry backdrop, with inflationary pressures impacting demand [9] Company Strategy and Development Direction - The company aims to strengthen the balance sheet, improve operational efficiency, and position for long-term growth [4] - Focus on diversifying the customer base in specialty foam and integrating foam and innerspring capabilities in bedding [11] - In automotive, the company plans to make strategic investments to return to growth and strengthen relationships with OEM and Tier One customers [11] - The company is committed to driving operational excellence through continuous process improvement and cost reduction [12] Management's Comments on Operating Environment and Future Outlook - Management does not expect a macro market recovery in 2026, indicating a cautious outlook [31] - The company is confident in its ability to execute strategic priorities and create long-term shareholder value despite near-term demand uncertainty [21] - Management highlighted the importance of consumer confidence and housing market recovery as key factors for future growth [32] Other Important Information - The company has substantially completed its restructuring plan, exceeding original expectations [17] - Anticipated currency benefits are expected to offset the effects of lower volume and pricing year-over-year in both automotive and hydraulic cylinders [10] - The company is in discussions with Somnigroup but will not provide further comments on this matter [21] Q&A Session Summary Question: Can you talk about the restructuring and its impact on segment margins? - Management noted that restructuring efforts have provided significant benefits, with $63 million in benefits in 2025 and an expected $5 million in 2026 [28] Question: What is the outlook for the bedding market? - Management indicated that there is no expectation of macro market recovery in 2026, and the bedding market is expected to continue facing challenges [31] Question: Can you elaborate on the impacts of customer supply chain disruptions? - Management explained that various supply chain issues impacted customers, but these issues are now behind them [45] Question: What are the capital allocation priorities moving forward? - The company aims to fund organic growth, pursue small strategic acquisitions, and return excess cash to shareholders while moving closer to a 2x leverage target [46]

参与活动收获奖励的同时，用户下单即可享京东家具"送、装、拆、收"的一站式省心服务。在京东购买自营床垫 可现货速发，最快24小时送装到家，并且支持"100天免费试睡"，搭配一站式送装拆旧服务，无任何附加费用，可大 幅降低消费者购买大件家具的决策压力与售后顾虑。恰逢京东家具年货节，即日起至2月23日，消费者下单不仅能参 与"买家具抽宝马"活动，并享购物返现至高50%等多重优惠，补上加补低至5折，轻松实现高性价比的家居焕新。 从依赖主观感受选购，到依托真实数据与用户反馈建立科学标准，京东家具希望通过此次试睡官计划，与用户共 同构建更贴合实际睡眠体验的软硬参考体系。每一份用户反馈，都是推动床垫选购走向透明化、科学化的重要力量。 活动报名通道即将开启，用户可通过京东APP搜索"床垫试睡官"了解详情并参与，用真实睡眠体验为自己，也帮助更 多人轻松地找到"刚刚好"的床垫。 为让床垫选购更科学、更省心，京东家具将于2月10日面向全网启动"床垫试睡官"万人招募计划，诚邀10000名消 费者参与真实试睡、分享体验反馈。此次招募不仅为参与者准备了丰厚京豆奖励，所有反馈更将用于完善京东床垫软 硬度分级体系，为广大消费者提供更精准、更 ...

Core Viewpoint - The company, Xilinmen, has experienced rapid growth in its online sales business, with a compound annual growth rate (CAGR) of over 30% from 2020 to 2024, and a similar growth rate expected in the first three quarters of 2025 [1] Group 1: Online Sales Performance - The company's online sales have maintained strong growth, achieving a CAGR of over 30% from 2020 to 2024 [1] - In the 2025 Double Eleven online event, Xilinmen ranked first in sales for mattress categories across key platforms such as Tmall, JD.com, and Douyin [1] - The company's online sales success is attributed to its core capabilities in user insights, product strategy, refined product offerings, and multi-channel collaboration [1]

Group 1 - The core viewpoint of the news is that Mousse Health Sleep Co., Ltd. has seen a stock price increase of 5.32%, reaching 28.73 yuan per share, with a total market capitalization of 12.5 billion yuan [1] - Mousse's main business involves the research, production, and sales of health sleep systems, with revenue composition as follows: mattresses 50.69%, bed frames 28.06%, others 7.84%, sofas 7.09%, bedding 4.68%, and other supplementary products 1.63% [1] Group 2 - Among the top circulating shareholders of Mousse, the ICBC Credit Suisse Fund has a fund, ICBC Value Selection Mixed A (019085), which entered the top ten circulating shareholders in the third quarter, holding 2.58% of the circulating shares [2] - The ICBC Value Selection Mixed A fund has a total scale of 8.807 billion yuan and has achieved a year-to-date return of 12.12%, ranking 781 out of 8,873 in its category [2] Group 3 - The fund manager of ICBC Value Selection Mixed A is You Hongye, who has been in the position for 2 years and 343 days, with the fund's total asset scale at 15.113 billion yuan [3] - During You Hongye's tenure, the best fund return was 34.31%, while the worst return was 21.03% [3]

Core Viewpoint - The company, Xilinmen, has shown a mixed performance in terms of stock trading and financial results, with notable fluctuations in financing activities and a slight increase in revenue and profit year-on-year [1][2]. Group 1: Stock Performance - On January 30, Xilinmen's stock rose by 2.28%, with a trading volume of 258 million yuan [1]. - The financing buy-in amount for Xilinmen on the same day was 19.34 million yuan, while the financing repayment was 35.37 million yuan, resulting in a net financing outflow of 16.04 million yuan [1]. - As of January 30, the total financing and securities lending balance for Xilinmen was 569 million yuan, with the financing balance accounting for 7.16% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Financial Performance - For the period from January to September 2025, Xilinmen achieved an operating income of 6.196 billion yuan, representing a year-on-year growth of 3.68% [2]. - The net profit attributable to the parent company for the same period was 399 million yuan, reflecting a year-on-year increase of 6.45% [2]. - Since its A-share listing, Xilinmen has distributed a total of 905 million yuan in dividends, with 517 million yuan distributed over the past three years [2]. Group 3: Shareholder Information - As of October 31, Xilinmen had 16,000 shareholders, with an average of 23,049 circulating shares per person, a decrease of 0.85% from the previous period [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 12.32 million shares, marking a new entry [2]. - The sixth-largest circulating shareholder,招商量化精选股票发起式A, holds 5.10 million shares, also a new entry [2].

Group 1 - The core point of the news is that Xilinmen's stock has experienced a decline of 6.3% over the past three days, with a current price of 21.13 yuan per share and a market capitalization of 7.782 billion yuan [1] - Xilinmen Health Sleep Technology Co., Ltd. specializes in the research, production, and sales of mattresses, soft beds, and hotel furniture, with mattress sales contributing 60.37% to its revenue [1] - The company is located in Shaoxing, Zhejiang Province, and was established on November 6, 1996, with its stock listed on July 17, 2012 [1] Group 2 - Yongying Fund has one fund heavily invested in Xilinmen, with the Home Appliances ETF (515730) holding 110,800 shares, representing 2.74% of the fund's net value [2] - The Home Appliances ETF has incurred a floating loss of approximately 27,700 yuan today and a total floating loss of 157,300 yuan during the three-day decline [2] - The Home Appliances ETF was established on November 14, 2025, with a current scale of 82.9349 million yuan and a year-to-date return of 3.38% [2] Group 3 - The fund manager of the Home Appliances ETF is Shu Kefa, who has been in the position for 2 years and 168 days, managing assets totaling 5.205 billion yuan [3] - During Shu Kefa's tenure, the best fund return was 103.17%, while the worst return was -30.27% [3]