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].

Core Insights - The spring mattress market in China holds a dominant position with nearly 80% market share, driven by its excellent support, breathability, and durability [1][9] - The market size of the spring mattress industry in China is projected to grow from 43.2 billion yuan in 2015 to 64.64 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.58% [1][9] - The increasing urbanization and rising income levels in China are expected to expand the consumer base and drive continuous product upgrades in the spring mattress market [1][9] Industry Overview - Spring mattresses, also known as "Simmons," are primarily categorized into various structures such as interconnected, one-wire steel, high-elasticity, independent spring bags, and independent cylinder springs [2][3] - The production process involves assembling springs, fabric covering, and edge sewing, with quality inspections to ensure material cleanliness and structural stability [2] Industry Development History - The invention of the spring mattress dates back to the 1870s in the United States, and it was introduced to China in the early 20th century, revolutionizing the mattress market [5] Industry Supply Chain - The upstream of the spring mattress industry includes raw materials like high manganese steel, carbon steel wire, foam, memory foam, latex, and fabrics [6] - The midstream involves the manufacturing of spring mattresses, while the downstream consists of sales channels including e-commerce platforms and retail stores [6] Current Market Status - The production capacity of spring mattress manufacturers in China has been steadily increasing, with production volume projected to rise from 72.08 million units in 2020 to 86.01 million units in 2024, reflecting a CAGR of 4.52% [8][9] Import and Export Trends - In 2021, the import volume of spring mattresses reached 143,600 units, a year-on-year increase of 41.14%, while the import value was 360 million yuan, up 51.92% [9] - The export volume of spring mattresses has shown a consistent upward trend, with 13.72 million units exported in the first three quarters of 2025, a year-on-year increase of 9.91% [10][9] Competitive Landscape - The spring mattress industry in China features a diverse competitive landscape, with established brands leveraging strong distribution networks and emerging brands focusing on product innovation and targeted marketing [10] - Key players in the industry include Xilinmen, Mousse, Mengbaihe, and others, with competition shifting towards material research, functional design, and sleep experience [10] Future Trends - The industry is expected to evolve towards smart health management platforms, integrating non-invasive sensors to monitor physiological data and enhance sleep quality [14] - Material innovation will focus on combining traditional materials to resolve performance conflicts, while sustainable practices will drive a green transformation across the entire supply chain [15][16]

Investment Rating - The industry investment rating is not explicitly stated, but the report indicates a positive outlook for the light industry sector, suggesting that the overall return is expected to exceed the CSI 300 Index by more than 5% in the next six months [5]. Core Insights - The report highlights significant growth in exports for specific categories, with electronic cigarette exports increasing by 34% and bleached paper and board exports rising by 30% [1][3]. - In the paper sector, exports of bleached paper and board, as well as cardboard boxes, are experiencing rapid growth at rates of 30% and 23% respectively, while pulp and paper products show stable growth at 0.1% [1]. - The home goods sector continues to see growth in spring mattresses and bathroom products, with increases of 16% and 14% respectively, although mattress exports have seen a reduced decline of 8% [1]. - Other categories, such as electronic cigarettes, are showing strong export growth, while items like insulated cups and plastic tableware are experiencing double-digit declines of 16% and 10% respectively [1]. Summary by Category Paper Industry - Exports of bleached paper and board are up by 30% - Cardboard box exports have increased by 23% - Pulp and paper products show stable growth at 0.1% [1] Home Goods - Spring mattress exports increased by 16% - Bathroom product exports rose by 14% - Mattress exports have a reduced decline of 8% - Sofas, office chairs, and PVC flooring are underperforming with declines of 11%, 4%, and 17% respectively [1] Other Categories - Electronic cigarette exports are growing rapidly at 34% - Insulated cups and plastic tableware are facing declines of 16% and 10% respectively [1]

Group 1 - Zhejiang Xilinmen Co., Ltd. successfully exported a batch of spring mattresses and bed covers worth over 600,000 yuan to Iceland, utilizing a self-issued "Certificate of Origin Declaration" instead of the traditional customs-issued certificate, benefiting from a 10% tariff reduction [1] - This self-issued declaration is the first of its kind under the China-Iceland Free Trade Agreement, allowing the company to enjoy expedited customs processes and greater flexibility in production and shipping [1] - The company has seen a doubling of its export volume to Iceland in the first five months of this year compared to the previous year, indicating strong market interest [1] Group 2 - The customs authority in Hangzhou has stated that certified enterprises can apply for "Approved Exporter" status, allowing them to self-issue origin declarations without needing to apply for individual certificates, thus reducing compliance costs and improving customs efficiency [2] - Six free trade agreements, including RCEP and China-Iceland, have introduced the Approved Exporter system, which is designed to facilitate trade for certified companies [2] - As of now, 28 Approved Exporters have been cultivated in Hangzhou, with these exporters having issued origin declarations for goods worth over 47 million yuan in the first half of the year [2]

Core Insights - The export value of domestic home appliances in the first quarter reached $24.165 billion, showing a year-on-year increase of 8.7% [1] - In contrast, the export value of furniture and its parts was $15.934 billion, down 8% year-on-year, while ceramic products saw a decline of 19.3% to $4.766 billion [1] - The home appliance sector continues to demonstrate manufacturing advantages, maintaining growth despite challenges faced by the furniture and ceramic sectors [1] Group 1: Export Performance - Home appliance exports increased by 8.7% year-on-year in Q1, while furniture exports decreased by 8% and ceramic exports fell by 19.3% [1] - The decline in furniture and ceramic exports has been ongoing, contrasting with the sustained growth in home appliances [1] - Specific categories like spring mattresses and metal office furniture saw significant export growth to the U.S. and the U.K., respectively, with increases of nearly 370% and over 60% [1] Group 2: Market Diversification - Domestic furniture companies are actively seeking to expand into European and other markets due to declining exports to the U.S. and Mexico [2] - Exports of wooden furniture to Vietnam have surged, attributed to Vietnam's economic growth and the establishment of local production facilities by Chinese companies [2] - Companies are exploring new markets such as Europe, Japan, and emerging Southeast Asian markets, but face challenges related to compliance and differing consumer preferences [2]