继8月底钉钉推出AI（人工智能）硬件"DingTalk A1"后， AI硬件创业公司Plaud在9月下旬正式宣布进军 中国市场。此外，出门问问、360等大厂玩家已经推出类似产品，AI录音硬件赛道热度持续升温。 Plaud创始人许高是一名连续创业者，公司总部在深圳，但他们率先搏杀的市场却在海外。这套打法并 不鲜见，近年来，四足机器人、割草机、泳池机器人、全景相机等硬件产品的制造商纷纷将目光瞄准海 外市场，凭借中国完善的供应链体系和工程师红利，硬件出海已斩获不俗业绩。而随着AI逐渐向端侧 应用落地，带AI的硬件也迎来了出海新机会。 AI硬件,正站在人机关系重构的重要节点,已成为AI产业链的"新入口"。 上海一家AI玩具企业负责人向记 者表示，目前除了国内市场，公司也开始尝试在海外B端渠道销售AI玩具。此外，传统家具企业也正加 大AI在其产品上应用。圣奥科技是一家办公家具企业，该集团董事长倪正良就介绍，数智赋能（特别 是AI应用）和全球布局，是公司的两个重要方向。 AI硬件：端侧入口必争之地 乌兰察布的乌兰哈达6号火山上，一只"云深处"公司制造的机器狗正在巡检，而遥控它的人却在1700公 里之外的杭州。这样的千里遥 ...

继8月底钉钉推出AI（人工智能）硬件"DingTalk A1"后， AI硬件创业公司Plaud在9月下旬正式宣布进军 中国市场。此外，出门问问、360等大厂玩家已经推出类似产品，AI录音硬件赛道热度持续升温。 Plaud创始人许高是一名连续创业者，公司总部在深圳，但他们率先搏杀的市场却在海外。这套打法并 不鲜见，近年来，四足机器人、割草机、泳池机器人、全景相机等硬件产品的制造商纷纷将目光瞄准海 外市场，凭借中国完善的供应链体系和工程师红利，硬件出海已斩获不俗业绩。而随着AI逐渐向端侧 应用落地，带AI的硬件也迎来了出海新机会。 AI硬件,正站在人机关系重构的重要节点,已成为AI产业链的"新入口"。 上海一家AI玩具企业负责人向记 者表示，目前除了国内市场，公司也开始尝试在海外B端渠道销售AI玩具。此外，传统家具企业也正加 大AI在其产品上应用。圣奥科技是一家办公家具企业，该集团董事长倪正良就介绍，数智赋能（特别 是AI应用）和全球布局，是公司的两个重要方向。AI硬件：端侧入口必争之地 乌兰察布的乌兰哈达6号火山上，一只"云深处"公司制造的机器狗正在巡检，而遥控它的人却在1700公 里之外的杭州。这样的千里遥控 ...

Group 1: Company Performance and Strategy - The company held a half-year performance briefing on September 12, 2025, to address investor concerns [2] - The company plans to distribute a cash dividend of 5.50 yuan per 10 shares, totaling 76.49 million yuan, which accounts for 42.17% of the net profit attributable to shareholders for the first half of 2025 [9] - As of June 30, 2025, the company had overseas assets amounting to 5.351 billion yuan, representing 52.29% of total assets, with a significant portion derived from its operations in Vietnam [7] Group 2: Market Trends and Opportunities - The global e-commerce penetration rate for home goods has increased from 24% in 2018 to 33% in 2024, with expectations to reach 36% in 2025 [3] - Vietnam's furniture exports reached 43.39 billion USD in August 2025, showing a month-on-month increase of 2.6% and a year-on-year increase of 14.5% [4] - The company has been actively participating in major industry exhibitions to showcase its innovative products and expand its market presence [8] Group 3: Technological Advancements - The company holds 1,559 valid patents as of June 30, 2025, including 153 invention patents, focusing on ergonomic design and smart health monitoring technologies [10] - The company emphasizes the transformation of core technologies into competitive products, enhancing user experience through continuous R&D investment [10] Group 4: Economic Impact - The potential impact of U.S. interest rate cuts is expected to boost the real estate market, thereby increasing demand for furniture and positively affecting the company's business [6] - The company is leveraging its global production layout and foreign exchange risk hedging mechanisms to capitalize on the recovery of the U.S. real estate market [6]

Group 1: Overseas Warehouse Business - The company's overseas warehouse business has maintained profitability despite a challenging trade environment, with a significant scale of operations reaching millions of shipments [1][2] - In Q2, the overseas warehouse revenue increased by 66% year-on-year, indicating resilience in U.S. consumer demand despite tariffs and inflation [2] - As of June, the company served 1,744 clients with a shipment volume of 9.1 million, a year-on-year increase of over 120%, and expects to exceed 20 million shipments for the year [2] Group 2: Non-U.S. Warehouse Operations - Non-U.S. warehouses, particularly in Germany, the UK, and Canada, have achieved a capacity utilization rate of over 70%, showing improved profitability [3] - The company plans cautious expansion of overseas warehouses based on market demand [3] Group 3: Domestic Smart Home Business - The domestic marketing business reversed a two-year decline, achieving profitability with a significant improvement in operating profit margin [4] - Future strategies include building a nationwide dealer channel and enhancing e-commerce marketing to maintain market share and profitability [4] Group 4: Impact of Tariff Policies - Tariffs have increased product costs, with the company facing potential tariffs of 20% or more, necessitating price adjustments to mitigate cost impacts [5][6] - The company aims to build a comprehensive global supply chain to address tariff risks, including relocating some production closer to major consumer markets [6] Group 5: Cross-Border E-Commerce Development - The Flexispot brand has become a leader in the linear drive consumer goods sector, with significant brand recognition and search volume growth in the U.S. and Europe [6][7] - The company continues to enhance offline channel development to increase brand exposure and customer interaction [6] Group 6: Independent Website Performance - The company operates 12 independent websites, with U.S. site traffic leading the industry and independent site sales accounting for over 40% of cross-border e-commerce revenue, a year-on-year increase of 11.22% [8] - New product categories, such as ergonomic chairs and electric sofas, have seen sales growth exceeding 100%, with new product sales accounting for 20% of total revenue [8]

Group 1 - The core viewpoint highlights the transformation of traditional furniture companies towards smart and health-oriented products, exemplified by Yongyi Furniture's ergonomic chairs and smart desks, which are gaining traction in the Latin American market [2] - Yongyi Furniture's exports to the Latin American market have increased by 19.3% this year, with an expected additional growth of 10% in the second half of the year [2] - The company benefits from favorable origin policies under customs guidance, enhancing its competitive edge in international markets [2] Group 2 - Geek Garden Furniture focuses on innovative products in the functional sofa segment, such as an electric sofa that assists users in standing up, which has gained popularity in the European market [3] - The company has shipped over 200 containers of its products abroad in the first half of the year, with a total value of nearly 20 million yuan [3] - Hangzhou Customs supports Chinese smart furniture companies in entering international markets by providing targeted policy guidance and ensuring they fully benefit from tariff reductions under free trade agreements [3]

Group 1: Anhui Province - Anhui's total import and export value reached 458.54 billion yuan, a year-on-year increase of 15.2%, ranking sixth nationally and first in the Yangtze River Delta [3] - Exports of mechanical and electrical products amounted to 222.91 billion yuan, growing by 18.5%, accounting for 71.9% of the province's total exports [3] - Exports of "new three samples" (new energy vehicles, lithium batteries, photovoltaic products) reached 37.13 billion yuan, increasing by 67.8%, highlighting Anhui's leading position in the green low-carbon sector [3] - Anhui's exports of self-owned brand products were 155.98 billion yuan, up 9.1%, making up 50.3% of total exports, indicating a focus on brand building [4] - Trade with Belt and Road countries reached 248.49 billion yuan, a growth of 14.9%, accounting for 54.2% of total trade, showing success in expanding emerging markets [5] - The comprehensive bonded zone in Anhui saw imports and exports of 79.45 billion yuan, a year-on-year increase of 31.6%, contributing significantly to the province's foreign trade growth [5] Group 2: Zhejiang Province - Zhejiang's total import and export value reached 2.73 trillion yuan, a year-on-year increase of 6.6%, with exports surpassing 2 trillion yuan for the first time [6] - The province contributed 19.8% to national export growth, ranking first in the country, due to deep engagement in emerging markets and global supply chain layout [6] - Exports to the EU, ASEAN, Latin America, the Middle East, and Africa grew significantly, effectively compensating for reduced exports to the US [7] - Companies in Zhejiang are diversifying risks through "supply chain going abroad," enhancing flexibility and responsiveness [8] Group 3: Jiangsu Province - Jiangsu's total import and export value reached 2.81 trillion yuan, a year-on-year increase of 5.2%, accounting for 12.9% of the national total [9] - The province's trade structure optimization reflects a shift towards high-quality development, with general trade and processing trade both contributing significantly [10] - High-end market innovations, such as adjustable garden umbrellas, are meeting the demands of markets like the US, supporting sustained growth [11] - Foreign-invested enterprises in Jiangsu had an import and export value of 1.32 trillion yuan, growing by 5.8%, highlighting the province's attractiveness to foreign investment [12]

Core Viewpoint - The home furnishing industry in China is experiencing a new wave of IPOs despite an overall decline in market performance, indicating a potential transformation for companies amidst dual pressures of industry downturn and the need for digital transformation [1][6][8]. Group 1: IPO Activity - Over 10 home furnishing companies have entered the IPO queue in 2024, covering various segments such as furniture manufacturing, smart home, and home decoration services [1]. - Companies like Rose Island and Han Gao Group are actively pursuing IPOs, with Rose Island aiming for the Beijing Stock Exchange and Han Gao Group updating its prospectus for the Shenzhen Stock Exchange [3][4]. - Rose Island reported a 27.47% decline in net profit for 2024 but achieved a 6.1% revenue growth, while Han Gao Group saw a 26.75% revenue increase and a 40.31% net profit growth in Q1 2025 [3][4]. Group 2: Industry Performance - The overall sales revenue of large-scale building materials and home furnishing markets in China is projected to be 1.49 trillion yuan in 2024, reflecting a 3.85% year-on-year decline [1][6]. - The real estate market's downturn has led to a 12.9% decrease in new residential property sales area in 2024, directly impacting the demand for home furnishing [6]. - In the first half of 2024, the sales revenue of large-scale building materials and home furnishing markets dropped by 8.12% year-on-year, totaling 688.18 billion yuan [6]. Group 3: Consumer Behavior and Market Trends - Consumer spending on home decoration has become more cautious, with over 60% of consumers budgeting under 200,000 yuan due to economic pressures [6]. - The demand for home decoration services is shifting towards more rational and cautious spending patterns, influenced by economic conditions [6]. Group 4: Talent and Structural Challenges - The home furnishing industry faces a talent shortage, particularly in digital design and smart manufacturing, with a talent gap exceeding 30% in key positions [7]. - The industry is grappling with structural contradictions between traditional development models and new market demands, including severe product homogeneity and outdated service models [7]. Group 5: Future Outlook and Transformation - The home furnishing market is expected to reach 4.8 trillion yuan by 2025, with a projected 12% year-on-year growth, driven by increasing consumer demand for smart home products and sustainable materials [8]. - Companies are urged to enhance their core competitiveness through technological upgrades and ecosystem collaborations, transitioning from product providers to comprehensive lifestyle solution providers [9].