中国经济网北京10月10日讯麒盛科技（603610）(603610.SH)昨晚发布控股股东、实际控制人、高级管 理人员减持股份计划公告。嘉兴智海投资管理有限公司拟通过大宗交易的方式减持不超过公司总股本比 例的2%，即减持不超过7,059,000股(占其持有股份总数的8.44%)；唐国海拟通过集中竞价交易的方式减 持不超过公司总股本比例的1%，即减持不超过3,529,000股(占其直接持有股份总数的5.71%)；陈艮雷拟 通过集中竞价的方式减持不超过311,000股公司股份(占其持有股份总数的24.94%)，即不超过公司总股本 的0.09%。 截至公告披露日，公司控股股东嘉兴智海投资管理有限公司持有公司83,629,325股，占公司总股本的 23.69%；公司实际控制人、董事长唐国海直接持有公司61,811,713股，占公司总股本的17.51%；公司副 总经理陈艮雷持有公司1,246,929股，占公司总股本0.35%。 麒盛科技本次发行费用合计8,228.33万元，其中保荐及承销费用6,330.00万元。 麒盛科技于2019年10月29日在上海证券交易所上市，本次公开发行新股3,758.32万股，本次发行价格为 ...

Group 1 - The core viewpoint of the articles highlights the efforts made by companies and institutions in Qingdao, Shandong, to design high-quality, convenient, and safe products for the elderly, aiming to improve their quality of life [1] - Qingdao has implemented subsidy policies to promote the popularization and application of age-friendly products, addressing the needs for home modifications for the elderly [1][11] - There are 205 experience centers in Qingdao dedicated to age-friendly innovation products, allowing elderly individuals to conveniently experience these products near their homes [9] Group 2 - Innovative products such as smart beds and intelligent wheelchairs are gaining popularity among the elderly, featuring life-sign monitoring technology and emergency call functions [4][6] - The experience centers in Qingdao are divided into various areas including mobility, health, bathing, sleep, and rehabilitation, providing comprehensive solutions for elderly care [7] - The Qingdao government has selected 28 companies and 993 subsidized products covering various categories such as ground modifications, bedroom renovations, and smart assistive products to meet the diverse needs of the elderly [13] Group 3 - In Jinan, the establishment of courses at senior universities teaches elderly individuals how to use age-friendly home products effectively [16] - The modern life experience classroom in Jinan allows participants to experience various age-friendly home designs, showcasing products that enhance comfort and safety [20][18] - The national subsidy program supports the "silver economy" by including home modifications for the elderly in the consumption upgrade policy, with subsidies up to 30% for eligible products [22] Group 4 - Cities like Shanghai are actively promoting the renovation of public facilities to be more age-friendly, improving accessibility and comfort for the elderly [23] - Specific measures include the introduction of dedicated bus routes for the elderly, equipped with features like wheelchair spaces and emergency call buttons [26] - Shopping malls are also transforming into "elderly-friendly" spaces, offering services and activities tailored to the needs of older adults, fostering social engagement and enhancing their shopping experience [30]

Core Viewpoint - The company is actively adapting to external challenges, including aggressive tariff policies, by expanding its overseas factories and enhancing its domestic market presence to seek new revenue and profit growth points [2]. Group 1: Financial Performance - In Q2 2025, the company reported revenue of 700 million, a decrease of 4% year-on-year, while net profit attributable to the parent company was 60 million, an increase of 52% year-on-year, and the net profit after deducting non-recurring items was 60 million, a decrease of 9% year-on-year [1]. - For the first half of 2025, the company achieved revenue of 1.5 billion, remaining flat year-on-year, with net profit attributable to the parent company at 100 million, an increase of 24% year-on-year, and net profit after deducting non-recurring items at 110 million, a decrease of 8% year-on-year [2]. Group 2: Product Innovation - The company launched the world's first AI sleep smart device "AI Xiao Shu" on March 21, 2025, at the AWE, marking a significant upgrade from passive monitoring to active health management for sleep-related issues [2]. - "AI Xiao Shu" integrates AI algorithms, sensor innovations, and medical resources to create a comprehensive "closed-loop experience" for users, focusing on personalized solutions for sleep disorders [2]. Group 3: Global Expansion - The company opened its second overseas store in Seoul on May 26, 2025, following the Singapore store, as part of its global strategy to provide consumers with a comprehensive sleep solution [4]. - The company is progressing with the construction of its headquarters project for producing 4 million smart electric beds annually, with the second and third phases expected to be operational by the end of 2025 [4]. Group 4: Earnings Forecast Adjustment - Based on the performance in the first half of 2025 and changes in the external trade environment, the company adjusted its earnings forecast, expecting revenues of 3.1 billion, 3.4 billion, and 3.9 billion for 2025-2027, and net profits of 200 million, 220 million, and 260 million for the same period [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10] Core Viewpoints - The company reported significant growth in revenue and profit for H1 2025, with revenue at 1.681 billion yuan, a year-on-year increase of 39%, and net profit attributable to the parent company at 432 million yuan, up 51% [2][6] - The company is expanding its product differentiation and channel capabilities, with a focus on brand building and global expansion opportunities [2][8] - The company has shown strong performance in customer acquisition, with significant growth in transactions with top clients and an increase in partnerships with major U.S. furniture retailers [13] Summary by Sections Revenue Performance - In Q2 2025, the company achieved revenue of 909 million yuan, reflecting a 40% year-on-year growth [2][6] - The company is experiencing strong growth from both existing and new customers, with notable increases in transaction volumes with top clients [13] Profitability - The company improved its gross margin and net profit margin, with Q2 gross margin increasing by 6.3 percentage points to 39.4% [13] - The company has effectively managed costs through product structure optimization and supply chain improvements [13] Global Expansion - The company is leveraging its success in the U.S. market to explore opportunities in other regions, with 92% of H1 2025 revenue coming from the U.S. [8] - Market research and product testing are underway in non-U.S. regions to facilitate future growth [8] Product Development - The company is focusing on high-value product segments, with a 16% increase in the average selling price of functional sofas in 2024 [13] - New product categories such as smart beds and recliners are being developed, with a dedicated team for the MotoSleep business [13] Future Growth Potential - The company is expected to continue its growth trajectory, with projected net profits of approximately 980 million yuan, 1.222 billion yuan, and 1.531 billion yuan for 2025, 2026, and 2027 respectively [13] - The company is positioned to capture a larger market share in the U.S. functional sofa market, with significant room for growth compared to competitors [13]

Group 1 - The company held a semi-annual performance briefing on September 1, 2025, where key executives discussed operational performance and future development plans with investors [1][2] - The company has established its own brand "Shufude" focusing on smart bedding products, with over 200 offline stores and a growing online presence [1][4] - The company is expanding its smart bed products into various application scenarios such as elderly care institutions, hotels, and postpartum centers to enhance domestic market coverage [1][4] Group 2 - The company has formed long-term partnerships with international mattress manufacturers like TSI and SSB to penetrate overseas markets while diversifying its sales channels [2][3] - The Vietnam factory is in trial operation, and the Mexico factory has been stable since its launch in 2020, contributing to a flexible supply chain for international markets [2][3] - The company is currently in the process of medical device registration for its smart bed products, aiming to integrate digital sleep technology to address sleep-related issues [2][3] Group 3 - The company’s products primarily target the mid-to-high-end market, with plans to optimize product features and introduce new products based on market demand [3][4] - As of the first half of 2025, overseas sales accounted for over 90% of total sales, with a focus on North America while also exploring markets in Europe, Japan, South Korea, and Australia [3][4] - The company’s top five customers contributed approximately 68.26% of its main business revenue, with ongoing stable partnerships and efforts to expand its customer base [4]

Core Viewpoint - Qisheng Technology (603610.SH), known as the "first stock of smart beds," is experiencing significant performance fluctuations due to its heavy reliance on overseas markets, which have been pressured by international operating conditions and management issues. The company aims to expand its domestic market presence through the "Shufude" brand, despite challenges in its partnership with Shanghai Shufude, which has faced financial difficulties and operational inefficiencies [3][5][12]. Group 1: Company Performance and Strategy - Qisheng Technology's overseas revenue has been under pressure, leading to substantial fluctuations in its overall performance [3]. - The company plans to leverage the "Shufude" brand to penetrate the domestic smart bed market, which has low market penetration [3][5]. - Despite Shanghai Shufude's poor performance, Qisheng Technology intends to continue supplying products to it, with projected sales increasing to 160 million yuan by 2025 [3][12]. Group 2: Financial Issues and Risks - As of April 2023, Shanghai Shufude is in a state of insolvency, with Qisheng Technology's receivables from it amounting to 112 million yuan, of which 97.16 million yuan is overdue [3][13]. - Shanghai Shufude's financial performance has been disappointing, with revenues of 20.26 million yuan in 2023 and a net loss of 18.96 million yuan [8][10]. - Qisheng Technology has recognized the risk of loss on its receivables from Shanghai Shufude, leading to a provision for bad debts of 87.05 million yuan, impacting its net profit significantly [10][12]. Group 3: Management and Operational Concerns - The partnership with Shanghai Shufude raises concerns due to the lack of relevant experience of its key personnel, particularly Zhao Yunfeng, who has a background primarily in finance [5][7]. - The financing structure for Zhao Yunfeng's investment in Shanghai Shufude involved complex arrangements that raise questions about the financial stability and operational capability of the new entity [5][7]. - Qisheng Technology's decision to grant exclusive distribution rights to a newly established company with insufficient capital and experience has been criticized, especially given the ongoing financial struggles of Shanghai Shufude [8][12].

作为智能家居中的重要品类，近年来，智能床市场需求迅速增长。然而，由于此前缺乏统一的国家标 准，智能床行业存在概念混淆、产品质量参差不齐等问题。 行业规范：智能床首部国家级技术规范 2025年8月1日，由国家市场监督管理总局、国家标准化管理委员会联合发布的《智能床》国家标准 （GB/T 45231-2025）正式实施。作为我国智能床领域的首部国家级技术规范，该标准填补了行业长期 以来缺乏统一技术依据的空白，为智能床的设计、生产、质检提供了权威指引，将有力推动智能家居产 业向高质量发展迈进。 该标准由上海市质量监督检验技术研究院牵头，联合爱梦智能睡眠集团、喜临门、慕思、顾家家居、丝 涟床具（上海）等52家产业链头部企业共同起草，覆盖从材料研发到终端服务的全链条，确保标准的科 学性与实用性。 产业影响：加速行业洗牌与升级 过去几年间，智能床的国内市场规模呈现快速扩张态势。相关数据显示，2017年，我国智能床市场规模 为14.7亿元。预计到2026年，我国智能床需求总量将增至179.5万张，市场规模扩大到39.9亿元。部分头 部品牌，智能床产品市场接受度已经非常高，据媒体报道，爱梦集团旗下舒达品牌，在部分一二线城市 ...

Core Viewpoint - Several soft furniture companies are exploring the hotel industry as a means to expand into downstream sectors amid an overall industry downturn [1][4]. Group 1: Company Initiatives - Left Home has opened its first hotel, "Left Home Happiness Hotel," in Shenzhen, featuring 156 rooms priced between 300-500 RMB, positioning itself in the mid-range hotel market [1]. - Dream Lily has launched its first hotel, "Dream Lily Zero Pressure Hotel," in Shanghai, with 119 rooms equipped with its signature zero-pressure smart beds, emphasizing a deep sleep concept [1][3]. - Both companies are transitioning from product manufacturers to lifestyle service providers, marking a significant shift in their business models [1][3]. Group 2: Business Strategy - Dream Lily aims to open 2,000 hotels, integrating hotel functions with product experience and sales, effectively turning each hotel into a showroom for its products [3]. - Left Home's hotel also allows guests to purchase furniture directly from their rooms, utilizing technology to collect user sleep data for product development [3][4]. - The core strategy for both companies remains focused on selling products, despite the hotel industry's emphasis on service operations [4]. Group 3: Industry Context - Historically, soft furniture companies like Dream Lily and Left Home have collaborated with hotel chains, indicating a trend of moving from suppliers to direct competitors in the hotel space [5]. - Dream Lily previously partnered with major hotel groups and has recently taken legal action against them, highlighting the competitive dynamics in the industry [6]. - The hotel business for both companies is still in its early stages, and it remains uncertain whether this will become a significant growth area for them [6][7].

Group 1 - The implementation of new national standards starting from August 1 aims to optimize traditional industries, regulate emerging industries, and ensure consumer safety [1] - The mandatory national standard for lithium batteries used in energy storage systems (GB44240-2024) enhances safety requirements, reducing the likelihood of safety incidents [1] Group 2 - The recommended national standard for pet medical institutions (GB/T45295-2025) provides guidelines for facility configuration and service quality, promoting healthy development in the pet medical industry [2] - The recommended national standard for pet business environment cleaning and disinfection (GB/T45204-2025) outlines management and operational guidelines, improving cleanliness and service quality in pet-related establishments [2]

Group 1 - New regulations on cash transactions for gold purchases require reporting for amounts exceeding 100,000 RMB or equivalent foreign currency [2][3] - The implementation of the "Anti-Money Laundering and Counter-Terrorism Financing Management Measures for Precious Metals and Gemstone Practitioners" will take effect on August 1, 2025 [3] Group 2 - The revised "Occupational Disease Classification and Catalog" will expand the categories from 10 to 12, adding two new categories: occupational musculoskeletal diseases and occupational mental and behavioral disorders [4] - The new regulations will be effective from August 1, 2025 [4] Group 3 - The "Regulations on the Management of Commercial Passwords for Critical Information Infrastructure" will be implemented on August 1, 2025, requiring operators to report on the use of commercial passwords annually [7] Group 4 - The "Public Building Energy Efficiency Design Standards" will be updated to enhance energy-saving measures, aiming for a 20% improvement in energy efficiency, reaching a target of 78% [15] Group 5 - The "Management Measures for the Filing of Infant Formula Food Raw Materials" will be implemented on August 1, 2025, requiring filing with the provincial market supervision administration [23]