新年开工第一周，江苏各地企业生产、项目建设按下"加速键"。在生产线上，机器轰鸣、火花四溅，工 人铆足干劲，确保订单按时交付；在建设工地，塔吊旋转、车辆穿梭，建设者争分夺秒，抢抓工期，呈 现一派繁忙景象；在港口码头，新造船舶、工业设备、大型装置等产品，正通过国际航线，源源不断地 走向世界。 铆足干劲 加紧生产 1月8日，徐工重型机械有限公司高端起重装备及大吨位起重机领航级智能工厂内一派火热的生产场景。 蒯创 摄 视觉江苏网供图 1月8日，海安市，齐克庞德电子（江苏）有限公司的员工正在赶制各类电子标签产品订单。2026开年， 公司业务延续2025年红火，预计2026年全年发货电子标签产品35亿张，新增设备投入4500万元。陆建宇 1月8日，工人正在位于江苏省洪泽经济技术开发区的长淮智行装备制造有限公司生产车间内，组装和调 试无人驾驶土质勘测机器人，满足市场需求。 陈凯 摄 视觉江苏网供图 摄 视觉江苏网供图 1月7日，太仓市华夏精密机械有限公司，工人正在生产流水线上加工两轮车车架。新年伊始，该公司开 足马力，加工生产两轮车车架及滑板车车架，全力冲刺新年"开门红"。计海新 摄 视觉江苏网供图 1月7日，工人在沭阳县 ...

近日，在社交平台上，有西贝门店员工晒福利，门店服务员每人收到一个品牌枕头。 近日，在社交平台上，有西贝门店员工晒福利，门店服务员每人收到一个品牌枕头。 据员工晒出的公开信显示，"12月西贝员工宿舍做了全面升级，贾国龙说大家回到宿舍能睡个好觉最重 要，所以挑选一款好枕头送给大家"。 此前，2025年9月，罗永浩曾吐槽西贝全是预制菜，导致西贝客流量大减。 责任编辑：李昂 据员工晒出的公开信显示，"12月西贝员工宿舍做了全面升级，贾国龙说大家回到宿舍能睡个好觉最重 要，所以挑选一款好枕头送给大家"。 此前，2025年9月，罗永浩曾吐槽西贝全是预制菜，导致西贝客流量大减。 责任编辑：李昂 ...

从事家纺行业近30年的胡明亮介绍，2025年原材料价格出现明显分化。羽绒成本同比上涨约20%，而长 绒棉的价格则同比下降了15%左右。为此，企业迅速调整经营策略，不仅稳住了市场，线上渠道的销量 还获得了显著增长。 在家访上游生产车间，工人们正在加紧裁剪、缝制。负责人介绍，现在生产线上主要忙的是国内的订 单，正处在最紧张忙碌的赶工阶段。目前，国外的冬季货品已经基本备齐，正在发往港口。 江苏省南通市国际家纺产业园区提供的数据显示，2024年，叠石桥和志浩两大家纺市场交易额超2400亿 元，家纺产量超12亿件，平均每分钟生产1350套套件、670条被子和340只枕头。 随着气温走低，上海冬季的"暖消费"悄然升温，羽绒被销量有所增加。同时，临近春节，带有中式提 花、刺绣等传统工艺的家纺产品，销售也迎来了一波高峰。 在江苏南通叠石桥国际家纺城内，磨毛、绒类等面料的暖冬产品占据显要位置。 （来源：财闻） 2025年原材料价格出现明显分化。羽绒成本同比上涨约20%，而长绒棉的价格则同比下降了15%左右。 ...

Summary of Conference Call Records Industry Overview - The new consumption sector shows higher growth elasticity compared to traditional consumption, particularly in high-end gold jewelry and IP retail segments, benefiting from structural track dividends and emerging categories [1][2] - Traditional consumption recovery relies on demand improvement and supply-side optimization, but current data indicates limited supply-side improvements [2] Key Companies and Their Performance Lao Pu Gold - Lao Pu Gold has increased prices three times in 2025, with a cumulative increase exceeding 40%, and expects further price elasticity in 2026 [1][6] - The company has improved user penetration among middle and high-net-worth individuals through local brand positioning and traditional cultural elements [1][4] - Membership growth has been significant, with a 74% increase in loyal members in the first half of the year, reaching 480,000, and expected to reach 600,000 by year-end [8] - The company faces cash flow pressure due to rapid expansion and rising gold prices, necessitating potential capital raising strategies [10] Luckin Coffee - Luckin Coffee has achieved same-store growth by increasing the proportion of private domain customer acquisition and core user repurchase frequency, although high delivery subsidies may negatively impact profit margins [3][15] - The company needs to assess the impact of delivery subsidies on profitability and same-store growth continuity for 2026 [3][15] Pop Mart - Pop Mart's North American market has shown a slowdown in growth but overall performance remains better than expected, aided by product channel adjustments and IP updates [11][12] - The company faces challenges in operational strategy adjustments and needs to optimize channel and product structures to improve market performance [12][14] - Future growth will depend on significant improvement signals from the North American market and the development of new independent product categories [14][13] Atour Hotel - Atour Hotel has integrated retail business operations, with retail accounting for 30%-40% of revenue, and expects revenue to approach 4 billion RMB by the end of 2025 [19][20] - The company focuses on member value experience and has successfully expanded its retail business through loyal user engagement rather than supply chain advantages [19][21] Market Trends and Future Outlook - The 2026 consumption market will focus on category dividends and the secondary utilization and monetization of user value, with growth continuity being crucial [3][22] - New consumption companies should demonstrate strong growth certainty to mitigate market uncertainties, with high-end gold jewelry and IP retail being key growth areas [5][22] - The overall consumer landscape is expected to show resilience, with potential growth rates of 20%-30% in certain sectors, particularly in low-frequency consumption industries [18][22]

Core Points - The article discusses the impact of sleep posture on spinal health and overall well-being, emphasizing the importance of proper sleeping positions to avoid discomfort and pain upon waking. Group 1: Recommended Sleeping Positions - Supine sleeping position is the most recommended as it exerts the least pressure on the spine and allows for better relaxation and recovery of muscles and joints [2] - For supine sleeping, it is crucial to maintain an appropriate pillow height to support the neck without causing strain [3][4] - A proper supine position can be achieved by placing a pillow under the thighs to reduce lumbar strain [6] Group 2: Issues with Supine and Side Sleeping - Common issues with supine sleeping include using pillows that are too high or too low, leading to neck and back pain [3][4] - Side sleeping can also lead to problems if the pillow height is not adequate, causing neck misalignment and potential pain [8] - Many individuals tend to cross their legs while side sleeping, which can lead to pelvic rotation and subsequent back pain [8] Group 3: Correct Side Sleeping Techniques - For side sleeping, it is important to use a pillow that fully supports the neck and head, keeping the cervical spine aligned with the ground [10] - Placing a pillow between the legs can help maintain pelvic neutrality and prevent excessive strain on the lower back [10] Group 4: Least Recommended Sleeping Position - Prone sleeping is the least recommended due to the strain it places on the neck and the restriction of chest and abdominal movement, which can hinder breathing and recovery [11] - This position can lead to significant neck pain and may contribute to long-term issues such as cervical spondylosis [11] Group 5: Importance of Mattress Quality - The firmness of the mattress significantly affects sleep quality; a mattress that is too hard can cause pressure points, while one that is too soft may not provide adequate support [12] - For pregnant women, specific sleeping positions are recommended during different trimesters to ensure comfort and safety [12]

Investment Rating - The report maintains a cautious outlook on the overall consumption market, indicating a bottom consolidation phase, with specific recommendations for companies like China Resources Beer, Baisheng China, and Haidilao [1][7]. Core Insights - High-income groups and residents in first and second-tier cities show strong consumption willingness, particularly in high-end luxury goods, which have been recovering since September [2][3]. - The overall retail sales growth for October was 2.9%, slightly lower than September, indicating a stabilization in consumer spending [2]. - E-commerce platforms have been suppressing product prices due to subsidies, but this pressure is expected to ease next year, potentially stabilizing prices for sensitive categories like daily necessities and dining out [6][21]. Summary by Sections Consumer Behavior - High-income consumers (monthly income above 30,000) and residents in major cities are optimistic about future spending, correlating with the recovery in luxury goods sales [3][4]. - Middle and low-income consumers exhibit more cautious spending behavior [4]. Product Categories - Categories such as sports goods, electronics, and daily necessities are expected to see slight increases in spending over the next quarter, particularly during the year-end and Spring Festival [5][6]. - Online retail sales in October grew by 4.9%, down from 7.3% in September, influenced by early Double Eleven promotions [9]. Company Recommendations - The report recommends China Resources Beer in the beer sector, Baisheng China in the dining sector, and highlights the potential of Deepzhou Company in the apparel OEM business [7][8]. - Atour Hotel's retail business is projected to exceed 800 million yuan during Double Eleven, with a year-on-year growth of over 60% [8]. Market Trends - The home appliance sector saw a 15% year-on-year decline in sales, while smartphone sales, particularly for the iPhone 17, increased by 23% [10]. - The duty-free industry experienced a 35% year-on-year growth in early November, driven by policy changes and increased consumer spending [20][21]. Industry Outlook - The gold and jewelry sector is facing pressure from VAT reforms, leading to price increases and necessitating close monitoring of demand elasticity [22][23]. - Companies like Chow Tai Fook and Lao Pu are highlighted for their growth potential, with expected increases in sales and market share [23].

Event Overview - The Guangdong Province Live Job Recruitment Event will take place from July to December 2025, featuring 40 online job fairs [2] - The event is guided by the China Small and Medium Enterprises Development Promotion Center and co-hosted by various provincial departments [2] Company Highlights - Pashaman Home, founded in 2013, has rapidly grown into a comprehensive home furnishings enterprise, focusing on design, production, and sales [3] - The company aims to create a beautiful life for young people and has integrated online and offline retail strategies, becoming a leader in the home furnishings industry [3] - Pashaman's online brand store ranked among the "Top 10 Brands in the Furniture Industry" during the 2023 Tmall 618 Global Shopping Festival [3] - The company operates over 118 offline retail stores across 20 provinces and more than 100 cities, ranking among the top three in new retail furniture sales [3] Production and Innovation - Pashaman has a modern production base exceeding 50,000 square meters and has obtained over 100 national patents [4] - The company offers a 5-year extended warranty on its products and has over 3,000 installation service points in South China [4] Job Opportunities - Pashaman is hiring for various positions, including: - Multi-layer fabric machine operator (1 position, monthly salary 6.5k-15k) - Electrician (1 position, monthly salary 5k-6.5k) - Sofa installer (1 position, monthly salary 6k-15k) - Sofa upholstery worker (5 positions, monthly salary 6k-15k) [4][5] Other Companies Involved - Yijun Technology, established in 1983, is a global leader in mattress and sofa production, with an annual mattress production capacity exceeding 6 million units [5] - Oubi Nursing Products, founded in 2022, specializes in the production of sanitary and disposable medical supplies [6] - Guangdong Jiazhuan Sports Technology, established in 2019, focuses on commercial and home fitness products, with a strong presence in international markets [8] Recruitment Summary - Various companies are actively recruiting for positions across different sectors, including: - Product designer, workshop director, and foreign trade sales positions with competitive salaries [5][10] - The recruitment reflects the growing demand for skilled labor in the home furnishings and technology sectors [5][6][10]

Group 1 - The Guangdong Province live-streaming recruitment event will take place from July to December 2025, featuring 40 online job fairs [1] - The 29th session of the event will focus on university graduates and is scheduled for November 8, 2025, from 10:00 to 12:00 [2] - The event is organized by various governmental and educational institutions in Guangdong Province [1] Group 2 - Shenzhen Zhongshen Ai's Bedding Technology Co., Ltd. is a leading ODM manufacturer of mattresses in China, established in 2005, with an annual production capacity of 3 million mattresses [2] - Shenzhen Pincheng Metal Products Co., Ltd. specializes in aluminum, magnesium, and zinc alloy die-casting mold design and manufacturing, recognized as a major exporter in China [4] - Shenzhen Dongzheng Optical Technology Co., Ltd. is a global optical technology company founded in 2013, known for its innovative optical products and solutions [5] - Guangzhou Jusa Long Engineering Plastics Co., Ltd. focuses on advanced polymer material modification and has an annual production capacity of 400,000 tons [7] - Guangdong Lingzhuo Energy Technology Co., Ltd. provides comprehensive services in the energy engineering sector, including construction and maintenance of gas stations and charging stations [8] Group 3 - Various job positions are available across different companies, with monthly salaries ranging from 4,000 to 15,000 RMB depending on the role [4][5][7][8] - The recruitment includes positions such as quality management trainees, engineering trainees, and manufacturing trainees, among others [4][5][8]

Core Viewpoint - The company has demonstrated significant recovery in profitability and steady growth in overseas markets, with a positive outlook for future revenue and profit growth. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 6.756 billion, a year-on-year increase of 10.29%, and a net profit attributable to shareholders of 161 million, up 205.18% [1] - In Q3 2025 alone, the company reported revenue of 2.440 billion, an increase of 11.98%, and a net profit of 46 million, up 122.55% [1] Overseas Business Growth - In Q1-Q3 2025, North America generated revenue of 3.466 billion (up 10.49%), Europe 1.456 billion (up 1.22%), domestic revenue 1.171 billion (up 11.59%), and other regions 0.452 billion (up 33.03%) [2] - The company has completed its overseas warehouse strategy in the U.S. and is actively expanding in Europe, which is expected to become a significant growth area for its online business [2] Product and Channel Breakdown - Revenue from various products in Q1-Q3 2025: mattresses 3.606 billion (up 14.02%), pillows 468 million (up 7.89%), sofas 885 million (up 4.12%), electric beds 507 million (up 6.78%), and others 1.079 billion (up 3.44%) [3] - Revenue by channel: offline 1.954 billion (up 2.93%), online 1.982 billion (up 66.07%), and bulk sales 2.609 billion (down 9.17%) [3] Cost Reduction and Efficiency Improvement - The gross margin for Q1-Q3 2025 was 39.48%, an increase of 2.25 percentage points, while management and R&D expense ratio was 7.77% (down 0.08 percentage points) and financial expense ratio was 2.41% (down 1.87 percentage points) [4] - Sales expenses increased to 1.730 billion (up 23.70%), primarily due to rising e-commerce operational costs aimed at enhancing brand influence [4] Profit Forecast and Valuation - The company forecasts revenues of 9.436 billion, 10.799 billion, and 12.366 billion for 2025-2027, with year-on-year growth rates of 11.68%, 14.44%, and 14.51% respectively [5] - Expected net profits for the same period are 248 million (turning profitable), 358 million (up 44.18%), and 457 million (up 27.52%), indicating a gradual recovery in profit margins [5]

Core Insights - 趣睡科技 is a high-quality home products brand established in 2014 and listed on the Shenzhen Stock Exchange in 2022, leveraging Xiaomi's ecosystem for market advantage [1] Group 1: Financial Performance - In Q3 2025, 趣睡科技 reported revenue of 213 million yuan, ranking 15th among 17 companies in the industry, significantly lower than the top competitor, 顾家家居, which had 15.012 billion yuan [2] - The company's net profit for the same period was 21.63 million yuan, placing it 12th in the industry, far below 顾家家居's 1.602 billion yuan and the industry average of 278 million yuan [2] Group 2: Financial Ratios - 趣睡科技's debt-to-asset ratio was 11.19% in Q3 2025, an increase from 9.75% the previous year, but still well below the industry average of 45.64%, indicating low debt pressure [3] - The gross profit margin for the company was 24.17%, down from 25.57% year-on-year, and lower than the industry average of 31.44%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.52% to 8,406, while the average number of circulating A-shares held per shareholder increased by 3.65% to 3,620.07 [5]