公司报告 | 半年报点评 麒盛科技（603610） 证券研究报告 发力智能化赛道 公司发布半年报 25Q2 公司营收 7 亿同减 4%，归母净利 0.6 亿同增 52%，扣非后归母净利 0.6 亿同减 9%。 25H1 营收 15 亿同比持平，归母净利 1 亿同增 24%，扣非后归母净利 1.1 亿同减 8%。 2025 上半年，美国激进的关税政策给全球经济带来了挑战，全球供应链格 局进一步重塑。面对当前外部环境变化带来的不利影响的加深，公司积极 布局海外工厂以灵活应对关税政策变化，同时加速拓展国内市场，寻求新 的营收及利润增长点。 全球首创睡眠智能体"AI 小舒"正式投向市场 2025 年 3 月 21 日，在 2025 中国家电及消费电子博览会上（AWE），舒福 德品牌发布了最新研发成果"AI 小舒"。作为全球首款 AI 睡眠智能体，专 为解决睡眠呼吸暂停（OSA）、心律营销渠道健全失常、精神压力等健康问 题设计，标志着智能床从"被动监测"向"主动健康管理"的跨越式升级。 "AI 小舒"通过 AI 算法、传感器创新与医疗资源整合，将智能床升级为 "健康守夜人"真正构建了从硬件到服务的"闭环体验"。其核心价 ...

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 Insights - The article highlights the transformative impact of the "new Chinese tea beverage" brand, Bawang Chaji, which has expanded to over 70 cities globally, reflecting a significant shift in consumer preferences towards cultural identity and emotional resonance rather than just product functionality [1][11] - The strategic consulting industry is evolving from a supporting role to a crucial force in reshaping social value, emphasizing the need for innovative thinking to drive strategic breakthroughs in the new competitive landscape [3][11] Group 1: Strategic Consulting Evolution - The core value of strategic consulting lies in its precise grasp of enterprise strategic positioning, moving beyond traditional theoretical frameworks to integrate knowledge with practical application [4] - The "knowledge capitalization" model advocated by the consulting firm breaks the limitations of traditional consulting by combining knowledge with capital, enhancing the value of knowledge through deep collaboration with enterprises [4][10] Group 2: Breaking Traditional Competition Boundaries - Traditional business competition focused on clear boundaries such as products, prices, and channels, but the consulting firm employs innovative strategies to help companies break these boundaries and create competitive advantages [5] - For instance, the consulting firm assisted Bantu printers in establishing a strategic position as a "leading Chinese printer brand," enabling them to successfully navigate technological barriers and achieve global sales in over 110 countries [5] Group 3: Redefining Market Demand - The consulting firm believes that companies can not only adapt to existing market demands but also create new demands through innovative strategies, as demonstrated by Bawang Chaji's health-focused initiatives in the tea beverage industry [7] - These initiatives not only met consumer health needs but also led to a transformation in the tea beverage market, reshaping supply and demand relationships [7] Group 4: Digital Integration in Strategy - The rise of digitalization has made data-driven decision-making a new trend, with the consulting firm integrating AI technology into strategic consulting to enhance efficiency and visualize complex strategies [8] - This integration allows companies to respond more quickly and accurately to market changes, thereby improving their competitiveness [8] Group 5: Innovative Collaboration Models - The consulting firm adopts a results-oriented collaboration model, deeply engaging in enterprise operations to ensure significant outcomes at every step [10] - This innovative approach fosters a tighter partnership between enterprises and consulting firms, driving strategic transformation and sustainable growth [10] Conclusion - The article concludes that the Chinese business model is undergoing unprecedented changes due to shifts in consumer behavior and digital technology, necessitating a departure from traditional strategic frameworks [11] - The consulting firm's forward-thinking strategies, including knowledge capitalization and AI integration, position it as a leader in the consulting industry, enabling enterprises to navigate the complexities of the modern market and achieve growth [11]

Performance Summary - In 2024, the company achieved operating revenue of 2.958 billion yuan, a year-on-year decrease of 4.66%, and a net profit attributable to shareholders of 156 million yuan, down 24.13% year-on-year [1] - In the first quarter of 2025, the company reported operating revenue of 787 million yuan, an increase of 4.06% year-on-year, while the net profit attributable to shareholders was 44 million yuan, a slight decrease of 1.01% year-on-year [1] Strategic Developments - The company is focusing on its headquarters project for the production of 4 million sets of smart electric beds, enhancing technological self-control and supply chain stability to improve profitability [1] - The "Shufu De" brand has become the main domestic market brand, with over 220 stores established across most provinces in China by 2024 [1] Market Insights - The smart electric bed market is primarily concentrated in North America, with significant consumer acceptance, particularly in the U.S., which is the largest market for smart electric beds [1] - The domestic smart bed industry is still in its early stages, with low market penetration due to insufficient consumer understanding and ongoing market education [1] - The aging population and increasing awareness of sleep health products are expected to drive significant growth potential in China's smart electric bed market [1]

Core Viewpoint - The integration of AI technology into home appliances is transforming the industry, enabling a more personalized and secure smart experience for users [1][18]. Group 1: AWE 2023 Overview - The China Household Appliances and Consumer Electronics Expo (AWE) opened on March 20 in Shanghai, featuring a theme of "AI Technology, AI Life" with an exhibition area exceeding 150,000 square meters [2]. - AWE showcased the trend of integrating modern home appliances with AI technology, moving from concept to consumer application [2][18]. - 36Kr led five intelligent enterprises to create the first "Robot Specialty Exhibition Area" at AWE, highlighting the market potential of embodied intelligence in home appliances [4][5]. Group 2: Featured Products and Innovations - The Robot Specialty Exhibition Area featured innovative products such as the Orca I humanoid robot, MiTa bionic pet, and Mini π from companies like Cyan, Elephant Robotics, and others [5][8]. - The Orca I humanoid robot demonstrated high-precision perception and human-like interaction, attracting significant attention [8][10]. - The UP series from Cloudwalk Technology is one of the first multi-modal robots, capable of performing various tasks like delivery and cleaning in diverse environments [12][18]. Group 3: AI Applications in Home Appliances - Panasonic's new ultra-thin washing machine series is designed to save space and enhance washing efficiency, integrating advanced noise reduction and AI algorithms [21]. - The AI technology is also being applied to televisions, with Samsung's "AI for All" strategy showcasing innovations like MICRO LED and Vision AI solutions [27]. - AI is revolutionizing cooking methods, with companies like Gree and others demonstrating how AI can enhance energy efficiency and user experience in appliances [28]. Group 4: Industry Insights and Future Trends - The rapid development of embodied intelligence is pushing the home appliance industry towards multifunctional and scenario-based services [18]. - The demand for companion robots is growing, particularly in regions with cultural differences in pet ownership, indicating a potential market shift in China [32]. - AI is expected to play a crucial role in addressing sleep-related issues, with innovations in smart beds that integrate advanced sensors and AI models [34].