健康睡眠丨白皮书 核心摘要： 我们在白昼的喧嚣中尽力奔波，却又在夜晚的静谧里辗转反侧。睡眠，这一本应最自然的生理需求，正在变 为一场集体性的生存博弈。城市霓虹与深夜屏幕交织成现代人的失眠图谱，我们用短视频的即时愉悦和特种 兵式旅行进行短暂逃离，大脑自动选择最低能耗的解压方式，本质上是用"情绪创可贴"掩盖压力的裂痕。这 不仅是个体健康的危机，更是潜藏巨大公共卫生代价的社会性问题。 然而，当我们把目光聚焦在科技的前沿，一个不容忽视的事实正在浮现：AI正在以系统化解决方案的姿态重 新定义人与睡眠的深度关系。它不再止步于概念层面的技术想象，而是通过智能设备的监测和反馈，实现科 技和人体自然节律的同频共振。这场变革的本质，是数据科学与生命科学的深度融合。 每一次对于辗转反侧的数据分析，每一段针对心脏跳动的曲线观测，都在重构我们对睡眠的认知范式。 当AI能够比人类更早的识别睡眠障碍，当算法开始引导我们的深度睡眠，如何在科技赋能和生命自主权之间 建立动态平衡，将成为贯穿AI时代的核心命题。我们希望每个人都能在数字脉搏和生命韵律的共鸣中，寻回 被焦虑侵蚀的完整睡眠，和对生命质量的深度追求。 过去一年，国民健康困扰从平均3.6 ...

Core Viewpoint - Mousse Co., Ltd. has demonstrated stable performance in its annual report, achieving a revenue of 5.603 billion yuan, a slight increase of 0.43% year-on-year, and a net profit of 767 million yuan, reflecting the company's operational stability [1] Group 1: Financial Performance - The company reported a revenue of 5.603 billion yuan for the year, with a year-on-year increase of 0.43% [1] - The net profit attributable to shareholders reached 767 million yuan, showcasing the company's robust financial health [1] Group 2: Strategic Initiatives - Mousse Co., Ltd. focuses on three strategic pillars: product innovation, operational efficiency, and brand upgrading, which are expected to maintain its core competitiveness [1] - The company aims to become an innovation-driven high-tech enterprise within five years, emphasizing its commitment to AI technology in its sleep solutions [2] Group 3: Product Development - The newly launched AI smart mattress T11+ features a millisecond response rate and upgraded AI "Tide Algorithm 2.0," providing personalized sleep experiences [1][2] - T11+ integrates with smart home systems, offering a comprehensive smart sleep solution that includes sleep monitoring and health recommendations [2] Group 4: Market Positioning - Mousse Co., Ltd. is positioned as a leader in the health sleep sector, targeting the mid-to-high-end market with its "healthy sleep system overall solution" [1] - The company is capitalizing on the growing "sleep economy" and the shift towards smart home solutions, positioning itself advantageously in the evolving home furnishings industry [1][3] Group 5: Customer Engagement - The company has developed a 360° digital butler service system to provide personalized and comprehensive customer service, enhancing customer loyalty and retention [3] - Mousse Co., Ltd. aims to create value for users and improve customer stickiness through its membership benefits and superior service offerings [3]

健康睡眠丨白皮书 核心摘要： 我们在白昼的喧嚣中尽力奔波，却又在夜晚的静谧里辗转反侧。睡眠，这一本应最自然的生理需求，正在变 为一场集体性的生存博弈。城市霓虹与深夜屏幕交织成现代人的失眠图谱，我们用短视频的即时愉悦和特种 兵式旅行进行短暂逃离，大脑自动选择最低能耗的解压方式，本质上是用"情绪创可贴"掩盖压力的裂痕。这 不仅是个体健康的危机，更是潜藏巨大公共卫生代价的社会性问题。 然而，当我们把目光聚焦在科技的前沿，一个不容忽视的事实正在浮现：AI正在以系统化解决方案的姿态重 新定义人与睡眠的深度关系。它不再止步于概念层面的技术想象，而是通过智能设备的监测和反馈，实现科 技和人体自然节律的同频共振。这场变革的本质，是数据科学与生命科学的深度融合。 每一次对于辗转反侧的数据分析，每一段针对心脏跳动的曲线观测，都在重构我们对睡眠的认知范式。 当AI能够比人类更早的识别睡眠障碍，当算法开始引导我们的深度睡眠，如何在科技赋能和生命自主权之间 建立动态平衡，将成为贯穿AI时代的核心命题。我们希望每个人都能在数字脉搏和生命韵律的共鸣中，寻回 被焦虑侵蚀的完整睡眠，和对生命质量的深度追求。 过去一年，国民健康困扰从平均3.6 ...

核心观点 25Q1 公司营收同比-1.76%，预估自主品牌表现平稳（线下有所下滑、线上30%+高增），工程业务 10%+稳健增长；25Q1 归母净利润同比-4.02%，主要受品牌费用前置摊销影响。24 年床垫产品引领增 长，24Q4 国补带动线上增长提速、线下渠道转为正增长。 行业竞争加剧下24 年毛利率有所下降，公司加大费用投放。2024 年公司毛利率33.67%/-0.70pct，其中 床垫、软床及配套品、沙发、木制家具毛利率分别为38.40%、29.32%、18.75%、1.46%，同比 +0.12、-1.13、-6. 82、+0.31pct。24 年归母净利率为3.69%/-1.25pct，主要系销售费用率提升。24 年公司 销售、管理、研发、财务费用率分别为21.43%/+1.16pct、5.31%/+0.44pct、1.86%/-0.21pct、 0.35%/+0.22pct。销售费用率增加主要因为品牌推广费用增加。 盈利预测：预计公司2025-2027 年营收分别为94.6、101.1、107.6 亿元，分别同比增长8.3%、6.9%、 6.4%；归母净利润分别为4.2、4.7、5.2 亿元，分 ...

基于此，我们希望通过回答以下两大问题，来分析并找出哪些黑色家电与软体家具企业能够更好地 把握AI+发展机遇： 智能眼镜与床垫： 普及前景 考虑到智能眼镜与智能床垫作为耐用消费品与消费电子市场中的新品类，我们认为决定二者能否在 全球市场中实现普及的关键离不开两大核心要素： （1）明确的使用场景：既可以是对现有解决方案的补充和优化，也可以是倡导全新的生活方式； 背景： 终端应用已成为AI浪潮新焦点 AI技术在消费品中的应用正成为继AI硬件基建投资后资本市场的新焦点，其中被市场寄予期待的产 品包括但不限于AI手机、AI PC、AI眼镜以及AI床垫等。 截至目前，部分黑色家电企业与软体家具企业已积极布局AI+产品，其主要路径包括内部推进现有品 类升级迭代以及寻求外部合作。其中的代表性产品包括但不限于AI智能眼镜与AI智能床垫等。 （2）提质降价：围绕明确的使用场景对产品性能进行优化，并在此过程中依靠技术创新、规模效应 与供应链优化推动产品均价下移，扩大目标客群覆盖面。 若以上述两大核心要素为核心考量，我们预计AI智能眼镜未来有一定概率在全球范围内实现大规模 普及，主要是考虑到分体式AR眼镜与一体式AI音频/拍摄眼镜两 ...

2 1数读梳理发现，在2 0 2 4年年度报告中，A股上市公司的"AI渗透率"相当高。据Wi n d数据， 截至4月3 0日，在5 4 0 2家披露2 0 2 4年年报的A股上市公司里， 有3 7 1 3家企业在最新年报中提 到AI （指提及"AI、人工智能、AIGC、De e pSe e k、GPT、AI o t "中任一关键词），占比高 达为6 8 . 7%，较往年显著提升。 作 者丨黄欣然 杨乔羽 设计陈珊 编 辑丨谭婷 2 0 2 5年是人工智能加速进入应用阶段的一年，De e pSe e k的爆火引领AI应用进入"安卓时刻"， 千行百业掀起AI赋能热潮。 4月3 0日，A股2 0 2 4年年报披露正式收官。2 1数读依据Wi n d数据梳理发现，在披露年报的 5 4 0 2家A股上市公司中，有3 7 1 3家公司年报提到AI相关表述，占比近7 0%，AI技术正大范围 渗透核心产业链外的各行各业，"AI+"势头正盛，甚至有些传统行业也跨界AI赛道寻找到新 的增长曲线。一起来看看这些拥抱"AI+"的上市公司有哪些特征，在业绩方面表现如何？ "含A I量"大增，近七成上市公司在年报里提及A I 但不可否认 ...

SEC 南方财经全媒体集团 21世纪经济报道 团 21财经 | 出品:数读工作室 不过，年报里提到AI不代表公司就已经有了AI相关业务或产品。有的是提及这一市场背景，计划未来 应用AI，例如中集集团在2024年年报中称："随着人工智能日趋成熟以及绿色环保低碳经济需求增长， 中集天达将继续加强产品向智慧化、数字化、低碳环保方向发展"。 2025年是人工智能加速进入应用阶段的一年，DeepSeek的爆火引领AI应用进入"安卓时刻"，千行百业掀 起AI赋能热潮。 4月30日，A股2024年年报披露正式收官。21数读依据Wind数据梳理发现，在披露年报的5402家A股上 市公司中，有3713家公司年报提到AI相关表述，占比近70%，AI技术正大范围渗透核心产业链外的各行 各业，"AI+"势头正盛，甚至有些传统行业也跨界AI赛道寻找到新的增长曲线。一起来看看这些拥 抱"AI+"的上市公司有哪些特征，在业绩方面表现如何？ "含AI量"大增，近七成上市公司在年报里提及AI 21数读梳理发现，在2024年年度报告中，A股上市公司的"AI渗透率"相当高。据Wind数据，截至4月30 日，在5402家披露2024年年报的A股上市 ...

发布会上，慕思还携手中国睡眠研究会发布了《2025AI时代健康睡眠白皮书》并进行深度解读：国人 平均睡眠时长从7.02小时缩短至6.67小时，但"睡得好比睡得多更重要"的理念逐渐成为共识。 慕思的破局之道充满科技感。其全新发布的旗舰款AI智能床垫T11+，搭载慕思潮汐算法2.0，基于百万 级人体工学数据构建睡眠模型，实现"实时评估-动态调整-健康报告"的全周期管理。临床测试显示，使 用T11+的用户平均入睡速度提升近50%，翻身次数减少14.6%，睡眠时长有效延长38%。这些数据背 后，是AI对睡眠场景的深度解构——床垫内置的毫米波雷达与压力传感器，能精准捕捉心率波动、呼 吸节律等生理信号，并联动喜马拉雅晚安电台触发定制化音频干预。 "睡前刷手机越刷越清醒""一点声响就惊醒，再难入睡""晨起头晕比睡前还累"……在快节奏生活的重压 下，优质睡眠成为现代人可望不可即的"奢侈品"。在第25个世界睡眠日来临之际，慕思股份用一场"深 度AI 睡眠新革命"发布会，给出了应对时代睡眠困境的"深度"回应。并与喜马拉雅联合升级"慕思晚安 电台"，通过AI技术重构从入眠到唤醒的全周期睡眠解决方案。 当科技的温度渗入每个睡眠周期， ...

Core Viewpoint - The company faces performance pressure due to a deep adjustment in the real estate industry, leading to mixed results in revenue and profit for 2024 [2][3]. Financial Performance - The company reported a revenue of approximately 8.73 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to shareholders was about 322 million yuan, a decline of 24.84% [2]. - Operating cash flow decreased by 37.2% to approximately 787 million yuan, and basic earnings per share fell by 23.42% to 0.85 yuan [2]. - Revenue from soft beds and related products dropped by 8.39% to 2.44 billion yuan, and sofa business revenue decreased by 6.55% to 719 million yuan [2][3]. Market Segmentation - The company's export business grew significantly, accounting for 25% of total revenue, with a year-on-year increase of 27.46%, while domestic market revenue declined by 7.25 percentage points [2]. - In 2024, domestic and foreign market revenues were approximately 6.47 billion yuan and 2.13 billion yuan, respectively, with domestic revenue down 6.4% and foreign revenue up 27.46% [3]. Cost Structure - The company experienced an increase in "three expenses" (sales, management, and financial expenses), with total expenses reaching 1.87 billion yuan, 463 million yuan, and 309 million yuan, respectively, marking increases of 6.35%, 9.59%, and 164.95% [4]. - The rise in expenses was attributed to increased brand promotion, online sales costs, employee compensation, and interest expenses [4]. Industry Dynamics - The mattress industry in China is characterized by a large number of small companies, with increasing competition among leading brands [5]. - The company is focusing on the sleep technology sector, transitioning from traditional manufacturing to technology-driven products, aiming for differentiation [5][6]. Future Strategy - The company plans to deepen its focus on the sleep technology sector, enhancing sales capabilities, quality control, cost reduction, and innovation [6]. - The mattress industry is expected to accelerate towards smart and health-oriented products, driven by consumer demand for technology and personalized experiences [6].

Investment Rating - The report does not specify a clear investment rating for the company, but it suggests continuous attention due to its potential for steady growth in the AI and new business sectors [1][7]. Core Insights - The company achieved a revenue of 87.3 billion yuan in 2024, with a year-on-year growth of 0.6%, while the net profit attributable to the parent company was 3.2 billion yuan, down 24.8% year-on-year [7]. - The company is focusing on AI and new business opportunities, with the launch of AI smart mattresses and electric bed frames, which have seen sales exceed 100 million yuan [7][8]. - The company’s mattress segment showed steady growth, with revenue reaching 5.27 billion yuan, a year-on-year increase of 5.1% [7][8]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 94.3 billion yuan, 101.3 billion yuan, and 107.8 billion yuan, respectively, with growth rates of 8.0%, 7.5%, and 6.5% [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are 3.47 billion yuan, 3.69 billion yuan, and 3.95 billion yuan, with growth rates of 7.5%, 6.4%, and 7.1% [2][9]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.85 yuan in 2024 to 1.04 yuan in 2027 [2][9]. Business Segment Performance - **Mattress Segment**: Revenue is projected to grow from 5.27 billion yuan in 2024 to 7.00 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10% [8]. - **Soft Beds and Accessories**: Revenue is expected to decline slightly, from 2.44 billion yuan in 2024 to 2.41 billion yuan in 2027 [8]. - **Sofas**: Revenue is forecasted to grow from 719 million yuan in 2024 to 883 million yuan in 2027, reflecting a recovery in demand [8]. Market and Channel Analysis - **Sales Channels**: The company reported revenue from distribution stores, bulk business, and online sales of 32.1 billion yuan, 34 billion yuan, and 19.8 billion yuan, respectively, with online sales growing by 9.9% [7][8]. - **Geographical Performance**: Domestic sales decreased by 6.4% to 64.7 billion yuan, while international sales increased by 27.5% to 21.3 billion yuan [7][8]. Valuation Metrics - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 18 in 2024 to 15 in 2027, indicating a potential increase in valuation attractiveness [2][9]. - **Price-to-Book (PB) Ratio**: The PB ratio is expected to decline from 1.58 in 2024 to 1.24 in 2027, suggesting a strengthening balance sheet [2][9].