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].

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 ...