Core Insights - The smart home industry is undergoing a significant transformation, with a shift from hardware competition to a focus on algorithms and proactive service capabilities [1][10] - Joyou's AI mattress brand, aise宝褓, has achieved the highest L4 certification under the national standard for smart furniture, marking a milestone in the industry [1][4] Company Performance - Joyou reported a third-quarter revenue of 2.176 billion yuan, a year-on-year increase of 7.78%, and a total revenue of 6.196 billion yuan for the first three quarters, up 3.68% year-on-year [4] - The net profit attributable to shareholders for the third quarter was 399 million yuan, reflecting a 6.45% year-on-year growth, indicating the effectiveness of the company's strategic focus on smart products [4] Industry Trends - The furniture industry's smart transformation has been ongoing for several years, but it has faced challenges from "pseudo-smart" products that do not meet true smart standards [6][7] - A new national standard for smart furniture will be implemented on March 1, 2026, categorizing smart furniture into four levels (L1 to L4), with higher levels indicating greater autonomous response and decision-making capabilities [7] Product Innovation - The L4 capabilities of aise宝褓 are demonstrated through a complete smart service loop, including pre-sleep relaxation, real-time adjustments during sleep, and gentle waking methods, along with detailed sleep reports [8] - The mattress utilizes over 1 million sleep data points collected since 2012, along with feedback from 100,000 real users and collaboration with Nobel Prize-winning scientists, to create a personalized comfort experience [8] Market Positioning - Joyou's achievement of the L4 certification positions it as a leader in the smart sleep sector, providing a clear benchmark for consumers and setting a new technical standard for the industry [7][10] - The competition in smart home products is shifting from flashy technology to practical solutions that address core consumer needs, such as improving sleep quality [10]