Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company is expected to see stable growth in its OEM and engineering businesses, with retail sales anticipated to stabilize and recover in Q4 [3] - The company is transitioning from traditional furniture manufacturing to becoming a technology-driven sleep solution provider, with a focus on smart sleep products [6] - The company reported a revenue of 4.021 billion yuan in the first half of 2025, a year-on-year increase of 1.6%, and a net profit of 266 million yuan, up 14% year-on-year [5] Financial Summary - The company achieved a gross margin of 36.28% in the first half of 2025, an increase of 1.51 percentage points, and a net profit margin of 6.63%, up 0.72 percentage points [6] - Revenue projections for 2025-2027 are estimated at 9.21 billion, 9.97 billion, and 10.79 billion yuan, with year-on-year growth rates of 5.5%, 8.2%, and 8.3% respectively [6] - The company plans to distribute a cash dividend of 2.8 yuan per 10 shares, accounting for 39.03% of the net profit for the first half of the year [5]