China Galaxy Securities: Technological Progress + Leading Layout AI Smart Mattress Riding the Wind of Prosperity

According to the Zhitong Finance APP, China Galaxy Securities has released a research report stating that the health sleep industry is a blue ocean market with vast opportunities. AI smart mattresses, as a core category in the industry, currently have a low penetration rate but a broad development prospect, with leading companies accelerating their layouts. With the continuous advancement of AI technology, it is expected that the technology of smart mattresses will continue to evolve, and their functions will continue to enrich, making the market expansion logic solid. This part of the business is expected to contribute a new growth curve for the company. The main points of China Galaxy Securities are as follows: The health sleep market is booming Over 90% of the population in China has sleep quality issues, and consumer demand for health sleep products is growing. According to iiMedia Consulting data, the market size of China's sleep economy reached 499.58 billion yuan in 2023, and it is expected to reach 658.68 billion yuan by 2027, with a ten-year CAGR of 8.5%. In terms of segmented sleep aid product categories, the "2025 AI Generation Health Sleep White Paper" jointly released by iResearch Consulting and MuSi Co., Ltd. indicates that in 2025, the products with a high market share in China's sleep market consumption include smart eye masks (28%), smart pillows (25%), and smart wristbands (20%). Smart mattress products currently have a low market share but are on the rise. The report also points out that existing product functions mainly focus on passive monitoring, with few having active adjustment functions, which cannot satisfactorily meet consumers' needs for improving sleep. There is a broad opportunity in the supply gap of the health sleep track. As an important category in the sleep track, smart mattresses currently have a low market penetration rate, but the market size is rapidly expanding. According to Zhiyan Consulting, from 2015 to 2023, the demand for smart mattresses in China increased from 93,000 to 1.495 million, with a compound annual growth rate of 40.2%. Looking ahead, the firm believes that on one hand, the health sleep market will continue to expand, driving the industry ceiling of smart mattresses to rise continuously; on the other hand, with the objective demand for health sleep continuing to rise, leading companies such as XiLinMen, MuSi, and Qushui Technology accelerating product R&D, and strengthening consumer cultivation, the market penetration rate of smart mattress products is expected to increase rapidly. The market size is expected to approach 60 billion yuan by 2030. With each passing day, AI algorithms give rise to new business models in health sleep The concepts of smart beds and smart mattresses have been developing in Europe and America for a long time. From 2013 to 2020, domestic leaders began to accelerate the layout of the smart mattress ecosystem, ushering in the first round of rapid development for the domestic smart mattress industry. In 2024-2025, with advancements in core technologies such as domestic AI algorithms and brain-computer interfaces, the industry will welcome a new round of rapid development window. Leading companies such as XiLinMen, MuSi, and Qushui Technology have launched AI mattress products, among which the "BaoBao BrainCo" mattress co-developed by XiLinMen and QiangNai Technology represents AI mattress products that have achieved a functional upgrade from passive sleep monitoring to active intervention and adjustment of sleep duration/quality, with broad development prospects. The smart mattress industry is undergoing an industrial revolution. Leading companies are entering the market, and the health sleep ecosystem is flourishing XiLinMen: The company established the "Smart Sleep Technology Joint Research Center" with Tsinghua University in March 2025; in July, it collaborated with QiangNai Technology to launch the co-branded AI "BaoBao·BrainCo" AI mattress, which transforms complex hospital EEG monitoring equipment into a portable solution through non-invasive brain-computer interface patent technology, leading the sleep health industry to new heights Musi Co., Ltd.: In 2024, the company will launch the T11 series, applying cardiopulmonary coupling technology to reduce sleep onset time by 37.3%, the number of turns by 34.2%, and the number of awakenings by 19.6%. In 2025, the company will collaborate with MIT to participate in the formulation of international smart sleep standards, further improving the smart sleep ecosystem. Qushui Technology: In 2024, it will launch the "AI Sleep Monitoring Improvement Mattress," which will interact with Mi Jia ecosystem devices to create an integrated "sleep + life" scenario. In 2025, it will deepen cooperation with ByteDance's Doubao large model to continuously optimize sleep monitoring algorithms and enhance smart home ecosystem interactions. Keeson: In 2024, it will simultaneously advance the construction of the Vietnam production base and the release of the S300 Pro smart bed, integrating the "cat-style fluid skeleton" with the HarmonyOS; in 2025, it will release the digital sleep "three-body model" and the sleep AI assistant Xiao Shu, and in July, it will reach a strategic cooperation with JD MALL to build a global sleep health ecosystem covering research and development, production, and sales. Risk Warning Risks of demand recovery falling short of expectations due to real estate downturn; risks of rising raw material costs; risks of intensified industry competition; risks of uncertainty in trade policies and geopolitical relations