Sleep Home Firms Revenue Up, Profit Down in H1 2026; ST Xilinmen Up to RMB 40 Million Loss

In the first half of 2026, the A-share sleep home sector overall showed a trend of 'revenue growth without profit growth'. ST Xilinmen, Menghe, and Qisheng Technology, among other leading firms, generally saw net profit declines, with forex losses and increased expense investments being common reasons. ST Xilinmen forecast a net loss of RMB 31 million to RMB 40 million for the first half, attributing it to changes in business structure, strategic investment in new retail channels, and forex losses of approximately RMB 49 million. Menghe forecast net profit of only zero to RMB 8 million for the first half, a year-on-year decline of over 93%. In the first quarter, forex losses increased due to exchange rate fluctuations, but operations improved sequentially in the second quarter. Smart electric bed manufacturer Qisheng Technology forecast net profit of RMB 25.8 million to RMB 34.9 million for the first half, down 67% to 76% year-on-year, mainly due to increased forex losses from US dollar exchange rate fluctuations.

Driven by information technologies such as the Internet of Things, artificial intelligence, and big data, home products are evolving towards smart and scenario-based directions. Consumer demand is shifting from basic functional satisfaction to high-quality, smart interactive, and personalized experiences. The iteration speed and market penetration of smart home products are accelerating. Qushui Technology, a strategic partner in the Xiaomi ecosystem, said that in 2025, the revenue share of smart home products had risen to 44%. Menghe's electric bed business revenue in 2025 was RMB 647 million, making it the company's third-largest product category after mattresses and sofas.

Listed sleep home companies are entering the AI smart sleep track. Qushui Technology and Menghe are entering with single-point products, while Muse Group has chosen an industry integration path. On July 27, Muse took the lead in Dongguan to establish the 'Digital Human and Smart Sleep Innovation Consortium', jointly with the Industrial Technology Research Institute of Huazhong University of Science and Technology, multiple universities, tertiary medical institutions including Peking University Third Hospital, and industry chain enterprises such as Sigu Intelligent. Regarding the practical difficulties in the industrial implementation of AI smart sleep products, Wang Yuhui, chairman of Sigu Intelligent, said that market demand is iterating rapidly, requiring a balance between 'unobtrusive' experience and medical-grade monitoring accuracy; product reliability requirements are approaching automotive-grade standards; and cost control pressure is high, relying on new processes and mass production to dilute high-tech costs. Chen Wenze, CTO of Muse Group, believes that the credibility issue of large models in medical scenarios, i. e. , avoiding 'hallucinations', is a key bottleneck for technology implementation, and the industry still needs to unify upstream and downstream protocols and service standards.