100 million yuan funds stolen, 900 million yuan frozen "China's No. 1 Mattress Stock" reveals insider theft

On the evening of March 27, Xilinmen (603008) announced that the company recently discovered that the bank account funds of its subsidiary, Xitu Technology Co., Ltd., were illegally transferred, with the total transferred funds amounting to 100 million yuan. The announcement disclosed that, upon verification by the company, it was found that relevant personnel were suspected of misappropriating company funds for personal gain by taking advantage of their positions.

Xilinmen stated that the company has applied to the public security authorities for a case investigation on March 26, 2026, and has taken protective measures to freeze the relevant bank accounts, with the amount of protective judicial freeze being approximately 900 million yuan, and the illegally transferred funds being 100 million yuan, totaling over 1 billion yuan, which accounts for 26.54% of the company’s most recent audited net assets and 42.69% of the company’s most recent audited monetary funds. This also indicates that the scope of the fund impact is wide and the proportion is high, directly affecting the company’s operational fundamentals.

The announcement indicated that, as of now, there remains some uncertainty regarding the recovery of the illegally transferred funds, and if the funds cannot be recovered, it may adversely affect the company’s net profit.

This “insider case” not only exposed significant loopholes in the company’s internal management but also immediately attracted rapid intervention from regulatory authorities. On the night of the announcement, the Shanghai Stock Exchange quickly issued a regulatory work letter regarding the fund transfers and freezes related to Xilinmen, involving the listed company, directors, senior management, controlling shareholders, and actual controllers.

The company involved in this incident, Xitu Technology, was once viewed as a strategic piece by Xilinmen. According to publicly available information from Tianyancha, Xitu Technology was officially established in January 2021, with a registered capital of 50 million yuan, the legal representative being Zhou Yaying, and the actual controller being Xilinmen’s founder Chen Ayu. At its inception, Xilinmen clearly assigned Xitu Technology a crucial strategic mission to develop and expand the hotel channel business.

According to Nandu Bay Financial News, on March 28, the reporter contacted Zhou Yaying, the legal representative of Xitu Technology, who denied knowledge of the matter, stating that she was merely a “nominal legal representative.”

Public information shows that Xilinmen was established in 1996, with operations including the design, research and development, production, and sales of high-quality deep sleep products centered around mattresses. Its main products include mattresses, beds, sofas, and other supporting guest room furniture, widely used in homes, hotels, apartments, and diverse commercial scenarios.

Xilinmen was listed on the Shanghai Stock Exchange in 2012 and is known as the “first mattress stock in China.” The third-quarter report for 2025 shows that Xilinmen’s operating income has maintained a slight increase, but profits have declined year-on-year. Its total profit for the third quarter was 140 million yuan, a year-on-year decrease of 8.50%; the net profit attributable to shareholders of the listed company was 133 million yuan, a year-on-year decrease of 6.10%; and the net profit after deducting non-recurring gains and losses was 134 million yuan, a year-on-year decrease of 6.16%.

Source: Xilinmen Financial Report

As of the close on March 27, Xilinmen’s stock price was 16.3 yuan/share, down 2.1%, and the stock price has fallen over 20% year-to-date.

(Source: 21st Century Economic Report)