证券日报网讯 1月11日，惠达卫浴发布公告称，天职国际作为公司2025年度财务报告审计机构与内部控 制审计机构，原委派文冬梅女士为项目合伙人。由于天职国际内部工作调整，现委派周春阳先生接替文 冬梅女士作为公司的项目合伙人，继续完成相关工作。本次变更后，为公司提供2025年度审计服务的项 目合伙人为周春阳先生。 （文章来源：证券日报） ...

惠达卫浴股份有限公司 关于变更审计项目合伙人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 4 月 28 日，惠达卫浴股份有限公司（以下简称"公司"或"本公司"） 第七届董事会第五次会议审议通过了《关于续聘公司 2025 年度审计机构的议案》， 同意公司续聘天职国际会计师事务所（特殊普通合伙）（以下简称"天职国际"） 为公司 2025 年度财务报告审计机构和内部控制审计机构，聘期一年。该议案已 经公司 2025 年 5 月 20 日召开的 2024 年年度股东大会审议通过，详见《关于续 聘公司 2025 年度审计机构的公告》（2025-007）及《2024 年年度股东大会决议 公告》（2025-021）。 近日，公司收到天职国际出具的《关于变更项目合伙人的告知函》，现将具 体情况公告如下： 一、本次审计项目合伙人变更情况 证券代码：603385 证券简称：惠达卫浴 公告编号：2026-001 项目合伙人：周春阳，2005 年成为注册会计师，2006 年开始从事上市公司 审计，2011 年开始在天职国际执业 ...

Core Insights - The article discusses how Huida Sanitary Ware is navigating the market landscape by focusing on value creation rather than price competition, aiming for a significant transformation in the industry by 2025 [1][9]. Group 1: Market Positioning and Strategy - Huida Sanitary Ware has positioned itself as a "health bathroom expert" and aims to achieve value enhancement through technological breakthroughs and industry standards leadership by 2025 [1][5]. - The company is shifting from a focus on single products to comprehensive bathroom solutions that cater to diverse consumer needs, emphasizing the integration of scenes, services, and ecosystems [1][9]. Group 2: Technological Innovations - The smart bathroom market is growing at over 20% annually, with Huida's flagship product being the smart toilet, which aligns with consumer demand for health care and convenience [2]. - In 2025, Huida will launch the "full waterway sterilization" technology, extending sterilization from localized points to the entire water supply chain, enhancing water safety management [2][5]. - The new flagship smart toilets, "Deep Shield S5 Pro" and "Deep Shield S6 Pro," incorporate advanced health protection features, addressing traditional hygiene concerns [2][5]. Group 3: Industry Standards and Certifications - Huida Sanitary Ware led the establishment of the "full waterway sterilization" group standard, marking a significant step in standardizing this technology within the industry [5][7]. - The company has applied for 100 new patents and received 107 new patent grants as of June 2025, showcasing its commitment to innovation [8]. Group 4: Targeting Aging Population and Renovation Market - With government policies promoting old-for-new exchanges and renovations, Huida is strategically focusing on the aging population's needs, creating a complete product ecosystem for elderly bathroom solutions [9][12]. - The company introduced a "3-day renovation plan" to address long renovation cycles and improve efficiency in upgrading old bathrooms [11][12]. Group 5: Brand Development and Social Responsibility - Huida emphasizes brand building as a key component of its growth strategy, launching initiatives to strengthen emotional connections with the public [14]. - The company has been recognized for its social responsibility efforts, including partnerships with welfare foundations to support rural schools [19]. Group 6: Comprehensive Bathroom Solutions - Huida is shifting its focus to "full bathroom solutions," integrating functionality, aesthetics, and emotional appeal to meet evolving consumer demands [21]. - The company has launched various bathroom suite styles at the 2025 Shanghai Kitchen and Bath Expo, catering to different consumer preferences and needs [21]. Group 7: International Expansion and Quality Assurance - Huida has established a strong international presence, with products certified by various global quality standards and available in over 100 countries [27]. - The company maintains a rigorous quality control process, ensuring high standards in production and earning recognition in international design competitions [25][31].

Core Viewpoint - The strategic partnership between Huida Sanitary Ware and the fashion media benchmark "Rayli" marks a significant step in the integration of aesthetics and functionality in the bathroom industry, aiming to create a new standard for cross-industry collaboration and value enhancement in the home furnishing sector [1][5]. Group 1: Strategic Collaboration - Huida Sanitary Ware and "Rayli" magazine have officially established a strategic partnership, highlighted by the "Scene Aesthetics New Perspective" forum featuring renowned artist Zhao Yazi [1][3]. - The collaboration focuses on Huida's four strategies: integration, intelligence, digitization, and ecology, emphasizing the brand's commitment to becoming a "health-oriented bathroom customization expert" [1][5]. Group 2: Aesthetic Innovation - The partnership aims to build an open "scene aesthetics system," with plans to introduce diverse thematic solutions beyond just Eastern styles, including urban beauty, pet-friendly designs, and smart health [5]. - The "Eastern Aesthetic Space," a product of this collaboration, showcases Huida's products integrated into a lifestyle context, moving beyond traditional product displays to create an immersive experience [6]. Group 3: Market Impact - The "Eastern Aesthetic Space" serves as a new way to engage customers, transforming the bathroom space into a personal aesthetic gallery that enhances emotional experiences and lifestyle narratives [6]. - This collaboration signifies a shift in the home furnishing industry from competition based on individual product functionality to a focus on overall scene experiences and emotional offerings [6].

Core Insights - The home furnishing industry is experiencing a shift from "scale expansion" to "value creation," particularly in the bathroom sector, which is a core category of home furnishings [1][3] - Huida Sanitary Ware presented its strategic vision at the 2026 National Dealer Conference, focusing on strategic elevation, aesthetic scenarios, and ecological integration [1][3] Strategic Elevation - The bathroom industry is undergoing unprecedented structural changes, with competition evolving from single products to integrated, scenario-based "whole bathroom solutions" due to policy changes and rising consumer expectations [3] - Future competition will focus on "professional depth, technological research and development, supply chain collaboration, and user experience," rather than mere scale expansion [5] Aesthetic Empowerment - Huida Sanitary Ware's collaboration with fashion media "Rayli" aims to redefine the value competition in the industry by launching the "Oriental Aesthetics" bathroom space scenario series [7][11] - The partnership will integrate Huida's product technology with Rayli's aesthetic design, creating a new bathroom experience that combines functionality, aesthetics, and emotional engagement [11] Intelligent Ecosystem Integration - Huida and Midea signed a strategic cooperation agreement to align with the trend of "home appliance integration" in the bathroom industry, leveraging Huida's customization capabilities and Midea's expertise in smart control and IoT technology [15][18] - This collaboration marks a significant milestone in Huida's transition from "smart products" to building an "intelligent ecosystem," aiming to provide a seamless and health-oriented living space for users [18][20] Industry Transformation - The shift from "scale expansion" to "value creation" is a profound change for the industry, with 2026 expected to be a pivotal year for Chinese companies transitioning from market followers to industry leaders [7] - Huida's proactive approach to change and its commitment to creating value for customers set a new benchmark for the industry, potentially leading to high-quality development across the bathroom sector [20]

Market Overview - The Shanghai Composite Index is at 3885.23 points, above the annual line, with a change of 0.23% [1] - The total trading volume of A-shares is 1,404.985 billion yuan [1] Stocks Breaking Annual Line - A total of 196 A-shares have surpassed the annual line today [1] - Notable stocks with significant deviation rates include: - Debi Group (11.48%) - Lite-On Optoelectronics (10.24%) - Xinlong Health (7.36%) [1] Stock Performance Details - Top performers with deviation rates: - Debi Group: 19.99% increase, latest price 22.51 yuan, deviation rate 11.48% [1] - Lite-On Optoelectronics: 12.94% increase, latest price 25.49 yuan, deviation rate 10.24% [1] - Xinlong Health: 10.06% increase, latest price 7.77 yuan, deviation rate 7.36% [1] - Other notable stocks with smaller deviation rates include: - GQY Vision: 13.54% increase, latest price 7.38 yuan, deviation rate 6.37% [1] - Phoenix Shipping: 6.29% increase, latest price 5.07 yuan, deviation rate 5.66% [1] Additional Stock Insights - Stocks with lower deviation rates that just crossed the annual line include: - Hanxin Technology: 7.99% increase, latest price 42.70 yuan, deviation rate 3.99% [1] - Jinjiang Online: 4.81% increase, latest price 15.92 yuan, deviation rate 3.89% [1] - The overall market shows a mix of strong performers and those just reaching the annual line, indicating varied investor sentiment [1][2]

证券日报网讯12月17日，惠达卫浴（603385）在互动平台回答投资者提问时表示，目前公司生产经营活 动正常开展，不存在任何应披露而未披露的重大不利事项。公司将通过多种举措，致力于提升企业价值 与股东回报。 ...

Core Insights - The company Huida has won the Science and Technology Progress Award from the China Building Materials Circulation Association for 2025, thanks to its integration of ESG principles into green technology [1] Group 1: ESG Integration - ESG has become a new standard for evaluating corporate excellence, focusing on environmental, social, and governance aspects [3] - Huida is leveraging advanced technology to address environmental challenges, particularly in waste management, and is committed to user health and industry standards [4] Group 2: Technological Advancements - Huida has developed an "internationally leading" solid waste resource recycling technology, significantly improving production efficiency and sustainability [4] - The company has introduced a unique process combining "classified recycling + non-flocculating" treatment, enhancing the stability of recycled materials and increasing product quality [4] Group 3: Environmental Impact - From June 2023 to December 2024, Huida produced 347.67 million eco-friendly ceramics and managed to recycle significant amounts of waste, including 6,082 tons of waste porcelain and 11,033 tons of waste mud [6] - The company's green manufacturing practices are yielding tangible economic benefits, demonstrating that environmental responsibility can lead to substantial value creation [6] Group 4: Global Reach - Huida's advanced technology has positioned it to successfully market its products in over 100 countries and regions, emphasizing the importance of "technology + quality" in its global strategy [8] - The company aims to continue enhancing its product offerings through technological innovation and a commitment to sustainability [8]

Group 1 - The company has been exporting products to several EU member countries, making Europe its second-largest export region [2] - The company's products have been exported to France, Italy, Poland, Netherlands, Belgium, Spain, and Portugal, among others [2] - Additionally, the company also exports to other significant European markets, including the UK [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with a year-over-year decrease of 10.71% in revenue and a shift from profit to loss in net profit [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.21 billion yuan and a net profit of 15 million yuan, with a year-over-year decline of 83.69% in net profit [1]. - In Q3 2025, the company reported revenue of 785 million yuan, with a net profit of -3 million yuan, reflecting a year-over-year decline of 12.09% [1]. Market Strategy - The company is facing pressure from weak downstream demand but is actively deepening its channel strategy to expand both domestic and international markets [2]. - Retail channel initiatives include the "thousand merchants, ten thousand stores" and "thousand counties, ten thousand towns" plans, which have improved the coverage rate in prefecture-level cities by 3% and county-level cities by 12% by mid-2025 [2]. - Online channel growth is supported by partnerships with major platforms like JD.com and Tmall, with revenue from emerging platforms like Douyin and Kuaishou exceeding 100% growth [2]. Profitability and Cost Structure - The company's gross margin for the first three quarters of 2025 was 25.1%, a decrease of 2.3 percentage points year-over-year, with asset impairment losses of 25.76 million yuan impacting net profit margins [2]. - In Q3 2025, the gross margin was 25.5%, down 2.2 percentage points year-over-year but up 2.1 percentage points quarter-over-quarter [2]. Investment Outlook - The company is accelerating product iteration and channel expansion, with expectations for operational improvement in the future [3]. - Projected net profits for 2025-2027 are 50 million yuan, 135 million yuan, and 171 million yuan, corresponding to PE ratios of 55, 21, and 16 times [3]. - A target price of 8.90 yuan per share is set based on a relative valuation method, maintaining a "strong buy" rating [3].