证券之星消息，10月21日厨卫电器板块较上一交易日上涨0.76%，火星人领涨。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。厨卫电器板块个股涨跌见下表： | 代码 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | | 605336 帅丰电器 | = 287.66万 | 5.47% | -243.20万 | -4.62% | -44.46万 | -0.85% | | 603366 日出东方 | 260.97万 | 3.50% | -664.84万 | -8.91% | 403.87万 | 5.41% | | 002035 华帝股份 | 212.96万 | 5.51% | -35.72万 | -0.92% | -177.24万 | -4.59% | | 002508 老板电器 | 212.07万 | 3.15% | -34.73万 | -0.52% | -177.34万 | -2.64% | | ...

从资金流向上来看，当日厨卫电器板块主力资金净流出3093.25万元，游资资金净流入1508.87万元，散户 资金净流入1584.38万元。厨卫电器板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300911 亿田智能 | | 2168.43万 | 8.54% | 1258.10万 | 4.95% | -3426.53万 | -13.49% | | 002677 浙江美大 | | 241.35万 | 4.08% | -292.36万 | -4.95% | 51.01万 | 0.86% | | 605336 帅丰电器 | | -49.62万 | -2.08% | 5.29万 | 4 0.22% | - 44.33万 | 1.86% | | 603551 | 奥普科技 | -151.10万 | -4.15% | 351.13万 | 9.64% | -200.03万 | -5.49% | | 00 ...

面对"低价内卷"和同质化竞争的行业困境，华帝始终将创新视为真正的突围利器。截至2025年上半年， 华帝拥4690项国家级专利技术，其中发明专利835项，位居行业前列。依托国家认定企业技术中心和国 家工业设计中心两大国家级平台，华帝构建了系统化的研发体系。今年以来华帝新获得专利授权812 个，较去年同期增加了32.46%。 华帝将"用户思维"贯穿产品研发全过程，精准解决中式厨房生活中的实际痛点。以543项"好清洁"专利 技术打造出行业首个集"产品之净、空间之净、感官之净"三大维度的"净洁厨房"体系，将技术实力转化 为具体产品中，用户看得见摸得着的品质与价值。 早在2006年华帝研发出了业内首款自动清洗油烟机，经过不断迭代，目前华帝新一代冲浪洗技术采 用"蒸汽融油+高温高压蒸汽水冲洗"技术，实现洗净率99.2%，风柜洗涤范围99.1%，同时灭菌率高达 99.99%，彻底解决中式烹饪油烟机难清理难题；燃气灶领域，聚能燃烧技术5.0将热效率提升至84%， 锅内温度比普通灶具高76℃，既契合中式爆炒习惯，又实现节能降耗；洗碗机则通过推出"双子方形全 域洗"技术，提升复杂餐具洗净率，有效解决餐具清洁死角难题。 2025年 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日厨卫电器板块主力资金净流入1324.4万元，游资资金净流入719.48万元，散户资 金净流出2043.88万元。厨卫电器板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603366 日出东方 | | 713.00万 | 7.91% | -500.36万 | -5.55% | -212.64万 | -2.36% | | 300911 | | 661.03万 | 3.00% | -488.74万 | -2.22% | -172.30万 | -0.78% | | 002035 华帝股份 | | 370.63万 | 8.75% | 367.42万 | 8.67% | -738.05万 | -17.42% | | 603551 奥普科技 | | 210.3 ...

10月10日至12日，2025中国国际厨卫家居博览会（KIB）于上海新国际博览中心盛大开幕。本次展会由 中国五金制品协会、中国国际贸易促进委员会轻工行业分会主办，是亚太地区最具影响力的厨卫家居行 业盛会之一。 在厨电行业持续追求"功能与美学融合"的当下，此次参展，"方老华"之一的华帝以"致净致隐"为核心主 张，将东方生活哲学与现代厨电科技深度结合，携全隐套系及多款产品登陆KIB，通过多元产品矩阵， 为消费者带来生活艺术的厨房场景全升级。 全隐零嵌烟机将"隐"的哲学贯彻到底：采用升降全隐结构，从视觉上彻底"消失"于厨房空间；外观选用 AG肤感玻璃材质，适配现代家居美学。性能上，35m³/min爆炒风量，实现油烟"秒吸净排"，而新氧功 能通过PM2.5传感器实时监测空气质量。 揽获全系奖项，实力铸造荣誉 展会期间，组委会开展厨卫家居行业"凯博创新优品"评价推介活动，对展出的优秀展品进行评优推强， 引领行业发展新风尚。评价活动的开展受到了参展企业和行业同仁的一致好评。 华帝在"凯博创新优品"评价推介活动中，旗下小飞碟Max-S66烟机斩获"精品奖"，三环烈焰匀火灶 i10308G、小时光蒸烤一体机FA50P、美肌浴 ...

作者：朱末 以下文章来源于快刀财经 ，作者快刀财经编辑部 快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 来源：快刀财经 曾被誉为"厨电第一股"的华帝股份，在历经长达11年的"内斗"后，还是成为了家族企业。 不久前，华帝股份在今年第一次临时股东会上，宣布补选孙冬柏为公司第九届董事会独立董事。 至此，新董事会成员中，除去赵述强、麦强和孙冬柏，剩下四人均为"潘氏家族"成员。 ---------------------------------- 同时，华帝也一并修改了公司章程，删去了"创始人亲属不得担任高管"的条款，彻底改写了过去 由黄文枝、黄启均、关锡源、李家康、关锡源、杨建辉、潘权枝"华帝七君子"定下的"不许亲戚 进厂"的老规矩。 这场旷日持久的内斗，曾多次见诸媒体，最后的冲突发生在2023年3月。控股子公司华帝电子原 董事长吴刚拒不配合母公司审计工作，期间双方引发"抢公章、堵审计"的报警闹剧，最终由华帝 股份出面，将吴刚等人持有的华帝电子60%股份全部收购，至此，宫斗以潘氏家族胜利告终。 华帝股份因此元气大伤，使其在高速发展的厨电市场中逐渐掉队 。202 ...

2025年上半年，中国厨电行业延续增长态势，但增速放缓的迹象愈发明显。奥维云网监测数据显示，上 半年厨电市场零售额同比增长3.9%，低于家电整体的9.2%。 近日，华帝股份有限公司披露2025年半年度报告。数据显示，公司上半年实现营业收入28亿元、归母净 利润2.72亿元。在整体行业增速放缓、价格竞争加剧的背景下，华帝通过优化产品结构、提升渠道效能 与强化供应链管理，实现毛利率逆势提升，核心品类均价稳步上移，高端化战略成效逐渐显现。 在这种背景下，价格竞争愈加激烈。线上油烟机均价降至1512元，燃气灶均价降至735元，行业深陷"低 价内卷"。然而，华帝却在毛利端实现改善：线下渠道实现14.86亿元收入，同比虽下降6.25%，但毛利 率达到45.89%，同比提升6.83个百分点；新零售渠道新建门店超千家，其中大型门店逾百家，毛利率亦 升至41.51%。同时，公司加快供应链数字化转型，SRM系统二期上线，推动产销存动态联动，库存周 转率和交付效率双双提升。整体来看，华帝在逆势中展现出经营韧性。 产品均价上移 高端化战略展现潜力 新零售领域，上半年新建门店超千家，渠道覆盖率与动销率显著提升。工程渠道则在强化风控的基 ...

Core Insights - The overall sales of the kitchen and bathroom industry in the first half of 2025 showed growth, but there was significant differentiation in performance across various product categories [1] - Vatti Co., Ltd. achieved approximately 2.8 billion yuan in revenue and 272 million yuan in net profit attributable to shareholders in the first half of 2025, with an improvement in overall gross margin [1][2] - The company's gross margin increased by 3 percentage points to 44.1%, with core products like range hoods, stoves, and water heaters showing year-on-year improvements in gross margins [1][3] Industry Performance - The retail volume of kitchen and bathroom appliances grew by 5.1% year-on-year, while retail sales increased by 3.9%, indicating a slower growth in sales compared to volume [2] - The high-end and smart appliance segments are experiencing significant growth, with sales shares of high-priced products increasing notably [2] Company Strategy and Innovation - Vatti's gross margin for offline channels rose by 6.83 percentage points to 45.89%, while the new retail channel's gross margin reached 41.51% [3] - The company focuses on enhancing profitability, capturing market share, and improving operational efficiency, with a strong emphasis on high-end strategies, marketing capabilities, and product innovation [4] - Vatti launched several new products in March 2025, including the GW6i beauty bath gas water heater and the FA50P steam and baking integrated machine, marking the beginning of the high-end water heater era [4][5] - The company has filed 472 new patents this year, bringing the total to 4,690, emphasizing its commitment to innovation and differentiation in product offerings [5]

Core Viewpoint - The domestic kitchen and bathroom appliance sector is experiencing intense competition, leading to declining profit margins for many brands. However, Vatti's mid-term report shows resilience with revenue of 2.7998 billion yuan and a net profit of 272 million yuan, indicating a strategic shift towards high-end positioning and value-driven growth [1][10]. Group 1: Financial Performance - Vatti's revenue for the first half of 2025 reached 2.7998 billion yuan, with a net profit attributable to shareholders of 272 million yuan, maintaining a stable overall scale [1]. - The offline channel gross margin increased to 45.89%, up 6.83 percentage points year-on-year, while the new retail channel gross margin reached 41.51%, indicating improved profitability [3][5]. Group 2: Strategic Shift - Vatti is transitioning from a "scale-driven" model to a "value-driven" approach, focusing on high-end products and quality channels rather than competing on price [5][10]. - The company has streamlined its product line by reducing ineffective SKUs, concentrating resources on core categories, particularly in the high-end segment of the smoke and stove market [5][6]. Group 3: Product Innovation - Vatti has introduced innovative products like the "Beauty Bath" water heater, redefining traditional functions into health and aesthetic lifestyle products, appealing to younger consumers [6][8]. - The launch of new kitchen appliances emphasizes "intelligence + aesthetics," transforming individual products into comprehensive kitchen solutions, enhancing customer experience and brand loyalty [8][9]. Group 4: Brand and Market Positioning - Vatti aims to reposition itself from a kitchen appliance manufacturer to a provider of high-end kitchen solutions, establishing long-term relationships with consumers through product innovation and comprehensive solutions [8][9]. - The company's ongoing investment in R&D, with 472 new patents added in the first half of 2025, supports its technological edge and innovation capacity, reinforcing its high-end strategy [9][10]. Group 5: External Environment - The "old-for-new" policy and the trend of consumption upgrading are driving demand for kitchen and bathroom appliances, allowing Vatti to capitalize on the willingness of younger consumers to pay for health, intelligence, and quality [9].

Core Insights - The core viewpoint of the articles is that Vatti's high-end strategy is successfully enhancing its profitability and market position despite a challenging environment in the kitchen appliance industry, characterized by price wars and declining average prices [1][2][9]. Financial Performance - Vatti reported a revenue of 2.8 billion yuan and a net profit of 272 million yuan for the first half of 2025, with a gross margin of 43.54%, an increase of 2.86% year-on-year [1]. - The overall kitchen appliance market saw a decline in average prices, with a 5.8% drop during the 618 shopping festival [1]. High-End Strategy - Vatti's product strategy focuses on high-end offerings, launching products like the GW6i gas water heater and FA50P steam oven, which align with consumer trends towards premium products [2][3]. - The company emphasizes the importance of differentiation in the high-end market, competing against both international and domestic brands [2]. Product Innovation - The "Beauty Bath Water Heater" exemplifies Vatti's innovation, achieving a 63.69% increase in sales volume and a 74.69% increase in sales revenue in the first half of 2025 [3]. - Core categories such as range hoods and gas stoves also saw significant growth in gross margins, with increases of 3.36% and 3.60% respectively [6]. Channel Strategy - Vatti's channel strategy includes empowering offline channels and enhancing retail capabilities, resulting in a 45.89% gross margin for offline channels, up 6.83% year-on-year [7]. - The company has expanded its new retail channels, achieving a gross margin of 41.51% in this segment [7]. Brand Positioning - Vatti is focused on building a high-end brand image, integrating the concept of "New Chinese Fashion Health Life" into its marketing and product development [8][9]. - The company is actively engaging younger consumers through digital marketing initiatives and collaborations with popular media [10]. Overall Strategy - Vatti's approach can be visualized as a three-dimensional framework where product, channel, and brand work synergistically to drive high-quality growth [12].