2025年以来的厨电市场，竞争态势持续白热化。部分品牌为维持市场份额，不得不卷入以价换量的"价 格战"漩涡，行业盈利能力却承受巨大压力，毛利率下滑成为普遍痛点。 在此背景下，华帝财报中43.29%的毛利率水平及其2.79个百分点的同比增幅，显得尤为珍贵。 10月27日晚间，华帝股份（股票代码：SZ.002035）发布了2025年第三季度财务报告。报告显示，公司 前三季度累计实现营业总收入41.58亿元，归母净利润3.56亿元。引人注目的是，前三季度公司整体毛利 率逆势提升至43.29%，相较去年同期显著增长2.79个百分点。这份在行业承压背景下实现的"提质增 效"答卷，清晰地揭示了华帝以高端化转型为核心的战略路径正持续释放积极效能。 逆势显韧性：毛利率稳健提升背后的战略定力 作为华帝高端化战略布局中的关键落子，全隐套系通过构建完整的隐嵌生态，展现了品牌对当代厨房美 学的深度理解。该套系产品矩阵广泛，覆盖烟机、灶具、蒸烤一体机、洗碗机、净饮一体机及燃热等全 线品类，致力于实现厨房空间的视觉统一与功能集成。 在技术层面，套系中的两大标杆产品尤为亮眼：全隐零嵌烟机超越了单纯的美学追求（实现"机柜隐藏 一体化"），其 ...

厨电行业的"内卷"余波未平，市场寒意依旧。奥维云网数据显示，2025年9月国内厨卫大电零售额同比 下滑18.7%，整体市场仍处深度调整期。 然而华帝股份却走出一条"反内卷"的差异化道路。三季报显示，公司毛利率逆势提升至43.29%，较去年 同期增长2.79个百分点，在行业低价竞争的困局中显得尤为瞩目。 凭借以产品创新为引擎、以品牌年轻化为触角的双轨战略，华帝找到了高质量增长的新方向。 走出"反内卷"之路，华帝股份毛利率逆势升至43.29% 2025年的中国厨电市场正经历严峻考验，"低价换量"的恶性竞争影响了行业整体经营。奥维云网监测数 据显示，今年上半年厨电市场零售额同比仅增长3.9%，显著低于家电行业整体增速，线上渠道产品均 价更是持续走低。2025年9月国内家电市场（不含3C 品类）零售额同比大幅下滑19.2%。其中，油烟 机、燃气灶、热水器（含电热、燃热）等厨卫大电零售额138亿元，同比下滑18.7%。 在此背景下，华帝股份却交出了一份与众不同的成绩单。财报显示，2025年前三季度，公司累计实现营 业总收入41.58亿元，归母净利润3.56亿元。其中，第三季度单季营收13.58亿元，净利润8371.66 ...

近日，中国轻工业联合会在中山市组织召开"高覆盖率喷淋技术研究及在家用洗碗机上的应用"项目技术 鉴定会。经鉴定委员会权威评定，华帝股份有限公司研发的"高覆盖率方形区域喷淋技术"（以下简 称"双子方形全域洗技术"）凭借其卓越的创新性与技术难度，整体处于国际领先水平。这一成果标志着 中国洗碗机行业在核心清洁技术领域实现了重大突破，为全球洗碗机技术发展树立了新标杆。 传统洗碗机在清洁过程中，常因普通喷臂只能覆盖圆形范围，导致局部位置难清洗，存在清洁死角。而 华帝研发的双子方形全域洗喷淋系统，针对性地解决了这一技术难题，让洗碗机的洗净能力得到显著提 升，无论是餐具的边角区域还是深层污渍，都能实现全方位、无死角的清洁。 中国轻工业联合会出具的《科学技术成果鉴定证书》中明确指出，该项目"技术难度大，创新性强，整 体技术处于国际领先水平"，这一评价是对华帝在洗碗机核心技术研发上所付出努力的高度认可，更是 中国家电企业实现自主创新突破的有力证明，为后续本土品牌在全球厨电技术竞争中抢占话语权奠定了 坚实基础。 同月，华帝股份披露2025年三季报。今年前三季度公司实现营收41.58亿元，归母净利润3.56亿元。值得 关注的是，前三 ...

对于华帝而言，毛利的双升是长期布局的结果。一方面，源于公司对产品结构的持续优化，通过加大高 端厨电产品的研发与推广力度，如嵌入式蒸烤一体机、高端燃气热水器等高毛利产品矩阵的扩容，有效 提升了整体毛利水平；另一方面，也离不开其在成本管控上的精细化举措，华帝于今年三月进行了设备 的大规模更新，从软硬件两方面升级生产能力。硬件建成含行业独家柔性多工位伺服生产线在内的自动 化设备，产能、效率显著提升，能耗降低，实现高比例无人化生产。软件上线多个数字化系统，拉通业 务环节，如"小飞碟"烟机交付周期压缩，生产效率提升40%，每一处细节的把控都为毛利增长贡献了力 量。 这一毛利增长态势，不仅为华帝的后续发展注入了强劲动力，也向市场传递出积极信号，彰显了其在厨 电行业内的竞争优势与发展韧性。后续，市场也将持续关注华帝在市场拓展、新品布局等方面的进一步 动作。 责任编辑：郭栩彤 10月27日，华帝股份有限公司（股票代码002035）发布三季度财报，2025年1—9月实现营业总收入 41.58亿元；归母净利润为3.56亿元；Q3单季，公司实现营收13.58亿元。华帝股份前三季度毛利率为 43.29%。从毛利表现来看，华帝股份盈利 ...

在此次鉴定的"双子方形全域洗技术"中，华帝展现出了深厚的技术研发实力。该技术首创高覆盖率方形 区域喷淋技术，采用行星齿轮系与曲柄摇杆机构，实现了卫星喷淋臂周期性往复摆动的特定运动。同 时，结合双侧摆动式卫星喷淋臂的相位差设计，极大提高了方形区域的喷淋覆盖效果。"双子方形全域 洗"技术，也同时获得行业首个家用电器研究院1级洗净覆盖率认证。 近日，中国轻工业联合会在中山市组织召开"高覆盖率喷淋技术研究及在家用洗碗机上的应用"项目技术 鉴定会。经鉴定委员会权威评定，华帝股份有限公司研发的"高覆盖率方形区域喷淋技术"(以下简称"双 子方形全域洗技术")凭借其卓越的创新性与技术难度，整体处于国际领先水平。这一成果标志着中国洗 碗机行业在核心清洁技术领域实现了重大突破，为全球洗碗机技术发展树立了新标杆。 同月，华帝股份披露2025年三季报。今年前三季度公司实现营收41.58亿元，归母净利润3.56亿元。值得 关注的是，前三季度公司毛利率约为43.29%，同比上涨2.79个百分点。这意味着公司仍保持战略定力， 高端化战略、创新驱动战略初显成效。 技术突破，破解行业清洁难题 近年来，洗碗机正逐渐从"改善型产品"向"准刚需家电 ...

此次华帝再度包揽两项国际设计大奖，充分展现了中国品牌在全球工业设计领域日益提升的核心竞争 力。作为本次获奖的明星产品之一，华帝Magic Cooking Center 2.0以"隐藏式创新"拔得头筹，并极大地 拓宽了厨房的空间美学与功能边界。 Magic Cooking Center 2.0融入了前沿的智能科技：通过内置摄像头与人工智能算法，可实时分析食材种 类与状态，自动匹配最佳烹饪方案，并同步提供智能烹饪指导。这种"AI烹饪"设计给用户带来了新鲜 感，不仅降低了烹饪门槛，也让烹饪过程变得更便捷、更具乐趣。 红点Best of the Best至尊奖，作为全球工业设计领域的"奥斯卡"，与德国"iF奖"、美国"IDEA奖"并称为 世界三大设计奖，其权威性与影响力享誉全球。值得注意的是，这也是华帝连续三年登顶这一国际设计 最高殿堂，充分彰显了其在工业设计领域的持续创新实力与领先地位。 自1955年创办以来，该奖项始终以严苛到极致的评选标准著称，每年吸引超60个国家的上万件作品参 赛，而最终能斩获至尊奖的作品，需在设计美学、人体工学、创新性、实用性、环保性等多维度表现卓 越，且能推动整个行业的设计革新，获奖概率不 ...

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 0.31% on November 4, with Yitian Smart leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Zhejiang Meida (002677) closed at 7.64, up 0.92% with a trading volume of 133,700 shares and a turnover of 102 million yuan [1] - Shuaifeng Electric (605336) closed at 15.80, up 0.64% with a trading volume of 31,600 shares and a turnover of 49.92 million yuan [1] - Sunrise Oriental (603366) closed at 10.23, up 0.39% with a trading volume of 335,000 shares and a turnover of 342 million yuan [1] - Mars Man (300894) closed at 12.56, up 0.08% with a trading volume of 33,100 shares and a turnover of 41.35 million yuan [1] - Aopu Technology (603551) closed at 10.92, unchanged with a trading volume of 20,800 shares and a turnover of 22.69 million yuan [1] - Boss Electric (002508) closed at 19.54, down 0.46% with a trading volume of 61,200 shares and a turnover of 120 million yuan [1] - Vatti (002035) closed at 6.37, down 0.78% with a trading volume of 109,200 shares and a turnover of 69.75 million yuan [1] - Wanhe Electric (002543) closed at 11.28, down 0.79% with a trading volume of 38,800 shares and a turnover of 44.02 million yuan [1] - Yitian Smart (300911) closed at 39.41, down 1.45% with a trading volume of 46,300 shares and a turnover of 181 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net inflow of 5.57 million yuan from institutional investors, while retail investors contributed a net inflow of 8.99 million yuan [1] - However, there was a net outflow of 14.56 million yuan from speculative funds [1] Individual Stock Capital Flow - Sunrise Oriental (603366) had a net inflow of 13.20 million yuan from institutional investors, while it experienced a net outflow of 13.12 million yuan from speculative funds [2] - Zhejiang Meida (002677) saw a net inflow of 10.34 million yuan from institutional investors, with a net outflow of 6.22 million yuan from speculative funds [2] - Shuaifeng Electric (605336) had a net inflow of 2.40 million yuan from institutional investors, with a net outflow of 1.24 million yuan from speculative funds [2] - Yitian Smart (300911) experienced a net inflow of 1.66 million yuan from institutional investors, but a net outflow of 9.21 million yuan from retail investors [2] - Aopu Technology (603551) had a net outflow of 0.23 million yuan from institutional investors, while retail investors contributed a net inflow of 0.70 million yuan [2] - Boss Electric (002508) saw a net outflow of 2.73 million yuan from institutional investors, but a net inflow of 11.66 million yuan from retail investors [2] - Wanhe Electric (002543) experienced a net outflow of 3.75 million yuan from institutional investors, with a net inflow of 0.46 million yuan from retail investors [2] - Vatti (002035) had a significant net outflow of 14.91 million yuan from institutional investors, while retail investors contributed a net inflow of 11.78 million yuan [2]

Core Insights - The article emphasizes the importance of Environmental, Social, and Governance (ESG) as a core strategic element for companies to reshape their competitiveness in the context of a changing global economic landscape [1] - In 2024, various Chinese regulatory bodies have introduced guidelines to standardize ESG management and disclosure, providing a clear institutional path for companies to deepen their sustainable development practices [1] Group 1: Company Governance and Compliance - The company has integrated ESG sustainable development concepts deeply into its operations, adhering strictly to laws such as the Anti-Unfair Competition Law and the Anti-Monopoly Law, and has been recognized as a "Standing Council Unit of the China Anti-Fraud Alliance" in 2023 [3] - To enhance risk management, the company has implemented a series of internal management systems, including internal audit and supervision management, creating a comprehensive and responsive risk management framework [3] - The company ensures transparency and shareholder rights through strict adherence to investor relations and information disclosure management systems [3] Group 2: Technological Empowerment and Green Manufacturing - The company extends ESG principles to product development and manufacturing, focusing on energy-efficient kitchen appliances that exceed national energy efficiency standards [5] - The company’s gas stoves and innovative QC1i condensing wall-mounted boilers demonstrate significant reductions in CO and NOx emissions, achieving CO emissions as low as 0.005% and NOx emissions as low as 0.002% [5] - The company has established green factories certified by ISO 14001 and has implemented measures to reduce pollution during production, including the introduction of servo pressure machines and the replacement of traditional processes with environmentally friendly alternatives [5] Group 3: Social Responsibility and Community Engagement - The company views social responsibility as an intrinsic part of its development, engaging in diverse and continuous public welfare practices, including educational support initiatives that have benefited nearly 3,000 impoverished children [6] - The company has partnered with the Shenzhen One Foundation to support families with autism, establishing 20 "Parent Support Stations" and conducting 237 activities to assist over 6,000 individuals [8] - In 2024, the company plans to donate 1.3 million yuan to charitable organizations, with total public welfare investment reaching 4.55 million yuan, showcasing its commitment to social responsibility [8] Group 4: Recognition and Strategic Upgrades - The company has received multiple awards for its ESG efforts, including the "ESG New Benchmark Enterprise Award" and recognition for low-carbon initiatives, highlighting its leadership in the ESG domain [8] - The company has transitioned from passive compliance to proactive value creation in its ESG strategy, making ESG principles a core driver throughout the product lifecycle [8] - The company aims to become a leader in high-end kitchen spaces globally, focusing on creating economic, social, and environmental value in a sustainable manner [8]

Core Viewpoint - The launch of the "2025 Elderly-Friendly Shopping Season" in Beijing highlights the recognition of Vatti's "Smart Dishwasher" as the only selected brand in the dishwasher category, showcasing its innovation and design tailored for the elderly [1][2]. Group 1: Market Context - The dishwasher market in China is experiencing rapid growth, with projections indicating a market size of 13.5 billion yuan and sales expected to exceed 2.35 million units by 2025 [4]. - From January to July 2025, the retail sales of dishwashers reached 7.65 billion yuan, reflecting a year-on-year growth of 13.7% [4]. Group 2: Product Features and Innovations - Vatti's newly developed smart dishwasher addresses the challenges faced by elderly users, emphasizing ease of use, aesthetic appeal, and effective cleaning [5]. - The selected models, B6S and D3000 series, feature a flat embedded design and a large color screen with clear icons and text, making it user-friendly for the elderly [7]. - The innovative "second-generation Chinese bowl basket" and "dual square full-area washing technology" enhance the cleaning efficiency and adaptability for various Chinese utensils [7]. - The dishwasher includes a "turbidity sensor and intelligent detergent dispensing" system, optimizing washing procedures based on the level of soiling [10]. Group 3: Health and Safety Features - The product boasts a high sterilization rate of 99.9999% and long-lasting antibacterial storage capabilities, ensuring a safe and healthy environment for elderly users [10]. - Vatti aims to lead the industry in developing elderly-friendly products, contributing to the broader goal of enhancing the quality of life for the aging population [11].

Core Insights - Huati Co., Ltd. reported a revenue of 4.158 billion yuan and a net profit of 356 million yuan for the first three quarters of the year, with a gross margin of 43.29% [1] - In Q3 alone, the company achieved a revenue of 1.358 billion yuan and a net profit of 84 million yuan [1] - The domestic kitchen appliance market saw a retail sales growth of approximately 4% from January to June 2025, which is less than half of the overall home appliance market growth, indicating ongoing challenges in achieving substantial growth [1] Company Performance - Huati maintained stable scale while improving gross margin, indicating enhanced competitiveness and profitability [3] - The company's performance is supported by two main strategies: positioning as "fashionable scientific kitchen appliances" and targeting the young consumer market through brand high-end and youth-oriented transformation [3] - Huati has launched several star products this year, including the hidden smoke machine and the third-generation micro-steaming oven, and utilized innovative marketing strategies such as short dramas and micro-variety shows to connect with consumers [3] Channel Innovation - The company has made significant progress in channel transformation, exploring new business models such as the "Huati Night" music festival and kitchen coffee fusion stores to tap into existing market potential [3]