Core Viewpoint - The company, Vatti Corporation, has announced its 2024 annual profit distribution plan, which includes a cash dividend of 3.00 RMB per 10 shares for shareholders, with a total cash dividend amounting to approximately 249.32 million RMB [1][2][3]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual shareholders' meeting held on May 20, 2025 [2]. - The total share capital is 847,653,618 shares, with 16,589,882 shares held in the repurchase account, resulting in a base of 831,063,736 shares for the distribution [2][3]. - The distribution will not include stock dividends or capital reserve transfers [2]. Dividend Details - Each shareholder will receive a cash dividend of 3.00 RMB per 10 shares (before tax) [2]. - After tax, investors holding shares through the Shenzhen-Hong Kong Stock Connect will receive 2.70 RMB per 10 shares [2][3]. - The total cash dividend amount is calculated as 249,319,120.80 RMB [1][2]. Key Dates - The record date for the dividend distribution is June 25, 2025, and the ex-dividend date is June 26, 2025 [2][3]. Distribution Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [3]. Adjustments and Calculations - The cash dividend per share is calculated as the total cash dividend divided by the total share capital on the record date, resulting in approximately 0.2941285 RMB per share [1][6]. - The ex-dividend price will be adjusted based on the previous day's closing price minus the calculated cash dividend per share [6].

证券代码：002035 证券简称：华帝股份 公告编号：2025-018 华帝股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： | 分红年度：2024年年度权益分派 | 分配方案：分配比例固定 | | --- | --- | | 股权登记日：2025年6月25日 | 除权除息日为：2025年6月26日 | | 除权前总股本：847,653,618股 回购专户上已回购的股份数量：16,589,882股 | | | 每10股派息（含税）：3元 | 现金分红总额：249,319,120.80元 | | 除权后总股本：847,653,618股 | | 按A股除权前总股本（含回购股份及其他不参与分红的股份）计算的每10股派息（含税）： 2.941285元 1、华帝股份有限公司（以下简称"公司"）通过公司回购专用证券账户持有公司股份 16,589,882股，该部分股份不享有利润分配权利，公司本次实际现金分红总金额（元）=（本 次权益分派股权登记日2025年6月25日的总股本-公司已回购股份）÷10×分配比例，即 （8 ...

Core Viewpoint - The recent establishment of the industry standard T/CITS 406 - 2025 for embedded steam and baking machines, led by Vatti and the China Household Electrical Appliances Research Institute, signifies a shift towards technology innovation and user experience in the high-end kitchen appliance sector, moving away from price competition [1][7] Group 1: Industry Standards and Innovations - The implementation of the new standard is expected to curb the phenomenon of "price internal competition" in the industry, guiding companies to focus on technological innovation and enhancing user experience [1][7] - Vatti's microcrystalline flat baking technology represents a significant advancement, allowing for precise temperature control with a temperature difference of ≤6℃ within the same layer and ≤15℃ across the entire space, while reducing preheating time by 40% [3][5] - The FA50P embedded steam and baking machine, utilizing this technology, addresses common user pain points such as uneven cooking and cleaning difficulties, thereby enhancing the overall cooking experience [4][5] Group 2: Market Trends and Consumer Preferences - The household appliance market (excluding 3C) reached a retail scale of 179.8 billion yuan in Q1 2025, showing a year-on-year growth of 2.1%, with embedded appliances emerging as a new growth point [3] - Consumers are increasingly prioritizing quality of life, leading to higher demands for the performance and user experience of steam and baking machines, focusing on cleanliness, health, and multifunctionality [3][5] - Vatti's strategic positioning as a "world health steam and baking master" reflects its commitment to addressing industry pain points through innovative technologies, thereby reshaping the high-end value standards of the steam and baking category [9]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Insights - Domestic home appliance sales are expected to benefit from policy support, with the air conditioning peak season anticipated to see high temperatures and low inventory, making the second quarter demand promising. Changes in national subsidy methods are expected to have limited disruption [3][8]. - The online retail performance in May was strong, with significant year-on-year growth in various categories, including a 31.7% increase in TV sales and a 46.0% increase in air conditioning sales [8]. - The report highlights the potential for emerging markets in exports, while concerns regarding exports to the U.S. due to global capacity layout are deemed manageable. The reshaping of the global supply chain presents new opportunities [3][8]. Summary by Sections Domestic Market Performance - In May, online retail sales for home appliances showed impressive growth, with air conditioning sales up 46.0% year-on-year and cumulative growth of 26.9% from January to May [8]. - The average price of air conditioning units decreased slightly by 0.7% in May, but the report predicts that price declines are nearing an end as the peak season approaches [8]. Policy and Subsidy Impact - The report discusses changes in national subsidy methods, suggesting that the new approach will likely alleviate price competition among mid-to-low-end brands. The expected shift to a dual-channel distribution for subsidies is anticipated to maintain consumer spending [8]. Investment Recommendations - The report recommends focusing on quality white goods leaders that benefit from domestic policy continuation and are actively expanding overseas, such as Midea Group and Haier Smart Home [3]. - It also suggests monitoring companies that are likely to benefit from the reshaping of market shares in mature overseas markets, such as Hisense Visual Technology and Ousheng Electric [3].

Core Viewpoint - The competition in China's high-end kitchen appliance market is intensifying, with Vatti, Fotile, and Boss forming a "three strong" situation, while Vatti demonstrates resilience and growth potential despite market pressures [1][2]. Group 1: Industry Trends and Market Position - Vatti, despite being smaller in scale compared to Fotile and Boss, has carved out a differentiated path through unique value propositions and growth resilience [2]. - In 2024, Fotile reported revenue of over 17 billion, Boss at 11.21 billion, and Vatti at 6.37 billion, with Vatti achieving a net profit of 485 million, marking an 8.39% year-on-year increase, showcasing its ability to break through value under pressure [2]. Group 2: Product Innovation and Brand Strategy - Vatti has established "value recognition" in the high-end market by breaking the conventional logic that "industry downturns must lead to price cuts," focusing on technological innovation and quality upgrades [3]. - The company emphasizes user needs by developing products that are "easy to use, aesthetically pleasing, and easy to clean," with notable products like the second-generation ultra-thin range hood and powerful dishwashers [3]. - Vatti's average selling price increased by 2.15%, indicating enhanced brand premium and competitive strength through product technology iterations [1]. Group 3: Market Expansion and Consumer Trends - With rising incomes and changing consumer attitudes, Vatti captures the trend of consumers willing to pay a premium for intelligent, healthy, and aesthetically pleasing high-end products [5]. - The company employs a "channel flattening + localized product" strategy to penetrate lower-tier markets, developing products like simplified smart stove packages priced under 20,000, catering to the aspirations of rural consumers [5]. Group 4: Diversification and Ecosystem Development - Vatti is exploring diversification paths centered around a "clean kitchen" system, expanding into related categories like water purification and waste disposal, while avoiding blind expansion [6]. - The company maintains a focus on core categories, with over 66% of revenue coming from range hoods and stoves, and a 6.14% increase in R&D investment [9]. Group 5: Marketing and Brand Image - Vatti is actively pursuing a brand rejuvenation strategy targeting younger consumers, collaborating with young celebrities to enhance brand appeal [7]. - The company has launched a series of short videos showcasing how kitchen appliances improve quality of life, achieving over 100 million views and increasing brand recognition among consumers aged 18-35 by 30-40% [9]. Group 6: Channel Strategy and Sales Growth - Vatti has established a unique competitive barrier in lower-tier markets through a comprehensive channel strategy, achieving a 41.35% growth rate in new retail channel GMV and increasing its revenue share from lower-tier markets to 35% [12]. - The company has transitioned from "single-point breakthroughs" to "full-domain penetration" in lower-tier markets, forming a refined network of online and offline sales [12][13].

Core Insights - The home appliance industry is experiencing significant growth in overseas markets, driven by the need for expansion and recent tariff adjustments that have reduced comprehensive tax rates from 125% to 55%, leading to a 60% recovery in Chinese appliance orders to the U.S. compared to the same period last year [1] - Vatti, a leading Chinese high-end kitchen appliance brand, has successfully navigated this trend, achieving notable overseas revenue growth and establishing itself as a model for high-end expansion [3][9] Group 1: Market Dynamics - The adjustment of "reciprocal tariffs" has acted as a catalyst for the home appliance industry's overseas expansion, with North America and Western Europe demanding high quality and innovation, while emerging markets in Southeast Asia, the Middle East, and Latin America present significant opportunities [1] - Vatti's overseas business revenue reached 760 million yuan in 2024, marking a year-on-year growth of 20.29%, with overseas channels accounting for 11.92% of total revenue [3] Group 2: Innovation and Product Development - Vatti's strong performance is supported by robust product innovation, with R&D expenditures of 263 million yuan in 2024 and the addition of 885 new patents, bringing the total to over 4,416 national patents [3] - The company has developed advanced technologies such as the "Twin Square Full Domain Wash" with a cleaning coverage rate of 99.9% and the "Micro Steam Pro Technology" that enhances cooking efficiency by up to 50% [3] Group 3: High-End Strategy and Consumer Trends - Vatti is implementing a "Clean Kitchen" strategy to enhance user experience across product, space, and sensory dimensions, introducing products like ultra-thin range hoods and innovative kitchen appliances [6] - The brand is aligning with contemporary trends in health and aesthetics, promoting a "New Chinese Style" lifestyle that resonates with young consumers' preferences for health-conscious cooking and bathing experiences [6][7] Group 4: Competitive Positioning - Vatti's focus on technology and design is reshaping traditional kitchen appliances, positioning the company favorably in the global high-end market [9] - Despite short-term order recovery, the industry faces uncertainties, and leading companies like Vatti must continue to enhance supply chain resilience, brand premium, and compliance management to adapt to future trade environment changes [9]

Core Insights - The increasing health awareness among consumers and the emphasis on quality living have made kitchen appliances, particularly range hoods, a focal point in household discussions [1] - The "Healthy China 2030" initiative highlights the importance of individual responsibility for health, with kitchen smoke being a significant concern [1] - The home appliance market is thriving, with over 34 million consumers participating in the appliance replacement program, generating sales of 174.5 billion yuan [1] - Offline sales of range hoods in key cities have surged by 42.0%, indicating a strong consumer demand for upgrading kitchen appliances [1] Company Insights - Vatti, a leading high-end kitchen appliance brand in China, stands out in the competitive range hood market by focusing on the principles of usability, aesthetics, and ease of cleaning [2] - Vatti's new J6200Z ultra-thin range hood has become a top choice among consumers, featuring a sleek design of only 1.2 cm thickness and advanced suction capabilities of 30 m³/min [2][3] - The J6200Z is equipped with an AI air management system that monitors PM2.5 levels and activates air renewal functions when necessary, promoting a healthier kitchen environment [2] Product Features - The J6200Z incorporates four noise reduction technologies, ensuring quiet operation even during breakfast preparation [3] - The smoke and stove linkage feature enhances user experience by automatically activating the range hood when the stove is lit and delaying shutdown after cooking [3] - Vatti's new J6230ZS model, set to launch in July, continues the trend of ultra-thin design while maintaining strong suction performance [3] Market Trends - In the online market, Vatti's S66 model has gained attention with its innovative top-side integrated design, allowing for seamless installation and aesthetic appeal [4] - The S66 features a direct current variable frequency motor, providing a suction power of 28 m³/min and achieving high efficiency in smoke extraction [4] - The fourth-generation self-cleaning technology in the S66 allows for easy maintenance, ensuring sustained performance without manual disassembly [4][5] Consumer Considerations - The decision to upgrade range hoods involves multiple factors, including kitchen space, cooking habits, and aesthetic preferences [7][8] - For smaller kitchens, models like the S66 and J6200Z are ideal due to their space-saving designs [7] - For families that frequently cook with high oil content, the suction power and pressure of models like J6200Z and J6230ZS are crucial [8] - Aesthetically pleasing range hoods enhance the kitchen's ambiance, aligning with the modern trend of kitchens being multifunctional spaces [8]

6月6日，中国消费者协会（以下简称"中消协"）发布20款燃气热水器比较试验结果。本次试验包含8个 项目，从节能效果、安全性能以及恒温性能等多个维度对受检产品进行比较，整体而言，20款受检样品 整体质量较好，在最小热负荷和周期波动测试中存在差异，建议消费者根据自身情况酌情购买。 报告显示，此次受检品牌共计15个，包括方太、华帝、老板电器、博世等一线品牌。其中，华帝 JSLQ27-i12253S-16在热效率、风压过大安全装置等多个测试项目上表现优异，堪称此次测评中的"优等 生"。 "方老华"等大厂产品质量稳定，仍是消费优选 此次比较试验的目的，是为了更好地指导和帮助消费者选购，提供客观、准确、全面的商品信息。中消 协工作人员以普通消费者身份，从线上和线下分别购入试验样品。参与试验的产品均有CCC认证、能效 等级达到2级及以上、额定产热水能力在13kg/min至16kg/min之间（即燃热出水量为13L至16L），且均 宣称具备恒温功能。购入价格从2200元至7769.3元不等，覆盖了市场上的主流中高端产品和品牌。 | | | | 及工生就与不亚小 | | | | | --- | --- | --- | --- ...

Core Viewpoint - The company Vatti has launched its "Fourth National Store Linkage" promotional event, integrating government and enterprise subsidies, new product launches, and service upgrades to enhance consumer experience in the high-end kitchen appliance market [1][10]. Group 1: Promotional Activities - The promotional event runs from March 24 to May 5, covering nearly 1,000 stores nationwide and offering a comprehensive kitchen renovation experience [1]. - Vatti's "Government and Enterprise Dual Subsidy" policy allows consumers to enjoy up to 35% in combined subsidies when purchasing kitchen appliances, significantly reducing renovation costs [3]. - The event includes six free service offerings, such as free delivery, installation, and design services, creating a hassle-free renovation experience for consumers [3]. Group 2: Product Launches - Vatti has introduced over ten new products across various categories, including the E6076Z range hood priced at 4,999 yuan, and the Z8E36 and 8E22 stoves priced at 2,799 yuan and 2,599 yuan respectively [4]. - The new "Beauty Bath" water heater features "water nurturing skin" technology, which has shown significant improvements in skin hydration and elasticity during a 28-day testing period [6]. - The B6S dishwasher has won the Innovation Award at the 2025 AWE and boasts a cleaning coverage rate of over 99.9%, along with advanced disinfection capabilities [8]. Group 3: Market Positioning - The event aims to strengthen Vatti's leadership position in the high-end kitchen appliance market by leveraging policies, product variety, and service enhancements [10]. - The promotional activities are designed to activate consumer spending potential in the kitchen appliance sector, particularly in the context of the ongoing market recovery [10].

Core Viewpoint - The rise of a new generation of consumers in China, who are increasingly embracing traditional culture and health trends, has led to the emergence of a new wave of health-oriented bathing practices, with Vatti launching its "Beauty Bath" water heater to support this trend and usher in the 4.0 era of health bathing in the water heater industry [1][9]. Group 1: Product Innovation - Vatti has participated in and driven four upgrades in the Chinese water heater industry, transitioning from safety and reliability (1.0), to comfort and constant temperature (2.0), to personalized bathing (3.0), and now to health-focused bathing (4.0) with the introduction of the "Beauty Bath" water heater [1][9]. - The "Beauty Bath" water heater utilizes proprietary "High-Permeability Active Skin" technology, which alters the structure of water molecules to enhance their activity, providing deep cleaning and hydration benefits during bathing [4][12]. Group 2: Consumer Engagement - The "Beauty Bath" city pop-up event in Chongqing featured interactive experiences that allowed consumers to engage with the product, demonstrating its skin-care benefits through hands-on activities [6][8]. - Local consumers expressed enthusiasm for the product, highlighting its appeal in skin care and the brand's nationalistic image [6][8]. Group 3: Health and Wellness Focus - The "Beauty Bath" water heater includes a "Health Water System" composed of three layers of health technology, ensuring clean and soft water for users [11][12]. - Clinical testing by a professional organization showed significant improvements in skin hydration, oil content reduction, skin tightness, elasticity, brightness, and wrinkle length after using the "Beauty Bath" water heater [12]. Group 4: Market Expansion - Vatti plans to continue its pop-up events in various cities, including Jinan, to promote the new wave of health bathing and share the story of Chinese kitchen and bathing culture [14].