Group 1 - The domestic gas water heater market size is approximately 13.43 million units, with a year-on-year growth of 8.7% expected in 2024 [1] - In the first half of 2024, sales of gas water heaters on Douyin increased by 104.4% year-on-year, while sales in lower-tier channels grew by 62.2% [1] - The industry is witnessing innovation and premiumization, exemplified by Vatti's "skin-care bathing" gas water heater showcased at AWE 2025 [1] Group 2 - The home appliance industry was one of the first sectors to open up and become market-oriented after China's reform and opening-up [3] - Safety was the primary consumer demand for gas water heaters until around the year 2000, leading to the ban on high-risk direct vent water heaters due to carbon monoxide poisoning [3] - Core manufacturers, such as Vatti, have significantly contributed to overcoming safety challenges in the industry [3] Group 3 - The gas water heater industry in China entered an "accelerated phase" over the past two decades, with shorter product and technology upgrade cycles [4] - In 2013, a major upgrade to "constant temperature" technology significantly improved the bathing experience [4] - Vatti developed patented temperature control technology in 2015, achieving zero fluctuation in water temperature during use [4]

证券代码：002035 证券简称：华帝股份 公告编号：2025-023 华帝股份有限公司 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： 网络投票时间：2025 年 7 月 15 日，其中： （1）通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的具体时间 为 2025 年 7 月 15 日 9:15-9:25，9:30-11:30 和 13:00-15:00； （2）通过深交所互联网投票系统投票的具体时间为 2025 年 7 月 15 日 9:15 至 15:00 期间的任意时间。 办公楼四楼会议室。 则》等有关法律、法规和《公司章程》的规定。 （二）会议出席情况 截至2025年7月9日（本次股东会股权登记日），公司总股本为847,653,618股，其中公 司回购专用证券账户持有公司股份16,589,882股，该回购股份不享有表决权，因此，本次 股东会有表决权股份总数为831,063,736股。参加本次股东会表决的股东及股东代理人共 一、会议召开和出席情况 （一）会议召开情况 现场召开时间：2025年7月15日（星期二）14:30； ...

Group 1 - The company has completed the election of an independent director, Mr. Sun Dongbai, who will serve on various committees including the Strategy Committee, Audit Committee, Nomination Committee, and as the Chairman of the Compensation and Assessment Committee [1] - The independent director election was approved during the company's first extraordinary general meeting held on July 15, 2025, and his term will last until the end of the ninth board's term [1] - After the election, the number of directors who are also senior management or employee representatives does not exceed half of the total number of directors on the board [1] Group 2 - Mr. Sun Dongbai holds a doctoral degree and has held various academic and administrative positions, including professor and doctoral supervisor at Sun Yat-sen University [3] - Currently, Mr. Sun does not hold any shares in the company and has no relationships with shareholders holding more than 5% of the company's shares or with other directors and senior management [4] - Mr. Sun meets all legal and regulatory requirements for the position of independent director as stipulated by relevant laws and regulations [4]

本次补选董事具体内容请见公司于2025年6月26日、2025年7月16日在公司指定信息披 露媒体《证券日报》《中国证券报》《证券时报》《上海证券报》以及巨潮资讯网 （www.cninfo.com.cn）披露的《第九届董事会第二次会议决议公告》（公告编号：2025- 019）、《关于独立董事辞职暨补选独立董事的公告》（公告编号：2025-021）、《2025年 第一次临时股东会决议公告》（公告编号：2025-023）。 二、备查文件 华帝股份有限公司 关于独立董事补选完成的公告 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。 一、 公司独立董事补选完成情况 华帝股份有限公司（以下简称"公司"）于2025年7月15日召开了2025年第一次临时股 东会，审议通过了《关于补选公司独立董事的议案》，同意补选孙冬柏先生为公司第九届 董事会独立董事（简历见附件），并担任公司第九届董事会战略委员会委员、审计委员会 委员、提名委员会委员、薪酬与考核委员会主任委员，任期自本次股东会审议通过之日起 至第九届董事会任期届满之日止。本次补选独立董事后，公司第九届董事会中兼任公司高 级管 ...

地址：武汉市江汉区云霞路 187 号民生金融中心 8 层 电话：027-83828888 传真：027-83826988 上海市锦天城（武汉）律师事务所 关于华帝股份有限公司 二○二五年第一次临时股东会的 邮编：430030 法律意见书 上海市锦天城（武汉）律师事务所 法律意见 书 上海市锦天城（武汉）律师事务所 关于华帝股份有限公司 二○二五年第一次临时股东会的 法律意见书 致：华帝股份有限公司 上海市锦天城（武汉）律师事务所（以下简称"本所"）接受华帝股份有限 公司（以下简称"公司"）委托，委派本律师通过远程视频方式出席公司二○二 五年第一次临时股东会（下简称"本次股东会"），就公司召开本次股东会的有 关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）《上市公司股 东会规则》（以下简称《股东会规则》）等法律、法规、规章和其他规范性文件 以及《华帝股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本 《法律意见书》。 为出具本《法律意见书》，本所及本所律师依据《律师事务所从事证券法律 业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格 履行了法定职责，遵循了勤勉尽责和诚实 ...

证券代码：002035 证券简称：华帝股份 公告编号：2025-023 华帝股份有限公司 2025年第一次临时股东会决议公告 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： 1、本次股东会无否决提案的情况。 2、本次股东会未涉及变更以往股东会已通过的决议。 3、本次股东会采取现场投票与网络投票相结合的表决方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东会召开时间 现场召开时间：2025年7月15日（星期二）14:30； 网络投票时间：2025 年 7 月 15 日，其中： 6、本次股东会的召集、召开与表决程序符合《公司法》《深圳证券交易所股票上市规 则》等有关法律、法规和《公司章程》的规定。 （二）会议出席情况 截至2025年7月9日（本次股东会股权登记日），公司总股本为847,653,618股，其中公 司回购专用证券账户持有公司股份16,589,882股，该回购股份不享有表决权，因此，本次 股东会有表决权股份总数为831,063,736股。参加本次股东会表决的股东及股东代理人共 270人，其所持有表决权的股份总数为366,52 ...

Group 1 - The short drama "Office Worker Concubine Transformation" produced by Vatti has gained significant popularity, with nearly 15 million views and over 45,000 interactions on Douyin within two weeks of its release [1][3] - The drama's engaging storyline and emotional conflicts resonate well with contemporary audiences, aligning with their demand for quick and entertaining content [3][5] - Vatti's use of a culturally rich character, Yang Guifei, and the incorporation of traditional cultural references have enhanced its appeal among younger viewers, strengthening the brand's presence in this demographic [5][13] Group 2 - The short drama features Vatti's "Beauty Bath Water Heater" as a key prop, highlighting modern consumers' evolving expectations for health and skincare functionalities in home appliances [7][8] - The Chinese water heater industry has transitioned through several phases, with the current 4.0 era focusing on health and skincare, reflecting a shift in consumer priorities [8][10] - Vatti's innovative technologies, such as "High-Permeability Active Skin Technology" and a comprehensive water purification system, address traditional limitations and enhance the product's appeal [10][11] Group 3 - The short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing the film box office for the first time, indicating a growing attraction for this content format [13] - Vatti's commitment to a youthful brand transformation and the introduction of high-end products like the Beauty Bath Water Heater are pivotal in driving the company's growth towards becoming a billion-dollar enterprise [13]

Core Viewpoint - The article highlights the ongoing push for kitchen upgrades in China, driven by government policies and changing consumer expectations, particularly among younger generations who seek enhanced cooking experiences and kitchen aesthetics [1][3]. Group 1: Government Policy and Market Trends - The National Development and Reform Commission is set to issue the third batch of funds for the "old-for-new" consumer goods policy in July, ensuring the smooth implementation of this initiative throughout the year [1]. - There is a rising trend in consumer demand for kitchen upgrades, with a focus on creating a more enjoyable and multifunctional cooking space [1][3]. Group 2: Product Innovations by Vatti - Vatti has launched new products, including the JZT-8S60 gas stove and the J6230ZS ultra-thin range hood, designed to enhance the cooking experience and meet modern consumer needs [1][3]. - The JZT-8S60 features a detachable burner for easy cleaning and a high-efficiency design that minimizes stubborn stains, while the J6230ZS includes a one-button cleaning function and an AI air management system to ensure a clean kitchen environment [3][4]. Group 3: Performance and User Experience - The JZT-8S60 gas stove is equipped with a stable combustion system and precise fire control, catering to various cooking styles, from delicate dishes to large family meals [6]. - The J6230ZS range hood boasts a powerful suction capacity of 31m³/min and a unique dual-chamber design, effectively removing smoke and odors from the kitchen [6][8]. Group 4: Consumer Focus and Emotional Value - Vatti's approach emphasizes not only physical cleanliness but also the psychological and emotional needs of users, aiming to create a healthy and comfortable kitchen environment [4]. - The combination of advanced technology and thoughtful design in Vatti's products enhances the overall quality of life for consumers, making cooking a more enjoyable experience [4][8].

Core Insights - The recent "High Net Worth Consumer Attitude and Behavior Research Report 2025" indicates that health is the top priority for high net worth individuals, with 65% expressing this preference, a 9% increase from 2021 [1] - The report highlights a shift in consumer focus from single-function products to health-oriented lifestyle solutions, emphasizing the importance of health in the high-end market [1][3] Industry Trends - The demand for health-oriented home appliances is rising, with nearly 70% of respondents in a survey indicating the need for appliances with health functions [3] - During the 2025 "618" shopping festival, health appliances showed significant growth, with water purifiers experiencing a notable increase in both volume and sales [3] Company Innovations - Vatti has positioned itself as a leader in the health appliance sector by integrating health into its product core and enhancing kitchen scenarios [6] - The company has developed innovative technologies, such as a PM2.5 sensor in its range hood, which monitors air quality in real-time, achieving a dispersion concentration of only 76.8μg/m³ [6][9] - Vatti's dishwashers utilize advanced washing technology to improve cleaning efficiency, while its embedded steam ovens maintain low oxygen levels to preserve food nutrition [6][9] Health and Wellness Focus - Vatti's new beauty bath water heater aims to enhance skin health by ensuring water quality, demonstrating a commitment to consumer wellness [8][9] - The company's "Clean Kitchen" initiative addresses cleanliness as a core issue, offering comprehensive solutions that enhance the overall kitchen experience [10][12] Comprehensive Solutions - The "Clean Kitchen" system focuses on product cleanliness, space optimization, and sensory improvement, creating a holistic approach to kitchen health [10][12] - Vatti's strategy reflects a broader industry trend towards providing sustainable health solutions that integrate seamlessly into daily life, catering to the growing demand for meticulous health maintenance among consumers [12][13]

Summary of Key Points from the Conference Call Industry Overview - The home appliance sector is expected to show strong performance in Q2 2025, with leading brands like Midea, Haier, and Gree projected to achieve double-digit growth due to stable profitability and market share gains. In contrast, second-tier brands may experience single-digit declines or marginal growth [1][3][4]. Key Insights and Arguments White Goods and Components - The white goods and components sector is anticipated to demonstrate robust operational resilience, with leading companies expected to achieve over 10% year-on-year growth. In contrast, second-tier white goods companies are likely to see weak performance, with revenue and earnings projected to decline slightly or grow marginally [4]. - Midea Group is recommended as a top pick, with expected revenue and earnings growth of over 15%. Haier is also expected to achieve double-digit growth due to strong domestic air conditioning performance and stable overseas business [4]. Home Appliance Performance - The overall performance of the home appliance industry in Q2 2025 is promising, with strong domestic demand driven by national subsidy policies. The air conditioning market saw a 36% increase in online retail volume, with Midea and Haier gaining market share [5]. - The kitchen small appliance sector is recovering, with a 25% growth during the 618 shopping festival, driven by improved average prices and sales volume [10]. Cleaning Appliances - The cleaning appliance sector is benefiting from national subsidy policies and global market share gains. Companies like Ecovacs and Roborock are experiencing strong revenue growth, while the price increase by a competitor has led to a decline in market share for others, providing growth opportunities for leading brands [1][6]. Black Goods - The black goods sector is stable, with an increase in Mini LED penetration driving price increases. TCL Electronics and Hisense are expected to see revenue and performance growth due to product structure optimization and overseas market expansion [1][13][15]. Export Manufacturing - Export manufacturing companies like Ousheng Electric and Lek Electric are expected to gradually recover their performance in Q3 and Q4 2025, benefiting from well-established production capacity in Southeast Asia [12]. Additional Important Insights - The air conditioning market remains competitive, but leading companies are managing costs effectively without sacrificing profit margins. The small appliance sector is seeing improved profitability due to capacity clearing and marginal improvements in traffic costs [2]. - The kitchen appliance sector is facing pressure from real estate completion demands, but national subsidy policies are providing support. Traditional products are stable, while integrated stoves are experiencing significant declines [17][19]. - Companies like Bull Group are facing growth pressures due to a weak macro environment, although their new energy and overseas business segments are growing rapidly [21]. - Ecovacs is projected to achieve a net profit of 485 to 515 million yuan in Q2, representing a year-on-year growth of 56% to 66%, driven by strong domestic market performance and international sales [7][8]. This summary encapsulates the key points from the conference call, highlighting the performance expectations and strategic insights across various segments of the home appliance industry.