Group 1 - The core point of the article is the strategic personnel adjustment at Vatti Corporation, with Han Wei reappointed as Vice President and expected to become the Executive President, focusing on integrating the company's omni-channel business [1] - The personnel change is part of a strategic planning layout for the marketing system's integration and development, aimed at enhancing the efficiency and quality of the marketing system [1] - The organizational restructuring is expected to facilitate Vatti's channel strategy, sales tactics, and the rapid implementation of product and sales linkage [1] Group 2 - In the increasingly competitive kitchen appliance industry, companies must maintain strategic focus and deepen industry engagement, leveraging user insights for product innovation and enhancing channel operational capabilities [3] - Vatti has followed a development path aligned with the "scientific brand" concept, achieving innovative breakthroughs in various product categories such as ultra-thin range hoods, high-end gas water heaters, dishwashers, steam ovens, and wall-mounted boilers [3] - The adjustment in Vatti's marketing strategy is particularly relevant in the post-subsidy era, where reduced national subsidies are expected to intensify industry competition, making the integration of channel strategies and sales tactics more crucial [3]

Core Insights - The company has announced a significant personnel adjustment in its marketing leadership, appointing Han Wei as Vice President to oversee marketing efforts, which is part of a strategic upgrade in response to industry changes [1][4] - The strategic upgrade focuses on "channel integration" and "sales and marketing synergy," aiming to enhance brand influence and sales conversion in a competitive market [4][6] Group 1: Personnel Changes - Han Wei has been appointed as Vice President and will also serve as the Executive President, indicating a strong leadership role in the company's marketing strategy [1][4] - This personnel change is seen as a proactive measure to improve the marketing system's efficiency and effectiveness [1][4] Group 2: Strategic Focus - The company is transitioning from a "dual-line" strategy to a "channel integration" approach, which combines sales and marketing efforts [5][6] - The strategic upgrade is designed to build long-term competitiveness in a saturated market by leveraging past management efforts in brand channel development and product system enhancement [5][6] Group 3: Historical Performance - Han Wei previously led the company through a significant turnaround, increasing revenue from 3.72 billion in 2015 to 6.146 billion in 2018, with net profit rising from 207 million to 677 million, marking a 32.83% year-on-year growth [4][5] - The historical success under Han Wei's leadership reinforces the company's confidence in his ability to execute the new strategic initiatives effectively [4][5]

与此同时，渠道割裂导致的运营效率瓶颈凸显，消费者"线上比价、线下体验、全域服务"的一体化需 求，成为制约企业突破增长的关键因素。在这一形势下，传统的渠道模式面临诸多挑战，比如线上线下 渠道割裂、资源无法高效整合、运营效率低下等，严重制约着企业的发展。 11月18日晚，华帝启动营销体系整合，董事会公告营销高层人事调整，经公司提名，第九届董事会提名 委员会审查通过后，韩伟被聘任为集团副总裁，统管营销体系及各级渠道。另据透露，韩伟将担任公司 执行总裁。据悉，此次华帝锚定渠道一体化变革，是企业顺应行业发展趋势的重要战略决策。 随着房地产市场下行，厨电行业增量空间逐渐收窄，存量竞争成为市场主流。一方面，线上渠道成为主 流消费场景，在国补基数压力下，家电十一期间终端动销有所承压，线上表现优于线下。奥维云网 （AVC）推总数据显示，2025年国庆促销期，家电价格同比走低，增长压力显著。线下同期高基数使得 降幅更明显，线上部分渠道自补略缓解压力。另一方面，厨电行业头部品牌竞争加剧，2025年1—4月油 烟机线上市场"方老华"占据近45%份额。 此次华帝锚定渠道一体化变革，是企业顺应行业发展趋势的重要战略决策。未来，在韩伟的带 ...

Core Viewpoint - The resignation of two vice presidents, Wang Cao and Jiang Lingwei, from Vatti Corporation may indicate a shift in the company's marketing strategy, as both had only served for a short period of five months after their appointment [1][3][7]. Group 1: Resignation of Executives - Wang Cao and Jiang Lingwei applied for resignation due to personal reasons and will not hold any positions in the company or its subsidiaries after their departure [1]. - Wang Cao has been with Vatti Corporation for several years, having been appointed vice president in September 2020, and his salary reached 735,000 yuan in 2021, ranking third among executives [5][6]. - Jiang Lingwei, who has a background in marketing, was appointed vice president in May 2022 and has previously worked at Alibaba and Boss Electric [6]. Group 2: New Appointment - The company has appointed Han Wei as the new vice president, effective from the date of the board's approval until the end of the ninth board's term [7]. - Han Wei has a history with Vatti Corporation, having served as vice president previously and held various managerial positions in other companies [7]. Group 3: Financial Performance - Vatti Corporation's third-quarter report indicates a decline in both revenue and net profit for the first three quarters of 2025, with revenue at 4.16 billion yuan, down 9.1% year-on-year, and net profit at 360 million yuan, down 11.9% [8]. - The company's sales expenses slightly decreased by 4.3% to 1.06 billion yuan, but the sales expense ratio reached a three-year high of 25.5% [8].

Core Viewpoint - The recent personnel changes at Vatti Corporation, including the resignation of two vice presidents and the appointment of Han Wei, are seen as strategic moves to enhance the company's marketing efficiency and adapt to industry challenges [1][8][10]. Group 1: Personnel Changes - Wang Cao and Jiang Lingwei resigned from their positions as vice presidents due to personal reasons, ending their terms ahead of schedule [1][9]. - Han Wei has been appointed as the new vice president, taking over the responsibilities of Wang Cao and Jiang Lingwei to integrate marketing operations [4][8]. Group 2: Company Strategy - The adjustments in leadership are part of Vatti's initiative to improve its marketing system and decision-making efficiency in response to industry challenges [8][10]. - The company aims to deepen its long-term strategy and enhance operational efficiency through these changes [8]. Group 3: Financial Performance - Vatti's financial performance has been under pressure, with a reported revenue of 4.16 billion yuan for the first three quarters of 2025, a year-on-year decline of 9.1% [9]. - The net profit attributable to shareholders was 360 million yuan, down 11.9% year-on-year, while sales expenses slightly decreased by 4.3% to 1.06 billion yuan, marking a sales expense ratio of 25.5%, the highest in three years [9][10]. Group 4: Industry Context - The kitchen appliance market in China is facing challenges, with a reported sales decline of 0.6% in the first nine months of 2025, and significant drops in specific categories such as integrated stoves, which saw a 40.9% decrease [10].

Core Insights - The kitchen and bathroom appliance industry is facing significant challenges, with major companies like Vanward Electric and Vatti Holdings undergoing leadership changes amid declining market performance [2][3][4] Industry Overview - The real estate market has negatively impacted the kitchen and bathroom appliance sector, with a reported 0.6% year-on-year decline in sales for kitchen and bathroom appliances in China for the first nine months of 2025, totaling 113.1 billion yuan [3] - Sales of integrated stoves plummeted by 40.9%, while electric and gas water heaters saw slight decreases of 0.4% and 1.3%, respectively [3] - The recent Double 11 shopping festival revealed a significant drop in sales, with offline sales of various kitchen appliances down by 35% to 40% and online sales down by 20% to 59% [3][4] Company Performance - Vatti Holdings reported a 9.13% decrease in revenue to 4.158 billion yuan and an 11.9% drop in net profit to 356 million yuan for the first three quarters of the year [4] - Vanward Electric achieved a 5.54% increase in revenue to 5.524 billion yuan and a 5.56% rise in net profit to 479 million yuan, with its new kitchen appliance segment growing by 23.46% [4] - Both companies are heavily reliant on the domestic market, with Vatti's domestic revenue at 2.4 billion yuan and overseas revenue at 347 million yuan, while Vanward's domestic revenue was 2.275 billion yuan and overseas revenue at 1.729 billion yuan [5] Strategic Adjustments - Both companies are family-controlled and are attempting to balance new business ventures with traditional product lines, focusing on practical and high-end product offerings [6][8] - The need for a balance between innovation and maintaining core business operations is critical for survival in the current market environment [6][8] - The companies are also exploring smart home solutions and integrating technology into their product offerings to stay competitive [8] Leadership Changes - Recent leadership changes at Vanward and Vatti signal a potential shift in strategy, with a focus on enhancing marketing and operational efficiency [2][7] - The appointment of new executives aims to streamline operations and improve the integration of online and offline marketing strategies [7]

Core Viewpoint - The recent personnel adjustment at Vatti Co., Ltd. aims to enhance the marketing system and improve operational efficiency in response to strategic planning needs in the context of a complex market environment [1][2]. Group 1: Personnel Changes - Vatti appointed Han Wei as the new Vice President, succeeding Wang Cao and Jiang Lingwei, to integrate marketing operations [1]. - The restructuring is seen as a proactive measure to enhance the company's channel strategy and sales tactics [1]. Group 2: Industry Context - The kitchen appliance industry is shifting from "scale expansion" to "value cultivation," with channel efficiency and overall collaboration becoming critical for success [1]. - Vatti has implemented various initiatives, such as "Ten Thousand Stores Navigation" and partnerships with platforms like Meituan and Gaode Map, to enhance channel competitiveness [1]. Group 3: Financial Performance - Vatti's offline channel revenue reached 1.486 billion yuan with a gross margin of 45.89%, reflecting a year-on-year increase of 6.83% [1]. - The average gross margin over the past four years has been around 40%, outperforming the market [2]. Group 4: Leadership Impact - Han Wei has a notable track record in channel integration and strategic planning, having previously driven revenue growth from 5.731 billion yuan in 2017 to 6.146 billion yuan in 2018 [2]. - Under Han Wei's leadership, Vatti's net profit increased significantly, showcasing the effectiveness of the channel transformation strategy [2]. Group 5: Future Outlook - The personnel change aligns with the trend of integrated operations in the kitchen appliance sector and promotes a "product-sales integration" model for high-quality growth during a period of stock competition [2].

Core Insights - Vatti has announced a strategic integration of its marketing system, appointing Han Wei as Vice President to replace the previous heads of offline and online marketing [1][2] - The strategic upgrade reflects a shift in the kitchen appliance industry from competition based on "internal competition," "parameters," and "price wars" to a focus on "value wars" and user experience [1][2] Company Strategy - The adjustment aims to break down channel barriers and provide consumers with a seamless, efficient, and convenient shopping experience, which is crucial for industry upgrades [1] - Vatti's recent organizational adjustments around "channel integration and product-sales unity" are seen as a deep response to the challenges posed by the evolving market [1] Leadership and Experience - Han Wei's appointment is significant as it marks his second term as Vice President at Vatti, showcasing his deep understanding of user needs and strategic execution capabilities [1] - His previous success in leading the brand's youth transformation and innovative marketing strategies has helped Vatti gain trust among younger consumers [1] Market Positioning - The integration of the marketing system will enable Vatti to quickly capture market feedback and enhance product development and service upgrades [2] - The "channel integration and product-sales unity" strategy will eliminate information barriers between online and offline channels, allowing consumers to experience products in-store after being attracted online [2] Industry Context - The strategic upgrade serves as a valuable example for the kitchen appliance industry, which is currently undergoing significant adjustments [2] - As the industry shifts from incremental growth to stock competition, focusing on user value and enhancing customer satisfaction throughout the user lifecycle will be key for brands to build long-term competitive advantages [2] Future Outlook - With the deepening of the strategy, Vatti is expected to strengthen the value connection between users and the brand, positioning itself as a leading high-end kitchen appliance brand [2]

Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on December 4, 2025, at 14:30 [3][43] - The meeting will combine on-site voting and online voting, with specific time slots for online voting [4][11] - Shareholders must register by December 3, 2025, to attend the meeting, and various registration methods are provided [9][10] Group 2 - The company announced the resignation of two vice presidents, Wang Cao and Jiang Lingwei, due to personal reasons, effective immediately upon submission of their resignation [22] - The company appointed Han Wei as the new vice president, with a term lasting until the end of the current board's term [24][42] - The company expressed gratitude for the contributions of the departing vice presidents during their tenure [22] Group 3 - The company plans to change its business scope and amend its articles of association, which was approved in the board meeting on November 18, 2025 [28][41] - The new business scope includes a wider range of products and services, such as kitchenware, household appliances, and various manufacturing and sales activities [30] - The amendments to the articles of association will be submitted for shareholder approval [31][32] Group 4 - The company intends to apply for a comprehensive credit limit of up to 3.7 billion RMB for the year 2026, which remains unchanged from 2025 [35][39] - The credit will cover various financial services, including loans and guarantees, with the board authorizing the chairman to manage these transactions [36][39] - This proposal will also be presented for shareholder approval [40]

Core Points - The company announced that it will hold the fifth meeting of the ninth board of directors on November 18, 2025, to review the proposal for a comprehensive credit facility for 2026 [1] - The company plans to apply for a total comprehensive credit limit of up to 3.7 billion RMB for 2026, which remains unchanged from 2025 [1] - The scope of the comprehensive credit includes various financial services such as loans, bank acceptance bills, commercial acceptance bill discounts, and performance guarantees [1] - The proposal is subject to approval by the shareholders' meeting [1]