Core Insights - The company, Vatti, reported a third-quarter revenue of 1.358 billion yuan, with an overall gross margin increase of 2.79 percentage points year-on-year, reaching 43.29%, showcasing a rare "counter-cyclical" profit performance amid industry challenges [1][3] - The kitchen appliance industry is undergoing a significant transformation from a "price war" to a "value war," with Vatti successfully navigating this shift through a forward-looking high-end strategy [1][3] Financial Performance - In the third quarter, Vatti achieved a revenue of 1.358 billion yuan, indicating resilience in a challenging market [1] - The overall gross margin for the first three quarters increased by 2.79 percentage points year-on-year, reaching 43.29% [1] Product Innovation - Vatti launched innovative products such as the "Beauty Bath" water heater and the "Fully Hidden Series," which are key drivers for the increase in gross margin [1][3] - The "Beauty Bath" series utilizes "high-transparency active skin technology," revolutionizing water quality by reducing water molecule clusters to 1-2 nanometers, enhancing skin cleansing and hydration [1] - The "Fully Hidden Series" includes a range of high-end products that address cleaning challenges in Chinese kitchens, featuring advanced technologies like the fifth-generation surf washing technology with a 99.2% cleaning rate [3] Research and Development - In the first half of 2025, Vatti's R&D investment reached 116 million yuan, with a total of 4,690 patents, providing a solid foundation for its high-end strategy [3] - The company's technological accumulation supports its transition of kitchen appliances from mere functional tools to carriers of quality of life [3]

Core Viewpoint - Vatti Holdings, a leading high-end kitchen appliance brand in China, reported a decline in revenue and net profit for the first three quarters of 2025 compared to the same period in 2024, with revenue at 4.158 billion yuan and net profit at 356 million yuan, although it maintains a strong gross margin above 40% [1][3] Financial Performance - For the first three quarters of 2025, Vatti's revenue was 4.158 billion yuan and net profit was 356 million yuan, both showing a decline compared to the same period in 2024 [1] - Vatti's annual gross margins over the past three years were 41.11% in 2023, 40.71% in 2024, and 43.29% in the first three quarters of 2025, significantly higher than the industry average of less than 30% [1] Market Position and Ratings - Institutional ratings over the past six months include 4 "Buy," 3 "Hold," and 1 "Outperform" rating, indicating a positive outlook based on the company's recovery in profitability [1] Product Innovation and Strategy - Vatti focuses on "clean kitchen" strategies, enhancing its competitive edge through technological and product innovations, including patented technologies like "dual square full-area washing" and "fifth-generation surfing steam washing technology" [1] - The company has successfully upgraded its product structure towards high-end markets with flagship products such as the beauty bath water heater and steam oven FA50P [1] Retail Transformation - Vatti is actively transforming its retail strategy, enhancing offline channels through terminal upgrades and strategic partnerships with major retailers like JD MALL, resulting in a 6.83% year-on-year increase in offline channel gross margins and a new retail channel gross margin of 41.51% [3] Digital and AI Initiatives - Since 2024, Vatti has accelerated its digital and intelligent transformation, implementing systems like SRM, DMS, and CRS to improve supply chain efficiency and quality control [3] - The company has established an AI application project team, with a three-step strategy to build a company-level AI capability platform by 2025, aiming to leverage AI for quality enhancement and experience optimization [3]

Core Insights - The Chinese kitchen appliance market is expected to show a diversified competitive landscape by 2025, driven by consumption upgrades and technological iterations [1] - Young consumer groups are contributing nearly half of the market growth, becoming the core driving force behind the expansion [1] - Brand competition has shifted from functional comparisons to deep emotional value connections, with leading companies restructuring user needs and brand value through scenario-based content marketing and product innovation [1] Company Performance - Vatti Corporation (华帝股份) reported a gross margin of 43.29% in Q3 2025, an increase of 2.79 percentage points from 40.50% in Q3 2024, positioning itself as a benchmark enterprise in the kitchen appliance market [1][2] - The significant improvement in gross margin is attributed to Vatti's dual-driven strategy focusing on technology and marketing [2] Technological Innovation - Vatti has accumulated 4,690 national-level patents, including 835 invention patents, by June 2025, leveraging platforms like the National Industrial Design Center [2] - The company has developed high-end products such as the beauty bath water heater with "high透活肌科技" and the embedded steam oven with "晶焰聚能烤" technology, driving gross margin growth through innovation [2] Marketing Strategy - Vatti is aligning with the emotional value binding trend of young consumers through scenario-based content marketing [2] - The company launched the industry’s first AI short drama "灶火纪：2079的文明回声," integrating high-end product features into the storyline to reach young users effectively [2] - Offline, Vatti engages with young consumers through events like the "华帝之夜" music gala and collaborations with influencers, enhancing its image as a "kitchen appliance fashion brand" [2] Market Positioning - In a volatile and diverse kitchen appliance industry, Vatti's actions reflect a strategy of anchoring user emotions to navigate challenges [2] - As the brand continues to deepen its strategy of "fashionable scientific kitchen appliances," its competitive advantage in the diversified kitchen appliance market is expected to expand further [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][4]. Core Views - The company reported a revenue of 4.16 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9.1%, and a net profit attributable to the parent company of 360 million yuan, down 11.9% year-on-year [1]. - The decline in revenue is attributed to weakening sales in the home appliance market and the impact of reduced national subsidies, particularly affecting the kitchen appliance sector [2]. - Despite the revenue pressure, the company has improved its gross margin to 42.8%, an increase of 2.7 percentage points year-on-year, indicating better profitability through product upgrades and brand strategies [3]. Financial Performance Summary - For 2025, the company expects net profits of 440 million yuan, 530 million yuan, and 600 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding dynamic P/E ratios of 12.2x, 10.2x, and 9.0x [4][5]. - The company’s revenue for 2025 is projected to be 6.02 billion yuan, reflecting a decline of 5.52% compared to 2024 [5]. - The gross margin is expected to improve gradually, reaching 41.69% by 2027 [12]. Market Context - The kitchen appliance industry is currently in a low cycle, influenced by a decline in residential construction area, which fell by 17.1% year-on-year [2]. - The company is focusing on channel management and product innovation to enhance competitiveness and profitability in a challenging market environment [4].

Core Viewpoint - The kitchen and bathroom appliance sector experienced a slight decline of 0.06% on October 28, with Aopu Technology leading the losses. The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1]. Group 1: Market Performance - Zhejiang Meida saw the highest increase in the sector, with a closing price of 7.93, up 9.99% and a trading volume of 271,300 shares, amounting to 212 million yuan [1]. - The overall trading volume for the kitchen and bathroom appliance sector was significant, with major stocks like Rishidongfang and Huoxingren also showing positive performance, increasing by 2.15% and 1.46% respectively [1]. - Aopu Technology, however, faced a notable decline, closing at 11.28, down 5.69% with a trading volume of 68,200 shares, totaling 77.73 million yuan [1]. Group 2: Capital Flow - The kitchen and bathroom appliance sector saw a net inflow of 88.5 million yuan from institutional investors, while retail investors experienced a net outflow of 61.83 million yuan [1]. - Zhejiang Meida attracted the most institutional investment, with a net inflow of 86.66 million yuan, accounting for 40.90% of the total [2]. - Aopu Technology had a net outflow of 13.39 million yuan from retail investors, indicating a negative sentiment among smaller investors [2].

Core Viewpoint - The overall retail sales of home appliances are expected to decline by at least 16.4% year-on-year from September to December, while Vatti's third-quarter financial report shows strong performance with a revenue of 4.158 billion yuan and a gross margin of 43.29% [1][2] Group 1: Industry Trends - The kitchen appliance industry is under pressure with weak market demand, leading to a competitive environment [1] - The trend of consumption upgrading has shifted consumer demand from basic cooking needs to enhanced lifestyle experiences, emphasizing intelligent cooking, healthy dietary management, and aesthetic design [1][2] Group 2: Company Strategy - Vatti has adopted a high-end, intelligent, and youthful strategy to capture the consumption upgrade trend, resulting in stable operational performance [1] - The company has accelerated AI integration, creating a smart experience system that allows users to control devices remotely through an app, enhancing user interaction and convenience [1] Group 3: Product Innovations - Vatti has introduced several health-focused technologies, such as low-oxygen steaming and low-fat baking, achieving a 93% retention rate of anthocyanins in steamed purple sweet potatoes and a 90.9% fat reduction in micro-frying [2] - The launch of the fifth-generation surfing steam washing technology addresses the cleaning challenges of Chinese kitchens, achieving a 99.2% cleaning rate with a one-button operation [2] Group 4: Aesthetic Integration - Vatti's products integrate functionality with aesthetic design, offering a comprehensive kitchen solution that includes a range of appliances seamlessly connecting with cabinetry [2] - The company's focus on user value transformation has allowed it to maintain brand premium and product competitiveness, achieving gross margin growth even in a downturn [2]

Core Insights - The company reported a total revenue of 4.158 billion yuan and a net profit of 356 million yuan for the first three quarters of 2025, with a gross margin of 43.29% [1] - Despite intense competition in the domestic kitchen and bathroom appliance sector, the company's gross margin improved by 2.79 percentage points year-on-year, indicating a robust performance [1] - The company has successfully optimized its product structure, leading to a year-on-year increase in gross margin, demonstrating the sustainability of its value enhancement strategy [1] Company Strategy - The company has focused on upgrading kitchen experience standards with products like the GW6i beauty gas water heater and VB50 micro-steaming oven, accumulating a total of 4,690 patents by June this year [2] - High-end products are becoming a new growth driver for the company, enhancing its brand image among consumers [2] - The company aims to deepen its high-end transformation strategy through technological innovation and product upgrades, emphasizing a "fashionable scientific brand" positioning to uncover deeper user value [2] Market Context - The kitchen appliance market faces challenges such as real estate regulation and recovering consumer confidence, yet the company's third-quarter report sends a positive signal about its high-end transformation strategy [2] - The company's focus on user-centric approaches and technology as a support system is seen as a way to seek stable and sustainable growth amid market fluctuations [2]

分渠道对比显示，华帝线下业务在行业价格战背景下仍保持高毛利水平，主要得益于精简低效SKU、聚 焦烟灶等核心品类高端化突破。 在存量竞争时代，坚实的线下网络不仅是销售的渠道，更是品牌与用户建立情感连接、传递价值主张的 核心阵地。华帝对这条"体验护城河"的持续加宽挖深，为其长期稳健发展奠定了坚实的基础。 10月27日，华帝股份(002035.SZ)正式披露2025年第三季度报告。前三季度，公司实现营业收入约为 41.58亿元，同期实现归母净利润3.56亿元，经营活动产生现金流量净额3亿元。线下渠道经营质量稳步 提升，新零售渠道盈利能力持续优化。 整体来看，华帝线下销售渠道发展良好。华帝遍布全国的专卖店、旗舰店等线下网络，通过提供真实的 产品体验和专业的咨询服务，在高端产品推广和套系化销售方面表现出显著优势。 在复杂多变的家电市场环境中，公司依托其深厚的品牌积淀与扎实的线下渠道网络，实现了业务的稳健 发展，在面对市场波动时所展现出强大韧性与独特优势，为公司整体增长提供了坚实基础。 尽管线下渠道竞争日趋白热化，但华帝多年来精心构建的线下销售网络，包括新业态融合店、旗舰店、 零售终端以及与大型连锁卖场的深度合作，形成了 ...

公募基金方面本期较上一季度持股减少的公募基金共计3个，包括国富中小盘股票A、国富恒瑞债券A、 鹏扬景泓回报混合A，持股减少占比达0.50%。本期较上一季度新披露的公募基金共计1个，即景顺长城 竞争优势混合。本期较上一季未再披露的公募基金共计79个，主要包括国富弹性市值混合A、鹏华优选 价值股票A、嘉实策略混合、鹏华盛世创新混合(LOF)A、嘉实多元债券A等。 2025年10月28日，华帝股份(002035.SZ)发布2025年第三季报。截至2025年10月27日，共有10个机构投 资者披露持有华帝股份A股股份，合计持股量达2.51亿股，占华帝股份总股本的29.60%。其中，前十大 机构投资者包括石河子奋进股权投资普通合伙企业、香港中央结算有限公司、米林县联动投资有限公 司、中国银行股份有限公司-富兰克林国海中小盘股票型证券投资基金、招商银行股份有限公司-富兰克 林国海恒瑞债券型证券投资基金、招商银行股份有限公司-富兰克林国海基本面优选混合型证券投资基 金、中国工商银行股份有限公司-景顺长城竞争优势混合型证券投资基金、鹏扬景泓回报混合A、英大 智享债券A、鹏扬添利增强A，前十大机构投资者合计持股比例达29.60 ...

华帝股份有限公司 第九届董事会第四次会议决议公告 证券代码：002035 证券简称：华帝股份 公告编号：2025-030 三、备查文件 1、华帝股份有限公司第九届董事会第四次会议决议； 2、华帝股份有限公司第九届董事会审计委员会 2025 年第三次会议记录。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 一、董事会会议召开情况 华帝股份有限公司（以下简称"公司"）第九届董事会第四次会议通知于 2025 年 10 月 20 日以书面及电子邮件形式发出，会议于 2025 年 10 月 27 日上午 10:00 以通讯表决的方式召开。 会议应出席董事 7 名，实际出席董事 7 名。会议由公司董事长潘叶江先生主持，参加会议的 董事符合法定人数，会议的召集、召开及表决程序符合《公司法》和《公司章程》的有关规 定。 二、董事会会议审议情况 1、以 7 票同意、0 票反对、0 票弃权，审议通过了《2025 年第三季度报告》。 公司董事、高级管理人员出具了关于公司 2025 年第三季度报告的书面确认意见，作为公 司的董事、高级管理人员，保证公司 2025 年第三季度报告内容 ...