Investment Rating - The report gives an "Overweight" rating for the home appliance industry, indicating an expectation for the industry to outperform the overall market [3][12]. Core Insights - The "old-for-new" policy has significantly stimulated the home appliance market, with an expanded subsidy range leading to notable demand increases across various categories [3]. - In the first half of 2025, major kitchen appliance categories such as range hoods and gas stoves experienced double-digit growth, while dishwashers showed signs of recovery [3]. - The report highlights specific companies within the kitchen appliance sector, recommending Midea Group, Gree Electric, and Vatti Corporation due to their strong market positions [3]. Summary by Sections Old-for-New Policy Impact - The 2024 "old-for-new" policy has expanded to include eight categories, significantly boosting demand, with range hoods achieving retail sales of 36.2 billion yuan, a 14.9% year-on-year increase [3]. - The government plans to allocate 300 billion yuan in special bonds to support the "old-for-new" initiative, enhancing market activation [3]. Sales Performance - In H1 2025, range hoods sold 778,000 units, up 36% year-on-year, with sales revenue reaching 3.48 billion yuan, a 44% increase [3]. - Gas stoves saw sales of 768,000 units, a 25% increase, with revenue of 1.76 billion yuan, up 41% [3]. - Dishwashers, newly included in the subsidy list, showed a recovery with offline sales of 180,000 units, a 28% increase, and online sales of 602,000 units, a 9% increase [3]. Investment Recommendations - The report suggests focusing on companies with solid positions in traditional categories, specifically recommending Boss Electric, Vatti Corporation, and Wanhe Electric for their leading market shares in water heaters [3].

Core Viewpoint - The article highlights the evolution of water heaters in China, emphasizing the transition from basic functionality to advanced features that cater to consumer needs, particularly through the introduction of Vatti's "Beauty Bath" water heater, which represents a significant innovation in the industry [1][5][10]. Industry Evolution - The development of water heaters in China can be categorized into four distinct eras: - 1.0 Era: Introduction of the first Chinese water heater, focusing on basic hot water supply, with technology lagging behind [1]. - 2.0 Era: Emphasis on energy efficiency, with foreign brands dominating the market, leading to challenges for domestic companies in terms of product differentiation and profitability [2][4]. - 3.0 Era: Chinese brands began to invest in independent research and development, leading to technological advancements and improved product quality, with companies like Vatti pioneering innovations such as temperature control technology [4][5]. - 4.0 Era: The industry has shifted towards a focus on skincare and health, with Vatti's Beauty Bath water heater exemplifying this trend by integrating skincare benefits into the bathing experience [5][10]. Technological Innovation - Vatti's Beauty Bath water heater utilizes advanced technology to alter water molecular structure, enhancing skin absorption and providing skincare benefits, evidenced by significant improvements in skin hydration and elasticity after 28 days of use [7][9]. - The product features a health bathing water system with multiple protective measures, including corrosion resistance and self-cleaning capabilities, showcasing the brand's commitment to user health and safety [9][10]. Market Positioning - Vatti has positioned itself as a leader in high-end kitchen appliances, focusing on understanding the unique needs of Chinese consumers and driving innovation in the water heater market [5][12]. - The rise of domestic brands like Vatti reflects a broader trend in Chinese manufacturing, transitioning from mere production to intelligent manufacturing, emphasizing deep consumer insights and localized innovation [12].

Core Viewpoint - The article emphasizes the evolving perception of kitchens among young people, highlighting the shift from a purely functional space to a multi-dimensional area that combines aesthetics, comfort, and personal expression [1][3][10]. Group 1: Kitchen Design Trends - Young individuals, particularly "nomadic youth" aged 18-25, prefer kitchens that are visually appealing and atmospheric, such as "Japanese-style kitchens" with healing wood tones and "French vintage kitchens" that add a sense of ritual to dining experiences [1][5]. - The "nesting youth" aged 26-35 seek personalized kitchen spaces that reflect their individuality, often desiring features like a home bar for social gatherings [1][5]. Group 2: Product Innovation and Features - Vatti, a leading high-end kitchen appliance brand in China, focuses on detail and aims to meet the fashion aesthetics and personalized needs of contemporary young consumers, transforming kitchens into spaces for showcasing, healing, and enjoyment [3][10]. - The automatic water-washing range hood from Vatti has achieved the highest market share in 2024, featuring technologies like "surfing steam washing" and "one-button self-cleaning" to enhance cleanliness and reduce bacteria and odor [3][5]. - Vatti's AI air management system can accurately detect PM2.5 levels in the kitchen and adjust air quality accordingly, ensuring a clean environment even during intense cooking [3][5]. Group 3: Lifestyle Integration - Over 70% of young people expect kitchen appliances to provide not just utility but also a sense of pleasure, aligning with Vatti's design philosophy that promotes kitchens as spaces for stress relief and lifestyle rhythm [5][10]. - Vatti's new products, such as the JZT-8S60 stove and FA50P steam oven, are designed to enhance cooking efficiency while maintaining high standards of quality and user experience [6][10]. Group 4: Aesthetic and Functional Balance - Vatti believes that kitchens should be therapeutic spaces, integrating aesthetic design with practical layout to create a harmonious environment [8][10]. - The new ultra-thin range hood from Vatti exemplifies the blend of aesthetics and space utilization, seamlessly integrating with cabinetry to create a clean and spacious feel [8][10].

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]