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.

Core Insights - The consumption preferences of young people are reshaping market dynamics, making it crucial for brands to effectively reach this demographic [1] Group 1: Young Consumer Preferences - Young consumers are shifting from functional needs to multidimensional factors such as interest, social currency, emotional symbols, social value recognition, and immersive experiences [2][4] - The entertainment preferences of young people include online short videos, music, and games, as well as offline activities like travel and performances [2] Group 2: Innovative Marketing Strategies - Vatti has successfully engaged young consumers through interactive and trendy offline events, such as the "Beauty Bath" pop-up activities in cities like Xi'an, Chongqing, and Jinan [5] - The pop-up events combine traditional aesthetics with modern technology, creating a hotspot for young people to gather and engage [5] - Vatti collaborates with skincare brands to offer personalized skin care solutions and hosts cultural salons to promote the concept of "water nurturing skin" [5] Group 3: Engaging Content Creation - Vatti's short video content resonates with young audiences, with a high penetration rate of 98.2% for short video consumption among young consumers in high-tier cities [8] - The company launched a custom short drama on Douyin titled "The Office Lady's Transformation," which garnered over 14.46 million views and 45,000 interactions, effectively integrating product usage into the storyline [9] - Vatti's collaboration with Douyin for other short dramas has also seen significant viewership, with "The Kitchen God" series achieving over 121 million views [11] Group 4: Cultural and Technological Integration - Vatti's innovative approach includes creating a digital persona of Yang Guifei, blending traditional Chinese culture with modern technology, thereby appealing to young consumers [11] - The brand's strategy of combining cultural depth with technological experiences is redefining the young consumer engagement model in the home appliance industry [11]

Group 1 - The opening of the Shenzhen-Zhongshan Corridor has significantly improved transportation efficiency, reducing travel time between Shenzhen and Zhongshan from over 2 hours to under 30 minutes, facilitating the flow of technology and capital in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - TCL Technology has established its air conditioning division in Zhongshan, supported by local industrial resources, with projected production value exceeding 20 billion yuan in 2024, marking a year-on-year growth of over 30% [2] - Jiangbolong Electronics has set up a production base in Zhongshan, enhancing its operational capabilities and achieving a "half-hour connectivity" with its Shenzhen headquarters [2] Group 2 - The Shenzhen-Zhongshan Corridor serves as a bridge for 29 A-share listed companies in Zhongshan, providing broader market opportunities and closer integration with Shenzhen's industrial chain and innovation resources [3] - Companies like Guangdong Yidun Electronics are leveraging the corridor to strengthen their market position in the printed circuit board industry, focusing on automotive electronics and new energy sectors [3] - The corridor has enabled companies such as Huayi and Zhongshan United Optoelectronics to enhance their collaboration with Shenzhen firms, optimizing their production and R&D processes [3][4] Group 3 - The corridor promotes industrial collaboration, allowing Shenzhen to focus on high-end R&D while Zhongshan consolidates its manufacturing advantages, creating a clearly defined and collaborative industrial landscape [4]

华帝股份有限公司 章 程 （二零二五年六月） 第一章 总 则 第一条 为维护华帝股份有限公司（以下简称"公司"）、股东、职工和债权人的合法 权益，规范公司的组织和行为，根据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")和其他有关规定，制定《华帝股份有 限公司章程》（以下简称"本章程"）。 第二条 公司系依照《公司法》和其它有关规定成立的股份有限公司。公司以发起方式 设 立 并 在 广 东 省 中 山 市 工 商 行 政 管 理 局 注 册 登 记 。 公 司 的 统 一 社 会 信 用 代 码 91442000618120215D。 第三条 公司于2004年8月17日经中国证券监督管理委员会（以下简称"中国证监会"） 证监发行字【2004】132号文核准，首次向社会公众发行人民币普通股2500万股，公司股票 于2004年9月1日在深圳证券交易所挂牌交易。 第四条 公司注册名称：华帝股份有限公司。 | 第一章 总 则 3 | | --- | | 第二章 经营宗旨和范围 4 | | 第三章 股份 4 | | 第一节 股份发行 4 | | 第二节 股份增减和 ...

华帝股份有限公司 证券代码：002035 证券简称：华帝股份 公告编号：2025-021 二、补选独立董事情况 为保障公司董事会规范运作，维护公司及全体股东利益，确保董事会及其专门委员会的 有效运作符合相关法律法规及《公司章程》的规定，现根据《公司法》《深圳证券交易所股 票上市规则》《上市公司独立董事管理办法》及《公司章程》等相关规定，公司于 2025 年 6 月 25 日召开第九届董事会第二次会议，审议通过了《关于补选公司独立董事的议案》， 经公司董事会提名，公司董事会提名委员会审核，同意提名孙冬柏先生为公司第九届董事会 独立董事候选人，同时拟担任董事会下设的战略委员会委员、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，任期自股东会审议通过之日起至公司第九届董事会任期 届满之日止（上述候选人简历详见附件）。 孙冬柏先生目前尚未取得独立董事资格证书，但已书面承诺参加最近一次独立董事培训 并取得深圳证券交易所认可的独立董事资格证书。孙冬柏先生的任职资格和独立性需经深圳 证券交易所审核无异议后方可提交公司股东会审议。 三、备查文件 关于独立董事辞职暨补选独立董事的公告 本公司及董事会全体成员保证信息 ...

为更好地履行独立董事职责，本人承诺如下：本人将积极报名参加最近一次 独立董事培训并取得深圳证券交易所认可的独立董事资格证书。公司将公告本人 的上述承诺。 承诺人：孙冬柏 2025 年 6 月 26 日 关于参加最近一次独董培训的书面承诺 根据华帝股份有限公司（以下简称"公司"）第九届董事会第二次会议决议， 本人孙冬柏被提名为公司第九届董事会独立董事候选人。截至公司股东会通知发 出之日，本人尚未取得深圳证券交易所认可的独立董事资格证书。 ...

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。 华帝股份有限公司（以下简称"公司"）于 2025 年 6 月 25 日召开第九届董事会第二次 会议，审议通过了《关于申请办理一照多址并修订〈公司章程〉的议案》，具体情况如下。 一、办理一照多址的具体事项 华帝股份有限公司 关于申请办理一照多址并修订《公司章程》的公告 证券代码：002035 证券简称：华帝股份 公告编号：2025-020 根据《公司法》及《公司章程》等相关规定，公司拟同步修订《公司章程》的相应条款， 修订情况如下： 华帝股份有限公司 董事会 因生产经营需要，公司拟向工商登记部门申请办理"一照多址"业务，拟新增"一照多 址"地址"中山市小榄镇永宁工业大道 81 号、中山市小榄镇永宁工业大道 83 号"，即公司 住所拟由"广东省中山市小榄镇工业大道南华园路 1 号"变更为"广东省中山市小榄镇工业 大道南华园路 1 号（一照多址企业）"（以工商登记机关核准登记的内容为准）。 以上事项尚需提交公司 2025 年第一次临时股东会审议，同时董事会提请股东会授权公 司管理层及经办人员代表公司办理工商变更登记手续 ...

候选人任职资格符合《公司法》《深圳证券交易所股票上市规则》等相关法律法规、规 范性文件及公司章程中关于独立董事任职的有关规定。 任职资格的审查意见 根据《中华人民共和国公司法》（以下简称《公司法》）《上市公司独立董事管理办法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板 上市公司规范运作》等相关法律法规、规范性文件及公司章程的规定，我们作为华帝股份有 限公司（以下简称"公司"）第九届董事会提名委员会成员，对公司第九届董事会独立董事 候选人的任职资格、教育背景、工作经历、业务能力进行了审核，并发表审查意见如下： 提名委员会对公司独立董事候选人孙冬柏先生的个人履历、教育背景等相关情况进行审 查，未发现其存在《公司法》规定禁止任职的情形，不存在被中国证监会采取不得担任上市 公司董事的证券市场禁入措施且期限尚未届满的情形，不存在被证券交易所公开认定不适合 担任上市公司董事且期限尚未届满的情形，不存在因涉嫌犯罪被司法机关立案侦查或者涉嫌 违法违规被中国证监会立案调查的情形，未曾受到中国证监会的处罚和证券交易所纪律处 分，亦不属于失信被执行人。 华帝股份有限公司 董事会提名委员会 ...