证券日报网讯 12月8日，华帝股份在互动平台回答投资者提问时表示，公司坚持自主研发，搭建了完善 的创新研发体系，按照"开发一代、储备一代、探索一代"的创新开发模式，构建由创意专家、品类专 家、平台专家和学科专家组成的核心创新团队，从创意研发到产品上市，实现无缝衔接，促成公司产品 创新滚动迭代。公司始终坚持以研发支撑产品创新，以产品创新推动产品线多元化发展，专利储备位居 行业前列，成功构建了技术壁垒。 （文章来源：证券日报） ...

Core Insights - Vatti has appointed Han Wei as the Vice President to oversee marketing, indicating a strategic restructuring aimed at enhancing the marketing system [1][4] - The adjustment reflects Vatti's commitment to a "channel integration" strategy to deepen user value and compete effectively in the evolving kitchen appliance market [5][7] Market Trends - The kitchen appliance market is experiencing a "value war" driven by high-end products, rapidly penetrating into county-level markets [5][7] - Data from Suning shows a 135% surge in county-level home appliance orders from October 1 to 6, with sales of dishwashers, water purifiers, and dryers increasing by over 80% year-on-year [5][7] - Sales of embedded kitchen appliances in regions like the Yangtze River Delta and Pearl River Delta have risen by over 120% [5][7] Consumer Behavior - County consumers are shifting their focus from price to product design, smart features, health functions, and brand value, posing challenges for companies in channel coordination and experience delivery [5][7] - Traditional kitchen appliance sales face issues such as online-offline disconnects, leading to consumer experience gaps, particularly in the high-end market [7] Strategic Initiatives - The appointment of Han Wei aims to address these core pain points by integrating online and offline channels to ensure seamless delivery of high-end value at every consumer touchpoint [7] - This move is part of Vatti's broader strategy to achieve a revenue target of over 10 billion, focusing on enhancing profitability, capturing market share, and improving operational efficiency [7] - The "channel integration" and "sales and brand unity" strategy ultimately benefits consumers by simplifying decision-making processes and enhancing trust [7]

Core Viewpoint - Vatti's two innovative technologies, "Instant Stir-fry Efficient Combustion Technology" and "High-load Efficient Infrared Combustion Heat Exchange Technology," have been recognized as "internationally leading" by the China Light Industry Federation, marking a significant breakthrough in the gas stove combustion technology field in China [1][9]. Group 1: Technology Achievements - The "Instant Stir-fry Efficient Combustion Technology" focuses on enhancing the user experience in Chinese cooking by improving fire control, combustion stability, and heat exchange efficiency, allowing for quick and precise fire adjustments [3][11]. - The "High-load Efficient Infrared Combustion Heat Exchange Technology" aims for high energy efficiency and low emissions, achieving over 81% thermal efficiency while meeting national first-level green standards for CO and NOx emissions [5][13]. Group 2: Industry Impact - Vatti's recognition reflects its strong position as a leader in the gas stove industry, showcasing its deep accumulation of knowledge and innovative capabilities in combustion technology [1][9]. - The company has established itself as a pioneer in energy-saving technologies, with its original energy-conserving combustion technology being recognized as a significant advancement in the industry [6][14]. Group 3: Research and Development - Vatti has committed substantial resources to research and development, with R&D expenses reaching 172 million yuan by the third quarter of 2025, and a total of 4,690 patents, including 835 invention patents, reinforcing its technological barriers [6][14]. - The company emphasizes user needs as the starting point for its R&D efforts, continuously transforming advanced technologies into high-quality products [7][15].

Core Viewpoint - The recent appointment of Han Wei as Vice President of Vatti has sparked discussions in the industry, indicating a strategic shift in the company's marketing operations and organizational structure [1][3]. Group 1: Management Changes - Han Wei has been appointed as Vice President following the resignation of the previous offline and online marketing vice presidents, suggesting a consolidation of marketing responsibilities under his leadership [1][3]. - Han Wei is expected to potentially take on the role of Executive President in the future, indicating a significant shift in leadership dynamics within Vatti [1][3]. Group 2: Han Wei's Background - Han Wei has extensive experience in the home appliance industry, having held various positions in companies such as Carrefour and Galanz before joining Vatti in 2016 [3][5]. - His career trajectory within Vatti has seen him rise from Marketing Headquarters General Manager to Vice President and Senior Vice President, showcasing his deep understanding of the company's operations [3][5]. Group 3: Marketing Strategy - Since 2016, Vatti has been adapting to changes in the kitchen appliance industry, focusing on a "offline + online" channel operation system and forming strategic partnerships with platforms like JD.com and Tmall [5][7]. - Han Wei has emphasized the importance of capturing market opportunities, such as the benefits from the policy on finished apartments, leading to an upgraded channel system that includes "offline + online + engineering" [5][7]. Group 4: Performance Metrics - Under Han Wei's leadership, Vatti's revenue grew from 37.2 billion yuan in 2015 to 60.95 billion yuan in 2018, with net profit increasing from 2.07 billion yuan to 6.94 billion yuan during the same period [7][9]. - The successful marketing campaign during the 2018 World Cup, which offered refunds for purchases, was a significant achievement attributed to Han Wei's strategic decisions [7][9]. Group 5: Future Outlook - Vatti aims to enhance organizational efficiency and reduce internal friction to maintain its leadership position in the kitchen appliance market [12][14]. - The company is focusing on transitioning from broad marketing coverage to precise targeting, integrating its vast user resources to improve overall performance [12][14]. - The recent management changes are expected to accelerate Vatti's growth towards its goal of becoming a "100 billion enterprise" [14].

Core Insights - The article discusses the impending transition in the home appliance industry as the national subsidy policy is set to close, with a projected 800 billion subsidy expected to drive approximately 5% growth in the sector, promoting green and smart consumption [1][13] - The industry anticipates a more targeted subsidy approach in 2026, focusing on new and trending product categories while maintaining support for high-end energy-efficient models [1][13] - The company Vatti has proactively initiated a "three transformations" strategy (high-end, youth-oriented, and intelligent) to gain a competitive edge in this evolving market [1][13] Product Strategy - Vatti's high-end strategy is expected to be crucial as the subsidy intensity declines, potentially falling below half of the 2025 levels [3][15] - The company has successfully launched innovative products, such as the "Beauty Bath Gas Water Heater," which integrates skincare needs with bathing experiences, achieving over 32,000 units sold within two months [3][15] - Vatti's focus on integrated and intelligent kitchen appliances aligns with current consumer trends, exemplified by the FA50P steam oven, which showcases energy efficiency and multifunctionality [3][15][16] Marketing Innovations - Vatti is shifting from price competition to value competition, emphasizing brand value through diverse and youthful marketing strategies [6][18] - The company has engaged younger consumers through relatable short dramas and innovative marketing campaigns on popular platforms like Douyin and Xiaohongshu [6][18][19] - These marketing efforts have successfully enhanced Vatti's brand image, positioning it as a trendy kitchen appliance brand and fostering emotional connections with younger consumers [6][19][7] Operational Enhancements - The company is enhancing its offline channel advantages by transforming nearly 1,000 stores into smart showrooms, incorporating digital tools like VR and AI to improve customer experience [9][21] - Vatti's offline channel revenue reached 1.486 billion yuan in the first half of 2025, with a gross margin of 45.89%, reflecting a year-on-year increase of 6.83% [9][21] - The company is also expanding its online presence across major e-commerce platforms, having opened over 1,000 new stores in the first half of 2025 [11][23] Sustainability and Technology - Vatti is committed to sustainability, with its rooftop photovoltaic project generating 32% of its total electricity consumption and saving 5.81 million kilowatt-hours of municipal electricity [11][23] - The company is advancing AI integration in its products, offering a smart management system that allows users to control appliances remotely via an app [11][23] - Vatti's strategic focus on value creation positions it well to navigate market fluctuations and capitalize on future growth opportunities [12][24]

Core Viewpoint - The recent technology achievement conference held at Vatti's R&D headquarters highlighted the company's "High-Efficiency High-Temperature Adaptive Cleaning Technology" for range hoods, which was recognized as "internationally leading" by a panel of authoritative experts [1][11]. Group 1: Technology Breakthroughs - Vatti's self-developed cleaning technology focuses on three core dimensions: high cleaning efficiency, energy efficiency, and high reliability [3][13]. - The technology features three major breakthroughs: a collaborative mechanism of "high-temperature softening, dynamic scrubbing, and strong sewage discharge," a special structure for heat exchange that improves efficiency, and an adaptive control strategy for stable long-term operation [3][13]. - Experimental data shows that the new technology achieves a fan cleaning rate of 99.2% and a sterilization rate of 99.99% [3][13]. Group 2: Market Performance and User Insights - Vatti's automatic cleaning range hood sales have exceeded 10 million units by the end of 2024, reflecting the correct technological direction and consumer demand for kitchen cleanliness [6][16]. - The company has filed a total of 4,690 patents, with 543 related to cleaning technology, indicating its leading position in the industry [6][16]. - In the first half of 2025, Vatti's range hood product revenue reached 1.169 billion yuan, with a gross margin of 48.41%, marking a year-on-year increase of 3.36 percentage points [9][19]. Group 3: Brand Evolution and Vision - Vatti's exploration of self-cleaning technology began in 2006, breaking the traditional notion that range hoods must be disassembled for cleaning [6][16]. - The company aims to transition from a product provider to a builder of a new lifestyle centered around health and quality, integrating advanced technology into comprehensive kitchen solutions [19][20]. - Vatti's vision is to become a global leader in high-quality kitchen spaces, evolving kitchens into areas that embody health, taste, and emotion [20].

Core Insights - The key to breaking through in the fiercely competitive kitchen appliance market is increasingly focused on precise insights into user needs [1] - Vatti, a leading high-end kitchen appliance brand, has successfully differentiated itself by deeply understanding the core pain point of "cleanliness" and positioning itself with a "fashionable scientific kitchen appliance" strategy [1][3] - The competition in the kitchen appliance market has evolved beyond mere parameter battles to a new stage that emphasizes understanding deep user needs and providing systematic value [1][4] Company Strategy - Vatti has anchored its "Clean Kitchen" strategy around three dimensions: "product cleanliness, spatial cleanliness, and sensory cleanliness," leading to innovative products that address user "cleanliness anxiety" [3] - Notable products include a beauty bath water heater with "high transparency active skin technology," a range hood with fifth-generation self-cleaning technology, and a dishwasher utilizing "dual square full-domain washing" technology [3] - Vatti's gross margin increased to 43.29% in the first three quarters of 2025, demonstrating the effectiveness of its strategic focus [3] Organizational Execution - Effective organizational execution is crucial for success, with the recent appointment of Han Wei as Vice President and future CEO being a strategic personnel move for Vatti [3][4] - Han Wei has extensive experience in the home appliance industry and has held various significant positions within Vatti, indicating a strong internal leadership capability [3] Market Outlook - The adjustment at Vatti suggests that the next phase of competition in the kitchen appliance industry will involve a dual focus on "precise user insights" and "efficient organizational operations" [4] - Vatti is expected to further solidify its differentiated advantage in the high-end kitchen appliance market, providing a viable path for the industry to shift from "price wars" to "value wars" and "efficiency wars" [4]

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Core Viewpoint - The company has established a comprehensive product structure centered around kitchen appliances, including range hoods, stoves, and water heaters, while also expanding into integrated kitchen appliances and other home customization products [1] Group 1: Product Strategy - The company focuses on core kitchen appliance products such as range hoods, stoves, and water heaters [1] - The product line has been extended to include emerging integrated kitchen appliances like integrated stoves, dishwashers, and steam ovens, as well as whole-house customization and water purification systems [1] Group 2: Business Development - The company aims to maintain a high-end brand positioning and strengthen its traditional product advantages [1] - Future strategic development will be based on a comprehensive consideration of the company's operational status and industry market trends [1] Group 3: Operational Focus - The company plans to enhance sustainable development through technological innovation, operational efficiency optimization, and organizational capability strengthening [1]

上海市锦天城（武汉）律师事务所 关于华帝股份有限公司 关于华帝股份有限公司 二○二五年第二次临时股东会的 法律意见书 二○二五年第二次临时股东会的 法律意见书 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 邮编：430030 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 一、本次股东会召集人资格及召集、召开的程序 （一）本次股东会的召集 经核查，公司本次股东会由公司董事会召集。2025 年 11 月 18 日，公司召 开第九届董事会第五次会议，决议召集本次股东会。 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 五年第二次临时股东会（以下简称"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 ...