热水器高端破局战，华帝用“以水养肤”重构行业生态

Core Insights - The water heater market is facing significant pressure in 2025, with a retail sales growth of only 2.3% year-on-year in the first half of the year, indicating a slowdown in growth [1] - Companies are engaging in aggressive price competition, particularly during the "618" shopping festival, leading to low prices for first-level energy-efficient products [1] - Long-term recovery of the market requires a focus on quality upgrades and the exploration of new growth avenues [1] Company Innovations - Vatti has identified a market gap by positioning its "Beauty Bath" water heater as a product that combines bathing with skincare, aiming to break the homogenization in the high-end market through technological innovation [1][9] - The "High-Permeability Active Skin Technology" developed by Vatti enhances the bathing experience by altering the structure of water molecules, resulting in improved skin hydration and reduced oil and wrinkle appearance [3][9] - The "Healthy Bath Water System" is a comprehensive solution that ensures clean bathing water through multiple filtration and purification technologies, showcasing Vatti's commitment to health in bathing [6][8] Market Trends - The Chinese water heater industry has undergone four demand upgrades, with the current 4.0 era focusing on health and skincare, indicating a shift in consumer preferences [8] - Vatti has been proactive in leading industry upgrades through technological innovations, such as the development of safety features and personalized bathing experiences [8][11] - The industry is moving away from price wars and parameter competitions, recognizing that product innovation is essential for overcoming structural challenges and achieving sustainable growth [11]