掘金“低渗透率”品需赛道！厨电市场增速放缓，凯度电器傅平谈品牌生存法则

Core Insights - The domestic kitchen appliance market is expected to maintain growth in the first half of 2025, driven by the "national subsidy" policy, but there is a clear internal differentiation among product categories [2][3] - Traditional categories like integrated stoves are experiencing a decline, while demand-driven kitchen appliances such as steam ovens and dishwashers are showing strong growth [2][4] - Kaito Electric has launched several new products targeting the high-growth demand-driven kitchen appliance segment, achieving a sales increase of over ten percent year-on-year [2][3] Market Trends - The overall retail sales of demand-driven kitchen appliances (including disinfection cabinets, dishwashers, and embedded micro-steam ovens) grew by 6.1% year-on-year in the first half of 2025, with a notable 7.5% growth in the second quarter [3][4] - The penetration rate for steam ovens is currently around 2%-3%, indicating significant growth potential as the market matures [3][4] Company Performance - Kaito Electric, while not a leading brand, has managed to achieve growth amidst a challenging market environment, with a reported sales increase of over ten percent this year [2][5] - The company’s revenue last year was approximately 1 billion yuan, which is significantly lower than leading competitors like Boss Electric, which has annual revenues exceeding 10 billion yuan [5][6] Strategic Focus - Kaito Electric is focusing on enhancing product and service quality, with a comprehensive R&D system and a commitment to innovation [6][7] - The company is cautious about aggressive marketing, preferring to build brand recognition through product quality rather than extensive promotional campaigns [6][7] International Expansion - Kaito Electric plans to expand internationally but aims to do so with a focus on its own brand and product innovation rather than simply replicating existing distribution models [7]