Vatti(SZ:002035) Zhong Jin Zai Xian·2025-09-01 07:39Core Insights - In the first half of 2025, the company reported a revenue of 2.8 billion yuan and a net profit of 272 million yuan, with a basic earnings per share of 0.33 yuan [1] - The company's gross margin increased to 43.54%, up by 2.86% year-on-year, demonstrating significant operational resilience amid industry challenges [1] - The company achieved operational efficiency and quality improvements through product structure optimization, lean operations, and supply chain enhancements [1] Product Performance - The core product categories of the company, including range hoods, stoves, and water heaters, saw gross margin increases of 3.36%, 3.60%, and 1.21% respectively [2] - Revenue from stoves grew by 2% year-on-year, increasing its share of total revenue to 26.21% [1][2] - Emerging growth products such as steam ovens and water purifiers achieved year-on-year growth of 2.69% and 3.25%, indicating successful product diversification and market expansion [2] Research and Innovation - The company invested 116 million yuan in R&D, accounting for 4.14% of its revenue, focusing on core areas and achieving breakthroughs in key technologies [3] - As of June 30, the company added 472 new patents, bringing its total to 4,690, positioning it among the industry leaders [3] Channel Development - The company enhanced its channel structure, achieving a gross margin of 45.89% in offline channels, a significant increase of 6.83% year-on-year [5] - New retail channel gross margin rose to 41.51%, driven by initiatives such as retail transformation and local life platform expansion [5] - The company's high-end transformation and lean management strategies are expected to drive high-quality growth, benefiting from the accelerating consumer upgrade trend in the kitchen appliance industry [5]