Vatti(SZ:002035) Xin Lang Zheng Quan·2025-09-14 06:17Core Insights - Huati Co., Ltd. reported a revenue of 2.8 billion yuan and a net profit of 272 million yuan for the first half of 2025, with a gross margin of 43.54%, an increase of 2.86% year-on-year [1] Product Performance - The revenue and gross margin of key products in the first half of 2025 are as follows: - Range hoods: Revenue of 1.17 billion yuan, gross margin of 48.41%, up 3.36% year-on-year - Gas stoves: Revenue of 733 million yuan, gross margin of 48.73%, up 3.60% year-on-year - Water heaters: Revenue of 519 million yuan, gross margin of 33.98%, up 1.21% year-on-year [2] High-End Strategy - The company has successfully optimized its product structure by focusing on high-end products, with significant sales growth in high-priced segments. The introduction of new high-end products, such as the GW6i water heater and FA50P steam oven, has been well-received by consumers [3][5] - The high-end product strategy has led to an increase in average selling prices, with the gross margins of core categories improving despite a competitive market [5][6] Market Trends - The average prices of online range hoods and gas stoves have decreased, yet Huati has managed to increase the gross margins of its core products, indicating a successful shift towards higher-value offerings [5] - The company has seen a notable increase in market share for high-end products, with significant growth in the sales of products priced above 3,500 yuan for range hoods and 2,000 yuan for gas stoves [6] Innovation and R&D - Huati has prioritized user needs in its high-end strategy, focusing on health-related cooking, cleaning, and bathing solutions. As of June 2025, the company holds 4,690 national patents, including 835 invention patents, maintaining a leading position in the industry [8]