数读厨卫电器半年报|火星人销售费用率高达47.9%亿田智能毛利率骤降近30%经营性现金流转负

Core Viewpoint - The domestic home appliance market shows resilience in growth during the first half of 2025, supported by the "trade-in" policy, with significant increases in retail sales of kitchen appliances [1] Group 1: Market Performance - In the first half of 2025, retail sales of range hoods and gas stoves increased by 11.8% and 10.1% year-on-year, respectively [1] - A total of 9 listed kitchen and bathroom appliance companies reported a combined revenue of 15.063 billion yuan, a decrease of 7.9% compared to the same period in 2024 [1] - Among kitchen appliance companies, total revenue was 8.299 billion yuan, with a net profit of 804 million yuan, representing declines of 13.2% and 35.9% year-on-year, respectively [1] Group 2: Company Performance - Boss Electric ranked first in revenue with 4.608 billion yuan, 1.12 times that of the second-ranked Wanhe Electric, and over 1.8 billion yuan higher than third-ranked Vatti [1] - The operating costs of kitchen appliances generally decreased, with Wanhe Electric being the only company to see a 15.5% increase in operating costs, exceeding its revenue growth [1] - Operating costs for kitchen appliances remained between 50%-60% of revenue, while Yitian Smart's operating cost ratio reached 85.9%, with a significant drop in gross margin [1] Group 3: Efficiency and Expenses - Companies like Yitian Smart, Shuaifeng Electric, Zhejiang Meida, and Aopu Technology reduced their sales, management, and R&D expenses during the reporting period [1] - Boss Electric had the highest sales expenses at 1.249 billion yuan, being the only company with a significant sales expense scale [1] - Yitian Smart had the highest management expense ratio at 17.6%, followed closely by Shuaifeng Electric at 17.5% [1] Group 4: R&D and Profitability - R&D expense ratios for kitchen appliance companies generally ranged from 3%-5%, with Marsman having a notably high R&D expense ratio of 12.2% [1] - Boss Electric led in net profit with 712 million yuan, nearly double that of the second-ranked Wanhe Electric [1] - Aopu Technology managed to increase its net profit by 7.8% despite a 4.9% decrease in revenue, attributed to effective cost control [1] Group 5: Cash Flow and Inventory Management - Companies like Zhejiang Meida, Marsman, and Yitian Smart experienced a negative shift in operating cash flow, with over half of the companies seeing a year-on-year decline in cash flow [1] - Boss Electric had an accounts receivable turnover period of approximately 70 days, while Zhejiang Meida's was only 5 days, indicating faster capital recovery [1] - Shuaifeng Electric's inventory turnover days increased by 26.7% to approximately 174 days, with a significant portion of its inventory being finished goods [1]