Vatti(SZ:002035) Xin Lang Zheng Quan·2025-10-27 08:45Group 1: Industry Trends - The retail sales revenue of daily household appliances, including refrigerators, grew by 48.3% year-on-year in the first three quarters of 2025, driven by large-scale equipment upgrades and the "old for new" consumption policy [1] - As the policy enters its final phase, the industry's growth rate is showing signs of marginal slowdown, with consumer demand shifting from "policy-driven" to "value-driven," emphasizing health functions, smart experiences, and aesthetic design [1][9] - The home appliance industry is transitioning from "scale growth" to "value growth," necessitating a focus on product strength and innovation to maintain competitiveness [9] Group 2: Company Innovations - Vatti has launched the "Beautiful Skin Bath" series of water heaters, addressing the overlooked need for bathing water quality, integrating "High Permeability Active Skin Technology" and "Healthy Bath Water System" to redefine the bathing experience [3] - The "High Permeability Active Skin Technology" restructures water molecules into ultra-micro clusters, enhancing skin hydration and cleanliness, while the "Healthy Bath Water System" ensures water purity through multiple protective measures [3] - After 28 days of using Vatti's water heater, users reported a 29.89% increase in facial moisture content, a 55.82% reduction in oil, and a 19.99% decrease in wrinkle length, indicating significant improvements in skin health [3] Group 3: Product Development Strategy - Vatti's "Fully Hidden Series" aims to transform kitchens into social spaces, combining Eastern aesthetics with advanced technology, focusing on "space integration" and "intelligent interaction" [6] - The series features a retractable range hood that effectively removes smoke and an AI-driven system that monitors air quality and performs self-diagnostics, enhancing user experience [6] - Vatti's strategy emphasizes high-end technology, design aesthetics, and emotional resonance, responding to modern family needs and integrating cooking into the emotional fabric of home life [6] Group 4: Research and Development - Vatti invested 116 million yuan in R&D in the first half of 2025, a year-on-year increase of 18%, holding 4,690 national patents, including 835 invention patents [8] - The company focuses on user needs, establishing a product innovation system based on three core standards: usability, aesthetics, and ease of cleaning [8] - Vatti's innovations, such as "Surfing Steam Washing" for range hoods and "High Permeability Active Skin Technology" for water heaters, are industry firsts that strengthen its competitive edge [8]