获评“跑赢行业”，华帝三季报有这些亮点

Core Viewpoint - Vatti Holdings, a leading high-end kitchen appliance brand in China, reported a decline in revenue and net profit for the first three quarters of 2025 compared to the same period in 2024, with revenue at 4.158 billion yuan and net profit at 356 million yuan, although it maintains a strong gross margin above 40% [1][3] Financial Performance - For the first three quarters of 2025, Vatti's revenue was 4.158 billion yuan and net profit was 356 million yuan, both showing a decline compared to the same period in 2024 [1] - Vatti's annual gross margins over the past three years were 41.11% in 2023, 40.71% in 2024, and 43.29% in the first three quarters of 2025, significantly higher than the industry average of less than 30% [1] Market Position and Ratings - Institutional ratings over the past six months include 4 "Buy," 3 "Hold," and 1 "Outperform" rating, indicating a positive outlook based on the company's recovery in profitability [1] Product Innovation and Strategy - Vatti focuses on "clean kitchen" strategies, enhancing its competitive edge through technological and product innovations, including patented technologies like "dual square full-area washing" and "fifth-generation surfing steam washing technology" [1] - The company has successfully upgraded its product structure towards high-end markets with flagship products such as the beauty bath water heater and steam oven FA50P [1] Retail Transformation - Vatti is actively transforming its retail strategy, enhancing offline channels through terminal upgrades and strategic partnerships with major retailers like JD MALL, resulting in a 6.83% year-on-year increase in offline channel gross margins and a new retail channel gross margin of 41.51% [3] Digital and AI Initiatives - Since 2024, Vatti has accelerated its digital and intelligent transformation, implementing systems like SRM, DMS, and CRS to improve supply chain efficiency and quality control [3] - The company has established an AI application project team, with a three-step strategy to build a company-level AI capability platform by 2025, aiming to leverage AI for quality enhancement and experience optimization [3]