ROBAM(SZ:002508) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-31 15:24Core Viewpoint - The financial report of Boss Electric (002508) for Q3 2025 shows unexpected revenue growth despite a challenging market, indicating the company's resilience and operational effectiveness in a complex environment [1][2]. Financial Performance - In Q3 2025, Boss Electric reported a revenue of 2.7 billion yuan, a year-on-year increase of 1.4%, and a net profit attributable to shareholders of 446 million yuan, up 0.6% year-on-year [1]. Market Context - The kitchen appliance market faced a downturn, with a 18.7% year-on-year decline in retail sales for major kitchen and bathroom appliances in September 2025, except for embedded micro-steaming ovens [1]. Digital Transformation - The company's growth is attributed to long-term investments in digitalization, with digital kitchen appliance sales increasing by 55% year-on-year in Q3 2025, highlighting a new growth curve for Boss Electric [2]. Industry Trends - The kitchen appliance industry is shifting from a "selling products" model to a "selling products + services" model, emphasizing the importance of data asset accumulation, digital product development, and smart ecosystem operation as key standards for future growth [4]. Competitive Advantage - Boss Electric holds a leading market share in retail sales of range hoods and gas stoves, with respective shares of 31.15% and 31.38% from January to September 2025, positioning the company favorably in data accumulation and utilization [5]. Data Utilization - The company has obtained seven data property registration certificates, becoming the first in the kitchen appliance industry to achieve a unified ownership, usage, and operational rights over data, enhancing its competitive edge [5]. User Engagement - As of October 2025, the "Shishen" AI model has over 6 million users, with a 30% increase in monthly active users in Q3 compared to the first half of the year, indicating strong user engagement and data accumulation [8]. Product Innovation - The "Shishen" AI model integrates advanced technologies to enhance user experience, offering features like ingredient recognition and dietary planning, transforming kitchen appliances into comprehensive cooking solutions [8][10]. Brand Strategy - Boss Electric aims to build a long-term brand advantage through user co-creation and cultural exchange, focusing on personalized kitchen experiences and emotional connections with consumers [9][10]. Future Vision - The company envisions a future where cooking is an artistic journey facilitated by technology, emphasizing the importance of user experience and community engagement in establishing a sustainable competitive advantage [11][12].