政策续航+技术赋能，华帝引领厨电行业迈入“价值竞争”新时代

Core Insights - The national "trade-in" subsidy policy for consumer goods is entering its final phase, with 231 billion yuan of the 300 billion yuan allocated for 2025 already disbursed, and the application channel will close on December 31, 2025 [1][10] - The central economic work conference indicated that the subsidy will continue into 2026, further optimizing its implementation to boost domestic consumption [1][10] - This policy extension represents a critical opportunity for the kitchen appliance industry to shift from "scale expansion" to "value competition" [10][19] Industry Developments - The coverage of the subsidy policy has expanded to include new kitchen appliance categories such as microwaves, water purifiers, and dishwashers, with significant effects observed in the market [12][15] - From January to November 2025, over 128 million home appliances were traded in under the subsidy program, demonstrating its effectiveness [12] - The subsidy amount for 2026 is expected to increase, with some forecasts suggesting it could reach 500 billion yuan, and the focus will shift towards high-energy efficiency and smart products [13][19] Company Actions - Vatti, as a leading brand in the kitchen appliance sector, is actively responding to the policy by launching high-end products that meet subsidy standards, with R&D investment reaching 172 million yuan in the first three quarters of 2025 [12][15] - The company has introduced a series of services to lower the barriers for consumers, including free installation and removal of old appliances [12][15] - Vatti's E6095ZS model has won the prestigious Red Top Award, highlighting its innovative design and alignment with the "green and smart" direction of the 2026 subsidy policy [16][19] Product Innovations - The E6095ZS features a 22.5 cm ultra-thin design, integrating seamlessly with kitchen cabinetry, and offers advanced functionalities such as a microwave radar sensing system and AI smoke sensing technology [16][18] - The product includes a PM2.5 sensor for real-time air quality monitoring and an upgraded cleaning system that achieves a 99.9% sterilization rate [18][19] - Vatti's commitment to sustainability is evident, with its rooftop solar project generating 32% of the company's total electricity consumption [19]