华帝终端焕新背后的资本价值几何？

Core Insights - The core viewpoint of the article is that the kitchen appliance industry is facing significant challenges in the post-subsidy era, and companies must find sustainable growth paths to navigate through cycles. Vatti, a leading high-end kitchen appliance brand in China, has announced a major update called the "Terminal Renewal Plan" to address these challenges and enhance profitability [1][7]. Group 1: Industry Challenges and Strategic Responses - The kitchen appliance industry is experiencing difficulties after moving away from real estate benefits, with blind expansion and price competition becoming unsustainable. Companies need to open up sustainable growth paths to survive [1][9]. - The "Terminal Renewal Plan" by Vatti focuses on meeting core consumer demands for high-end products, aiming to enhance growth resilience and optimize profitability [1][7]. - The 2025 Central Economic Work Conference encourages companies to launch high-end, intelligent, and green products to meet quality consumption demands, indicating a shift in industry focus [9]. Group 2: Product and Service Innovations - Vatti's renewal plan includes introducing new and high-end products across authorized sales outlets, significantly increasing the proportion of these products in stores [2][9]. - The service renewal aspect aims to enhance user experience through digital technology and innovative service models, transitioning from passive to proactive service [3][10]. - Vatti has set clear service benchmarks, such as "installation within 48 hours" and "repair completion within 72 hours," to address service efficiency, especially in second and third-tier cities [4][11]. Group 3: Long-term Vision and Market Impact - The renewal plan is expected to shift the industry from a "price war" to a "value war," redefining service value and transforming after-sales service into a brand investment [6][13]. - This systematic supply-side reform is anticipated to create a more sustainable growth model, positively impacting product pricing and terminal health, thereby opening new profit sources [6][13]. - Vatti's approach reflects a long-term commitment to overcoming cyclical fluctuations and fierce competition, enhancing the stability and predictability of its profitability [6][13].