ROBAM(SZ:002508) 第一财经·2025-09-01 13:39Core Viewpoint - The AI wave is driving the kitchen appliance industry into a new growth cycle, with Boss Electric (002508.SZ) leading through technological product innovation and business model transformation, aiming to create a more comprehensive cooking ecosystem to stimulate industry growth [1][3]. Group 1: Performance and Market Position - In the first half of 2025, Boss Electric achieved revenue of 4.608 billion and a net profit of 712 million, demonstrating strong operational resilience despite a challenging market environment [5]. - The company’s market share in key categories remains strong, with combined sales of range hoods and gas stoves leading the domestic market at 31.28% and 31.46% respectively [5]. - The company is focusing on user needs and product innovation to maintain its leading position in the kitchen appliance industry [5][6]. Group 2: Digital Transformation and User Engagement - Boss Electric is transitioning from a "kitchen appliance expert" to a "cooking partner," with digital kitchen appliance sales growing by 56.26% year-on-year in the first half of 2025 [7]. - The company has developed a user-centric product management system, enhancing decision-making efficiency by 40% through data-driven strategies [6][10]. - The "Shishen APP" and mini-program have over 5.4 million registered users, significantly improving user engagement and advertising ROI by 30% [6][10]. Group 3: Expansion into Commercial and Overseas Markets - The commercial kitchen market in China is valued at hundreds of billions, and Boss Electric is leveraging its expertise to expand its commercial kitchen business, with a 70% increase in new clients in the first half of 2025 [11]. - The company is also accelerating its overseas market expansion, establishing a subsidiary in Indonesia and implementing a partner-based approach for global operations [11][13]. Group 4: Cultural and Technological Integration - Boss Electric has established a Culinary Humanities Research Institute to explore the future of cooking and enhance culinary culture, receiving over 100,000 visitors annually [13]. - The company is actively participating in the formulation of industry standards, having contributed to 161 standards revisions, reinforcing its technological leadership [10][15]. - The integration of technology and culture is seen as a pathway for the company to balance commercial and social value, potentially transforming the kitchen appliance industry from hardware competition to ecosystem and experience competition [15].