ROBAM(SZ:002508) 凤凰网财经·2025-09-04 13:28Core Viewpoint - The company, Boss Electric, reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its core product categories and overall market performance [2][3][4]. Group 1: Revenue and Profit Decline - In the first half of 2025, Boss Electric's revenue was 4.608 billion, a year-on-year decrease of 2.58%, while the net profit attributable to shareholders was 712 million, down 6.28%, marking two consecutive years of profit decline [2][3]. - The company's reliance on its core products, particularly range hoods and gas stoves, has led to significant revenue pressure, with these categories contributing over 70% of total revenue [4][3]. Group 2: Product Performance - The revenue from range hoods and gas stoves was 2.205 billion and 1.156 billion respectively, showing declines of 2.36% and 1.11% year-on-year [4]. - Emerging product categories such as integrated stoves, steam ovens, and others have not compensated for the decline in core products, contributing less than 30% to total revenue [4]. - Specific product categories like steam ovens and integrated stoves saw substantial declines, with year-on-year drops of 44.18% and 45.24% respectively [4]. Group 3: Channel Challenges - Boss Electric's three main sales channels—offline retail, online e-commerce, and renovation projects—are all facing challenges, particularly in the renovation market, which has seen a significant downturn [6][7]. - The company's market share in the renovation channel has decreased, dropping from first to second place, with a current market share of 24% [6]. - In the offline market, the brand's market share for range hoods fell to 31.2%, a decline of 0.7 percentage points year-on-year [7]. Group 4: Multi-Brand Strategy Issues - The company is pursuing a multi-brand strategy to cater to diverse consumer needs, but it faces challenges in brand positioning and market perception [9][10]. - The main brand, "Boss," is struggling to maintain its high-end image, with sales expenses significantly outpacing research and development investments, which decreased by 10.9% [10]. - The sub-brand "Mingqi" has not gained traction in the market, lacking distinct features and effective pricing strategies, leading to limited support for overall company performance [11].