华帝股份有限公司 第九届董事会第四次会议决议公告 证券代码：002035 证券简称：华帝股份 公告编号：2025-030 三、备查文件 1、华帝股份有限公司第九届董事会第四次会议决议； 2、华帝股份有限公司第九届董事会审计委员会 2025 年第三次会议记录。 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 一、董事会会议召开情况 华帝股份有限公司（以下简称"公司"）第九届董事会第四次会议通知于 2025 年 10 月 20 日以书面及电子邮件形式发出，会议于 2025 年 10 月 27 日上午 10:00 以通讯表决的方式召开。 会议应出席董事 7 名，实际出席董事 7 名。会议由公司董事长潘叶江先生主持，参加会议的 董事符合法定人数，会议的召集、召开及表决程序符合《公司法》和《公司章程》的有关规 定。 二、董事会会议审议情况 1、以 7 票同意、0 票反对、0 票弃权，审议通过了《2025 年第三季度报告》。 公司董事、高级管理人员出具了关于公司 2025 年第三季度报告的书面确认意见，作为公 司的董事、高级管理人员，保证公司 2025 年第三季度报告内容 ...

Financial Performance - The company's revenue for Q3 2025 was ¥1,357,836,624.53, a decrease of 7.93% compared to the same period last year[5] - Net profit attributable to shareholders was ¥83,716,563.62, down 19.66% year-on-year[5] - The basic earnings per share decreased by 19.70% to ¥0.1007[5] - Total operating revenue decreased to ¥4,157,645,421.56 from ¥4,575,581,449.41, representing a decline of approximately 9.1% year-over-year[17] - Net profit attributable to shareholders decreased to ¥355,759,635.70 from ¥403,791,138.21, reflecting a decline of approximately 11.9% year-over-year[18] - Basic and diluted earnings per share decreased to ¥0.4281 from ¥0.4848, a drop of about 11.6% year-over-year[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,992,901,181.79, a decline of 4.18% from the previous year[5] - The total assets decreased from CNY 7,298,082,229.49 to CNY 6,992,901,181.79, reflecting a decline of approximately 4.2%[14] - Current assets decreased from CNY 5,045,816,848.08 to CNY 4,716,193,827.23, a reduction of about 6.5%[14] - Total liabilities decreased from CNY 3,474,111,500.18 to CNY 3,063,256,574.01, a decline of around 11.9%[15] - Accounts payable decreased from CNY 771,677,085.74 to CNY 615,324,964.89, a reduction of about 20.3%[15] Cash Flow - Cash flow from operating activities for the year-to-date was ¥299,536,385.94, down 19.54% compared to the previous year[9] - Cash flow from operating activities generated ¥299,536,385.94, down from ¥372,278,733.70, a decrease of approximately 19.5% year-over-year[20] - Cash and cash equivalents at the end of the period decreased to ¥812,923,651.24 from ¥1,039,658,497.13, a decline of about 21.8%[22] - The company experienced a 35.30% decrease in cash and cash equivalents, totaling ¥1,081,511,620.80, primarily due to changes in financial product principal[9] Shareholder Information - The company has a total of 35,516 common shareholders at the end of the reporting period[11] - The company repurchased a total of 16,589,882 shares, accounting for 1.96% of the current total share capital[12] Contract Liabilities - The company reported a significant increase in contract liabilities by 66.95% to ¥360,813,720.69, attributed to increased prepayments from promotional activities[9] - The company's contract liabilities increased from CNY 216,118,143.96 to CNY 360,813,720.69, reflecting an increase of about 67%[15] Expenses - Total operating costs reduced to ¥3,812,128,674.03 from ¥4,231,827,707.73, a decrease of about 9.9% year-over-year[17] - Research and development expenses decreased to ¥171,833,062.82 from ¥196,394,411.76, a reduction of approximately 12.5% year-over-year[17] - Other income decreased to ¥45,091,856.92 from ¥84,359,808.73, a decline of about 46.4% year-over-year[17] Investment and Financing Activities - Investment activities resulted in a net cash outflow of ¥596,106,152.43, compared to a smaller outflow of ¥248,805,555.66 in the previous period[21] - Financing activities generated a net cash outflow of ¥235,075,576.82, an improvement from a larger outflow of ¥316,864,439.41 in the previous period[22] Additional Information - The third quarter financial report of Vatti Co., Ltd. has not been audited[23] - The new accounting standards will be implemented starting from 2025[23] - The financial statement items related to the first year of the new accounting standards will be adjusted[23] - The board of directors of Vatti Co., Ltd. issued the report on October 28, 2025[23]

Core Viewpoint - The event "Vatti Clean Music Festival - 2025 Vatti Night Chongqing Station" hosted by Vatti, a leading brand in high-end kitchen appliances in China, successfully combined music and brand promotion, enhancing the concept of quality living in Chongqing [1][8]. Product Highlights - Vatti showcased a range of stylish and technologically advanced kitchen appliances, including the A500 integrated drinking center, QH1i wall-mounted boiler with 108% thermal efficiency, B6S dishwasher with first-class cleaning coverage, GW6i beauty bath water heater, QX01 multi-functional cooking device, and J6230ZS range hood with high airflow and static pressure [3][5]. Brand Commitment - Vatti has been committed to user-centric principles for nearly 30 years in the Sichuan-Chongqing region, focusing on delivering high-quality kitchen appliances and the concept of "serious living" to households [5][10]. - The company has evolved from a gas stove manufacturer to a comprehensive kitchen and bathroom expert over 33 years, expanding its product range to include various kitchen appliances [5]. Event Significance - The "Vatti Night" has transformed into a long-term activity IP that connects the brand with users, moving beyond traditional promotional events to create emotional connections through music [8][10]. - The event serves as a platform for Vatti to express its value proposition, emphasizing that kitchen appliances are not just functional tools but also guardians of a high-quality lifestyle [10]. Market Impact - The event aims to invigorate the market by showcasing products in real-life scenarios, appealing to consumers' desires for quality and experience rather than mere functionality [10]. - Vatti's ongoing "Vatti Night" events, from Taiyuan to Chongqing, are expected to further enhance brand engagement and provide innovative, creative, and youthful ideas for brand building in the kitchen appliance industry [10].

Core Insights - The "hidden embedded" trend is emerging as a new focal point in the kitchen appliance industry, with products like "invisible range hoods" gaining popularity among consumers [1][3] - Leading players in this competition, Fotile and Vatti, have showcased innovative products that have received international recognition, indicating their strong innovation capabilities [1][3] Industry Trends - The kitchen appliance industry in China has evolved significantly over the past 40 years, transitioning from basic functionality to a focus on aesthetics and comfort, driven by changing consumer demands [3][5] - Despite an increase in average housing size, kitchen space has remained largely unchanged, leading to a demand for embedded appliances to optimize space utilization [3][5] Product Innovations - Consumers desire range hoods that can "disappear" from view, enhancing the overall kitchen design and making it easier to share aesthetically pleasing images [5][8] - Both Fotile and Vatti have introduced innovative designs, such as Vatti's "near-closet range hood" and Fotile's "wing-lift series," focusing on making range hoods thinner and more integrated into kitchen cabinetry [5][8] Competitive Landscape - The market for hidden embedded range hoods is currently dominated by Fotile and Vatti, creating a "2+N" competitive structure, with other brands following their lead [11] - Vatti's "fully hidden zero-embedded range hood" features advanced technology that allows it to blend seamlessly with cabinetry, while maintaining high performance [8][11] Consumer Experience - Vatti's innovations aim to enhance user experience across three dimensions: product cleanliness, spatial efficiency, and sensory satisfaction, aligning with their "clean kitchen" concept [9][11] - The focus on health and cleanliness in kitchen environments is becoming a key differentiator for brands like Vatti, positioning them favorably in the emerging market for hidden embedded appliances [11]

Core Insights - The article emphasizes the shift from traditional advertising to emotional competition, where brands must resonate with consumers' emotional needs, particularly among the younger demographic [1] - Vatti, a leading high-end kitchen appliance brand in China, has successfully engaged in content marketing that aligns with the emotional and cultural aspirations of young consumers [1][3] Group 1: Emotional Engagement and Content Marketing - Vatti's content marketing strategy focuses on user life scenarios and emotional needs, creating a multi-dimensional content matrix that targets various emotional touchpoints for young consumers [3] - The brand has leveraged traditional culture through a food micro-drama titled "Palace Kitchen," integrating its product philosophy of "new Chinese stylish healthy lifestyle" into the storyline, thus enhancing brand image and cultural resonance [3][5] - Vatti has also tapped into the popularity of short dramas, creating engaging narratives that resonate with young audiences while subtly incorporating product placements, achieving a "content as marketing" effect [5] Group 2: Innovative Formats and Brand Positioning - The brand has embraced AI technology by launching an AIGC short drama titled "The Echo of Civilization in 2079," which integrates various kitchen products into an artistic narrative, enhancing brand recognition among younger consumers [5] - Vatti has created a music festival IP called "Vatti Night," which connects with young people's love for music and fashion, fostering emotional connections between the brand and consumers [6] - The brand's marketing strategy emphasizes emotional symbiosis, addressing the common challenges faced by young people, such as time constraints and the complexities of traditional kitchen appliances [8][9] Group 3: Long-term Brand Strategy - Vatti's approach to brand youthfulness goes beyond superficial trends, focusing on deep emotional connections and product value alignment with young consumers' needs [8] - The brand aims to be an "emotional ally" for young consumers, addressing their core emotional needs for relaxation and self-healing through various content forms [9] - Vatti's product design adheres to three core standards: usability, aesthetics, and ease of cleaning, directly addressing young consumers' preferences for convenience and simplicity [9]

Group 1: Industry Trends - The retail sales revenue of daily household appliances, including refrigerators, grew by 48.3% year-on-year in the first three quarters of 2025, driven by large-scale equipment upgrades and the "old for new" consumption policy [1] - As the policy enters its final phase, the industry's growth rate is showing signs of marginal slowdown, with consumer demand shifting from "policy-driven" to "value-driven," emphasizing health functions, smart experiences, and aesthetic design [1][9] - The home appliance industry is transitioning from "scale growth" to "value growth," necessitating a focus on product strength and innovation to maintain competitiveness [9] Group 2: Company Innovations - Vatti has launched the "Beautiful Skin Bath" series of water heaters, addressing the overlooked need for bathing water quality, integrating "High Permeability Active Skin Technology" and "Healthy Bath Water System" to redefine the bathing experience [3] - The "High Permeability Active Skin Technology" restructures water molecules into ultra-micro clusters, enhancing skin hydration and cleanliness, while the "Healthy Bath Water System" ensures water purity through multiple protective measures [3] - After 28 days of using Vatti's water heater, users reported a 29.89% increase in facial moisture content, a 55.82% reduction in oil, and a 19.99% decrease in wrinkle length, indicating significant improvements in skin health [3] Group 3: Product Development Strategy - Vatti's "Fully Hidden Series" aims to transform kitchens into social spaces, combining Eastern aesthetics with advanced technology, focusing on "space integration" and "intelligent interaction" [6] - The series features a retractable range hood that effectively removes smoke and an AI-driven system that monitors air quality and performs self-diagnostics, enhancing user experience [6] - Vatti's strategy emphasizes high-end technology, design aesthetics, and emotional resonance, responding to modern family needs and integrating cooking into the emotional fabric of home life [6] Group 4: Research and Development - Vatti invested 116 million yuan in R&D in the first half of 2025, a year-on-year increase of 18%, holding 4,690 national patents, including 835 invention patents [8] - The company focuses on user needs, establishing a product innovation system based on three core standards: usability, aesthetics, and ease of cleaning [8] - Vatti's innovations, such as "Surfing Steam Washing" for range hoods and "High Permeability Active Skin Technology" for water heaters, are industry firsts that strengthen its competitive edge [8]

Market Overview - The kitchen and bathroom appliance sector increased by 0.67% on October 27, with Yitian Intelligent leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance, with Yitian Intelligent (300911) closing at 39.49, up 1.83% [1] - Other notable performers included Wanhe Electric (002543) at 11.74, up 1.21%, and Aopu Technology (603551) at 11.96, up 1.10% [1] Capital Flow - The kitchen and bathroom appliance sector experienced a net outflow of 5.33 million yuan from institutional investors, while retail investors saw a net inflow of 3.66 million yuan [1] - The detailed capital flow for individual stocks indicates that Boss Electric (002508) had a net inflow of 8.47 million yuan from institutional investors, but a net outflow of 14.02 million yuan from retail investors [2]

Core Viewpoint - The event "Vatti Naturally Clean Music Festival - 2025 Vatti Night Chongqing Station" hosted by Vatti, a leading brand in high-end kitchen appliances in China, successfully combined music and brand promotion, enhancing the concept of quality living in Chongqing [1][10]. Product Highlights - Vatti showcased a range of stylish and technologically advanced kitchen appliances, including the A500 integrated drinking center, QH1i wall-mounted boiler with 108% thermal efficiency, B6S dishwasher with first-class cleaning coverage, GW6i beauty bath water heater, QX01 multi-functional cooking appliance, and J6230ZS range hood with high airflow and static pressure [3][12]. Event Attendance and Guest Speakers - The event was attended by notable figures including the president of the Chongqing Household Appliance Service Association and executives from Vatti, highlighting the brand's commitment to quality and user satisfaction over nearly three decades in the region [5][7]. Musical Performances - The festival featured performances by popular artists, creating an engaging atmosphere that resonated with the audience, further enhancing the brand's connection with consumers [8]. Brand Strategy and Market Positioning - Vatti is focusing on creating a long-term event IP, "Vatti Night," to connect with consumers and activate the market, moving away from traditional promotional methods to a more engaging and emotional approach through music [10][12]. - The brand emphasizes the importance of quality and experience in the home appliance market, positioning its products as essential for a high-quality lifestyle [12].

Core Insights - The high-end kitchen appliance market is witnessing a divergence between foreign brands maintaining traditional craftsmanship and domestic brands innovating to meet local demands [1][2] - The perception of foreign high-end kitchen appliances as status symbols is diminishing due to high repair costs and low adaptability to local cooking needs [1][2] - The value proposition in high-end kitchen appliances has shifted from brand premium to user experience and scene adaptability [1][8] Market Dynamics - Foreign brands face a "cost-performance crisis" as high repair costs (15%-20% of product price) contrast with domestic brands (5%-8%) [1] - The market is currently in a transitional phase, struggling with a collective "selling difficulties" due to mismatched supply and demand [2][11] - The definition of high-end kitchen appliances has evolved through three key phases: from foreign-led standards to local innovation and ecosystem integration [3][4][5][6] Phases of Development - **Phase 1 (2015-2019)**: High-end defined by product parameters, dominated by foreign brands like Gaggenau and Miele, with over 40% market share [4] - **Phase 2 (2020-2023)**: Shift to scene integration, with local brands innovating to address specific Chinese kitchen needs, leading to the rise of integrated cooking solutions [5] - **Phase 3 (2024-present)**: Focus on ecosystem experience, where brands like Xiaomi and Huawei leverage smart connectivity to redefine high-end offerings [6] Consumer Preferences - Chinese consumers prioritize technology and scene adaptability over mere brand prestige, leading to a faster product iteration cycle compared to Europe [8] - The average kitchen size in China is less than 10 square meters, necessitating integrated and space-efficient solutions [8] - There is a growing demand for products that address specific cooking habits, with consumers willing to pay for technology that solves pain points rather than for brand prestige [8] Challenges for Domestic Brands - Domestic high-end kitchen appliances face challenges due to the industry's unique characteristics, requiring a comprehensive restructuring of consumer perception, technology ecosystem, and distribution channels [9] - The high-endization process for domestic brands has evolved through three stages: from OEM to localized innovation, and now to full scene upgrades [9] - The market is divided into three factions: technology-driven, ecosystem-driven, and price-upgrade driven, each facing unique challenges in establishing high-end recognition [9][10] Future Outlook - The current high-end kitchen appliance market is characterized by a structural imbalance between homogeneous supply and personalized demand [11][12] - Companies are encouraged to shift from broad product offerings to focused, precise competition to address the fragmented consumer needs [11] - The future competition will center around ecosystem solutions rather than individual products, marking a transition from scale competition to value competition [14]

Core Insights - The kitchen and bathroom appliance sector experienced a decline of 0.66% on October 24, with Zhejiang Meida leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Sector Performance - The following companies in the kitchen and bathroom appliance sector showed varied performance: - Sunrise Oriental (603366) closed at 9.27, up 0.22% with a trading volume of 69,600 shares and a turnover of 64.63 million yuan - Baosheng Co. (002035) closed at 6.38, down 0.31% with a trading volume of 47,200 shares and a turnover of 30.12 million yuan - Shifeng Electric (605336) closed at 15.56, down 0.32% with a trading volume of 16,700 shares and a turnover of 25.60 million yuan - Mars Man (300894) closed at 12.32, down 0.40% with a trading volume of 40,100 shares and a turnover of 49.74 million yuan - Yitian Intelligent (300911) closed at 38.78, down 0.44% with a trading volume of 54,000 shares and a turnover of 208 million yuan - Boss Electric (002508) closed at 18.87, down 0.79% with a trading volume of 45,500 shares and a turnover of 85.94 million yuan - Wanhe Electric (002543) closed at 11.60, down 1.02% with a trading volume of 57,600 shares and a turnover of 67.04 million yuan - Aopu Technology (603551) closed at 11.83, down 1.09% with a trading volume of 21,700 shares and a turnover of 25.81 million yuan - Zhejiang Meida (002677) closed at 7.16, down 1.78% with a trading volume of 75,000 shares and a turnover of 54.03 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 17.41 million yuan from institutional investors, while retail investors contributed a net inflow of 13.38 million yuan [1] - The following capital flows were noted for specific companies: - Boss Electric (002508) had a net inflow of 7.70 million yuan from institutional investors, but a net outflow of 11.83 million yuan from retail investors - Wanhe Electric (002543) saw a net inflow of 6.38 million yuan from institutional investors, with a net outflow of 6.28 million yuan from retail investors - Shifeng Electric (605336) had a net inflow of 1.76 million yuan from institutional investors, but a net outflow of 3.05 million yuan from retail investors - Mars Man (300894) experienced a net outflow of 1.13 million yuan from institutional investors, while retail investors contributed a net inflow of 0.44 million yuan - Aopu Technology (603551) had a net outflow of 1.80 million yuan from institutional investors, but a net inflow of 0.44 million yuan from retail investors - Baosheng Co. (002035) saw a net outflow of 1.88 million yuan from institutional investors, with a net inflow of 0.35 million yuan from retail investors - Zhejiang Meida (002677) experienced a net outflow of 4.95 million yuan from institutional investors, while retail investors contributed a net inflow of 0.30 million yuan - Yitian Intelligent (300911) had a significant net outflow of 21.58 million yuan from institutional investors, with a net outflow of 18.38 million yuan from retail investors [2]