| 编制单位：华帝股份有限公司 | | | 单位：元 币种：人民币 | | --- | --- | --- | --- | | 资 产 | 附注 | 2025年6月30日 | 2024年12月31日 | | 流动资产： | | | | | 货币资金 | 五（一） | 1,213,259,775.83 | 1,671,497,402.51 | | 交易性金融资产 | 五（二） | 1,553,923,080.00 | 1,384,175,980.90 | | 衍生金融资产 | | | | | 应收票据 | 五（三） | 152,901,912.09 | 504,556,667.04 | | 应收账款 | 五（四） | 835,148,938.42 | 683,882,620.64 | | 应收款项融资 | | | | | 预付款项 | 五（五） | 46,682,716.99 | 44,630,341.24 | | 其他应收款 | 五（六） | 24,950,076.57 | 28,238,536.49 | | 其中：应收利息 | | | | | 应收股利 | | | | | 存 货 | 五（七） | 695, ...

《2025 年半年度报告》于2025年8月30日刊登在巨潮资讯网（http://www.cninfo.com.cn)。 证券代码：002035 证券简称：华帝股份 公告编号：2025-027 华帝股份有限公司 第九届董事会第三次会议决议公告 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"）第九届董事会第三次会议通知于 2025 年 8 月 19 日以书面及电子邮件形式发出，会议于 2025 年 8 月 28 日上午 10:00 在广东省中山市小榄镇 工业大道南华园路 1 号公司办公楼四楼会议室以现场表决的方式召开。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 年半年度报告及报告摘要》。 公司董事、高级管理人员出具了关于公司 2025 年半年度报告的书面确认意见，作为公司 的董事、高级 ...

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.16% on August 29, with Mars Man leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance: - Aopu Technology (603551) closed at 12.46, up 1.30% with a trading volume of 30,400 shares and a turnover of 37.84 million yuan - Boss Electric (002508) closed at 20.35, down 0.20% with a trading volume of 112,500 shares and a turnover of 22.90 million yuan - Mars Man (300894) closed at 13.73, down 3.17% with a trading volume of 107,200 shares and a turnover of 148 million yuan [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 106 million yuan from main funds, while retail investors contributed a net inflow of 101 million yuan [1] - Detailed capital flow for specific stocks indicates: - Yitian Smart (300911) had a main fund net inflow of 2.89 million yuan, while retail investors contributed 11.08 million yuan - Aopu Technology (603551) experienced a main fund net outflow of 427,500 yuan, with retail investors contributing a net inflow of 1.94 million yuan [2] - Mars Man (300894) faced a main fund net outflow of 13.46 million yuan, while retail investors had a net inflow of 13.78 million yuan [2]

Core Insights - The kitchen appliance industry is undergoing a significant transformation from basic functionality to health and comfort-oriented products, with smart range hoods emerging as a key product due to their superior smoke purification capabilities and intelligent features [1][10] - The market for smart range hoods experienced a brief downturn in 2020 due to the pandemic but rebounded quickly in 2021, with retail sales reaching 11.988 billion yuan, a year-on-year increase of 7.2% [1][10] - By 2024, driven by government policies like "old-for-new" initiatives, the industry is expected to see explosive growth, with retail volume reaching 8.7486 million units, a year-on-year increase of 16.03%, and retail sales reaching 15.204 billion yuan, a year-on-year increase of 20.67% [1][10] - The smart range hood market is projected to maintain steady growth, with retail volume in the first half of 2025 estimated at approximately 4.311 million units, a year-on-year increase of 10.3%, and retail sales around 751.5 million yuan, a year-on-year increase of 11.8% [1][10] Industry Overview - Smart range hoods, also known as intelligent range hoods, utilize modern industrial automation, internet, and multimedia technologies to automatically sense environmental conditions and user commands, integrating into the smart home ecosystem [4][6] - The smart home appliance market in China is projected to grow from 349.2 billion yuan in 2018 to 756 billion yuan in 2024, with smart range hoods being a significant component of this growth [6] Policy Support - The Chinese government has implemented various policies to promote the smart home appliance industry, including subsidies for consumers purchasing energy-efficient appliances, which includes smart range hoods [7] Industry Chain - The upstream of the smart range hood industry includes raw materials and components such as stainless steel, cold-rolled plates, and hardware, with a relatively low dependency on any single material [8][9] - The midstream involves the manufacturing of smart range hoods, while the downstream consists of sales channels including specialty stores, appliance chains, department stores, and online platforms [8] Market Dynamics - The competitive landscape of the smart range hood market is evolving, with high-end markets dominated by specialized kitchen appliance brands, while mid-range markets see competition between specialized and comprehensive appliance brands [11] - Key players in the smart range hood industry include Boss Electric, Fotile, Xiaomi, Midea, and others, with Boss Electric reporting a revenue of 5.455 billion yuan for its range hoods in 2024, a year-on-year increase of 2.5% [12] Development Trends - The smart range hood industry is moving towards deeper intelligence, integrating AI, IoT, and big data technologies to enhance user experience and energy efficiency [13][14] - Integration with other kitchen appliances and space optimization is becoming a key focus, with designs that save space while enhancing aesthetics [14] - Environmental considerations are driving improvements in noise reduction, filtration efficiency, and the use of recyclable materials in manufacturing [15] - Health-oriented features are being integrated into new products, including UV sterilization and real-time air quality monitoring, positioning smart range hoods as health guardians in the kitchen [16]

Core Insights - The report maintains a positive outlook on the home appliance components sector, highlighting a potential for growth driven by technological advancements and market demand [3][5]. - The report emphasizes the importance of the company's strong customer base, including major clients like Midea and Samsung, which contributes to stable demand and long-term partnerships [28]. - The report identifies the company's diverse manufacturing capabilities and rapid supply advantages as key strengths that support sustainable growth [32][31]. Company Overview - The company, Hangzhou Rewei Electric Heating Technology Co., Ltd., specializes in the research, production, and sales of electric heating components and assemblies, with products used in various applications including household appliances and new energy vehicles [10][15]. - The company's product categories include electric heating elements for household appliances, commercial appliances, industrial equipment, and new energy vehicles, catering to a wide range of applications [15][16]. Financial Performance - The company's revenue has shown a rapid growth trend in recent years, with net profits maintaining steady growth, indicating a healthy financial position [20][22]. - The revenue from new energy vehicle heating elements has been increasing year by year, reflecting the company's successful expansion into this growing market [22]. Industry Analysis - The home appliance industry in China has shown resilience, with retail sales reaching 453.7 billion yuan in the first half of 2025, a year-on-year increase of 9.2% [35]. - The global new energy vehicle market is also expanding, with sales reaching 9.1 million units in the first half of 2025, a year-on-year growth of 28% [36]. - The report notes that the global electric heating element industry is centered in North America, Europe, and Asia-Pacific, with China rapidly developing its capabilities and becoming a significant player in the market [41]. Competitive Landscape - The report highlights that the company ranks as the third-largest electric heating element manufacturer globally, indicating a strong competitive position [43]. - Key competitors include Zoppas Industries and Oriental Electric, with the company holding a market share of 5.83% in 2021 [42].

Market Overview - The kitchen and bathroom appliance sector experienced a decline of 1.77% on August 27, with Mars Man leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Key stocks in the kitchen and bathroom appliance sector showed varied performance: - Yitian Intelligent (300911) closed at 58.21, up 1.23% with a trading volume of 96,800 shares and a turnover of 572 million yuan - Mars Man (300894) closed at 14.06, down 4.61% with a trading volume of 95,400 shares and a turnover of 138 million yuan [1] - Other notable declines included: - Boss Electric (002508) down 2.22% to 19.79 - Vatti (002035) down 2.69% to 6.51 [1] Capital Flow - The kitchen and bathroom appliance sector saw a net outflow of 27.44 million yuan from institutional investors and 50.52 million yuan from speculative funds, while retail investors had a net inflow of 77.96 million yuan [1] - Detailed capital flow for key stocks included: - Yitian Intelligent had a net inflow of 29.50 million yuan from institutional investors, but a net outflow of 39.72 million yuan from speculative funds [2] - Mars Man experienced a significant net outflow of 26.68 million yuan from institutional investors, while retail investors contributed a net inflow of 33.09 million yuan [2]

Core Insights - The changing lifestyle of young consumers is significantly impacting the consumer market, with a notable decrease in time spent on household chores, now averaging 1 hour and 59 minutes per day, down by 28 minutes since 2018 [1] - Nearly half of young respondents are willing to pay for automated cleaning appliances like dishwashers and robotic vacuums, indicating a strong demand for convenience in modern living [1] - Vatti, a well-known brand in the kitchen appliance sector, has recognized this trend and is focusing on the "Good Cleaning" segment to enhance user experience through technological innovation [1][3] Company Strategy - Vatti has developed a comprehensive product line in the "Good Cleaning" segment, aiming to translate the concept of a "clean kitchen" into practical user experiences, exemplified by the launch of the Giant Washing Dishwasher B6S [3] - The B6S features several industry-leading patented technologies, achieving a 99.9% cleaning coverage rate and receiving a Level 1 cleaning coverage certification from the China Household Electrical Appliances Research Institute [3] - The B6S also offers excellent storage capabilities, maintaining a high sterilization rate of over 99.9999% and ensuring that tableware remains fresh and clean even after long-term storage [3] Health and Lifestyle Focus - Vatti emphasizes that kitchen cleanliness is not just about removing stains but is crucial for health and emotional well-being, as kitchen cleanliness directly affects overall quality of life [5] - The company has introduced the "Clean Kitchen" concept, which includes easy-to-clean product designs, smart self-cleaning features, and optimized user experiences, contributing to its market success [5][6] - Vatti's investment in technology has led to 4,416 patents, including 543 related to the "Good Cleaning" initiative, showcasing its commitment to innovation in kitchen appliances [6] Future Outlook - Vatti aims to continue innovating in the "Good Cleaning" segment, aligning with the evolving demands of consumers for smarter, more efficient, and healthier living experiences [8] - The company is positioned to lead the industry towards new heights as technology advances and consumer needs evolve [8]

Core Insights - The strong implementation of the trade-in policy has led to a 30.7% year-on-year increase in retail sales of household appliances and audio-visual equipment from January to July this year [1] - Smart home appliances have become a market highlight, with sales of smart stove and range hood sets soaring by 76.7% year-on-year, indicating significant growth potential in the trade-in market [1] Group 1: Market Trends - The trade-in policy has activated consumer demand for high-quality kitchen appliances, focusing on enhancing the cooking experience [3] - The core of kitchen upgrades lies in improving the performance of gas stoves and range hoods, which are essential for convenience, cleanliness, and overall user experience [3] Group 2: Product Innovations - Vatti has launched new products, including the JZT-8S60 gas stove and J6230ZS range hood, which cater to the market's trade-in demand [3][4] - The JZT-8S60 features a removable burner for easy cleaning, while the J6230ZS includes a one-button cleaning function and an AI air management system for real-time air purification [5][6] Group 3: Performance and Design - The JZT-8S60 gas stove is equipped with a stable flame system and precise fire control, suitable for various cooking needs [6] - The J6230ZS range hood boasts a powerful suction capacity of 31m³/min and a design that minimizes noise, enhancing the cooking environment [6] Group 4: Embedded Products - The embedded kitchen appliance segment is gaining momentum, with a projected 5.3% year-on-year growth in retail sales for embedded micro-steaming and baking products by mid-2025 [7] - Vatti's FA50P steam and bake integrated machine addresses common issues with traditional steam ovens, offering improved cooking efficiency and ease of cleaning [7] Group 5: Future Outlook - The ongoing trade-in policy is expected to continue releasing consumer potential in the kitchen appliance market [9] - Vatti's focus on product innovation and user-centered design positions the company to maintain a competitive edge and drive the kitchen appliance industry towards a more user-friendly and meaningful direction [9]

Core Insights - The embedded steam and baking integrated machines are gaining popularity in the kitchen appliance market due to trends like "lazy economy" and "health economy" [1][4] - The overall retail market for kitchen appliances, including embedded micro-steam and baking products, is projected to grow by 6.1% year-on-year in the first half of 2025, with a strong performance in Q2 showing a 7.5% increase [1] - Vatti, a leading high-end kitchen appliance brand in China, has evolved its products from single-function to multifunctional and from basic cooking to intelligent health over the past decade [1][3] Product Evolution - Vatti entered the embedded kitchen appliance market in 2014 when the market was still in its infancy, primarily offering single-function steam and bake machines [3] - In 2017, Vatti launched its first integrated steam and baking machine, marking the beginning of the 2.0 era, which combined steaming and baking functions for enhanced cooking experiences [3] - The introduction of the "smart weighing" feature in 2022 addressed user pain points related to cooking time adjustments based on ingredient weight, leading to a differentiated 3.0 product version [3][4] Technological Innovations - Starting in 2023, Vatti is focusing on continuous innovation in health steam and baking technology, moving towards the 4.0 era with an emphasis on "one-button quick steaming" to enhance nutrient retention [4][9] - The new generation of integrated machines, FA50P and VB50, addresses common issues such as uneven cooking and cleaning difficulties, utilizing innovative technologies like "crystal flame gathering baking" for even heat distribution [6][7] - FA50P features "low-oxygen freshness-locking" technology to preserve nutrients, while VB50 employs upgraded microwave collaboration technology for rapid heating [7][9] Market Outlook - The future development of the embedded kitchen appliance industry will focus on health and intelligence, with Vatti aiming to enhance nutrient retention and reduce fat content in cooking [9][10] - Despite the current low penetration rate of embedded kitchen appliances, there is significant growth potential as younger generations become the main consumer force and health-conscious eating habits become more prevalent [9][10] - Vatti plans to continue driving the transition of embedded products from "optional" to "essential" through technological innovation and user education [9][10]

Core Insights - The article emphasizes the transformation of kitchens from mere cooking spaces to essential components of home happiness, highlighting the need for modernization in outdated kitchens [1] - Vatti targets this pain point with its "ultra-thin embedded aesthetics" and "integrated functional intelligence" concepts, aiming to create a tidy and healing kitchen environment [1][8] Design and Aesthetics - The ultra-thin design of Vatti's new products, such as the J6200Z range hood, redefines kitchen aesthetics by eliminating gaps that contribute to clutter, resulting in a more harmonious visual appeal [3] - The J6200Z features a slim profile of 207mm and integrates seamlessly with cabinetry, enhancing the overall spaciousness and visibility in the kitchen [3] Performance and Functionality - The J6200Z is equipped with a hurricane variable frequency exhaust system, providing a powerful suction capacity of up to 30m³/min and a variable wind pressure of 1300Pa, effectively addressing traditional kitchen smoke issues [3] - The Max S66 model combines top and side suction advantages, featuring a sleek design that minimizes visibility while maximizing functionality [4] Multi-Functionality - Vatti's FA50P steam and bake integrated machine offers multiple cooking functions, including steaming, baking, air frying, and health stewing, catering to diverse culinary needs [6] - The VB50 model adds microwave functionality, allowing for quick heating in just 2 minutes, enhancing cooking efficiency [6] Health and User Experience - The low-oxygen rapid steaming technology in Vatti's products helps retain nutrients and flavors in food, with a reported retention of 93% of anthocyanins in steamed purple sweet potatoes [6] - The FA50P and VB50 models come with 68 built-in smart recipes, making it easier for novice cooks to prepare various dishes with optimal settings [6] Space Optimization - Vatti's integrated cooking center "净³" combines seven functions, including a range hood, stove, and steam oven, all within a compact space of less than 2 square meters, enhancing both functionality and aesthetics [7] Future Outlook - Vatti aims to continue innovating in the kitchen appliance sector, focusing on health and technology to redefine modern Chinese cooking and transform kitchens into enjoyable spaces rather than burdensome tasks [9]