近日，华帝股份宣布韩伟再度出任集团副总裁。据相关消息，韩伟后续将出任公司执行总裁，整合全渠 道业务。 华帝方面称，此次人事调整，主要系营销体系整合发展的战略规划布局。是经过公司董事会及高层集体 讨论决策，是一次积极的、主动的营销体系提质增效的整合举措。架构调整后，将更有助于华帝的渠道 战略、销售策略以及品销联动的快速落地。 责任编辑：郭栩彤 对于华帝这一营销高层变动，业内人士认为，在厨电行业聚焦高端化与全渠道变革的关键期，组织结构 进一步扁平高效，有利于华帝快速决策，抢抓市场机会。 在竞争愈发白热化的下半场，厨电企业要与时代同行，关键还是在于保持战略定力，深耕行业，基 于"对用户的深度及持续洞察"来做产品创新，同时加强渠道精细化运营能力，加快渠道资源整合和结构 优化。 华帝近年来的发展路径亦是如此。遵循"科学品牌"的理念牵引，华帝在超薄烟机、高端燃气热水器、洗 碗机、蒸烤一体机和壁挂炉等多个品类实现创新突破，夯实自身地位。 在普惠式增长红利消散的"后国补"时代，国补力度的收窄会进一步加剧行业内卷，华帝此次的营销整合 调整，将更有助于华帝的渠道战略，销售策略以及品销联动的快速落地。 ...

Core Viewpoint - The company reported a significant decline in total revenue and net profit for the first three quarters of 2025, but showed signs of improvement in Q3 with a slight revenue increase and reduced net losses [1][2]. Financial Performance - Total revenue for Q1-Q3 2025 was 760 million, a decrease of 36% year-on-year, with a net loss of 10 million, down 117% year-on-year. In Q3 2025, total revenue was 198 million, an increase of 1% year-on-year, with a net loss of 19 million, compared to a loss of 65 million in Q3 2024 [1]. - The gross margin in Q3 2025 decreased by 3 percentage points to 61.22%. The sales expense ratio decreased by 31 percentage points to 34.98%, while the management expense ratio decreased by 3 percentage points to 15.86%. The net margin improved by 23 percentage points to -9.45% [2]. Operational Highlights - The company experienced strong performance in banquet scenarios, particularly in the Hunan region, which boosted terminal sales and positive scanning data. The company continued to deepen its BC linkage marketing model, achieving good sales results through promotions linked to banquets and consumer scanning [3]. - The company actively innovated its channels, expanding into chain KA, corporate group purchases, and international channels. A co-branded product "Jiu Gui · Free Love" launched in Q3 quickly became a hit among consumers [3]. Profit Forecast - The company is adjusting its operational strategy and strengthening cost control, with new products in supermarkets receiving high market recognition. The expected EPS for 2025-2027 is projected to be 0.04, 0.24, and 0.49 respectively, with corresponding PE ratios of 1461, 279, and 135 times [4].

Summary of Key Points Core Viewpoint - The company held its 2024 annual performance briefing on April 11, 2025, to discuss its operational performance and future development plans, addressing investor concerns within the scope of information disclosure [1][2]. Group 1: Performance and Strategy - The company reported a decline in revenue and net profit in the previous year due to challenges from emerging channels, weak product strength in the radish category, and ongoing adjustments in product specifications [6][7]. - The company plans to enhance the strength of its radish products, optimize its traditional pickled vegetable offerings, and accelerate the launch of new products to achieve performance growth [7]. - In 2024, the company’s sales from the catering channel exceeded 100 million, accounting for approximately 4% of total sales, with a growth rate of around 30% [5]. Group 2: Distribution and Marketing - The company is focusing on expanding its distribution channels, with traditional channels remaining dominant while new channels like e-commerce account for about 10% of sales [7]. - Different marketing strategies are being implemented for various channels, including differentiated product specifications and pricing systems [7]. - The company aims to enhance brand recognition and market competitiveness through promotional activities and product upgrades, leveraging the existing brand reputation of "Wujiang" [9]. Group 3: Product Development and Innovation - The company has optimized the manufacturing process and flavor profiles of its radish products, launching new offerings like "Crispy Dried Radish" to expand its product range [4]. - The company is committed to a "category expansion" strategy, focusing on developing new products tailored for the catering sector [4]. - The company is exploring opportunities in the compound seasoning market, which shows significant growth potential and lacks established brands [13]. Group 4: Supply Chain and Cost Management - The company has implemented a raw material purchase protection price policy to stabilize supply and control procurement costs, ensuring a stable cost level [8]. - The company collaborates with farmers and cooperatives to promote sustainable agricultural practices and secure a stable supply of raw materials [8]. Group 5: Future Outlook - The company anticipates that the overall market for pickled vegetables will continue to concentrate among leading enterprises, with plans for expansion into multiple categories and channels [12][13]. - The company is focused on identifying and capitalizing on growth opportunities in emerging product categories with significant market demand [13].