Core Viewpoint - Wanhe Electric reported a revenue of 4.083 billion yuan for the first half of 2025, marking a year-on-year increase of 7.14%, with a net profit attributable to shareholders of 379 million yuan, up 6.68% [1] Financial Performance - The revenue from household water heating reached 1.792 billion yuan, accounting for 43.9% of total revenue - Kitchen appliances generated 2.048 billion yuan, representing 50.15% of total revenue, with a year-on-year growth of 23.46% - For the first time, revenue from kitchen appliances surpassed that of household water heating [1] Production and Supply Chain Strategy - Wanhe Electric is establishing production bases in Thailand and Egypt to mitigate supply chain risks - The first phase of the Thailand factory has commenced mass production, while the second phase began trial production in April 2025 - The Egypt factory started trial production in January 2025, focusing on the European and African markets [1] Strategic Development - During the 32nd anniversary brand strategy launch, the company’s president announced the "1211" industrial strategy - The main business will transition from gas appliances to a multi-energy layout for heating and water supply - The strategy includes strengthening kitchen and bathroom appliances, developing the water purification industry, and enhancing research and manufacturing capabilities for heat pump products - The company aims to leverage technological strengths in core industrial components to provide solutions and services for its own industries, robotics, new energy, and photovoltaic storage clients [1]