Core Viewpoint - The AI wave is driving the kitchen appliance industry into a new growth cycle, with the company leading through technological product innovation and business model transformation, aiming to create a more comprehensive cooking ecosystem to activate new growth momentum in the industry [1] Group 1: Performance and Market Position - In the first half of 2025, the company achieved revenue of 4.608 billion yuan and a net profit of 712 million yuan, demonstrating strong operational resilience despite a challenging market environment [4] - The company’s market share in key product categories remains strong, with the combined sales of its range of kitchen appliances leading the domestic market, including a 31.28% share in range hoods and 38.2% in integrated stoves [4] - The company is focusing on user core needs and product innovation to maintain its leading position in the kitchen appliance industry [4][5] Group 2: Digital Transformation and User Engagement - The company is transitioning from a "kitchen appliance expert" to a "cooking partner," with digital kitchen appliance sales growing by 56.26% year-on-year in the first half of 2025 [6] - The company has developed a comprehensive cooking ecosystem that includes major and minor kitchen appliances, kitchen cleaning products, and commercial kitchen equipment, enhancing the user experience through digital services [6][9] - The company’s app and mini-program have over 5.4 million users, with features that address health concerns and enhance user engagement [6][9] Group 3: Expansion into Commercial and Overseas Markets - The company is expanding into the commercial kitchen market, which has a low concentration and a market size in the hundreds of billions, with a 70% increase in new customers in the first half of 2025 [10] - The company is also accelerating its overseas market expansion, establishing a subsidiary in Indonesia and creating a new partnership model for global operations [10] - The establishment of a culinary cultural research institute and a global culinary arts center reflects the company's commitment to culinary culture and aims to attract over 100,000 visitors annually [10] Group 4: Industry Trends and Future Outlook - The kitchen scene's digital transformation is an irreversible trend, and the company's multi-dimensional layout in technology research, ecosystem construction, and market expansion provides a reference for industry upgrades [12] - The integration of AI technology with cooking scenarios is expected to lead to a new value reconstruction in the kitchen appliance industry, with the company’s focus on user needs and balancing innovation with service quality being crucial for its market position [12]

Core Insights - The article discusses the recent completion of nearly 100 million yuan in Series B financing for the smart dishwasher manufacturer Qimei Electric, led by New Light Capital and Gold Medal Home, with participation from Xiaomi. The funds will be used for the construction of a smart factory with a capacity of 1 million dishwashers, equipment upgrades, and R&D investments [1] Company Overview - Qimei Electric was founded in 2019 and focuses on the R&D, production, and sales of smart dishwashers. The company has established strategic partnerships with Xiaomi and Gold Medal Cabinet in 2023, offering products such as countertop dishwashers and full-size built-in dishwashers [1] - The company has developed solutions to address specific pain points of Chinese consumers, such as the diverse sizes of kitchenware, heavy oil residue on dishes, speed of washing, and the need for disinfection [3][5] Market Dynamics - The Chinese dishwasher market has evolved from explosive growth to a period of adjustment and recovery over the past decade. The market size surpassed 10 billion yuan for the first time in 2021 but entered a slowdown phase. Recently, the market has returned to steady growth due to government and brand subsidies, changes in family demographics, and consumption upgrades [1][2] - According to AVC data, the dishwasher industry is projected to grow from 8.7 billion yuan in 2020 to 13.2 billion yuan in 2024, with a compound annual growth rate of 10.9%. However, the current penetration rate in China is only about 4%, indicating significant growth potential [2] Product Innovation - Qimei Electric has introduced flexible basket designs that allow users to adjust for various Chinese kitchenware. The company has also developed smart dispensing and automatic door-opening technologies to meet user demands for precise detergent usage and drying effects. Additionally, Qimei offers a patented 135° washing and disinfection technology [3][5] - The company has achieved breakthroughs in storage solutions, allowing dishes to be stored in the dishwasher for up to six days without odor issues, thanks to a physical separation between the dishwasher and the drainage system [5] Future Plans - Qimei Electric is investing 500 million yuan in a new factory project in Zhangjiagang High-tech Zone, covering an area of approximately 76 acres and a total construction area of about 80,000 square meters. The project will include three smart production lines, injection molding workshops, metal processing workshops, and a digital national-level laboratory [5] - The company aims to position itself in the mid-to-high-end market with pricing between 5,000 to 6,000 yuan, competing with brands like Siemens and Fotile. Qimei plans to enhance its offline presence through Xiaomi's retail channels and integrate its products with Gold Medal Cabinet's kitchen solutions [7] - The founder believes that a penetration rate of 10% could signal a turning point for the industry, leading to explosive growth as more households adopt dishwashers [7]