作者：Hasove 曾几何时，净水器几乎是每个新装修家庭的标配，如今家里厨房底下的那个净水器，有的已经"吃灰"，有的家庭甚至根本就不装了。 曾经被吹上天的家用净水器，如今怎么了？ 2024年国内水家电整体零售额仅为346亿元，这数字和此前预测的千亿元市场规模差得太远。说好的"黄金赛道"，这才跑到三分之一就喘不上气了？ （数据来源：奥维云网） 2025年上半年，中国净水器行业线下零售额同比增40%，一片繁荣景象。市场集中度不断提升，前三大品牌市场份额超过50%。海尔净水线下市场销售额占 比18%、销量占比20.3%，实现了行业双冠，安吉尔等头部品牌也出现大幅增长趋势。然而，在这高增长背后，各大头部品牌却各有各的难。 目前的净水行业正陷入一个怪圈，商家将整机价格从大几千压至千元档位，却在后续滤芯更换中获取数倍利润。而作为行业头部的海尔，想要打破这一模 式，比如海尔净水器承诺RO膜8年不衰减和全国2800多个区县的"超标免费"活动来吸引消费者，但这种长期承诺实际上可能增加企业的运营成本和风险。这 或许需要持续的巨大投入，可能对利润结构构成压力。 2025年，美的和一位科技博主策划复刻恒河水，通过美的净水器过滤后变得 ...

2025年，国家加力扩围实施"两新"政策，享受以旧换新补贴的家电产品由去年的8类，增加到12类，补 贴政策首次覆盖净水器品类，为行业发展按下"快进键"。 全国卫生产业企业管理协会净水产业链分会会长唐建星介绍，随着生活水平的持续提升，人们对饮用水 品质的需求不断升级，兼具便捷性与水质改善功能的净水器日益受到消费者的青睐。 奥维云网数据显示，2025年1-8月，净水市场零售额达140.8亿元，同比增长21.1%，销售量与产品均价 分别增长16.6%和3.9%，呈现"量价齐增"态势。 然而，在市场繁荣的背后，行业乱象也逐渐浮出水面。记者在黑猫投诉平台上查询到，关于净水器的投 诉量高达11869条。消费者投诉内容主要集中在滤芯使用寿命标注模糊、功能效果虚假宣传、实物与宣 传描述不符，以及针对老年群体的误导性推销等方面。 在北京某家电卖场的净水器专区，销售人员正向顾客介绍一款标价3289元的反渗透净水器。"现在水质 硬度高，装净水器很有必要。"她强调，"虽需定期更换滤芯，但日均成本仅1.2元左右。" 类似消费场景正在全国高频复现。随着消费者健康意识的不断提升，净水器已从"非必需家电"逐步成 为"家庭生活刚需品"。 记者 ...

同时推出的还有空间大师系列全屋大水量净水器超能版M7 Home 1200及全屋Mini软水机超能版等新 品。据官方介绍，M7 Home 1200搭载V12超能泵2.0技术，净水流量提升50%，运行噪音降低30%。 安吉尔集团董事长孔那在发布会上宣布推出"全民净饮水1亿补贴普惠计划"，降低产品的购买门槛，并 与多家生态伙伴签署战略合作协议。 凤凰网科技讯 9月22日，安吉尔于9月21日在深圳举行了以"净水科技，全球领先"为主题的新品发布 会，推出其首款矿物质饮水机及空间大师系列全屋净水产品，并宣布品牌终端形象识别系统（SI）完成 升级。本次活动由央视新闻进行全程直播，央视主持人陈伟鸿担任现场主持。 发布会上，安吉尔正式发布新品"黄金比矿物质饮水机"。该产品搭载专利钙镁黄金比系统，通过专利传 感系统实现对钙镁含量及比例的实时监测。产品设计为双水路结构，支持用户根据使用场景选择纯水或 矿物质水。 ...

Core Viewpoint - The article emphasizes the integration of water technology and workplace philosophy, showcasing how Haier's water products can enhance emotional stability and productivity in the workplace through innovative performances and storytelling [1][2][17]. Group 1: "Water" Wisdom - Emotional fluctuations and inefficiencies are common challenges for many professionals, and the event highlighted how Haier's water technology offers a self-help guide for the workplace [2]. - Contestant Tang Xiaoyao illustrated the concept of "stable warmth" through her personal experience with an unreliable water heater, which improved her living conditions and relationships after switching to Haier's K70S model [2][5]. - Contestant Chen Xing used humor to express the frustrations of the workforce, comparing empty promises from bosses to harmful condensation, while highlighting the K70S's technology that ensures a clean and stable environment [5]. Group 2: "Fresh Water" Unlocking Vitality - The article discusses the importance of health in workplace competition, with contestant Duan Lian demonstrating how Haier's water purifier produces magnesium-rich water that enhances well-being and energy levels [11]. - The user-friendly design of Haier's water purifier, which requires minimal maintenance, is noted as a significant advantage for busy professionals [11]. - Contestant Wang Zichuan shared insights on the need for adaptability in the workplace, likening the benefits of magnesium-rich water to the support professionals need to thrive [14]. Group 3: Overall Impact - The performances by the contestants reflect diverse workplace values, such as vitality, stability, clarity, and composure, all linked to the benefits of Haier's water technologies [16]. - The integration of Haier's product technology with life philosophies illustrates a modern approach to addressing workplace challenges, making the event not just a showcase of technology but a platform for expressing youthful attitudes towards life and work [17]. - The competition concluded with two contestants advancing to the national finals, highlighting the potential for further collaboration with Haier's management team [17].

Group 1: Industry Overview - The global water purifier market is expected to reach $35 billion by 2024, with North America holding approximately 34% market share, followed by Asia-Pacific at 30%, and Europe at 25% [1] - The demand for water purification is shifting from basic drinking water safety to comprehensive home water health solutions [1] - The Chinese water purifier market retail sales reached 11 billion yuan in the first half of 2025, reflecting a 22% increase [2] Group 2: Market Dynamics - The penetration rate in first and second-tier cities in China is around 40%, while the overall penetration is only 23%, indicating significant growth potential compared to 80%-95% in developed markets [2] - Online sales accounted for 55% of the market, with offline sales boosted by national subsidies showing a 52% increase [2] - The market share of mineral water purifiers and integrated heating purifiers is rapidly increasing, driven by heightened health awareness [2] Group 3: Competitive Landscape - The competition is characterized by four main factions: global brands like A.O. Smith dominate the high-end market, while appliance giants like Midea and Haier leverage channel advantages for balanced growth [3] - Xiaomi and Yunmi have increased their combined online market share from 12.9% in 2021 to 15.4% in the first half of 2025 [3] - Domestic brands are gradually replacing foreign brands in market share [3] Group 4: Company Focus - Yunmi Technology - After restructuring, Yunmi Technology is focusing on water purifiers, achieving a revenue of 2.12 billion yuan in 2024, a 29% increase, and a net profit of 62 million yuan [4] - The company is closely tied to Xiaomi, benefiting from its high-end product strategy, with online retail sales of 970 million yuan for Xiaomi and 74 million yuan for Yunmi in the first half of 2025 [4] - The current market valuation of Yunmi Technology at $220 million is considered significantly undervalued, given its cash reserves and fixed assets [4]

招商证券主要观点如下： 四大派系差异化竞争：全球性企业A.O.史密斯等凭借品牌力占据线下高端市场;家电巨头如美的、海尔 等通过渠道优势及场景化销售全渠道均衡发展;专业品牌沁园、安吉尔等深耕行业多年、聚焦垂类场景; 互联网玩家如小米、云米等通过质价比和用户运营切入市场。线上渠道小米+云米合计份额从2021年的 12.9%提升至2025H1的15.4%;线下国牌逐步取代外资份额。 云米科技：重组聚焦净水器扭亏为盈，小米链高弹性自主品牌高成长 重组完成财务改善显著，24年营收达21.2亿元(+29%)、净利润6200万实现扭亏为盈、每股收益同比 +25%。公司深度绑定小米且随其高端化量价齐升，自有品牌国内主推昆仑矿物质健康水贴合用户心 智，25H1小米/云米线上零售额9.7亿元(+35%)/0.74亿元(+20%);海外市场需求旺盛增长迅猛且消费力 高。此外考虑公司账面现金12亿元，加上未算入估值体系内的固定资产超级工厂10亿元，当前市值2.2 亿美元处于严重低估，建议重点关注。 水健康意识提升，全球净水器市场空间广阔 智通财经APP获悉，招商证券发布研报称，基于居民追求健康意识觉醒、产品技术功能迭代，净水器行 业 ...

Investment Rating - The investment rating for the industry is "Strong Buy" for key companies such as Shenzhou Digital and Midea Group [2]. Core Insights - The water purifier industry is experiencing continuous growth driven by rising health awareness among consumers and technological advancements in product features. Domestic subsidies are accelerating market penetration, leading to an increase in average prices and a gradual replacement of foreign brands by domestic ones. The overseas demand remains strong with high purchasing power [1][6][11]. Industry Overview - The global water purifier market is projected to reach USD 35 billion by 2024, with North America holding approximately 34% of the market share, followed by the Asia-Pacific region at 30% and Europe at 25% [6][13]. - In China, the retail sales of water purifiers reached CNY 11 billion in the first half of 2025, marking a 22% year-on-year increase. The current penetration rate in first and second-tier cities is about 40%, while the overall penetration is only 23%, indicating significant growth potential compared to developed countries [6][21]. Market Dynamics - The market is characterized by a shift from a focus on "safe drinking water" to a broader demand for "healthy water" that encompasses various household uses. This change is driven by heightened consumer awareness regarding water quality [11][15]. - The online sales channel accounted for 55% of the market share in 2025, with significant growth in offline sales driven by government subsidies [25][51]. Competitive Landscape - The competitive landscape features four main categories of players: global companies (e.g., A.O. Smith), home appliance giants (e.g., Midea, Haier), specialized brands (e.g., Qinyuan, Angel), and internet players (e.g., Xiaomi, Yunmi). The latter two categories are gaining market share through competitive pricing and user engagement strategies [47][48]. Company Focus: Yunmi Technology - Yunmi Technology has restructured its business to focus on water purifiers, achieving profitability after a challenging period. The company is closely tied to Xiaomi, benefiting from its brand strength and distribution channels [56][61]. - In 2024, Yunmi's revenue is expected to reach CNY 2.12 billion, a 29% increase, with a net profit of CNY 62 million, marking a turnaround from previous losses [58][70]. Product Trends - The market is witnessing a rise in the popularity of mineral water purifiers and integrated heating purifiers, with their market shares increasing significantly due to consumer preferences for health-oriented products [35][43]. - The average price of water purifiers in the first half of 2025 was CNY 1,729 online and CNY 4,933 offline, reflecting a year-on-year increase of 1.85% and 7.47%, respectively [35][42]. Future Outlook - The domestic market for water purifiers is expected to grow significantly, driven by government subsidies and increasing consumer awareness of health. The overseas market, particularly in North America and Southeast Asia, shows promising growth potential [70][74].

Summary of Conference Call Company and Industry Overview - The conference call primarily discusses the water purification industry in China, focusing on the company’s performance and market dynamics in the water purifier segment [1][3][12]. Key Points and Arguments 1. **Market Size and Growth**: The water purifier market in China is valued at over 20 billion, with a double-digit growth rate expected this year, estimated between 8% to 9% [3][12]. 2. **Product Penetration and Trends**: The penetration rate of water purifiers is increasing, driven by heightened consumer health awareness and recent public health events [3][12]. The online sales ratio for water purifiers is still low compared to other small home appliances, indicating significant growth potential [4][12]. 3. **Product Development**: The company has introduced new products, including the Kunlun series, which focuses on mineralized water technology and weak alkaline water, responding to consumer demand for healthier drinking options [5][10][12]. 4. **Brand Positioning and Competition**: The company acknowledges the competitive landscape, noting that marketing plays a crucial role alongside technology. It aims to enhance brand recognition and product quality to compete with established brands [8][9][12]. 5. **Strategic Partnerships**: The company has a strong partnership with Xiaomi, which holds over 30% of its shares. This relationship is pivotal for driving sales and brand visibility [14][11][12]. 6. **Financial Performance**: The company has recently turned profitable after restructuring and expects to see further improvements in profit margins as it scales operations [1][38]. The gross margin for its own brand is reportedly higher than the industry average [18][12]. 7. **Production Capacity**: The company has a designed production capacity of 5 million units, with current operational capacity at around 2 million units, indicating room for growth [19][12]. 8. **Market Expansion**: The company is exploring international markets, particularly in the U.S. and Malaysia, where it sees potential for growth due to favorable market conditions [30][31][32]. 9. **Consumer Trends**: There is a growing trend among consumers to prefer mineralized water, which the company is capitalizing on through its product offerings [5][10][12]. 10. **Future Outlook**: The company anticipates that as it increases its market share and brand presence, it will benefit from economies of scale, leading to improved profitability [24][25][12]. Additional Important Insights - **Consumer Education**: The company recognizes the need for consumer education regarding the benefits of using water purifiers, especially in markets like Europe where awareness is already high [32][12]. - **Sustainability and Product Longevity**: The trend towards longer-lasting filters is noted, which may impact future sales dynamics as consumers may not need to replace products as frequently [21][22][12]. - **Financial Transparency**: The company is in the process of finalizing its financial reports, which may affect investor confidence and future dividend policies [27][12]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, market opportunities, and competitive landscape in the water purification industry.

Core Insights - The article highlights the rising trend of ice-making water purifiers in response to consumer demand for convenience and quality during the summer heat, especially with the inclusion of water purifiers in national subsidy policies starting in 2025 [1][5][10] Market Trends - The market for ice-making water purifiers is experiencing significant growth, with online sales of products featuring ice-making capabilities reaching 32.5% for countertop purifiers and 16.1% for built-in models from January to May 2025 [1][5] - During the 618 shopping festival, sales of ice-making water purifiers surged by 260% year-on-year, indicating a strong consumer interest [1] Consumer Behavior - The shift in consumer preferences, particularly among the younger generation, is driving the demand for ice-making water purifiers, as they seek to replicate high-quality beverage experiences at home [2][5] - The rise in orders for iced coffee and cold brew tea by 180% and a 350% increase in searches for homemade drinks reflect changing consumption patterns [5] Competitive Landscape - Major brands such as Philips, Haier, Midea, and Xiaomi are competing in the ice-making water purifier market, focusing on features like ice-making speed, quality, and integration of multiple functions [6][9] - Philips' ice-making purifier can produce ice in 8 minutes, while Haier's model can do it in 7 minutes, showcasing the emphasis on speed as a key purchasing factor [6][7] Product Innovation - The quality of ice produced is becoming a competitive differentiator, with brands implementing advanced technologies to enhance the clarity and melting resistance of ice [7][9] - The integration of multiple functionalities, such as heating and cooling, is transforming ice-making water purifiers into comprehensive beverage solutions [9][10] Industry Dynamics - The growth of the ice-making water purifier market is driven by evolving consumer demands for health, convenience, and quality, moving beyond basic hydration needs [10][12] - Technological advancements in cooling and filtration systems are crucial for improving product efficiency and user experience [12][13] - The competitive landscape is pushing brands to innovate and differentiate their products to capture market share in this emerging segment [12][13]

Core Viewpoint - The company Airmate's water purifier has significantly improved water quality, leading to increased family satisfaction and consumption of water, making it a recommended choice for potential buyers [1][17]. Product Performance - The water quality has improved, with the taste being likened to spring water, and the chlorine smell has been eliminated [4][17]. - The purifier operates efficiently, providing water in about 3 seconds, which is faster than reverse osmosis systems [10][12]. - The device is quiet during operation, making it suitable for use at any time [12]. User Experience - The product is easy to use and maintain, with filter replacements being straightforward and reminders provided by the device [7][9]. - The aesthetic design of the purifier is appealing, fitting well in kitchen environments [13]. - Customer service is reliable, with the company actively following up on user experiences [15]. Cost Efficiency - Over a five-year period, the cost of using the purifier is significantly lower than purchasing bottled water, leading to substantial savings [9].