南方财经全媒体记者 吴立洋 上海报道 近年来，中国卫浴市场正经历深刻转型，消费者对高端卫浴产品的需求不断攀升，同时对健康、个性化 设计和可持续发展的关注也日益增强。 2025年5月27日，第29届中国国际厨房、卫浴设施展览会于上海新国际博览中心拉开帷幕。展会期间， 德国百年品牌唯宝（Villeroy & Boch）销售执行副总裁Jan Peter Tewes接受了南方财经全媒体记者采 访。谈到当前的全球卫浴市场，他认为，高端化、康体功能、个性设计以及可持续转型是当前高端卫浴 市场的四大趋势。 其中，中国市场因庞大的体量、多元的需求和旺盛的创新活力，成为当前最具引领性和竞争挑战的市场 之一。Jan Peter Tewes表示，唯宝通过在上海组建研发团队、转移研发技术能力至亚洲，以及加强本土 化设计，增强对更符合中国消费者需求高端卫浴产品的开发能力。 此外，针对中国市场高净值人群需求多元化、智能卫浴不断成熟的市场发展趋势，包括唯宝在内，越来 越多的卫浴品牌开始加大研发投入，提升对智能马桶、智能淋浴等新兴品类的开拓速度。 "中国市场对技术创新持更开放的态度，不仅拥有完善的科技基础设施，消费者也对新技术接受度更 高。 ...

水，是生命的诗行，也是奢享的艺术。 2025年中国国际厨卫展（KBC）上，德国高仪再次携旗下奢华子品牌高仪SPA耀目登场，以全球领先的卫浴科技与 人性化设计，续写未来水生活的美学篇章。本次展会上，德国高仪以重磅产品和前沿空间设计，用技术实力、设计美学和情感链接，重构沉浸式卫浴体验， 诠释"畅享舒适水生活"理念，让每一滴水都成为链接身心的纽带，卫浴空间也将蜕变为滋养灵魂的"水艺新境"，成就每一个人专属的感官松弛时刻。 水艺新生 演绎"畅享舒适水生活" 以水为媒，科技创想未来，德国高仪Aqua Intelligence®继法兰克福卫浴展和米兰设计周后，在中国首发亮相。该技术体系基于用户行为数据的深度洞察与真 实体验，以24项核心专利与专有技术为基石，重新定义多场景下的智能用水体验，重塑人与水的感知关系，持续引领行业创新。 焕新水生活场景，引领感官革新。德国高仪丝悠美泡沫淋浴系统以颠覆性"淋浴式泡泡浴"重塑沐浴仪式感的更多可能。结合一体式泡沫生成技术与雨淋模 式，以丰盈白丝绒泡沫温柔洗净疲惫。搭配专属KINUAMI丝悠美香氛沐浴露，五种专业香调，配方温和亲肤，复配多种保湿成分，带来滋润、柔滑、持久 留香的护肤级洁净 ...

Core Viewpoint - The article discusses the challenges faced by American small business owners in the context of the U.S. government's "reciprocal tariff" policy aimed at bringing manufacturing back to the U.S. It highlights the reluctance of consumers to pay higher prices for "American-made" products, despite public support for domestic manufacturing [1][3]. Group 1: Challenges of "American Manufacturing" - A small business owner conducted an online test revealing that all nearly 600 showerheads sold were produced in Asia, with zero sales for the "American-made" option priced at $239 compared to $129 for the Asian-made version [1][2]. - The high cost of "American-made" products, which can exceed $100 more than their Asian counterparts, is attributed to the lack of specialized manufacturing facilities in the U.S. and the need for collaboration with multiple manufacturers to produce a single product [2][5]. - The complexity and cost of logistics in the U.S. further hinder the competitiveness of "American manufacturing," as multiple factories are required to complete different production stages, leading to increased expenses and time delays [5][6]. Group 2: Economic Implications - The "reciprocal tariff" policy may lead to job losses among small business owners who rely on global supply chains, as raising prices to maintain profitability could result in zero sales [7][9]. - The article emphasizes that the U.S. lacks the necessary resources, infrastructure, and skilled labor to support a fully domestic manufacturing model, making it impractical to produce all consumer goods within the country [5][6]. - The uncertainty surrounding future tariffs and trade policies has led companies to pause new product development and reduce marketing efforts, reflecting a cautious approach to risk management in an unpredictable environment [8][9].

Core Viewpoint - The credit rating report indicates that Xiamen Songlin Technology Co., Ltd. maintains a stable credit rating of AA, reflecting its strong operational performance and solid customer base, despite facing challenges from international trade policies and rising raw material costs [3][5][14]. Company Overview - Xiamen Songlin Technology focuses on the production and sales of smart kitchen and bathroom products, as well as health and beauty products, primarily using the IDM business model [8][14]. - The company has established a stable customer base, with major clients including international brands such as Moen, TOTO, and Kohler, contributing to a significant portion of its revenue [14][15]. - As of March 2025, the company's total equity attributable to shareholders is 32.96 billion, with total debt at 3.85 billion [3]. Financial Performance - The company's revenue for 2024 is reported at 30.15 billion, with a net profit of 4.46 billion, reflecting a year-on-year increase of 14.15% in net profit [3][5]. - The operating cash flow for 2024 is 6.04 billion, indicating strong cash generation capabilities [3]. - The company’s gross profit margin is 35.37%, with a stable EBITDA interest coverage ratio of 25.55 [4][5]. Market Environment - The global bathroom products market is projected to grow from 137.14 billion in 2023 to 164.71 billion by 2029, with a compound annual growth rate (CAGR) of 3.1% [10]. - The domestic bathroom industry is experiencing a decline, with a 12% decrease in market size in 2024 due to the downturn in the real estate sector [10][11]. - The beauty and health care market in China is rapidly expanding, with the beauty device market expected to reach approximately 20 billion by 2026, growing at a CAGR of 18.83% [11][12]. Operational Challenges - The company faces challenges due to high reliance on export sales, with 75% of revenue coming from international markets, making it vulnerable to changes in international trade policies [5][14]. - Production capacity utilization has been declining, with rates dropping below 70% in recent years, and further reduced to below 60% in early 2025 due to decreased orders from downstream customers [5][17]. - Rising raw material costs are increasing pressure on cost management, particularly for plastics and metal components, which have seen significant price increases [5][14]. Future Outlook - The company is expected to maintain a stable business outlook in the short to medium term, supported by its strong liquidity and established relationships with high-quality international clients [5][14]. - The construction of a production base in Vietnam is underway to mitigate risks associated with international trade tensions and to enhance production capacity by approximately 20% [16][17]. - The company plans to continue investing in research and development, with a budget of 2.25 billion for 2024, reflecting a commitment to innovation and product development [14].

Core Insights - The 29th China International Kitchen and Bathroom Exhibition showcased Panasonic's innovative approach to smart bathroom solutions, emphasizing the integration of technology and Japanese craftsmanship to enhance health-oriented living systems [1][9] - Panasonic's strategic partnership with JD.com aims to address the growing demand for smart toilets in China, particularly focusing on the limitations posed by traditional toilet installation requirements [4][9] Product Innovation - Panasonic launched the V8 Family Edition smart toilet, which features a no-pit distance technology that eliminates traditional installation constraints, allowing for easier installation in both new and renovated homes [2][9] - The V8 toilet incorporates "dynamic swirling bubble" technology for self-cleaning and offers multiple intelligent flushing modes to cater to individual family needs [2] Strategic Collaboration - The strategic cooperation between Panasonic and JD.com is designed to tackle the pain points in the existing market, particularly the low replacement rates of traditional toilets due to pit distance limitations [4] - This partnership marks a significant milestone in the electrification of bathroom products, aligning with JD.com's future strategic focus [4] Service Model Enhancement - Panasonic and JD.com introduced a comprehensive "one-stop service" that includes delivery, old product removal, new product installation, and waste disposal, addressing consumer concerns about the renovation process [6] - The upgraded "bathroom renovation service" offers tailored solutions for various consumer needs, including 24-hour full bathroom renovation and 48-hour elderly-friendly modifications [6] Brand Value and Experience - Celebrating 67 years of innovation, Panasonic's bathroom division has evolved significantly, contributing to the enhancement of health and quality of life for Chinese consumers [7] - The introduction of the "five-sense comfort experience" concept aims to redefine bathroom functionality beyond cleanliness, promoting a holistic sensory experience that enhances well-being [7][9] Market Positioning - Panasonic's advancements in technology and service models position the company to lead the shift in the bathroom industry from product-centric competition to comprehensive solution offerings, catering to the increasing urbanization and health-conscious consumer trends in China [9]

Core Insights - JD.com and Panasonic have formed a strategic partnership to enhance the bathroom appliance market, focusing on product innovation and service upgrades to meet consumer demands for a more comfortable and healthy bathroom experience [1][2] Product Development - The collaboration aims to accelerate product iteration and service upgrades, with the launch of the JD-exclusive Panasonic V8 Family Smart Toilet, which features adjustable pit distance technology, marking a significant advancement in the smart toilet sector [1][2] - The new V8 model caters to diverse household needs, incorporating features such as anti-splash, odor control, antibacterial properties, and a self-cleaning function, along with a special mode for children [2] Sales and Marketing Strategy - The JD-exclusive Panasonic smart toilet cover PQTK10 has achieved a sales milestone of over one million units, showcasing the demand for innovative bathroom solutions [2] - During the launch period, consumers can enjoy a 25% discount from national subsidies, along with free delivery, installation, and a five-year warranty [2] Service Enhancement - JD.com and Panasonic have introduced a one-stop delivery and installation service for smart toilets, covering 236 cities, allowing for efficient replacement and installation in a single visit [3] - The companies plan to engage in diverse content marketing strategies to enhance consumer awareness and promote new bathroom appliances [3] Future Plans - JD.com will continue to collaborate with Panasonic to launch more smart toilet products, including the upcoming Q6 model during the 618 shopping festival, aiming to cover a full range from basic to fully functional smart toilets [2]

Core Insights - The trend of foreign tourists shopping in China, referred to as "China Shopping," is gaining popularity, driven by various factors including upgraded tax refund policies, enhanced online services, and significant social media promotion [1][2] Group 1: Factors Driving "China Shopping" - The comprehensive upgrade of tax refund policies allows foreign tourists to save significantly, with a tax refund rate of 11% minus a 2% handling fee, enabling savings of 900 RMB on a 10,000 RMB purchase [1] - The convenience of online services, including relaxed visa policies, increased number of tax refund stores, and improved coverage of foreign card POS machines, enhances the shopping experience for foreign tourists [1] - Social media has played a crucial role in promoting China's appeal, with influencers sharing their experiences and sparking interest among international audiences [1] Group 2: The Rise of Chinese Manufacturing - The transformation from "Made in China" to "Intelligent Manufacturing in China" is evident in the quality and innovation of products, such as smart toilets and multifunctional showerheads, which now define global standards [2] - The dual engagement of global shopping trends and the Chinese consumer market reflects both the active choices of foreign tourists and China's commitment to high-level openness [2] - Despite the growth in inbound consumption, China's share of GDP from inbound consumption is approximately 0.5%, which is still below the 1% to 3% range of major global economies [2] Group 3: Future Outlook - The booming "China Shopping" trend is seen as a new starting point for Chinese brands to expand globally, with expectations for continued improvement in the business environment and product offerings [2]

Group 1 - The Chinese home furnishing market is experiencing an upgrade in consumption structure, leading to accelerated transformation in the bathroom industry and a faster layout in the high-end consumer market [1] - The opening of the Guangzhou experience center by the international bathroom brand Oulanhao showcases five globally recognized brands, attracting industry leaders and elite designers [1] - The event highlights the collision between international brands and Guangzhou, a city with a rich commercial history, emphasizing the importance of design and aesthetics in the high-end bathroom market [1] Group 2 - Wang Jiamin, a leading figure in design and president of the Guangdong Environmental Art Design Association, emphasizes that high-end brand positioning and professional team collaboration are crucial for brands to stand out in a competitive market [3] - Cui Huafeng, a prominent contemporary Eastern design leader, notes that Guangzhou's influence in visual and architectural design attracts more international brands, showcasing the city's vibrant high-end bathroom market and its design capabilities [3] - Wu Yongjie, president of Fuzhun Water Innovation Group in Asia, states the company's focus on serving high-net-worth individuals and their deep needs for quality of life, design aesthetics, and personalized expression [5]

5月26日，以"AI唤醒 场景新生"为主题的2025九牧科技创新发布会在上海举行。九牧行业首发"九 牧 AI BATH"和"小牧 YOUNG BATH"两大卫浴场景品牌。 发布会上，上海交通大学中国发展研究院院长何帆在以《中国制造业的创新优势来自哪里》为主题 的演讲中表示，中国制造业强大的韧性源于中国经济已形成良好的创新生态和土壤，中国消费者更愿意 接受变化，新技术更容易找到应用场景，中国企业已展示出价格、质量、技术、服务一体化的综合竞争 优势，这些优势同样体现在卫浴产业。 "传统卫浴面临着功能孤立、设计同质、体验滞后的割裂困境，已经难以满足广大用户、特别是年 轻消费者的高品质卫浴需求。经过多年的技术沉淀，九牧厚积薄发，抢抓AI科技革命浪潮，通过AI加 持场景重构，行业首发AI BATH场景，旨在打造会思考的、主动服务的新卫浴场景新体验，引领卫浴行 业迈入场景新元年。"九牧集团运营总裁林晓伟表示。 九牧当天还启动全国旧改专项大行动，针对性地推出"九牧官方省心装——1小时一站式专业换 装"服务项目，从今年6月1日起在全国高定门店同步上线，为用户解决在卫浴空间换新升级中遇到的耗 时过长、价格不透明、流程复杂繁琐、 ...

Core Viewpoint - The home improvement market, particularly in the bathroom sector, is experiencing a revival driven by consumer demand for a better living environment and supportive government policies, despite previous market challenges [1][2]. Group 1: Market Trends - The bathroom industry in China has evolved through four stages: initial stage (1970-1995), rapid development (1995-2013), steady development (2014-present), and the current phase of mature innovation focusing on smart, personalized, and eco-friendly products [2]. - Recent surveys indicate that nearly 68.61% of respondents plan to update their living spaces, with a significant focus on smart bathroom upgrades [3][6]. Group 2: Consumer Insights - A survey conducted in April 2025 revealed that 36.49% of respondents plan to undertake large-scale renovations, while 32.12% intend to make simple updates, reflecting a nearly 50% increase in renovation intentions compared to four years ago [13]. - The demand for smart bathroom products is growing, with 72.51% of respondents using smart devices at home, particularly in first-tier cities where usage rates reach 83.02% [19]. Group 3: Product Preferences - Consumers prioritize features such as easy cleaning and antibacterial properties in bathroom products, with over 50% of users expressing these as core needs [67][43]. - The satisfaction rate for smart toilets has increased significantly, with 86.03% of users reporting satisfaction, compared to 54.65% among non-users [30]. Group 4: Renovation Focus - The primary focus for bathroom renovations includes replacing washbasins (37.16%), adjusting plumbing (34.43%), and changing toilets (33.23%), indicating a trend towards functional upgrades over brand loyalty [53][58]. - The need for space optimization and smart features is particularly pronounced among families with children and elderly members, highlighting a shift towards more thoughtful and inclusive design [49][51]. Group 5: Market Opportunities - The increasing awareness of health and hygiene is driving demand for products with antibacterial and easy-to-clean features, particularly in urban areas where consumers are more health-conscious [44][67]. - The market for smart bathroom products is expected to grow, with consumers willing to invest in technology that enhances comfort and convenience in their daily lives [30][67].