Core Insights - The article discusses the impending transition in the home appliance industry as the national subsidy policy is set to close, with a projected 800 billion subsidy expected to drive approximately 5% growth in the sector, promoting green and smart consumption [1][13] - The industry anticipates a more targeted subsidy approach in 2026, focusing on new and trending product categories while maintaining support for high-end energy-efficient models [1][13] - The company Vatti has proactively initiated a "three transformations" strategy (high-end, youth-oriented, and intelligent) to gain a competitive edge in this evolving market [1][13] Product Strategy - Vatti's high-end strategy is expected to be crucial as the subsidy intensity declines, potentially falling below half of the 2025 levels [3][15] - The company has successfully launched innovative products, such as the "Beauty Bath Gas Water Heater," which integrates skincare needs with bathing experiences, achieving over 32,000 units sold within two months [3][15] - Vatti's focus on integrated and intelligent kitchen appliances aligns with current consumer trends, exemplified by the FA50P steam oven, which showcases energy efficiency and multifunctionality [3][15][16] Marketing Innovations - Vatti is shifting from price competition to value competition, emphasizing brand value through diverse and youthful marketing strategies [6][18] - The company has engaged younger consumers through relatable short dramas and innovative marketing campaigns on popular platforms like Douyin and Xiaohongshu [6][18][19] - These marketing efforts have successfully enhanced Vatti's brand image, positioning it as a trendy kitchen appliance brand and fostering emotional connections with younger consumers [6][19][7] Operational Enhancements - The company is enhancing its offline channel advantages by transforming nearly 1,000 stores into smart showrooms, incorporating digital tools like VR and AI to improve customer experience [9][21] - Vatti's offline channel revenue reached 1.486 billion yuan in the first half of 2025, with a gross margin of 45.89%, reflecting a year-on-year increase of 6.83% [9][21] - The company is also expanding its online presence across major e-commerce platforms, having opened over 1,000 new stores in the first half of 2025 [11][23] Sustainability and Technology - Vatti is committed to sustainability, with its rooftop photovoltaic project generating 32% of its total electricity consumption and saving 5.81 million kilowatt-hours of municipal electricity [11][23] - The company is advancing AI integration in its products, offering a smart management system that allows users to control appliances remotely via an app [11][23] - Vatti's strategic focus on value creation positions it well to navigate market fluctuations and capitalize on future growth opportunities [12][24]

Core Insights - The key to breaking through in the fiercely competitive kitchen appliance market is increasingly focused on precise insights into user needs [1] - Vatti, a leading high-end kitchen appliance brand, has successfully differentiated itself by deeply understanding the core pain point of "cleanliness" and positioning itself with a "fashionable scientific kitchen appliance" strategy [1][3] - The competition in the kitchen appliance market has evolved beyond mere parameter battles to a new stage that emphasizes understanding deep user needs and providing systematic value [1][4] Company Strategy - Vatti has anchored its "Clean Kitchen" strategy around three dimensions: "product cleanliness, spatial cleanliness, and sensory cleanliness," leading to innovative products that address user "cleanliness anxiety" [3] - Notable products include a beauty bath water heater with "high transparency active skin technology," a range hood with fifth-generation self-cleaning technology, and a dishwasher utilizing "dual square full-domain washing" technology [3] - Vatti's gross margin increased to 43.29% in the first three quarters of 2025, demonstrating the effectiveness of its strategic focus [3] Organizational Execution - Effective organizational execution is crucial for success, with the recent appointment of Han Wei as Vice President and future CEO being a strategic personnel move for Vatti [3][4] - Han Wei has extensive experience in the home appliance industry and has held various significant positions within Vatti, indicating a strong internal leadership capability [3] Market Outlook - The adjustment at Vatti suggests that the next phase of competition in the kitchen appliance industry will involve a dual focus on "precise user insights" and "efficient organizational operations" [4] - Vatti is expected to further solidify its differentiated advantage in the high-end kitchen appliance market, providing a viable path for the industry to shift from "price wars" to "value wars" and "efficiency wars" [4]

Core Viewpoint - The company has established a comprehensive product structure centered around kitchen appliances, including range hoods, stoves, and water heaters, while also expanding into integrated kitchen appliances and other home customization products [1] Group 1: Product Strategy - The company focuses on core kitchen appliance products such as range hoods, stoves, and water heaters [1] - The product line has been extended to include emerging integrated kitchen appliances like integrated stoves, dishwashers, and steam ovens, as well as whole-house customization and water purification systems [1] Group 2: Business Development - The company aims to maintain a high-end brand positioning and strengthen its traditional product advantages [1] - Future strategic development will be based on a comprehensive consideration of the company's operational status and industry market trends [1] Group 3: Operational Focus - The company plans to enhance sustainable development through technological innovation, operational efficiency optimization, and organizational capability strengthening [1]

Core Insights - Vatti's two innovative technologies, "Instant Stir-fry High-efficiency Combustion Technology" and "High-load Efficient Infrared Combustion Heat Exchange Technology," have been recognized as "internationally leading" by the China Light Industry Federation [1][2][3] Group 1: Technology Breakthroughs - The "Instant Stir-fry High-efficiency Combustion Technology" addresses the challenges of high-efficiency stir-frying in Chinese cooking, focusing on fire control, combustion stability, and efficient heat exchange [2][3] - This technology features a unique "one-button instant stir-fry firepower enhancement," allowing users to easily switch between firepower modes for optimal cooking results, significantly reducing cooking time and enhancing food flavor and nutrition [2][3] - The "High-load Efficient Infrared Combustion Heat Exchange Technology" aims for high-load anti-backfire, high energy efficiency, low emissions, and reliable user experience, achieving multiple original breakthroughs [2][3] Group 2: Performance Metrics - The infrared combustion technology achieves a thermal efficiency of over 81% at 5.2kW, while CO and NOx emissions meet national first-level green standards, balancing strong firepower with environmental considerations [3] - Vatti's commitment to research and development is evident, with R&D expenses reaching 172 million yuan by the third quarter of 2025 and a total of 4,690 patents, including 835 invention patents [6] Group 3: Industry Impact - Vatti's innovations not only break through long-standing technical bottlenecks in the industry but also enhance cooking quality based on real user scenarios, reflecting a commitment to technology serving human needs [3][4] - The company has established itself as a leader in the industry, with its energy-saving technology continuously evolving, achieving thermal efficiency improvements from 65% to a target of over 81% by 2025 [4] - Vatti's leadership in setting industry standards is demonstrated by its initiative in publishing the group standard for "Special Requirements for Stir-frying Function of Household Gas Stoves," which will be implemented in May 2024 [4]

Core Insights - The report highlights that the home appliance industry is expected to face a slowdown in growth due to high base effects from national subsidies in 2026, but leading companies are projected to maintain stable performance [2] - The small appliance sector is anticipated to see continued improvement in average prices due to ongoing policy support, with significant growth potential in the robotic vacuum cleaner market [2] - The black appliance segment is expected to benefit from product upgrades leading to higher average prices and improved profitability, with overseas market share likely to continue increasing [2] - The two-wheeler market is projected to grow in 2026 with the full implementation of new regulations, as smaller manufacturers exit the market, allowing leading companies to gain market share, particularly in overseas markets [2] 2025 Annual Summary - The home appliance sector underperformed overall, with an 8.1% increase from January 1 to November 28, 2025, ranking 27th among all industries and lagging behind the CSI 300 index by 10.4 percentage points [17] - The appliance components sector outperformed with a 64.7% increase, while white goods and kitchen appliances saw declines of 1.1% and 0.7%, respectively [17] - Domestic retail sales of home appliances showed a cumulative year-on-year increase of 20.1% from January to October 2025, but growth slowed in September and October due to high base effects [35] 2026 Outlook - Domestic sales are expected to slow down due to high base effects from the previous year's subsidy policies, but leading companies are likely to outperform the industry due to their channel and brand advantages [53] - Export performance is anticipated to remain stable despite short-term concerns over tariffs, as many companies have adapted their overseas production strategies since 2018-2019 [56] - The report emphasizes the importance of monitoring policy changes that could impact both domestic and international sales in 2026 [56] Investment Recommendations - The report recommends investing in leading companies in the white goods sector such as Midea Group and Haier Smart Home, which are expected to deliver stable returns and high dividends [7] - For the black appliance segment, companies like Hisense and TCL are highlighted as beneficiaries of global market share growth and product upgrades [7] - The report also suggests considering companies like Ninebot and Roborock, which are positioned for share gains and category expansion [7]

证券代码：002508 证券简称：老板电器 杭州老板电器股份有限公司 公司将洗碗机视为未来有望向烟灶体量看齐的核心成长 品类，但判断需要一个较长的培育周期。公司重点打造"光 焱洗碗机"等系列产品，从清洗效果、消杀能力、空间利 用和使用便捷性等多个维度持续迭代，兼顾新装与改造场 景，让更多家庭愿意尝试并形成使用习惯。在燃气热水器 方面，公司依托每年可观的烟机销售规模，重点提升热水 器与烟机的配套率，以此带动热水器业务成倍增长。围绕 "烹饪生态"，公司也在探索更多与厨房场景高度相关的 配套产品与服务，通过与专业烹饪伙伴合作，强化在家庭 烹饪场景中的整体专业形象。 投资者关系活动记录表 编号：2025-003 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 □其他（） 参与单位名称及 人员姓名 国联民生证券：管泉森 南方基金：孙鲁闽、吴冉劼、刘祎、尹力、赵舜、李想 时间 2025 年 12 月 2 日 地点 公司会议室 上市公司接待人 员姓名 任富佳、王刚、陶一荻 投资者关系活动 主要内容介绍 1、在存量市场中，公司对渠道结构和终端运营有哪些重点思 路 ...

Core Insights - The Chinese kitchen appliance market is entering a phase of stock competition by 2025, with traditional categories facing declining retail volumes and diminishing incremental benefits, while government policies promoting trade-in programs are injecting new momentum into the market [1] - Consumers are seeking healthier, more efficient kitchen solutions rather than simple replacements, leading to a transformation in market dynamics and posing challenges for many kitchen appliance companies [1] Brand Renewal - The concept of "renewal" is evolving from mere product replacement to a lifestyle upgrade, with kitchens now serving as central spaces for family interaction and health protection [2] - The company has repositioned itself as a "leader in healthy kitchen living," launching a new slogan that emphasizes the creation of life value rather than just product functionality, resonating with consumer demands for healthier kitchens [2] Product Development - The company has established a comprehensive product support system, expanding its product matrix to cover various kitchen scenarios and addressing traditional compatibility and space utilization issues [3] - The product lineup includes high-end, mid-range, and budget options, catering to diverse consumer needs and ensuring a stable growth structure [3] Technological Innovation - The company focuses on user-centered innovations, having accumulated 408 technology patents and actively participating in the formulation of industry standards [4][5] - New product features include modular designs for easy maintenance, advanced control systems for user interaction, and efficient cooking technologies that enhance the cooking experience [4][5] Marketing Strategy - The company has introduced a "feasible and quick installation" model to address consumer pain points in kitchen renovations, ensuring a smooth transition from product value to user experience [6] - Successful case studies from various stores demonstrate the effectiveness of this model, with significant increases in sales and customer satisfaction [6][7] - The marketing strategy integrates online and offline channels, creating a complete consumer journey from awareness to purchase, and has been recognized as a model for high-quality industry development [7]

Core Insights - The article highlights the rising demand for short dramas among young people as a form of emotional relief, with food serving as a significant emotional connector [1] - Following the success of "Love Chef," the brand Vatti has launched a sequel titled "Please Guide the Chef," which continues the theme of sweet and healing narratives [1][3] Content Marketing Strategy - "Love Chef" successfully integrated product placement with deep narrative binding, leading to the creation of "Please Guide the Chef," which enhances the storyline, cast, and content expression [3] - The cast features returning star influencer Yan Er and actor Xu Haijiao, targeting the core female audience aged 20-39, aligning with Vatti's consumer demographic [4] Narrative and Product Integration - The new short drama innovatively combines elements of "ancient meets modern" and light comedy, creating an engaging storyline where food is central to the characters' emotional connection [4] - Key Vatti products, including the K10 range hood, 507H stove, V5Pro steam oven, D3000max dishwasher, and G10 water heater, are seamlessly integrated into the plot, showcasing their functionality in relatable scenarios [6][8] Brand Philosophy - The series aims to convey Vatti's brand philosophy of "serious living" through high-quality content, ensuring that product placement resonates with viewers' emotional needs [8] - The innovative content marketing approach is designed to foster a deep emotional connection between the brand and young consumers [9]

Group 1 - The core point of the article is the strategic personnel adjustment at Vatti Corporation, with Han Wei reappointed as Vice President and expected to become the Executive President, focusing on integrating the company's omni-channel business [1] - The personnel change is part of a strategic planning layout for the marketing system's integration and development, aimed at enhancing the efficiency and quality of the marketing system [1] - The organizational restructuring is expected to facilitate Vatti's channel strategy, sales tactics, and the rapid implementation of product and sales linkage [1] Group 2 - In the increasingly competitive kitchen appliance industry, companies must maintain strategic focus and deepen industry engagement, leveraging user insights for product innovation and enhancing channel operational capabilities [3] - Vatti has followed a development path aligned with the "scientific brand" concept, achieving innovative breakthroughs in various product categories such as ultra-thin range hoods, high-end gas water heaters, dishwashers, steam ovens, and wall-mounted boilers [3] - The adjustment in Vatti's marketing strategy is particularly relevant in the post-subsidy era, where reduced national subsidies are expected to intensify industry competition, making the integration of channel strategies and sales tactics more crucial [3]

Core Insights - The company has announced a significant personnel adjustment in its marketing leadership, appointing Han Wei as Vice President to oversee marketing efforts, which is part of a strategic upgrade in response to industry changes [1][4] - The strategic upgrade focuses on "channel integration" and "sales and marketing synergy," aiming to enhance brand influence and sales conversion in a competitive market [4][6] Group 1: Personnel Changes - Han Wei has been appointed as Vice President and will also serve as the Executive President, indicating a strong leadership role in the company's marketing strategy [1][4] - This personnel change is seen as a proactive measure to improve the marketing system's efficiency and effectiveness [1][4] Group 2: Strategic Focus - The company is transitioning from a "dual-line" strategy to a "channel integration" approach, which combines sales and marketing efforts [5][6] - The strategic upgrade is designed to build long-term competitiveness in a saturated market by leveraging past management efforts in brand channel development and product system enhancement [5][6] Group 3: Historical Performance - Han Wei previously led the company through a significant turnaround, increasing revenue from 3.72 billion in 2015 to 6.146 billion in 2018, with net profit rising from 207 million to 677 million, marking a 32.83% year-on-year growth [4][5] - The historical success under Han Wei's leadership reinforces the company's confidence in his ability to execute the new strategic initiatives effectively [4][5]