演员阵容方面，前作女主、抖音千万粉头部达人彦儿强势回归，以其自带的庞大流量基础与角色号召 力，为剧集奠定了高关注度基石。此次她搭档有着"前夫哥"之称的实力派演员徐海乔，两大流量担当强 强联合，既覆盖了抖音、微博、小红书等多平台用户，更精准触达20-39岁核心女性受众群体，与华帝 的目标消费人群高度契合。 剧情设定上，短剧跳出传统甜宠框架，创新地融入"古穿今"与轻喜剧元素，打造极具代入感的"乙游"风 味剧情。女主为争取华帝投资，试图复刻祖传《宫廷食谱·九式》，却意外与穿越而来的古代御厨沈宴 开启同居生活。从初遇到彼此守护，美食成为串联两人情感的核心纽带，而华帝厨电则全程见证这段跨 越时空的爱恋。将甜宠爱情与生活治愈感相结合，使得剧情既贴合当下用户的情感需求，又为产品植入 提供了丰富且自然的场景。 品牌理念深度传递 作为华帝内容营销的核心载体，《御厨大人请指教》延续了前作的植入策略，将烟机K10、一键爆炒灶 507H、蒸烤一体机V5Pro、洗碗机D3000max尊享版及热水器G10五大产品，无缝融入剧情发展的关键节 点，让产品功能与使用场景自然呈现，实现"用产品助力剧情，用剧情传递价值"的营销目标。 当快节奏的生 ...

近日，华帝股份宣布韩伟再度出任集团副总裁。据相关消息，韩伟后续将出任公司执行总裁，整合全渠 道业务。 华帝方面称，此次人事调整，主要系营销体系整合发展的战略规划布局。是经过公司董事会及高层集体 讨论决策，是一次积极的、主动的营销体系提质增效的整合举措。架构调整后，将更有助于华帝的渠道 战略、销售策略以及品销联动的快速落地。 责任编辑：郭栩彤 对于华帝这一营销高层变动，业内人士认为，在厨电行业聚焦高端化与全渠道变革的关键期，组织结构 进一步扁平高效，有利于华帝快速决策，抢抓市场机会。 在竞争愈发白热化的下半场，厨电企业要与时代同行，关键还是在于保持战略定力，深耕行业，基 于"对用户的深度及持续洞察"来做产品创新，同时加强渠道精细化运营能力，加快渠道资源整合和结构 优化。 华帝近年来的发展路径亦是如此。遵循"科学品牌"的理念牵引，华帝在超薄烟机、高端燃气热水器、洗 碗机、蒸烤一体机和壁挂炉等多个品类实现创新突破，夯实自身地位。 在普惠式增长红利消散的"后国补"时代，国补力度的收窄会进一步加剧行业内卷，华帝此次的营销整合 调整，将更有助于华帝的渠道战略，销售策略以及品销联动的快速落地。 ...

近日，华帝公布营销高层人事调整，正式启动营销整合战略升级。公告显示，韩伟被聘任为集团副总 裁，统管营销工作。另据透露，韩伟将担任公司执行总裁。华帝方面称，此次人事调整，是公司在行业 变革背景下主动求变的重要举措之一，是一次积极的、主动的营销体系提质增效的整合举措。架构调整 后，将更有助于华帝的渠道战略、销售策略以及品销联动的快速落地。 在厨电行业存量竞争加剧、渠道碎片化的关键转型期，华帝正式启动战略升级，以"渠道一体化"与"品 销合一"深度融合的发展路径破局。业内人士称，这一调整，是华帝基于其长期主义，立足行业长远发 展趋势、适配自身战略规划的重要布局，旨在通过营销体系整合实现品牌影响力与销售转化的双向赋 能，为企业在存量市场中构建长期竞争力。 据悉，此次战略落地由深耕华帝多年、兼具战略眼光与实战经验的韩伟统筹负责全渠道及品牌业务—— 作为曾任职华帝副总裁的"老将"，成功带领华帝实现业绩转折：公司从2015年营收37.2亿元、净利润 2.07亿元的同比下滑态势，转变为营收从2016年的43.96亿元逐步提升至2018年的61.46亿元，2018年归 母净利润达6.77亿元，同比增长32.83%，创下阶段性新高 ...

与此同时，渠道割裂导致的运营效率瓶颈凸显，消费者"线上比价、线下体验、全域服务"的一体化需 求，成为制约企业突破增长的关键因素。在这一形势下，传统的渠道模式面临诸多挑战，比如线上线下 渠道割裂、资源无法高效整合、运营效率低下等，严重制约着企业的发展。 11月18日晚，华帝启动营销体系整合，董事会公告营销高层人事调整，经公司提名，第九届董事会提名 委员会审查通过后，韩伟被聘任为集团副总裁，统管营销体系及各级渠道。另据透露，韩伟将担任公司 执行总裁。据悉，此次华帝锚定渠道一体化变革，是企业顺应行业发展趋势的重要战略决策。 随着房地产市场下行，厨电行业增量空间逐渐收窄，存量竞争成为市场主流。一方面，线上渠道成为主 流消费场景，在国补基数压力下，家电十一期间终端动销有所承压，线上表现优于线下。奥维云网 （AVC）推总数据显示，2025年国庆促销期，家电价格同比走低，增长压力显著。线下同期高基数使得 降幅更明显，线上部分渠道自补略缓解压力。另一方面，厨电行业头部品牌竞争加剧，2025年1—4月油 烟机线上市场"方老华"占据近45%份额。 此次华帝锚定渠道一体化变革，是企业顺应行业发展趋势的重要战略决策。未来，在韩伟的带 ...

2025 年 11 月 21 日 相关研究 券研究报 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 A0230522120003 liujl@swsresearch.com 申万宏源研究微信服务号 红利、科技与出海: 2026 家 容三年线 -2026 年家电行业投资策略 本期投资局示: 请务必仔细阅读正文之后的各项信息披露与声明 需求显著改善,估值触底反弹。白电板块,根据产业在线数据,25年1-9月空调累计实 ● 现内销量 9081 万台，同比+8.4%，24 年"以旧换新"政策于 7 月底落地，1-8 月具备 一定低基数优势。25Q1/Q2/Q3 单季度空调内销同比+6.2%/+11.6%/+6.0%，其中 7/8/9 月同比+14.3%/+1.2%/-2.5%，进入 25Q3，家空内销增速逐步放缓。厨电板块，国补显 著拉动销售，25H1 延续增长势头。根据奥维云网数据，24 年油烟机实现零售额 362 亿 元，同比+14.9%；燃气灶零售额 204亿元，同 ...

Core Viewpoint - The resignation of two vice presidents, Wang Cao and Jiang Lingwei, from Vatti Corporation may indicate a shift in the company's marketing strategy, as both had only served for a short period of five months after their appointment [1][3][7]. Group 1: Resignation of Executives - Wang Cao and Jiang Lingwei applied for resignation due to personal reasons and will not hold any positions in the company or its subsidiaries after their departure [1]. - Wang Cao has been with Vatti Corporation for several years, having been appointed vice president in September 2020, and his salary reached 735,000 yuan in 2021, ranking third among executives [5][6]. - Jiang Lingwei, who has a background in marketing, was appointed vice president in May 2022 and has previously worked at Alibaba and Boss Electric [6]. Group 2: New Appointment - The company has appointed Han Wei as the new vice president, effective from the date of the board's approval until the end of the ninth board's term [7]. - Han Wei has a history with Vatti Corporation, having served as vice president previously and held various managerial positions in other companies [7]. Group 3: Financial Performance - Vatti Corporation's third-quarter report indicates a decline in both revenue and net profit for the first three quarters of 2025, with revenue at 4.16 billion yuan, down 9.1% year-on-year, and net profit at 360 million yuan, down 11.9% [8]. - The company's sales expenses slightly decreased by 4.3% to 1.06 billion yuan, but the sales expense ratio reached a three-year high of 25.5% [8].

Core Viewpoint - The recent personnel adjustment at Vatti Co., Ltd. aims to enhance the marketing system and improve operational efficiency in response to strategic planning needs in the context of a complex market environment [1][2]. Group 1: Personnel Changes - Vatti appointed Han Wei as the new Vice President, succeeding Wang Cao and Jiang Lingwei, to integrate marketing operations [1]. - The restructuring is seen as a proactive measure to enhance the company's channel strategy and sales tactics [1]. Group 2: Industry Context - The kitchen appliance industry is shifting from "scale expansion" to "value cultivation," with channel efficiency and overall collaboration becoming critical for success [1]. - Vatti has implemented various initiatives, such as "Ten Thousand Stores Navigation" and partnerships with platforms like Meituan and Gaode Map, to enhance channel competitiveness [1]. Group 3: Financial Performance - Vatti's offline channel revenue reached 1.486 billion yuan with a gross margin of 45.89%, reflecting a year-on-year increase of 6.83% [1]. - The average gross margin over the past four years has been around 40%, outperforming the market [2]. Group 4: Leadership Impact - Han Wei has a notable track record in channel integration and strategic planning, having previously driven revenue growth from 5.731 billion yuan in 2017 to 6.146 billion yuan in 2018 [2]. - Under Han Wei's leadership, Vatti's net profit increased significantly, showcasing the effectiveness of the channel transformation strategy [2]. Group 5: Future Outlook - The personnel change aligns with the trend of integrated operations in the kitchen appliance sector and promotes a "product-sales integration" model for high-quality growth during a period of stock competition [2].

Core Insights - Vatti has announced a strategic integration of its marketing system, appointing Han Wei as Vice President to replace the previous heads of offline and online marketing [1][2] - The strategic upgrade reflects a shift in the kitchen appliance industry from competition based on "internal competition," "parameters," and "price wars" to a focus on "value wars" and user experience [1][2] Company Strategy - The adjustment aims to break down channel barriers and provide consumers with a seamless, efficient, and convenient shopping experience, which is crucial for industry upgrades [1] - Vatti's recent organizational adjustments around "channel integration and product-sales unity" are seen as a deep response to the challenges posed by the evolving market [1] Leadership and Experience - Han Wei's appointment is significant as it marks his second term as Vice President at Vatti, showcasing his deep understanding of user needs and strategic execution capabilities [1] - His previous success in leading the brand's youth transformation and innovative marketing strategies has helped Vatti gain trust among younger consumers [1] Market Positioning - The integration of the marketing system will enable Vatti to quickly capture market feedback and enhance product development and service upgrades [2] - The "channel integration and product-sales unity" strategy will eliminate information barriers between online and offline channels, allowing consumers to experience products in-store after being attracted online [2] Industry Context - The strategic upgrade serves as a valuable example for the kitchen appliance industry, which is currently undergoing significant adjustments [2] - As the industry shifts from incremental growth to stock competition, focusing on user value and enhancing customer satisfaction throughout the user lifecycle will be key for brands to build long-term competitive advantages [2] Future Outlook - With the deepening of the strategy, Vatti is expected to strengthen the value connection between users and the brand, positioning itself as a leading high-end kitchen appliance brand [2]

Core Insights - Boss Electric's Shishen large model has officially passed national large model registration, achieving a "full registration" status, which signifies comprehensive recognition at the national level for compliance, safety, and technological advancement [1] Group 1: Regulatory Achievements - The company has successfully obtained three key qualifications: safety registration, algorithm registration, and large model registration, demonstrating its capability in technology development and compliance construction [1] - The completion of these registrations reflects the company's breakthrough in meeting stringent regulatory requirements, showcasing its hard power in technological research and development [1] Group 2: Industry Impact - The Shishen large model is the only one in the kitchen appliance industry to achieve "full registration," setting a high standard for development within the sector [1] - With this comprehensive qualification system and leading technological capabilities, the Shishen large model is expected to continuously deliver value in smart kitchen appliances and personalized nutrition, contributing to improved quality of life and industry upgrades [1]

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [11] Core Insights - The home appliance sector shows strong profitability resilience despite challenges from domestic subsidy reductions and external tariff impacts. The overall valuation remains at a reasonable low level, suggesting opportunities for growth in high-performing leaders and stable value recovery in established companies [2][10] Overall Industry Summary - The home appliance industry achieved a revenue growth of 7.52% year-on-year in the first three quarters of 2025, with quarterly growth rates of +13.97%, +5.46%, and +3.59% respectively. The growth trend is expected to slow down due to subsidy reductions and diminishing marginal effects [4][21] - The gross profit margin for the industry in Q3 2025 was 24.75%, reflecting a slight year-on-year decrease of 0.54 percentage points, while the gross sales difference improved by 0.64 percentage points to 16.35% [31][39] - The net profit attributable to shareholders for the first three quarters of 2025 reached 1,048.77 billion, marking a year-on-year increase of 9.76%, with Q3 net profit growing by 4.22% [38][44] White Goods - The white goods sector reported a revenue growth of 9.06% year-on-year in the first three quarters of 2025, with Q3 growth at 5.29%. The sector benefits from a reduction in domestic price competition, leading to a recovery in gross profit margins [5][27] - The net profit for the white goods sector increased by 11.32% year-on-year in the first three quarters, with Q3 showing a growth of 3.50% [43][44] Black Goods - The black goods sector experienced a revenue growth of 3.09% year-on-year in the first three quarters, but Q3 saw a decline of 2.64%. The sector's performance is influenced by a low base effect and increased non-recurring gains [6][24] - The net profit for the black goods sector surged by 37.26% in Q3, reflecting a strong recovery [42][43] Kitchen Appliances and Post-Cycle - The kitchen appliance sector faced a revenue decline of 4.09% in Q3 2025, attributed to a downturn in the real estate market and cautious consumer spending [7][25] - The net profit for the kitchen appliance sector decreased by 12.73% year-on-year in Q3 [42][43] Small Appliances - The small appliances sector achieved a revenue growth of 5.92% in Q3 2025, with the cleaning segment showing a remarkable growth of 30.70% [8][24] - The net profit for the small appliances sector increased by 16.52% year-on-year in Q3 [42][43] Upstream Components - The upstream components sector reported a revenue growth of 8.13% year-on-year in the first three quarters, with Q3 growth at 3.31%. The sector's profitability significantly improved due to order and business structure optimization [9][26] - The net profit for the upstream components sector grew by 30.29% in Q3 [42][43] Investment Recommendations - The report suggests focusing on high-growth leaders with strong organizational, technological, and brand capabilities, such as Anker Innovations, Roborock, and Ninebot. Additionally, it recommends paying attention to stable leaders like Midea Group, Haier Smart Home, and Gree Electric for value recovery opportunities [10]