事件：公司发布2025年中报 公司发布2025 年中报，2025H1 实现营业收入9.20 亿元，同比下降19.49%；实现归母净利润0.52 亿元， 同比下降43.20%。单季度来看，2025 年第二季度实现营业收入5.08 亿元，同比下降18.02%；实现归母 净利润0.30 亿元，同比先下降6.88%。由于家居卫浴行业市场仍面临较为激烈的竞争状态，且需求端与 房地产行业存在一定关联性，同时各地区促消费政策执行进度不一，落地节奏滞后抑制部分需求释放， 导致公司整体销售收入特别是境内营业收入未达预期。由于行业竞争加剧，产品单价略有下滑，带动毛 利率下降，归母净利润下滑。 市场环境叠加行业竞争影响，短期内销业务收入和毛利率承压2025H1，分产品来看，公司水箱及配件/ 智能坐便器及盖板收入分别为2.63/5.31 亿元，分别同比下降18.42%/22.72%；毛利率分别为 26.18%/24.17%，分别同比-1.30/-2.54pct。分地区看，公司境内/境外收入分别为5.85/3.35 亿元，分别同 比-27.76%/+0.60%，毛利率分别为25.65%/26.48%，分别同比-1.64/-2.49pc ...

[Table_StockNameRptType] 瑞尔特（002790） 公司点评 市场环境叠加行业竞争影响，25H1 业绩承压 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-08-27 | | | [Table_BaseData] 收盘价（元） | | 7.94 | | 近 12 个月最高/最低（元） | | 9.58/6.14 | | 总股本（百万股） | | 418 | | 流通股本（百万股） | | 261 | | 流通股比例（%） | | 62.39 | | 总市值（亿元） | | 33 | [公司价格与沪深 Table_Chart] 300 走势比较 -18% -2% 14% 29% 45% 8/24 11/24 2/25 5/25 瑞尔特 沪深300 [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_CompanyRep ...

证券代码：002790 证券简称：瑞尔特 | 交流内容及具体 | 下降幅度小于营业收入下降幅度。 | | --- | --- | | 问答记录 | 上半年度营收下降的主要原因是由于家居卫浴行业市场 | | | 仍面临较为激烈的竞争状态，新房需求端受到房地产行业影 | | | 响，且各地区促消费政策执行进度不一，落地节奏滞后抑制部 | | | 分需求释放等因素所致，从具体产品看，影响较大的是占公司 | | | 总营收比重 57.7%的智能坐便器及盖板下滑 22.72%；分地区 | | | 看，主要是占总营收比重 63.57%的国内市场下滑 27.76%， | | | 海外市场占总营收比重 36.4%，在受到关税部分影响的状况 | | | 下，与去年同期相比仍实现了 0.6%的增长，保持较为稳定趋 | | | 势。 | | | 归母净利润下降的主要原因是上半年度毛利率同比下滑 | | | 1.83 个百分点，期间费用率同比提升 1.27 个百分点（研发费 | | | 用率提升 个百分点），导致净利率下滑 个百分点， 0.86 2.34 | | | 其中毛利率下降主因是价格因素，由于行业竞争加剧，产品单 | | | ...

Core Viewpoint - The article discusses the transformative impact of AI on the bathroom industry, highlighting how leading companies like Jomoo are integrating AI to redefine user experiences and drive innovation in the sector [1][3][4]. Group 1: AI and Industry Transformation - The AI revolution is reshaping the manufacturing landscape, moving from traditional mass production to intelligent customization across various sectors, including automotive and home appliances [4][5]. - Jomoo is leveraging AI to enhance bathroom experiences, integrating technology to create a more interactive and health-conscious environment [7][12]. Group 2: Scene-based Innovation - The concept of "scene" is becoming central to the bathroom industry, shifting from mere functionality to creating immersive user experiences [9][12]. - Jomoo's AI BATH initiative introduces innovative scenarios like smart toilets and showers that adapt to user preferences, enhancing emotional well-being and health monitoring [12][14]. Group 3: Home Appliance Integration - The bathroom industry is transitioning towards "home appliance" standards, with AI-driven products becoming essential for modern living [15][18]. - Jomoo's smart toilet technology exemplifies this shift, offering features that enhance user comfort and hygiene while integrating seamlessly into the smart home ecosystem [20][21]. Group 4: Health and Wellness Focus - The bathroom space is positioned as a critical area for health monitoring, with AI enabling continuous data collection and health management [22][25]. - Jomoo's innovations in health monitoring through smart toilets illustrate the potential for preventative health care within everyday routines [26][27]. Group 5: Sustainability and Green Manufacturing - The manufacturing sector is increasingly prioritizing green practices, with AI and digital technologies driving efficiency and sustainability [30][33]. - Jomoo's green manufacturing initiatives demonstrate a commitment to reducing environmental impact while enhancing production efficiency [33][36]. Group 6: International Expansion - Chinese brands, including Jomoo, are expanding globally, focusing on technology, brand building, and cultural integration to compete in international markets [37][40]. - Jomoo's strategic acquisitions and participation in international design exhibitions highlight its ambition to redefine the global bathroom industry [40][42]. Group 7: Future Directions - The future of the bathroom industry is characterized by a convergence of AI, health, sustainability, and user-centric design, positioning companies like Jomoo at the forefront of this evolution [44][45]. - The integration of AI into everyday products is expected to create a more intelligent and responsive living environment, enhancing overall quality of life [45].

Core Viewpoint - The article discusses the transformative impact of AI on the bathroom industry, highlighting how leading companies are integrating AI to redefine user experiences and operational efficiencies in the next decade [1][3][4]. Group 1: AI and Industry Transformation - The integration of AI into manufacturing is reshaping the entire value chain, moving from "mass production" to "intelligent customization" [4]. - AI is recognized as a key tool for enhancing the resilience of China's manufacturing sector, which has evolved significantly over the past decade [3][4]. - Companies like Haier and BYD are leveraging AI to innovate and improve efficiency, while bathroom industry leaders like JOMOO are exploring deep integration of AI into their products [1][3]. Group 2: The Five Transformations in the Bathroom Industry - The bathroom space is undergoing a "five transformations" revolution: scenario-based, appliance-like, health-oriented, green, and international [7][44]. - Scenario-based transformation focuses on creating immersive user experiences rather than just functional products, with JOMOO leading the way in this shift [9][12]. - The appliance-like transformation indicates a shift towards smart bathroom products that integrate seamlessly into the home ecosystem, similar to traditional home appliances [15][21]. Group 3: Health and Sustainability - The health-oriented transformation emphasizes the bathroom's role in health monitoring, with JOMOO's AI-enabled products capable of conducting health assessments through daily activities [22][26]. - Sustainability is becoming a core competitive advantage, with companies adopting green manufacturing practices to meet global standards and consumer expectations [30][33]. - JOMOO's green factories demonstrate significant energy savings and reduced emissions, showcasing the potential for sustainable practices in the bathroom industry [33][36]. Group 4: International Expansion - Chinese bathroom brands are increasingly focusing on international markets, with JOMOO leading efforts to establish a global presence through acquisitions and strategic partnerships [37][40]. - The company's participation in international design exhibitions and its expansion into Southeast Asia reflect a commitment to enhancing brand recognition and market share abroad [42][43]. - The global competition is intensifying, with JOMOO positioning itself as a formidable player against established international brands [43].