2025年以来的厨电市场，竞争态势持续白热化。部分品牌为维持市场份额，不得不卷入以价换量的"价 格战"漩涡，行业盈利能力却承受巨大压力，毛利率下滑成为普遍痛点。 在此背景下，华帝财报中43.29%的毛利率水平及其2.79个百分点的同比增幅，显得尤为珍贵。 10月27日晚间，华帝股份（股票代码：SZ.002035）发布了2025年第三季度财务报告。报告显示，公司 前三季度累计实现营业总收入41.58亿元，归母净利润3.56亿元。引人注目的是，前三季度公司整体毛利 率逆势提升至43.29%，相较去年同期显著增长2.79个百分点。这份在行业承压背景下实现的"提质增 效"答卷，清晰地揭示了华帝以高端化转型为核心的战略路径正持续释放积极效能。 逆势显韧性：毛利率稳健提升背后的战略定力 作为华帝高端化战略布局中的关键落子，全隐套系通过构建完整的隐嵌生态，展现了品牌对当代厨房美 学的深度理解。该套系产品矩阵广泛，覆盖烟机、灶具、蒸烤一体机、洗碗机、净饮一体机及燃热等全 线品类，致力于实现厨房空间的视觉统一与功能集成。 在技术层面，套系中的两大标杆产品尤为亮眼：全隐零嵌烟机超越了单纯的美学追求（实现"机柜隐藏 一体化"），其 ...

Core Insights - The company, Vatti, reported a third-quarter revenue of 1.358 billion yuan, with an overall gross margin increase of 2.79 percentage points year-on-year, reaching 43.29%, showcasing a rare "counter-cyclical" profit performance amid industry challenges [1][3] - The kitchen appliance industry is undergoing a significant transformation from a "price war" to a "value war," with Vatti successfully navigating this shift through a forward-looking high-end strategy [1][3] Financial Performance - In the third quarter, Vatti achieved a revenue of 1.358 billion yuan, indicating resilience in a challenging market [1] - The overall gross margin for the first three quarters increased by 2.79 percentage points year-on-year, reaching 43.29% [1] Product Innovation - Vatti launched innovative products such as the "Beauty Bath" water heater and the "Fully Hidden Series," which are key drivers for the increase in gross margin [1][3] - The "Beauty Bath" series utilizes "high-transparency active skin technology," revolutionizing water quality by reducing water molecule clusters to 1-2 nanometers, enhancing skin cleansing and hydration [1] - The "Fully Hidden Series" includes a range of high-end products that address cleaning challenges in Chinese kitchens, featuring advanced technologies like the fifth-generation surf washing technology with a 99.2% cleaning rate [3] Research and Development - In the first half of 2025, Vatti's R&D investment reached 116 million yuan, with a total of 4,690 patents, providing a solid foundation for its high-end strategy [3] - The company's technological accumulation supports its transition of kitchen appliances from mere functional tools to carriers of quality of life [3]

Group 1: Industry Trends - The retail sales revenue of daily household appliances, including refrigerators, grew by 48.3% year-on-year in the first three quarters of 2025, driven by large-scale equipment upgrades and the "old for new" consumption policy [1] - As the policy enters its final phase, the industry's growth rate is showing signs of marginal slowdown, with consumer demand shifting from "policy-driven" to "value-driven," emphasizing health functions, smart experiences, and aesthetic design [1][9] - The home appliance industry is transitioning from "scale growth" to "value growth," necessitating a focus on product strength and innovation to maintain competitiveness [9] Group 2: Company Innovations - Vatti has launched the "Beautiful Skin Bath" series of water heaters, addressing the overlooked need for bathing water quality, integrating "High Permeability Active Skin Technology" and "Healthy Bath Water System" to redefine the bathing experience [3] - The "High Permeability Active Skin Technology" restructures water molecules into ultra-micro clusters, enhancing skin hydration and cleanliness, while the "Healthy Bath Water System" ensures water purity through multiple protective measures [3] - After 28 days of using Vatti's water heater, users reported a 29.89% increase in facial moisture content, a 55.82% reduction in oil, and a 19.99% decrease in wrinkle length, indicating significant improvements in skin health [3] Group 3: Product Development Strategy - Vatti's "Fully Hidden Series" aims to transform kitchens into social spaces, combining Eastern aesthetics with advanced technology, focusing on "space integration" and "intelligent interaction" [6] - The series features a retractable range hood that effectively removes smoke and an AI-driven system that monitors air quality and performs self-diagnostics, enhancing user experience [6] - Vatti's strategy emphasizes high-end technology, design aesthetics, and emotional resonance, responding to modern family needs and integrating cooking into the emotional fabric of home life [6] Group 4: Research and Development - Vatti invested 116 million yuan in R&D in the first half of 2025, a year-on-year increase of 18%, holding 4,690 national patents, including 835 invention patents [8] - The company focuses on user needs, establishing a product innovation system based on three core standards: usability, aesthetics, and ease of cleaning [8] - Vatti's innovations, such as "Surfing Steam Washing" for range hoods and "High Permeability Active Skin Technology" for water heaters, are industry firsts that strengthen its competitive edge [8]

Core Insights - The Chinese kitchen appliance industry is evolving to meet changing consumer demands, shifting from a focus on "high suction" to aesthetics, silence, and smart features, with a current trend towards ultra-thin and integrated designs [1] - The market share for ultra-thin and cross-border styles reached 36.0% and 54.9% respectively in Q1 2025, showing year-on-year growth of 5.8% and 12.2%, with embedded range hoods becoming mainstream [1] Group 1: Brand Strategies - Leading brands like Fotile and Vatti are pioneering the embedded kitchen appliance segment, launching upgraded products that position embedded appliances as the core competitive battlefield [1][3] - Fotile's new Y8 range hood emphasizes "three invisibilities" (invisibility, odorlessness, and quietness), allowing it to blend seamlessly into cabinetry when not in use, while also featuring a 24-hour monitoring system for harmful gases [3] - Vatti focuses on addressing user pain points with its "good use, good looks, good cleaning" standards, leveraging 543 patented technologies to enhance the cleaning experience and functionality of its embedded range hoods [3][4] Group 2: Technological Innovations - Vatti's embedded series features AG glass material that is fingerprint and oil stain resistant, along with a self-cleaning function that achieves a 99.2% cleaning rate without disassembly [4] - The integration of Vatti's embedded products extends beyond range hoods to include a complete kitchen solution, enhancing user experience through smart interconnectivity between appliances [6] Group 3: Market Trends and Future Outlook - The rise of embedded technology shifts the competitive focus from mere specifications to tangible user value, creating new pathways for differentiation among kitchen appliance companies [7] - Vatti's embedded kitchen ecosystem promotes a transition from "optional" to "essential" products, raising industry competition standards to encompass technology, design, and service [7] - The design innovations in embedded appliances are redefining the kitchen's role in the home, transforming it into a space that combines aesthetics, health, and emotional connection [7]

Core Insights - The 2025 China International Kitchen and Bathroom Home Expo (KIB) was held from October 10 to 12 in Shanghai, showcasing the latest trends in the kitchen and bathroom industry, emphasizing the integration of functionality and aesthetics [1] - Vatti, a prominent exhibitor, presented its "Invisible Aesthetics" concept, merging Eastern lifestyle philosophy with modern kitchen appliance technology, featuring a diverse product matrix aimed at enhancing kitchen experiences for consumers [1][13] Group 1: Awards and Recognition - During the expo, Vatti's products received multiple accolades, including the "Boutique Award" for the Max-S66 range hood and "Excellent Product Awards" for several other appliances, highlighting the company's innovation and quality [3][5] - The Max-S66 range hood features a "three ultra-thin" design that allows for seamless integration with standard cabinets, addressing common issues such as protrusion and dust accumulation [5] - The GW6i beauty bath water heater, awarded the "Excellent Product Award," incorporates advanced technology to enhance skin hydration and reduce wrinkles, marking a significant advancement in the product category [6] Group 2: Product Innovations - Vatti's full-hidden series emphasizes "Invisible Aesthetics," with products designed to blend seamlessly into kitchen spaces, including the zero-inset range hood that utilizes a lift structure for complete visual integration [7] - The QX05 integrated cooking center features innovative technology for balanced functionality and space utilization, addressing traditional heating issues with a unique hidden heating element design [9] - The B7Pro dishwasher, recognized for its advanced spray technology, achieves a first-level cleaning coverage certification, showcasing Vatti's commitment to high-end market standards [9] Group 3: Strategic Direction - Vatti's design philosophy is deeply rooted in Eastern philosophy and architectural art, aiming to create a kitchen space that harmonizes with daily life rather than being dominated by cold appliances [13] - The company is focused on the future of embedded kitchen appliances, emphasizing the integration of health and intelligence, and aims to transition these products from "luxury" to "necessity" [15] - Vatti's strategy includes a comprehensive approach to user needs, targeting traditional family-oriented users with reliable, high-end products while appealing to emerging families by transforming kitchens into social spaces [15]