和讯财经风云榜依托专业机构和权威数据，对企业详细数据进行梳理，在"公平、公正、公开"的评选原 则下，邀请业内权威专家、学者组成评审团，结合线上大众投票，对参评企业进行多维度的筛选和评 估，评选出上市公司中对中国经济及所属行业发展做出突出贡献的先锋榜样。 如今，财经风云榜已连续成功举办二十三届，累计吸引超过千家企业参与评选，是中国财经领域极具公 信力的评选之一。同时，该榜单也被业界誉为"中国下一年财经动态的风向标"。 作为中国厨电行业领导品牌的华帝，历经33年稳健发展，为上市公司高质量发展树立了优秀典范。 以技术突破重构厨房价值 "创新是品牌穿越周期的核心密码"，面对厨电行业转型进入深水区，华帝坚决摒弃"价格战"和"内卷"思 维，将研发投入转化为实实在在的用户价值。 近日，备受资本市场瞩目的和讯"财经风云榜"公布。作为厨电行业首家上市公司、厨电三强之一的华帝 股份（002035），凭借卓越的品牌影响力、持续的技术创新能力与稳健的经营表现，从众多参评企业中 脱颖而出，斩获"年度上市公司品牌影响力榜样"荣誉称号。 数据显示，2025年上半年，公司研发投入达1.16亿元，同比增长18%；前三季度研发投入再达1.72亿 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 不知从何时起，厨房在年轻人心中不再仅仅是烟火升腾、锅碗瓢盆碰撞的"后勤重地"，而是演变为展示 生活态度、实现精神治愈，甚至进行轻社交的"家庭新中心"。一人食的精致仪式感、"厨房社交"的兴 起、"邪修美食"的创作……年轻人正在用各种方式不断拓宽厨房的边界。 然而，理想很丰满，现实却很骨感。报告显示，多数城市家庭的厨房面积，平均仅有4-7平方米，68.5% 的家庭厨房小于8平方米。社交平台上，"厨房不够用"的吐槽总能收获大量共鸣。 在这场关于方寸之间的"野心"与"现实"的拉锯战中，厨电产品成为破局的关键。年轻人对厨电的需求早 已超越了基础功能的满足，他们追求的是"小而美""一机多用""空间共融"与"效率至上"，这直接推动了 厨电产品形态向嵌入式、隐嵌式进化。而作为"厨电三杰"之一的华帝，早已在嵌入式、隐嵌领域持续进 行技术探索与深耕。 一机多能，让小空间承载大创意 快节奏生活下，年轻人衍生出"邪修美食"的独特下厨方式，他们对厨电的要求矛盾又统一：既要10分钟 搞定早餐，又要兼顾健康底油；既想解锁烘焙、烤虾等多元风味，又不想被繁多的厨电工具挤 ...

Core Insights - The article highlights Vatti's recognition as a leading brand in the kitchen appliance industry, winning the "Annual Listed Company Brand Influence Model" award due to its strong brand impact, continuous technological innovation, and stable operational performance [1] - Vatti has been a pioneer in the kitchen appliance sector for 33 years, setting an excellent example for high-quality development among listed companies [1] Innovation and R&D - Vatti emphasizes innovation as the key to navigating industry cycles, moving away from price wars and focusing on user value through R&D [3] - In the first half of 2025, Vatti's R&D investment reached 116 million yuan, an 18% increase year-on-year, with total R&D spending for the first three quarters at 172 million yuan, maintaining a leading position in the industry [4] - The company has accumulated 4,690 national-level patents, including 835 invention patents, showcasing its technological strength [4] - Vatti's new ultra-thin smoke machine, J6230ZS, features a powerful suction of 31m³/min and a static pressure of 1350Pa, exceeding the upcoming national standards for smoke machines [4] Product Innovation - Vatti has developed 543 patented cleaning technologies, enhancing kitchen experiences by achieving a 99.2% cleaning rate for its smoke machines and international-leading standards for its dishwashers [6] - The company is committed to creating a "clean kitchen" experience, transforming kitchens into appealing spaces for younger consumers [6] ESG Strategy - Vatti integrates ESG principles into its corporate strategy, focusing on environmental management, social responsibility, and corporate governance to balance economic, environmental, and social values [7] - The company is actively pursuing sustainability goals, including a digitalized smart industrial park and a rooftop photovoltaic project, aiming for 32% of its total electricity consumption to come from renewable sources by 2024 [9] - Vatti's commitment to social responsibility includes a total of 4.55 million yuan in public welfare investments in 2024 and initiatives to support families with autism [9] Financial Performance - Vatti achieved a gross margin increase to 43.29% in 2025, demonstrating resilience in a challenging market environment [11] - The company's strategic focus on user value, technological innovation, and social responsibility reflects a commitment to long-term growth amidst shifting industry dynamics [11]

Core Insights - The kitchen appliance industry is undergoing a "winter," which is not the end but a deep reshuffling pointing towards "value reconstruction" [1] - The competitive logic in the industry is shifting from "scale expansion" to a focus on "user value" [1] Financial Performance - Vatti's Q3 2025 report shows a revenue of 4.158 billion yuan and a net profit of 356 million yuan, indicating a year-on-year decline, but the gross margin has increased [1] - The overall gross margin for the first three quarters reached 43.29%, up by 2.79 percentage points year-on-year, with Q3 maintaining a high margin of 42.79% [1][3] Operational Resilience - Vatti's performance demonstrates operational resilience amidst industry challenges, with a 23.9% decline in real estate completions and weak consumer confidence affecting the kitchen appliance market [3] - The company's strategy of "quality improvement and efficiency enhancement" has allowed it to avoid the pitfalls of price wars and focus on product upgrades and brand high-end positioning [3] Product Innovation - Vatti's gross margin improvement is attributed to its ongoing high-end, intelligent, and youthful product strategies [6] - The company has transitioned its products from "kitchen tools" to "quality lifestyle carriers," leveraging technological breakthroughs to meet high-end user demands [6][8] Product Categories - The full-hidden zero-embedded range of smoke machines and the B7Pro dishwasher have achieved significant technological advancements, enhancing cleaning efficiency and aesthetic appeal [8][10] - The comprehensive product suite creates a value moat, aligning with the trend of integrated kitchen aesthetics and increasing user loyalty [8] Research and Development - Vatti has invested heavily in R&D, with a total of 4,690 patents, including 835 invention patents, positioning it among industry leaders [10] - The company’s R&D investment for the first three quarters was approximately 170 million yuan, supporting a continuous innovation rhythm [10] Channel Strategy - Vatti's channel strategy combines offline experiences with online engagement, creating a robust network that supports high-margin structures [11] - The company has opened over 1,000 new retail stores in the first half of 2025, enhancing brand value through immersive consumer experiences [11] Market Adaptation - Despite challenges such as slow consumer recovery and changing policy environments, Vatti has built product barriers through technology and fortified its value defense through experiential channels [12] - The company's practices offer insights for the kitchen appliance industry, emphasizing the importance of returning to user value and responding to real demands through continuous innovation [13]

Core Viewpoint - Despite a challenging environment in the kitchen appliance industry, the company has demonstrated strong operational resilience, achieving a year-on-year increase in gross margin, with the effectiveness of its high-end and intelligent strategies becoming evident [1][2]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 4.158 billion yuan, a year-on-year decrease of 9.13%, and a net profit attributable to shareholders of 356 million yuan, down 11.90% [1][2]. - The gross margin for the third quarter reached 43.29%, up from 40.50% in the same period last year, reflecting a nearly 3 percentage point increase [1][2]. - The gross sales difference improved to 16.6%, a year-on-year increase of 2.3 percentage points, indicating enhanced operational quality [4]. Strategic Initiatives - The company is focusing on optimizing product structure and promoting high-end products as part of its unwavering commitment to a "high-end and intelligent" strategy [5]. - At the 2025 China International Kitchen and Bathroom Home Expo, the company showcased a series of innovative products, emphasizing the integration of hidden design and health technology [7]. - The company is actively promoting a diversified channel system that combines online and offline sales, which has proven effective in stabilizing performance [8]. Market Positioning - The new retail channel revenue is projected to grow from 608 million yuan in 2022 to 1.251 billion yuan by 2024, with a compound annual growth rate of 43% [8]. - The company has successfully opened over 1,000 new retail stores this year, enhancing its market coverage and consumer interaction [8]. Innovation and Branding - The company is leveraging AI technology in marketing, launching the first AI-generated short drama in the kitchen appliance industry, which has received positive market feedback [10]. - The brand is actively engaging with younger consumers through various innovative marketing strategies, including music events and short dramas, to strengthen its market presence [11]. Social Responsibility - The company has initiated a public welfare project in collaboration with the One Foundation, focusing on supporting children with autism through various community activities [13]. - The company aims to capitalize on the shift from functional to quality consumption in the kitchen appliance industry, aligning its strategies with emerging market trends [13].

Core Insights - The core viewpoint of the article highlights Vatti's resilience in a challenging market, showcasing a significant increase in gross margin and a strategic shift towards high-end product offerings [1][4]. Financial Performance - In the first three quarters of 2025, Vatti achieved a total revenue of 4.158 billion yuan and a net profit attributable to shareholders of 356 million yuan [1]. - The overall gross margin improved to 43.29%, marking a notable increase of 2.79 percentage points compared to the same period last year [1][4]. Market Context - The kitchen appliance market has been experiencing intense competition, with many brands engaging in price wars, leading to declining profitability across the industry [4]. - Vatti's gross margin of 43.29% stands out as a rare achievement in this environment, indicating effective strategic execution [4]. Strategic Focus - Vatti's success is attributed to proactive product structure optimization and quality enhancement, moving from a focus on scale to refined operations that prioritize quality and efficiency [4]. - The company has successfully transitioned to a "value elevation" strategy, reinforcing its position in the industry's top tier [4]. Product Innovation - The increase in gross margin is driven by the redefined competitiveness of Vatti's products, which are now seen as "quality carriers" rather than mere functional tools [6]. - The launch of innovative products, such as the "Beauty Bath" water heater, exemplifies Vatti's commitment to enhancing user experience and driving technological advancement in the industry [6][8]. Channel Development - Vatti emphasizes channel development as a core aspect of its marketing strategy, particularly in a high-cost online environment [12]. - The company has built a diversified offline network, including flagship stores and partnerships with major retail chains, enhancing consumer trust and facilitating high-value product sales [12][13]. - Vatti's offline channel revenue reached 1.486 billion yuan, with a gross margin of 45.89%, reflecting a 6.83% year-on-year increase [15]. Future Outlook - Despite external challenges such as real estate regulation and fluctuating consumer confidence, Vatti's third-quarter report signals a positive trend towards strengthening internal capabilities and enhancing operational precision for healthier growth [15].

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]

Core Insights - The "hidden embedded" trend is emerging as a new focal point in the kitchen appliance industry, with products like "invisible range hoods" gaining popularity among consumers [1][3] - Leading players in this competition, Fotile and Vatti, have showcased innovative products that have received international recognition, indicating their strong innovation capabilities [1][3] Industry Trends - The kitchen appliance industry in China has evolved significantly over the past 40 years, transitioning from basic functionality to a focus on aesthetics and comfort, driven by changing consumer demands [3][5] - Despite an increase in average housing size, kitchen space has remained largely unchanged, leading to a demand for embedded appliances to optimize space utilization [3][5] Product Innovations - Consumers desire range hoods that can "disappear" from view, enhancing the overall kitchen design and making it easier to share aesthetically pleasing images [5][8] - Both Fotile and Vatti have introduced innovative designs, such as Vatti's "near-closet range hood" and Fotile's "wing-lift series," focusing on making range hoods thinner and more integrated into kitchen cabinetry [5][8] Competitive Landscape - The market for hidden embedded range hoods is currently dominated by Fotile and Vatti, creating a "2+N" competitive structure, with other brands following their lead [11] - Vatti's "fully hidden zero-embedded range hood" features advanced technology that allows it to blend seamlessly with cabinetry, while maintaining high performance [8][11] Consumer Experience - Vatti's innovations aim to enhance user experience across three dimensions: product cleanliness, spatial efficiency, and sensory satisfaction, aligning with their "clean kitchen" concept [9][11] - The focus on health and cleanliness in kitchen environments is becoming a key differentiator for brands like Vatti, positioning them favorably in the emerging market for hidden embedded appliances [11]