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]

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]