Core Insights - Under the backdrop of increased national subsidy policies, the company demonstrates strong competitive resilience and growth potential through product matrix expansion and brand building [1] - The company reported a record total revenue of 6.372 billion yuan in 2024, marking a year-on-year increase of 2.23%, with a net profit of 485 million yuan, up 8.39% year-on-year [2] Revenue Growth - The core kitchen appliance business, including range hoods and gas stoves, has maintained steady growth, with revenues of 2.735 billion yuan, 1.533 billion yuan, and 1.262 billion yuan for range hoods, gas stoves, and water heaters respectively, reflecting year-on-year growth of 6.62%, 5.28%, and 10.4% [2] - Emerging kitchen appliance categories such as steam ovens and steam-bake integrated machines have shown remarkable performance, contributing to the company's revenue growth, with revenues of 80.65 million yuan and 8.82 million yuan, representing year-on-year growth of 6.03% and 74.6% respectively [2] Brand Development - The company has established a brand matrix consisting of "Vatti," "Baide," and "Vatti Home," catering to different market levels and consumer needs [2] - The main brand Vatti continues to strengthen its positioning in the high-end market, while Baide targets domestic third and fourth-tier cities and overseas markets [3] - The company has received multiple industry honors, including "2024 TOP100 Chinese Brand Innovation Development Model" and "2024 Asia Brand 500," indicating a continuous enhancement of brand value [3] Channel Strategy - The company employs a multi-channel integration strategy, achieving a revenue of 3.148 billion yuan from offline channels, a year-on-year increase of 11.07%, with new retail revenue reaching 1.251 billion yuan, up 29.63% [4] - The company has launched six free services to stimulate consumer replacement demand under the "old for new" policy and has integrated with the Meituan platform to enhance its dealer system [4] - Online channels have also been optimized, with the company achieving a retail market share of 37.17% for ultra-thin range hoods, maintaining its leading position in the online kitchen appliance market [5] R&D and Innovation - The company has increased its R&D investment, with R&D expenses rising by 6.14% to 263 million yuan, holding 4,416 national patents, with 885 new patents added [6] - Innovations include several patented technologies aimed at enhancing cleaning performance and user experience, such as "dual-distance full-domain washing" and "smoke machine surfing wash" [6] - The company has implemented national energy efficiency standards across its product lines, ensuring that most products meet the first-level energy efficiency standards [6] Product Recognition - The company has launched several new products that have received widespread acclaim from consumers and industry recognition, including the Vatti Giant Wash Dishwasher and the Vatti Ultra-thin Range Hood [7] - Notable products have received awards such as the "16th Red Top Award - Nomination Award" and "2024 AWE Aiplan Award for Excellent Products," showcasing the company's technological leadership and innovation capabilities in the kitchen appliance industry [7]