一季报发布当天，老板电器的股价重挫7.1%，以19.65元/股收盘。此后更是震荡走低，一度触及年内最低点18.43元/股，较3月相对高点跌去21.8%。截至发 稿日，公司最新市值录得174.81亿元，与2018年和2021年的高光时刻相比，至少蒸发了六成。 出品：新浪财经上市公司研究院 作者：木予 "以旧换新"政策带动家电零售量额双增，老板电器却交出了一份令人失望的一季报。 业绩公告显示，2025年第一季度，公司实现总营收20.76亿元，同比下降7.2%；归属上市公司股东的净利润约为3.40亿元，同比减少近15%；经营活动产生的 现金净流出约1.87亿元，而2024年同期为净流入5488.76万元，2024年第四季度为净流入11.34亿元；毛利率虽然同比提升2.08个百分点至52.7%，但期间销售 费用大幅增加挤压利润空间，净利率与2024年第一季度相比下滑1.49%。 来源：wind 产品、渠道结构双双失衡 跟风AI大模型难救主业 盈利能力持续恶化、现金流"断崖式"下跌，老板电器被早年埋下的两大"暗雷"反噬。 结合往期年报数据分析，老板电器的主要产品分为三大类：以吸油烟机为主的烟灶消产品，以蒸烤一体机为主的 ...

"政策红包"后如何"治本"? 5 月消费增长超预期, 2024 年底中央经济工作会议首次将"着力扩大内需、提振消费"列为年度首要任 务,2025 年政府工作报告进一步明确"把恢复和扩大消费摆在优先位置"的政策导 向。随后出台的《提振消费专项行动方案》,围绕增收减负、消费补贴、信贷支持等 关键领域推出20余项具体举措,持续加大刺激力度。2025年5月社零同比增长6.4%, 大幅超出市场预期值(4.85%),为近年来较高增速水平,大规模消费品以旧换新等 补贴政策短期内直接刺激了商品消费,形成"政策红包"效应,但消费意愿低迷的深 层根源仍待化解,激活长期消费动能更需依赖机制性保障。 一、补贴政策提振商品消费 消费品以旧换新政策进一步升级。2025年,政策使用超长期特别国债资金加力 扩围,补贴额度从2024年的1500亿大幅增加至3000亿。覆盖范围也显著扩大,以 北京为例,在原 8 类电器补贴范围基础上,新增了微波炉、洗碗机、净水器、电饭煲 等 4 类产品。截至 5 月底,2025年消费品以旧换新 5 大品类合计带动销售额 1.1 万亿 元,发放直达消费者的补贴约 1.75亿份,政策撬动效应显著。 www.lhra ...

Core Viewpoint - The recent achievement of Robam Appliances in winning the China Patent Gold Award for the second time highlights its exceptional innovation capabilities in the kitchen appliance industry, establishing a new benchmark for technological advancement [1][2]. Group 1: Award Significance - The China Patent Gold Award, co-issued by the National Intellectual Property Administration and the World Intellectual Property Organization, represents the highest level of patent innovation in China, often referred to as the "Oscar of the innovation world" due to its stringent evaluation standards and fierce competition [2]. - Robam Appliances' award-winning range hood features a design inspired by "polishing stone into jade" and employs the "source point close suction" technology, enhancing both aesthetic appeal and functionality, significantly improving smoke extraction efficiency and user experience [2]. Group 2: User-Centric Innovation - As a pioneer of domestic range hoods, Robam Appliances continuously innovates around user pain points, driving technological iterations and form innovations in the range hood category [3]. - The newly awarded range hood boasts an ultra-thin design with a depth of 18 cm, which not only saves space but also prevents user collisions; its curved smoke chamber design enhances smoke interception and extraction efficiency [3]. - The smart connectivity features allow for remote control, data monitoring, and automatic adjustment, enabling users to operate the device via mobile apps and voice assistants, thus achieving intelligent human-machine collaboration [3]. Group 3: Technological Investment - The dual award reflects Robam Appliances' significant investment in technology research and development, guided by a "technology + humanistic" development path [5]. - The company has established a top-tier global R&D matrix, including a national industrial design center and a recognized laboratory, with its innovation research institute in Hangzhou housing over a thousand engineers focused on various research dimensions [5]. - Over the past five years, Robam Appliances has applied for more than 5,000 patents, creating a formidable technological barrier [5].

"集成灶双雄"火星人和浙江美大业绩"腰斩" 集成灶行业2024年遭遇了前所未有的挑战，作为行业代表企业的火星人和浙江美大业绩呈现断崖式下滑，反映出这一细分市场对房地产行业的深度依赖。 火星人2024年实现营收13.8亿元，同比大幅下降35.7%；归母净利润仅为0.11亿元，同比下滑高达95.5%；扣非净利润更是出现亏损。2025年一季度，火星 人营收同比下降53.3%至1.6亿元，归母净亏损扩大至0.54亿元，同比下滑246.9%。 浙江美大同样不容乐观，2025年一季度营收仅为9836.38万元，同比下滑63.97%；归母净利润从7715.95万元下滑至779.38万元，同比跌幅约为90%。 2024年至2025年一季度，厨卫电器市场分化明显，不同企业呈现出截然不同的发展态势。 以集成灶为主营业务的企业如火星人（300894.SZ）、浙江美大（002677.SZ）等，受地产低迷影响业绩大幅下滑，传统厨电龙头老板电器（002508.SZ） 和华帝股份（002305.SZ）则通过产品结构调整和政策红利勉强维持平稳。 整体来看，行业正经历从规模扩张向质量提升的转型期，企业纷纷通过高端化、智能化以及渠道优化来应对市 ...

2017年，《关于实施中华优秀传统文化传承发展工程的意见》便以中央文件形式专题部署中华优秀 传统文化传承发展的政策，并强调传统文化应"融入生产生活"的要求。2024年，党的二十届三中全会 《关于进一步全面深化改革、推进中国式现代化的决定》，提出"传承中华优秀传统文化，加快适应信 息技术迅猛发展新形势。" 5月26日，《中共中央办公厅 国务院办公厅关于完善中国特色现代企业制度的意见》发布，首次 在"现代企业制度"框架下，纳入中华优秀传统文化。 《意见》第十六条提出，"鼓励企业将诚实守信、以义取利、守正创新等中华优秀传统文化理念运 用于企业管理实践，融入公司治理。"据了解，这被业内分析为"中国式现代企业管理实践"。 "中华优秀传统文化"首次融入现代企业制度 据了解，此次并非首次提出传统文化与企业结合，但却是首次在"现代企业制度"顶层设计中明确要 求制度化融入。 全国政协委员、北京国家会计学院院长秦荣生也提出，企业高质量发展离不开基于中华优秀传统文 化而来的中国式现代化的管理，"中国企业管理，过去也是照着西方讲，现在也到了接着讲中国的时候 了。" 近年来，随着中华优秀传统文化的复兴，文化自信也与经济发展、企业管理屡 ...

对于企业文化的转化力，茅忠群提出"心性即文化 文化即业务"的理念。他认为，文化建设的最高境界 是文化与业务合二为一，文化是业务的发心和方式，业务是文化的呈现和结果。心性决定发心和方式， 发心和方式是心性的体现。方太在研发吸油烟机时，从对顾客的"仁爱之心"出发，将指标从定性转变为 定量，致力于开发不跑烟的吸油烟机，最终诞生了畅销七年的"风魔方"。在线客服张文甫将顾客视为亲 人，主动为老用户提供装修建议，更是"至诚服务"理念的生动实践。这些案例都印证了，当企业文化真 正内化于心、外化于行时，它就成为了推动业务发展的强大动力。 对于未来发展，茅忠群提出，用十年助力一千万家庭提升幸福感，用十年助力十万名企业家迈向伟大企 业，用十年助力建设一万个幸福社区，到2035年实现千亿级伟大企业的目标。在企业规模不断扩大、员 工代际更替的背景下，方太也积极探索如何让90后、95后、00后更好地吸收和融入企业文化。（青山） 在中国文化的洗礼和沉淀中，方太总结出了"中学明道、西学优术、中西合璧、以道御术"的16字方针。 茅忠群强调，所谓"以道御术"，就是用中华优秀传统文化中的"道"来优化西方管理理论所沉淀的"术"， 让舶来的西方管理 ...

Core Points - Shenzhen's e-commerce support policy for 2025 includes ten key measures aimed at boosting online consumption [1] Group 1 - The policy emphasizes the promotion of trade-in activities for consumer goods [1] - Subsidies will be provided for personal consumers purchasing home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, water heaters, kitchen stoves, range hoods, dishwashers, water purifiers, microwaves, and rice cookers [1] - Subsidies will also be available for personal consumers buying digital products like smartphones, tablets, smartwatches, and fitness bands [1]

据"深圳商务"消息，2025年深圳市电子商务支持政策要点十条发布。其中提出，加力开展线上消费品以 旧换新活动。对个人消费者购买冰箱、洗衣机、电视、空调、电脑、热水器、家用灶具、吸油烟机、洗 碗机、净水器、微波炉、电饭煲等家电类产品给予补贴；对个人消费者购买手机、平板、智能手表手环 等数码类产品给予补贴。支持电商平台发展壮大。加快培育商贸领域电商平台，实施电商平台营收增长 奖励项目，对年营业收入达到一定规模的电子商务平台主体，按年营业收入增长额的一定比例进行奖 励。 ...

Core Viewpoint - The narrative of China's home appliance industry is shifting from a focus on speed and scale to a deeper transformation centered on industry chain reconstruction, value narrative upgrades, and future demand exploration. The new formula for sustainable value growth emphasizes insight into human nature and technological leadership [1]. Group 1: Industry Transformation - The home appliance industry is moving away from the old script of cheap products for market access to a new era defined by high-end innovation and technology barriers [1]. - The transition from "technical OEM" to "standard-setting" represents a significant power shift in the industry, with companies like Fotile leading the way in establishing international standards [3][4]. - Fotile's journey from being a follower to a standard setter in the kitchen appliance sector illustrates the importance of innovation and the need for Chinese voices in global standards [4]. Group 2: Market Dynamics - The home appliance market has shifted from a growth phase to a competition for existing market share, with two main battlegrounds: replacement wars based on experience upgrades and demand creation through scenario innovation [6]. - The evolution of high-end brands from merely meeting basic needs to creating immersive experiences reflects a significant shift in consumer expectations and market strategies [8]. Group 3: Fotile's Innovations - Fotile's new generation of high-end integrated refrigerators exemplifies the brand's commitment to creating a "true freshness" experience, utilizing advanced nitrogen preservation technology [10]. - The integration of AI technology into Fotile's kitchen ecosystem aims to enhance user experience through smart cooking and health management solutions [10]. - Fotile's approach to innovation is characterized by a deep understanding of local consumer needs, leading to significant market share in high-end segments [10]. Group 4: Chinese-style Innovation - The concept of "Chinese-style innovation" emphasizes continuous evolution and optimization based on real user needs, contrasting with Western innovation that often seeks groundbreaking discoveries [15]. - Fotile's development of integrated cooking centers addresses common pain points in Chinese kitchens, showcasing a practical response to consumer demands [13]. - This approach highlights the importance of understanding and solving everyday problems, leading to rapid iterations and effective applications in the market [15]. Conclusion - The transformation of the home appliance industry in China is marked by a shift from cost-driven success to innovation and experience-driven value creation, with Fotile serving as a prime example of this evolution [17][18].

Core Insights - The company is experiencing its most severe downturn since its IPO 13 years ago, with Q1 2025 revenue growth slowing to 2.1% and net profit declining by 8.3% [1] - The traditional kitchen appliance sector is facing significant challenges due to the decline in real estate benefits, increasing consumer segmentation, and competition from emerging product categories [1] Financial Performance - In 2024, the company reported total revenue of 11.26 billion, a year-on-year increase of 2.8%, while net profit fell by 8.2% to 1.28 billion [2] - The core revenue sources, range hoods and gas stoves, contributed 68.3% of total revenue, but their growth rates slowed to 1.2% and 0.7% respectively [2] - In Q1 2025, revenue was 2.15 billion, a decrease of 5.3%, and net profit was 230 million, down 18.6%, marking the largest quarterly decline since 2010 [3] Market Dynamics - The offline market for range hoods saw a retail sales decline of 3.1% in 2024, with the company's market share dropping to 28.7% as competitors like Fotile gained ground [2] - Emerging product categories like dishwashers and integrated stoves accounted for 23.5% of revenue, but their growth rate fell sharply from 41.3% in 2023 to 18.7% in 2024 [3] - The integrated stove segment, which was expected to perform well, only grew by 9.6%, significantly below the industry average of 32.4% [3] Cost and Profitability Challenges - The overall gross margin decreased by 2.1 percentage points to 49.3%, primarily due to rising raw material costs and the increased share of low-margin new products [3] - The company raised prices by 5.2% for range hoods to maintain profitability, but this led to a loss of market share in e-commerce channels [3] - Cash flow from operating activities was negative at -187 million in Q1 2025, reflecting increased promotional efforts and challenges in accounts receivable management [4] Strategic Positioning - The company is at a crossroads, facing market share erosion from competitors and struggling to adapt to new market dynamics [5] - Despite efforts to diversify into new product categories since 2018, the company has not achieved significant market penetration, particularly in dishwashers [5] - The management transition in March 2025, with the founder stepping down, raises questions about the company's strategic direction and ability to respond to market changes [6] Future Outlook - The company is undergoing a profound transformation, grappling with growth challenges and attempting significant strategic changes [7] - The ability to redefine its position in the smart, integrated, and scenario-based kitchen appliance market will be crucial for the company's future success [7]