2026.01. 06 本文字数：2073，阅读时长大约4分钟 作者 | 第一财经 郭霁莹 补贴退坡的同时，河北多地天然气价格却长期稳定在每立方米气3元左右，近些年甚至略有上调。 2023年，国家发展和改革委发布天然气上下游价格联动相关指导意见，国内多地开启居民用气销售 价格上下游联动调整，据华创证券统计，2023年，河北10个地区的基础居民气价平均上调0.391元/立 方米，涨幅达14%。是年，石家庄市将居民用气第一阶梯价格由每立方米2.78元调整为3.15元，"煤 改气"用户执行此价格。同年，承德市、邢台市等地则涨至3.3元/立方米。前述气价持续至今。 今冬采暖季，"河北农村取暖费用太高"问题引发广泛关注。自前些年"煤改气"后，随着补贴退坡、居 民用气价格上涨，河北省多地"煤改气"居民取暖成本问题日渐突出，一些家庭大幅缩减甚至停烧天然 气。 "孩子每天放学后的三四个小时家里会开一会儿壁挂炉，这样算下来每星期燃气费要三四百块钱。"1 月6日，河北省保定市曲阳县张先生告诉第一财经，他家120平方米的房子，壁挂炉每天调至65度、 运行4小时左右，一个采暖季要花4000多元取暖。但这只能让室温保持在13度左右，若 ...

今冬采暖季，"河北农村取暖费用太高"问题引发广泛关注。自前些年"煤改气"后，随着补贴退坡、居民用气价格上涨，河北省多地"煤改气"居民取暖成本问 题日渐突出，一些家庭大幅缩减甚至停烧天然气。 如何平衡环保目标与民生可负担性，是摆在地方政府面前的现实问题 "孩子每天放学后的三四个小时家里会开一会儿壁挂炉，这样算下来每星期燃气费要三四百块钱。"1月6日，河北省保定市曲阳县张先生告诉第一财经，他家 120平方米的房子，壁挂炉每天调至65度、运行4小时左右，一个采暖季要花4000多元取暖。但这只能让室温保持在13度左右，若室外降至0度，室温往往不 足7度。夜间关闭壁挂炉后，家里只能靠电热毯取暖，每月会再增加三四百元电费。 "往年煤价高的时候，一冬烧2吨煤，不到2000元，室温还能维持在20度。"对比"煤改气"前，张先生直言取暖费用差别很大。 邢台市一县居民郭先生告诉第一财经，他家4间屋子约160平米空间，"煤改气"后每年冬季取暖费约6000元，室温能维持在17度。今年母亲年迈怕寒，近两月 来取暖费已经烧掉4000多元，预计今冬燃气费最少要花8000元。而他70多岁的邻居老夫妻，在寒冬"三九"来临的当下，还未开壁挂炉取暖 ...

Core Viewpoint - The company has established a comprehensive product structure centered around kitchen appliances, including range hoods, stoves, and water heaters, while also expanding into integrated kitchen appliances and other home customization products [1] Group 1: Product Strategy - The company focuses on core kitchen appliance products such as range hoods, stoves, and water heaters [1] - The product line has been extended to include emerging integrated kitchen appliances like integrated stoves, dishwashers, and steam ovens, as well as whole-house customization and water purification systems [1] Group 2: Business Development - The company aims to maintain a high-end brand positioning and strengthen its traditional product advantages [1] - Future strategic development will be based on a comprehensive consideration of the company's operational status and industry market trends [1] Group 3: Operational Focus - The company plans to enhance sustainable development through technological innovation, operational efficiency optimization, and organizational capability strengthening [1]

Core Viewpoint - The company is enhancing safety measures for natural gas usage in response to the winter peak demand, focusing on preventing carbon monoxide poisoning and gas leaks through inspections and digital monitoring systems [1] Group 1: Safety Measures - The Hangzhou Natural Gas Company is conducting indoor safety inspections on gas water heaters and wall-mounted boilers to ensure proper operation and compliance with safety standards [1] - A special ledger is established for serious hazards identified during inspections, providing guidance for rectification and promoting dynamic elimination of risks [1] Group 2: Technological Integration - The company utilizes smart gas meters with a coverage rate of 94.6% in the main urban area to implement a "smart gas" system for 24-hour gas usage monitoring [1] - Pilot programs for gas leak alarms are being promoted to build a digital protection system, enhancing safety monitoring efficiency [1] Group 3: Public Awareness and Emergency Response - Continuous dissemination of safety knowledge through new media platforms is aimed at educating users on equipment operation, maintenance, and emergency response [1] - The company is strengthening emergency response capabilities during winter, ensuring that hotlines are available 24/7 for user inquiries and assistance [1]

Group 1 - The core point of the article is the strategic personnel adjustment at Vatti Corporation, with Han Wei reappointed as Vice President and expected to become the Executive President, focusing on integrating the company's omni-channel business [1] - The personnel change is part of a strategic planning layout for the marketing system's integration and development, aimed at enhancing the efficiency and quality of the marketing system [1] - The organizational restructuring is expected to facilitate Vatti's channel strategy, sales tactics, and the rapid implementation of product and sales linkage [1] Group 2 - In the increasingly competitive kitchen appliance industry, companies must maintain strategic focus and deepen industry engagement, leveraging user insights for product innovation and enhancing channel operational capabilities [3] - Vatti has followed a development path aligned with the "scientific brand" concept, achieving innovative breakthroughs in various product categories such as ultra-thin range hoods, high-end gas water heaters, dishwashers, steam ovens, and wall-mounted boilers [3] - The adjustment in Vatti's marketing strategy is particularly relevant in the post-subsidy era, where reduced national subsidies are expected to intensify industry competition, making the integration of channel strategies and sales tactics more crucial [3]

Core Insights - The "4th Su Xin Consumption Home Appliance and Home Decoration Shopping Season" was launched in Nanjing, focusing on the theme "AI Restructuring, Butterfly Change, Win-Win" to explore transformation paths for the home appliance industry in the AI era [1] - The event aims to stimulate year-end consumer potential through various subsidies and discounts, particularly targeting the autumn and winter home appliance consumption peak [1][2] Group 1: Event Overview - The event was guided by the Jiangsu Provincial Department of Commerce and involved major companies like JD Electronics and A.O. Smith, emphasizing green and smart home appliance consumption trends [1][2] - A total investment of over 300 million yuan was announced by JD Electronics to support the old-for-new exchange program, with an average discount of over 30% [2] Group 2: Marketing and Consumer Engagement - The shopping season features a multi-channel marketing approach, including a launch ceremony, large-scale special events, community actions, and various promotional activities [2] - JD MALL is creating immersive shopping experiences with dedicated areas for laundry care, smart home displays, and climate customization, enhancing consumer engagement [3] Group 3: Industry Insights and AI Empowerment - The Innovation Integration Annual Conference highlighted AI's role in transforming the retail landscape, with industry leaders sharing insights on market trends and consumer behavior [4] - Discussions focused on the shift from functional satisfaction to emotional resonance in consumer preferences, emphasizing the importance of scenario creation and interaction [5]

Core Insights - Global brands are reassessing the deep value of localization in light of China's manufacturing rise and consumer awareness upgrade [1] - The transition from "producing in China" to "innovating for the world" is a key focus for companies [1] Industry Overview - The modern industrial base in Wuxi, covering over 64,000 square meters, symbolizes the shift in global narratives [1] - The German brand Vaillant operates this facility, with an annual production capacity of 1.5 million units, while the wall-mounted boiler sales in China are projected to reach 2 million units in 2024 [3] - Approximately 40% of the factory's electricity comes from photovoltaic power, and it has achieved international LEED Gold certification, reflecting the growing importance of heating solutions among Chinese consumers [3] Consumer Behavior Changes - Consumer perception has evolved from "brand worship" to "quality recognition," with China's manufacturing value expected to account for nearly 30% of the global total by 2025 [4] - The overall scale of China's manufacturing has maintained the top position globally for 15 consecutive years [4] - The shift in consumer mindset indicates a more rational judgment, where consumers are clearer about their product needs and lifestyle preferences [4] Market Demand Diversification - The demand in the Chinese market has become increasingly diverse, reflecting the changing consumer mindset [6] Product Development Insights - Specific product requirements, such as higher adjustment ratios for wall-mounted boilers to accommodate varying water temperatures, are critical for usability [9] - Noise control is emphasized, with dedicated soundproofing labs focusing on psychological acoustics to ensure products operate quietly [10] - Smart features, such as remote operation and temperature settings via an app, are driven by Chinese customer demands, influencing global product upgrades [10] Global Innovation Impact - Innovations developed for the Chinese market are now influencing global products, with Vaillant exporting approximately 300,000 water heaters annually to over ten European countries [12] - The collaboration with Southeast University since 2019 has led to algorithm optimizations that cater to both local and international markets [12] Challenges for Multinational Companies - Multinational companies face the challenge of adapting to local market needs rather than merely replicating existing production systems [14] - China's market is evolving from being a traditional manufacturing hub to becoming a center for global innovation [14] Global Consumer Consensus - Successful products can achieve global recognition, as evidenced by the popularity of brands like Labubu among young consumers worldwide [16] - The operational strategies of foreign brands in China are shifting towards deep adaptation to local needs while maintaining core standards, leading to local innovations influencing global standards [16]

Core Viewpoint - Global brands are reassessing the deep value of localization in the context of China's manufacturing rise and consumer awareness upgrade, seeking a balance between global standards and localized demands while transitioning from "producing in China" to "innovating for the world" [1][3]. Group 1: Consumer Awareness Upgrade - The shift in consumer perception in China has evolved from "brand worship" to "quality recognition," reflecting a more rational judgment about products and lifestyles [4][5]. - By 2025, China's manufacturing value-added share is expected to approach 30% globally, maintaining its position as the largest manufacturing economy for 15 consecutive years [5]. Group 2: Market Demand Diversification - The demand in the Chinese market has become increasingly diverse, necessitating tailored product features to meet specific consumer needs [7]. Group 3: Product Adaptation and Innovation - The wall-hung boiler products require higher adjustment ratios to maintain comfort in higher inlet water temperatures prevalent in China, compared to Europe [10]. - Noise reduction involves a comprehensive approach, utilizing psychological acoustics to ensure products operate quietly and unobtrusively [11]. - Smart features, such as remote operation and temperature settings via an app, have emerged from Chinese consumer demands, influencing global product development [11]. Group 4: Global Innovation Hub - Since 2019, collaboration with Southeast University has led to algorithm optimization and sensor integration, resulting in products that appeal to European markets, with approximately 300,000 water heaters exported annually to over ten European countries [13]. - The role of the Chinese market has fundamentally shifted from being a traditional manufacturing hub to becoming a center for global innovation [15]. Group 5: Cross-Cultural Brand Recognition - Successful products can achieve global consensus, as evidenced by the popularity of brands like Labubu among young consumers in China and worldwide [17]. - The operational strategy of foreign brands in China has evolved to deeply adapt to local needs while maintaining core standards, leading to local innovations that can set global benchmarks [18].

Core Viewpoint - In the first half of 2025, the Chinese kitchen appliance industry experienced growth but at a slower pace due to a complex macroeconomic environment and ongoing adjustments in the real estate market. Vatti Corporation, a veteran player in the market for over thirty years, maintained a solid profit level, achieving approximately 2.72 billion yuan in net profit and 28 billion yuan in revenue [1][3]. Group 1: Financial Performance - Vatti Corporation reported a net profit of approximately 2.72 billion yuan and an operating income of about 28 billion yuan in the first half of 2025 [1]. - The company generated a net cash inflow from operating activities of 1.75 billion yuan [1]. - The gross profit margin for Vatti's main business increased by three percentage points to 44.1% in the first half of 2025, making it the company with the most significant gross margin growth in the kitchen appliance sector [1][6]. Group 2: Product Innovation and Differentiation - Vatti Corporation has established a strong competitive edge through innovation, holding 835 invention patents and a total of 4,690 national-level patents as of June 2025 [3][4]. - The company has developed a comprehensive product structure that includes core kitchen appliances like range hoods, stoves, and water heaters, as well as emerging integrated kitchen products [3]. - In the first half of 2025, essential product categories benefited from policy support and market demand, leading to year-on-year growth in sales and volume for Vatti's essential and demand-driven kitchen appliances [3][4]. Group 3: Brand and Market Strategy - Vatti Corporation is focusing on multi-brand development, utilizing three main brands—Vatti, Baide, and Vatti Home—to meet diverse market needs across different price points and functionalities [4]. - The company launched several new products in the first half of 2025, including high-end models that align with consumer preferences for quality and health [4][5]. - During the 618 shopping festival, high-end kitchen appliances saw a significant increase in sales volume, indicating a consumer willingness to pay for premium products that address core pain points [4]. Group 4: Channel Expansion and Marketing - Vatti Corporation conducted nearly 2,000 promotional events across 26 provinces in the first half of 2025, enhancing brand visibility and consumer engagement [8]. - The company has strengthened its online sales capabilities, particularly through platforms like Douyin, and has seen a notable increase in the proportion of high-end products sold [10]. - Vatti's offline channel revenue reached 14.86 billion yuan in the first half of 2025, with a gross margin increase of 6.83% to 45.89% [9]. Group 5: Strategic Partnerships and New Initiatives - Vatti Corporation has expanded its local life service platform by partnering with Meituan and Gaode Map, enhancing its reach in the local service sector [9]. - The company has also increased its agent network to 131, focusing on new business opportunities while managing risks effectively [11]. - Vatti's new retail channels achieved a gross margin of 41.51% in the first half of 2025, reflecting significant growth [11].

Core Insights - Vaillant celebrates its 30th anniversary in the Chinese market in 2025, reflecting the journey of foreign enterprises in China, from initial cautious entry to deep localization and adaptation to new market dynamics [1][4][10] - The company maintains a strong confidence in the Chinese market and adheres to a long-term strategy, emphasizing the importance of commitment and resilience in the face of economic cycles [2][7][8] Localization and Development - Vaillant's entry into China was challenging, as the concept of heating and wall-hung boilers was unfamiliar to most Chinese consumers at the time [4] - The establishment of Vaillant's first factory in Wuxi in 2007 marked a significant shift from import sales to localized production, leading to rapid growth in demand for wall-hung boilers and water heaters [5] - The new Asia-Pacific R&D manufacturing base in Wuxi, covering over 64,000 square meters, is designed to enhance production capacity and innovation, with a maximum output of 1.5 million units per year [5] Long-term Commitment - Vaillant's "Accelerating China" strategy, initiated in 2017-2018, has led to the establishment of branches in 35 regions and partnerships with over 1,200 collaborators [7] - The company recognizes the vast growth potential in the Chinese market, with a current wall-hung boiler penetration rate of less than 20% despite being the largest market globally [8] - Vaillant is actively pursuing digital transformation and online channels, integrating consumer feedback to optimize products and services [9] Future Outlook - Vaillant plans to continue expanding its investment in China, viewing the market as a critical area for long-term growth and development [10]