在消费升级与技术革新交织的浪潮中，中国高端厨电市场的竞争态势持续白热化，方太、老板、华帝 形成"三强鼎立"局面。进入2025年，市场格局呈现新动态：奥维云网（AVC）最新数据显示，1-4 月中国油烟机线上市场依旧由"方老华"主导，三大品牌合计揽获近45%的市场份额，延续着寡头竞 争格局。 具体来看，华帝以10.03%的销售额市占率稳居第三席位。尽管同比微降0.1%，但其抗风险能力显 著优于行业头部对手——同期方太市占率同比下滑0.55%，老板降幅达3.46%。 华帝打破"行业下行必降价"的惯性逻辑，以技术创新与品质升级在高端市场建立"价值认同"。 通过聚焦用户核心需求，将"好用、好看、好清洁"作为产品研发的底层逻辑，其自主研发的二代三 腔超薄烟机、巨能洗洗碗机等明星产品，不仅在性能上突破行业标准（如聚能燃烧技术热效率达 84%、一氧化碳排放降低54%），更以"白科技"技术标签和"净时尚"设计语言，形成区别于方 太"全场景生态"、老板"AI数字厨电"的差异化认知，让"高端=高性能+易清洁"的价值等式深入人 心。 在高端品牌市占率普遍承压的背景下，华帝的小幅波动凸显出其市场基本盘的稳固性，展现出更强的 抗压韧性。 ...

在消费升级与技术革新交织的浪潮中，中国高端厨电市场的竞争态势持续白热化，方太、老板、华帝形 成"三强鼎立"局面。进入2025年，市场格局呈现新动态：奥维云网（AVC）最新数据显示，1-4月中国 油烟机线上市场依旧由"方老华"主导，三大品牌合计揽获近45%的市场份额，延续着寡头竞争格局。 具体来看，华帝以10.03%的销售额市占率稳居第三席位。尽管同比微降0.1%，但其抗风险能力显著优 于行业头部对手——同期方太市占率同比下滑0.55%，老板降幅达3.46%。 在高端品牌市占率普遍承压的背景下，华帝的小幅波动凸显出其市场基本盘的稳固性，展现出更强的抗 压韧性。 从价格维度分析，华帝在三强中表现尤为亮眼，是唯一实现均价同比正增长的品牌，涨幅达2.15%。这 一数据不仅印证了其品牌溢价能力的提升，更凸显出产品技术迭代背后的硬核竞争力——在消费理性化 趋势下，华帝通过技术创新与品质升级，成功在高端市场建立"价值认同"，打破了"行业下行必降价"的 惯性逻辑，为品牌长期增长奠定价值根基。 一、把握行业趋势，规模承压下的价值突围 随着居民收入提升与消费观念迭代，消费者对厨电的需求从"功能满足"转向"体验升级"，愿意为智能 ...

政企双补，全系列产品"零操心"焕新 3月24日至5月5日，中国高端厨电领军品牌的华帝重磅启动"第四届千店联动"全国大促活动，以"心有所 爱 净享焕新"为主题，联动全国近千家终端门店，整合政企补贴、新品首发、服务升级等多重资源，为 消费者带来覆盖厨卫全场景的焕新盛宴。 此次活动期间，华帝推出"政企双补"政策：购买厨电产品可享受政府补贴与厂家补贴叠加，其中一级能 效产品享20%政府以旧换新补贴、二级能效产品享15%政府补贴，叠加至高15% 的厂家补贴，综合补贴 比例最高达35%，切实降低消费者厨房焕新成本。 聚焦明星爆品，购买美肌浴热水器除享受政企双补外，于2025年7月31日前安装还可额外享受300元/台 的辅材补贴，进一步消除安装环节隐性支出。 同时，华帝推出"六大免费服务"体系，涵盖免费上门、测量、设计、送货、拆机(不限品牌)及安装，构 建从需求评估到售后落地的全流程闭环，尤其免费拆机与设计服务直击旧机处理与空间规划痛点，为消 费者提供"零操心"焕新体验。不仅如此，活动期间购买指定新品可享"一年内只换不修"服务，以硬核承 诺彰显对产品性能的高度自信。 产品矩阵上，华帝同步推出十余款新品覆盖全品类：烟机E60 ...

自ChatGPT掀起AI大模型浪潮两年多来，各行各业都加入了"AI+"的浪潮。今年初，DeepSeek的横空出 世，更给这股AI浪潮添了一把火，让全球科技圈迎来了"DeepSeek时刻"，也让AI应用进入爆发期。 AI正在重塑各行各业，距离普通消费者最近的厨电行业也不例外。众所周知，我国厨电行业近两年逐渐 进入慢增长周期，存量市场博弈成为行业竞争现状，而AI厨电已成为各大厨电品牌打开新的市场增长点 的重要机遇。 包括华帝、方太、老板电器在内的"厨电三杰"，在今年AWE期间纷纷展示了AI如何给厨电赋能，勾勒出 厨电行业从功能叠加到系统智能化的进阶图景。作为厨电高端品牌三强，方太持续以人文关怀和高端体 验巩固品牌壁垒，老板电器聚焦AI食神大模型探索高端智能化赛道，华帝则通过高端时尚的年轻化战略 和净洁厨房战略抢占新兴消费群体。 在竞争激烈的存量市场中，光有前沿产品的创新力还不够，必须同时具有技术壁垒、全球供应链和品牌 价值的企业，才更容易成为赢家。从2024的业绩来看，"方老华"行业马太效应逐渐显著，其中华帝股份 则更为亮眼。 4月28日，华帝股份发布2024年财报显示，其去年总收入同比增长2.23%至63.72 ...

Core Insights - Vatti Co., Ltd. reported impressive financial results for 2024, achieving a revenue of 6.372 billion yuan, a year-on-year increase of 2.23%, and a net profit of 485 million yuan, up 8.39% [1] - The company has demonstrated consistent growth, outperforming the industry, indicating strong underlying growth drivers [1] Financial Performance - Vatti's revenue reached a historical high, with a basic earnings per share showing double-digit growth [1] - The company's net profit growth was driven by improved user experience and retail performance, with offline channel revenue increasing by 11.07% to 3.148 billion yuan [2] - The overseas market also saw significant growth, with revenue from international channels rising by 20.29% to 760 million yuan [3] Market Dynamics - The domestic kitchen appliance industry experienced a shift from intense competition in the first half of 2024 to a recovery in demand in the second half, aided by government policies [2] - The "old-for-new" policy stimulated consumer demand, leading to positive growth in various kitchen appliance categories [2] Product Strategy - Vatti focuses on product differentiation and quality, emphasizing "white technology" and "clean aesthetics" as part of its brand strategy [4] - The company has significantly increased its R&D efforts, introducing over 517 new patents related to its "clean technology" initiative [5] - Vatti's online market share for slim range hoods reached 37.17%, maintaining its top position for two consecutive years [5] Technological Innovation - The company is enhancing its product offerings with smart features, such as AI-assisted cooking technology [6] - Vatti is investing in a digital and intelligent manufacturing park to improve operational efficiency and production capacity [6] Future Outlook - In 2025, Vatti plans to launch new products, including a series of high-end kitchen appliances, reinforcing its brand image of being fashionable, scientific, healthy, and premium [7] - The company continues to lead the kitchen appliance industry in both scale and growth rate in the first quarter of 2025 [8]

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]

4月28日，华帝股份发布2025年一季度业绩公告，报告期内主营收入12.6亿元，归母净利润1.06亿元。 此前，申万宏源等机构表示，以旧换新有望成为厨电企业业绩的有力支撑。作为中国高端厨电领导品 牌，华帝在一季度召开2025年新品发布会，发布"时光宝盒"系列美肌浴燃气热水器、新一代微蒸烤一体 机和新品洗碗机，继续推动产品结构高端化。 根据奥维云网数据，2024年华帝在线上超薄吸油烟机市场中零售量份额37.17%，居市场首位且持续两 年保持Top1。 奥维云网（AVC）报告指出，"国补"拉动下，厨电换新消费再次升级，高颜值、绿色、智能成为市场主 流，消费结构可能演变为高端消费占比为重的"强倒三角"。华帝洞察这一消费趋势变迁，以中国文化与 东方美学为驱动，主张新中式时尚健康生活方式。公司坚持自主研发、掌握产品核心技术，并持续加大 研发投入力度，已研发"双子变距全域洗""烟机冲浪洗""晶钢心燃热平台"等517项"好清洁"专利技术， 深耕健康烹饪、健康净洗和健康沐浴三大场景，满足年轻用户的健康消费需求，帮助他们打造高品质人 居生活。 另据近期披露的2024年业绩报告，华帝2024年研发费用约为2.63亿元，同比增加6 ...