近日，华帝股份宣布韩伟再度出任集团副总裁。据相关消息，韩伟后续将出任公司执行总裁，整合全渠 道业务。 华帝方面称，此次人事调整，主要系营销体系整合发展的战略规划布局。是经过公司董事会及高层集体 讨论决策，是一次积极的、主动的营销体系提质增效的整合举措。架构调整后，将更有助于华帝的渠道 战略、销售策略以及品销联动的快速落地。 责任编辑：郭栩彤 对于华帝这一营销高层变动，业内人士认为，在厨电行业聚焦高端化与全渠道变革的关键期，组织结构 进一步扁平高效，有利于华帝快速决策，抢抓市场机会。 在竞争愈发白热化的下半场，厨电企业要与时代同行，关键还是在于保持战略定力，深耕行业，基 于"对用户的深度及持续洞察"来做产品创新，同时加强渠道精细化运营能力，加快渠道资源整合和结构 优化。 华帝近年来的发展路径亦是如此。遵循"科学品牌"的理念牵引，华帝在超薄烟机、高端燃气热水器、洗 碗机、蒸烤一体机和壁挂炉等多个品类实现创新突破，夯实自身地位。 在普惠式增长红利消散的"后国补"时代，国补力度的收窄会进一步加剧行业内卷，华帝此次的营销整合 调整，将更有助于华帝的渠道战略，销售策略以及品销联动的快速落地。 ...

Core Insights - The kitchen and bathroom appliance industry is facing significant challenges, with major companies like Vanward Electric and Vatti Holdings undergoing leadership changes amid declining market performance [2][3][4] Industry Overview - The real estate market has negatively impacted the kitchen and bathroom appliance sector, with a reported 0.6% year-on-year decline in sales for kitchen and bathroom appliances in China for the first nine months of 2025, totaling 113.1 billion yuan [3] - Sales of integrated stoves plummeted by 40.9%, while electric and gas water heaters saw slight decreases of 0.4% and 1.3%, respectively [3] - The recent Double 11 shopping festival revealed a significant drop in sales, with offline sales of various kitchen appliances down by 35% to 40% and online sales down by 20% to 59% [3][4] Company Performance - Vatti Holdings reported a 9.13% decrease in revenue to 4.158 billion yuan and an 11.9% drop in net profit to 356 million yuan for the first three quarters of the year [4] - Vanward Electric achieved a 5.54% increase in revenue to 5.524 billion yuan and a 5.56% rise in net profit to 479 million yuan, with its new kitchen appliance segment growing by 23.46% [4] - Both companies are heavily reliant on the domestic market, with Vatti's domestic revenue at 2.4 billion yuan and overseas revenue at 347 million yuan, while Vanward's domestic revenue was 2.275 billion yuan and overseas revenue at 1.729 billion yuan [5] Strategic Adjustments - Both companies are family-controlled and are attempting to balance new business ventures with traditional product lines, focusing on practical and high-end product offerings [6][8] - The need for a balance between innovation and maintaining core business operations is critical for survival in the current market environment [6][8] - The companies are also exploring smart home solutions and integrating technology into their product offerings to stay competitive [8] Leadership Changes - Recent leadership changes at Vanward and Vatti signal a potential shift in strategy, with a focus on enhancing marketing and operational efficiency [2][7] - The appointment of new executives aims to streamline operations and improve the integration of online and offline marketing strategies [7]

全球供应链格局正加速重构，自丝绸之路起点西安延伸出的"钢铁驼队"——中欧班列（西安），凭 借其不断增强的通道能力，正吸引越来越多的企业借其嵌入全球产业链。在"班列经济"的强劲拉动下， 不沿边、不靠海的西安，2024年外贸进出口额突破4000亿元。近日，记者实地走访，解码这条国际物流 通道成为企业优选的密码。 辐射范围广 织就全球物流网 走进西安国际港站调度中心，在巨大的电子屏幕上，18条国际干线如流动的银线，将亚欧大陆紧密 串联，勾勒出一张覆盖广泛的物流网络。 向西，直达汉堡、鹿特丹；向北，联通莫斯科、明斯克；向南，经西部陆海新通道辐射东南亚；向 东，通过铁海联运衔接青岛、宁波等海港。此外，26条国内集结线路更将货源触角延伸至长三角、珠三 角，形成"内陆集结、全球分拨"的高效格局。 "多通道战略是保障运输韧性的关键所在。"西安自贸港建设运营有限公司副总经理张奇韬指着跨里 海线路介绍说，这条新通道有效避开传统拥堵节点，将中欧间的运输时间从40多天压缩到15天左右， 2024年货运量同比激增24倍。 在西安浐灞国际港的哈萨克斯坦西安码头，记者看到，货场堆满了集装箱，车辆来回穿梭。中哈 （西安）商贸物流有限责任公司 ...

新华财经西安11月17日电（记者陈永强 张新新 崔璐）运输效率与成本，是跨国企业市场竞争力的关键变量。当前，全球供应链格局正加速重构，自丝绸 之路起点西安延伸出的"钢铁驼队"——中欧班列（西安），凭借其不断增强的通道能力，正吸引越来越多企业借其嵌入全球产业链。在"班列经济"的强劲 拉动下，不沿边、不靠海的西安，2024年外贸进出口额突破4000亿元。近日，记者实地走访，解码这条国际物流通道成为企业优选的密码。 辐射范围广，织就全球物流网 走进西安国际港站调度中心，巨大的电子屏幕上，18条国际干线如流动的银线，将亚欧大陆紧密串联，勾勒出一张覆盖广泛的物流网络。 向西，直达汉堡、鹿特丹；向北，联通莫斯科、明斯克；向南，经西部陆海新通道辐射东南亚；向东，通过铁海联运衔接青岛、宁波等海港。此外，26条 国内集结线路更将货源触角延伸至长三角、珠三角，形成"内陆集结、全球分拨"的高效格局。 "目前从西安到德国杜伊斯堡约需12天，比以往节省近一半时间。"西安国际陆港多式联运有限公司总经理邵博尔说，全国首创的全程时刻表班列实现"客 车化"运行，班列时刻精准至小时，并已实现"四去三回"常态化开行。以跨境电商货物为例，此时刻表班 ...

Core Viewpoint - The home appliance industry demonstrated resilience during the 2025 Double Eleven shopping festival, with nearly 60% of consumers in first- and second-tier markets opting for new trend appliances that integrate AI features, indicating a shift in consumer preferences and a stable market outlook supported by policy and structural benefits [1][2]. Group 1: Market Performance - The Double Eleven event concluded with resilient growth in the home appliance sector, driven by promotional discounts and the recovery of policy funding, which is expected to support demand for essential appliances and structural upgrades [1]. - Major brands like Midea and Haier maintained strong performance, with Midea's COLMO suite sales increasing over 40% and Haier's suite sales exceeding 4 billion [2]. - The younger demographic is increasingly engaging with these brands, with Midea seeing over 50% growth in young consumers and Haier's Z-generation audience growing by 38% [2]. Group 2: Export Trends - There are signs of improvement in overseas sales for leading home appliance companies, despite high baseline pressures, with some companies showing sequential improvements in their international business [3]. - The positive developments in US-China trade negotiations at the end of October are expected to enhance global operations for leading brands, facilitating inventory clearance and potential export recovery [3]. - The penetration of smart appliances in overseas markets continues to grow, indicating a structural upturn in demand [3]. Group 3: Investment Outlook - The home appliance sector is expected to maintain a "stronger than market" rating, with limited pressure on domestic sales and a gradual recovery in exports anticipated [4]. - The overall valuation of the appliance sector has returned to historical low levels, presenting investment opportunities, particularly in high-quality companies with strong dividend yields [4]. - Recommended stocks include Midea Group, Haier Smart Home, Hisense Home Appliances, and Gree Electric, among others, which are expected to benefit from their competitive advantages and market positioning [4].

行 业 及 产 业 家用电器 2025 年 11 月 16 日 各品牌陆续发布双十一战报，九阳 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.com 刘嘉玲 A0230522120003 liujl@swsresearch.com 本期投资提示： ⚫ 本周家电板块跑赢沪深 300 指数。本周申万家用电器板块指数上涨 1.1%，同期沪深 300 指数下降 1.1%。重点公司方面，九阳股份（26.6%）、莱克电气（12.2%）、海信视 像（7.1%）领涨；三花智控（-12.3%）、荣泰健康（-2.6%）、科沃斯（-1.5%）领跌。 ⚫ 行业动态：1）石头科技发布双十一战报：登顶清洁电器品牌 TOP1，扫地机市场份额 TOP1，达到 34.75%，洗地机市场份额 TOP2，达到 25.02%，净销售额同比增长 408.52%。吸尘器净销售额同比增长 2295.52%。2）九阳豆业"哈基米豆浆"引领热 潮：九阳豆业推出名为"哈基米南北绿豆豆浆"的植物饮料并在消费市场掀起热潮，九 阳豆浆旗舰店所属公司为杭州 ...

Company Overview - Yitian Intelligent was established on September 25, 2003, focusing on integrated stove business for 20 years, ranking high in national influence and market position [2] - The company aims to enhance brand recognition through multi-platform marketing and celebrity endorsements, emphasizing "Yitian Integrated Technology, Understanding Chinese Kitchens" [2] Strategic Focus - Future strategies include a focus on intelligence, globalization, and sustainability to maintain competitive differentiation in the kitchen appliance market [2] - The company plans to expand into computing power and AI applications in 2023, adhering to a dual-drive model of domestic and overseas chips [2] Investment Initiatives - Yitian Intelligent is collaborating with Lloyd Private Equity to establish the Shanghai Deshu Cloud Private Fund, targeting AI, big data, computing power, and advanced manufacturing sectors [4] - The fund aims to optimize investment structure and enhance operational efficiency, with a focus on creating value for shareholders [4] Financial Insights - The Deshu Cloud Fund has acquired 77.4% equity in a company specializing in AI computing services, with related orders valued between 10 billion to 11 billion RMB over five years [4] - Yitian Intelligent acts as a limited partner in the fund, with potential for significant performance elasticity in future operations [5] Decision-Making Structure - The fund's investment decision-making is managed by a three-member committee, ensuring all decisions are unanimously approved [6] Partnerships and Collaborations - Yitian Intelligent is partnering with domestic chip company Suiyuan Technology, focusing on building a large-scale computing power cluster [7] - The collaboration aims to foster innovation in chip technology and establish a complete domestic computing ecosystem [7] Market Conditions - The integrated stove industry is currently in a "bottoming" phase, with compressed profit margins and inventory challenges [10] - Despite these challenges, Yitian maintains a leading position in brand and channel, providing essential cash flow during the transition period [10] International Expansion - Yitian has signed a distribution agreement with Italian high-end kitchen appliance brand SMEG, enhancing its brand image and filling gaps in the high-end market [11] - The partnership aims to create a comprehensive operational system, integrating SMEG's design advantages with Yitian's local supply chain and service network [11]

Group 1: E-commerce Performance - Xiaohongshu's e-commerce "Double 11" event saw a significant increase, with the number of merchants achieving over 10 million in transaction volume growing by 140% year-on-year, and products exceeding 1 million in transaction volume increasing by 145% [1] - Meituan's flash purchase reported that over 800 brands saw their sales double, with nearly 400 product categories experiencing over 100% growth, indicating a strong performance in the instant retail sector during the promotional period [4] - JD.com reported a 40% increase in the number of users placing orders and nearly a 60% increase in order volume during the "Double 11" event, setting new records for transaction volume [5][6] Group 2: Consumer Trends and Insights - Su Ning's insights revealed that nearly 60% of consumers in first and second-tier markets opted for new trend appliances with AI features, while the county market experienced a 48% year-on-year sales growth, highlighting the potential of lower-tier markets [2] - The popularity of new household items such as dryers, dishwashers, and water purifiers reflects a shift towards quality and smart home devices among consumers [2] Group 3: Technology and Competition - The incident involving ByteDance's model team researcher being dismissed for leaking confidential information underscores the importance of data security in competitive technology sectors [3] - JD.com's logistics capabilities were highlighted, with the deployment of advanced AI technology and automation achieving over 95% coverage in logistics processes, enhancing operational efficiency and supporting cost reduction for merchants [5][6]

Core Insights - The overall performance of the home appliance market during this year's Double 11 shopping festival has been lackluster, with significant price competition and a shift towards mid-to-high-end products due to reduced government subsidies and a high base from last year [2][3][5] Group 1: Market Trends - The price of 55-inch Mini LED TVs has dropped to around 3000-4000 yuan, reflecting a 20% decrease compared to the previous shopping event [2] - Online and offline retail markets for televisions, refrigerators, and air conditioners have shown a year-on-year decline from November 3 to November 9 [2] - The demand for home appliances has been dispersed rather than concentrated, leading to a subdued sales environment [3] Group 2: Sales Performance - Some small appliance companies reported a 20% year-on-year increase in overall sales during Double 11, with e-commerce sales rising from 65% to 70% of total revenue [4] - A small appliance company noted that their sales on Double 11 were lower than the sales on October 20, indicating a lack of excitement during the event [3] Group 3: Pricing and Competition - The air conditioning industry saw an overall price decline of 5%-15% during Double 11, with companies like Meibang focusing on smart features to differentiate their products [3] - Some retailers reported significant declines in revenue, with one retailer experiencing a double-digit percentage drop in sales [5] Group 4: Growth Opportunities - Growth opportunities in the home appliance market are becoming more structured, with specific categories like AI products and health-oriented appliances showing significant growth [6] - JD's Double 11 report indicated a 150% increase in sales for home appliance and home goods flash new products, while Su Ning reported that smart appliances accounted for over 55% of sales [6] Group 5: Consumer Behavior - Consumers are increasingly seeking value and quality over low prices, prompting brands to focus on product quality and customer service rather than traditional low-price strategies [7] - The market is characterized by a shift away from price-based promotions towards guiding consumption through new and trendy products [7]

Core Insights - The data from Suning.com indicates a significant structural upgrade in major home appliance categories during the Double 11 shopping festival, with nearly 60% of consumers in first- and second-tier markets opting for AI-integrated appliances [1] - The sales scale in county markets grew by 48% year-on-year, with multiple categories achieving sales increases, particularly in dryers, dishwashers, and water purifiers, which have become the "new three essentials" [1][3] - The sales of smartphones, smartwatches, and wireless earphones saw remarkable year-on-year growth of 63%, 222%, and 374% respectively during the Double 11 period [1] - Major cities such as Shanghai, Beijing, Nanjing, Chengdu, and Xi'an emerged as the hottest consumer markets [1] Home Appliance Trends - AI-enabled home appliances that can sense and interact with consumers have become mainstream, with over 55% of smart appliance sales during Double 11 attributed to this category [2] - The health functionality of appliances has become a new consumer demand, with products like multi-tub washing machines, deodorizing refrigerators, and countertop water purifiers driving growth [2] - Regional preferences in home appliance consumption have been highlighted, with significant variations across different areas, such as large-capacity refrigerators in Northeast and Northwest regions, and embedded washing and drying sets in East China [2] County Market Performance - The county-level home appliance consumption reached a new peak during Double 11, becoming a crucial growth driver, with retail cloud sales increasing by 48% year-on-year [3] - Specific products like wall-mounted air conditioners, LCD TVs, and side-by-side refrigerators saw sales growth of 168%, 93%, and 104% respectively [3] - Customized home appliances have gained traction, with products like the "Mountain Camellia Series" refrigerator and "Ningmeng Series" air conditioner achieving sales of over 50,000 units each, indicating strong demand for high-quality, tailored appliances in county markets [3]