近日，由经济观察报主办的以 " 开启新格局 引领新增长 " 为主题的第八届粤港澳大湾区发展论坛 顺利召开。论坛同期，"2025年粤港澳大湾区臻质奖"正式发布。基于在"优质运营、公众信赖、行 业引领、创新突破、社会贡献、年度影响"六大维度的综合表现，华帝荣获 "粤港澳大湾区臻质奖" ，成为 行业内唯一获得该荣誉的企业 。 "链主"强则产业链兴，大湾区世界级产业集群的崛起，离不开龙头企业的牵引与带动。 作为厨卫电 器产业链的领军者，华帝不仅是 大湾区 家电产业集群的核心龙头，更是国内厨电行业的标杆品牌。 2025年前三季度，华帝股份实现营业收入41.58亿元，归母净利润3.56亿元。 在厨电产品的国家与行业标准中，总有着华帝"身影"。自成立以来，华帝已主导或参与起草、修订 超40项国家及行业标准，覆盖烟机、灶具、洗碗机等多个核心品类，其中包括GB 16410《家用燃 气灶具》、GB/T 17713吸油烟机国标等关键标准。同时，华帝还被认定为 《洗碗机干态储存测试 方法和技术要求》的制定单位 。 华帝秉承"好看、好用、好清洁"和"净洁厨房"的品牌理念，以543项"好清洁"专利为华帝实力护 航：烟机的"冲浪蒸水洗"技 ...

12月31日，华帝股份跌1.12%，截至发稿，报6.18元/股，成交5885.75万元，换手率1.21%，总市值52.38 亿元。 资料显示，华帝股份有限公司位于广东省中山市小榄镇工业大道南华园路1号，成立日期1992年4月8 日，上市日期2004年9月1日，公司主营业务涉及生产和销售燃气用具、厨房用具、家用电器及企业自有 资产投资、进出口经营业务。主营业务收入构成为：烟机41.76%，灶具26.21%，热水器18.56%，其他 3.32%，其他(补充)1.67%，电烤箱1.58%，蒸烤一体机1.26%，橱柜1.21%，消毒柜1.20%，洗碗机 1.02%，净水器0.83%，集成灶0.83%，集成烹饪中心0.40%，电蒸箱0.16%。 从基金十大重仓股角度 数据显示，嘉实基金旗下1只基金重仓华帝股份。嘉实精选平衡混合A（009649）三季度持有股数42万 股，占基金净值比例为2.8%，位居第十大重仓股。根据测算，今日浮亏损失约2.94万元。 嘉实精选平衡混合A（009649）成立日期2020年6月11日，最新规模8642.94万。今年以来收益3.95%， 同类排名7026/8085；近一年收益2.73%，同类 ...

证券代码:600983 股票简称：惠而浦 公告编号：2025-037 惠而浦（中国）股份有限公司 2025年第四次临时董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 惠而浦（中国）股份有限公司（以下简称"公司"）2025年第四次临时董事会会议通知于2025年12月15日 以电子邮件方式发出，会议于2025年12月18日以通讯表决的方式召开。全体董事参与表决。本次会议的 召集、召开符合有关法律法规和《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 1、审议通过"关于拟签署《〈全球供应协议〉有关元器件采购的补充协议》暨关联交易的议案" 因实际经营及业务发展需求，公司拟与Whirlpool Corporation签署《〈全球供应协议〉有关元器件采购 的补充协议》。 本议案已分别经公司独立董事专门会议、董事会战略委员会审议通过，并同意将本议案提交公司董事会 审议。 本议案尚需提交公司股东大会审议。 表决结果：11票同意，0票弃权，0票反对，关联董事Lee Edwards（艾德华） ...

Core Viewpoint - Changchun Gas is focusing on stabilizing its main business, expanding new business areas, controlling costs, and enhancing services through strategic partnerships and diversified gas supply channels [2] Group 1: Business Strategy - The company is deepening cooperation with upstream enterprises to expand diversified gas supply channels [2] - Changchun Gas is actively communicating with government departments to promote the improvement of the gas pricing mechanism [2] Group 2: Technological and Service Innovations - The company is applying energy-saving technologies to enhance clean energy heating solutions [2] - Through the "Mingqi Home" platform, the company is developing value-added services such as kitchen appliances, insurance, home decoration, and community retail by sharing resources with its main business [2]

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 Insights - The second-hand catering equipment market is experiencing a slowdown in turnover and profitability due to a decline in the restaurant industry, leading to an increase in inventory and a decrease in sales [2][3][4] Market Dynamics - The influx of second-hand equipment has surged as many restaurants close down, but the demand has not kept pace, resulting in a significant backlog of unsold items [2][3] - The average turnover period for second-hand equipment has extended from one to two weeks to one to two months or longer, with transaction prices and turnover rates dropping by over 20% [3][4] - The competitive landscape has intensified, with many new entrants in the market, but the number of active participants is now decreasing as more businesses exit [3][5] Pricing Trends - The resale prices for second-hand equipment have decreased significantly, with some items dropping from over 10,000 yuan to around 7,000-8,000 yuan [6] - Despite the overall decline in prices, certain high-demand items like quality coffee machines and imported steamers have seen price increases of 10%-20% due to their desirability [6][7] Operational Adjustments - Many operators are shifting from a high-volume, low-margin model to a more selective approach, focusing on acquiring equipment from well-known brands and newer items [5][7] - The traditional model of "collecting, refurbishing, and selling" is evolving into a service-oriented approach, with businesses offering guarantees and delivery services to enhance customer experience and improve turnover rates [8] Future Outlook - The second-hand catering equipment industry is transitioning from a "bargain hunting" phase to a more professional competitive stage, where service quality and market insight will be key differentiators [8]

Core Viewpoint - The resignation of two vice presidents, Wang Cao and Jiang Lingwei, from Vatti Corporation may indicate a shift in the company's marketing strategy, as both had only served for a short period of five months after their appointment [1][3][7]. Group 1: Resignation of Executives - Wang Cao and Jiang Lingwei applied for resignation due to personal reasons and will not hold any positions in the company or its subsidiaries after their departure [1]. - Wang Cao has been with Vatti Corporation for several years, having been appointed vice president in September 2020, and his salary reached 735,000 yuan in 2021, ranking third among executives [5][6]. - Jiang Lingwei, who has a background in marketing, was appointed vice president in May 2022 and has previously worked at Alibaba and Boss Electric [6]. Group 2: New Appointment - The company has appointed Han Wei as the new vice president, effective from the date of the board's approval until the end of the ninth board's term [7]. - Han Wei has a history with Vatti Corporation, having served as vice president previously and held various managerial positions in other companies [7]. Group 3: Financial Performance - Vatti Corporation's third-quarter report indicates a decline in both revenue and net profit for the first three quarters of 2025, with revenue at 4.16 billion yuan, down 9.1% year-on-year, and net profit at 360 million yuan, down 11.9% [8]. - The company's sales expenses slightly decreased by 4.3% to 1.06 billion yuan, but the sales expense ratio reached a three-year high of 25.5% [8].

Core Viewpoint - The company is planning to transfer 100% equity and all debts of its subsidiary, Yichuan Shuhua Gas Co., Ltd., through public listing, with a total minimum price of 35.33 million yuan [1][2] Group 1: Transaction Details - The equity transfer price for Yichuan Shuhua is set at 4.3729 million yuan, while the debt transfer price is 30.9569 million yuan, totaling no less than 35.3298 million yuan [1] - The transaction will be conducted with an initial payment of at least 30% of the total price, with the remaining amount to be paid within one year of contract signing [1] - After the transaction, the company will no longer provide financial support or guarantees for Yichuan Shuhua [2] Group 2: Strategic Alignment - The transaction aligns with the company's strategic positioning and current gas market conditions, aiming to integrate resources, reduce management costs, and improve asset operation efficiency [2] - The company focuses on natural gas, with operations in urban gas, LNG production, distributed energy, and high-end gas equipment manufacturing across various provinces [2] Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 1.807 billion yuan, a decrease of 3.67% year-on-year, and a net loss of 45.469 million yuan, a decline of 171.15% [3] - In Q3 2025, the company achieved revenue of 618 million yuan, a year-on-year increase of 4.43%, and a net profit of 15.588 million yuan, up 26.68% [3] - The company plans to overcome external pressures by focusing on core business, reducing costs, enhancing digital management, optimizing industry layout, and exploring new growth points [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 4.158 billion yuan for the first three quarters of 2025, a year-on-year decrease of 9.13%. The net profit attributable to the parent company was 356 million yuan, down 11.90% year-on-year. The net profit after deducting non-recurring items was 345 million yuan, a decrease of 10.90% year-on-year. In Q3 2025, the revenue was 1.358 billion yuan, down 7.93% year-on-year, with a net profit of 84 million yuan, down 19.66% year-on-year [4][9]. Summary by Sections Revenue and Profitability - The company's revenue has declined year-on-year, primarily due to the impact of the real estate market. The total revenue for the first three quarters of 2025 was 4.158 billion yuan, a decrease of 9.13%. In Q3 2025, the revenue was 1.358 billion yuan, down 7.93% [9][10]. - The company's gross margin for the first three quarters of 2025 was 43.29%, an increase of 2.80 percentage points year-on-year. In Q3 2025, the gross margin was 42.79%, up 2.68 percentage points year-on-year, benefiting from the company's high-end product strategy [9][10]. Cost and Expenses - The company's selling, general and administrative expenses as a percentage of revenue for the first three quarters of 2025 were 25.46%, 4.90%, 4.13%, and -0.13% respectively. The selling expense ratio increased by 1.28 percentage points year-on-year, while other expenses remained stable [9][10]. Cash Flow and Future Outlook - The net cash flow from operating activities for the first three quarters of 2025 was 300 million yuan, a decrease of 19.54% year-on-year, mainly due to reduced sales revenue and increased expenses for market expansion [9][10]. - The company has three major self-owned brands and is actively promoting new product innovations and category extensions, which is expected to sustain growth. The projected net profit attributable to the parent company for 2025-2027 is 471 million, 509 million, and 555 million yuan, corresponding to PE ratios of 11.50, 10.64, and 9.75 times [9][10].

Core Viewpoint - JD.com has launched a new live streaming program called "JD Home Appliances and Furniture Price Comparison Class," aimed at enhancing price transparency and engaging consumers in real-time price monitoring, reflecting its commitment to a low-price strategy [1][2][3]. Group 1: Live Streaming Initiative - The live streaming event on October 28 attracted over 600,000 viewers, showcasing major appliance brands and offering a "price comparison reward" of 1 million yuan for users who identify higher prices on JD.com compared to other platforms [1][2]. - Users can directly connect with the live stream to report price discrepancies, creating a transparent supervision mechanism that encourages active consumer participation [2][3]. - The initiative has already proven effective, with users reporting price differences and receiving rewards, highlighting the engagement and excitement generated by the event [2][3]. Group 2: Competitive Pricing Strategy - JD.com is positioning itself in a highly competitive e-commerce landscape where low prices are essential for attracting consumers, especially as online traffic growth slows [1][3]. - The company emphasizes its commitment to providing competitive prices, as demonstrated by significant price differences between JD.com and other platforms for various products [3][4]. - The "price comparison reward" initiative has sparked interest from other platforms, indicating its potential impact on the broader e-commerce market [3][5]. Group 3: Consumer Engagement and Brand Support - The participation of brand representatives during the live stream reinforces the industry's support for JD.com's low-price commitment, with brands like Midea and Haier actively engaging with consumers [5][6]. - A survey indicated that 79.7% of consumers prefer browsing JD.com for new products, showcasing its strong brand presence and consumer trust in the platform [4][6]. - The establishment of a 5 million yuan "price guarantee fund" by brands like ZhiHuaShi further solidifies JD.com's position as a leader in price competitiveness [5][6]. Group 4: Long-term Strategic Focus - JD.com's low-price strategy is deeply rooted in its operational philosophy, with the founder emphasizing the importance of providing real savings to consumers [7][8]. - The company has made low pricing a central focus of its retail strategy for the next three years, aiming to enhance its competitive edge in the quality e-commerce sector [7][8]. - Recent data shows a significant increase in active users and sales across multiple categories, particularly in home appliances, indicating the effectiveness of the low-price strategy during the current shopping season [8].