随着8月份完结，各大A股上市公司纷纷交出了2025年上半年的"成绩单"。 厨卫赛道，今年上半年行业整体的销售依然保持着增长态势。不过，产业增长的宏观背景下，各厨卫品 类的销售表现不均，品类之间分化明显。 作为"厨房三杰"，华帝股份2025年上半年实现营收约28亿元，归母净利润2.72亿元。这份业绩的亮点之 处在于，公司整体毛利率进一步改善。上半年，烟机、灶具、热水器等核心产品的毛利率均同比有提 升，公司主营毛利率再次提升了3个百分点至44.1%。 整体而言，华帝的烟机毛利率同比提升3.36个百分点，灶具提升3.6个百分点，热水器毛利率提升1.21个 百分点。分区域看，华帝上半年的国内业务毛利率同比提升了3.34个百分点，增速高于其他龙头企业， 与"行业老一哥"老板电器的毛利率差距进一步缩小。 盈利能力提升背后的力量 据华帝股份讲述，今年上半年，公司的经营主题是"提升盈利能力、抢夺市场份额、强化运营效率"。华 帝股份总结称，上半年业绩驱动因素包括：高端化战略持续发力、营销能力持续跃升、产品持续创新， 以及有序推进智能化改造。 产品创新上，今年3月，华帝在湖北襄阳举行"'箱浴'盛世——华帝鉴宝大会暨华帝2025 ...

2025年上半年，中国厨电行业在宏观经济环境复杂多变、房地产市场持续调整的背景下，整体虽然延续 增长但增速放缓，作为市场中已经超过三十年的资深玩家华帝股份仍然保持了不错的盈利水平。今年上 半年实现营业收入约为28亿元，同期实现归母净利润约2.72亿元，经营活动产生现金净流入1.75亿元。 在没有硝烟的商场中，华帝股份最锋利的武器一直是以创新支撑的差异化产品竞争力。截至6月末，华 帝股份以835项发明专利，位居行业前列。与此同时，华帝股份持续深耕品牌力、渠道建设，寻求新的 增长空间。2025年上半年，华帝股份主营毛利率再提高三个百分点，达到44.1%。据Wind数据显示， 2025年上半年，在申万厨房电器行业的统计中，华帝股份是上半年厨电行业毛利率增长最明显的企业。 深耕多品牌建设，差异化巩固产品优势 事实上，无论哪个行业，产品力都是最本质的竞争力，华帝股份屹立三十三年不衰的背后，是创新力形 成的差异化产品竞争力。 一直以来，华帝股份始终坚持以研发支撑产品创新，以产品创新推动产品线多元化发展。截至2025年6 月底，华帝股份拥有4690项国家级专利技术，其中发明专利835项，位居行业前列。经过30余年的技术 积 ...

原以为"国补"东风下，家电行业火热一片，但结合2025年业绩中报及近期表现发现，分化趋势正愈发剧烈。一边是综合家电与小家电企业的红红火火，另 一边传统厨电与集成灶企业却跌跌不休。美的、海尔等综合巨头凭借"国补"政策、海外市场与智能新品三大引擎逆势增长，而集成灶"四小龙"则集体深陷 营收净利双降的泥潭。 究竟是外部环境所致，还是内部战略失焦？本期报告家居新范式将从多维度切入，深度剖析厨电企业的生存现状与发展困局，洞悉数据背后"规模与利 润""传统与新兴""稳健与激进"的终极较量。 先上一组最新的业绩财报数据汇总： | 分类 | 企业 | 营业收入 | 同比 | 净利润 | 同比 | | --- | --- | --- | --- | --- | --- | | | 名称 | (亿元) | | (亿元) | | | 综合 | 美的集团 | 2511.24 | 15.58% | 260.14 | 25.04% | | 家电 | 海尔智家 | 1564.94 | 10.22% | 120.33 | 15.59% | | | 格力电器 | 973.25 | -2.46% | 144.12 | 1.95% | | 小家电 ...

以下文章来源于快刀财经 ，作者快刀财经编辑部 快刀财经 . 欢迎关注这个洞察商业真相的公号。快刀财经，商业快媒体、思维孵化器、价值试验场和洗欲中心。 过去风光无限的厨电巨头，究竟为何一步步走入深渊？ 曾被誉为"厨电第一股"的华帝股份，在历经长达11年的"内斗"后，还是成为了家族企业。 不久前，华帝股份在今年第一次临时股东会上，宣布补选孙冬柏为公司第九届董事会独立董事。至此，新 董事会成员中，除去赵述强、麦强和孙冬柏，剩下四人均为"潘氏家族"成员。 | 序号 | 专门委员会名称 | 主任委员 | 委员 | | --- | --- | --- | --- | | 1 | 战略委员会 | 潘叶江 | 潘浩标、潘锦枝、潘叶钊、孙冬柏、赵述强、 麦强、 | | 2 | 审计委员会 | 赵述强 | 孙冬柏、潘锦枝 | | 3 | 提名委员会 | 麦强 | 孙冬柏、潘叶钊 | | 4 | 薪酬与考核委员会 | 孙冬柏 | 麦强、潘浩标 | 同时，华帝也一并修改了公司章程，删去了"创始人亲属不得担任高管"的条款，彻底改写了过去由黄文枝、 黄启均、关锡源、李家康、关锡源、杨建辉、潘权枝"华帝七君子"定下的"不许亲戚进厂"的老规 ...

Core Insights - The company reported a revenue of 2.8 billion yuan and a net profit of 272 million yuan for the first half of 2025, showcasing strong operational resilience and strategic execution despite industry pressures [1] - The gross margin increased to 43.54%, up 2.86 percentage points year-on-year, while the net profit margin reached 9.70%, a slight increase of 0.07 percentage points compared to the same period last year [1] Financial Performance - The revenue from the cooking appliances segment was 730 million yuan, reflecting a year-on-year growth of 2% [1] - The company’s product categories showed varied performance, with the range of products contributing significantly to revenue and profitability [2] Product Innovation and Market Trends - The company is focusing on product innovation and optimizing its product mix, which has effectively controlled procurement and production costs [1] - The emerging kitchen appliance categories, such as steam and bake integrated machines and water purifiers, are showing promising growth, with revenue increases of 2.69% and 3.25% respectively [1] Brand Strategy and Consumer Engagement - The company is actively promoting a brand strategy that resonates with the changing consumer landscape, particularly targeting younger consumers who prioritize high-end and health-oriented products [1][3] - The introduction of high-end products, such as the GW6i beauty bath gas water heater, aligns with the trend of "self-care consumption" among young consumers [3] Marketing and Communication - The company is leveraging content marketing through short dramas and micro-variety shows to enhance brand storytelling and connect with younger audiences [6] - Recent marketing campaigns, including collaborations with well-known writers and events like flash sales and music festivals, have successfully increased brand penetration among younger demographics [8][9] Future Outlook - The company plans to continue its dual strategy of "high-end + youth-oriented" development, focusing on user needs and increasing investment in R&D to enhance product performance and smart experiences [9] - The commitment to integrating technology and culture aims to strengthen the brand's influence and reputation among young consumers, promoting high-quality development in the kitchen appliance industry [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue decline of 9.71% year-on-year for the first half of 2025, with total revenue reaching 2.8 billion yuan. The net profit attributable to shareholders decreased by 9.19% to 272 million yuan, while the net profit excluding non-recurring items fell by 8.92% to 266 million yuan [2][4]. - In the second quarter alone, the company achieved a revenue of 1.54 billion yuan, down 10.44% year-on-year, with a net profit of 166 million yuan, a decrease of 5.57% [2][4]. - The decline in revenue is primarily attributed to the impact of the real estate market and intensified industry competition. The retail volume of kitchen and bathroom appliances increased by 5.1% year-on-year, but the retail value growth has significantly weakened compared to the previous year [10]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a gross margin of 43.54%, an increase of 2.86% year-on-year. The gross margins for key products were 48.41% for range hoods, 48.73% for stoves, and 33.98% for water heaters [10]. - The company's net profit margin for the first half of 2025 was 9.72%, reflecting a slight improvement compared to the previous year [10]. Market Dynamics - The real estate sector's performance has been weak, with new housing starts down 20% year-on-year in the first half of 2025. This has contributed to the overall decline in the company's revenue [10]. - The company has a diversified brand portfolio, including Huati, Baide, and Huati Home, which allows it to cover various product categories and meet different customer needs [10]. Future Outlook - The company is expected to maintain growth in net profit, with projections of 517 million yuan, 563 million yuan, and 613 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are estimated to be 10.40, 9.54, and 8.76 [10].

Core Viewpoint - The kitchen and bathroom industry in China has shown overall sales growth in the first half of 2025, but there is significant differentiation in performance across various product categories [1] Group 1: Company Performance - Vatti Co., Ltd. achieved approximately 2.8 billion yuan in revenue and a net profit of 272 million yuan in the first half of 2025, with an overall gross margin improvement [1] - The gross margin for core products such as range hoods, gas stoves, and water heaters increased by 3 percentage points to 44.1% [1][2] - The company's offline channel gross margin reached 45.89%, a significant increase of 6.83 percentage points year-on-year [3] Group 2: Market Trends - The retail volume of kitchen and bathroom appliances grew by 5.1% year-on-year, while retail sales increased by 3.9%, indicating a slower growth in sales compared to volume [2] - High-end and smart kitchen appliances are gaining market share, with sales of range hoods priced above 3,500 yuan increasing by 2.3 percentage points to 7.7% [2] Group 3: Strategic Initiatives - The company focuses on enhancing profitability, capturing market share, and improving operational efficiency, driven by high-end strategies, marketing capabilities, and product innovation [4] - Vatti launched several new products, including the GW6i beauty bath gas water heater and the FA50P steam and baking integrated machine, marking the beginning of the high-end water heater era [4][5] - The company has filed 472 new patents this year, bringing the total to 4,690, emphasizing its commitment to innovation [5]

Core Insights - In the first half of 2025, Vatti Co., Ltd. (002035.SZ) strengthened its category operation capabilities and actively promoted a multi-brand strategy, resulting in steady revenue growth across its product lines including gas stoves, steam ovens, and water purifiers [1][2] - The company achieved a revenue of 2.8 billion yuan and a net profit of 272 million yuan during the same period, with its core kitchen appliance business remaining solid [2][4] Multi-Brand Strategy Driving Growth - Vatti's multi-brand strategy, leveraging its three main brands—Vatti, Baide, and Vatti Home—expanded its market influence and covered different market tiers and consumer needs [4][6] - The core kitchen appliance categories, including range hoods, gas stoves, and water heaters, contributed over 80% of the total revenue, with respective revenues of 1.169 billion yuan, 734 million yuan, and 519 million yuan [2][4] Product and Innovation Enhancement - The company focused on enhancing product innovation capabilities, launching new products that align with health and quality demands, which led to an increase in average product prices and overall profit margins [7][11] - Vatti Home achieved a revenue of 92.8 million yuan, marking a year-on-year growth of 29.74%, by developing a comprehensive product line that includes Italian, light classical, and Eastern styles [5][11] Channel Ecosystem Development - Vatti continued to build a diversified channel ecosystem through offline, online, new retail, and engineering channels, achieving a revenue of 1.486 billion yuan from offline channels with a gross margin of 45.89% [6][10] - The online channel strategy focused on enhancing platform penetration and operational efficiency, particularly through content e-commerce on platforms like Douyin [8][10] Product Innovation and Smart Ecosystem - The company emphasized product differentiation and innovation, with a total of 4,690 patents, including 472 new patents added during the reporting period [11][12] - Vatti is integrating AI technology into its products, launching smart kitchen appliances that offer enhanced user experiences through features like remote control and automatic cleaning reminders [14]

Core Insights - In the first half of 2025, the company reported a revenue of 2.8 billion yuan and a net profit of 272 million yuan, with a basic earnings per share of 0.33 yuan [1] - The company's gross margin increased to 43.54%, up by 2.86% year-on-year, demonstrating significant operational resilience amid industry challenges [1] - The company achieved operational efficiency and quality improvements through product structure optimization, lean operations, and supply chain enhancements [1] Product Performance - The core product categories of the company, including range hoods, stoves, and water heaters, saw gross margin increases of 3.36%, 3.60%, and 1.21% respectively [2] - Revenue from stoves grew by 2% year-on-year, increasing its share of total revenue to 26.21% [1][2] - Emerging growth products such as steam ovens and water purifiers achieved year-on-year growth of 2.69% and 3.25%, indicating successful product diversification and market expansion [2] Research and Innovation - The company invested 116 million yuan in R&D, accounting for 4.14% of its revenue, focusing on core areas and achieving breakthroughs in key technologies [3] - As of June 30, the company added 472 new patents, bringing its total to 4,690, positioning it among the industry leaders [3] Channel Development - The company enhanced its channel structure, achieving a gross margin of 45.89% in offline channels, a significant increase of 6.83% year-on-year [5] - New retail channel gross margin rose to 41.51%, driven by initiatives such as retail transformation and local life platform expansion [5] - The company's high-end transformation and lean management strategies are expected to drive high-quality growth, benefiting from the accelerating consumer upgrade trend in the kitchen appliance industry [5]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and profit margins, driven by product innovation and market expansion [1][5]. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.8 billion yuan and a net profit attributable to shareholders of 272 million yuan, with a non-recurring net profit of 266 million yuan [1]. - The gross margin improved by 2.86% year-on-year, exceeding 43%, while the second quarter gross margin reached 44.70%, up 4.97% year-on-year and 2.59% quarter-on-quarter [1]. Product Performance - Key products contributing over 10% to revenue included: - Range hoods: 1.17 billion yuan in revenue with a gross margin of 48.41%, up 3.36% year-on-year - Stoves: 733 million yuan in revenue with a gross margin of 48.73%, up 3.60% year-on-year - Water heaters: 519 million yuan in revenue with a gross margin of 33.98%, up 1.21% year-on-year [2]. - The company launched innovative products such as the "high透活肌科技" water heater, enhancing its market position in the high-end segment [2][4]. Marketing and Brand Strategy - The company has adopted a diversified marketing approach to strengthen its brand image as a "fashionable scientific kitchen appliance" [4]. - Initiatives included engaging with younger consumers through digital personas and hosting events to enhance brand recognition and user engagement [4]. Market Position and Future Outlook - The company is actively expanding into high-end markets focused on health and wellness, aligning with consumer trends towards "new Chinese-style fashionable healthy living" [5].