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 ...

10月10日，海尔智家盘中上涨2.00%，截至10:20，报25.95元/股，成交7.56亿元，换手率0.47%，总市值 2434.23亿元。 机构持仓方面，截止2025年6月30日，海尔智家十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股4.50亿股，相比上期减少1.31亿股。华夏上证50ETF（510050）位居第九大流通股东，持 股7363.67万股，相比上期增加494.54万股。华泰柏瑞沪深300ETF（510300）位居第十大流通股东，持 股6691.81万股，为新进股东。 责任编辑：小浪快报 资料显示，海尔智家股份有限公司位于山东省青岛市崂山区海尔科创生态园内，成立日期1994年3月31 日，上市日期1993年11月19日，公司主营业务涉及冰箱/冷柜、洗衣机、空调、热水器、厨电、小家电 等智能家电产品与智慧家庭场景解决方案的研发、生产和销售。主营业务收入构成为：电冰箱 27.17%，空调20.94%，洗衣机20.22%，厨电13.10%，装备部品及渠道综合服务11.97%，水家电6.11%， 其他(补充)0.48%。 海尔智家所属申万行业为：家用电器-白色家电-冰洗。所属概念板块包括 ...

温馨的烘焙月饼DIY、欢乐的亲子体验、激烈的电竞游戏、新奇的跨界联动影视IP……今年国庆与中秋 双节"合璧"，各大家电厂商携手线上、线下卖场，推出更为丰富多元的营销场景，加上消费贴息政策的 助力，为家电消费市场注入了新动能。 如果说场景化体验解决的是"为什么要买"的问题，那么各类厂商补贴、消费贴息政策等解决的则是"如 何买得划算"的问题。 在某家电卖场里的"亲子厨房"，孩子们将包好的月饼坯按压成形、放入烤箱，烤出美味的月饼；而在某 苏宁易购门店内的电竞体验专区，一场激烈的电竞游戏对决正在上演，参赛者热血沸腾，队友们配合默 契。 "最近有位客人在我们店里订了冰箱、洗干衣机套装、热水器、烟机灶具等全屋家电，享受了各项优惠 后总价4.6万元，使用建行贴息贷款，分12期还，省下了2000元左右的利息。"苏宁易购天河店店长方伟 佳告诉记者。 这个假期，家电卖场、厂商纷纷推出烘焙月饼DIY、亲子体验、电竞游戏、Coser巡游、影视IP跨界等主 题专场活动，吸引了不少消费者走进店里，在活动体验中增加对产品的了解。 记者走访时注意到，从"卖单品"到"卖方案"，从"交易场"到"体验中心"，如今的家电线下卖场正大力强 化场景化体 ...

"燃气灶具方面请大家务必关注，做到'一关二查'。'一关'就是关闭总阀门，这是最根本最有效的防范措 施；'二查'就是检查燃气软管是否老化、龟裂，检查接口是否松动。"周广连说。 他介绍，首先要科学断电，留"必要"通"安全"。对家中的电视机、机顶盒等长时间持续通电的电器设 备，以及热水器、空调等大功率电器，务必将插头直接拔下。留下电冰箱以及家庭安防设备的电源，同 时也要保证周边通畅，防止散热不畅引发事故。 其次要排查细节，防"小问题"酿"大隐患"。检查家中的延长线插座是否具有3C标志，检查插座外壳是否 存在开裂、发黄，检查电线绝缘护套是否开裂，线芯是否外露等老化情况，家中如有锂电池设备请远离 沙发和窗帘，如果家中有漏电保护开关也请测试一下，看看漏电保护功能是否完善。 新京报讯（记者展圣洁）9月29日，国务院安委会办公室、应急管理部举行发布会，介绍假期出行出游 安全知识。 假期出行前，需要对家用电器、燃气灶具做哪些检查？江苏省无锡市消防救援支队一级指挥长周广连在 回答新京报记者提问时表示，电器电路方面要做好彻底排查、切断隐患，做到科学断电保平安。 他总结，作为家庭火灾的预防，一定要记住一句口诀："三清四关"。"三清" ...

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]

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][2] Group 1: Market Entry and Localization - Vaillant's entry into China was marked by significant challenges, as the concept of heating and wall-hung boilers was unfamiliar to most Chinese consumers at the time [2] - The company faced risks and uncertainties in the early years, but its commitment to the market has resulted in steady growth over three decades [2][3] Group 2: Manufacturing and R&D Expansion - A pivotal moment for Vaillant occurred in 2007 with the establishment of its first factory in Wuxi, marking a transition from import sales to localized production [3] - The new Asia-Pacific R&D manufacturing base in Wuxi, covering over 64,000 square meters, can produce up to 1.5 million wall-hung gas heating devices annually, significantly enhancing manufacturing and innovation capabilities [3] Group 3: Long-term Commitment and Strategy - Vaillant initiated the "Accelerating China" strategy in 2017-2018, expanding its presence to 35 regions and partnering with over 1,200 collaborators [4] - The company emphasizes long-term commitment to the Chinese market, regardless of economic fluctuations, reflecting a strategic mindset focused on sustainable growth [4][5] Group 4: Market Potential and Digital Transformation - China is the largest market for wall-hung boilers, with a current penetration rate below 20%, indicating substantial growth potential as consumer preferences shift towards comfort, energy efficiency, and environmental sustainability [5] - Since 2020, Vaillant has actively engaged in digital transformation through e-commerce and social media platforms, enabling real-time consumer feedback and product optimization [6] Group 5: Future Outlook - Vaillant plans to continue increasing its investment in China, viewing the market as a critical area for long-term growth and resilience [7] - The company embodies the integration of localization and globalization, aiming for mutual growth with the market while navigating challenges [7]

Core Insights - Vaillant Group celebrates its 30th anniversary in the Chinese market with the launch of a new Asia-Pacific R&D and manufacturing base in Wuxi, Jiangsu, which serves both local and international markets [1][5] - The new facility is positioned as a comprehensive platform for R&D, testing, and manufacturing, enhancing operational efficiency and competitiveness in China [1][3] Group 1: Manufacturing and Production - The new base covers over 64,000 square meters and is the largest industrial base for Vaillant in Asia, equipped with a 5,700 square meter testing center [1][2] - The facility adheres to the Vaillant Production System (VPS) and incorporates Industry 4.0 standards, focusing on smart production, digital planning, and employee empowerment [2][3] - Production capacity for wall-mounted gas heating equipment can reach up to 1.5 million units, with a wall-mounted boiler produced every 3.25 minutes [1][2] Group 2: Localization and Innovation - Vaillant emphasizes localized innovation to meet the specific needs of Chinese consumers, addressing demands for kitchen adaptability, hot water stability, and smart home connectivity [3][4] - Recent innovations include UV-resistant panel materials, optimized control parameters for seasonal temperature fluctuations, and a smart gateway for remote home system control [3][4] Group 3: Sustainability and Corporate Responsibility - The new base integrates sustainable practices throughout its construction and production processes, featuring a 1.9 MW rooftop photovoltaic system that generates approximately 2 million kWh annually [4] - Vaillant is committed to social responsibility, launching the "Warm Classroom" initiative in 2025 to donate heating and hot water equipment to 30 schools in need [4][5] - The company aims to enhance professional standards and contribute to energy transition and smart trends in China [4][5]

Core Insights - Haier Smart Home's stock price has decreased by 6.30% year-to-date, with a recent drop of 0.85% over the last five trading days and a 1.57% decline over the past 20 days, while it has increased by 8.21% over the last 60 days [2] - The company reported a revenue of 1564.94 billion yuan for the first half of 2025, reflecting a year-on-year growth of 15.39%, and a net profit attributable to shareholders of 120.33 billion yuan, which is a 15.48% increase compared to the previous year [2] - Haier Smart Home has distributed a total of 461.55 billion yuan in dividends since its A-share listing, with 217.66 billion yuan distributed over the last three years [3] Financial Performance - As of June 30, 2025, Haier Smart Home's market capitalization stands at 2418.92 billion yuan, with a trading volume of 6.25 billion yuan and a turnover rate of 0.38% [1] - The company's main revenue sources include refrigerators (27.17%), air conditioners (20.94%), washing machines (20.22%), kitchen appliances (13.10%), and other segments [2] - The number of shareholders has increased to 207,500, marking a 9.97% rise compared to the previous period [2] Shareholder Composition - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 450 million shares, a decrease of 131 million shares from the previous period [3] - Huaxia SSE 50 ETF and Huatai-PineBridge CSI 300 ETF are also among the top shareholders, with the latter being a new entrant holding 66.92 million shares [3]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7.6 yuan [2][9]. Core Insights - The company reported a revenue of 2.8 billion yuan for the first half of 2025, reflecting a year-over-year decline of 9.7%. The net profit attributable to the parent company was 270 million yuan, down 9.2% year-over-year [2][9]. - The core business is under pressure due to the low real estate market, which is closely related to the kitchen appliance industry. The sales area of new residential properties decreased by 3.5% year-over-year in the first half of 2025 [9]. - Despite the revenue decline, the company's gross margin improved to 43.5%, up 2.9 percentage points year-over-year, driven by a shift in consumer preferences towards higher-margin products due to national subsidy policies [9]. - The company's net profit margin for the first half of 2025 was 9.7%, a slight increase of 0.1 percentage points year-over-year, indicating stable profitability [9]. Financial Summary - The total revenue forecast for 2025 is 6.149 billion yuan, representing a year-over-year decline of 3.5%. The net profit is projected to be 509 million yuan, with a growth rate of 5.0% [5][10]. - The earnings per share (EPS) for 2025 is estimated at 0.60 yuan, with a price-to-earnings (P/E) ratio of 11 times [5][10]. - The company’s total assets are projected to reach 7.356 billion yuan by 2025, with a debt-to-equity ratio of 3.3% [10].