广东万和新电气股份有限公司 2025 年半年度报告全文 广东万和新电气股份有限公司 广东万和新电气股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人 YU CONG LOUIE LU（卢宇聪）、主管会计工作负责人谢瑜华 及会计机构负责人（会计主管人员）谢瑜华声明：保证本半年度报告中财务 报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的公司未来计划等前瞻性陈述，不构成公司对投资者的实 质承诺。其能否实现取决于市场状况变化等多种因素，存在一定风险，敬请 投资者注意投资风险。 公司已在本报告中详细阐述了未来将面临的主要风险，具体内容请查阅 本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和应对措施" 部分，敬请投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：拟以截至本报告披露之 日公司总股本 743,600,000 股扣除回购专户已回购股份（截至本报告披露之日， 公司回购专用账户股份为 2,085 ...

Group 1 - The core viewpoint of the news is that Xi'an is enhancing its green home appliance consumption subsidy program, providing financial incentives for consumers purchasing energy-efficient appliances [1] - The subsidy will cover 7.5% of the final sales price of eligible green appliances, with a maximum subsidy of 1,000 yuan per item, effective from August 13, 2025 [1] - Consumers can receive a total subsidy of up to 2,000 yuan per item when combined with company matching funds, encouraging businesses to participate in the program [1] Group 2 - Eligible products for the subsidy include refrigerators, washing machines, televisions, air conditioners, range hoods, dishwashers, gas water heaters, water purifiers, dryers, and floor cleaning machines, all of which must meet first or second-level energy efficiency standards [1] - The application process for consumers involves using the "Yunshanfu" app to claim discount vouchers, with specific guidelines on how to utilize these vouchers for purchasing eligible appliances [2] - Each consumer can claim subsidies for up to three products, with restrictions on claiming multiple subsidies for the same product category, and the program allows for stacking with other discounts but not with national or provincial subsidies [2]

Group 1 - The report highlights that the A-share market is approaching the 3600-point mark, with a notable increase in inflow from previously sidelined funds, indicating a shift in market sentiment [1][23] - The macroeconomic environment shows resilience, with mixed data in June and July, where only industrial value-added saw a year-on-year increase above expectations, while manufacturing PMI remained in contraction territory [1][23] - The report suggests that the bond market is experiencing upward pressure on yields, with the inversion of deposit rates and government bond yields being broken, indicating a shift in investor sentiment [1][23] Group 2 - The AI sector is identified as having a favorable outlook, with historical trends suggesting that sectors that have undergone adjustments are likely to initiate a second wave of growth, particularly as AI applications become more commercially viable [3][25][27] - The report outlines the structure of AI investments, categorizing them from hardware infrastructure to middleware and application layers, emphasizing the importance of capital expenditure from major tech firms in driving growth [3][27] - The report indicates that the AI application sector is expected to see significant revenue growth, with a positive correlation between revenue growth and valuation multiples, suggesting that companies with strong performance metrics will attract higher valuations [3][27] Group 3 - The report on the chemical industry highlights the "anti-involution" trend, focusing on companies with cost advantages, particularly in the soda ash sector, where natural soda production methods are more efficient than synthetic methods [13][19] - It notes that the soda ash industry has a significant portion of outdated capacity, with about 30% of production being over 20 years old, indicating potential investment opportunities in modernization and efficiency improvements [13][19] - The report suggests that companies like Boryuan Chemical, which is a leader in natural soda production, are well-positioned to benefit from these trends, with significant capacity expansion planned [19][19] Group 4 - The report on the home appliance sector emphasizes the growth potential of the water heater market, driven by a combination of replacement demand and innovation, particularly in the high-end segment [33][34] - It highlights that Wanhe Electric is actively expanding its market share both domestically and internationally, with a focus on enhancing its product offerings and operational efficiency [33][35] - The report projects that Wanhe Electric's net profit will grow significantly over the next few years, supported by strategic initiatives and a favorable market environment [33][36] Group 5 - The report on the defense sector emphasizes the increasing importance of AI and unmanned systems in modern warfare, predicting substantial growth in the military drone market, which is expected to exceed $50 billion by 2032 [9][37] - It highlights the role of AI in enhancing the capabilities of unmanned systems, with significant investments being made in AI technologies by leading defense contractors [9][37] - The report suggests that domestic companies specializing in AI chips are well-positioned to capture market opportunities in military applications, indicating a growing market for edge AI solutions [9][39]

Group 1: Channel Development - The company focuses on balancing channel development while enhancing its presence in lower-tier markets, aiming to increase core store coverage and sales efficiency [1] - New retail stores are being established to improve the operational efficiency of stores and enhance brand recognition among store owners [1] Group 2: Product Innovation - The company emphasizes product technology innovation, launching new products that address consumer pain points and enhance kitchen experiences [1] - Recent product launches include various kitchen appliances aimed at meeting diverse consumer needs, such as the JWB19-B8 dishwasher and the GW6i gas water heater [1] Group 3: Digital Transformation - The company is advancing its digital transformation through projects like smart manufacturing and digital marketing, aiming to improve business efficiency and establish a category-driven operational mechanism [2] - Integration of NPS systems and a tiered management training mechanism are being implemented to enhance internal management and drive growth [2] Group 4: Category Operations - The company plans to expand its product lines while consolidating its advantages in traditional categories like range hoods and gas water heaters, aiming to increase market share [2] - A strategic management system is being developed to enhance category operations and improve collaboration across departments [2] Group 5: Shareholder Returns - The company has distributed a total of 2.193 billion CNY in cash dividends since its listing, demonstrating a commitment to shareholder returns [2] - Future dividend policies will be determined based on the company's development and various factors, ensuring continued shareholder engagement [2]

Group 1 - The domestic gas water heater market size is approximately 13.43 million units, with a year-on-year growth of 8.7% expected in 2024 [1] - In the first half of 2024, sales of gas water heaters on Douyin increased by 104.4% year-on-year, while sales in lower-tier channels grew by 62.2% [1] - The industry is witnessing innovation and premiumization, exemplified by Vatti's "skin-care bathing" gas water heater showcased at AWE 2025 [1] Group 2 - The home appliance industry was one of the first sectors to open up and become market-oriented after China's reform and opening-up [3] - Safety was the primary consumer demand for gas water heaters until around the year 2000, leading to the ban on high-risk direct vent water heaters due to carbon monoxide poisoning [3] - Core manufacturers, such as Vatti, have significantly contributed to overcoming safety challenges in the industry [3] Group 3 - The gas water heater industry in China entered an "accelerated phase" over the past two decades, with shorter product and technology upgrade cycles [4] - In 2013, a major upgrade to "constant temperature" technology significantly improved the bathing experience [4] - Vatti developed patented temperature control technology in 2015, achieving zero fluctuation in water temperature during use [4]

Core Insights - Bilibili's UP主 "笔吧评测室" has become a go-to source for high school graduates seeking laptop purchasing advice, particularly during the annual 618 shopping festival, where they review 50 laptops across various price points [1][3] - The interactive comment section of "笔吧" has evolved into a technical forum where users share experiences, provide recommendations, and engage in discussions about laptop specifications and performance [3][12] - The community-driven approach and the trust built among users have attracted a dedicated audience, allowing "笔吧" to establish itself as a significant player in the tech review space on Bilibili [5][14] Group 1 - "笔吧" conducts in-depth evaluations of laptops based on ten criteria, presenting clear comparisons in a user-friendly format, which has led to significant engagement metrics, including 1.841 million views and 22,000 collections on their latest video [3][6] - The creator, Ye Tiyu, transitioned from an amateur enthusiast to a professional reviewer, leveraging his personal experiences to resonate with a broad audience, including those with varying levels of technical knowledge [9][12] - The "笔吧" team processes around 170-180 laptops annually, showcasing a well-established workflow that emphasizes technical discussions over marketing jargon [14][40] Group 2 - The rise of various tech review UP主 on Bilibili, such as "搞机所" and "家电侦探平雪," reflects a growing demand for detailed product evaluations, with "搞机所" achieving nearly 200,000 views on a DIY computer configuration video [30][32] - The commercial impact of these reviews is evident, as UP主 have generated significant sales for brands, with four UP主 collectively driving over 70 million in sales for Lenovo during the 618 event [40][42] - The trust established between UP主 and their audience is crucial, as users are more likely to make purchasing decisions based on the thorough and honest evaluations provided by these creators [42]

Core Viewpoint - The China Consumers Association has released a comparison test result for gas water heaters, indicating that the overall quality of 20 tested samples is good, and consumers are advised to choose products based on their specific usage needs [1] Group 1: Selection Criteria for Gas Water Heaters - Consumers should select appropriate capacity and size; for a one kitchen and one bathroom unit, a model with 10-13 liters is generally sufficient, while for one kitchen and two bathrooms, a model of 16 liters or more is recommended [2] - It is important to choose the right type; condensing gas water heaters have higher thermal efficiency compared to non-condensing types, making them suitable for larger households with higher hot water demand [3] - Consider zero cold water demand; some models can preheat the water line to reduce waiting time, but may require additional plumbing and can increase gas consumption [4] - Environmental factors should be taken into account; for instance, in northern regions where freezing may occur, products with automatic anti-freezing measures are recommended [5] - Focus on comfort features such as constant temperature control and skin care functions; water treatment features can improve water quality and provide additional benefits [6] Group 2: Safety and Certification - Consumers should purchase products through official channels and ensure they have the CCC certification; products without this certification should not be sold or installed [7] - It is advised not to install gas water heaters in enclosed spaces for aesthetic reasons and to consider adding gas and carbon monoxide alarms for safety [7] - The recommended lifespan for gas water heaters is 8 years from the date of sale, and units exceeding this age should be replaced [7]

Core Viewpoint - The company Boss Electric has successfully developed a gas stove that can withstand extreme conditions, showcasing its innovative "safety high firepower" technology, which aims to enhance cooking safety and efficiency in the kitchen [1][11][19]. Group 1: Product Innovation - Boss Electric's gas stove completed extreme challenges, including continuous burning for 24 hours in low oxygen and low temperature conditions, demonstrating its reliability and safety [1][16]. - The "safety high firepower" technology is based on the sixth generation 3D rapid fire technology, which enhances gas combustion efficiency and safety [11][12]. - The design incorporates a wind tunnel principle, allowing for better mixing of gas and air, resulting in a more stable and powerful flame [12][14]. Group 2: Market Demand and Trends - There is a growing demand for gas stoves that prioritize safety, high firepower, and energy efficiency, especially among older populations and families with children [11][18]. - The gas stove market is expected to see significant upgrades as consumers seek better performance and safety features, driven by the aging population and increased safety awareness [18][19]. - The overall market for gas appliances is projected to grow, with the gas water heater retail sales expected to reach 29.6 billion yuan in 2024, reflecting an 8.8% increase [18]. Group 3: Industry Leadership - Boss Electric has played a pivotal role in setting industry standards, including the national standards for gas stove energy efficiency [19]. - The company's innovations are expected to elevate the perception of gas stoves from mere accessories to essential kitchen appliances, enhancing their market position [19]. - Continuous technological innovation is essential for the sustainable development of the gas appliance industry, aligning with user needs and societal demands [21].

Summary of Wanhe Electric's Conference Call Company Overview - **Company**: Wanhe Electric - **Date**: May 20, 2025 Key Points Strategic Focus - Wanhe Electric is implementing the "121,121" strategy, focusing on its core business while enhancing talent acquisition and sales reform. The company is shifting from a provincial agency system to a one province, one certificate model, supporting weaker regions and breaking old sales systems to improve dealer flexibility and diversify product lines [2][3] International Expansion - The company has established two overseas factories in Thailand and Egypt, effectively avoiding US-China tariff barriers. The Thailand factory covers 2/3 of its export volume and is undergoing expansion to meet increasing demand [2][5] - By 2024, overseas revenue is expected to account for 40% of total revenue, with the US market contributing significantly, generating nearly 1.5 billion yuan, which is 56% of overseas sales [2][4] Tariff Impact and Response - Due to a 70% tariff on gas ovens exported from China to the US, Wanhe Electric is increasingly relying on its Thailand factory, where the tariff is only 25%. This shift provides a clear cost advantage [2][7] - The company plans to complete the third phase of the Thailand factory's expansion before the peak season in Q4 2025 to meet US market demand [8][26] Domestic Market Performance - In 2024, domestic sales of kitchen appliances are expected to grow, with range hood sales increasing by 32% and gas stove sales by 15%, primarily driven by offline channels [4][11] - The company is actively pursuing digital transformation to enhance channel efficiency and product innovation through cost control and SKU optimization [4][23] Competitive Landscape - The company has gained more US customers due to its overseas factory migration, with some competitors' customers seeking collaboration. Export business is expected to see significant growth by 2026 [9][27] - The domestic market is experiencing pressure, but internal changes, including channel reform and talent acquisition, are key to improving market share [10][17] Financial Outlook - The company anticipates profit pressure in 2025 due to the Thailand factory's ramp-up phase, which has lower profit margins compared to its established Chinese production base. However, negotiations with customers to increase prices are underway to mitigate profit impacts [30][41] Market Trends - The shift in consumer demand structure is evident, with an increase in second-hand home transactions leading to a rise in renovation needs [14] - The company is also exploring brand leasing strategies for small kitchen appliances, although the integrated stove market is currently underperforming [15][39] Future Plans - Wanhe Electric is planning to conduct market research and potential acquisitions in 2026 to further develop its brand business in Thailand and Egypt [39] - The company is considering expanding into other industries, such as mold manufacturing, based on local market suitability [40] Conclusion - Wanhe Electric is strategically positioning itself for growth through international expansion, digital transformation, and a focus on product innovation while navigating the challenges posed by tariffs and market dynamics. The company's proactive measures and reforms are expected to enhance its competitive edge and market presence in the coming years [22][41]

Core Viewpoint - The company reported significant declines in revenue and net profit for 2024 and Q1 2025, reflecting ongoing challenges in the integrated stove industry due to a sluggish real estate market and changing consumer preferences [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.376 billion yuan, down 35.68% year-on-year, with a net profit of 11 million yuan, down 95.49% [1]. - Q4 2024 revenue was 363 million yuan, a decrease of 36.15% year-on-year, with a net profit of -4 million yuan [1]. - For Q1 2025, revenue was 163 million yuan, down 53.31% year-on-year, with a net profit of -54 million yuan [1][2]. Industry Context - The integrated stove market in China is experiencing a downturn, with a retail market value of 17.3 billion yuan in 2024, down 30.6% year-on-year, and online retail sales declining by 38.84% [2]. - The decline is attributed to reduced demand for new home renovations due to the ongoing adjustment in the real estate market and a shift in consumer preference towards more cost-effective alternatives [2]. Profitability and Cost Management - The company's net profit for 2024 fell significantly due to revenue decline and relatively fixed costs [2]. - In Q1 2025, the gross profit margin was 40.18%, showing a slight improvement of 0.02 percentage points quarter-on-quarter, despite a year-on-year decline [2]. - The expense ratios for sales, management, and R&D increased to 45.92%, 17.25%, and 14.48% respectively in Q1 2025, influenced by reduced revenue scale [3]. Strategic Initiatives - The company is focusing on the stock housing market by establishing a renovation division aimed at promoting kitchen upgrades in older homes, with a target of over 200 demonstration stores by 2025 [3]. - The company is also developing a second growth curve through water washing products and exploring new product lines such as gas water heaters and water purifiers [3]. - Additionally, the company is investing in emerging industries through its Super Fund, which has already invested in three projects [3]. Investment Outlook - The company, as a leader in the integrated stove sector, is facing significant pressure from the real estate market downturn and weakened consumer demand [4]. - EPS estimates for 2025 and 2026 have been lowered to 0.23 yuan and 0.27 yuan respectively, with a new estimate for 2027 at 0.34 yuan [4]. - The target price is set at 14.8 yuan, maintaining a "recommended" rating based on long-term market penetration and strategic adjustments [4].