2025年上半年，国内厨卫电器赛道仍在经历"存量竞争"带来的内卷，部分品牌依靠大幅促销维持出货 量，换来的却是毛利率下滑、利润承压。 在这样的背景下，华帝股份交出了一份颇具看点的中期财报：营收27.998亿元，归母净利润2.72亿元， 整体规模保持稳健。更为亮眼的是，线下渠道毛利率升至45.89%，同比提升6.83个百分点，新零售渠道 毛利率也达到41.51%，盈利质量实现了逆势改善。 这份中报释放出的关键信号，并不只是"韧性"，而是战略重心的深层转变。华帝正持续落实高端化战 略，强化"高端即华帝"的市场认知。背后既有产品与渠道的结构调整，也有品牌与技术的长期积累。从 财报细节和行业趋势来看，华帝正在从"规模驱动"走向"价值驱动"，开辟出一条更具想象空间的增长通 道。 结构优化：高端化路径的底层逻辑 毛利率的改善，是华帝高端化的第一个注脚。2025年上半年，公司线下渠道毛利率升至45.89%，同比 提升6.83个百分点；新零售渠道毛利率也达到41.51%。在一个普遍陷入价格战的行业里，这样的表现尤 为难得。它表明华帝并未"跟风打折"，而是通过结构优化来提升盈利质量。 过去的厨电行业竞争，往往是谁把价格压得更低 ...

最近高端厨电领军品牌华帝发布了2025年半年报。报告显示，今年上半年公司实现营业收入约为28亿 元，同期实现归母净利润约2.72亿元；公司主营毛利率再提高三个百分点，达到44.1%。据Wind数据统 计，这一毛利率的增长幅度在整个家用电器行业名列前五位。 另据申万厨房电器行业的统计，华帝股份是上半年厨电行业毛利率增长最明显的企业。 这一套"组合拳"下，今年上半年，华帝线下渠道的营业收入实现14.86亿元，毛利率同比增长6.83%，提 升至45.89%，线下盈利空间得到有力的扩充。 新零售渠道上，目前华帝在京东、天猫、苏宁、五星等平台渠道累计新建店1000余家，其中新建大店超 过100家，覆盖率持续攀升，毛利率达41.51%，实现显著增长。 工程渠道方面，上半年，华帝继续强化工程渠道风险控制，构建全流程管理体系。同时进一步拓展代理 商渠道，截至6月末，公司代理商新增至131家，结合自主与代理经营积极拓展新业务，如签约保障房业 务、燃热市场抢占先机，在控险同时保障业务相对稳健。 综合来看，华帝线下线上联动的渠道网络，搭配高端产品竞争优势，为公司业绩增长注入持续动能，也 为其在后市应对行业竞争、挖掘市场潜力奠定了坚 ...

华帝高端战略的底层支撑，是长达三十三年积累的深厚技术底蕴。截至2025年6月末，华帝拥有4690项 国家级专利技术，其中发明专利835项，持续位居行业前列。同时依托国家认定企业技术中心和国家工 业设计中心两大国家级平台，构建了系统化的研发体系。华帝每一款高端产品背后，都有强大的核心技 术支撑：美肌浴热水器的"高透活肌科技"、洗碗机的"双子变距全域洗技术"和"无残水纯干态抑菌存储 技术"、燃气灶全球首创的聚能燃烧技术。正是这堵"专利高墙"，让华帝以创新为支撑，持续巩固产品 差异化竞争力，从而成功避开了价格战的泥潭。 以技术创新为基，打造具有超额价值的产品，华帝用"价值战"取代"价格战"，最终实现品牌溢价与利润 空间的持续扩大。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。华帝主动跳出红海，开辟高价值蓝海，使自身获得了惊人的毛利 率表现，也为整个厨电行业的转型升级提供了极具参考价值的范本。 责任编辑：郭栩彤 2025年上半年，中国厨电行业在增速放缓与地产调整的双重压力下，深陷一片红海，中低端市场杀价声 四起。然而，华帝股份却交出了一份令人瞩目的 ...

厨电"潮牌"华帝又把"国潮"玩出了新高度。 9月27日晚，古城太原奏响了现代乐章。在太原京东MALL户外广场上，"华帝天生干净音乐盛 典"暨"2025华帝之夜·太原站"欢快唱响。《中国好声音》亚军、知名艺人吴莫愁，以及戴燕妮、安琥、 徐紫茵、姚琛等实力唱将登台献唱，用音浪点燃金秋。 现场展出的一系列华帝明星产品同样引来了市民的热情围观。"高透活肌 以水养肤"的美肌浴热水 器，"四面八方全洗净"的洗碗机B6S，"一米空间多维集成"的集成烹饪中心QX01和"分人浴+暖浴同 步"的壁挂炉QH1i等等，诠释"新中式乐活未来"的理念。 好听好玩，"唱响"生活新乐章 随着舞台灯光和华帝logo亮起，风格清新、时尚的"华帝天生干净音乐盛典"主画面呈现在屏幕上，本次 音乐盛典正式拉开了序幕。 京东五星电器山西河北区域副总经理兼太原京东MALL总经理王广才、家福乐(山西)企业管理集团有限 公司总裁武博雄、华帝股份副总裁王操、华帝股份线下营销总经理潘叶钊等嘉宾共同出席此次活动，并 在台上携手启动"2025华帝之夜"。 音乐和厨房的创新组合，可以说是极具年轻态的表现形式，在"华帝之夜"系列活动举办前，有"潮牌"美 称的华帝就已经成 ...

Group 1 - The 35th Miss Asia Global Finals successfully concluded in Hainan, showcasing 31 contestants and integrating diverse cultural and fashion elements, emphasizing a visual feast of "beauty and wisdom" [1] - Vatti, as a supporting brand, leveraged its "serious living" philosophy and high-end kitchen appliance leadership to enhance the event, effectively penetrating the young consumer segment through deep connections with popular fashion IPs [1][3] Group 2 - Vatti's strategy focuses on understanding the evolving needs of young consumers, who seek practicality, aesthetic design, and emotional value in kitchen appliances, aligning with the event's core values of "health, confidence, and diversity" [3] - The event featured various segments, including a vibrant opening dance, a fusion of traditional and modern fashion, and a talent show, reflecting the diverse talents and aesthetic pursuits of the younger generation [3] Group 3 - Vatti has consistently pursued technological innovation and quality upgrades, holding 4,690 national patents by June 2025, and has received multiple prestigious design awards, including the IDEA and Red Dot awards [5] - The brand's collaboration with the Miss Asia competition is a significant step in its long-term strategy to appeal to younger consumers, emphasizing its positioning as a "fashionable scientific kitchen appliance" brand [5] Group 4 - Vatti's marketing strategy includes collaborations with well-known producers and influencers, creating engaging content that resonates with young audiences, and enhancing its flagship store design to reflect modern Chinese aesthetics [6] - The company aims to redefine traditional kitchen appliance branding by integrating with popular culture and emotional storytelling, positioning itself as a "fashion partner" for young consumers [8]

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]

Group 1 - The company reported a revenue of 2.8 billion yuan and a net profit of 272 million yuan for the first half of 2025, with a gross margin of 43.54%, an increase of 2.86% year-on-year [1] - The company has optimized its product structure, achieving a significant breakthrough in the high-end market with the new type of range hoods and high-end water heaters priced above 4,000 yuan [1] - The company is focusing on the high-end, intelligent, and fashionable upgrades of its core products while also developing new categories such as dishwashers and integrated steam ovens to create a second growth curve [1] Group 2 - As of June 30, the company added 472 new patents, bringing the total to 4,690, ranking among the top in the industry [3] - The company's offline channel gross margin significantly increased to 46%, a nearly 7% year-on-year growth, while the new retail channel gross margin reached 41.51% [3] - The company is enhancing its channel ecosystem through initiatives like terminal upgrades and community promotion vehicles, while also building a new retail learning IP to strengthen channel construction [3]

Core Insights - The global economic landscape is undergoing significant changes, with challenges such as de-globalization, industrial decoupling, and increasing trade barriers impacting various industries, including the kitchen and bathroom sector [1] - The kitchen and bathroom industry is expected to see a retail sales growth of 3.9% year-on-year in the first half of 2025, indicating a shift from rapid growth to a more gradual "stair-step" growth model [1] - Long-termism is emerging as a key consensus among leading companies across industries, with firms like Huawei and BYD exemplifying this approach through sustained investment in foundational research and technology [1] Company Focus - Vatti, a leading high-end kitchen appliance brand in China, has embedded "long-termism" into its development strategy, emphasizing user needs, innovation, and differentiated value [1] - Over the past 33 years, Vatti has focused on research and innovation, achieving 4,416 patent technologies by the end of 2024, which strengthens its long-term development foundation [4] - Vatti has pioneered safety innovations in kitchen appliances, such as the ion flame-out protection technology, and has improved energy efficiency with its energy-efficient combustion technology, achieving a thermal efficiency of 84% [4] Product Innovation - Vatti has developed 543 patented technologies under its "Good Cleaning" strategy, creating a three-tier "clean" system that enhances kitchen experience by making cleaning easier and integrating appliances into home spaces [5] - The company launched the "Beauty Skin" water heater in 2025, utilizing self-developed high-activity water technology to provide deep cleaning and hydration, marking a significant advancement in the water heater industry [6] Market Positioning - Vatti has established a strong presence in the high-end kitchen appliance market, capturing nearly 45% of the online market share for range hoods in China from January to April 2025 [9] - The company has positioned itself as a high-end smart kitchen appliance brand, launching innovative products like the voice-controlled range hood and award-winning cooking stoves, enhancing its premium image [9] - Vatti actively engages younger consumers through modern marketing strategies, including collaborations with popular media and cultural events, to promote a new Chinese culinary lifestyle [12][11] Financial Performance - Vatti achieved growth in both revenue and net profit in 2024, contributing to the upward momentum of the kitchen appliance industry as it transitions into a "stair-step" growth phase [12]

Core Viewpoint - The article emphasizes the evolving perception of kitchens among young people, highlighting the shift from a purely functional space to a multi-dimensional area that combines aesthetics, comfort, and personal expression [1][3][10]. Group 1: Kitchen Design Trends - Young individuals, particularly "nomadic youth" aged 18-25, prefer kitchens that are visually appealing and atmospheric, such as "Japanese-style kitchens" with healing wood tones and "French vintage kitchens" that add a sense of ritual to dining experiences [1][5]. - The "nesting youth" aged 26-35 seek personalized kitchen spaces that reflect their individuality, often desiring features like a home bar for social gatherings [1][5]. Group 2: Product Innovation and Features - Vatti, a leading high-end kitchen appliance brand in China, focuses on detail and aims to meet the fashion aesthetics and personalized needs of contemporary young consumers, transforming kitchens into spaces for showcasing, healing, and enjoyment [3][10]. - The automatic water-washing range hood from Vatti has achieved the highest market share in 2024, featuring technologies like "surfing steam washing" and "one-button self-cleaning" to enhance cleanliness and reduce bacteria and odor [3][5]. - Vatti's AI air management system can accurately detect PM2.5 levels in the kitchen and adjust air quality accordingly, ensuring a clean environment even during intense cooking [3][5]. Group 3: Lifestyle Integration - Over 70% of young people expect kitchen appliances to provide not just utility but also a sense of pleasure, aligning with Vatti's design philosophy that promotes kitchens as spaces for stress relief and lifestyle rhythm [5][10]. - Vatti's new products, such as the JZT-8S60 stove and FA50P steam oven, are designed to enhance cooking efficiency while maintaining high standards of quality and user experience [6][10]. Group 4: Aesthetic and Functional Balance - Vatti believes that kitchens should be therapeutic spaces, integrating aesthetic design with practical layout to create a harmonious environment [8][10]. - The new ultra-thin range hood from Vatti exemplifies the blend of aesthetics and space utilization, seamlessly integrating with cabinetry to create a clean and spacious feel [8][10].

Core Insights - The consumption preferences of young people are reshaping market dynamics, making it crucial for brands to effectively reach this demographic [1] Group 1: Young Consumer Preferences - Young consumers are shifting from functional needs to multidimensional factors such as interest, social currency, emotional symbols, social value recognition, and immersive experiences [2][4] - The entertainment preferences of young people include online short videos, music, and games, as well as offline activities like travel and performances [2] Group 2: Innovative Marketing Strategies - Vatti has successfully engaged young consumers through interactive and trendy offline events, such as the "Beauty Bath" pop-up activities in cities like Xi'an, Chongqing, and Jinan [5] - The pop-up events combine traditional aesthetics with modern technology, creating a hotspot for young people to gather and engage [5] - Vatti collaborates with skincare brands to offer personalized skin care solutions and hosts cultural salons to promote the concept of "water nurturing skin" [5] Group 3: Engaging Content Creation - Vatti's short video content resonates with young audiences, with a high penetration rate of 98.2% for short video consumption among young consumers in high-tier cities [8] - The company launched a custom short drama on Douyin titled "The Office Lady's Transformation," which garnered over 14.46 million views and 45,000 interactions, effectively integrating product usage into the storyline [9] - Vatti's collaboration with Douyin for other short dramas has also seen significant viewership, with "The Kitchen God" series achieving over 121 million views [11] Group 4: Cultural and Technological Integration - Vatti's innovative approach includes creating a digital persona of Yang Guifei, blending traditional Chinese culture with modern technology, thereby appealing to young consumers [11] - The brand's strategy of combining cultural depth with technological experiences is redefining the young consumer engagement model in the home appliance industry [11]