近日，华帝股份（以下简称华帝）发布了2025年半年度报告。报告显示，华帝实现营业收入28亿元，归 属于上市公司股东的净利润2.72亿元。值得一提的是，华帝整体毛利率水平攀升至43.54%，同比上升了 2.86%。 这意味着华帝在核心品类的高端化突围之路上，又迈出了坚实一步，与当下厨电行业愈演愈烈的价格战 形成了鲜明的对比。 奥维云网（AVC）监测数据显示：2025年上半年，线上油烟机产品均价1512元、燃气灶产品均价735 元，均有明显下滑。618期间，厨卫全品类（烟、灶、消、洗、嵌、集、电热、燃热）整体均价同比下 滑5.8%，至1627元，其中消毒柜、集成灶跌幅高达10%，燃气灶下滑了5.2%、电热水器下滑了8.3%。 可别小看"2.86%"的含金量，放在厨电市场承压、均价下滑、参数内卷的产业环境中来看，它为华帝高 端战略奠定了基础，为企业持续创新提供了动能，也让整个行业看到了高端突围的可行性。 高端爆品密集涌现，核心品类毛利率全域攀升 2025年3月，华帝在襄阳举办了一场鉴宝大会，大会的主角是：美肌浴燃气热水器GW6i、蒸烤一体机 FA50P、微蒸烤一体机VB50以及锅碗同洗大容量洗碗机JWB18-B7S ...

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]