近日，由经济观察报主办的以 " 开启新格局 引领新增长 " 为主题的第八届粤港澳大湾区发展论坛 顺利召开。论坛同期，"2025年粤港澳大湾区臻质奖"正式发布。基于在"优质运营、公众信赖、行 业引领、创新突破、社会贡献、年度影响"六大维度的综合表现，华帝荣获 "粤港澳大湾区臻质奖" ，成为 行业内唯一获得该荣誉的企业 。 "链主"强则产业链兴，大湾区世界级产业集群的崛起，离不开龙头企业的牵引与带动。 作为厨卫电 器产业链的领军者，华帝不仅是 大湾区 家电产业集群的核心龙头，更是国内厨电行业的标杆品牌。 2025年前三季度，华帝股份实现营业收入41.58亿元，归母净利润3.56亿元。 在厨电产品的国家与行业标准中，总有着华帝"身影"。自成立以来，华帝已主导或参与起草、修订 超40项国家及行业标准，覆盖烟机、灶具、洗碗机等多个核心品类，其中包括GB 16410《家用燃 气灶具》、GB/T 17713吸油烟机国标等关键标准。同时，华帝还被认定为 《洗碗机干态储存测试 方法和技术要求》的制定单位 。 华帝秉承"好看、好用、好清洁"和"净洁厨房"的品牌理念，以543项"好清洁"专利为华帝实力护 航：烟机的"冲浪蒸水洗"技 ...

转自：合肥晚报 12月22日，安徽瑞禾卡萨帝城市旗舰店在滨湖正式开业。作为海尔集团旗下国际高端家电品牌，卡萨帝此次联手安徽 瑞禾环境科技有限公司，将首家城市旗舰店落子合肥，不仅带来了全品类智慧家电的一站式体验，更打造了一个兼具 消费、社交与生活美学的城市新空间，让市民零距离感受高端智慧生活。 选择与安徽本土企业安徽瑞禾环境科技有限公司合作，也正是因为瑞禾以"打造绿色健康人居环境"为使命，在智能环 境服务领域拥有优质方案和深厚经验。 正因如此，这家城市旗舰店远不止"卖家电"的功能，而是卡萨帝对现代生活方式的深度思考。 "现在很多人的生活都是两点一线，从家到公司，太单调了。"任君平说，他们希望将城市旗舰店打造成为有感情链接 的"第三空间"，让消费者在家庭与工作之外，拥有一个可以放松、社交、充电的专属领域。在这里，亲朋好友可以小 聚交友，市民可以护理衣物、感受高端新品，居民们可以来体验烘焙课程，让门店成为大家习惯光顾的休闲社交场 所。 安徽首家瑞禾卡萨帝城市旗舰店共设两层展示区。一层的电器区里，蒸烤一体机、净水器、洗烘机、冰箱等一字排 开，二层则打造了多个模拟家居场景，中央空调、彩电、智能门锁等产品被自然融入其中。 ...

2025年广州设计周近日在珠江畔圆满落幕，18座展厅同时点亮，汇聚全球20多个国家、超千家品牌，吸 引45万专业观众到场，其中设计师占比超60%，再次印证其"设计师的家"与"行业趋势风向标"的权威地 位。 本届以"亲爱"为年度主题词，聚焦人文关怀，从空间美学到技术应用，多维度探索人与居所的情感联 结。华为鸿蒙智家"24小时极速换新家"后装方案打造可成长的智慧场景，沐光品牌的AI智能健康照明系 统交织科技与美学，FotileStyle班迪系列以低饱和色调与模块化智慧设计回应都市人群情绪需求。 各领域品牌不约而同地将"智能""健康""时尚"与"情绪价值"作为核心关键词，这场亚洲顶级设计盛宴所 勾勒的未来人居图景，恰与华帝多年来倡导并深耕的"新中式时尚健康生活方式"深度共鸣。从厨房出 发，重新定义家居空间的情感与美学价值，华帝早已布局的赛道，正是行业演进的必经之路。 重构厨房 回应现代家庭刚需 2025广州设计周洞察当代人居转型，将"从房到家"的情感需求置于核心，华帝早已洞见这一变革，并 以"新中式时尚健康生活"作出系统回应。 厨房作为日益重要的家庭社交中心，早已超越单纯的烹饪功能，逐渐演变为家庭成员交流情感、创造 ...

Core Viewpoint - The company has established a comprehensive product structure centered around kitchen appliances, including range hoods, stoves, and water heaters, while also expanding into integrated kitchen appliances and other home customization products [1] Group 1: Product Strategy - The company focuses on core kitchen appliance products such as range hoods, stoves, and water heaters [1] - The product line has been extended to include emerging integrated kitchen appliances like integrated stoves, dishwashers, and steam ovens, as well as whole-house customization and water purification systems [1] Group 2: Business Development - The company aims to maintain a high-end brand positioning and strengthen its traditional product advantages [1] - Future strategic development will be based on a comprehensive consideration of the company's operational status and industry market trends [1] Group 3: Operational Focus - The company plans to enhance sustainable development through technological innovation, operational efficiency optimization, and organizational capability strengthening [1]

Group 1 - The core point of the article is the strategic personnel adjustment at Vatti Corporation, with Han Wei reappointed as Vice President and expected to become the Executive President, focusing on integrating the company's omni-channel business [1] - The personnel change is part of a strategic planning layout for the marketing system's integration and development, aimed at enhancing the efficiency and quality of the marketing system [1] - The organizational restructuring is expected to facilitate Vatti's channel strategy, sales tactics, and the rapid implementation of product and sales linkage [1] Group 2 - In the increasingly competitive kitchen appliance industry, companies must maintain strategic focus and deepen industry engagement, leveraging user insights for product innovation and enhancing channel operational capabilities [3] - Vatti has followed a development path aligned with the "scientific brand" concept, achieving innovative breakthroughs in various product categories such as ultra-thin range hoods, high-end gas water heaters, dishwashers, steam ovens, and wall-mounted boilers [3] - The adjustment in Vatti's marketing strategy is particularly relevant in the post-subsidy era, where reduced national subsidies are expected to intensify industry competition, making the integration of channel strategies and sales tactics more crucial [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 7.312 billion yuan, a year-on-year decrease of 1.14%. The net profit attributable to the parent company was 1.157 billion yuan, down 3.73% year-on-year. The net profit excluding non-recurring items was 1.060 billion yuan, a decrease of 1.37% year-on-year. In Q3 2025, the company reported operating revenue of 2.704 billion yuan, a year-on-year increase of 1.42%, and a net profit of 446 million yuan, up 0.65% year-on-year [4][11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross margin was 51.80%, an increase of 1.37 percentage points year-on-year. In Q3 2025, the gross margin was 54.12%, up 0.94 percentage points year-on-year. The operating profit for the first three quarters was 1.140 billion yuan, a year-on-year increase of 3.15%, with an operating profit margin of 15.59%, up 0.65 percentage points year-on-year [11][16]. Market Strategy - The company has optimized its channels and implemented a multi-brand strategy, which has begun to show results. The company is focusing on retail channels while reducing high-risk engineering channel business. The overseas market has also performed well, mitigating the impact of the decline in engineering channels. The product matrix includes high, medium, and low-end products under the brands "Boss," "Mingqi," and "Xingchen," effectively addressing diverse consumer needs [11][16]. Future Outlook - The company is expected to explore new product directions, including dishwashers and integrated stoves, leveraging its channel resources to further open up incremental markets. The projected net profits attributable to the parent company for 2025-2027 are 1.662 billion, 1.747 billion, and 1.847 billion yuan, corresponding to PE ratios of 11.12, 10.58, and 10.00 times, respectively [11][16].

Core Viewpoint - Kaito aims to transform kitchens into spaces that express lifestyle attitudes, emphasizing the emotional connection to cooking and technology as a means of empathy rather than just efficiency [2][3][30]. Group 1: Company Philosophy and Development - Kaito's brand philosophy revolves around creating a warm and inviting kitchen environment, where technology integrates seamlessly into daily life [2][3]. - The company has evolved from a niche brand focused on steam and baking integrated machines to a leading player in the "new kitchen appliance" sector over the past fifteen years [2][5][15]. - Kaito's approach to innovation is not merely about introducing new products but about understanding and addressing the emotional and practical needs of users [12][20]. Group 2: Market Position and Strategy - Kaito identified the potential of steam and baking integrated machines early on, recognizing a gap in the market that traditional brands overlooked [8][9]. - The company has established itself as a leader in the kitchen appliance industry by focusing on user education and experience rather than traditional sales tactics [11][12][14]. - Kaito's strategy emphasizes maintaining a steady pace of growth without succumbing to price wars or fleeting trends, allowing it to build a strong reputation based on quality and user satisfaction [14][23][24]. Group 3: Product Innovation and User Experience - Kaito's introduction of the first external water tank large-capacity steam oven addressed a significant user pain point, enhancing the overall cooking experience [13]. - The company has set a standard for user experience in the industry, prioritizing product stability and engineering excellence over mere marketing [14][23]. - Kaito's product line now includes various new kitchen appliances, such as integrated stoves, water purifiers, dishwashers, and coffee machines, all designed to enhance the kitchen experience [24][28]. Group 4: Brand Visibility and Future Direction - The recent appointment of Yang Mi as the global brand ambassador marks a strategic move to increase brand visibility and communicate Kaito's values to a broader audience [3][31][34]. - Kaito's focus on long-term value and user experience positions it uniquely in a market filled with transient trends and aggressive competition [30][38]. - The company aims to continue evolving as a "new kitchen appliance expert," maintaining its commitment to quality and user-centric design while expanding its product offerings [38][40].

Core Insights - Kaito aims to create a poetic kitchen experience that emphasizes warmth and connection among family and friends, moving beyond mere functionality to express a lifestyle attitude [1][4] - The recent partnership with Yang Mi as the global brand ambassador signifies a deeper alignment between Kaito's innovative spirit in the kitchen appliance sector and Yang Mi's established presence in the entertainment industry [2][30] Company Development - Kaito has evolved from a niche brand focused on steam and baking integrated machines to a leading player in the "new kitchen appliance" sector over the past fifteen years [1][5] - The company identified the potential of steam and baking integrated machines early on, despite skepticism from the market, and has since established itself as a pioneer in this category [5][9] Market Strategy - Kaito's initial challenge was educating consumers about the benefits of steam and baking integrated machines, leading to a strategy focused on building relationships with users rather than just selling products [6][7] - The company emphasized user experience and technical innovation, launching the world's first external water tank large-capacity steam oven, which significantly improved user experience [8][15] Product Expansion - Kaito's product line has expanded to include integrated stoves, water purifiers, dishwashers, and coffee machines, all while maintaining a focus on core technologies related to "water" and "heat" [11][16] - The company has adopted a philosophy of "slow growth," prioritizing deep technological development over rapid market expansion, which has allowed it to maintain a competitive edge [15][35] Brand Philosophy - Kaito's brand philosophy centers on the idea that the kitchen is not just a tool but an expression of lifestyle, aiming to elevate cooking into a meaningful experience [34][36] - The recent branding efforts, including the new slogan "Heartfelt Tribute to Life," reflect Kaito's commitment to integrating technology with everyday life, emphasizing a long-term vision rather than short-term trends [33][34] Future Outlook - Kaito's journey from an "invisible champion" to a recognized lifestyle brand is marked by a focus on sustainable value creation and a deep understanding of consumer needs [27][38] - The company is positioned to continue its growth by leveraging its unique technological capabilities and maintaining a strategic focus on user experience and product quality [30][37]

Core Insights - The overall sales of the kitchen and bathroom industry in the first half of 2025 showed growth, but there was significant differentiation in performance across various product categories [1] - Vatti Co., Ltd. achieved approximately 2.8 billion yuan in revenue and 272 million yuan in net profit attributable to shareholders in the first half of 2025, with an improvement in overall gross margin [1][2] - The company's gross margin increased by 3 percentage points to 44.1%, with core products like range hoods, stoves, and water heaters showing year-on-year improvements in gross margins [1][3] Industry Performance - 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] - The high-end and smart appliance segments are experiencing significant growth, with sales shares of high-priced products increasing notably [2] Company Strategy and Innovation - Vatti's gross margin for offline channels rose by 6.83 percentage points to 45.89%, while the new retail channel's gross margin reached 41.51% [3] - The company focuses on enhancing profitability, capturing market share, and improving operational efficiency, with a strong emphasis on high-end strategies, marketing capabilities, and product innovation [4] - Vatti launched several new products in March 2025, 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 and differentiation in product offerings [5]

Core Viewpoint - In the first half of 2025, the Chinese kitchen appliance industry experienced growth but at a slower pace due to a complex macroeconomic environment and ongoing adjustments in the real estate market. Vatti Corporation, a veteran player in the market for over thirty years, maintained a solid profit level, achieving approximately 2.72 billion yuan in net profit and 28 billion yuan in revenue [1][3]. Group 1: Financial Performance - Vatti Corporation reported a net profit of approximately 2.72 billion yuan and an operating income of about 28 billion yuan in the first half of 2025 [1]. - The company generated a net cash inflow from operating activities of 1.75 billion yuan [1]. - The gross profit margin for Vatti's main business increased by three percentage points to 44.1% in the first half of 2025, making it the company with the most significant gross margin growth in the kitchen appliance sector [1][6]. Group 2: Product Innovation and Differentiation - Vatti Corporation has established a strong competitive edge through innovation, holding 835 invention patents and a total of 4,690 national-level patents as of June 2025 [3][4]. - The company has developed a comprehensive product structure that includes core kitchen appliances like range hoods, stoves, and water heaters, as well as emerging integrated kitchen products [3]. - In the first half of 2025, essential product categories benefited from policy support and market demand, leading to year-on-year growth in sales and volume for Vatti's essential and demand-driven kitchen appliances [3][4]. Group 3: Brand and Market Strategy - Vatti Corporation is focusing on multi-brand development, utilizing three main brands—Vatti, Baide, and Vatti Home—to meet diverse market needs across different price points and functionalities [4]. - The company launched several new products in the first half of 2025, including high-end models that align with consumer preferences for quality and health [4][5]. - During the 618 shopping festival, high-end kitchen appliances saw a significant increase in sales volume, indicating a consumer willingness to pay for premium products that address core pain points [4]. Group 4: Channel Expansion and Marketing - Vatti Corporation conducted nearly 2,000 promotional events across 26 provinces in the first half of 2025, enhancing brand visibility and consumer engagement [8]. - The company has strengthened its online sales capabilities, particularly through platforms like Douyin, and has seen a notable increase in the proportion of high-end products sold [10]. - Vatti's offline channel revenue reached 14.86 billion yuan in the first half of 2025, with a gross margin increase of 6.83% to 45.89% [9]. Group 5: Strategic Partnerships and New Initiatives - Vatti Corporation has expanded its local life service platform by partnering with Meituan and Gaode Map, enhancing its reach in the local service sector [9]. - The company has also increased its agent network to 131, focusing on new business opportunities while managing risks effectively [11]. - Vatti's new retail channels achieved a gross margin of 41.51% in the first half of 2025, reflecting significant growth [11].