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 ...

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 ...

汽车消费市场同样火热。国庆中秋假期，天津、杭州、福州等地均有车展举办。国家信息中心经济 师林超分析，多家车企在节前完成秋季产品的集中上市亮相，叠加市场上丰富的节日促销活动，将有效 带动汽车销量增长。 商务部市场运行和消费促进司一级巡视员耿洪洲表示，截至9月10日，今年以来汽车"以旧换新"申 请量已经达到830万份。"以旧换新政策既为汽车市场带来增量空间，也促进电动化智能化技术普及，为 企业创新研发注入强劲动力，促进汽车产业加速构建智能网联新生态。"林超说。 促消费政策不仅推动汽车、家电家居、电子数码等产品升级换代，还打通了产业循环链条，为报废 拆解行业带来规模增长和提质升级机遇。 今年一季度，全国报废汽车回收195.5万辆，增长58.6%。林超表示，报废汽车回收拆解和循环利用 日渐规范，叠加大量新能源汽车和动力电池进入报废拆解回收环节，共同推动报废拆解向精细化转型、 向高附加值零部件再制造等产业链下游延伸，实现资源高效利用。 在手机市场，越来越多品牌在研发新机时，开始将"环保材料使用"等因素纳入设计考量。荣耀以旧 换新业务负责人表示，规模化、标准化的旧机来源，改变了以往回收源分散的状况，驱动行业逐步建立 规范 ...

华夏时报记者 石飞月 阳泉报道 "前三天放券挺多，今天已经是最后一天了，您抢到了吗？"国庆假期期间，山西阳泉一家家电卖场里，店员一边 展示产品，一边不忘提醒《华夏时报》记者。可当记者跟随店员提示打开"云闪付"App，却发现自己扑空了—— 当日券已抢光。 与往年国庆假期一样，家电卖场再度点燃金秋促销战。 记者走进当地一家名为桂苑家电的卖场，一进门就看到店员在架着手机直播带货，而他身后是堆满了各种各样礼 品的直播间背景。一名店员介绍道，卖场正在进行大促活动，消费者消费到一定数额能够获赠相应的礼品，比如 满15999元卖场会赠送一台微波炉，满39999元则送一台蒸烤一体机。 苏宁易购方面就此向《华夏时报》记者介绍，作为家电3C消费主阵地，为了让消费者从容选择换新时机，提前享 受优惠，该公司首次将"双11"提前至国庆档，并于9月30日启动"家电普惠日"，全国万店不打烊、开启"闪购48小 时"专场，加码家电"超级补"让利，9月26日，苏宁易购还上线了"真惠补"专区产品预约通道，以新底价激发新增 量。 然而，大促带来的市场效应，或许没有那么乐观。记者走访家电卖场的时间为下午三四点钟，应该是人流量较高 的时候，但多家家电卖 ...

能听懂方言的扫地机器人、一键搜索菜谱的烤箱、多筒区分的洗衣洗鞋机，更聪明的AI家电成为消费 者的换新首选。马野说，人工智能技术给产品创新带来更多可能，交互式的家电产品市场认可度持续提 高。9月30日至10月1日，国庆首轮消费数据显示，苏宁易购全品类AI智能家电销量占比攀升至55%。其 中，能自动避人吹风的舒适风空调销售增长85%，可根据衣物材质自动匹配洗烘方案的热泵式洗干一体 机增长127%，智能烟灶套装增长145%。 "来尝一尝刚出炉的月饼！"在北京中塔苏宁易购Max店，工作人员正在演示如何使用蒸烤一体机制作节 日美食。 "现在消费者更注重家电的智能感和体验感。"北京中塔苏宁易购Max店副店长马野介绍，结合中秋节特 色，店内开展做月饼等活动，为顾客营造体验式消费空间。同时，苏宁易购首次将"双11"提前至国庆 档，加码家电"超级补"让利，门店客流量显著提升。 今年国庆中秋假期，全国各地推出丰富多样的促消费活动，带动家电消费市场活力持续释放，并呈现出 新特征、新趋势。 商务部市场运行和消费促进司一级巡视员耿洪洲表示，截至9月10日，今年以来汽车"以旧换新"申请量 已经达到830万份。"以旧换新政策既为汽车市场带 ...

商务部市场运行和消费促进司一级巡视员耿洪洲表示，截至9月10日，今年以来汽车"以旧换新"申请量 已经达到830万份。"以旧换新政策既为汽车市场带来增量空间，也促进电动化智能化技术普及，为企业 创新研发注入强劲动力，促进汽车产业加速构建智能网联新生态。"林超说。 能听懂方言的扫地机器人、一键搜索菜谱的烤箱、多筒区分的洗衣洗鞋机，更聪明的AI家电成为消费 者的换新首选。马野说，人工智能技术给产品创新带来更多可能，交互式的家电产品市场认可度持续提 高。9月30日至10月1日，国庆首轮消费数据显示，苏宁易购全品类AI智能家电销量占比攀升至55%。其 中，能自动避人吹风的舒适风空调销售增长85%，可根据衣物材质自动匹配洗烘方案的热泵式洗干一体 机增长127%，智能烟灶套装增长145%。 奥维云网（AVC）消费电子事业部研究总监刘飞认为，人工智能加持下的家电产品，为智慧家庭生态的 建设提供了更完善的产品支持。未来，人工智能技术有望在家庭娱乐、教育、清洁、安防、家居控制等 场景加速落地，人、家、车的全空间互联生态场景也在逐步丰富，将重新定义未来生活方式。 汽车消费市场同样火热。国庆中秋假期，天津、杭州、福州等地均有车展举办 ...

Core Viewpoint - Vatti Holdings is facing dual challenges of declining consumer trust and performance growth, with a significant drop in both revenue and net profit in the first half of 2025, alongside a surge in product quality complaints [1][2]. Financial Performance - In the first half of 2025, Vatti Holdings reported total revenue of 2.8 billion yuan, a year-on-year decrease of 9.71%, and a net profit of 272 million yuan, down 9.19% [2][3]. - Operating cash flow fell from 226 million yuan in the same period last year to 175 million yuan, a decline of 22.86% [3]. - This marks the first time in five years that both revenue and net profit have declined simultaneously for the company [2]. Product Performance - Revenue from kitchen appliances showed a mixed performance: range hood revenue decreased by approximately 10% to 1.17 billion yuan, while water heater revenue dropped by 20.7% to 520 million yuan; gas stove revenue remained stable with a slight increase of 2% to 730 million yuan [4][5]. - Traditional kitchen appliances (range hoods, stoves, water heaters) accounted for 86.53% of Vatti's revenue, while emerging categories like integrated stoves and dishwashers contributed less than 13% [4]. Market Context - The overall kitchen appliance market in China saw a retail growth of 3.9% in the first half of 2025, which is below the average growth rate of the broader home appliance market at 9.2% [6]. - Vatti's market share stands at 10.03%, placing it third behind leading brands with around 17% market share [13]. Quality Complaints - Vatti has faced a total of 1,375 complaints, with 20 new complaints in the past month, primarily concerning product quality defects and inadequate after-sales service [7][10]. - Issues reported include repeated product failures and discrepancies between product functionality and advertising claims [9][10]. Strategic Challenges - Vatti is pursuing a high-end strategy, launching new products aimed at enhancing brand positioning, but faces challenges due to intense price competition in the industry [12]. - Despite claims of increased sales in high-end products, the average prices of key products have reportedly declined [12]. - The company's investment in research and development was only 1.16 billion yuan, representing 4.14% of total revenue, while sales expenses reached 7.02 billion yuan [10].

Group 1 - The 2024-2025 China Home Appliance Industry Brand Evaluation event was held at the IFA in Berlin, covering 11 categories of home appliances with a total of 55 brands selected [1] - The brand evaluation project, initiated in 2010, is guided by the Ministry of Industry and Information Technology and aims to support the development of domestic home appliance brands through a scientific and objective evaluation system [1] - The project has positively contributed to the high-quality development of the industry by enhancing brand value and cultivating industry benchmarks [1] Group 2 - The home appliance industry in China is experiencing significant growth opportunities due to the old-for-new policy, with a recovery trend observed over the past year [2] - Traditional categories are benefiting from policy incentives, while emerging categories are expanding and reshaping competitive structures, driven by large-scale equipment updates and consumer replacement actions [2] - Companies are focusing on technological innovation to strengthen brand foundations, increasing R&D investments in AI, smart sensing, and energy-saving technologies to enhance user experience and product reliability [2] Group 3 - Brand building is a comprehensive reflection of national competitiveness and is crucial for establishing a new development pattern in the home appliance industry [3] - The industry is committed to increasing product variety, improving quality, and creating strong brands to better align supply with market demand [3] - Chinese home appliance brands are gaining global influence through diversified strategies and technological innovation, positioning themselves as key representatives of Chinese manufacturing and creativity [3]

Core Insights - The company reported a revenue of 2.8 billion yuan and a net profit of 272 million yuan for the first half of 2025, showcasing strong operational resilience and strategic execution despite industry pressures [1] - The gross margin increased to 43.54%, up 2.86 percentage points year-on-year, while the net profit margin reached 9.70%, a slight increase of 0.07 percentage points compared to the same period last year [1] Financial Performance - The revenue from the cooking appliances segment was 730 million yuan, reflecting a year-on-year growth of 2% [1] - The company’s product categories showed varied performance, with the range of products contributing significantly to revenue and profitability [2] Product Innovation and Market Trends - The company is focusing on product innovation and optimizing its product mix, which has effectively controlled procurement and production costs [1] - The emerging kitchen appliance categories, such as steam and bake integrated machines and water purifiers, are showing promising growth, with revenue increases of 2.69% and 3.25% respectively [1] Brand Strategy and Consumer Engagement - The company is actively promoting a brand strategy that resonates with the changing consumer landscape, particularly targeting younger consumers who prioritize high-end and health-oriented products [1][3] - The introduction of high-end products, such as the GW6i beauty bath gas water heater, aligns with the trend of "self-care consumption" among young consumers [3] Marketing and Communication - The company is leveraging content marketing through short dramas and micro-variety shows to enhance brand storytelling and connect with younger audiences [6] - Recent marketing campaigns, including collaborations with well-known writers and events like flash sales and music festivals, have successfully increased brand penetration among younger demographics [8][9] Future Outlook - The company plans to continue its dual strategy of "high-end + youth-oriented" development, focusing on user needs and increasing investment in R&D to enhance product performance and smart experiences [9] - The commitment to integrating technology and culture aims to strengthen the brand's influence and reputation among young consumers, promoting high-quality development in the kitchen appliance industry [9]