8月27日晚间，老板电器发布2025年半年度报告。 报告期内，公司实现营业收入46.08亿元，同比下降2.58%；归属于上市公司股东的净利润7.12亿元，同 比下降6.28%；基本每股收益0.75元，同比下降6.25%。公司专注于厨房电器领域，提供涵盖吸油烟机、 燃气灶、洗碗机、蒸烤一体机、消毒柜、集成灶等厨电品类。 ...

GKURC产经智库首席分析师丁少将对《华夏时报》记者表示，品需厨电品类增长的主要原因之一是"国 补"政策的拉动，刺激了市场需求的释放，同时消费者对品质生活的追求提升、健康意识增强，也推动 了这类产品的销售。 本报（chinatimes.net.cn）记者石飞月 北京报道 得益于"国补"政策对消费的刺激，2025年上半年国内厨电市场整体仍保持增长，但内部呈现明显分化： 传统品类如集成灶持续下滑，而蒸烤一体机、洗碗机等品需型厨电则维持了良好的增长势头。基于这一 趋势，凯度电器近日有针对性地推出了多款新品，全面聚焦于高增长的品需厨电赛道。 在厨电行业，凯度电器虽然不在头部品牌行列，却在近两年头部企业业绩普遍承压的背景下实现了逆势 增长。凯度电器董事长傅平日前向《华夏时报》记者透露，该公司今年截至目前的销售额同比增长了十 几个百分点。当然，必须要承认的是，在品牌认知度和企业规模方面，凯度电器与头部品牌之间仍有差 距。 随着国补政策边际效应减弱，奥维云网预测全年家电零售额同比仅增0.2%，而傅平对厨电行业未来两 三年的发展也持"谨慎乐观"的态度。他强调，凯度电器会在坚持提升"产品+服务"质量的前提下，结合 合理的营销策 ...

Core Viewpoint - The financial performance of Vatti Corporation in Q1 2025 showed a significant decline, with revenue and net profit both decreasing compared to the previous year, indicating potential challenges in the company's operational strategy and market conditions [3][5][7]. Financial Performance Summary - In Q1 2025, Vatti Corporation reported revenue of 1.26 billion yuan, a decrease of 8.80% year-on-year [4]. - The net profit attributable to shareholders was 106 million yuan, down 14.33% year-on-year, while the net profit excluding non-recurring items was 104 million yuan, a decrease of 14.92% [4]. - The basic and diluted earnings per share were both 0.1279 yuan, reflecting a decline of 13.76% compared to the previous year [4]. - The net cash flow from operating activities was 198 million yuan, down 16.14% year-on-year [4]. - Total assets at the end of the reporting period were approximately 7.22 billion yuan, a decrease of 1.11% from the previous year [4]. Reasons for Performance Decline - The decline in revenue growth is attributed to a high base effect from the previous year and the impact of the "national subsidy" policy, which led to a surge in sales at the end of the previous year, resulting in a market pullback in early 2025 [7][10]. - Analysts noted that the overall industry growth rate has slowed, compounded by the reduced effectiveness of subsidy policies and increased competition in the e-commerce channel [10][11]. Industry Context - The kitchen appliance industry is heavily reliant on the real estate market, which is currently experiencing a downturn, leading to reduced demand for new appliances [13][16]. - The overall performance of the kitchen appliance sector in Q1 2025 was weak, with a significant drop in new projects in the real estate market, impacting the sales of kitchen appliances [16]. - Vatti's market share is under pressure from competitors, particularly in emerging product categories, where the company has lagged in innovation and differentiation [17]. Competitive Landscape - Vatti Corporation's revenue from overseas markets was only 11.92% in 2024, indicating a need for expansion in international markets compared to competitors like Vanward Electric, which had a much higher overseas revenue share [17][18]. - The company faces challenges in product innovation, with R&D expenses accounting for only 4.12% of revenue, which is lower than some competitors [11].

Core Insights - The company is experiencing its most severe downturn since its IPO 13 years ago, with Q1 2025 revenue growth slowing to 2.1% and net profit declining by 8.3% [1] - The traditional kitchen appliance sector is facing significant challenges due to the decline in real estate benefits, increasing consumer segmentation, and competition from emerging product categories [1] Financial Performance - In 2024, the company reported total revenue of 11.26 billion, a year-on-year increase of 2.8%, while net profit fell by 8.2% to 1.28 billion [2] - The core revenue sources, range hoods and gas stoves, contributed 68.3% of total revenue, but their growth rates slowed to 1.2% and 0.7% respectively [2] - In Q1 2025, revenue was 2.15 billion, a decrease of 5.3%, and net profit was 230 million, down 18.6%, marking the largest quarterly decline since 2010 [3] Market Dynamics - The offline market for range hoods saw a retail sales decline of 3.1% in 2024, with the company's market share dropping to 28.7% as competitors like Fotile gained ground [2] - Emerging product categories like dishwashers and integrated stoves accounted for 23.5% of revenue, but their growth rate fell sharply from 41.3% in 2023 to 18.7% in 2024 [3] - The integrated stove segment, which was expected to perform well, only grew by 9.6%, significantly below the industry average of 32.4% [3] Cost and Profitability Challenges - The overall gross margin decreased by 2.1 percentage points to 49.3%, primarily due to rising raw material costs and the increased share of low-margin new products [3] - The company raised prices by 5.2% for range hoods to maintain profitability, but this led to a loss of market share in e-commerce channels [3] - Cash flow from operating activities was negative at -187 million in Q1 2025, reflecting increased promotional efforts and challenges in accounts receivable management [4] Strategic Positioning - The company is at a crossroads, facing market share erosion from competitors and struggling to adapt to new market dynamics [5] - Despite efforts to diversify into new product categories since 2018, the company has not achieved significant market penetration, particularly in dishwashers [5] - The management transition in March 2025, with the founder stepping down, raises questions about the company's strategic direction and ability to respond to market changes [6] Future Outlook - The company is undergoing a profound transformation, grappling with growth challenges and attempting significant strategic changes [7] - The ability to redefine its position in the smart, integrated, and scenario-based kitchen appliance market will be crucial for the company's future success [7]

记者走访市场注意到，随着近期广州市家电"以旧换新"国补扩围至37类，不少高科技新品类成为店内新 晋热销款，也激发了包括我国港澳台和外籍人员到店消费的热情。 年轻人沉浸式体验体感游戏；店员现场演示空气炸锅烹饪美食；多台扫地机器人"比赛"清洁地面，广交 会外籍客商来扫货……这个五一小长假，广州以旧换新市场不仅人气旺，还更有"新"意。 科技品类受热捧，港澳居民掀起"反向代购"潮 天河城电器馆内，一款MR混合现实一体机吸引了不少年轻人跃跃欲试——戴上VR眼镜、拿起手柄、穿 戴上传感器，就能启动有趣的体感游戏。"目前这款产品也可以享受15%的国补了，我们今天上午刚卖 出一台，整个四月这个单品就卖出20多台。"天河城电器馆销售人员告诉记者。 "今年加力扩围以旧换新政策后，明显感受到港澳地区顾客带来了新的增量。"天河城电器馆梁主管告诉 记者，购买空调、冰箱、洗衣机等大家电的港澳顾客，通常是对自己在广州住所的家电进行以旧换新； 更多从港澳过来的顾客则是购买手机、平板、电脑等3C类小件产品，自己最近就做了5-6单这类生意。 正值五一，全新升级开业的苏宁易购达镖店现场氛围也热闹非凡，有外籍客户前来一次性选购了三台洗 地机。苏宁易 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1]. - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders for 2024 [1]. Financial Performance - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a decrease of 8.8% year-on-year, and a net profit of 110 million yuan, down 14.33% year-on-year [1]. - The gross margin for 2024 was 40.7%, a slight decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1% [3]. - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 510 million, 580 million, and 650 million yuan respectively [4]. Market and Product Insights - The company experienced stable growth in its core product categories, with the domestic smoke and stove categories showing increases of 7% and 5% respectively in 2024 [2]. - The new retail channel contributed significantly, with a revenue of 1.3 billion yuan in 2024, reflecting a year-on-year growth of 30% [2]. - The integrated stove market faced challenges, with a year-on-year decline in retail revenue of 30.6% [2]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10.7x, 9.5x, and 8.4x respectively [4]. - The company’s total market capitalization is approximately 5.48 billion yuan [7].

Investment Rating - The investment rating for the company is "Buy" [6][17] Core Views - The company achieved a revenue of 6.37 billion yuan in 2024, a year-on-year increase of 2.2%, and a net profit attributable to shareholders of 480 million yuan, up 8.4% year-on-year [1] - The company is focusing on brand image enhancement and channel management improvement, aiming to discover growth potential through a multi-category and multi-brand matrix [4] - The company plans to distribute cash dividends of 3 yuan per 10 shares, totaling 250 million yuan, which accounts for 51% of the net profit attributable to shareholders in 2024 [1] Financial Performance Summary - In Q1 2025, the company reported a revenue of 1.26 billion yuan, a year-on-year decrease of 8.8%, and a net profit of 110 million yuan, down 14.33% year-on-year [1] - The gross margin for 2024 was 40.7%, a decrease of 0.4 percentage points year-on-year, while the gross margin for Q1 2025 improved to 42.1%, an increase of 0.2 percentage points year-on-year [3] - The company expects net profits attributable to shareholders for 2025-2027 to be 510 million, 580 million, and 650 million yuan respectively, with corresponding P/E ratios of 10.7x, 9.5x, and 8.4x [4] Market and Product Insights - The domestic market for kitchen appliances, particularly range hoods and gas stoves, showed stable growth in 2024, with retail sales of range hoods increasing by 14.9% and gas stoves by 15.7% year-on-year [2] - The new retail channel contributed significantly to revenue, with a 30% year-on-year increase in new retail revenue, while online sales decreased by 6% [2] - The company is experiencing pressure in integrated products, with a 30.6% year-on-year decline in retail sales for integrated stoves [2]

Core Insights - Under the backdrop of increased national subsidy policies, the company demonstrates strong competitive resilience and growth potential through product matrix expansion and brand building [1] - The company reported a record total revenue of 6.372 billion yuan in 2024, marking a year-on-year increase of 2.23%, with a net profit of 485 million yuan, up 8.39% year-on-year [2] Revenue Growth - The core kitchen appliance business, including range hoods and gas stoves, has maintained steady growth, with revenues of 2.735 billion yuan, 1.533 billion yuan, and 1.262 billion yuan for range hoods, gas stoves, and water heaters respectively, reflecting year-on-year growth of 6.62%, 5.28%, and 10.4% [2] - Emerging kitchen appliance categories such as steam ovens and steam-bake integrated machines have shown remarkable performance, contributing to the company's revenue growth, with revenues of 80.65 million yuan and 8.82 million yuan, representing year-on-year growth of 6.03% and 74.6% respectively [2] Brand Development - The company has established a brand matrix consisting of "Vatti," "Baide," and "Vatti Home," catering to different market levels and consumer needs [2] - The main brand Vatti continues to strengthen its positioning in the high-end market, while Baide targets domestic third and fourth-tier cities and overseas markets [3] - The company has received multiple industry honors, including "2024 TOP100 Chinese Brand Innovation Development Model" and "2024 Asia Brand 500," indicating a continuous enhancement of brand value [3] Channel Strategy - The company employs a multi-channel integration strategy, achieving a revenue of 3.148 billion yuan from offline channels, a year-on-year increase of 11.07%, with new retail revenue reaching 1.251 billion yuan, up 29.63% [4] - The company has launched six free services to stimulate consumer replacement demand under the "old for new" policy and has integrated with the Meituan platform to enhance its dealer system [4] - Online channels have also been optimized, with the company achieving a retail market share of 37.17% for ultra-thin range hoods, maintaining its leading position in the online kitchen appliance market [5] R&D and Innovation - The company has increased its R&D investment, with R&D expenses rising by 6.14% to 263 million yuan, holding 4,416 national patents, with 885 new patents added [6] - Innovations include several patented technologies aimed at enhancing cleaning performance and user experience, such as "dual-distance full-domain washing" and "smoke machine surfing wash" [6] - The company has implemented national energy efficiency standards across its product lines, ensuring that most products meet the first-level energy efficiency standards [6] Product Recognition - The company has launched several new products that have received widespread acclaim from consumers and industry recognition, including the Vatti Giant Wash Dishwasher and the Vatti Ultra-thin Range Hood [7] - Notable products have received awards such as the "16th Red Top Award - Nomination Award" and "2024 AWE Aiplan Award for Excellent Products," showcasing the company's technological leadership and innovation capabilities in the kitchen appliance industry [7]