Core Insights - The luxury home appliance market in China is gaining attention, particularly with the recent launch of GAGGENAU's new flagship series after 20 years, indicating a strategic shift in response to market trends [1][5] Market Dynamics - The "trade-in" policy and market cycles are driving product upgrades in the Chinese home appliance market, with GAGGENAU focusing on high-end appliances where the connection to "trade-in" is less direct [2][3] - The overall slowdown in the real estate market is impacting the home appliance industry, prompting GAGGENAU to explore new sales channels for stable growth [2][3] Retail Strategy - GAGGENAU has opened more retail stores, including the largest flagship store in Shanghai and a new store in Beijing, aiming to create more consumer touchpoints and enhance brand experience [3][4] - Collaborations with cabinet makers and designers are being strengthened to better reach target consumers who prioritize overall home design [3][4] Consumer Trends - High-net-worth consumers are increasingly focused on how products integrate into overall home aesthetics and are looking for kitchens to serve as social spaces [4][5] - There is a growing demand for personalized consultation experiences, with GAGGENAU offering luxury-level services post-purchase, including home styling and cooking classes [5] Product Strategy - GAGGENAU's new product line reflects a minimalist design philosophy, adhering to Bauhaus aesthetics, which aligns with the brand's positioning as a global luxury appliance brand [5][6] - The new products incorporate digital and smart technologies to enhance user experience in cooking and baking [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's Q2 performance met expectations, with a revenue of 4.608 billion yuan in H1 2025, down 2.58% year-on-year, and a net profit attributable to shareholders of 712 million yuan, down 6.28% year-on-year [6] - The "old-for-new" policy continues to be reinforced, with strong growth in traditional kitchen appliance categories, particularly in the range hood and gas stove markets [6] - The company's profitability remains stable, with a gross margin of 50.43% in H1 2025, an increase of 1.55 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, totaling approximately 472.47 million yuan [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 11.786 billion yuan, with a year-on-year growth rate of 5.1% [5] - The net profit attributable to shareholders is expected to be 1.679 billion yuan in 2025, reflecting a year-on-year increase of 6.4% [5] - The earnings per share (EPS) is projected to be 1.78 yuan in 2025, with a price-to-earnings (P/E) ratio of 11 [5] - The company is expected to achieve net profits of 1.782 billion yuan and 1.879 billion yuan in 2026 and 2027, respectively, with corresponding year-on-year growth rates of 6.1% and 5.5% [5]

Core Insights - Boss Electric reported a revenue of 4.608 billion yuan for the first half of 2025, representing a year-on-year decrease of 2.58% [1] - The net profit attributable to shareholders was 712 million yuan, down 6.28% compared to the previous year [1] Revenue Breakdown - Revenue from range hoods was 2.205 billion yuan, a decline of 2.36% year-on-year, accounting for 47.86% of total revenue [1] - Other product categories, including gas stoves, steam ovens, baking ovens, disinfection cabinets, water heaters, water purifiers, and integrated stoves, also experienced a year-on-year revenue decline [1] Strategic Initiatives - The company is advancing its "engineering branding" strategy in the engineering channel, focusing on high-end projects and quality customer collaborations [1] - Boss Electric officially introduced cabinet products, marking the beginning of its "Cabinet Year" [1] - In the first half of 2025, cabinet revenue reached 102 million yuan, representing 2.21% of total revenue [1]