回望2007年，当史蒂夫·乔布斯从口袋里掏出第一代iPhone时，他改变的不仅仅是一部手机的形态，而是重新定义了交互方式。手机从此由单一的通讯工具 进化为智能终端。 18年后，厨电行业似乎正处在那个似曾相识的前夜。 这一迟滞，并非技术不够先进，而是应用逻辑出现了错位。 从产品侧看，许多所谓的"智能"仅仅停留在表面。油烟机上能刷短视频的大屏、冰箱里语音播报的天气预报等无法触及核心痛点的功能，显然无法构成让消 费者买单的颠覆性价值，也注定无法引爆行业的奇点。 更深层的阻碍，在于烹饪场景本身的极度复杂性。 一方面，烹饪是一场高度"非标化"的交付。尤其是中餐，食材千差万别，口味因人而异，经验难以量化。那些试图用冰冷算法追求"标准最优解"的技术，往 往在千人千味的现实面前碰壁。 另一方面，随着生活方式演变，厨房已不再是单纯解决温饱的场所。它承载了家庭的社交、情绪释放与亲密关系。当AI试图通过高度自动化剥离人的参与 时，也剥夺了烹饪作为一种"精神仪式"的治愈感。 这意味着，厨电AI的进化必须从"替代人"走向"懂人"的逻辑。 在这一背景下，老板电器在2025年推出"食神"，试图跳出单纯的硬件内卷，将单一的厨电工具重新定义为 ...

Core Insights - Company reported a slight decline in revenue and net profit for the first half of 2025, but showed significant improvement in Q2 with both revenue and net profit increasing quarter-on-quarter, indicating strong resilience in performance [1] - The company maintains the highest market share in key categories such as range hoods, gas stoves, and integrated stoves, while new product categories like dishwashers and integrated machines have also seen growth [2] - A high dividend payout ratio of 66% reflects the company's commitment to returning value to shareholders, supported by robust cash flow from operations [2] Financial Performance - For the first half of 2025, the company achieved revenue of 4.608 billion yuan, a year-on-year decrease of 2.58%, and a net profit of 712 million yuan, down 6.28% year-on-year [1] - Q2 performance showed a revenue increase of 21.97% to 2.532 billion yuan and a net profit increase of 9.29% to 371 million yuan compared to Q1 [1] - The net cash flow from operating activities reached 511 million yuan, a significant year-on-year increase of 23.48%, indicating improved cash flow conditions [1] Product and Market Strategy - The company exhibits a strategy of stabilizing core categories while breaking into new categories, with integrated stoves holding a market share of 38.2% in offline retail [2] - New product categories like dishwashers and integrated machines have shown promising growth, with dishwashers generating revenue of 338 million yuan (up 6.03% year-on-year) and integrated machines generating 300 million yuan (up 6.27% year-on-year) [2] - The company continues to dominate in traditional categories, with offline market shares of 31.2% for range hoods and 31.4% for gas stoves, maintaining a leading position across all channels [2] R&D and Digital Transformation - The company emphasizes long-term growth through technological research and digital transformation, with its AI cooking model "Shishen" reaching over 5.4 million users [3] - The establishment of the Hangzhou AI Research Institute aims to enhance capabilities in machine vision and voice interaction, accelerating AI applications in the kitchen appliance sector [3] - The company holds 6,325 valid patents, including 602 invention patents, and has a leading rate of technology conversion in the industry, further enhancing its competitive edge [3] Future Outlook - The company plans to continue positioning itself as a provider of comprehensive cooking solutions while promoting new product categories and leveraging various retail strategies to address market challenges [3] - The focus will remain on consolidating advantages in core categories while expanding into new markets and channels, including overseas [3]