Core Viewpoint - In 2024, under pressure from overall growth in the Chinese kitchen appliance industry, the company Robam Appliances (老板电器) has embraced AI comprehensively, driving the transformation of "AI + Cooking" and achieving stable operations [1] Group 1: Financial Performance - In 2024, Robam Appliances achieved a total revenue of 11.213 billion yuan and a net profit of 1.577 billion yuan [1] - The company plans to continue high dividend payouts, having distributed a total of 6.376 billion yuan in dividends since its listing, reflecting confidence in long-term operations [1] Group 2: Market Trends and Policies - The kitchen appliance industry entered a deep adjustment period in the first three quarters of 2024, with a structural development trend, but showed signs of recovery in the fourth quarter due to the "National Subsidy" policy [1] - The overall retail sales of the Chinese kitchen and bathroom market reached 176.4 billion yuan in 2024, with a year-on-year growth of 5.7% [2] - The implementation of the National Subsidy policy has strengthened Robam's industry-leading position, with the top 10 brands' retail sales concentration increasing to 82.8%, up 2% year-on-year [2] Group 3: Product Leadership - Robam Appliances continues to lead the industry in core categories, with offline sales of range hoods accounting for 32.06% and gas stoves for 31.73%, both ranking first in the industry [2] - The company has achieved a 108% growth rate in key account channels within three months of the National Subsidy policy's implementation [2] Group 4: Innovation and Expansion - In 2024, Robam Appliances focused on the North American market, establishing a subsidiary and participating in the KBIS exhibition, with over 100 local outlets [3] - The company has entered the commercial kitchen market, which is nearly 100 billion yuan in size but has low brand concentration [3] - The government report emphasizes the integration of "Artificial Intelligence +" with consumer scenarios, and Robam has achieved breakthroughs in AI + cooking, evolving into a provider of comprehensive cooking solutions [3] - The company has established a digital kitchen appliance research institute and a Chengdu research institute, focusing on AI software development, with nearly 900 technical personnel [4]