炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 不知从何时起，厨房在年轻人心中不再仅仅是烟火升腾、锅碗瓢盆碰撞的"后勤重地"，而是演变为展示 生活态度、实现精神治愈，甚至进行轻社交的"家庭新中心"。一人食的精致仪式感、"厨房社交"的兴 起、"邪修美食"的创作……年轻人正在用各种方式不断拓宽厨房的边界。 然而，理想很丰满，现实却很骨感。报告显示，多数城市家庭的厨房面积，平均仅有4-7平方米，68.5% 的家庭厨房小于8平方米。社交平台上，"厨房不够用"的吐槽总能收获大量共鸣。 在这场关于方寸之间的"野心"与"现实"的拉锯战中，厨电产品成为破局的关键。年轻人对厨电的需求早 已超越了基础功能的满足，他们追求的是"小而美""一机多用""空间共融"与"效率至上"，这直接推动了 厨电产品形态向嵌入式、隐嵌式进化。而作为"厨电三杰"之一的华帝，早已在嵌入式、隐嵌领域持续进 行技术探索与深耕。 一机多能，让小空间承载大创意 快节奏生活下，年轻人衍生出"邪修美食"的独特下厨方式，他们对厨电的要求矛盾又统一：既要10分钟 搞定早餐，又要兼顾健康底油；既想解锁烘焙、烤虾等多元风味，又不想被繁多的厨电工具挤 ...

Core Viewpoint - Despite a challenging environment in the kitchen appliance industry, the company has demonstrated strong operational resilience, achieving a year-on-year increase in gross margin, with the effectiveness of its high-end and intelligent strategies becoming evident [1][2]. Financial Performance - For the first three quarters of 2025, the company reported total revenue of 4.158 billion yuan, a year-on-year decrease of 9.13%, and a net profit attributable to shareholders of 356 million yuan, down 11.90% [1][2]. - The gross margin for the third quarter reached 43.29%, up from 40.50% in the same period last year, reflecting a nearly 3 percentage point increase [1][2]. - The gross sales difference improved to 16.6%, a year-on-year increase of 2.3 percentage points, indicating enhanced operational quality [4]. Strategic Initiatives - The company is focusing on optimizing product structure and promoting high-end products as part of its unwavering commitment to a "high-end and intelligent" strategy [5]. - At the 2025 China International Kitchen and Bathroom Home Expo, the company showcased a series of innovative products, emphasizing the integration of hidden design and health technology [7]. - The company is actively promoting a diversified channel system that combines online and offline sales, which has proven effective in stabilizing performance [8]. Market Positioning - The new retail channel revenue is projected to grow from 608 million yuan in 2022 to 1.251 billion yuan by 2024, with a compound annual growth rate of 43% [8]. - The company has successfully opened over 1,000 new retail stores this year, enhancing its market coverage and consumer interaction [8]. Innovation and Branding - The company is leveraging AI technology in marketing, launching the first AI-generated short drama in the kitchen appliance industry, which has received positive market feedback [10]. - The brand is actively engaging with younger consumers through various innovative marketing strategies, including music events and short dramas, to strengthen its market presence [11]. Social Responsibility - The company has initiated a public welfare project in collaboration with the One Foundation, focusing on supporting children with autism through various community activities [13]. - The company aims to capitalize on the shift from functional to quality consumption in the kitchen appliance industry, aligning its strategies with emerging market trends [13].