好太太：期待以舊換新表現

公司發布三季報

24Q3收入3.6億，同减10.3%，歸母淨利潤0.5億，同减46.8%，扣非歸母淨利潤0.5億，同减41.5%；

24Q1-3收入10.7億，同减4.2%，歸母淨利潤1.9億，同减20.1%，扣非歸母淨利潤1.9億，同减17.1%；

24Q1-3毛利率52.7%，同增2.3pct，淨利率17.8%，同减3.5pct。

2024Q3大宗原材料價格有上漲趨勢，公司在供應端、産品設計端、品牌端優勢能够保持公司毛利潤水平和淨利潤水平的穩定。

公司將繼續通過供應商尋源優化、集中議價及采購等措施來合理地維持原材料價格，同時通過技術革新，向上游進行滲透等措施，來保持毛利率水平符合公司預期。

前三季度費用比例處於可控範圍內，符合公司預期；四季度將按照實時情况進行管控，力爭全年維持穩定利潤率。

24Q3E: revenue down 10%, net profit down 47% on rising bulk raw material prices

Top and bottom lines: Hotata Technology recently released unaudited results for the third quarter:

-24Q3E: revenue arrived at RMB360m, down 10.3% yoy; net profit came in at RMB50m, down 46.8% yoy; and ex-nonrecurring net profit was RMB50m, down 41.5% yoy.

-24Q1-3E: revenue amounted to RMB1.07bn, down 4.2% yoy; net profit was RMB190m, down 20.1% yoy; and ex-nonrecurring net profit was RMB190m, down 17.1% yoy.

Profitability: gross margin was 52.7% in 24Q1-3E, up 2.3ppt yoy, while net margin was 17.8%, down 3.5ppt yoy. With bulk raw materials’ prices mostly trending upward in the period, Hotata leveraged its supply, product design and brand advantages to help stabilize gross profit and net profit levels. Henceforth, the company plans to better manage raw material prices by optimizing supplier sourcing and using centralized bargaining and procurements. It also plans to maintain gross margins in line with expectations through technological innovations and upstream market penetration.

Expense ratios: expenses remained in the manageable range in the first three quarters, which was in line with the company’s expectations. In the current fourth quarter, Hotata is exercising real-time management and control in the hope that it will maintain stable profit margins for the full year.

致力於全渠道布局與智能産品升級

渠道端：堅持布局全渠道銷售模式，綫上綫下協同發展，强化營銷資源整合，綫上銷售收入和數量占比仍高於綫下。公司將持續推進銷售網絡深耕細作，深化管理全鏈路、精准、高效立體渠道體系。

綫下渠道，深耕傳統經銷商渠道，通過賦能終端零售提升助力頭部市場破局，通過積極布局下沉市場覆蓋更多空白城市，提升渠道運營質量。

綫上渠道，穩定傳統電商渠道市場占有率，同時加快突破抖音等新平台，一方面增加客戶黏性，信息即時交互，另一方面塑造品牌年輕化形象。通過不斷深化全渠道營銷管理，持續提升渠道管理效率。

産品端：智能類産品銷售占比超85%。公司持續對産品進行升級換代，滿足消費者需求，智能類産品銷售額占比達到公司預期。公司將繼續緊貼用戶需求，合理規劃産品結構。

User market responsiveness: omnichannel buildout and smart product upgrades

Channel optimization: by applying a consistent omnichannel sales network model, the company has driven the synergistic development of both the online and offline channels, and strengthened the integration of marketing resources. Online sales revenues and volumes currently outperform the offline business. The company is pushing to deepen traction of its sales network and enhance whole-chain management with an accurate and efficient three-dimensional channel system.

O2O: its efforts to enhance omnichannel marketing management to raise channel management efficiency include the following:

-Offline: Hotata boosted its traditional dealer channels by empowering leading players. It helped them achieve breakthroughs in end-market retailing by extending coverage to untapped cities in lower-tier markets, thereby improving the quality of its channel operations.

-Online: the company stabilized its market share in traditional ecommerce channels and accelerated engagement on new-market platforms such as Douyin. Hotata not only increased customer stickiness and real-time data exchange, but also recast a youthful brand image.

Smart products: Hotata’s smart products business currently accounts for more than 85% of total sales. The upgrade of products to fulfill consumer requirements and the sales share of smart products currently meet the company’s expectations. It aims to keep a close eye on user requirements in accordance with its product structure plans.

「以舊換新」逐步落地

「以舊換新」活動目前推進情况因綫上、綫下渠道及地區補貼政策差異而有所不同。晾曬行業綫上渠道進展較快，主要得益於政府溝通便利及平台支持。然而平台與政府補貼系統對接情况不一，天猫和京東已享受補貼，抖音和拼多多尚未拉通。綫下渠道補貼標準和條件各異，公司正嘗試打通內部鏈條，賦能綫下門店。

China’s trade-in subsidy policy has seen fast take-up in smart laundry racks

The take-up of the country’s trade-in subsidy campaign varies by channel and region, with differences between online and offline channels, as well as policy variations across market regions.

Online market: the policy has seen particularly rapid take-up in the online market for smart laundry racks, mainly due to accessible government communications and support for online platforms. However, different online platforms have had different experiences with the government subsidy system. For instance, Tmall and JD.com have already received their subsidy reimbursements, but Douyin and Pinduoduo have yet to do so.

Offline market: offline market channels are also experiencing variances in subsidy conditions and implementation and Hotata is attempting to open up its own internal supply chain to help empower offline stores.