Core Points - The company announced a cash dividend of 0.85 CNY per share and a stock bonus of 0.4 shares for every 10 shares held [2][4] - The profit distribution and capital increase plan was approved at the annual shareholders' meeting on May 12, 2025 [2][3] Distribution and Capital Increase Plan - The distribution year is 2024, and the recipients are all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3] - The total number of shares eligible for distribution is 152,920,383 shares after excluding shares held in the company's repurchase account [5] - The total cash dividend to be distributed amounts to 129,982,325.55 CNY, which represents 33.54% of the company's net profit attributable to shareholders for the 2024 fiscal year [5][6] Taxation Details - For individual shareholders holding unrestricted shares, dividends are subject to different tax treatments based on the holding period, with a maximum tax rate of 20% for shares held for less than one month [9][11] - For qualified foreign institutional investors (QFII), a 10% withholding tax applies, resulting in a net cash dividend of 0.765 CNY per share [12] Share Capital Structure - After the capital increase, the total share capital will be 215,489,505 shares, and the diluted earnings per share for the 2024 fiscal year is projected to be 1.80 CNY [6][12]

国浩律师（杭州）事务所 关于 杭州豪悦护理用品股份有限公司 差异化权益分派事项 之 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证 券法》（以下简称《证券法》）、《上市公司股份回购规则》（以下简称《回购规则》）、 《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下简称《回 购指引》）等有关法律、法规、规范性文件以及《杭州豪悦护理用品股份有限公 司章程》（以下简称《公司章程》）的规定，国浩律师（杭州）事务所（以下简称 "本所"）接受杭州豪悦护理用品股份有限公司（以下简称"豪悦护理"或 ...

证券代码：605009 证券简称：豪悦护理 公告编号：2025-033 杭州豪悦护理用品股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售 条件流通股 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | | | | | | 放日 | | | | | | 份上市日 | | | Ａ股 | 2025/6/11 | － | 2025/6/12 | 2025/6/12 | 2025/6/12 | 差异化分红送转： 是 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 12 日的2024年年度股东大会审议通过。 二、 分配、转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 公司不存在首发战略配售股 ...

Group 1: Market Performance - Major indices experienced a rebound on June 4, with the Shanghai Composite Index rising by 0.42%, the Shenzhen Component Index by 0.87%, and the ChiNext Index by 1.11% [2] - Over 3,700 stocks in the Shanghai and Shenzhen markets saw gains, with a total trading volume of approximately 1.15 trillion yuan [2] Group 2: Beauty and Personal Care Sector - The beauty and personal care sector showed strong performance, with companies like Haoyue Care rising by 10% and Jinbo Biological by 7.36% [2] - A report from China Merchants Securities indicated that the cosmetics sector will continue to see performance differentiation in 2024 and Q1 2025, with leading domestic brands benefiting from competitive pricing and differentiated products [2] Group 3: AI and CPO Technology - Companies involved in AI and CPO technology saw significant gains, with Taicheng Light rising by 14.88% and Xinyi Sheng by over 7% [2][3] - Yole's report predicts that the CPO market will grow from $46 million in 2024 to $8.1 billion by 2030, with a compound annual growth rate of 137% [3] Group 4: Beer Industry - The beer sector also showed strength, with companies like Pinwo Food rising by 12.84% and Huichuan Beer by over 7% [3] - Analysts noted that the beer industry is in the late stage of capital expenditure, with potential for increased dividend payouts from state-owned enterprises [3] Group 5: Battery and Solid-State Battery Sector - The battery and solid-state battery sectors were active, with Keheng Co. rising by 20% and Nord Co. by 10% [4] - Solid-state batteries are expected to start vehicle verification by 2027 and achieve mass production by 2030, with projected shipments exceeding 65 GWh by that year [4] Group 6: Declining Sectors - The logistics and airport shipping sectors faced declines, with companies like China Eastern Airlines and Shentong Express experiencing downturns [5]

上 市 公 司 美容护理 相关研究 证券分析师 2025 年 06 月 04 日 豪悦护理 (605009) ——婴裤主业修复+洁婷品牌发力，打开成长空间 报告原因：有新的信息需要补充 买入（维持） | 市场数据： | 2025 年 06 月 03 日 | | --- | --- | | 收盘价（元） | 65.25 | | 一年内最高/最低（元） | 71.96/31.39 | | 市净率 | 3.0 | | 股息率%（分红/股价） | 2.61 | | 流通 A 股市值（百万元） | 10,049 | | 上证指数/深证成指 | 3,361.98/10,057.17 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 21.99 | | 资产负债率% | 34.41 | | 总股本/流通 A 股（百万） | 154/154 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-03 07-03 08-03 09-03 10-03 11-03 12-03 01 ...

Summary of the Conference Call for 豪悦护理 Company Overview - 豪悦护理 officially consolidated 思宝护理 in January 2025, which owns brands such as 洁婷, 美月健, and 全因爱. This move aims to expand the company's proprietary brand product matrix, creating a dual-driven growth model of OEM and proprietary brands [2][4]. Core Insights and Arguments - 豪悦护理 has significant advantages in OEM business, particularly in baby hygiene products and diapers. The company has stabilized its production share through collaborations with multiple brands and benefits from domestic brands focusing on brand operations and foreign brands' increasing demand for composite core products [2][5]. - The company is one of the earliest in China to produce and develop composite core diapers and women's sanitary napkins, with R&D investment exceeding that of peers, showcasing a notable technological advantage [2][5]. - Through technological empowerment, 豪悦护理 has launched high-priced new products under the 洁婷 brand, such as the 双优磁悬浮立体护围 and 吸引力 products, and is accelerating new product promotion with financial support [2][6]. - For the year 2025, the consolidation of 思宝护理 is expected to significantly enhance 豪悦护理's apparent growth rate, with market consensus estimating a valuation of approximately 20 times PE, corresponding to a profit growth rate of about 25%, indicating strong valuation digestion capability [2][7]. - Post-2026, as team integration deepens, the headquarters will further empower 洁婷 in product technology and production efficiency, gradually revealing its growth potential and improving profitability [2][7]. Additional Important Points - 洁婷 currently has a low profit base but ample room for cost improvement. The introduction of high-end products is expected to enhance profit elasticity. Despite a potential short-term decline in new consumer valuations, the recommendation rating for 豪悦 remains positive [3][7]. - Recent acquisitions include the purchase of 花王's Hefei factory and an intention to acquire 大王's Nantong factory, although the latter has not yet been completed. These acquisitions have expanded the company's proprietary brand product matrix and reinforced the dual-driven growth structure of OEM and proprietary brands [4].

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

Core Viewpoint - The recovery of newborn population in 2024 has provided relief to maternal and infant-related listed companies, but long-term growth remains dependent on overcoming reliance on population dividends [1][2]. Group 1: Company Performance - In Q1 2024, Kidswant (孩子王) reported revenue of 2.4 billion yuan, a year-on-year increase of 9.5%, and net profit of 31.08 million yuan, up 166% [1]. - Aiyingshi (爱婴室) achieved Q1 2024 revenue of 860 million yuan, growing 6.6% year-on-year, with net profit of 6.694 million yuan, up 6.1% [1]. - The newborn population in China for 2024 was 9.54 million, an increase of 520,000 from the previous year, positively impacting the maternal and infant market [1]. Group 2: Revenue Drivers - The growth in revenue for Kidswant and Aiyingshi was primarily driven by core business milk powder sales, with revenues of 5.07 billion yuan and 2.1 billion yuan respectively, both showing year-on-year growth of 9.4% and 9.5% [2]. - In Q1 2025, Aiyingshi's milk powder revenue reached 530 million yuan, a 10.9% increase year-on-year, while sales of other products like toys also saw growth [2]. - Haoyue Care (豪悦护理) reported a 4.3% increase in infant hygiene product revenue to 2.06 billion yuan in 2024, contributing to an overall revenue of 2.93 billion yuan, reversing a decline from the previous year [2]. Group 3: Market Trends and Challenges - Analysts indicate that while the recovery in newborn numbers has contributed to performance, companies must diversify away from reliance on population growth due to the long-term decline in birth rates [3]. - Companies are exploring transformation paths, with Haoyue Care investing in adult incontinence products to capitalize on the aging population trend [3]. - The management of Yili has indicated potential slight declines in birth rates in 2025, reflecting ongoing challenges in the demographic landscape [3].

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - Overall consumer demand remains weak, but there are opportunities in specific segments where product and channel transformations can enhance market share, and brand recognition or performance recovery is expected [8] - The pet food segment shows high potential with strong consumer education barriers, brand loyalty, and significant single product effects [8] - The baby care market is fragmented, with strong brands rapidly increasing market share through cost-effectiveness and popular products, heavily relying on online sales [8] - Domestic second-tier brands in sanitary napkins and toothpaste are gaining market share, utilizing platforms like Douyin for marketing and channel empowerment [8] - The trend of innovative products and brand rejuvenation in the trendy toy sector is accelerating, with companies like Pop Mart and Blokus experiencing rapid revenue growth [8] Summary by Sections 1) Product & Channel Transformation - Baiya Co. reported a significant increase in revenue and is expected to see a gradual improvement in its profitability model [9] - Dengkang Oral Care's revenue growth exceeded expectations, with a sustainable improvement in profitability [9] - Runben Co. experienced strong revenue growth driven by new product launches, particularly in the sunscreen category [9] - Zhongchong Co. is successfully transforming its brand, with expectations of over 40% growth in its flagship product [9] - Companies in the trendy toy sector are well-positioned to benefit from consumer trends and new product launches [9] 2) High Competitive Barriers - Guibao Pet's revenue and profit growth exceeded expectations, driven by strong brand performance and successful high-end product launches [10] - The overall industry remains vibrant, with companies optimizing their product and channel structures [10] 3) Performance Recovery Expected - Chenguang Co. has underperformed due to a weak consumer environment, but recovery is anticipated if market conditions improve [10] - The company is focusing on enhancing its IP product strategy, which is expected to contribute to new growth points [10]

Investment Rating - The investment rating for the light industry manufacturing sector is "Positive" [2] Core Insights - Overall consumer demand remains weak, but there are opportunities in specific segments where product and channel transformations can enhance market share, and brand recognition or performance recovery is expected [2][8] - The pet food sector shows high potential with strong consumer education barriers, brand loyalty, and significant single product effects [2][8] - The baby care market is fragmented, with leading brands rapidly increasing market share through cost-effectiveness and popular products, heavily relying on online sales [2][8] - Domestic second-tier brands in sanitary napkins and toothpaste are gaining market share, utilizing platforms like Douyin for traffic generation and empowering other platforms and offline markets [2][8] - The trend of innovative products and brand rejuvenation in the trendy toy sector is accelerating, with companies like Pop Mart and Blokus experiencing rapid revenue growth [2][8] Summary by Sections 1) Product & Channel Transformation - Baiya Co. reported a significant revenue increase of 39% in Q4 2024 and 30% in Q1 2025, with a strong performance in e-commerce and a positive outlook for its probiotic series [3][9] - Dengkang Oral Care also showed robust growth, with a 39% increase in Q4 2024 and 19% in Q1 2025, benefiting from an optimized product structure and strong online sales [3][9] - Runben Co. experienced a 34% revenue increase in Q4 2024 and 44% in Q1 2025, driven by the rapid launch of new products [4][9] - The trendy toy sector, represented by companies like Blokus and Pop Mart, saw revenue growth of 156% and 278% respectively, indicating a strong market presence [4][9] 2) High Competitive Barriers - Guibao Pet's revenue and profit exceeded expectations, driven by strong growth in its proprietary brand and successful high-end product launches [10] - The overall industry remains buoyant, with companies optimizing product and channel structures, leading to sustained revenue growth and improved profitability [10] 3) Performance Recovery Expected - Chenguang Co. reported lower-than-expected performance due to a weak consumer environment, but recovery is anticipated if market conditions improve [10] - The company is focusing on enhancing its IP product strategy, which is expected to contribute to new growth points [10]