证券代码：605009 证券简称：豪悦护理 公告编号：2025-029 杭州豪悦护理用品股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 杭州豪悦护理用品股份有限公司（以下简称"公司"）召开第三届董事会第 十三次会议及 2025 年第一次临时股东大会，两次会议均审议通过《关于变更公 司经营范围、修订<公司章程>及办理工商变更登记的议案》。详情请查阅公司披 露于上海证券交易所网站(http://www.sse.com.cn)及公司指定披露媒体披露的 《杭州豪悦护理用品股份有限公司关于变更公司经营范围、修订<公司章程>及办 理工商变更登记的公告》(公告编号:2025-008)。 近日，公司在浙江省市场监督管理局完成了工商变更登记手续，变更后的 《营业执照》登记的相关信息如下: 1. 企业名称：杭州豪悦护理用品股份有限公司 2. 统一社会信用代码：91330110670633683B 3. 法定代表人：李志彪 4. 类型：股份有限公司（上市、自然人投资或控股） 5. 成立日期：2 ...

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证券代码：605009 证券简称：豪悦护理 公告编号：2025-024 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： ●被担保人名称：杭州豪悦护理用品股份有限公司（以下简称"公司"）的全资子公司江苏豪悦实业有限 公司（以下简称"江苏豪悦"）。 ●担保事项及金额：公司与中国工商银行股份有限公司沭阳支行（以下简称"工商银行"）续签了《最高 额保证合同》，在保证责任期间内，为江苏豪悦提供5000万元的连带责任保证担保。 ●截至本公告发布日，包括本次续签的5000万元担保在内，公司为子公司、子公司为其他子公司累计提 供担保的总额为2亿元，仍在公司2024年度董事会授权的担保总额度5亿元范围内，无需再次提交董事会 审议批准。 ●本次担保是否有反担保：无 ●对外担保逾期的累计数量：无 杭州豪悦护理用品股份有限公司 关于为子公司提供担保进展的公告 一、担保情况概述 （一）担保情况概述 近日，公司与工商银行续签了《最高额保证合同》，在保证责任期间内，为江苏豪悦提供5000万元的连 带责任保证担保。 （二）本次担保事项履行的决 ...

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： 证券代码：605009 证券简称：豪悦护理 公告编号：2025-024 杭州豪悦护理用品股份有限公司 关于为子公司提供担保进展的公告 ●被担保人名称：杭州豪悦护理用品股份有限公司（以下简称"公司"）的 全资子公司江苏豪悦实业有限公司（以下简称"江苏豪悦"）。 ●担保事项及金额：公司与中国工商银行股份有限公司沭阳支行（以下简 称"工商银行"）续签了《最高额保证合同》，在保证责任期间内，为江苏豪悦 提供 5000 万元的连带责任保证担保。 ●截至本公告发布日，包括本次续签的 5000 万元担保在内，公司为子公司、 子公司为其他子公司累计提供担保的总额为 2 亿元，仍在公司 2024 年度董事会 授权的担保总额度 5 亿元范围内，无需再次提交董事会审议批准。 ●本次担保是否有反担保：无 ●对外担保逾期的累计数量：无 一、担保情况概述 （一）担保情况概述 近日，公司与工商银行续签了《最高额保证合同》，在保证责任期间内，为 江苏豪悦提供 5000 万元的连带责任保证担保。 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 59.9 yuan, based on expected performance exceeding the benchmark index by 10%-20% over the next six months [5][15]. Core Insights - The company reported a revenue of 2.93 billion yuan and a net profit attributable to shareholders of 388 million yuan for 2024, reflecting a year-on-year revenue growth of 6.3% but a decline in net profit by 11.6% [3][5]. - The company plans to distribute a cash dividend of 8.5 yuan per 10 shares, with a total dividend payout of 260 million yuan, corresponding to a dividend rate of 67.2% [3][5]. - The company is focusing on enhancing its own brand and expanding its overseas market presence, with significant growth in international sales, particularly driven by its subsidiary in Thailand [3][9]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 2.93 billion yuan, net profit of 388 million yuan - 2025E: Revenue of 3.75 billion yuan, net profit of 492 million yuan - 2026E: Revenue of 4.25 billion yuan, net profit of 552 million yuan - 2027E: Revenue of 4.77 billion yuan, net profit of 632 million yuan [3][10]. - **Profitability Metrics**: - Gross margin for 2024 is reported at 27.9%, an increase of 1.0 percentage points year-on-year [3][9]. - The net profit margin for 2024 is 13.2%, a decrease of 2.7 percentage points year-on-year [3][9]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 2.51 yuan, with estimates of 3.19 yuan for 2025, 3.58 yuan for 2026, and 4.10 yuan for 2027 [3][10]. Market and Product Insights - The company has seen a 4.3% increase in revenue from baby hygiene products, with sales driven by changing parenting attitudes [3][9]. - The adult hygiene product segment experienced a slight decline in revenue by 0.6%, while other products, including wet wipes, saw a significant increase of 57.6% [3][9]. - The company is increasing its self-produced raw materials, which has contributed to improved gross margins [3][9]. Strategic Initiatives - The company is enhancing its brand development and expanding its production capacity across various regions, including a recent acquisition aimed at boosting profitability [3][9]. - The focus on international markets is expected to continue driving growth, particularly in Southeast Asia [3][9].

Group 1 - The company announced a revenue of 2.9 billion in 2024, a year-on-year increase of 6%, with a net profit attributable to shareholders of 400 million, a year-on-year decrease of 12% [1] - In Q4 2024, the company achieved a revenue of 900 million, a year-on-year increase of 30%, while the net profit attributable to shareholders was 90 million, a year-on-year decrease of 28% [1] - The company's gross margin for 2024 was 27.9%, an increase of 1 percentage point year-on-year, primarily due to an increase in the proportion of self-produced non-woven fabrics [1] Group 2 - The company completed the acquisition of 100% equity of Sibao Care on January 20, 2025, enhancing its brand and product layout with well-known female hygiene brands [2] - The company reported overseas revenue of 450 million in 2024, a year-on-year increase of 47%, with a gross margin of 36.7%, an increase of 5 percentage points year-on-year [2] - The company plans to distribute 260 million in dividends for 2024, accounting for approximately 67% of the annual net profit attributable to shareholders [3] Group 3 - The company is expected to achieve net profits attributable to shareholders of 490 million, 550 million, and 600 million in 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [3]

Revenue Growth - The company reported a revenue of 2.929 billion yuan in 2024, representing a year-on-year increase of 6.25% [1][2] - The core business of infant care generated 2.06 billion yuan, accounting for 70.3% of total revenue, with a growth of 4.27% [2] - The fastest-growing segment was non-absorbent hygiene products, which saw a revenue increase of 40% to 318 million yuan [2] Strategic Diversification - The company is diversifying from its reliance on infant diapers due to declining birth rates, expanding into women's care and adult incontinence products [4] - New differentiated products launched in 2024 include menstrual pants and disposable underwear, contributing significantly to revenue growth [4] International Expansion - The company achieved overseas revenue of 472 million yuan, a substantial increase of 53.7%, primarily from Southeast Asia and North America [6] - A new subsidiary in Mexico is planned with an investment of 300 million yuan to establish a production base aimed at the North American market [7] Profitability Challenges - Despite revenue growth, net profit declined by 11.65% to 388 million yuan in 2024, highlighting the "growth without profit" dilemma [1] - The gross margin improved by 0.97 percentage points to 27.91%, mainly due to lower raw material costs, but showed a decline in the fourth quarter [8] Rising Costs - Sales expenses surged by 55.95% to 214 million yuan, with advertising costs increasing by 80% to 150 million yuan, reflecting intense competition in the industry [8][9] - The company's sales expense growth significantly outpaced revenue growth, indicating an imbalance in investment efficiency [8] Market Competition - The declining birth rate has led to a shrinking infant care market, forcing companies to engage in price wars to capture market share [9] - The company is attempting to build its own brands, but the short-term lack of scale effect is increasing sales expenses [9] Aggressive Acquisition Strategy - In 2024, the company initiated an aggressive acquisition strategy, spending 360 million yuan to acquire 100% of Sibao Care and 266 million yuan for the South China factory of Da Wang Paper [10] - Concerns have been raised about the company's ability to absorb the increased production capacity from these acquisitions [10] Brand Overlap Issues - The acquisition of Sibao Care introduces direct competition between its "Jieting" brand and the company's own brands, leading to potential internal resource allocation conflicts [11] - The overlapping product positioning may complicate marketing strategies and increase costs without clear benefits [11]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5]. Core Views - The company is expected to benefit from a recovery in industry demand, particularly in the baby pants segment, which is projected to see increased demand due to a rise in birth rates and government policies promoting childbirth [3][5]. - The company has made strategic acquisitions, such as the purchase of Hubei Sibao, which is anticipated to enhance brand recognition and market share [4]. - The financial outlook has been adjusted, with expected net profits for 2025-2027 projected at 5.0 billion, 5.6 billion, and 6.2 billion respectively, reflecting a recovery trajectory [5]. Financial Performance Summary - For Q4 2024, the company reported revenues of 890 million, a year-on-year increase of 30.2%, while net profit decreased by 27.6% to 93 million [1]. - The total revenue for 2024 is projected at 2.93 billion, a 6.3% increase year-on-year, with net profit expected to decline by 11.7% to 390 million [1]. - The gross margin for 2024 is reported at 27.9%, an increase of 1 percentage point year-on-year, while the net profit margin is 13.2%, down by 2.7 percentage points [1]. Product and Regional Performance - Revenue from baby hygiene products in 2024 is expected to reach 2.06 billion, a 4.3% increase, with a gross margin of 23.9% [2]. - Adult hygiene products are projected to generate 550 million in revenue, a slight decline of 0.6%, while other products, including wet wipes, are expected to see significant growth with a 57.6% increase in revenue to 230 million [2]. - Domestic revenue is anticipated to be 2.39 billion, a 1.0% increase, while international revenue is expected to grow by 46.7% to 450 million, driven by strong performance in Thailand [2]. Strategic Initiatives - The company has established diverse customer relationships, including partnerships with global brands and emerging domestic e-commerce channels, which are expected to enhance product promotion and brand image [3]. - The company is focusing on expanding its overseas market share and improving its production capacity through strategic acquisitions [3]. - The anticipated increase in demand for high-value products, such as pull-up pants for older infants, is expected to optimize the company's product structure [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [5][18]. Core Views - The company is expected to benefit from a recovery in industry demand and supportive fertility policies, indicating an improvement in its fundamentals [5]. - The growth in revenue is primarily driven by significant increases in overseas income, while profit declines are attributed to increased marketing expenses and higher financial costs [1][2]. - The company has a strong focus on developing its own brands, which is anticipated to enhance growth potential [4]. Financial Performance Summary - For Q4 2024, the company reported revenue of 0.89 billion, a year-on-year increase of 30.2%, while net profit attributable to shareholders was 0.093 billion, down 27.6% [1]. - The total revenue for 2024 is projected at 2.93 billion, reflecting a 6.3% year-on-year growth, with a net profit of 0.39 billion, down 11.7% [1][10]. - The gross margin for 2024 is reported at 27.9%, an increase of 1 percentage point year-on-year [1]. Product Segment Analysis - Revenue from baby hygiene products in 2024 reached 2.06 billion, up 4.3% year-on-year, with a gross margin of 23.9% [2]. - Adult hygiene products generated 0.55 billion in revenue, a slight decline of 0.6%, with a gross margin of 28.9% [2]. - Other products, including wet wipes, saw a significant revenue increase of 57.6%, totaling 0.23 billion, although the gross margin decreased to 47.5% [2]. Regional Performance - Domestic revenue for 2024 was 2.39 billion, a modest increase of 1.0%, while overseas revenue surged by 46.7% to 0.45 billion, driven by substantial growth in Thailand [2]. Strategic Developments - The company has established diverse customer relationships, including partnerships with major multinational corporations and emerging domestic brands, which are expected to enhance its market presence [3]. - The acquisition of Hubei Sibao Co., which owns well-known brands in the female hygiene sector, is anticipated to improve brand recognition and market share [4]. Future Outlook - The company expects to see a gradual improvement in the demand for high-value products, particularly in the baby pants segment, as the birth rate is projected to increase [3]. - The implementation of government policies to promote childbirth and provide childcare subsidies is expected to further benefit the company [3].

Summary of Conference Call on Hygiene Products Industry Company Overview - **Company**: 豪悦护理 (Haoyue Care) - **Acquisition**: Completed acquisition of mid-to-high-end sanitary napkin brand 洁婷 (Jieting) in early 2025, which generated approximately 1.1 billion CNY in revenue for 2024, accounting for 28% of total revenue [2][3] Key Points and Arguments Financial Performance - **Revenue and Profitability**: Overall sanitary napkin gross margin is around 50%, consistent with industry standards [2][3] - **Sales Channels**: Online and offline sales are evenly split, with online sales primarily through Tmall, Taobao, and JD.com [2][4] - **Market Share**: Jieting holds significant market shares in key provinces, with approximately 200 million CNY in Henan and 150 million CNY in Hubei [6] Strategic Initiatives Post-Acquisition - **Production Capacity**: New production lines were added to enhance production capacity and product quality, with an investment of about 120 million CNY [9] - **Sales Strategy**: The company aims to maintain stable pricing for Jieting products, with regular retail prices between 1-1.5 CNY and premium products priced at 3-5 CNY [10] - **New Product Launch**: In February 2025, a new product line targeting the Myanmar market was launched, featuring probiotics and prebiotics, aimed at gaining market share through competitive pricing [11][12] Market Dynamics - **Channel Focus**: The sales strategy for 2025 emphasizes offline channels, with a target to achieve a market share of nearly 400 million CNY in Henan [17] - **Price Control Issues**: The company is addressing price control challenges in offline channels through various measures, including return policies and packaging adjustments [22] Management and Organizational Changes - **Management Team**: The current management team has extensive experience, with a focus on stabilizing and enhancing team performance through incentives [28][29] - **Incentive Programs**: Plans for stock distribution to management and core employees are in place to enhance team cohesion and performance [31] Future Outlook - **Growth Targets**: The company aims for double-digit growth in 2025 across both online and offline channels [27] - **Long-term Goals**: By 2026, the company plans to become a national brand with no market gaps, focusing on achieving top market positions in key provinces [34] Additional Important Insights - **Net Profit Margin**: The overall net profit margin is below 5%, attributed to high marketing costs and promotional activities [7][37] - **Product Development**: A new product series is set to launch in May 2025, emphasizing product experience over packaging design, with expected gross margins of 55-60% [39] - **Market Competition**: The new product will compete with existing brands like Sofy and Whisper, with a focus on maintaining a competitive price point [38] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning within the hygiene products industry.