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.

销售费增56%营收仅增6.25% 并购之后，豪悦护理（605009）（605009.SH）交出的业绩答卷为"增收不增利"。 4月14日晚，豪悦护理披露了2024年年度报告，公司报告期实现营业收入29.29亿元，同比增长6.25%； 归属于母公司股东的净利润（以下简称"归母净利润"）3.88亿元，同比下降11.65%。 2020年9月，豪悦护理通过IPO登陆A股市场，当年，公司归母净利润为6.02亿元，同比增长90.90%。然 而，2021年，公司业绩变脸，到2024年的四个年度，公司归母净利润均在4亿元左右徘徊。 2024年，公司收购合肥花王生产线，并将丝宝护理收入囊中。这些动作，并未提升公司盈利能力。 2024年，豪悦护理加大了营销推广力度，销售费用2.14亿元，同比增长55.95%。对应的营业收入，是弱 增长。 尽管经营业绩增长乏力，但不影响豪悦护理加大分红力度。2024年，公司将派发现金红利2.60亿元，分 红率67.16%。 数据显示，上市以来，豪悦护理将累计派发现金红利9.79亿元。 李志彪一家三口是豪悦护理的实际控制人。9.79亿元现金分红，李志彪一家将分得6.31亿元。 豪悦护理交出了一份低于市 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's main business in baby pants has stabilized and is showing signs of recovery, while the acquisition of the Jieting brand is expected to drive growth [5] - The company reported a revenue of 2.93 billion yuan for 2024, a year-on-year increase of 6.3%, but a net profit of 390 million yuan, a decrease of 11.7% year-on-year [1][11] - The company continues to provide high dividend returns to shareholders, proposing a cash dividend of 8.5 yuan per 10 shares and a capital reserve transfer of 4 shares for every 10 shares [1] Revenue Breakdown - Baby hygiene products generated 2.06 billion yuan in revenue for 2024, up 4.3% year-on-year, with a sales volume of 3.04 billion pieces, an increase of 12.3% [2] - Adult hygiene products saw revenue of 550 million yuan, a slight decrease of 0.6% year-on-year, while other products experienced significant growth with a revenue of 230 million yuan, up 57.6% [2] - Domestic revenue in the second half of 2024 was 1.27 billion yuan, up 6.3% year-on-year, while overseas revenue reached 260 million yuan, a substantial increase of 67.2% [2] Profitability Analysis - The company's gross margin for 2024 was 27.91%, an increase of 0.97% year-on-year, primarily due to reduced material costs from increased in-house production [3] - The net profit margin for 2024 was 13.2%, down 2.7 percentage points year-on-year, with a significant decline in the fourth quarter [3] - Sales expenses increased significantly due to enhanced marketing for the company's own brands, with online promotion costs rising by 88.5% year-on-year [4] Future Outlook - The acquisition of Hubei Sibao Care is expected to significantly enhance the company's performance, with Sibao achieving a revenue of 680 million yuan in 2024, up 26% year-on-year [5] - The company is expanding production capacity and has acquired production lines from major brands to improve its market share [5] - Revenue projections for 2025-2027 are 3.74 billion, 4.20 billion, and 4.66 billion yuan, respectively, with corresponding net profits of 486 million, 547 million, and 617 million yuan [11]

收购丝宝切入卫生巾赛道，品牌焕新打法升级。24 年10 月公司发布收购丝宝意向协议公告，25 年1 月 顺利完成股权交割。洁婷线下渠道布局深入，河南、湖北、河北、山东等省份为其优势市场；根据久 谦，25Q1 洁婷电商GMV 0.71 亿元（同比+43.7%），保持较好增长势头，3 月在卫生巾行业舆情之下逆 势同比+62.4%。我们认为，伴随公司完成对其整合、逐步形成赋能，洁婷品牌有望焕新成长。 代工主业表现稳健，自主品牌&海外市场增长靓丽。24 年公司婴儿卫生用品业务收入20.60 亿元（同比 +4.3%）、毛利率23.9%（同比+0.8pct），其中24H2 收入11.62 亿元（同比+18.7%）、毛利率22.9%（同 比-0.8pct）；成人用品业务收入5.52 亿元（同比-0.6%）、毛利率28.9%（同比+1.3pct），其中24H2收 入2.88 亿元（同比-1.3%）、毛利率30.5%（同比+1.9pct）。 代工业务：24H2 公司纸尿裤代工业务增长提速，主要系大促期间公司绑定的头部客户增长靓丽，根据 久谦，24Q4 Babycare/帮宝适GMV 分别为18.67 亿元/10.44 亿元（同 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears to be positive based on the analysis of growth and profitability trends. Core Viewpoints - The company reported a revenue of 2.929 billion yuan in 2024, reflecting a year-on-year growth of 6.3%, while the net profit attributable to the parent company was 388 million yuan, down 11.7% year-on-year [1] - The company has shown strong growth in its main business of OEM, with a notable performance in its own brands and overseas markets [2] - The acquisition of Silk Treasure is expected to enhance the company's position in the sanitary napkin market, with the brand "Jieting" showing promising growth in both offline and online channels [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.929 billion yuan, with a net profit of 388 million yuan, and a non-recurring net profit of 376 million yuan [1] - The fourth quarter of 2024 saw a revenue of 888 million yuan, a significant increase of 30.2% year-on-year, although net profit decreased by 27.6% due to credit impairment losses and increased sales expenses [1] Business Segments - The baby hygiene products segment generated 2.060 billion yuan in revenue, up 4.3% year-on-year, with a gross margin of 23.9% [2] - The adult hygiene products segment reported a revenue of 552 million yuan, down 0.6% year-on-year, but with an improved gross margin of 28.9% [2] Strategic Developments - The acquisition of Silk Treasure was completed in January 2025, which is expected to revitalize the "Jieting" brand and enhance its market presence [3] - The company has made significant strides in its e-commerce performance, with "Jieting" achieving a GMV of 71 million yuan in Q1 2025, marking a year-on-year increase of 43.7% [3] Profitability and Operational Efficiency - The gross margin for Q4 2024 was reported at 27.0%, down 2.1 percentage points year-on-year, while the net profit margin was 10.5%, down 8.4 percentage points [3] - The company has optimized its operational efficiency, with a net operating cash flow of 334 million yuan, reflecting a slight increase year-on-year [4] Future Projections - The company is projected to achieve net profits of 466 million yuan, 553 million yuan, and 667 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 17.76, 14.98, and 12.40 [4]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears to be positive based on the performance metrics and growth prospects discussed. Core Viewpoints - The company reported a revenue of 2.929 billion yuan for 2024, reflecting a year-on-year growth of 6.3%, while the net profit attributable to the parent company was 388 million yuan, down 11.7% year-on-year [1] - The fourth quarter of 2024 saw a significant revenue increase of 30.2% year-on-year, amounting to 888 million yuan, although net profit decreased by 27.6% due to credit impairment losses and increased sales expenses [1] - The company is expanding its business through acquisitions, such as the acquisition of Sibao, and enhancing its brand presence in the market [3] Summary by Sections Financial Performance - In 2024, the company's baby hygiene products generated revenue of 2.060 billion yuan, up 4.3% year-on-year, with a gross margin of 23.9% [2] - The adult hygiene products segment reported revenue of 552 million yuan, down 0.6% year-on-year, with a gross margin of 28.9% [2] - The company’s gross margin for Q4 2024 was 27.0%, a decrease of 2.1 percentage points year-on-year, while the net profit margin was 10.5%, down 8.4 percentage points [3] Business Segments - The company’s contract manufacturing business saw robust growth, particularly in the diaper segment, with significant sales figures reported for major brands [3] - The company’s own brand, Jieting, has shown strong growth in e-commerce, with a GMV of 71 million yuan in Q1 2025, up 43.7% year-on-year [3] - The overseas market revenue reached 451 million yuan in 2024, a 46.7% increase year-on-year, with a gross margin of 36.7% [3] Future Projections - The company is projected to achieve net profits of 466 million yuan, 553 million yuan, and 667 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 17.76, 14.98, and 12.40 [4] - The expected revenue growth rates for the next few years are 42.0% for 2025, 19.4% for 2026, and 13.7% for 2027 [5]

Group 1 - The US government has temporarily exempted certain electronic products from tariffs, but this exemption is not permanent and will last only until a new tariff plan for the semiconductor industry is established [2][21] - China's foreign trade in the first quarter of this year reached 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports growing by 6.9% and imports declining by 6% [3] - The State Administration for Market Regulation in China has introduced 37 key measures to support the development of private enterprises, focusing on breaking down barriers and promoting fair competition [4][5] Group 2 - Hong Kong is preparing to attract Chinese concept stocks back to its market, emphasizing its stability and attractiveness amid global financial market volatility [6][7] - The China Securities Regulatory Commission has emphasized the importance of functionality in the fund industry, aiming for a balance between quality and scale [8] - Insurance funds are accelerating their entry into the stock market, with the scale of long-term stock investment trials increasing from 50 billion yuan to 162 billion yuan [9] Group 3 - The US is experiencing a significant drop in import orders, with a 64% decrease in overall import volume, indicating potential disruptions in trade due to tariff policies [10][11] - The total share of stock ETFs in A-shares has surpassed 2 trillion shares, marking a historical high, with substantial inflows of capital observed in April [12] - Global pension funds are pausing investments in US assets due to uncertainties stemming from aggressive tariff policies, indicating a shift in investment strategies [13] Group 4 - The AI industry is facing scrutiny over its energy consumption, with Elon Musk's AI company xAI being investigated for violating environmental regulations related to its power generation [14] - The UK government plans to take over the British Steel Company from a Chinese firm, raising concerns about foreign investments in critical industries [15] - The consumer electronics sector is seeing increased research interest, driven by strong domestic demand policies and a surge in M&A activities in the technology field [17]

证券代码：605009 证券简称：豪悦护理 公告编号：2025-019 杭州豪悦护理用品股份有限公司 本次回购注销完成后，公司总股本将由 154,321,352 股减少至 154,309,352 股；公司注册资本也将相应由 154,321,352 元减少至 154,309,352 元。由于公司本 次回购注销部分限制性股份将涉及注册资本减少，将导致公司注册资本减少，根 据《中华人民共和国公司法》等相关法律、法规的规定，公司债权人自接到公司 通知起 30 日内、未接到通知者自本公告披露之日起 45 日内，可凭有效债权文件 及相关凭证依法要求公司清偿债务或者提供相应担保。债权人未在规定期限内行 使前述权利的，不会影响其债权的有效性，相关债务将由公司继续履行。若债权 人在上述期限内无异议的，本次回购注销将按法定程序继续实施，届时公司将按 程序办理减少注册资本的变更登记手续。 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及 其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营 业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述 文件外，还需携带法定代表人授权委托 ...

证券代码：605009 证券简称：豪悦护理 公告编号：2025-018 杭州豪悦护理用品股份有限公司 关于回购注销部分激励对象已获授但尚未解除 限售的限制性股票的公告 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"）于 2025 年 4 月 14 日 分别召开第三届董事会第十四次会议和第三届监事会第十次会议，审议通过了 《关于回购注销部分激励对象已获授但尚未解除限售的限制性股票的议案》，鉴 于公司 2021 年首次授予的限制性股票激励中的 1 名激励对象因离职而不再具备 激励对象资格，公司拟将其已获授但尚未解除限售的合计 1,200 股限制性股票进 行回购注销。本次回购注销后，公司 2021 年首次授予的限制性股票激励对象人 数由 61 名调整为 60 名，首次授予的限制性股票数量由 320,000 股调整为 318,800 股。具体情况如下： 一、本次限制性股票已履行的相关审批程序 1、2021 年 7 月 30 日，公司召开第二届董事会第六次会议，审议通过了《关 于<杭州豪悦 ...

目 录 | | | | 二、附件……………………………………………………………第 | 3—7 | 页 | | --- | --- | --- | | （一）本所营业执照复印件…………………………………第 | 3 | 页 | | （二）本所执业证书复印件…………………………………第 | 4 | 页 | | （三） 本所从事证券服务业务备案完备证明……………………第 | 5 | 页 | | （四） 注册会计师执业资格证书复印件……………………第 | 6—7 | 页 | 内部控制审计报告 天健审〔2025〕4286 号 杭州豪悦护理用品股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了杭州豪悦护理用品股份有限公司（以下简称豪悦护理公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是豪悦 护理公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 ...