Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's revenue for Q1 2025 reached 910 million yuan, representing a year-on-year increase of 42.4%, with a net profit attributable to shareholders of 91 million yuan, up 5.7% year-on-year. The growth is driven by the consolidation of the "Jieting" brand and a recovery in the core diaper business [1][2] - The acquisition of Hubei Sibao Care, completed on January 20, 2025, significantly contributed to revenue growth, with the "Jieting" brand showing strong performance on e-commerce platforms [2] - The gross margin improved significantly to 34.67%, up 6.96 percentage points year-on-year, primarily due to the higher gross margin from the Sibao brand compared to the company's traditional OEM business [3] - The company is expanding its production capacity despite market challenges, enhancing its market share and positioning for long-term growth through its own brands [4] - The company is expected to maintain a high dividend payout ratio of approximately 67% in 2024, with projected revenues of 3.744 billion yuan in 2025, reflecting a year-on-year growth of 27.83% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 34.67%, a year-on-year increase of 6.96 percentage points, while the net profit margin decreased to 9.95%, down 3.96 percentage points year-on-year due to increased sales expenses and a decline in interest income [3] - Revenue projections for 2025-2027 are 3.744 billion, 4.203 billion, and 4.664 billion yuan, with corresponding year-on-year growth rates of 27.83%, 12.26%, and 10.95% [5][12] Market Position and Growth Potential - The company is expanding its production capacity through acquisitions and is expected to see significant growth in its own brands, particularly in the Thai market [4] - The "Jieting" brand's performance on e-commerce platforms indicates strong market demand, contributing to the overall revenue growth [2]

证券代码：605009 证券简称：豪悦护理 公告编号：2025-026 杭州豪悦护理用品股份有限公司 关于2024年年度股东大会增加临时提案的公告 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。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 605009 | 豪悦护理 | 2025/5/6 | 二、 增加临时提案的情况说明 公司已于2025 年 4 月 15 日公告了股东大会召开通知，单独或者合计持有 34.73%股份的股东李志彪，在2025 年 4 月 25 日提出临时提案并书面提交股东 2. 股东大会召开日期：2025 年 5 月 12 日 3. 股权登记日 1. 提案人：李志彪 2. 提案程序说明 大会召集人。股东大会召集人按照《上市公司股东大会规则》有关规定，现予以 公告。 3. 临时提案的具体内容 李志彪先生于 2025 年 4 月 25 日向本公司提出《关于 ...

证券代码：605009 证券简称：豪悦护理 公告编号：2025-025 杭州豪悦护理用品股份有限公司 第三届监事会第十一次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 杭州豪悦护理用品股份有限公司(以下简称"公司")第三届监事会第十一次 会议于 2025 年 4 月 25 日以现场结合通讯的方式召开。会议通知已于 2025 年 4 月 19 日通过邮件的方式送达全体监事。会议应出席监事 3 人，实际出席会议的 监事 3 人，监事会主席陈昶先生主持本次会议。本次监事会会议的召集、召开和 表决程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规 定。 二、监事会会议审议情况 本次监事会会议形成如下决议: (一)审议通过《2025 年一季度报告》 表决结果:3 票同意，0 票反对，0 票弃权。 (二)审议通过《关于注销部分回购股份的议案》 具体内容详见公司同日在上海证券交易所网站(www.sse.com.cn)披露的《杭 州豪悦护理用品股份有限公司关于注销部分回购股份的公告》 表 ...

证券代码：605009 证券简称：豪悦护理 公告编号：2025-028 杭州豪悦护理用品股份有限公司 第三届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 杭州豪悦护理用品股份有限公司(以下简称"公司")第三届董事会第十五次 会议于 2025 年 4 月 25 日以现场结合通讯的方式召开。会议通知已于 2025 年 4 月 19 日通过邮件的方式送达全体董事。会议应出席董事 7 人，实际出席会议的 董事 7 人，董事长李志彪先生主持本次会议。本次董事会会议的召集、召开和表 决程序符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。 具体内容详见公司同日在上海证券交易所网站(www.sse.com.cn)披露的《杭 州豪悦护理用品股份有限公司 2025 年第一季度报告》 表决结果:同意 7 票，反对 0 票，弃权 0 票。 (二)审议通过《关于注销部分回购股份的议案》 该议案尚需提交股东大会审议。 具体详见公司同日在上海证券交易所网站（www.sse.com.cn ...

证券代码：605009 证券简称：豪悦护理 公告编号：2025-027 杭州豪悦护理用品股份有限公司 关于注销部分回购股份的公告 本公司监事会及全体监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 25 日召 开第三届董事会第十五次会议，审议通过了《关于注销部分回购股份的议案》， 同意公司注销回购股份 421,865 股，该事项尚需提交股东大会审议。现将相关情 况公告如下： 一、股份回购情况概述 1、公司分别于 2021 年 10 月 13 日召开的第二届董事会第九次会议，于 2021 年 10 月 29 日召开 2021 年第三次临时股东大会，均审议通过了《杭州豪悦护理 用品股份有限公司关于以集中竞价交易方式回购公司股份方案的议案》（以下简 称《回购方案》），同意公司通过自有资金以集中竞价交易方式回购公司股份，回 购资金总额不低于人民币 14,000 万元（含），不超过人民币 20,000 万元（含）， 回购股份价格不超过人民币 75.00 元/股，回购期限自公司股东大会 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥911,071,132.46, representing a 42.42% increase compared to ¥639,711,881.28 in the same period last year[4] - Net profit attributable to shareholders was ¥90,611,325.29, a 5.67% increase from ¥85,748,400.75 year-on-year[4] - Total operating revenue for Q1 2025 reached ¥911,071,132.46, a 42.4% increase from ¥639,711,881.28 in Q1 2024[21] - Net profit for Q1 2025 was ¥90,611,325.29, representing a 5.0% increase compared to ¥85,748,400.75 in Q1 2024[22] - Earnings per share for Q1 2025 was ¥0.59, compared to ¥0.55 in Q1 2024[22] Cash Flow - The net cash flow from operating activities improved significantly to ¥40,390,306.75, compared to a negative cash flow of ¥94,242,746.79 in the previous year, marking a 142.86% change[4] - Cash flow from operating activities for Q1 2025 was ¥40,390,306.75, a significant improvement from a negative cash flow of ¥94,242,746.79 in Q1 2024[24] - The company reported a total cash outflow from operating activities of ¥823,737,609.95 in Q1 2025, compared to ¥597,338,449.33 in Q1 2024[24] - The net cash flow from investing activities was -196,359,818.84, compared to -102,673,180.86 in the previous period, indicating a significant increase in cash outflow for investments[25] - The net cash flow from financing activities was 24,051,598.14, a recovery from a negative cash flow of -88,084,003.45 in the previous period[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,173,400,418.40, up 6.63% from ¥4,851,759,098.61 at the end of the previous year[5] - Total liabilities as of the end of the reporting period were ¥1,780,381,038.94, up from ¥1,550,622,539.98 in the previous period[18] - The total liabilities decreased from ¥1,373,000,000 to ¥1,200,000,000, indicating a reduction of approximately 12.6%[16] - The total equity attributable to shareholders was ¥3,393,019,379.46, an increase from ¥3,301,136,558.63 in the previous period[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,893[10] - The top three shareholders hold a combined total of 96,984,141 shares, representing 62.78% of the total shares[10] - The company has no pledged, marked, or frozen shares among the top shareholders[10] Research and Development - The company reported a 49.05% increase in R&D expenses, indicating a focus on enhancing product development[9] Acquisitions and Market Expansion - The company completed the acquisition of Hubei Sibao Hygiene Products Co., Ltd., which is now a wholly-owned subsidiary[14] - The company plans to continue expanding its market presence, particularly through the integration of Hubei Sibao into its operations[9] Inventory and Receivables - Accounts receivable rose by 148.90%, primarily due to increased customer receivables and the consolidation of Hubei Sibao[8] - Inventory rose from ¥320,919,462.61 to ¥393,824,431.15, marking an increase of approximately 22.6%[16] - Accounts receivable increased significantly from ¥136,843,080.41 to ¥340,597,759.20, reflecting a growth of about 148.5%[16] Expenses - The company experienced a 182.96% increase in selling expenses, attributed to the consolidation of Hubei Sibao and increased sales activities[9] - Total operating costs for Q1 2025 were ¥800,306,829.41, up 48.5% from ¥539,179,011.57 in Q1 2024[21] Cash Management - The company's cash and cash equivalents decreased from ¥1,382,527,655.60 to ¥1,250,598,175.32, a decline of approximately 9.5%[16] - The total cash and cash equivalents at the end of the period decreased to 1,250,598,175.32 from 2,007,274,917.96, showing a decline of approximately 37.5%[25] - The cash flow from operating activities was not detailed, but the overall cash and cash equivalents net decrease was -131,929,480.28, compared to -284,353,110.32 in the previous period, suggesting improved cash management[25] Debt Management - The company’s cash outflow for repaying debts was 199,000,000.00, slightly higher than the previous period's 190,000,000.00, indicating ongoing debt management efforts[25]

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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Core Viewpoint - The company has signed a maximum guarantee contract with Industrial and Commercial Bank of China to provide a joint liability guarantee of 50 million yuan for its wholly-owned subsidiary, Jiangsu Haoyue Industrial Co., Ltd. [2][3] Summary by Sections Guarantee Overview - The company has renewed a maximum guarantee contract with Industrial and Commercial Bank of China, providing a joint liability guarantee of 50 million yuan for Jiangsu Haoyue [3][10] - The total amount of guarantees provided by the company and its subsidiaries, including this renewal, is 200 million yuan, which is within the authorized limit of 500 million yuan set by the board for the fiscal year 2024 [2][12] Decision-Making Process - The board of directors approved the guarantee at the 14th meeting of the third board on April 14, 2025, allowing the company and its subsidiaries to provide guarantees up to 500 million yuan [4][5] Basic Information of the Guaranteed Party - Jiangsu Haoyue Industrial Co., Ltd. is a wholly-owned subsidiary of the company, established on May 19, 2010, with a registered capital of 220 million yuan [6][8] - The company directly holds 100% equity in Jiangsu Haoyue, which is not listed as a dishonest executor [8][9] Financial Indicators - Jiangsu Haoyue has a good credit status, with no significant issues affecting its debt repayment ability [9][11] Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary and reasonable to support the operational needs of the subsidiary, ensuring smooth business operations and aligning with the company's long-term development strategy [11][12] Board Opinion - The board unanimously approved the guarantee, stating it aligns with the company's overall development strategy and that the company can effectively manage operational risks [12]

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。 ...