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。 ...

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.

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]