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。 江苏豪悦实业有限公司（以下简称"江苏豪悦"）系杭州豪悦护理用品股份 有限公司（以下简称"公司"或"本公司"）全资子公司，因江苏豪悦变更经营 范围，已申请办理工商变更。 现该全资子公司已完成工商登记手续，取得由沭阳县市场监督管理局核发 的营业执照，具体内容如下： 1. 企业名称：江苏豪悦实业有限公司 7. 住所：江苏省宿迁市沭阳县经济开发区余杭路 20 号 8. 经营范围：第一类医疗器械（限用卫生材料及敷料）、卫生用品（妇女经 期卫生用品、尿布等排泄物卫生用品、尿裤、尿片、卫生床垫、干巾、湿巾）、 围兜、纸巾、无纺布、塑料薄膜、复合芯体的生产、销售；物业管理服务；自营 和代理各类商品及技术的进出口业务（国家限定企业经营或禁止进出口的商品和 技术除外）。医用口罩生产；第二类医疗器械生产；医护人员防护用品生产（Ⅱ 类医疗器械）；消毒剂生产；日用口罩（非医用）生产；日用口罩（非医用）销 售；劳动保护用品生产；医用口罩零售；医用口罩批发；第二类医疗器械批发； 医护人员防护用品零售；医护人员 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In the first three quarters of 2025, the company achieved revenue of 2.718 billion yuan, net profit attributable to the parent company of 203 million yuan, and net profit excluding non-recurring items of 194 million yuan, representing year-on-year changes of +33%, -31%, and -33% respectively. In Q3 2025, the company reported revenue of 958 million yuan, net profit attributable to the parent company of 55 million yuan, and net profit excluding non-recurring items of 48 million yuan, with year-on-year changes of +32%, -45%, and -50% respectively [2][6]. Summary by Sections Revenue and Profitability - Q3 revenue grew by 32% year-on-year, showing a sequential acceleration compared to Q2. However, profitability faced pressure with a year-on-year decline in net profit margins [14]. - The gross margin in Q3 improved by 2.2 percentage points, primarily due to an increase in the proportion of self-owned brands. The sales, management, R&D, and financial expense ratios increased by 10.7, 0.1, -0.2, and 0.7 percentage points year-on-year, respectively [14]. Business Operations - The OEM business is gradually recovering, with orders from major clients starting to pick up. The self-owned brand, Dafy, is expected to continue its strong growth [14]. - The company is expanding its overseas production capacity in Peru and Tanzania, targeting emerging markets in Latin America and Africa, which is anticipated to open up new growth opportunities [14]. Market Position and Strategy - Despite the overall pressure in the infant diaper industry, the company is expected to increase its market share, with an estimated domestic market share of 9.3% in 2024, up from 4.2% in 2019. This growth is attributed to strong product capabilities and partnerships with leading brands [14]. - The company is focusing on enhancing its product offerings and optimizing channel operations for its brand, Jieting, which is expected to rejuvenate its market presence [14]. Financial Forecast - The projected net profit attributable to the parent company for 2025-2027 is 290 million, 380 million, and 460 million yuan, corresponding to price-to-earnings ratios of 24, 19, and 15 times [14].

Summary of Haoyue Care Conference Call Company Overview - **Company**: Haoyue Care - **Industry**: Personal Care Products Key Points Financial Performance - In the first three quarters of 2025, Haoyue Care's revenue increased by 45.36% to 55 million yuan, but the net profit margin decreased by 8.07% to 5.73% due to a significant rise in sales expenses (up 215% year-on-year) and management expenses (up 41.5%) [2][4] - For Q3 2025, revenue reached 958 million yuan, a year-on-year growth of 31.565%, while net profit fell by 45.36% to 55 million yuan [4] - The gross profit margin was 29.2%, an increase of 2.19 percentage points year-on-year, but the net profit margin decreased by 8.07 percentage points [4] Business Segments - **OEM Business**: Excluding the Sibao business, the OEM segment achieved less than double-digit year-on-year growth in the first three quarters, with diaper OEM business showing increased volume but decreased prices [2][6] - **Self-Brand Products**: The Dafi wet wipes series maintained double-digit growth, while the shoe wipes performed well. The Thai self-brand saw triple-digit revenue growth but faced profitability decline due to increased marketing expenses [2][6] - **Sibao Business**: Revenue remained stable in the first three quarters, but Q3 profits were negative due to early promotional activities and channel expansion [7] Market Trends and Strategies - The diaper OEM business showed a trend of increased volume but decreased prices, indicating a significant contribution to overall revenue [8] - The company is actively expanding overseas markets, with projects in the US and Canada already underway, and more international projects expected in the future [2][14] - To combat competition in the sanitary napkin market, the company is leveraging live streaming on platforms like Douyin to enhance sales and brand influence [5][10] Channel Development - Haoyue Care began expanding offline channels in provinces such as Hunan, Zhejiang, Jiangsu, and Guangdong in Q2 2025, with offline revenue surpassing online [9][10] - The overall offline channel showed a negative growth trend of 4.9%, while the company's own channel had a slightly better performance with a 4.1% decline [7][9] Future Outlook - The company has set market expectations for the growth of its OEM and Sibao businesses over the next 2-3 years, but specific targets were not disclosed due to market uncertainties [5][18] - The overseas factory projects depend on domestic ODI document approvals, with the Tanzania project partially approved and the Peru project lagging behind [16] Product Development - New product launches include the high-margin Attraction series and the Haoyue removable sanitary napkin, with ongoing efforts to optimize product offerings [10][12] - The company is focusing on improving operational efficiency and resource allocation on online platforms, particularly through Douyin and traditional e-commerce channels [17] Conclusion - Haoyue Care is navigating a challenging market environment with strategic expansions and product innovations while managing rising costs and competitive pressures. The focus on overseas growth and channel diversification is expected to play a crucial role in its future performance.

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 2.718 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 33.18%. However, the net profit attributable to the parent company decreased by 30.94% to 203 million yuan due to increased marketing expenses for its own brands and reduced interest income [1][2] - The company's main business showed steady growth, driven by new product designs and positive market response, which enhanced its competitive edge [2] - The gross profit margin for the first three quarters of 2025 was 31.7%, while the net profit margin was 7.48%, both showing a decline compared to the previous year due to a significant increase in sales expenses [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 958 million yuan, a year-over-year increase of 31.65%, but the net profit attributable to the parent company fell by 45.36% to 55 million yuan [1] - The sales expenses reached 441 million yuan, up 215.94% year-over-year, leading to a sales expense ratio of 16.2% [3] - The company expects net profits for 2025, 2026, and 2027 to be 283 million yuan, 408 million yuan, and 502 million yuan, respectively, with corresponding P/E ratios of 24.9X, 17.3X, and 14.1X [3] Business Strategy - The company is accelerating the expansion of its own brand, "洁婷," through effective channel development and leveraging live-streaming sales models, resulting in significant sales growth [2] - The company is also increasing its investment in emerging social e-commerce platforms to enhance brand influence and expand its user base [2] Future Outlook - The company aims to optimize its brand structure and strengthen expense management to improve future profitability, with expected benefits from these initiatives gradually materializing [2]

Economic Information - The People's Bank of China emphasizes a cautious approach towards the development of stablecoins and will continue to combat domestic virtual currency operations to maintain financial order [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen the protection of small investors in the capital market, enhancing monitoring of abnormal trading behaviors and ensuring transparency regarding delisting risks [2][6] - October's polysilicon production is expected to reach approximately 134,000 tons, exceeding market expectations, while some leading companies plan to reduce production in November [3] Company Updates - Victory Technology reported a net profit of 1.102 billion yuan for Q3, a year-on-year increase of 260.52%, but a quarter-on-quarter decrease of 9.88% [5] - Taicheng Light's Q3 revenue was 386 million yuan, a year-on-year decrease of 4.98%, while net profit was 86.9765 million yuan, a year-on-year increase of 31.20% but a quarter-on-quarter decrease of 7.5% [5] - Several companies, including Tongrun Equipment and Jingji Agriculture, announced plans to reduce their shareholdings by up to 3% [7] Overseas Market Updates - International precious metal futures saw a significant decline of over 3%, with COMEX gold futures dropping 3.4% to $3,997 per ounce and silver futures falling 3.61% to $46.83 per ounce [5] - The UK government has cut the support scale for offshore wind farms by 18% to £900 million, while providing an £1.1 billion budget for renewable energy support auctions [5]

Group 1 - The company plans to cancel the supervisory board and amend the Articles of Association, which will be submitted for approval at the 2025 second extraordinary general meeting of shareholders [1][2] - The board of directors requests authorization from the shareholders' meeting for the management team to handle the registration and filing of the changes with the market supervision administration [1] - The revised Articles of Association have been disclosed on the Shanghai Stock Exchange website and designated media [1][2] Group 2 - The company aims to improve its governance structure by revising related governance systems, including rules for shareholder meetings, board meetings, and independent director work [2] - Some of the revised systems will take effect after approval at the 2025 second extraordinary general meeting, while others will take effect upon board approval [2] Group 3 - The company announced an adjustment to the repurchase price and quantity of the 2021 restricted stock incentive plan, changing the repurchase price from 32.17 yuan per share to 18.94 yuan per share [5][6] - The repurchase quantity has been adjusted from 1,200 shares to 1,680 shares [6][13] - The adjustments comply with relevant regulations and will not materially affect the company's financial status or operational results [15][16] Group 4 - The company plans to cancel 80,507 shares from the repurchased stock, pending approval from the shareholders' meeting [20][24] - The total number of shares repurchased was 805,071, representing 0.52% of the company's total share capital [22][23] - The cancellation of shares will not significantly impact the company's financial condition or future development [25][26] Group 5 - The company will hold the 2025 second extraordinary general meeting of shareholders on November 12, 2025, with both on-site and online voting options available [30][32] - The meeting will discuss various proposals that have been previously disclosed [30][31] - Shareholders must register to attend the meeting, providing necessary identification and documentation [36][39]

Core Viewpoint - The company has announced significant governance changes, including the cancellation of the supervisory board and amendments to its articles of association, in compliance with new regulations effective from July 1, 2024 [39]. Financial Data - The third-quarter financial report for 2025 has been approved, although it has not been audited [3][10]. - The report includes key financial data and indicators, but specific figures are not detailed in the provided documents [3]. Governance Changes - The company will no longer have a supervisory board; its functions will be transferred to the audit committee of the board of directors [39]. - Amendments to the articles of association will reflect this change, removing references to the supervisory board and updating governance structures accordingly [39][40]. - The proposed changes will be submitted for approval at the second extraordinary general meeting of shareholders in 2025 [14][22]. Meeting Details - The third board meeting was held on October 27, 2025, with all directors present, confirming the legality and validity of the meeting [9][12]. - The supervisory board also convened on the same day, with all members present, to review the same reports and proposals [28][30].

Core Insights - The company reported a revenue of 2.718 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 33.18% [1] - The net profit attributable to the parent company was 203 million yuan, showing a year-on-year decline of 30.94% [1] - The non-recurring net profit was 194 million yuan, which also reflects a year-on-year decrease of 32.55% [1] - The basic earnings per share stood at 0.95 yuan [1]

Core Viewpoint - Haoyue Care (605009.SH) reported a significant increase in total operating revenue for the first three quarters of 2025, but a notable decline in net profit attributable to shareholders [1] Financial Performance - Total operating revenue reached 2.718 billion yuan, reflecting a year-on-year growth of 33.18% [1] - Net profit attributable to shareholders was 203 million yuan, showing a year-on-year decrease of 30.94% [1] - Basic earnings per share stood at 0.95 yuan [1]

证券代码：605009 证券简称：豪悦护理 公告编号：2025-052 杭州豪悦护理用品股份有限公司 关于取消监事会并修订《公司章程》及相关制度的公告 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10月27日召开第 三届董事会第十七次会议、第三届监事会第十三次会议，审议通过《关于取消监事 会并修订<公司章程>的议案》和《关于修订公司相关制度的议案》，现将有关情况 公告如下： 一、取消监事会情况 根据2024年7月1日起实施的新《公司法》及中国证监会发布的《关于新<公司 法>配套制度规则实施相关过渡期安排》《上市公司章程指引（2025年修订）》《上 市公司股东会规则（2025年修订）》以及《上市公司信息披露管理办法（2025年修 订）》等相关法律法规的规定，并结合公司实际情况，公司将不再设置监事会， 监事会的职权由公司董事会审计委员会行使，公司《监事会议事规则》等监事会 相关制度相应废止，并对《公司章程》及相关制度同步进行修订。 在公司股东大会审议通过取消监事会事项 ...