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 ...

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].

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 ...