Summary of Conference Call Records Industry or Company Involved - The records discuss various sectors including e-commerce, AI technology, electronic cigarettes, and pet products, with specific mentions of companies like 百亚 (Baiya), 豪越 (Haoyue), and 天元宠物 (Tianyuan Pet) [1][5][12]. Core Points and Arguments 1. **E-commerce Growth and Brand Opportunities** The rise of content-driven e-commerce platforms like Douyin has significantly improved sales conversion rates, providing opportunities for emerging brands to gain market share [1]. 2. **AI Technology Market Trends** The AI sector, particularly AI glasses, is experiencing rapid growth and increasing penetration rates, driven by consumer demand for innovative products [2]. 3. **Emergence of Phenomenal Products** The market is witnessing the emergence of standout products, such as electronic cigarettes and health & beauty (H&B) items, which are gaining substantial market share in regions like Japan and Europe [3]. 4. **Haoyue's Focus on Revenue Growth** Haoyue is prioritizing revenue growth over short-term profit margins, indicating a strategic shift towards long-term performance metrics [6][7]. 5. **E-commerce Team Structure** Haoyue's e-commerce team is primarily based in Wuhan, with additional operations in Hangzhou to enhance online marketing efforts, especially during peak sales periods [8]. 6. **Product Development and Innovation** The company has launched new high-end products, leveraging its R&D capabilities post-acquisition, which is expected to enhance its market position [9]. 7. **Channel Strategy and Historical Context** The company has a strong offline channel presence, rooted in its historical background in cosmetics, which has influenced its promotional strategies in the sanitary products market [10]. 8. **Budgeting and Cost Management** The company is implementing a more flexible budgeting approach for marketing expenditures, balancing between online and offline channels while maintaining cost control [11]. 9. **Tianyuan Pet's Revenue Composition** Tianyuan Pet's revenue is nearly evenly split between pet supplies and pet food, with a significant portion coming from international brand agency agreements [12][13]. 10. **Acquisition of E-commerce Operations** The acquisition of陶通 (Taotong) is aimed at strengthening the company's position in the domestic market by securing long-term agency rights with international brands [14]. 11. **Production Strategy** The company utilizes a mixed production model, with 30% in-house production and 70% outsourced, while also expanding operations in Southeast Asia to mitigate tariff risks [15]. 12. **Market Growth Expectations** The company anticipates steady growth in the pet product market, although it may face challenges in exceeding last year's growth rates due to market saturation [16]. Other Important but Possibly Overlooked Content - The records highlight the importance of consumer sentiment and the emotional value associated with products in driving market trends [2]. - The focus on long-term strategic goals over immediate financial performance reflects a broader trend in corporate governance and management practices [6][7]. - The integration of new technologies and innovative products is crucial for maintaining competitive advantage in rapidly evolving markets [3][4].

Financial Performance - In 2024, the company's operating revenue reached 2.929 billion, representing a year-on-year growth of 6.25% [1] - The net profit attributable to shareholders decreased to 388 million, down 11.65% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 376 million, a decline of 11.10% compared to the previous year [1] Balance Sheet - As of the end of 2024, the total assets amounted to 4.852 billion, an increase of 4.41% from the end of 2023 [1] - The net assets attributable to shareholders were 3.301 billion, reflecting a growth of 2.60% year-on-year [1] Employee Information - The number of employees increased to 1,759 in 2024, a rise of 9.66% compared to 1,604 in the previous year [2] - The parent company employed 967 individuals, while subsidiaries had 792 employees [2] Leadership and Compensation - The chairman and general manager, Li Zhibiao, aged 58, has a diverse background in business and management [2] - Li Zhibiao's compensation in 2024 was 2.401 million, a decrease of 17.24% from the previous year [2]

Group 1 - The report highlights the emergence of new consumer demands driven by generational changes, with the Z generation becoming the main consumer force, leading to a restructuring of the competitive landscape in the consumer goods sector [3][5][11] - The growth of domestic brands is emphasized, particularly in categories such as personal care, pet products, and home goods, where companies like Baiya Co., Ltd. and Dengkang Oral Care are gaining market share through innovative products and effective marketing strategies [5][19][24] - The report identifies significant opportunities in the AI-driven product categories, such as AI mattresses and AI glasses, which are expected to see high growth in the medium to long term [5][19][29] Group 2 - The housing market is projected to stabilize, with policies encouraging home upgrades and replacements, which will drive demand for home goods, particularly in the AI mattress segment [6][9] - The packaging industry is undergoing a global supply chain restructuring, leading to accelerated consolidation and improved profitability for leading companies [7][10] - The report notes that the export sector is expected to see a reduction in the impact of tariff policies, allowing for better growth prospects in overseas markets [10][19] Group 3 - The report discusses the rise of IP-derived products, particularly in the emotional consumption space, where younger consumers are increasingly drawn to products that fulfill social and emotional needs [34][37][43] - Companies like Bluku and Chengyuan Co., Ltd. are highlighted for their innovative approaches in the IP toy market, leveraging strong brand partnerships and diverse product offerings to capture market share [44][49][56] - The report emphasizes the importance of digital marketing and e-commerce strategies in driving sales for companies in the consumer goods sector, particularly in the context of changing consumer behaviors [50][52][61]

Group 1 - The core point of the news is that Hangzhou Haoyue Nursing Products Co., Ltd. has completed the acquisition of production assets from Nantong Dawang, which will enhance its production capacity and support future business development [1][2] - The total transaction price for the acquisition of Nantong Dawang's production line is 266 million yuan, which includes land use rights, factory buildings, and some equipment [1] - The acquisition is aimed at optimizing existing business operations and creating new profit growth points, thereby enhancing the company's sustainable operational capabilities and overall competitiveness [1] Group 2 - Nantong Dawang's GOO.N brand of baby diapers is well-known in China, and after the transaction, it will continue to sell its products through external companies, including Haoyue Nursing [2] - Haoyue Nursing is focusing on building its own brands, such as "Hope Baby" and "Sunny Baby," and is increasing advertising and promotion efforts through emerging online channels like Douyin and Xiaohongshu [2] - In 2024, Haoyue Nursing is projected to achieve a revenue of 2.929 billion yuan, with baby hygiene products contributing 2.060 billion yuan, accounting for 70.32% of the total revenue [2]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [60]. Core Viewpoints - The company is a leading manufacturer in the personal hygiene care products sector in China, with a focus on disposable hygiene products such as baby diapers, adult diapers, menstrual pants, sanitary napkins, and wet wipes. It has accelerated its layout of proprietary brands and is expanding into the sanitary napkin market through the acquisition of Hubei Sibao Group [1][13]. - The diaper industry is expected to recover in 2025, driven by price increases, despite a projected decline in retail scale for 2024. The company is well-positioned to benefit from the recovery in newborn numbers and the expansion of production capacity [2][29]. - The sanitary napkin market is experiencing growth, with the company leveraging its newly acquired brand, Jieting, to drive sales through e-commerce channels and new product launches [3][47]. Summary by Sections Company Overview - The company has established itself as a leader in the manufacturing of personal hygiene products, with a strong focus on research and development. It has successfully partnered with high-quality clients and is expanding its proprietary brand portfolio [1][13]. Diaper Industry Outlook - The Chinese diaper market is projected to have a retail scale of approximately 41.1 billion yuan in 2024, with a decline in sales volume but stable average prices. The company is expected to benefit from a recovery in newborn numbers and the expansion of its production capacity [2][29]. Sanitary Napkin Market Dynamics - The sanitary napkin market is projected to grow, with a retail scale of about 99.5 billion yuan in 2024. The company is focusing on e-commerce and new product launches to enhance its market position [3][43]. Financial Forecast and Investment Recommendations - The company is expected to achieve a net profit of 4.6 billion yuan in 2025, with growth rates of 17.5%, 18.5%, and 20.0% for the following years. The current stock price reflects a lower PE ratio compared to peers, indicating potential for valuation improvement [4][60].

一、交易概述 杭州豪悦护理用品股份有限公司（以下简称"公司"）于 2025 年 3 月 6 日召 开第三届董事会第十三次会议，审议通过《关于设立全资子公司及签署购买资产 协议的议案》，该议案无需经股东大会审议。本次购买南通大王生产线，是公司 基于现有婴儿产品设备产能利用率较好，根据企业整体布局和发展战略的需要， 及新产品研发、新销售渠道拓展的需要，将充分利用标的物现有设备及设施完好 的厂房优势，为未来业务发展预留了足够空间，优化现有业务，利于形成上市公 司新的盈利增长点，增强公司持续经营能力和综合竞争力。 GOO.N 品牌婴儿纸尿裤在中国拥有较高知名度，本次购买资产后，南通大王通 过将婴儿纸尿裤业务委托给包括豪悦护理在内的外部公司生产的方式继续进行销 售。具体内容详见公司于 2025 年 3 月 7 日在巨潮资讯网（www.cninfo.com.cn） 披露的《关于设立全资子公司及签署购买资产协议的的公告》（公告编号： 2025-006）。 近日，南通佰俪安护理用品有限公司（以下简称"项目公司"）与大王（南 通）生活用品有限公司（以下简称"南通大王"）已完成相关资产（土地使用权、 厂房及部分设备）交割。 证券 ...

Group 1: Core Insights - The report highlights the rise of emotional consumption in the IP derivative products sector, driven by the increasing willingness to pay for emotional value and the rapid spread of modern media [7][26][32] - The new tobacco trend is gaining momentum, with companies like Philip Morris International leading the transition towards a "smokeless future," indicating a global shift in the tobacco industry [8] - Innovations in supply and channel transformations are providing new opportunities for domestic brands in the personal care sector, with companies like Baiya and Dengkang leveraging differentiated products to enhance brand growth [9] Group 2: Industry Summaries - The home furnishing sector is expected to maintain a weak but stable state, with a focus on high-dividend investments in leading companies as supply gradually exits the market [10] - The paper industry is anticipated to see a gradual balance between supply and demand, with a potential recovery in the cycle as new supply pressures ease [11] - In the packaging industry, high-dividend stocks like Yutong Technology and Yongxin Co. are favored, with expectations of improved profitability in the metal packaging sector due to industry consolidation [12] Group 3: Electric Two-Wheelers and Exports - The electric two-wheeler market is projected to experience significant short-term growth, with companies like Yadi Holdings expected to see a net profit increase of over 55% in the first half of 2025 [13] - Despite uncertainties in tariff policies, there are opportunities for growth in the export sector, particularly for labor-intensive light industrial products that are unlikely to return to the U.S. market [14]

Core Viewpoint - Hangzhou Haoyue Nursing Products Co., Ltd. has approved the cancellation of 421,865 repurchased shares due to their non-use in equity incentives or employee stock ownership plans, following the expiration of the three-year validity period for the repurchase account [1][2]. Summary by Sections 1. Overview of Share Repurchase - The company approved a share repurchase plan on October 29, 2021, with a total repurchase amount between RMB 140 million and RMB 200 million, at a price not exceeding RMB 75.00 per share, within a six-month period [1][2]. 2. Progress of Share Repurchase - As of the latest report, the company repurchased a total of 4,218,652 shares, accounting for 2.64% of the total share capital, with the highest transaction price at RMB 55.958 per share and the lowest at RMB 35.04 per share [2]. 3. Cancellation of Repurchased Shares - The company plans to cancel the 421,865 shares stored in the repurchase account on July 2, 2025, as they were not utilized for equity incentives [2][3]. 4. Changes in Total Share Capital - Before the cancellation, the total share capital was 215,489,505 shares, which will decrease to 215,067,640 shares post-cancellation [3][4]. 5. Impact of Share Cancellation - The cancellation of the repurchased shares is in compliance with relevant laws and regulations and will not significantly affect the company's financial status, operational results, or future development. The share distribution will still meet listing requirements [4].

证券代码：605009 证券简称：豪悦护理 公告编号：2025-036 杭州豪悦护理用品股份有限公司 关于注销部分已回购股份的实施公告 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。 重要内容提示： 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、 2025 年 5 月 12 日分别召开第三届董事会第十五次会议、2024 年年度股东大会， 均审议通过了《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。 根据《中华人民共和国公司法》《上市公司股份回购规则》《上海证券交易所 上市公司自律监管指引第 7 号--回购股份》等法律法规规定以及《公司章程》等 规定，公司回购专用证券账户部分股票有效期已满三年，由于这部分回购股份未 被用于股权激励或员工持股计划，公司拟注销上述回购股份。 本次注销股份的有关情况： | 回购专用证券账户股份数量（股） | 本次注销股份数量（股） | 注销日期 | | --- | --- | --- | | 1,400,969 | 421,865 | 2 ...

Summary of the Conference Call for Haoyue Care Company and Industry Overview - The conference call focuses on Haoyue Care, particularly its performance and developments in the baby care and hygiene products sector, influenced by the growth of its subsidiary, Jieting, and the outlook for Q2 2025 [2][4]. Key Points and Arguments - **Impact of Jieting's Development**: Jieting's performance has significantly influenced Haoyue Care's stock fluctuations, with notable growth during the 618 shopping festival, particularly on Douyin, where growth rates reached nearly five times [2][4]. - **New Product Launches**: Jieting introduced two new products, the Breathable Double U Pro and New Gravity, which have improved sales structure and customer demographics. The pricing for these products has increased, with the Breathable Double U Pro priced between 0.9 to 1 yuan, compared to the previous range of 0.5 to 0.7 yuan [2][5]. - **Market Share Growth**: Haoyue Care's market share has increased from around 4-5% to nearly 10%, driven by strong product capabilities and support from domestic clients. The company anticipates significant growth in its main business due to the increase in birth rates over the past two years [7]. - **Positive Changes in Domestic Fertility Policy**: Recent changes in domestic fertility policies, including the introduction of childcare subsidies, are expected to positively impact Haoyue Care's business outlook and valuation [8]. - **Revenue Projections**: For 2025, Haoyue Care expects its main business revenue to grow by over 10%, with a stable or single-digit growth forecast for the following years. The projected profit for 2025 is approximately 480 million yuan, with the main business contributing around 440 million yuan [9][13]. - **Supply Chain and Manufacturing Efficiency**: The acquisition of Jieting has led to cost reductions and efficiency improvements in the supply chain and manufacturing, which is expected to gradually enhance overall gross margins [10]. - **Performance Verification Period**: The recent decline in Haoyue Care's stock is attributed to the verification period for Q2 performance, with uncertainties regarding profitability despite rising e-commerce growth [11]. - **Long-term Development Indicators**: Key indicators to monitor for Haoyue Care's long-term growth include stable growth in the main business, return on investment (ROI) for Jieting's online efforts, synergy from acquisitions, and improvements in financial reporting quality and gross margins [12]. Additional Important Insights - **Jieting's Market Position**: Jieting is positioned to become a leading brand in the sanitary napkin industry, with a projected market value of 1.5 billion yuan and revenue targets of 900 to 1 billion yuan for the year [13]. - **Investment Logic**: The investment rationale for Haoyue Care revolves around the potential of Jieting's brand development and the relationship between the company's main business and demographic trends influenced by fertility policies [3]. This summary encapsulates the essential insights from the conference call, highlighting the strategic direction and performance expectations for Haoyue Care and its subsidiary, Jieting.