证券代码：605009 证券简称：豪悦护理 公告编号：2025-039 本公司董事会、全体董事及相关股东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 一、减持主体减持前基本情况 股东名称 杭州希望众创实业投资合伙企业（有限合伙） 股东身份 控股股东、实控人及一致行动人 √是 □否 直接持股 5%以上股东 □是 □否 董事、监事和高级管理人员 □是 □否 其他： 持股数量 8,746,181股 持股比例 4.07% 当前持股股份来源 IPO 前取得：4,192,800股 其他方式取得：4,553,381股 上述减持主体存在一致行动人： | | | 股东减持股份结果公告 | 股东名称 | 杭州希望众创实业投资合伙企业（有限合伙） | | --- | --- | | 减持计划首次披露日期 | 2025 年 6 月 17 日 | | 减持数量 | 1,070,000股 | | 减持期间 | 2025 年 7 月 9 日～2025 年 10 月 8 日 | | 减持方式及对应减持数 量 | 集中竞价减持，107 ...

Group 1 - The company HaoYue Care (stock code: 605009) announced that its shareholder, Hangzhou Hope Venture Capital Investment Partnership (Limited Partnership), will reduce its holdings by 1.07 million shares from July 9, 2025, to July 28, 2025, accounting for 0.50% of the total share capital [1] - The reduction price range is set between 39.56 to 41.76 yuan per share, with a total reduction amount of approximately 42.96 million yuan [1] - After the reduction, the shareholder will hold 7.6762 million shares, representing 3.57% of the total shares [1]

Core Viewpoint - The announcement details a reduction in shareholding by the major shareholder, Hangzhou Hope Venture Capital Partnership, which has decreased its stake from 67.13% to 66.86% through a planned share reduction, without triggering mandatory takeover obligations [1][2][3] Group 1: Shareholding Changes - Hangzhou Hope Venture Capital Partnership reduced its shareholding by selling 600,300 shares between July 9 and July 23, 2025, representing 0.50% of the total share capital [1][2] - The total number of shares held by the partnership and its concerted actors decreased from 144,383,979 shares to 143,783,679 shares [1][2] - The reduction in shareholding was part of a previously disclosed plan and does not violate any commitments made by the shareholder [1][3] Group 2: Impact on Company Structure - The reduction in shareholding is characterized as a normal divestment and is not expected to significantly impact the company's governance structure or ongoing operations [3] - The change in shareholding will not lead to a change in the controlling shareholder or actual controller of the company [3]

证券代码：605009 证券简称：豪悦护理 公告编号：2025-038 杭州豪悦护理用品股份有限公司 关于股东权益变动触及 1%刻度的提示性公告 杭州希望众创实业投资合伙企业（有限合伙）及其一致行动人保证向 本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息 一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 67.13% | | | | 权益变动后合计比例 | 66.86% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 | | | | 李志彪 | √ | 控股股东/实控人 | | | --- | --- | --- | --- | | | □ | 控股股东/实控人的一致行动人 | √不适用 | | | □ | 其他直接持股股东 | | | | √ | 控 ...

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Investment Rating - The report emphasizes a focus on companies with high earnings growth certainty and relatively high dividend support in the domestic market [4][9]. Core Insights - The home furnishing sector shows a year-on-year increase of 28.7% in furniture retail sales in June, but demand has weakened since July due to the lack of new government subsidies [4][9]. - The new tobacco sector is witnessing a recovery, with Smoore's H1 2025 revenue expected to grow by 18% year-on-year, indicating stabilization in the vaping business [15][16]. - The paper and packaging industry is experiencing price stabilization, with expectations for a recovery in demand for white cardboard and cultural paper [17][18]. - The light industry and personal care sector is facing a downturn, but there are investment opportunities in leading brands [19][20]. - The toy sector, particularly Bubble Mart, is highlighted for its strong performance, with a 94% year-on-year increase in online sales of blind boxes in Q2 [21][22]. - The two-wheeler market is expected to see a rebound in Q3, driven by new policies in Vietnam promoting electric vehicle replacements [22][31]. Summary by Sections Home Furnishing Sector - Retail sales of furniture increased by 28.7% year-on-year in June, but demand has weakened since July due to subsidy issues [4][9]. - The overall real estate investment decreased by 10.3% year-on-year in June, with residential construction area down by 4.3% [4][9]. New Tobacco Sector - Smoore's H1 2025 revenue is projected to grow by 18% year-on-year, indicating a recovery in the vaping market [15][16]. - The FDA's recent approvals for JUUL products suggest a positive trend in the U.S. compliance market [15][16]. Paper and Packaging Sector - Paper prices are stabilizing, with expectations for recovery in demand for specific paper types [17][18]. - The packaging sector is seeing improvements in profitability for metal packaging companies due to industry consolidation [17][18]. Light Industry and Personal Care - The sector is experiencing a downturn, but leading brands are still seen as investment opportunities [19][20]. - Online sales for personal care products have shown mixed results, with some categories facing increased competition [20][23]. Toy Sector - Bubble Mart is highlighted for its strong performance, with a 209% year-on-year increase in GMV [21][22]. - The overall toy market is benefiting from new operational models and IP advantages [21][22]. Two-Wheeler Market - The market is expected to rebound in Q3, with new policies in Vietnam promoting electric vehicle replacements [22][31]. - Leading companies in the sector are expected to show good growth in their mid-year reports [22][31].

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]