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.

Group 1: Gold and Jewelry - In H1 2025, gold prices surged, leading to a decline in gold jewelry consumption while investment gold consumption increased, continuing the trend from 2024 [13][17] - The report anticipates that in H2 2025, gold prices may fluctuate at high levels due to geopolitical conflicts and economic downturns, with central banks continuing to purchase gold [23] - Recommended companies include Laopuhuang, Chow Tai Fook, Chao Hong Ji, and Cai Bai Co., which are expected to benefit from the ongoing trends in gold consumption [23][24][26][30] Group 2: Cosmetics - The cosmetics market showed weak performance in H1 2025, with a cumulative year-on-year growth of 4.1% from January to May, lagging behind overall retail growth [32][35] - Long-term trends in the cosmetics industry remain focused on increasing penetration rates and domestic brand substitution, with a recommendation to focus on brands like Mao Ge Ping and Shangmei Co. for their strong performance and growth potential [35][36][42] - Mao Ge Ping is highlighted for its high-end positioning and significant growth in both online and offline channels, while Shangmei Co. has shown impressive performance during promotional events [36][42] Group 3: Personal Care - The personal care sector, particularly in sanitary napkins and oral care, is expected to maintain stable demand, with domestic brands leading the market [49][51] - The oral care segment is experiencing a shift towards higher-value products driven by consumer demand for efficacy, with domestic brands like Deng Kang Oral Care gaining market share [53][54] - Key companies to watch include Baiya Co. and Deng Kang Oral Care, which are well-positioned to capitalize on these trends [49][53] Group 4: Apparel and Footwear - The apparel retail sector showed moderate growth in H1 2025, with a year-on-year increase of 3.3% in retail sales from January to May [8][14] - Outdoor brands are performing exceptionally well, with high-end outdoor brands like Amer Sports and Anta showing significant revenue growth [8][15] - Recommended companies include Anta Sports for its strong outdoor brand growth and Mercury Home Textiles for its effective marketing strategies [15][16] Group 5: Textile Manufacturing - The textile manufacturing sector is witnessing a shift in export share towards Southeast Asia, with a notable decline in imports from China to the U.S. [8][18] - The report indicates that U.S. apparel imports from Southeast Asia are increasing, while imports from China are decreasing, suggesting a strategic shift in manufacturing locations [18][19] - Companies with diversified production capabilities across regions are recommended for investment consideration [18][19] Group 6: Home Furnishings - The home furnishings market is experiencing growth driven by government policies encouraging upgrades, with furniture retail sales in May 2025 showing a year-on-year increase of 25.6% [8][20] - Key players in the home furnishings sector include Gujia Home and Oppein Home, which are expected to benefit from the ongoing market trends [20][21]

证券代码：605009 证券简称：豪悦护理 公告编号：2025-035 杭州豪悦护理用品股份有限公司 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： ? 股东持股的基本情况 杭州希望众创实业投资合伙企业（有限合伙） （以下简称 "希望众创"） 系杭州豪悦护理用品股份有限公司（以下简称"公司"）股东,与控股 股东(控股股东包含李志彪、朱威莉、李诗源)为一致行动人，现持有 公司首次公开发行股票并上市前股份 4,192,800 股，上市后以资本公 积金转增股份方式取得 4,553,381 股,合计持有 8,746,181 股，占公司 总股本的比例为 4.06%。 ? 集中竞价减持计划的主要内容 杭州希望众创实业投资合伙企业（有限合伙）因自身资金需求，计划 通过集中竞价方式减持不超过 107 万股，即不超过公司总股本的 0.50% （在减持计划实施期间，公司若发生派发红利、送红股、转增股本、 增发新股或配股等除权、除息事项，减持股份数量、股权比例将进行 相应调整）。其中，通过集中竞价方式减持的，将于本减持计划 ...

Group 1 - Company Xi Zhong Technology proposed to repurchase shares worth between 75 million and 150 million yuan using excess funds and self-owned funds [1] - Company Yongxi Electronics expects a revenue growth of 16.6% to 28.88% in the first half of the year, with projected revenue between 1.9 billion and 2.1 billion yuan [2] - Company Jingyi Equipment anticipates a revenue increase of 36.54% to 42.48%, with expected revenue between 690 million and 720 million yuan [2][3] Group 2 - Company Haipuri received approval from the European Medicines Agency (EMA) for a new production line for Enoxaparin Sodium injection, with an annual capacity of 330 million doses [4] - Company Inner Mongolia Xinhua plans to merge its wholly-owned subsidiaries to optimize resource allocation and improve operational efficiency [5] - Company Cloud Chemical intends to sign daily related transaction framework agreements with its controlling shareholder to reduce operational costs [7] Group 3 - Company China Software received approval from the China Securities Regulatory Commission for a specific stock issuance [8] - Company Wankong Intelligent's subsidiary won a bid for a project with the State Grid worth approximately 12.17 million yuan [9] - Company Lianlong obtained a patent for an anti-aging agent, which is expected to enhance its product offerings in polymer materials [11] Group 4 - Company Yunlu plans to increase its shares by 4 million to 12 million yuan through stock purchases by its executives [12] - Company Enhua Pharmaceutical's chairman increased his stake by 237,900 shares [14] - Company Daqin Railway announced the resignation of its general manager due to retirement [15] Group 5 - Company Hefei Urban Construction signed a land use rights transfer contract for an industrial site with an area of 78,561.78 square meters, with a payment of 103 million yuan due by July 13, 2025 [16] - Company Taiji Group received a government subsidy of 20 million yuan, representing 75.04% of its projected net profit for 2024 [17] - Company Guodian Nanrui elected a new chairman, Zheng Zongqiang, while he resigned from his previous roles [19] Group 6 - Company Xinhua Medical received a medical device registration certificate for a thromboelastography testing kit [20] - Company Baotailong's subsidiary obtained a mining license for a graphite mine with a production capacity of 2 million tons per year [21] - Company Zejing Pharmaceutical received approval for clinical trials of its innovative cancer treatment drugs [22] Group 7 - Company Aojing Medical's artificial bone repair material received registration approval in Vietnam [23] - Company Chengjian Development received a cash dividend of 90.2169 million yuan from Guoxin Securities [24] - Company Rili Technology proposed a share repurchase plan worth between 10 million and 20 million yuan [25] Group 8 - Company Deshi General Institute received approval to issue up to 1 billion yuan in technology innovation bonds [44] - Company Tongding Interconnect plans to bid for two procurement projects worth approximately 717 million yuan [46] - Company Bangji Technology plans to acquire multiple agricultural companies [46]

Market Overview - The Shanghai Composite Index fell by 0.04% on June 17, with 14 out of the 28 sectors rising, led by coal and public utilities, which increased by 0.89% and 0.82% respectively [1] - The pharmaceutical and beauty care sectors experienced the largest declines, with drops of 1.44% and 1.24% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 25.316 billion yuan, with 8 sectors seeing net inflows [1] - The transportation sector had the highest net inflow of 800.2 million yuan, while the power equipment sector saw a net inflow of 540 million yuan [1] - A total of 23 sectors experienced net capital outflows, with the media sector leading at 4.548 billion yuan, followed by the pharmaceutical sector at 4.278 billion yuan [1] Beauty Care Sector Insights - The beauty care sector declined by 1.24% with a net capital outflow of 14.7 million yuan, comprising 31 stocks, of which 5 rose and 26 fell [2] - The top three stocks with the highest net inflow in the beauty care sector were Furuida (32.89 million yuan), Proya (29.76 million yuan), and Lafang (17.81 million yuan) [2] - The stocks with the largest net outflows included Qingdao Kingking (47.32 million yuan), Shuiyang (34.79 million yuan), and Haoyue Care (24.31 million yuan) [2] Individual Stock Performance - Notable declines in the beauty care sector included Huaye Fragrance (-8.23%), Qingdao Kingking (-1.31%), and Haoyue Care (-6.11%) [3] - Conversely, Furuida and Proya saw slight increases of 0.92% and 0.13% respectively, indicating some resilience amidst the overall sector decline [3]