Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [20]. Core Insights - The company reported a revenue of 1.57 billion yuan for H1 2025, reflecting a year-on-year increase of 12.8%. However, the net profit attributable to shareholders decreased by 29% to 90 million yuan [2][3]. - The company's export sales showed robust growth, with H1 export revenue reaching 1.37 billion yuan, up 14.1% year-on-year. Despite some short-term disruptions in the supply chain, the overall export performance remained strong [3]. - The company's profitability was temporarily pressured by capacity transfer and exchange rate fluctuations, with a gross margin of 28.7%, down 1 percentage point year-on-year [4]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 270 million yuan, with a growth rate of -5.4%. The expected net profits for 2026 and 2027 are 310 million yuan and 350 million yuan, respectively, with growth rates of 13.6% and 13.7% [4][5]. - The company's revenue is forecasted to grow from 3.33 billion yuan in 2024 to 4.73 billion yuan in 2027, with a compound annual growth rate of approximately 13% [5][12]. - The earnings per share (EPS) is expected to be 0.58 yuan in 2025, with a price-to-earnings (P/E) ratio of 15 [5][12]. Market Position and Strategy - The company is positioned as a leading manufacturer of thermal cups, leveraging its overseas production capacity to enhance competitive advantages. The establishment of a Thai factory has contributed to its revenue growth [3][4]. - The company aims to strengthen its domestic brand presence by elevating thermal cups from mere "drinking vessels" to "lifestyle carriers," tapping into the trend of domestic premium products [3].

Core Viewpoint - The company is optimistic about the growth potential of the domestic cup and kettle market and plans to enhance its trend IP business development [1] Group 1: Business Strategy - The company will continue to deepen the development of trend IP business, including but not limited to the expansion of IP licensing business and the introduction of professional talent and cooperation teams [1] - The company is actively seeking new consumption channels, such as offline membership stores and trendy boutique stores [1] - The company is also looking for new business models for high-end brand collaborations to achieve both volume and price growth in brand business [1]

Core Insights - Zhejiang Hars Vacuum Vessel Co., Ltd. (referred to as "Hars") reported a revenue of 1.571 billion yuan for the first half of 2025, representing a year-on-year growth of 12.83% [1] - The net profit attributable to shareholders was 91.35 million yuan, indicating steady growth amid intensified industry competition [1] - Hars' overseas market revenue reached 1.366 billion yuan, up 14.14% year-on-year, which is a key driver for the company's growth [1] - Domestic market revenue was 206 million yuan, reflecting a growth of 4.81%, showcasing the increasing brand influence [1] Brand Strategy - Hars continues to promote a dual-brand development strategy with "Hars" and "SIGG," positioning itself as a "global leader in Chinese cup and kettle expertise" [1] - The brand emphasizes "good materials, good craftsmanship, good quality, good aesthetics, and good reputation," focusing on lightweight, health-conscious, and durable products [1] - In the first half of the year, Hars accelerated the launch of new products, introducing over 40 new items [1] Marketing and Sales Channels - The company has implemented a "Brand Friend" lightweight cooperation model to rapidly increase traffic and enhance market penetration [1] - Hars employs a multi-channel marketing strategy that includes offline, online, instant retail, and private domain sales [1] - The introduction of an "ROI evaluation model" aims to optimize marketing effectiveness [1] International Expansion and Production - The SIGG brand has expanded its influence in the sports and fashion markets through collaborations with luxury brands and top sporting events [2] - SIGG's sales network in Europe has been further improved, enhancing both brand and product strength, contributing to new growth points for the company [2] - Hars' Thailand base phase II has been fully operational, creating a global supply chain synergy that reduces trade uncertainties and ensures stable delivery for core customers [2] Innovation and Technology - The company continues to innovate in materials and processes, focusing on breakthroughs in ceramic paint spraying and nano sand texture paint [2] - Hars is also advancing the functionality of smart thermal cups, indicating a commitment to product innovation [2]

Core Viewpoint - Hars (002615) reported a revenue of 1.571 billion yuan in the first half of 2025, representing a year-on-year growth of 12.83%, with a net profit attributable to shareholders of 91.35 million yuan, successfully navigating international trade frictions and tariff wars through strategic adjustments and overseas capacity expansion [1] Group 1: Overseas Capacity Expansion - The company accelerated its overseas capacity layout to address challenges from international trade frictions and tariff wars, achieving full production at its Thailand Phase I factory in early 2023 and completing Phase II during the reporting period [1] - Hars implemented a mixed support mechanism of "domestic experts + local talents" to ensure rapid delivery of high-quality products, receiving positive feedback from core customers [1] - The Thailand base has been upgraded to a flagship center for global cup and kettle manufacturing, enhancing local operations and integrating into local policies and cultural environments [1] Group 2: Brand Development and Market Strategy - Hars is steadily developing its own brand, capitalizing on the low concentration and high consumption frequency in the Chinese cup and kettle industry, completing a dual upgrade of its brand center [2] - The company has launched 40 new products, increasing the pace of new releases from biannual iterations to monthly updates and quarterly major launches [2] - A multi-channel network has been established, combining offline, online, new retail penetration, private domain retention, and instant retail, along with a channel ROI evaluation model to optimize performance [2] Group 3: Customer Structure Optimization - Hars adopted a strategy of "stabilizing existing customers, increasing new customers, and focusing on quality" to optimize its customer structure, maintaining traditional business volume with core customers while expanding into new markets [2] - The company diversified its order sources by acquiring new projects and products from core customers and exploring new customers in new regions [2] Group 4: Product Innovation and R&D - Hars enhanced its R&D management to quickly translate technological strengths into core competitive advantages, focusing on market demands and potential opportunities [3] - The company actively develops new materials, technologies, and processes, improving the quality and efficiency of OEM product development [3] - Hars emphasizes manufacturing delivery capabilities, technological R&D advantages, brand channel strengths, and talent-driven advantages, continuously upgrading its smart manufacturing capabilities [3]

证券代码：002615 证券简称：哈尔斯 公告编号：2025-066 浙江哈尔斯真空器皿股份有限公司 关于调整 2020 年限制性股票激励计划回购价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 浙江哈尔斯真空器皿股份有限公司（以下简称"哈尔斯"或"公司"）于 2025 年 8 月 19 日召开第六届董事会薪酬与考核委员会第八次会议、于 2025 年 8 月 了《关于调整 2020 年限制性股票激励计划回购价格的议案》。现将有关情况公告 如下： 一、2020 年限制性股票激励计划简述 于〈2020年限制性股票激励计划（草案）〉及其摘要的议案》 《关于〈2020年限制 性股票激励计划实施考核管理办法〉的议案》《关于提请股东大会授权董事会办 理股权激励相关事宜的议案》，公司独立董事发表了同意的独立意见。 于〈2020年限制性股票激励计划（草案）〉及其摘要的议案》 《关于〈2020年限制 性股票激励计划实施考核管理办法〉的议案》《关于核实〈2020年限制性股票激 励计划首次授予部分激励对象名单〉的议案》。公司监事会就公司2020年限制性 股票激励计划首次授 ...

Group 1 - The core point of the article is that Hars (SZ 002615) held its 16th meeting of the 6th board of directors on August 24, 2025, to discuss organizational structure adjustments [1] - For the first half of 2025, Hars reported that 98.06% of its revenue came from cup and pot products, while other businesses accounted for 1.94% [1] - As of the report date, Hars has a market capitalization of 4.1 billion yuan [1]

格隆汇8月25日丨哈尔斯(002615.SZ)公布2025年半年度报告，上半年公司实现营业收入15.71亿元，同比 增长12.83%；归属于上市公司股东的净利润9135.16万元，同比下降29.00%；归属于上市公司股东的扣 除非经常性损益的净利润8984.29万元，同比下降28.68%；基本每股收益0.20元。 ...

浙江哈尔斯真空器皿股份有限公司 商品期货和衍生品交易管理制度 浙江哈尔斯真空器皿股份有限公司 商品期货和衍生品交易管理制度 （2025 年 8 月，经第六届董事会第十六次会议审议通过） 本制度所述套期保值业务，是指为管理外汇风险、价格风险、利率风险、 信用风险等特定风险而达成与上述风险基本吻合的期货和衍生品交易的活动。 第三条 公司从事套期保值业务的期货和衍生品品种仅限于与公司生产经营 相关的产品、原材料和外汇等，且原则上应当控制期货和衍生品在种类、规模 及期限上与需管理的风险敞口相匹配。用于套期保值的期货和衍生品与需管理 的相关风险敞口应当存在相互风险对冲的经济关系，使得相关期货和衍生品与 相关风险敞口的价值因面临相同的风险因素而发生方向相反的变动。 本制度所述套期保值业务主要包括以下类型的交易活动： （一）对已持有的现货库存进行卖出套期保值； 第 1 页 共 7 页 浙江哈尔斯真空器皿股份有限公司 商品期货和衍生品交易管理制度 第一章 总 则 第一条 为规范浙江哈尔斯真空器皿股份有限公司（以下简称"公司"）商品 期货和衍生品交易的决策、操作和管理行为，防范和规避市场价格波动风险， 通过套期保值实现公司稳健 ...

浙江哈尔斯真空器皿股份有限公司 内部控制制度 浙江哈尔斯真空器皿股份有限公司 内部控制制度 （2025 年 8 月，经第六届董事会第十六次会议审议通过） 第一章 总 则 第一条 为加强浙江哈尔斯真空器皿股份有限公司（以下简称"公司"）的内 部控制，促进公司规范运作和健康发展，保护股东合法权益，根据《中华人民共 和国公司法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》（以 下简称"《上市规则》"）《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》等法律、法规、规范性文件和《浙江哈尔斯真空器皿股份 有限公司章程》（以下简称"《公司章程》"）的规定，结合公司实际，特制订本 制度。 第二条 本制度所称的内部控制，是由公司董事会、监事会、管理层和全体 员工实施的、旨在实现控制目标的过程。内部控制的目标是： （一）合理保证公司经营管理合法合规； （二）提高公司经营效率及效果，促进公司实现发展战略，增加对公司股东 的回报； （三）保障公司资产的安全、完整； （四）确保公司财务报告及相关信息披露的真实、准确、完整。 第三条 公司董事会对公司内部控制制度的制定和有效执行负责。管理层负 责组织领 ...

浙江哈尔斯真空器皿股份有限公司 累积投票制度 浙江哈尔斯真空器皿股份有限公司 累积投票制度 （2025 年 8 月，需经公司 2025 年第四次临时股东大会审议通过后生效） 第一章 总 则 第一条 为了进一步完善浙江哈尔斯真空器皿股份有限公司（以下简称"公 司"）的法人治理结构，规范公司董事、监事的选举程序，切实保障股东选举公司 董事、监事的权利，维护股东利益，根据《中华人民共和国公司法》（以下简称" 《公司法》"）、《上市公司治理准则》等相关法律法规、规范性文件以及《浙 江哈尔斯真空器皿股份有限公司章程》（以下简称"《公司章程》"）的规定，特 制定本制度。 第二条 本制度所称累积投票制，是指公司股东会选举两名以上董事或监事 时，出席股东会的股东所拥有的投票权等于其所持有的股份总数乘以应选董事 或监事人数之积，选举中实行一权一票。出席会议的股东可以将其拥有的投票 权全部投向一位董事或监事候选人，也可以将其拥有的投票权分散投向多位董 事或监事候选人，按得票多少依次决定董事或监事人选。 第三条 股东会就选举董事、监事进行表决时，如公司单一股东及其一致行 动人拥有权益的股份比例在30%及以上的，应采用累积投票制度。 ...