北京德恒（杭州）律师事务所 关于浙江哈尔斯真空器皿股份有限公司 2020 年限制性股票激励计划预留授予部分第三个 解除限售期解锁相关事项的法律意见 杭州市上城区新业路 200 号华峰国际商务大厦 10-11 楼 邮编：310016 电话：(+86)0571-86508080 传真：(+86)0571-87357755 北京德恒（杭州）律师事务所 关于浙江哈尔斯真空器皿股份有限公司 2020 年限制性股票激励计划 预留授予部分第三个解除限售期解锁相关事项的法律意见 北京德恒（杭州）律师事务所 关于浙江哈尔斯真空器皿股份有限公司 2020年限制性股票激励计划预留授予部分第三个解除限售期解 锁相关事项的法律意见 德恒【杭】书（2025）第 12062 号 致：浙江哈尔斯真空器皿股份有限公司 北京德恒（杭州）律师事务所（以下简称本所）根据与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）签订的《专项法律服务委托协议》，接 受哈尔斯委托担任其 2020 年限制性股票激励计划（以下简称本激励计划）的专 项法律顾问。 本所根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券 ...

浙江哈尔斯真空器皿股份有限公司 董事、高级管理人员薪酬管理制度 浙江哈尔斯真空器皿股份有限公司 （2025 年 12 月） 第一章 总 则 第一条 为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"） 董事、高级管理人员的薪酬管理，建立科学有效的激励与约束机制，有效调动公 司董事、高级管理人员的工作积极性，提高公司的经营管理效益，根据《中华人 民共和国公司法》《上市公司治理准则》等有关法律、法规及《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》"）的有关规定，并结合公 司实际情况，制定本制度。 第二条 本制度适用于公司董事及高级管理人员。高级管理人员指公司的总 裁、副总裁、董事会秘书、首席财务官和《公司章程》认定的其他高级管理人员。 第三条 公司董事、高级管理人员的薪酬以公司经营与综合管理情况为基础， 根据经营计划完成情况、分管工作职责及工作目标完成情况、个人履职及发展情 况相结合进行综合考核确定薪酬。 第四条 公司薪酬制度遵循以下原则： （一）绩效导向原则。薪酬水平与行业薪酬水平、公司经营效益、业绩考核 结果相挂钩，董事及高级管理人员的绩效薪酬与中长期收入的确定和支付应当以 绩效评 ...

证券代码：002615 证券简称：哈尔斯 公告编号：2025-099 浙江哈尔斯真空器皿股份有限公司 第六届董事会第二十次会议决议公告 （一）审议通过《关于 2020 年限制性股票激励计划预留授予部分第三个解 除限售期解除限售条件成就的议案》 表决结果：6 票同意、0 票反对、0 票弃权，关联董事吴子富先生、吴汝来 先生回避表决。 鉴于公司《2020 年限制性股票激励计划（草案修订稿）》激励对象预留授 予部分第三个解除限售期解除限售条件已成就，董事会同意为 12 名符合解除限 售条件的激励对象办理获授股份解锁，预留授予部分第三个解锁期合计申请解除 限售并上市流通的限制性股票数量为 65.2 万股。 相关具体情况详见与本公告同日刊载于公司指定信息披露媒体《证券时报》 《证券日报》《上海证券报》以及巨潮资讯网（www.cninfo.com.cn）的《关于 2020 年限制性股票激励计划预留授予部分第三个解除限售期解除限售条件成就 的公告》《北京德恒（杭州）律师事务所关于浙江哈尔斯真空器皿股份有限公司 2020 年限制性股票激励计划预留授予部分第三个解除限售期解锁相关事项的法 律意见》。 本议案已经董事会薪酬与考核 ...

12月10日，在2024-2025年度营响大会暨（第二十三届）杰出品牌营销年会上，哈尔斯（002615）总裁 吴子富发表主题演讲，分享了这家拥有40年历史的杯壶领军企业在新消费时代的品牌进化之路。 吴子富介绍，哈尔斯已连续三年实现全球杯壶销售额第一，从传统商超货架上的礼品选项，成长为覆盖 多元生活场景的时尚健康品牌。如今，哈尔斯的产品不仅在抖音直播间吸引近百万人次观望，更通过小 红书、微博等平台成为年轻人的潮流穿搭标签，还亮相巴黎奥运会舞台，推出哈尔滨联名等文化载体类 产品，实现了从工具到情感、从产品到生态的跨越。 借助第三方品牌服务商锦坤的需求洞察和品牌研究，哈尔斯提出了一个生动的品牌目标：让每个哈尔斯 用户拥有九只保温杯。这个数字并非随意设定，而是对应着九种不同的生活场景——办公室的泡茶杯、 健身房的运动杯、通勤时的手环杯、户外探险的专业杯、养生时的钛杯、日常搭配的马克杯，以及体现 环保理念的材质创新杯。在吴子富的构想中，保温杯正在从单一的饮水工具，进化为生活方式的载体。 在流量与品牌的平衡上，吴子富强调，流量可以买来一次性关注，却买不来持久信任，品牌才是穿越周 期的核心竞争力。哈尔斯的品牌基石是40年积 ...

Investment View - The company is a leading manufacturer and brand operator of thermal cups in China, driving industry innovation and high-quality development through strong partnerships with key clients like Yeti, Stanley, and Owala, supported by continuous R&D investment and overseas production capacity [1][4] - The first phase of the Thailand production base was fully operational in 2023, with the second phase expected to reach production capacity by the first half of 2025, rapidly increasing output [1][42] - The company is actively investing in channel development, product innovation, and IP collaborations to enhance its own brand, Hars, and strengthen governance through employee stock ownership and share buybacks [1][12] Investment Logic - The company is solidifying overseas customer loyalty through efficient R&D and overseas production, with Yeti's stable growth and focus on high-margin new products, Stanley's transition to steady growth, and Owala's innovative designs driving high growth [2][9] - The company is expanding its customer matrix by actively seeking high-potential emerging brands like Brumate and Takeya, smoothing out fluctuations caused by brand rotation [2][41] - The company is entering a harvest period for its self-owned brand investments, focusing on channel expansion and product innovation to enhance brand recognition [2][10] Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.437 billion yuan, a year-on-year increase of 2.94%, while net profit attributable to shareholders was 100 million yuan, down 55.49% due to short-term impacts from overseas capacity ramp-up and domestic brand investments [7] - Revenue from vacuum vessels, aluminum bottles, and other businesses in the first half of 2025 was 1.376 billion yuan, 165 million yuan, and 30 million yuan respectively, with year-on-year growth rates of 13.00%, 11.31%, and 13.54% [7] - The company's overseas revenue accounted for 86.91% of total revenue in the first half of 2025, with a year-on-year increase of 14.14% [7] Supply Chain and Production Capacity - The company is enhancing its supply chain advantages and production capacity, with the Thailand base's first phase producing approximately 5.5 million units annually and the second phase expected to reach 24.5 million units [42][43] - The company is implementing localized operations and optimizing logistics and procurement costs through a rapidly forming local supply chain in Thailand [42][43] - The company is advancing its smart manufacturing initiatives, aiming to replicate the lighthouse factory model to improve efficiency and reduce costs [46] Brand Development - The company is focusing on expanding its self-owned brand, Hars, and leveraging the Swiss brand SIGG to penetrate the European market [52][53] - The company is enhancing brand recognition through a multi-channel strategy, including online and offline retail, and has seen significant sales growth in platforms like Tmall and Douyin [55][57] - The company is integrating emotional value and product functionality into its branding strategy, collaborating with various IPs to attract younger consumers and enhance market penetration [59][63]

从获买入评级个股所属Wind行业来看，食品、饮料与烟草、制药、生物科技与生命科学、材料Ⅱ买入 评级个股数量最多，分别有3只、2只、1只。 每经AI快讯，Wind数据显示，12月12日，共有12只个股获券商买入评级，其中1只个股公布了目标价 格。按最高目标价计算，哈尔斯目标涨幅排名居前，涨幅达25.93%。 从评级调整方向来看，9只个股评级维持不变，3只个股为首次评级。 （文章来源：每日经济新闻） ...

Wind数据显示，12月12日，共有12只个股获券商买入评级，其中1只个股公布了目标价格。按最高目标 价计算，哈尔斯目标涨幅排名居前，涨幅分别达25.93%。从评级调整方向来看，9只个股评级维持不 变，3只个股为首次评级。从获买入评级个股所属Wind行业来看，食品、饮料与烟草、制药、生物科技 与生命科学、材料Ⅱ买入评级个股数量最多，分别有3只、2只、1只。 ...

证券日报网讯 12月11日，哈尔斯在互动平台回答投资者提问时表示，公司作为国内杯壶行业的龙头企 业，一直注重品牌建设和传播，提升品牌影响力。公司通过产品营销持续在行业内亮相或发声，塑造和 增强品牌影响力。同时，公司也在通过组织重构和能力跃迁，实现从市场洞察到终端上架的端到端闭 环，构建自主品牌"爆款矩阵"，并通过营销端和渠道端的创新，提升品牌价值和市场占有率。同 时，"潮流产品"一直是公司产品开发的重要方向，公司后续将进一步深入探索非遗传承、传统绘画、潮 玩IP等众多潮流设计趋势，致力于开发出更多既有深厚内涵又高颜值，且深受年轻消费者喜爱的潮流单 品。 （编辑 袁冠琳） ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Kingsoft Office, Jiuzhou Pharmaceutical, and Zhongding股份 [1][2] - Kingsoft Office received a target price increase of 42.77%, with a highest target price of 432.90 yuan, rated as "Strong Buy" by Huachuang Securities [2][3] - Jiuzhou Pharmaceutical's target price increased by 33.88%, with a highest target price of 24.50 yuan, rated as "Buy" by Tianfeng Securities [2][3] - Zhongding股份 saw a target price increase of 33.27%, with a highest target price of 29.00 yuan, rated as "Buy" by CITIC Securities [2][3] Group 2 - On December 9, a total of 10 listed companies received recommendations from securities firms, including China Tianying and Hars, each receiving one recommendation [2] - Four companies received initial coverage on December 9, including China Tianying rated "Increase" by Guotai Junan Securities, Hars rated "Buy" by Guosheng Securities, Jiuzhou Pharmaceutical rated "Buy" by Tianfeng Securities, and Igor rated "Buy" by Zheshang Securities [3][4] - The industries represented among the newly covered companies include environmental governance, household goods, medical services, and other electronics [4]

Group 1: Fixed Income Strategy - The report predicts that the 10-year government bond yield may drop to 1.6-1.7% in 2026, based on various economic indicators and trends [3][4] - Factors influencing this prediction include economic growth, inflation, and the trend of interest rates, with a potential decline in financing costs by 10 basis points [3] - The report suggests a strategic allocation towards long-term bonds, particularly in the first quarter of 2026, while noting potential uncertainties in policy and market conditions thereafter [4] Group 2: Light Industry Manufacturing - Hars (002615.SZ) - Hars is identified as a leading manufacturer of thermal cups, focusing on both OEM and its own brand development, with a strong competitive position in the market [5] - The company is expected to see a gradual recovery in profitability, with projected net profits of 142 million, 292 million, and 371 million yuan for 2025-2027, reflecting a year-on-year change of -50.6%, +106.0%, and +27.3% respectively [5] - The report assigns a "buy" rating with a target P/E of 16x for 2025, indicating confidence in the company's ability to navigate cost pressures and enhance profitability as its overseas operations ramp up [5] Group 3: Food and Beverage - Three Squirrels - The report discusses the opening of the first flagship store of Three Squirrels, which aims to create a community retail space with a focus on a diverse product range including fresh and prepared foods [6][9] - The store features a selection of 1,500 SKUs, with a pricing strategy that offers better value compared to competitors, indicating a strong market demand as evidenced by initial sales exceeding 1.26 million yuan within three days of opening [9] - This new store format is a strategic move towards a "full category + hard discount" approach, aiming to expand the company's market presence and optimize its supply chain [9] Group 4: Real Estate Sector Insights - The political bureau meeting emphasized a stable economic approach for 2026, with a focus on expanding domestic demand and implementing proactive fiscal and monetary policies [10][11] - The report suggests that the real estate sector remains a key economic indicator, with potential for policy-driven recovery, particularly in first and second-tier cities [11] - Investment recommendations include focusing on leading real estate companies and local state-owned enterprises, as well as property management firms that are likely to benefit from the anticipated policy shifts [11]