证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 09 年 月 日 哈尔斯（002615.SZ ） 保温杯制造龙头，制造+客户壁垒深厚，盈利水平有望逐渐恢复 ➢ 公司介绍：保温杯制造龙头，外销代工为主，自主品牌同步发力 公司创立于 1985 年，专注于不锈钢真空保温器皿（收入占比 80%+）、 玻璃杯壶、铝瓶、塑杯的研发、设计、制造与销售，公司销售模式包括 OEM （为主）和自主品牌销售，自主品牌主要包含国内自主品牌"哈尔斯"、 2016 年收购的瑞士杯壶品牌"SIGG"等，收入以外销为主（24 年收入占 比 87%），产品远销全球 80 多个国家和地区。公司收入持续增长，利润 因海外生产基地爬坡、关税扰动等因素短期有所承压。 ➢ 保温杯行业：结构升级、稳定增长，中国供给处于核心地位 2025 年全球杯壶市场规模有望达 48 亿美元，呈现稳健增长的态势。随着 消费者对情绪价值的追求，杯壶产品已逐渐由传统的耐用品向快消品、时 尚品、收藏品以及生活方式的象征转变，这些趋势不仅成为产品高溢价的 重要因素，更拓宽了行业的市场边界。从区域分布来看，北美、欧洲和亚 太地区是全球杯壶市场的主要消费区 ...

Core Viewpoint - The company Hars (002615.SZ) has announced a share buyback program, indicating a commitment to returning value to shareholders through the repurchase of its own shares [1] Summary by Categories Share Buyback Details - As of November 30, 2025, the company has repurchased a total of 9,407,150 shares, which represents approximately 2.02% of the company's total share capital [1] - The highest price paid for the repurchased shares was 8.47 yuan per share, while the lowest price was 7.65 yuan per share [1] - The total amount spent on the share buyback was 74,970,215 yuan, excluding transaction costs such as stamp duty and commissions [1]

每经AI快讯，哈尔斯（SZ 002615，收盘价：8.05元）12月1日晚间发布公告称，截至2025年11月30日， 公司通过股份回购专用证券账户以集中竞价交易方式累计回购公司股份约941万股，约占公司总股本的 2.02%，其中，回购成交的最高价为8.47元/股，最低价为7.65元/股，支付的资金总额为人民币约7497万 元。 2025年1至6月份，哈尔斯的营业收入构成为：杯壶制品占比98.06%，其他业务占比1.94%。 截至发稿，哈尔斯市值为38亿元。 每经头条（nbdtoutiao）——5年期大面积下线，3年期利率低至1.5%仍一单难求：要么"售罄"要么"额度 紧张"！中长期大额存单为何在消失？ （记者 王晓波） ...

证券代码：002615 证券简称：哈尔斯 公告编号：2025-098 浙江哈尔斯真空器皿股份有限公司 关于回购股份进展情况的公告 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。 一、回购股份的基本情况 浙江哈尔斯真空器皿股份有限公司（以下简称"公司"）于 2025 年 4 月 20 日召开第六届董事会第十五次会议，审议通过了《关于回购部分社会公众股份的 方案》，同意公司使用自有资金及股票回购专项贷款，通过深圳证券交易所交易 系统以集中竞价交易或其他法律法规允许的方式回购公司部分社会公众股份，回 购资金总金额不低于人民币 8,000 万元（含）且不超过人民币 16,000 万元（含）， 回购价格不超过人民币 11.00 元/股（含），回购股份用于未来实施股权激励计划 或员工持股计划，回购股份实施期限为自公司董事会审议通过回购股份方案之日 起 12 个月内。具体内容详见公司于 2025 年 4 月 22 日、4 月 24 日、4 月 26 日分 别刊登于《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《关于回购部分社会 ...

Core Insights - The company, Hars, is optimistic about the domestic cup and kettle market, noting that the current CR4 is below 20%, indicating significant brand landscape benefits [3] - Hars has received approval from the China Securities Regulatory Commission for a specific issuance of A-shares in 2023, planning to proceed based on market conditions [3] Group 1: Brand Strategy and Market Positioning - The collaboration with Tencent is a core brand strategy aimed at enhancing content co-creation, upgrading membership services, and driving business growth [2] - The company emphasizes the transformation from "traffic cooperation" to "value co-creation" to strengthen brand influence among Generation Z [2] Group 2: Operational Performance and Supply Chain - The company reported strong performance during this year's Double Eleven shopping festival, with continuous optimization of operational capabilities [3] - The Thai production base is in a ramp-up phase, but the company is confident in cost optimization due to local supply chain development and automation [3] Group 3: Growth Opportunities and Global Expansion - The OEM business is seeing steady growth in market share from leading clients, with non-U.S. markets (Europe, Japan, Middle East) emerging as new growth points [3] - The company aims to leverage scale and certification barriers to capture a larger share in the global supply chain restructuring [3] Group 4: Governance and Shareholder Returns - The company has established a modern corporate governance structure with clear responsibilities and stable core management [3] - A share buyback plan will be implemented based on market conditions, with specific progress to be announced monthly [3]

Core Viewpoint - The company is focusing on enhancing its brand strategy through collaboration with Tencent, targeting content co-creation, membership service upgrades, and business growth, particularly aimed at Gen Z consumers [2]. Group 1: Brand Strategy and Market Position - The partnership with Tencent aims to leverage digital resources to create a multi-touchpoint brand exposure system, enhancing customer engagement and loyalty [2]. - The domestic cup and kettle market shows low brand concentration, with the top four brands holding less than 20% market share, indicating significant growth potential for leading brands [3]. - The company is optimistic about the domestic market, noting that the cup and kettle category is evolving from durable goods to emotional carriers, which is expected to increase purchase frequency and market space [3]. Group 2: Cost Management and Production - The company is currently experiencing cost pressures due to the ramp-up phase of its Thailand facility, but expects cost improvements as local supply chains develop and production efficiency increases [4]. - The Thailand facility's automation and local supplier integration are anticipated to enhance long-term cost competitiveness [4]. Group 3: OEM Business and International Expansion - The OEM business is performing well, with an expanding share among top clients and growth in mid-tier clients, while also exploring new markets in North America, Europe, and Asia [5]. - The company is focusing on building localized supply chains overseas to strengthen strategic partnerships with clients, which is expected to enhance order concentration among leading brands [5]. - The company sees strong growth potential in the overseas insulated cup market, driven by diverse consumption scenarios and increasing purchase frequency [6]. Group 4: Financial Performance and Future Outlook - For the first three quarters of 2025, the company reported a revenue of 2.437 billion yuan, a year-on-year increase of 2.94%, but a net profit decline of 55.49% to 100 million yuan [9]. - The company has received approval for a specific issuance of A-shares, planning to proceed with the issuance based on market conditions and funding needs [7]. - The company maintains a stable governance structure with a clear division of responsibilities among the board and management, ensuring effective decision-making [8].

每经AI快讯，哈尔斯（SZ 002615，收盘价：8.15元）发布公告称，2025年11月26日至11月27日期间， 哈尔斯接受菱信基金等投资者调研，公司董事、总裁吴子富等人回答了投资者提出的问题。 2025年1至6月份，哈尔斯的营业收入构成为：杯壶制品占比98.06%，其他业务占比1.94%。 截至发稿，哈尔斯市值为38亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 （记者 王晓波） ...

腰部客户快速放量；同时公司加速拓展新区域，积极配合 客户开发北美其他地区、欧洲、日本等非美业务，并积极 在中东、东南亚等差异化市场开发新业务，为公司业务发 展输入持续动能。与此同时，公司正加速打造海外本土化 供应链，与客户形成深度绑定、长期共赢的战略合作关系； 伴随海外产能稳定性与交付弹性的持续验证，头部品牌将 陆续启动供应商体系优化，订单资源有望向头部集中。作 为全球杯壶核心制造商，公司兼具规模、技术与认证壁垒， 这些优势都将助力公司在新一轮份额再分配中获取更高 比例，进一步巩固龙头地位。 回复：公司坚定看好国内杯壶赛道，当前国内市场有 几个突出的表现：1）国内市场品牌集中度较低，格局红 利仍在释放。当前杯壶行业 CR4 不足 20%，远低于家电、 美妆等成熟品类，低集中度为头部品牌提供足够的份额提 升空间，先发者有望通过品牌、设计与渠道获得增量。2） 需求升级打开行业天花板。杯壶正从耐用品进化为情绪载 体：颜值、IP、智能、健康、社交属性叠加，不仅将单品 溢价拉升，更把购买频次提升一个量级，市场空间随之跃 迁。公司持续深耕国内市场，运营能力持续提升，今年双 十一整体表现优秀。 3、问题：目前泰国处于产能爬 ...

Core Viewpoint - Hars is a leading company in the domestic cup and thermos industry, with a strong focus on both OEM/ODM and proprietary brand businesses, expecting significant revenue growth and profit increase from 2021 to 2024 [1][4]. Industry Overview - The cup and thermos industry is transitioning from durable goods to fashionable consumer products, with significant growth potential in China, which is a major production country [2]. - From 2017 to 2021, China's thermos cup production grew at a CAGR of 7.4%, increasing from 490 million to 650 million units [2]. - Domestic sales of thermos cups in 2021 were approximately 150 million units, with a CAGR of 5.1% from 2017 to 2021, indicating room for growth compared to mature markets [2]. - The current domestic ownership rate of thermos cups is only 0.5 units per person, significantly lower than Japan (1.5 units) and the U.S. (0.68 units), suggesting potential for increased consumption [2]. - The concentration ratio in the U.S. online market (CR4 at 45%) is much higher than in China (CR4 at 20%), indicating further consolidation opportunities in the domestic market [2]. Company Competitive Advantages - Hars has established solid partnerships with leading international brands such as YETI and PMI, leveraging their influence in developed markets to support industry upgrades [3]. - The company has enhanced its smart manufacturing capabilities and established a fully digitalized operation system, creating an efficient closed-loop from R&D to sales [3]. - Hars is transitioning from a "cup manufacturer" to a "lifestyle brand operator," with a focus on building brand recognition through various marketing strategies [4]. Proprietary Brand Development - By 2024, Hars expects that the revenue from its proprietary brands will account for over 20% of total sales, with continuous improvement in profitability [4]. - The company is actively engaging in multi-channel marketing and innovative promotional strategies to strengthen its brand presence [4]. Profit Forecast and Valuation - Hars anticipates a decline in profit margins in Q3 2025 due to production ramp-up in Thailand, but expects profitability to recover by 2026 [4]. - Projected net profits for 2025-2027 are expected to be 140 million, 270 million, and 370 million yuan, respectively, with corresponding EPS of 0.30, 0.58, and 0.78 yuan [4]. - The estimated reasonable valuation for the company is between 8.77 and 9.94 yuan per share, with a PE ratio of 15-17 times in 2026 [4].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6]. Core Insights - Hars is a leading company in the domestic cup and kettle industry, focusing on both OEM/ODM and proprietary brand businesses, with a projected revenue CAGR of 25% from 2021 to 2024, reaching 3.3 billion yuan, and net profit increasing from 136 million yuan to 287 million yuan by 2024 [1][22]. - The cup and kettle industry is evolving from durable goods to fashionable consumer products, with significant growth potential in both domestic and international markets [1][2]. - The company has established strong partnerships with international brands like YETI and PMI, enhancing its competitive advantage through advanced manufacturing capabilities and a robust customer base [3][54]. Summary by Sections Company Overview - Hars, founded in 1996, is a prominent manufacturer of stainless steel vacuum insulated containers, with a comprehensive supply chain from R&D to production [14][22]. - The company operates both OEM/ODM and proprietary brand businesses, with brands including Hars and SIGG targeting different consumer segments [14][70]. Industry Analysis - The global insulated cup market is estimated to exceed 37 billion USD, with North America being a major demand region [33]. - The domestic insulated cup market is projected to surpass 400 billion yuan, indicating substantial growth potential compared to mature markets like Japan and the USA [37][40]. Competitive Advantages - Hars maintains a leading position in R&D and production capabilities, with a focus on digital transformation and smart manufacturing [3][55]. - The company has a solid foundation of long-term partnerships with major international clients, which supports its market expansion [54][65]. Financial Performance and Forecast - The company’s revenue is expected to grow from 24.07 billion yuan in 2023 to 33.32 billion yuan in 2024, with a net profit forecast of 250 million yuan in 2023, declining to 141 million yuan in 2025 due to transitional production impacts [5][22]. - The projected EPS for 2025 is 0.30 yuan, with a PE ratio of 27, indicating a reasonable valuation range of 8.77 to 9.94 yuan per share [4][6].