证券代码：002615 证券简称：哈尔斯 公告编号：2025-045 浙江哈尔斯真空器皿股份有限公司 关于参加 2025 年浙江辖区上市公司投资者 网上集体接待日暨 2024 年度业绩说明会的公告 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。 为进一步加强与投资者的互动交流，浙江哈尔斯真空器皿股份有限公司（以 下简称"公司"）将参加由浙江证监局指导，浙江上市公司协会主办，深圳市全景 网络有限公司承办的"2025年浙江辖区上市公司投资者网上集体接待日暨2024 年度业绩说明会"，现将相关事项公告如下: 一、说明会类型 本次业绩说明会将采用网络远程的方式举行，公司将针对2024年度的经营情 况及未来发展规划与投资者进行互动交流和沟通，在信息披露允许的范围内就投 资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1、会议召开时间：2025年5月13日（星期二）下午15:00-17:00 公司董事长吕强先生、总裁兼董事吴子富先生、首席财务官兼董事吴汝来先 生、董事会秘书邵巧蓉女士、独立董事文宗瑜先生（如有特殊情况，参会人员可 能进行调整）。 四、投资者参加方 ...

证券研究报告 轻工行业24A&25Q1业绩综述： 新消费表现亮眼，补贴链刺激效果初显 分析师：赵中平 执业编号：S1130524050003 分析师：张杨桓 执业编号：S1130522090001 分析师：尹新悦 执业编号：S1130522080004 2025年5月4日 目录 3 1 家居：内销国补刺激效果初显，出口景气度边际有所下行 ➢ 业绩综述 -30% -20% -10% 0% 10% 20% 30% 40% 营收同比增长率(%) 归母净利润同比增长率(%) 01 家居：内销国补刺激效果初显，出口景气度边际有所下行 03 轻工消费宠物潮玩：新消费国货品牌靓丽，多点开花 04 02 造纸：短期盈利压力仍在，资本开支趋缓，优选细分赛道 两轮车：以旧换新助推Q1高景气，产品升级、出海是长期 成长抓手 05 风险提示 01 家居：内销国补刺激效果初显， 出口景气度边际有所下行 图表1：内销家居板块历年营收与净利润同比增长率 图表2：内销家居板块单季度营收与净利润同比增长率 -60% -40% -20% 0% 20% 40% 营收同比增长率(%) 归母净利润同比增长率(%) -20% 0% 20% 40% 60 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the recovery of retail channels [1]. Core Insights - The domestic home furnishing sector shows signs of recovery due to national subsidies, while export performance is experiencing marginal decline [4][6]. - The report highlights the performance of leading companies in the sector, which are expected to maintain better profitability due to strategic advantages and effective cost management [26]. Summary by Sections 1. Home Furnishing - Domestic sales in Q1 2025 showed a year-on-year revenue growth of +1.75%, while net profit increased by +7.07% compared to the previous year [13]. - Export figures for the home furnishing sector in Q1 2025 showed a decline of -8.0% year-on-year, indicating a downward trend in overall export sentiment [13]. - The report anticipates that the domestic market will gradually recover, supported by government subsidies and a stabilization in the real estate sector [13]. 1.1 Domestic Sales - Custom Home Furnishing - Retail channels are showing signs of improvement, while bulk channels remain under pressure [20]. - Leading companies are leveraging national subsidies to enhance retail demand, with pre-receipts showing improvement [38]. - Profitability among top-tier companies is improving, with effective cost control and product development strategies [26]. 1.2 Domestic Sales - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns, but improvements are noted in Q1 2025 for leading companies like Gujia and Mengbaihe [39]. - Gross margins for major players have shown slight improvements in Q1 2025, indicating a recovery trend [44]. - Pre-receipts for soft home furnishing companies have improved, reflecting a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export sentiment for home furnishings is declining, with a notable drop in export figures for Q1 2025 [51][53]. - Despite the challenges, high-quality enterprises are expected to maintain competitive advantages and better performance [51].

哈尔斯短线拉升涨停，成交量超13万手。 ...

证券代码：002615 证券简称：哈尔斯 公告编号：2025-044 浙江哈尔斯真空器皿股份有限公司 回购报告书 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。 重要内容提示： 1、浙江哈尔斯真空器皿股份有限公司（以下简称"公司"）拟使用自有资金 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。 2、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》。根据《深圳证券交易所上市公司自律监管指 引第9号——回购股份》（以下简称"《自律监管指引第9号》"）及《公司章程》 的相关规定，本次回购方案在公司董事会的审批权限范围内，无需提交公司股东 大会审议。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立 ...

浙江哈尔斯真空器皿股份有限公司 关于回购事项前十名股东和 前十名无限售条件股东持股情况的公告 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。 证券代码：002615 证券简称：哈尔斯 公告编号：2025-043 | 10 | 中国光大银行股份有限公司－招商成长 | 2,076,031 | 0.45 | | --- | --- | --- | --- | | | 量化选股股票型证券投资基金 | | | 注：公司回购专用证券账户持有公司股份 2,638,629 股，持有股份占公司总股本的比例 为 0.57% 。 二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量 （股） | 占公司无限售 条件股份的比 | | --- | --- | --- | --- | | | | | 例（%） | | 1 | 吕强 | 44,081,921 | 14.40 | | 2 | 浙江哈尔斯真空器皿股份有限公司－ | 7,560,000 | 2.47 | | | 2024 年员工持股计划 | | | | 3 | 吕懿 | 6,925,500 | 2.26 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [4]. Core Insights - The company has shown strong revenue and profit growth in 2024 and Q1 2025, driven by increased demand in the thermal container market and improved product penetration rates [1][2]. - The company has established strong customer loyalty, with the top five customers accounting for 69.82% of revenue in 2024, reflecting an increase of 8.1 percentage points year-on-year [2]. - The brand has begun to see positive results from its marketing efforts, with a focus on emotional value in product offerings, leading to a shift towards higher-end markets [3]. Financial Performance - In Q1 2025, the company reported revenue of 704 million yuan, a year-on-year increase of 22.5%, and a net profit of 41 million yuan, up 31.6% [1]. - For the full year 2024, the company achieved revenue of 3.332 billion yuan, representing a 38.4% increase, and a net profit of 287 million yuan, which is a 14.7% increase [1]. - The gross margin for 2024 was 28.0%, with a net profit margin of 8.6% [1]. Product Segmentation - In 2024, revenue from vacuum containers reached 2.977 billion yuan, a significant increase of 47.6%, while revenue from aluminum bottles and other products decreased by 16.6% [2]. - The company has successfully built a competitive edge through its manufacturing, R&D, and supply chain management capabilities, enhancing customer stickiness and expanding into new markets [2]. Market Strategy - The company is actively expanding its production capacity in Thailand, with the first phase already operational and the second phase under construction, which is expected to enhance supply chain security [2]. - The brand is leveraging its SIGG brand to penetrate the European market, achieving double-digit sales growth in 2024 through platforms like Amazon [3]. Earnings Forecast - The company is expected to benefit from the global market growth in the thermal cup industry, with projected net profits of 360 million yuan, 440 million yuan, and 540 million yuan for 2025, 2026, and 2027 respectively [4].

证券代码：002615 证券简称：哈尔斯 公告编号：2025-042 浙江哈尔斯真空器皿股份有限公司 关于取得金融机构股票回购专项贷款承诺函的公告 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、回购股份方案的基本情况 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《关于回购部分社会公众股份的方 案》。公司将使用不少于人民币 8,000 万元（含）且不超过人民币 16,000 万元（含） 的自有资金或自筹资金，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 份的价格不超过人民币 11.00 元/股（含）。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。具体回购股份的数量及其占公司总股本 的比例以实际回购完成时的回购股份数量及其占公司总股本的比例为准。内容详 见公司在巨潮资讯网（http://www.cninfo.com.cn）披露的《第六届董事会第十五 次会议决议公告》（公告编号：2 ...

Revenue and Profit - The company achieved total revenue of 704 million yuan in Q1 2025, representing a year-on-year increase of 22.5% [1] - The net profit attributable to shareholders reached 41.44 million yuan, up 31.64% year-on-year [1] - The net profit after deducting non-recurring items was 41.51 million yuan, reflecting a growth of 32.2% year-on-year, indicating improved profitability during the reporting period [1] Key Financial Indicators - The company's accounts receivable surged to 292 million yuan, with a year-on-year increase of 75.11%, leading to a ratio of accounts receivable to profit of 101.84%, which may impact future cash flow [3] - The operating cash flow per share was -0.1 yuan, a decline of 164.72% year-on-year, indicating significant cash outflow pressure from operating activities [3] - Gross margin stood at 28.66%, an increase of 4.51 percentage points compared to the same period last year, showing effective cost control [6] - Net margin improved to 5.89%, up 6.11 percentage points year-on-year, further confirming enhanced profitability [6] - The ratio of selling, general, and administrative expenses to revenue was 16.25%, an increase of 1.86 percentage points year-on-year, indicating higher expenditure in these areas [6] - Earnings per share rose to 0.09 yuan, a year-on-year increase of 35.11%, reflecting the company's ability to create value for shareholders [6] Business Model and Capital Structure - The company's performance is primarily driven by a marketing-oriented approach, necessitating an analysis of the sustainability of this growth model [4] - Interest-bearing debt amounted to 640 million yuan, a year-on-year increase of 4.71%, indicating a relatively stable overall debt level [4] Dividends and Financing - Since its listing, the company has raised a total of 410 million yuan and distributed dividends totaling 588 million yuan, resulting in a dividend-to-financing ratio of 1.43 and an estimated dividend yield of 4.48%, reflecting a proactive dividend policy [5]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company reported a revenue of 3.332 billion yuan for 2024, representing a year-on-year increase of 38.4%, with a net profit attributable to shareholders of 287 million yuan, up 14.7% year-on-year [1] - The company has diversified its customer base, with significant growth in overseas sales, which reached 2.9 billion yuan in 2024, a 46.8% increase year-on-year [2] - The company is experiencing steady improvement in profitability, with a gross margin of 28.7% and a net profit margin of 5.9% in Q1 2025, reflecting a year-on-year increase of 1.2 and 0.4 percentage points respectively [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 964 million yuan, a 37.5% increase year-on-year, but the net profit decreased by 36.4% to 62 million yuan [1] - For Q1 2025, the company reported a revenue of 704 million yuan, a 22.5% increase year-on-year, with a net profit of 41 million yuan, up 31.6% [1][3] - The company expects to see continued growth in net profit, forecasting 354 million yuan for 2025, 443 million yuan for 2026, and 530 million yuan for 2027 [3] Customer Structure and Sales Channels - The company has optimized its customer structure, with the top four customers contributing significantly to revenue growth, including one customer with a 150.6% increase in revenue [2] - Domestic sales remained stable at 431 million yuan in 2024, with a focus on e-commerce and moving towards mid-to-high-end market segments [2] Profitability and Cash Flow - The company's operating cash flow was temporarily under pressure, with a net cash flow of -48 million yuan in Q1 2025, down 1.23 billion yuan year-on-year [3] - The company plans to repurchase shares worth 80 to 160 million yuan, indicating confidence from core shareholders in the company's long-term development [3]