行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

智通财经APP获悉，国泰海通发布研报称，保温杯行业规模稳增，中国仍占主导供应链地位，越南、泰 国凭借更低的制造成本和更优的贸易条件，成为承接中低端产能转移的核心目的地。全球保温杯品牌进 入新一轮产品生命周期，供应链迎来新的重大增长机遇，推荐前瞻布局海外产能的全球供应链龙头嘉益 股份(301004.SZ)、哈尔斯(002615.SZ)。 国泰海通主要观点如下： 保温杯行业：规模稳增，中国仍占主导供应链地位，东南亚产能转移已启动 Owala爆火做对了什么：差异化产品设计与营销思路 1)产品端，以用户为中心的产品设计思路，满足消费者细分使用需求。区别于Stanley优先考虑耐用性与 大容量，Owala更侧重用户体验。Owala的成功源于三大关键产品设计创新，使其在竞争中脱颖而出， 具体包括双模式饮用、便携性与防漏结构的功能设计、丰富的色彩定制方案。 2)定价端：亲民定价带，打开用户触达面营销端：从零售端价格分布来看，Stanley与Owala明显处于不 同价格带。Stanley产品价格带集中在$42–46区间，占总收入的42%;Owala产品定位为可亲民的奢华产 品，其中39%的产品价格为$37，且总收入中有97% ...

Investment Rating - The report assigns an "Accumulate" rating for the durable consumer goods industry, specifically for the thermos cup sector [1]. Core Insights - The downstream brands are entering a new product lifecycle, which is expected to improve the outlook for the midstream supply chain [2]. - Emerging brands are experiencing significant sales growth, with Owala's online sales on Amazon in North America showing year-on-year increases of +147% in November 2025, +321% in December 2025, and +449% in January 2026, countering the sales decline of Stanley [3]. - The report recommends proactive investment in overseas bases and highlights the potential for profit flexibility in 2026 for companies like Jiayi Co. and Hars [3]. Summary by Sections Downstream Brand Performance - Owala's differentiated product upgrades and marketing strategies are expected to replicate Stanley's success, with a focus on community engagement and affordable pricing [3]. - The sales of Owala have been steadily increasing since the second half of 2024, driven by innovative product designs and targeted marketing [3]. Manufacturing and Cost Efficiency - Hars has reported smooth capacity ramp-up at its Thailand factory, with expectations that costs will align with domestic levels by the end of 2026 due to improved labor efficiency and economies of scale [3]. - Jiayi Co. is also seeing continuous profit improvement as its Vietnam factory ramps up production, with anticipated growth in market share for key clients like Stanley and Owala [3]. Financial Projections - Hars is projected to achieve revenue growth rates of 24%, 16%, and 17% from 2026 to 2028, with profit growth rates of 471%, 24%, and 17% respectively, corresponding to a current market PE of 11, 9, and 8 times [3]. - Jiayi Co. is actively expanding its customer base outside the U.S., with new orders expected to contribute to revenue growth, alongside cost reductions from operational efficiencies [3].

1月29日，嘉益股份跌0.14%，成交额2904.48万元。两融数据显示，当日嘉益股份获融资买入额410.32 万元，融资偿还386.67万元，融资净买入23.65万元。截至1月29日，嘉益股份融资融券余额合计6913.33 万元。 截至9月30日，嘉益股份股东户数8183.00，较上期增加10.49%；人均流通股16549股，较上期减少 8.88%。2025年1月-9月，嘉益股份实现营业收入18.29亿元，同比减少7.85%；归母净利润3.68亿元，同 比减少30.79%。 分红方面，嘉益股份A股上市后累计派现8.18亿元。近三年，累计派现7.68亿元。 融券方面，嘉益股份1月29日融券偿还200.00股，融券卖出300.00股，按当日收盘价计算，卖出金额1.45 万元；融券余量1.92万股，融券余额92.49万元，超过近一年90%分位水平，处于高位。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，浙江嘉益保温科技股份有 ...

Core Viewpoint - The company announced that two executives, Gu Daihua and Hu Linghui, have reduced their shareholdings through centralized bidding transactions, with Gu reducing 85,000 shares and Hu reducing 52,500 shares. This reduction is within their planned limits and has been completed without affecting the company's control or governance structure [1]. Summary by Categories Shareholding Changes - Gu Daihua, the company's director and deputy general manager, has cumulatively reduced his shareholding by 85,000 shares through centralized bidding transactions [1]. - Hu Linghui, the company's director and financial director, has cumulatively reduced her shareholding by 52,500 shares through centralized bidding transactions [1]. Impact on Company - The shareholding reductions by both executives are within their planned limits and have been fully implemented [1]. - The reductions have not resulted in any change in the company's control or significantly impacted its governance structure or ongoing operations [1].

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 关于部分董事兼高级管理人员减持计划实施完成的公告 公司董事兼高级管理人员顾代华、胡灵慧保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 12 月 9 日披 露了《关于部分董事兼高级管理人员减持股份的预披露公告》（公告编号： 2025-092）。公司董事兼副总经理顾代华先生拟通过集中竞价交易或大宗交易等 方式减持公司股份不超过 85,050 股，即不超过公司总股本的 0.0583%；董事兼财 务总监胡灵慧女士拟通过集中竞价交易或大宗交易等方式减持公司股份不超过 52,500 股，即不超过公司总股本的 0.0360%。 公司于近日分别收到董事兼高级管理人员顾代华先生、胡灵慧女士出具的 《关于股份减持计划实施情况的告知函》，获悉顾代华先 ...

浙商证券股份有限公司 关于浙江嘉益保温科技股份有限公司 2025 年度持续督导培训情况报告 本次培训采用线上培训的方式进行，培训对象包括嘉益股份实际控制人、董 事、高级管理人员、部分中层以上管理人员等相关人员。 三、培训总结 浙商证券股份有限公司（以下简称"保荐机构"）作为浙江嘉益保温科技股 份有限公司（以下简称"嘉益股份"或"公司"）的持续督导保荐人，根据《深 圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的要求，对嘉益股 份相关人员进行了培训。 本次培训的具体情况如下： 一、培训时间和主要内容 2025 年 12 月 29 日，浙商证券通过线上培训的方式对公司实际控制人、董 事、高级管理人员、部分中层以上管理人员等相关人员进行了培训，主要培训内 容为信息披露法规解读、《上市公司治理准则》解读及后续落实与合规建议，并 列举了证券市场相关违规案例。 二、培训方式及对象 保荐代表人：_______________ _______________ 杨悦阳 蒋根宏 浙商证券股份有限公司 年 月 日 本次培训得到了嘉益股份的积极配合，全体参与培训人员进行了认真深入学 习。通过培训，嘉益股份的相关人员对上市 ...

2025 年度持续督导定期现场检查报告 | 保荐人名称：浙商证券股份有限公司 被保荐公司简称：嘉益股份 | | | | | --- | --- | --- | --- | | 保荐代表人姓名：杨悦阳 | 联系电话：0571-87901073 | | | | 保荐代表人姓名：蒋根宏 联系电话：0571-87901073 | | | | | 现场检查人员姓名：杨悦阳、谭迪 | | | | | 现场检查对应期间：2025年度 | | | | | 现场检查时间：2025年12月12日、2025年12月26日 | | | | | （一）公司治理 是 不适用 | | | 否 | | 现场检查手段：向公司相关部门人员了解公司基本制度的执行情况；查阅公司章程和公司治理制度 | | | | | ；查阅公司股东大会、董事会相关会议文件；察看公司的主要生产、管理场所；对有关文件及其他 | | | | | 资料或者客观状况进行查阅、复制、记录等。 | | | | | 1.公司章程和公司治理制度是否完备、合规 | | √ | | | 2.公司章程和股东会、董事会规则是否得到有效执行 | | √ | | | 3.股东会、董事会会议记录是 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 关于 2025 年第四季度可转换公司债券转股情况的公告 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。 特别提示： 1、"嘉益转债"（债券代码：123250）转股期限为 2025 年 5 月 13 日至 2030 年 11 月 6 日，最新有效的转股价格为 79.66 元/股。 2、2025 年第四季度，共有 50 张"嘉益转债"完成转股（票面金额共计 5,000 元人民币），合计转为 60 股"嘉益股份"股票（股票代码：301004）。 3、截至 2025 年第四季度末，"嘉益转债"剩余 3,955,165 张，剩余票面总 金额为 395,516,500 元人民币。 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易所上市公司 自律监管指引第 15 号——可转换公司债券》的有关规定，浙江嘉益保温科技股 份有限公司（以下简称"公司"）现将 ...

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend safety margin assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend safety margin assets in the packaging and home furnishing sectors, benefiting from the appreciation of the RMB and the expected decrease in paper procurement costs [2][4]. - It identifies key companies in the packaging sector such as Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen, as well as home furnishing leaders like Kuka Home, Mousse, Oppein, and Sophia [2][4]. - The paper industry is expected to benefit from rising wood pulp prices and seasonal demand, with companies like Sun Paper, Nine Dragons Paper, and Bohui Paper being highlighted for their potential [2][4]. - The report also discusses the export sector, noting the impact of RMB appreciation and the importance of supply chain and brand expansion for companies like Jiangxin Home, Yongyi Co., Jiayi Co., and Zhongxin Co. [2][4]. Summary by Sections Packaging Sector - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas markets [5][6]. - Yongxin Co. is noted for its stable high dividend policy and strong performance in soft packaging and film business, with a dividend rate of 84% to 81% from 2020 to 2024 [5]. - Yutong Technology has expanded its global supply chain, enhancing its operational efficiency and increasing its dividend rate to 70% by 2025 [6]. - Huawang Technology is positioned well in the decorative paper market, with expectations of improved profitability due to limited new supply and rising demand [7]. - Meiyingsen is recognized for its strategic overseas expansion and high dividend yield, with a focus on emerging markets [8]. Home Furnishing Sector - The home furnishing industry is experiencing accelerated consolidation, with a positive outlook driven by supportive real estate policies and improving consumer confidence [9][10]. - Companies like Kuka Home and Sophia are expected to benefit from the increasing demand for home renovation and the implementation of "old-for-new" policies [10][23]. - The report highlights the importance of retail capabilities and supply chain improvements for companies to enhance their market share and profitability [23][24]. Paper Industry - The paper industry is anticipated to see a recovery in demand and pricing, supported by strong control over production by overseas pulp mills [11][13]. - Companies such as Sun Paper and Nine Dragons Paper are expected to benefit from the stabilization of pulp prices and improved supply-demand dynamics [11][13]. - The report notes that the industry has been at a low point for several years, but a mid-term recovery is expected as demand gradually increases [11][13]. Export Sector - The export sector is influenced by the global economic environment, with a focus on companies that are expanding their international presence and brand recognition [14][15]. - Jiangxin Home is noted for its innovative product offerings and strong growth in customer numbers, while Yongyi Co. is positioned to capitalize on the growing demand for ergonomic chairs [15][16]. - Jiayi Co. is recognized for its strategic expansion in the insulated cup market, while Zhongxin Co. is highlighted for its growth potential in the pulp molding sector [16][17]. Pet Products Sector - The pet products sector is experiencing robust growth, with companies like Yiyi Co. and Yuanfei Pet benefiting from strong export performance and brand development [18]. - Yiyi Co. is expected to see significant revenue growth due to its acquisition strategy and strong sales performance [18]. - Yuanfei Pet is noted for its rapid growth in the domestic market and expansion of its product offerings [18]. Light Industry Sector - The report emphasizes the importance of monitoring changes in the light industry, with companies like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements [19][20]. - Anfu Technology is expected to enhance its profitability through increased ownership in Nanfeng Battery and expansion into new business areas [19]. - Jianlin Home is transitioning towards smart robotics, leveraging its existing technology and market position [20].