浙江嘉益保温科技股份有限公司 | 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-038 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 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： （一）回购方案的主要内容 1、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》《上市公司股份回购规则》《深圳证券交易所创业板股票上市规则》 及《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等法律、法规 及规范性文件的相关要求，浙江嘉益保温科技股份有限公司（以下简称"公司" 或"本公司"）拟通过集中竞价交易方式回购公司部分股份（以下简称"本次回购" 或"回购股份"），回购的股份将用于未来实施股权激励计划。 2、回购股份的种类：已发行的无限售条件的人民币普通股（A 股）股票。 3、回购股份的用途：拟用于股权激励。公司目前尚未明确股权激励计划方 案，未来将在适宜时机严格按照法律法规以及《公司章程》等的有关规定，遵循 公平、公正的市场原则 ...

上 海 兰 迪 律 师 事 务 所 关于浙江嘉益保温科技股份有限公司 中国上海市虹口区东大名路 1089 号北外滩来福士广场东塔 16 楼（200082） 16th Floor, East Tower, Raffles City, No.1089, Dongdaming Road, Hongkou District, 200082, Shanghai, China Tel: 8621-66529952 Fax: 8621-66522252 www.landinglawyer.com 上海兰迪律师事务所 关于浙江嘉益保温科技股份有限公司 2025 年第一次临时股东大会的 法 律 意 见 书 2025 年第一次临时股东大会的法律意见书 致：浙江嘉益保温科技股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）、《上市公司股东会规则》（以下 简称"《股东会规则》"）等法律、法规和其他有关规范性文件和《浙江嘉益保 温科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，上海兰 迪律师事务所（以下简称"本所"）接受浙江嘉益保温科技股份有限公司（ ...

上市公司目前进入分红实施季。证券时报·数据宝统计，以股权登记日为基准，今日6家公司分配方案将 要实施。 统计显示，2024年度推出分配方案的公司合计有3669家。在监管层大力提倡现金分红的背景下，上市公 司现金分红更加积极，2024年度分配方案中含有现金分红的有3664家，累计派现金额1.64万亿元。2024 年度分配方案中含送转股的有346家。 | 证券代码 | 证券简称 | 每10股派现（元） | 每10股送转（股） | 最新收盘价（元） | 近5日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 301004 | 嘉益股份 | 30.000 | 4.000 | 101.53 | 5.18 | | 002600 | 领益智造 | 0.200 | - | 7.98 | 2.57 | | 603682 | 锦和商管 | 2.200 | - | 5.51 | -1.43 | | 300969 | 恒帅股份 | 4.000 | 4.000 | 77.65 | -1.48 | | 300693 | 盛弘股份 | 5.000 | - | 29.69 | -2.08 | ...

Group 1 - The company reported Q1 2025 revenue of 720 million yuan, a year-on-year increase of 66.5%, and a net profit attributable to shareholders of 152 million yuan, up 41.3% year-on-year [1] - The company is expected to see revenue growth driven by the expansion of core customers in non-US regions and accelerated growth of new customers, despite weaker profit growth due to increased share-based payment and convertible bond expenses [1] - The customer structure is being optimized with new customers ramping up production, and the company anticipates continued high order growth in Q2 2025, although shipment pace may be slightly disrupted [1] Group 2 - The company has a strong global presence, with over 96% of US insulated cup imports coming from China from 2016 to 2023, indicating a high dependency of the US supply chain on China [2] - The company’s gross margin for Q1 2025 was 33.9%, down 4.8 percentage points year-on-year, while the net profit margin was 21.1%, down 3.8 percentage points year-on-year [2] - Operating cash flow for Q1 2025 was 179 million yuan, an increase of 88 million yuan year-on-year, indicating strong cash flow and operational capability [3] Group 3 - The company is projected to achieve net profits of 850 million yuan, 1.03 billion yuan, and 1.25 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 12.4X, 10.3X, and 8.5X [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the sustained high demand for thermal cups, with new customers supporting revenue growth. The company achieved a revenue of 720 million yuan in Q1 2025, representing a year-on-year increase of 66.5%, and a net profit of 152 million yuan, up 41.3% year-on-year [7][6] - The report emphasizes the global expansion strategy and the successful development of high-potential new customers, particularly Owala, which is expected to become a significant growth driver [7] - The overall tariff risk is manageable, and the company is accelerating the construction of its Vietnam base to diversify its supply chain and enhance market share [7] Financial Data and Profit Forecast - The company reported total revenue of 3,749 million yuan for 2025, with a year-on-year growth rate of 32.2%. The net profit is projected to be 912 million yuan, reflecting a growth rate of 24.5% [6] - The gross margin for Q1 2025 was 33.9%, down 4.81 percentage points year-on-year, but is expected to improve as new customer orders ramp up [7] - The report forecasts earnings per share of 8.78 yuan for 2025, with a projected price-to-earnings ratio of 12 [6][7]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company reported a revenue of 720 million yuan in Q1 2025, representing a year-on-year increase of 66.5%, and a net profit attributable to the parent company of 152 million yuan, up 41.3% year-on-year [1][2] - The growth in revenue is driven by the expansion of core customers in non-US regions and the acceleration of new customer acquisition [1][2] - The company is expected to maintain high order growth in Q2, despite potential disruptions in shipment rhythm [2] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 33.9%, down 4.8 percentage points year-on-year, and the net profit margin was 21.1%, down 3.8 percentage points year-on-year [3] - The company’s operating cash flow for Q1 2025 was 179 million yuan, an increase of 88 million yuan year-on-year [3] - The company forecasts net profits attributable to the parent company of 850 million yuan, 1.03 billion yuan, and 1.25 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 12.4X, 10.3X, and 8.5X [3] Customer and Market Dynamics - The company is optimizing its customer structure, with core customers leveraging their financial and marketing advantages for global expansion [2] - The company’s supply chain efficiency is noted to be superior to its peers, which may enhance its manufacturing advantages in the face of potential tariff increases [2] Production and Capacity - The company’s production and sales volume exceeded 60 million units in 2024, with a new project in Vietnam expected to improve profitability as capacity utilization increases [2]

公司报告 | 季报点评 嘉益股份（301004） 证券研究报告 下游景气及供应链稀缺性延续 公司发布一季报 25Q1 公司营收 7.2 亿同增 67%，归母净利 1.5 亿，同增 41%，扣非后归母 1.5 亿，同增 34%。营收增长系公司海外销售订单增加，销售收入增加所致。 25Q1 公司毛利率 34%，净利率 21%。 当前公司生产经营情况一切正常，生产订单有序发货，近期国际市场的关 税政策变动情况未对公司经营情况造成重大不利影响。 2025 年越南生产基地将快速完成完整产能布局 在当前关税政策的影响下，对于美国订单覆盖情况将基于客户对于海外产 能布局需求而决定。同时公司主要客户的全球市场在快速拓展，终端市场 反馈良好，因此 2025 年越南生产基地产能的覆盖比例将结合前述两个趋势 综合判断。公司已就对美市场的相关风险进行前瞻性规划，并在海外产能 布局方面开展了具体部署。 越南生产基地爬坡较为顺利，同时基于当前贸易关系、关税政策的影响下， 公司将进一步推进越南生产基地产能的布局。在生产经营方面，公司始终 将本土化作为提升运营效率和成本管控的重要方向，公司当前正在努力推 进供应链本土化的进展。 越南生产基地 ...

Investment Rating - The report indicates a positive outlook for the home furnishing sector, driven by domestic consumption stimulus and the gradual recovery of retail channels [1]. Core Insights - The report highlights that the domestic consumption stimulus is beginning to show effects, with a notable recovery in retail channels, while export conditions are experiencing marginal declines [1][3]. - The performance of leading companies in the home furnishing sector is improving, particularly in the context of national subsidies and strategic adjustments [1][3]. Summary by Sections 1. Home Furnishing - Domestic sales show signs of recovery with a year-on-year revenue change of -12.44% in Q4 2024 and +1.75% in Q1 2025, while net profit for the same periods changed from -54.11% to +7.07% [13]. - Export performance for the furniture sector saw a cumulative year-on-year increase of +5.8% for 2024 but a decline of -8.0% in Q1 2025, indicating a downward trend in export conditions [13]. - The report anticipates that the domestic market will continue to recover in the short term due to national subsidy policies, while the export market may face ongoing pressures [13]. 1.1 Domestic - Custom Home Furnishing - Retail channels are showing marginal improvements, while bulk channels remain under pressure, with leading companies like Oppein and Sophia experiencing reduced revenue declines in Q1 2025 compared to previous quarters [20]. - The profitability of leading companies is improving, with a focus on cost control and product development, while second and third-tier brands may struggle to maintain performance [26]. - Prepayment and cash flow indicators show improvements for some leading companies, suggesting a gradual recovery in demand [38]. 1.2 Domestic - Soft Home Furnishing - The soft home furnishing sector is under pressure due to real estate downturns and changing consumer spending patterns, but companies like Kuka and Mengbaihe are showing signs of recovery [39]. - Profit margins are improving in Q1 2025 compared to 2024, with notable changes in gross and net profit margins across leading companies [44]. - Prepayment figures for soft home furnishing companies are showing positive growth, indicating a recovery in domestic demand [46]. 1.3 Export Home Furnishing - The overall export climate is declining, with a significant drop in cumulative export value in Q1 2025, reflecting challenges in the international market [51][53]. - Despite the overall decline, leading companies are still managing to perform well, showcasing resilience and strategic advantages [51].

Financial Overview - The company reported significant revenue and net profit growth in Q1 2025, with total revenue reaching 720 million yuan, a year-on-year increase of 66.52% [9] - The net profit attributable to shareholders was 152 million yuan, reflecting a year-on-year growth of 41.26% [9] - The net profit after deducting non-recurring gains and losses was 146 million yuan, up 34.15% year-on-year [9] Profit Margin Analysis - Despite the substantial growth in revenue and net profit, the company's profit margins have declined, with a gross margin of 33.89%, down 12.42% year-on-year [9] - The net profit margin was reported at 21.1%, a decrease of 15.17% compared to the previous year [9] Expense and Cash Flow Management - Total operating expenses (including sales, management, and financial expenses) amounted to 38.65 million yuan, accounting for 5.37% of revenue, which is an increase of 28.61% year-on-year [9] - The company demonstrated strong cash flow management, with operating cash flow per share at 1.72 yuan, a significant increase of 95.76% year-on-year [9] - Cash and cash equivalents reached 836 million yuan, reflecting a year-on-year growth of 28.31% [9] Assets and Liabilities - Accounts receivable surged to 329 million yuan, marking a year-on-year increase of 103.81%, indicating expanded sales but also potential bad debt risks [6][9] - Interest-bearing liabilities increased dramatically to 368 million yuan, a staggering growth of 516.90%, which raises concerns about the company's financial structure [6][9] Key Financial Indicators - The company's equity per share rose to 19.8 yuan, a year-on-year increase of 44.26% [9] - Earnings per share were reported at 1.48 yuan, reflecting a growth of 39.62% year-on-year [9]

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。 关于回购股份事项股东大会股权登记日前十名股东 和前十名无限售条件股东持股情况的公告 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召 开第三届董事会第十四次会议，审议通过了《关于以集中竞价交易方式回购公司 部分股份方案的议案》。具体内容详见公司于 2025 年 4 月 16 日在巨潮资讯网 （www.cninfo.com.cn）披露的《第三届董事会第十四次会议决议公告》（公告编 号：2025-025）和《关于以集中竞价交易方式回购公司部分股份方案的公告》（公 告编号：2025-026）。公司将于 2025 年 5 月 6 日召开 2025 年第一次临时股东大 会审议该事项，股东大会的股权登记日为 2025 年 4 月 28 日。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，现将 2025 年第一次临时股东大会股权登记日 （即 2025 年 4 月 28 日）登记在册的前十名股东和前十名无限售条件股东的名称、 持股数量和持股 ...