Group 1 - The stock price of Jia Yi Co., Ltd. closed at 69.70 yuan on July 31, down 2.91% from the previous trading day [1] - The trading volume on that day was 9,819 hands, with a transaction amount of 0.69 hundred million yuan [1] - Jia Yi Co., Ltd. operates in the household light industry sector, focusing on the research, production, and sales of stainless steel thermal containers [1] Group 2 - The company aims to provide high-quality thermal products to global consumers and aspires to become a leading manufacturer of thermal cups worldwide [1] - On July 31, the net outflow of main funds for Jia Yi Co., Ltd. was 5.5092 million yuan [1]

Core Viewpoint - The company aims to become a global leader in the insulated cup manufacturing industry by focusing on high-quality insulated products for consumers [1] Group 1 - The company specializes in stainless steel insulated containers and is committed to enhancing product quality and service capabilities [1] - The long-term goal is to build market recognition and trust within the industry [1]

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Group 1: Core Insights - The report highlights the rise of emotional consumption in the IP derivative products sector, driven by the increasing willingness to pay for emotional value and the rapid spread of modern media [7][26][32] - The new tobacco trend is gaining momentum, with companies like Philip Morris International leading the transition towards a "smokeless future," indicating a global shift in the tobacco industry [8] - Innovations in supply and channel transformations are providing new opportunities for domestic brands in the personal care sector, with companies like Baiya and Dengkang leveraging differentiated products to enhance brand growth [9] Group 2: Industry Summaries - The home furnishing sector is expected to maintain a weak but stable state, with a focus on high-dividend investments in leading companies as supply gradually exits the market [10] - The paper industry is anticipated to see a gradual balance between supply and demand, with a potential recovery in the cycle as new supply pressures ease [11] - In the packaging industry, high-dividend stocks like Yutong Technology and Yongxin Co. are favored, with expectations of improved profitability in the metal packaging sector due to industry consolidation [12] Group 3: Electric Two-Wheelers and Exports - The electric two-wheeler market is projected to experience significant short-term growth, with companies like Yadi Holdings expected to see a net profit increase of over 55% in the first half of 2025 [13] - Despite uncertainties in tariff policies, there are opportunities for growth in the export sector, particularly for labor-intensive light industrial products that are unlikely to return to the U.S. market [14]

Group 1 - The core point of the announcement is the update on the conversion of the company's convertible bonds and the changes in total share capital [1][2][3] - The company issued 3,979,384 convertible bonds with a total value of 39,793.84 million RMB, with a maturity of 6 years from the issuance date [1][2] - The initial conversion price of the bonds was adjusted from 116.05 RMB/share to 80.75 RMB/share due to a dividend distribution [3][4] Group 2 - As of the end of the second quarter of 2025, there were 3,955,283 convertible bonds remaining, with a total face value of 395,528,300 RMB [3][4] - The total share capital increased to 145,446,857 shares, with changes attributed to the implementation of the 2024 annual equity distribution and the lifting of restrictions on stock options [4] - The company’s shareholding structure includes various categories such as restricted shares, executive locked shares, and incentive restricted shares, with specific numbers and percentages detailed in the announcement [4]

| 证券代码：301004 | 证券简称：嘉益股份 公告编号：2025-045 | | --- | --- | | 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 一、可转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意浙江嘉益保温科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可[2023]2740 号）同意注册， 公司向不特定对象发行了可转债 3,979,384 张，每张面值为人民币 100 元，发行 总额 39,793.84 万元，期限为发行之日起 6 年。 （二）可转债上市情况 关于 2025 年第二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 80.75 元/股。 2、2025 年第二季度，共有 24,101 张"嘉益转债"完成转股（票面金额共计 2,410,100 元人民币），合计转为 2 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-044 | | --- | --- | --- | | 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 关于回购公司股份的进展公告 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。 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，于 2025 年 5 月 6 日召开 2025 年第一次临时 股东大会，分别审议通过了《关于以集中竞价交易方式回购公司部分股份方案的 议案》等相关议案，公司拟使用不低于人民币 8,000 万元（含），不超过人民币 16,000 万元（含）以集中竞价交易方式回购公司已发行的无限售条件的人民币普 通股（A 股）股票，回购价格不超过人民币 139.86 元/股。回购股份的实施期限 为自股东大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以 回购实施完成/回购期满时实际回购的股份数量为准。具体内容详见公司于 2025 年 4 月 16 日和 2025 ...

证券代码：301004 证券简称：嘉益股份 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 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （浙江省杭州市五星路 201 号） 二〇二五年六月 重要声明 本报告依据《可转换公司债券管理办法》《浙江嘉益保温科技股份有限公司 向不特定对象发行可转换公司债券之受托管理协议》（以下简称"受托管理协 议"）《浙江嘉益保温科技股份有限公司向不特定对象发行可转换公司债券募集 说明书》（以下简称"募集说明书"）《浙江嘉益保温科技股份有限公司 2024 年 年度报告》等相关公开信息披露文件、第三方中介机构出具的专业意见等，由债 券受托管理人浙商证券股份有限公司（以下简称"浙商证券" "受托管理人"） 编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告 作为投资行为依据。 1 | | | | 重要声明 | 1 | | --- | --- | | 第一节 ...

2024 年浙江嘉益保温科技股份有 限公司向不特定对象发行可转换 公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【375】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-043 | | --- | --- | --- | | 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 一、回购公司股份的进展情况 关于回购公司股份的进展公告 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。 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，于 2025 年 5 月 6 日召开 2025 年第一次临时股 东大会，分别审议通过了《关于以集中竞价交易方式回购公司部分股份方案的议 案》等相关议案，公司拟使用不低于人民币 8,000 万元（含），不超过人民币 16,000 万元（含）以集中竞价交易方式回购公司已发行的无限售条件的人民币普通股（A 股）股票，回购价格不超过人民币 139.86 元/股。回购股份的实施期限为自股东 大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以回购实施 完成/回购期满时实际回购的股份数量为准。具体内容详见公司于 2025 年 4 ...