| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-042 | | --- | --- | --- | | 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 2024 年年度权益分派实施后 调整回购股份价格上限的公告 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、调整前回购股份价格上限：不超过人民币 139.86 元/股。 公司于 2025 年 4 月 25 日披露了《2024 年年度权益分派实施公告》（公告 编号：2025-032），确定本次权益分派股权登记日为 2025 年 5 月 6 日，除权除 息日为 2025 年 5 月 7 日，截至本公告披露日，公司 2024 年年度权益分派已实施 完毕。 2、调整后回购股份价格上限：不超过人民币 97.76 元/股。 3、回购股份价格上限调整生效日期：2025 年 5 月 7 日（权益分派除权除息 日）。 一、回购方案概述 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 ...

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

Core Viewpoint - The announcement details the completion of share reduction plans by directors Zhu Zhongping and Ma Jing of Zhejiang Jiayi Thermal Insulation Technology Co., Ltd, indicating a total reduction of 157,500 shares, which is within their planned limits [1][2][4]. Shareholder Reduction Situation - Director Zhu Zhongping reduced his shares by 122,500 at an average price of 75.58 yuan per share, representing 0.0842% of the total share capital [2][3]. - Director Ma Jing reduced his shares by 35,000, which accounts for 0.0241% of the total share capital [2][3]. - Following the reduction, Zhu Zhongping holds 367,500 shares, maintaining a 0.2527% stake, while Ma Jing holds 105,000 shares, representing 0.0722% of the total share capital [3]. Compliance and Impact - The share reduction plan complies with relevant laws and regulations, ensuring no violation of prior commitments [3][4]. - The implementation of the reduction plan will not lead to a change in the company's control or significantly impact its governance structure or ongoing operations [3][4].

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-041 | | --- | --- | --- | | 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 关于实际控制人之一致行动人、董事股份 减持计划实施完成的公告 公司董事朱中萍、马靖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 2 月 5 日披 露了《关于实际控制人之一致行动人、董事减持股份的预披露公告》（公告编号： 2025-003）。公司董事、总经理暨实际控制人之一致行动人朱中萍先生拟通过集 中竞价交易或大宗交易等方式减持公司股份不超过 87,500 股，即不超过公司总 股本的 0.0842%；董事马靖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 25,000 股，即不超过公司总股本的 0.0241%。公司于 2025 年 5 月 7 日实施完成 2024 年年度权益分派，以资本公积金向全体股东每 10 股 ...

Summary of Key Points Core Viewpoint - The company announced that two directors, Zhu Zhongping and Ma Jing, have reduced their shareholdings in the company through centralized bidding transactions, which complies with relevant laws and regulations and does not lead to a change in control of the company [1] Shareholding Reduction Details - Director Zhu Zhongping has cumulatively reduced his shareholding by 122,500 shares, accounting for 0.0842% of the total share capital [1] - Director Ma Jing has cumulatively reduced his shareholding by 35,000 shares, accounting for 0.0240% of the total share capital [1]

Investment Rating - The report indicates a positive outlook for the light industry, particularly in personal care and jewelry sectors, with several companies exceeding expectations in Q1 2025 [3][5][6]. Core Insights - The light industry shows a steady performance, with essential consumer goods outperforming overall trends. Companies like Baiya Co., Haoyue Care, and Chaohongji have reported better-than-expected results in Q1 2025 [3][5][6]. - The two-wheeler and motorcycle sectors are experiencing unexpected growth driven by new national standards and government subsidies, with companies like Ninebot and Chunfeng Power also exceeding expectations in Q1 2025 [3][5][12]. - Export demand remains strong, with product structure improvements and favorable exchange rates supporting profitability for companies like Jiangxin Home and Jiayi Co. in Q1 2025 [3][5][20]. - The home furnishing sector is benefiting from government subsidies, leading to a reduction in revenue decline, with leading companies like Kuka Home and Oppein showing slightly better-than-expected performance in Q1 2025 [3][5][20]. - The packaging industry maintains a stable structure, with leading companies increasing their market share, while metal packaging profitability is slightly under pressure [3][5][20]. - The paper industry has seen a continued decline in profitability in H2 2024, but Q1 2025 shows signs of recovery, with companies like Sun Paper benefiting from integrated supply chain advantages [3][5][20]. Summary by Sections Light Industry - Revenue recovery is evident in Q1 2025, with essential consumer goods showing stronger growth compared to optional and mass consumer goods. The revenue growth rates for essential consumer goods were 20.4% in Q1 2025, while mass consumer goods showed a decline of 0.9% [6][7][10]. - Profitability remains weaker than revenue growth, with net profits for essential consumer goods declining by 49.8% in Q3 2024, but showing a slight recovery of 1.5% in Q1 2025 [7][11]. Two-Wheeler & Motorcycle - The domestic two-wheeler market is benefiting from a transition to new national standards, with revenue growth rates of 50.9% in Q1 2025. Profit margins are improving due to product upgrades and reduced price competition [12][13][14]. - Export performance for motorcycles is also strong, with revenue growth of 32.2% in Q1 2025, driven by seasonal demand and product upgrades [14][19]. Exports - Export demand continues to be robust, with key categories like fitness equipment and insulated cups showing double-digit growth. Companies like Jiayi Co. and Hars have reported significant revenue increases of 67% and 22% respectively in Q1 2025 [20][23]. - The exchange rate has positively impacted export performance, with the USD/CNY exchange rate showing a slight depreciation, benefiting exporters [20][23]. Home Furnishing - The home furnishing sector is experiencing a narrowing of revenue decline due to government subsidies, with leading companies like Kuka Home and Oppein showing slight improvements in Q1 2025 [20][23]. Packaging - The packaging industry remains stable, with leading companies increasing their market share. However, profitability in metal packaging is facing slight pressure due to competitive pricing [20][23]. Paper Industry - The paper industry has faced declining profitability, but Q1 2025 shows signs of recovery, with companies like Sun Paper reporting improved performance due to supply chain advantages [20][23].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a total revenue of 720 million and a net profit attributable to the parent company of 152 million in Q1 2025, representing year-on-year growth of 67% and 41% respectively [3][4]. - The growth in revenue is driven by both new and existing customers, with significant contributions from the company's largest customer, PMI, which reported a revenue of 2.472 billion in 2024, up 64% year-on-year [4]. - The company's production capacity in Vietnam is ramping up, and new facilities are under construction, which is expected to further support revenue growth [3][4]. - The company is focusing on high-margin insulated cup products, and the global sales trend of its customers, along with the company's global production layout, is expected to mitigate the impact of additional tariffs [3][4]. Summary by Sections Revenue Performance - In Q1 2025, the company experienced a significant increase in revenue, with contributions from both new and existing customers [4]. - The first major customer, PMI, is expected to continue its high growth trend into Q1 2025 [4]. Profitability Analysis - The gross margin improved quarter-on-quarter, with the Vietnam base's capacity utilization increasing [5]. - The Q1 2025 gross margin decreased by 4.8 percentage points year-on-year to 33.9%, primarily due to the ramp-up of the Vietnam and domestic new factories [5]. - The company incurred expenses related to convertible bond interest and equity incentive costs, which partially affected profit performance [5]. Strategic Initiatives - The company is actively expanding its production capabilities in Vietnam to enhance product origin diversification and strengthen supply chain collaboration with overseas customers [10]. - A recent share buyback plan was announced, reflecting the company's confidence in long-term growth [10]. - The company is increasing its R&D investment, with a 37.85% year-on-year increase in 2024, focusing on innovative product development [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In Q1 2025, the company achieved total revenue of 720 million yuan, net profit attributable to shareholders of 152 million yuan, and net profit excluding non-recurring items of 146 million yuan, representing year-on-year growth of 67%, 41%, and 34% respectively. The growth is driven by an increase in both new and existing customers, alongside the ramp-up of production capacity in Vietnam and the upcoming establishment of new bases [2][6]. - The company’s main product, insulated cups, has a high markup to end customers, and the global sales trend of customers, along with the company's global production layout, is expected to mitigate the impact of additional tariffs [2][7]. Revenue Analysis - The revenue in Q1 2025 showed significant growth, with contributions from both new and existing customers. The largest customer, PMI, generated revenue of 2.472 billion yuan in 2024, reflecting a 64% year-on-year increase, and this growth trend is expected to continue into Q1 2025. Additionally, Stanley is expanding into non-North American markets, and new customer acquisitions are anticipated to contribute positively to revenue [7]. Profitability Analysis - The gross margin improved quarter-on-quarter in Q1 2025, with the Vietnam base ramping up production. The gross margin year-on-year decreased by 4.8 percentage points to 33.9%, primarily due to the ramp-up effects from Vietnam and new domestic factories. However, the quarter-on-quarter gross margin increased by 0.6 percentage points, indicating improved capacity utilization in Vietnam [7]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 900 million yuan and 1.1 billion yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 11x and 9x [7]. R&D and Strategic Initiatives - The company is actively increasing its R&D investment, with 92.36 million yuan spent in 2024, a year-on-year increase of 37.85%. The number of R&D personnel also grew by 73.81% to 438. Key projects include high-altitude heating and insulation cups, rapid cooling water cups, and carbon fiber paddles, aimed at expanding product categories and enhancing competitiveness [7]. Share Buyback Plan - Recently, the company announced a share buyback plan, reflecting confidence in its long-term development. The plan involves repurchasing 570,000 to 1.14 million shares at a price not exceeding 139.86 yuan per share, which represents 0.55% to 1.10% of the total share capital [7].

Core Viewpoint - The company, Jia Yi Co., Ltd. (301004), is actively responding to changes in trade policies and is focused on maintaining stable operations amid fluctuating tariffs and market conditions [1][2]. Group 1: Trade Policy Impact - The recent reduction of tariffs from 145% to 30% by the U.S. on Chinese goods is being closely monitored by the company to adapt its business strategies accordingly [1]. - The company is evaluating the potential for importing U.S. steel into Vietnam for production, which could help mitigate tariff impacts [1]. Group 2: Financial Performance and Share Buyback - The company announced a share buyback plan with a total amount ranging from 80 million to 600 million yuan, which is not expected to significantly impact its financial operations [2]. - As of December 31, 2024, the company's total assets were 2.84 billion yuan, with a net asset value of 1.96 billion yuan, indicating a healthy financial position [1]. Group 3: Production Capacity and Expansion - The company is in the planning phase for its second factory in Vietnam, with an investment of 28 million USD, but specific capacity details are yet to be finalized [3]. - Current production operations are reported to be normal, with no disruptions noted in April [7]. Group 4: Market Trends and Product Development - The company is experiencing a positive outlook in the insulated cup market, driven by evolving consumer preferences and increased marketing efforts by leading brands [8]. - In 2024, the company invested 92.36 million yuan in R&D, reflecting a year-on-year increase of 37.85%, indicating a commitment to innovation [6]. Group 5: Financial Metrics and Projections - For Q1 2025, the company reported a revenue of 720 million yuan, a year-on-year increase of 66.52%, and a net profit of 152 million yuan, up 41.26% [9]. - The company’s debt ratio stands at 27.86%, with a gross profit margin of 33.89% [9].

Group 1: Company Financials and Shareholder Returns - The company plans to repurchase shares with a total amount ranging from 80 million to 160 million CNY, which would represent 5.64% of total assets, 8.14% of net assets, and 8.77% of current assets as of December 31, 2024 [3][4]. - The company has distributed a total of 673.6 million CNY in dividends and has conducted a 10-for-4 stock bonus, raising concerns about the impact on financial operations under full production [6][8]. Group 2: Market and Production Insights - The company is closely monitoring the impact of the U.S. tariffs, which have been reduced from 145% to 30%, and is prepared to adjust strategies accordingly to ensure stable business operations [3][10]. - The company is investing 28 million USD in its second factory in Vietnam, with production capacity still under planning [5]. Group 3: Research and Development - In 2024, the company invested 92.36 million CNY in R&D, marking a year-on-year increase of 37.85%, focusing on new products and processes [8]. Group 4: International Market Strategy - The company is enhancing its strategic collaboration with key customers and is expanding its market presence to mitigate potential trade risks, including establishing a production base in Vietnam to diversify supply chains [10].