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].

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，浙江嘉益保温科技股份有限公司（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： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https：//rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 13 日（周二）15:00-17:00。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资 计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 为提高互动交流的效率，现提前向所有关心公司的投资者公开征集交流问 题，广泛听取投资者的意见和建议。投资者可于 2025 年 5 月 12 日（周一） 17:00 前访问 http：//ir.p5w.net/zj/，或扫描下方二维 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The impact of tariffs is becoming evident, with leading companies showcasing advantages in overseas production capacity, while short-term order and profit impacts remain limited [8][3] - Despite the implementation of tariffs, leading companies are expanding their market share due to their overseas production advantages, with notable growth in companies like Jiangxin Home and Yongyi Co., Ltd. [3][4] - The overall revenue performance of the sector remains stable, with structural growth continuing to show strong results [3][4] Summary by Sections Tariff Impact and Company Performance - The U.S. government has increased tariffs on Chinese goods, with rates rising to 145% in April 2025. However, the impact on short-term shipments is minimal due to temporary exemptions for overseas production [8][9] - Domestic production shows varied performance, with certain segments like thermal cups and functional sunshades maintaining stable order levels, while traditional industries face delays in shipments to the U.S. [8][9] Revenue and Growth Performance - The overall sector experienced steady growth in Q4 2024 and Q1 2025, with leading companies like Jiangxin Home and Yongyi Co., Ltd. achieving significant year-on-year growth rates of 49.8% and 30.9% respectively [3][10] - Other companies such as Zhejiang Natural and Yingke Recycling also reported strong growth, with year-on-year increases of 39.4% and 9.8% respectively [3][10] Profitability and Structural Growth - The overall gross margin performance is mixed, with some companies improving profitability through structural growth and optimization of customer and product mix [4][10] - Companies like Jiangxin Home and Tianzhen Co., Ltd. have shown improvements in gross margins, driven by brand strength and high-margin product offerings [4][10] - Some companies are facing declining gross margins due to insufficient short-term fixed cost amortization, particularly those with increasing overseas production capacity [4][10] Investment Recommendations - Continuous attention is recommended for companies with strong overseas layouts such as Jiangxin Home, Yongyi Co., Ltd., and Gongchuang Lawn, as well as those with low valuations and rapid overseas expansion like Zhongxin Co., Ltd. and Hars [4][10]

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-039 | | --- | --- | --- | | 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 关于嘉益转债开始转股的提示性公告 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、误导性陈述或者重大遗漏。 3、转股价格：80.75 元/股 4、转股期限：2025 年 5 月 13 日起至 2030 年 11 月 6 日（如遇法定节假日 或休息日延至其后的第 1 个工作日；顺延期间付息款项不另计息） 5、转股股份来源：新增股份 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 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， 浙江嘉益保温科技股份有限公司（以下简称"公司"）向不特定对象发行了可转 换公司债券 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）可转换公司债券上市情况 经 ...

A股上市公司迎来新一波"回购潮"之际，多位百亿基金经理的最新调仓动向也随之曝光。 具体来看，易方达基金副总经理张坤管理的易方达优质企业三年持有因持仓被动超限，于4月29日卖出招商银行300万股；与此同时，张坤于2025 年一季度期间大幅增持顺丰高达3170万股。 此外，易方达基金基金经理陈皓管理的易方达品质动能三年，在4月对医药股健友股份进行了进一步加仓；汇添富基金基金经理胡昕炜、永赢基金 首席权益投资官高楠则对耐用消费品个股——嘉益股份均有所增持；国海富兰克林基金权益投资总监赵晓东则增持了黄酒股古越龙山。 除了部分百亿基金经理调仓动作曝光外，整体来看，在4月公募机构调研方面，电子医药行业霸榜。其中，电子行业个股立讯精密最受公募机构调 研青睐，是当月唯一一只调研次数突破100次的个股，充分彰显其市场关注度。 张坤卖出招行、再加仓顺丰 5月1日，易方达基金发布旗下基金关联交易事项公告，张坤在管的易方达优质企业三年持有因其持仓招商银行（600036）的比例被动超过基金资 产净值的10%而做出相关调整，于4月29日卖出300万股，卖出金额为1.27亿元。 | 基金名称 | 证券代码 | 卖出时间 | 卖出数量(股) ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-037 | | --- | --- | --- | | 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 2025 年第一次临时股东大会决议公告 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： 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议时间：2025 年 5 月 6 日（星期二）下午 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行投票的具体时间为： 2025 年 5 月 6 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00；通过深圳 证券交易所互联网投票系统投票的具体时间为：2025 年 5 月 6 日 9:15 至 15:00 期间的任意时间。 2、现场召开地点：公司行政楼二楼会议室 3、会议召开方式：本次股东大会采取现场投票与网络投票相结合的方式 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 4、会议召集人 ...

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（ ...

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 可转换公司债券转股价格调整的 临时受托管理事务报告 （2025 年度） 债券代码：123250 债券简称：嘉益转债 证券代码：301004 证券简称：嘉益股份 债券受托管理人： （浙江省杭州市五星路 201 号） 二〇二五年五月 1 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《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")等 相关规定、公开信息披露文件以及浙江嘉益保温科技股份有限公司（以下简称公 司、嘉益股份或发行人）出具的相关说明文件以及提供的相关资料等，由受托管 理人浙商证券股份有限公司（以下简称受托管理人、浙商证券）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 ...