Core Points - The company, Jiayi Co., announced the results of the first vesting period for its 2024 restricted stock incentive plan, with a total of 459,200 shares being vested, representing 0.32% of the company's total share capital [1] - A total of 202 individuals are involved in this vesting, with the shares being sourced from the company's directed issuance of A-share common stock to the incentive recipients [1] - The shares that have vested will be available for trading starting from November 20, 2025 [1]

Core Points - The company, Jia Yi Co., announced an adjustment to the conversion price of its convertible bonds following the issuance of "Jia Yi Convertible Bonds" [1] - The conversion price has been adjusted from 79.76 yuan per share to 79.61 yuan per share, effective from November 20, 2025 [1] Summary by Category Company Actions - Jia Yi Co. issued a notice regarding the adjustment of the conversion price of its convertible bonds due to corporate actions such as stock dividends, capital increases, and cash dividends [1] Financial Adjustments - The new conversion price reflects a decrease of 0.15 yuan per share from the original price, indicating a minor adjustment in the bond's terms [1]

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-089 | | --- | --- | --- | | 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年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市的公告 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、误导性陈述或者重大遗漏。 重要内容提示： 1、本次归属的限制性股票上市流通日：2025年11月20日，本次归属的限制性股 票不设限售期； 2、本次归属股票数量：45.92万股，占目前公司股本总额的0.32%； 3、本次归属人数：202人； 4、归属股票来源：公司向激励对象定向发行的公司A股普通股股票。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于2025年11月5日召开第 三届董事会第十九次会议，审议通过了《关于2024年限制性股票激励计划首次授予部 分第一个归属期归属条件成就的议案》。 近日公司办理了《浙江嘉益保温科技股份有限公司2024年限制性股票激励计划 （草案）》（以下简称"本激励计划"）首次授予部分第一个归属期归属股份的登记 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-090 | | --- | --- | --- | | 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 关于限制性股票归属增发股份调整可转债转股价格的公告 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。 重要内容提示： 1、债券简称：嘉益转债； 2、债券代码：123250； 3、本次调整前的转股价格：79.76 元/股； 5、转股价格调整生效日期：2025 年 11 月 20 日（本次归属的第二类限制性 股票上市流通日）； 6、可转换公司债券转股期：2024 年 11 月 7 日至 2030 年 11 月 6 日； 7、本次调整可转换公司债券转股价格不涉及暂停转股事项。 一、关于可转换公司债券转股价格调整的相关规定 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， 公司向社会公众公开发行可转换公司债券 3,979,384 张，每张面值为人民币 1 ...

Group 1 - The core viewpoint of the news is that 嘉益股份 (Jia Yi Co., Ltd.) has experienced fluctuations in its stock performance and financing activities, indicating a mixed market sentiment towards the company [1][2]. - On November 14, 嘉益股份 saw a stock price increase of 2.18% with a trading volume of 101 million yuan, while the financing buy-in amount was 9.10 million yuan, and the net financing buy-in was -1.11 million yuan [1]. - As of November 14, the total financing and securities lending balance for 嘉益股份 was 72.82 million yuan, with the financing balance accounting for 0.84% of the circulating market value, indicating a high level compared to the past year [1]. Group 2 - 嘉益股份 specializes in the research, design, production, and sales of various beverage and food containers, with its main products being stainless steel vacuum insulated containers [2]. - For the period from January to September 2025, 嘉益股份 reported a revenue of 1.829 billion yuan, a year-on-year decrease of 7.85%, and a net profit attributable to shareholders of 368 million yuan, down 30.79% year-on-year [2]. - The company has distributed a total of 818 million yuan in dividends since its A-share listing, with 768 million yuan distributed over the past three years [3]. Group 3 - As of September 30, 2025, 嘉益股份 had 8,183 shareholders, an increase of 10.49% from the previous period, while the average circulating shares per person decreased by 8.88% [2]. - The top ten circulating shareholders include various funds, with 永赢睿信混合A holding 2.2914 million shares, remaining unchanged from the previous period, while 汇添富消费升级混合A reduced its holdings by 799,900 shares [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.829 billion, 368 million, and 354 million yuan respectively in the first three quarters of 2025, representing year-on-year declines of 8%, 31%, and 33%. In Q3 2025, the figures were 430 million, 63 million, and 59 million yuan, showing year-on-year declines of 48%, 71%, and 72% [2][6]. - The decline in revenue and profit in Q3 was primarily due to the impact of tariffs leading to capacity switching. However, with the improvement in orders, profitability is expected to recover [2][11]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue decreased by 48% year-on-year, mainly due to the U.S. tariffs affecting capacity switching and adjustments in some customers' operational strategies. The current order volume from Vietnam is gradually increasing, and Q4 is expected to show improvement [11]. - The decline in revenue has pressured profitability, with Q3 gross margin dropping by 13.5 percentage points and net profit margins decreasing by 11.4 and 12.3 percentage points year-on-year. The main reason for the decline in gross margin was the weakened scale effect due to reduced revenue [11]. Competitive Advantages - The company has significant manufacturing advantages in the high-end thermos cup market, with a trend towards high-end products requiring better insulation performance, stability, and surface treatment technology. The company is well-positioned to meet these demands [11]. - The production capacity in Vietnam is fully operational, with a large scale and rapidly improving utilization and efficiency. The equipment and process levels in Vietnam are now comparable to those in China, and local procurement of raw materials has reached a high level [11]. Growth Drivers - Non-U.S. regions, new customers, and new product categories are expected to drive the company's growth. The trend of thermos cups is expanding in non-U.S. markets, and new customer reserves are anticipated to contribute to future growth [11]. - The company is actively developing new product categories, including high-altitude heating thermos cups and rapid cooling water cups, which are part of its key R&D projects [11]. Profit Forecast - The company is expected to maintain a high dividend payout ratio, with a mid-year dividend of 144 million yuan announced for 2025, corresponding to 47% of the net profit attributable to the parent for H1 2025. Forecasted net profits for 2025-2027 are 500 million, 680 million, and 830 million yuan, with corresponding P/E ratios of 17, 12, and 10 times [11].

Core Insights - The home goods sector experienced a decline of 0.31% on November 12, with Yuma Technology leading the drop [1][2] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Market Performance - Notable gainers in the home goods sector included: - Meizhi Gao (Code: 920765) with a closing price of 26.96, up 5.81% on a trading volume of 45,900 shares and a turnover of 122 million yuan [1] - Mona Lisa (Code: 002918) closed at 16.21, up 5.47% with a trading volume of 118,000 shares and a turnover of 189 million yuan [1] - ST Songfa (Code: 603268) closed at 72.29, up 5.00% with a trading volume of 64,500 shares and a turnover of 45.7 million yuan [1] - Major decliners included: - Yuma Technology (Code: 300993) closed at 17.12, down 6.29% with a trading volume of 190,000 shares and a turnover of 330 million yuan [2] - ST Yazhen (Code: 603389) closed at 47.52, down 5.00% with a trading volume of 32,600 shares and a turnover of 157 million yuan [2] - Filinger (Code: 603226) closed at 38.57, down 3.74% with a trading volume of 53,200 shares and a turnover of 205 million yuan [2] Capital Flow - The home goods sector saw a net outflow of 318 million yuan from institutional investors, while retail investors contributed a net inflow of 314 million yuan [2][3] - Key stocks with significant capital flow included: - Mona Lisa had a net inflow of 22.32 million yuan from institutional investors, while retail investors saw a net outflow of 20.70 million yuan [3] - Shangpin Home (Code: 300616) had a net inflow of 18.78 million yuan from institutional investors, with retail investors experiencing a net outflow of 15.69 million yuan [3] - Qisheng Technology (Code: 603610) had a net inflow of 12.79 million yuan from institutional investors, while retail investors faced a net outflow of 22.90 million yuan [3]

Core Viewpoint - The ongoing fluctuations in US-China tariff policies have impacted the stability and layout of the supply chain, prompting the company to establish a factory in Vietnam as part of its broader internationalization strategy [2] Group 1: Company Strategy - The establishment of the Vietnam factory is not solely a response to tariff issues but aligns with the company's development strategy and business expansion needs [2] - The company initiated its overseas capacity layout in early 2023 to accelerate its internationalization process and enhance global market competitiveness [2] - The construction and capacity layout in Vietnam are consistent with the company's global strategy and the demands of its major clients, indicating that the overall trend of capacity layout will remain unchanged [2]

Core Viewpoint - The company announced that its Vietnam base has achieved a high level of local material sourcing, indicating a strong supply chain integration in the region [2] Group 1 - The localization rate of key raw materials such as stainless steel, silicone, packaging materials, and molds has reached a significant level [2] - Most suppliers are concentrated in the nearby Bac Ninh province, contributing to a well-established local supply chain system [2]

Core Viewpoint - Jia Yi Co., Ltd. has announced that Vietnam is the preferred location for its overseas capacity layout due to its cultural, geographical, transportation, and demographic similarities with China, which facilitate corporate culture development and employee management [2] Group 1 - Vietnam's cultural environment, geographical location, transportation conditions, and population structure are highly similar to China's, aiding in corporate culture establishment and employee management [2] - Vietnam is strategically located in Southeast Asia, close to major international shipping routes, providing significant advantages in overall costs and supply chain stability [2] - The company considers Vietnam as the optimal choice for its overseas production capacity expansion [2]