Core Insights - The company, Jiayi Co., has announced that it is strengthening support for its Vietnam factory, with production efficiency improvements meeting expectations and showing a clear and steady upward trend [2] Group 1: Production and Efficiency - The Vietnam factory has completed certifications for quality systems, social responsibility, safety, and environmental standards, enabling it to handle various complex orders [2] - The equipment configuration in the Vietnam production workshops is now comparable to that of the Chinese base, with some processes even slightly ahead, as the Vietnam base has achieved complete production process capabilities [2] Group 2: Operational Developments - Previously outsourced processes that were necessary in China have now been self-sourced in the Vietnam facility, indicating a significant advancement in operational capabilities [2]

Core Insights - The company is currently focused on enhancing the production efficiency and management level of its Vietnam factory [2] - Plans for expanding overseas production capacity are still under evaluation, with an emphasis on risk management [2] - The company has maintained a high dividend payout ratio in recent years and intends to continue a stable and sustainable shareholder return policy in the future [2]

Group 1 - On November 10, a total of 13 companies were investigated by institutions, with 8 companies being surveyed by funds [1] - The most attention was given to Boying Special Welding, which had 17 participating funds, followed by Jiayi Co., Ltd. and Inno Laser with 9 and 5 funds respectively [1] - Among the surveyed companies, there was 1 from the main board, 5 from the ChiNext, 1 from the Sci-Tech Innovation Board, and 1 from the Beijing Stock Exchange [1] Group 2 - Of the companies surveyed, 7 had a total market capitalization of less than 10 billion yuan, including Canaan Technology, Super Equipment, and Boying Special Welding [1] - In terms of market performance, 4 out of the surveyed stocks increased in the last 5 days, with the highest gains from Kelu Electronics, Inno Laser, and Pumen Technology, showing increases of 5.42%, 5.29%, and 1.44% respectively [1] - Conversely, 4 stocks experienced declines, with Tonghui Electronics, Boying Special Welding, and Jiayi Co., Ltd. showing the largest drops of 7.23%, 4.03%, and 3.94% respectively [1]

Group 1: Company Overview - The company is Zhejiang Jiayi Thermal Insulation Technology Co., Ltd., with stock code 301004 and bond code 123250 [1] - The investor relations activity was recorded on November 10, 2025, at the Jiayi Vietnam company meeting room [3] Group 2: Production and Supply Chain in Vietnam - The production efficiency at the Vietnam facility is improving steadily, with certifications for quality, social responsibility, safety, and environmental systems completed [3] - The localization rate of raw materials at the Vietnam base has reached a high level, with key materials like stainless steel and silicone sourced locally [3] - The Vietnam facility has comparable equipment and process levels to the Chinese base, with some processes previously outsourced now being self-manufactured [3] Group 3: Strategic Rationale for Overseas Expansion - Vietnam's cultural, geographical, and logistical similarities to China facilitate management and communication, making it an ideal location for overseas capacity [4] - The establishment of the Vietnam factory aligns with the company's strategic goals for internationalization and enhancing global market competitiveness [5] Group 4: Financial Planning and Future Outlook - The company plans to maintain a steady capital expenditure approach while focusing on improving the efficiency and management of the Vietnam factory [6] - A high dividend payout ratio has been maintained in recent years, with a commitment to sustainable shareholder returns [6] Group 5: Industry Trends - The thermal insulation cup manufacturing industry is undergoing a global supply chain restructuring, with a shift from cost-driven competition to a focus on manufacturing systems and local supply chain capabilities [7] - Companies with stable overseas production and quick customer response capabilities will be better positioned in the industry's trend towards high-end, diversified, and international development [8]

Core Viewpoint - The company reported significant declines in revenue and net profit for Q3 2025, primarily due to tariff impacts and a slowdown in growth in the U.S. market for Stanley products [1] Group 1: Q3 Performance - In Q3 2025, the company achieved revenue of 430 million, a year-on-year decrease of 47.7%, and a net profit attributable to shareholders of 63 million, down 70.6% year-on-year [1] - The adjusted net profit attributable to shareholders was 59 million, reflecting a year-on-year decline of 72.4% [1] Group 2: Market Dynamics - Tariff fluctuations have negatively impacted customer order enthusiasm, leading to low order levels during the de-inventory phase in Q2-Q3 2025 [2] - Despite the challenges, Stanley's performance remains stable, with sales on Amazon in the U.S. showing a mixed trend over the past five months, indicating a continuation of the insulated cup trend [2] Group 3: Profitability and Cost Structure - The company's gross margin for Q3 was 25.83%, a decrease of 13.51 percentage points year-on-year, attributed to the gradual transfer of orders to Vietnam and insufficient domestic capacity utilization [3] - The expense ratio for Q3 was 11.37%, an increase of 2.36 percentage points year-on-year, with sales expenses rising to 1.43% and management and R&D expenses at 8.94% [3] Group 4: Future Outlook and Earnings Forecast - The company has adjusted its earnings forecast downward due to tariff impacts, projecting revenues of 2.53 billion, 3.08 billion, and 3.65 billion for 2025-2027, with corresponding net profits of 470 million, 660 million, and 840 million [4] - The company maintains a "buy" rating despite the challenges, with projected P/E ratios of 12, 9, and 7 for the respective years [4]

Group 1 - The company announced that it will hold the 19th meeting of the third board of directors on November 5, 2025 [2] - The board approved the proposal to cancel a total of 154,000 unvested restricted stock options [2] - The cancellation is in accordance with the management measures, incentive plan, and the authorization from the company's third extraordinary general meeting in 2024 [2]

Core Points - The company announced that as of November 5, 2025, its stock has experienced a situation where the closing price has been below 85% of the current conversion price for at least 15 out of the last 30 trading days, triggering the downward adjustment clause for the "Jia Yi Convertible Bond" [2] - The company's board of directors held a meeting on November 5, 2025, and decided not to adjust the conversion price of the "Jia Yi Convertible Bond" [2] - The company will re-evaluate the situation starting from the first trading day on May 6, 2026, and if the downward adjustment clause is triggered again, the board will convene to decide whether to exercise the adjustment right [2]

Core Viewpoint - The company has adjusted the grant price and quantity of its restricted stock incentive plan for 2024, reflecting changes in its equity distribution [2] Group 1: Stock Incentive Plan Adjustments - The board of directors approved a change in the grant price of restricted stock from 48.31 yuan per share to 31.37 yuan per share [2] - The number of restricted stocks granted but not yet vested has been increased from 1,183,700 shares to 1,657,180 shares [2]

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-087 | | --- | --- | --- | | 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 关于作废部分已授予尚未归属的限制性股票的公告 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。 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《关于作废部分已授予尚未归属的限 制性股票的议案》，现将有关事项说明如下： 一、本次激励计划已履行的必要程序 （一）2024 年 9 月 30 日，公司召开了第三届董事会第七次会议，审议通过 了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公 司<2024 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股东 大会授权董事会办理公司 2024 年限制性股票激励计划相关事宜的议案》等议案。 律师事务所出具了法律意见书。 （五）2024 年 11 月 8 日，公司召开了第三届董事会第十次会议和第三届监 事会第 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-088 | | --- | --- | --- | | 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 关于不向下修正"嘉益转债"转股价格的公告 本公司及监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、截至 2025 年 11 月 5 日，浙江嘉益保温科技股份有限公司（以下简称"公 司"）股票已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期转 股价格的 85%的情形，已触发"嘉益转债"（债券代码：123250）转股价格向下 修正条款。 2、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 《关于不向下修正"嘉益转债"转股价格的议案》，公司董事会决定本次不向下 修正"嘉益转债"的转股价格。自 2026 年 5 月 6 日起首个交易日重新开始计算， 若再次触发"嘉益转债"的转股价格向下修正条款，届时公司董事会将再次召开 会议决定是否行使"嘉益转债"的转股价格向下修正权利。敬请广大投资者注意 投资风险，理性 ...