Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company reported a decline in performance for Q3 2025, with revenue of 1.83 billion yuan, down 7.85% year-on-year, and a net profit of 368 million yuan, down 30.79% year-on-year. In Q3 alone, revenue was 430 million yuan, down 47.68% year-on-year, and net profit was 63 million yuan, down 70.56% year-on-year. The decline is attributed to delays in order delivery due to the transition of some customer orders to Vietnam and a conservative market outlook from major clients leading to reduced new orders [3][4][5] - The company's gross margin for the first three quarters of 2025 was 31.86%, a decrease of 7.68 percentage points year-on-year, while the net profit margin was 20.09%, down 6.66 percentage points year-on-year. In Q3, the gross margin was 25.83%, down 13.51 percentage points year-on-year, and the net profit margin was 14.64%, down 11.38 percentage points year-on-year [4] - The production system at the Vietnam factory has been fully streamlined, enhancing global delivery capabilities. The company is focusing on automation upgrades and supply chain improvements while expanding its customer base and increasing R&D investments [5] - The demand for thermos cups remains strong, and the company's diverse product structure and capacity expansion are expected to support future revenue growth. Revenue projections for 2025-2027 are 2.663 billion, 3.231 billion, and 3.789 billion yuan, with corresponding net profits of 540 million, 762 million, and 921 million yuan [6][8] Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 31.86% and a net profit margin of 20.09%. The financial expenses increased primarily due to rising interest costs, while the net profit margin was affected by declining sales and rising period expenses [4][8] - The company’s revenue for 2024 is projected at 2.836 billion yuan, with a year-on-year growth of 59.8%. For 2025, revenue is expected to decline by 6.1% to 2.663 billion yuan, followed by a recovery with growth of 21.3% in 2026 and 17.3% in 2027 [8] - The earnings per share (EPS) are projected to be 7.20 yuan for 2024, decreasing to 3.71 yuan in 2025, and then increasing to 5.24 yuan in 2026 and 6.33 yuan in 2027 [8]

浙江嘉益保温科技股份有限公司（以下简称"公司"）于2025年10月29日发布公告称，因2025年半年度权 益分派实施完毕，公司对2022年第二期限制性股票激励计划的限制性股票回购价格进行调整，调整后回 购价格由3.50元/股降至2.50元/股。此次调整涉及此前因激励对象身故及绩效考核不达标拟回购注销的 3.36万股限制性股票。 调整背景：权益分派落地与回购注销需求 公告显示，公司于2025年9月15日召开第三届董事会第十七次会议、2025年10月9日召开2025年第三次临 时股东会，审议通过了《关于回购注销部分限制性股票的议案》。根据议案，1名首次授予激励对象因 身故不符合激励条件，3名首次授予激励对象因个人层面绩效考核不达标，上述人员已获授但尚未解除 限售的3.36万股限制性股票将由公司回购注销。 而回购价格调整的直接原因为公司2025年半年度权益分派的实施。据公告，公司2025年半年度权益分派 方案为：以总股本145,446,938股剔除已回购股份1,086,080股后的144,360,858股为基数，向全体股东每10 股派发现金红利10.00元（含税），合计派现144,360,858.00元（含税），该 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-077 | | --- | --- | --- | | 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 第三届董事会第十八次会议决议公告 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。 经审议，董事会认为公司编制《2025 年第三季度报告》的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司 2025 年第三季度的经营管理情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《2025 年第三季度报告》（公告编号：2025-078）。 董事会审计委员会审议通过了该议案。 表决结果：同意票 8 票，反对票 0 票，弃权票 0 票，议案获得通过。 （二）审议通过《关于调整 2022 年第二期限制性股票激励计划限制性股票 回购价格的议案》 因公司 2025 年半年度权益分派已于 2025 年 10 月 20 日实施完毕，根据《2022 年第二期限制性股 ...

嘉益股份公告，第三季度营收为4.3亿元，下降47.68%；净利润为6293.07万元，下降70.56%。前三季度 营收为18.29亿元，下降7.85%；净利润为3.68亿元，下降30.79%。 ...

| 证券代码：301004 | 证券简称：嘉益股份 公告编号：2025-079 | | --- | --- | | 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 关于调整 2022 年第二期限制性股票激励计划 限制性股票回购价格的公告 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。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开第三届董事会第十七次会议、2025 年 10 月 9 日召开 2025 年第三次临时 股东会，审议通过了《关于回购注销部分限制性股票的议案》，鉴于 1 名首次授 予激励对象因其他原因身故，已不符合《公司 2022 年第二期限制性股票激励计 划》中有关激励对象的规定，3 名首次授予激励对象因个人层面绩效考核评定不 达标，导致其获授的限制性股票不能解除限售。上述人员已获授但尚未解除限售 的限制性股票 3.36 万股将由公司回购注销。 公司于 2025 年 10 月 28 日召开第三届董事会第十八次会议，审议通过了《关 于调整 2022 年第二期限制性股票激励计划限制 ...

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 2022 年第二期限制性股票激励计划 调整限制性股票回购价格的 法 律 意 见 书 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） 16 th 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 2022 年第二期限制性股票激励计划 调整限制性股票回购价格的法律意见书 致：浙江嘉益保温科技股份有限公司 上海兰迪律师事务所接受浙江嘉益保温科技股份有限公司（以下简称"嘉益 股份"或"公司"，证券代码为301004）的委托，为公司实施2022年第二期限制 性股票激励计划所涉及的相关事宜出具法律意见书。 本所律师根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股权激励管理办法》 ...

Financial Performance - Q3 2025 revenue was CNY 429,711,382.89, a decrease of 47.68% year-over-year[4] - Net profit attributable to shareholders was CNY 62,930,684.98, down 70.56% compared to the same period last year[4] - Basic earnings per share decreased to CNY 0.44, a decline of 70.47% year-over-year[4] - The net profit after deducting non-recurring gains and losses was CNY 58,840,189.61, down 72.40% year-over-year[4] - Net profit for the first nine months of 2025 was 367.5 million, a decrease of 30.79% compared to the same period in 2024[10] - Operating profit decreased by 32.00% year-on-year to 421.2 million, attributed to a decline in sales revenue and increased period expenses[10] - The net profit attributable to shareholders was 368 million RMB, down 30.79% year-on-year, primarily due to the impact of increased tariffs imposed by the U.S. on China[18] - The total profit for the current period is ¥419,631,160.56, down from ¥619,089,833.96, reflecting a decline of 32.3%[33] - The operating profit decreased to ¥421,211,827.12 from ¥619,428,543.14, representing a drop of 32.0%[33] - The total comprehensive income for the current period is ¥335,913,956.38, down from ¥534,314,938.66, indicating a decrease of 37.1%[34] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,744,894,018.96, a decrease of 3.29% from the previous year[4] - The company reported a decrease in total equity attributable to shareholders of CNY 1,808,000,243.37, a decline of 7.98%[4] - Total liabilities decreased by 31.76% year-on-year in accounts payable to 245.9 million, mainly due to reduced payable for materials[10] - The company's total liabilities reached approximately 936.89 million RMB, up from 873.49 million RMB at the beginning of the period[29] - The company's equity attributable to shareholders decreased to approximately 1.81 billion RMB from 1.96 billion RMB, a decline of about 7.9%[31] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 692,996,049.48, an increase of 132.44%[4] - Cash flow from operating activities increased by 132.44% year-on-year to 693.0 million, mainly due to increased cash received from sales[12] - The company reported a 770.82% increase in cash received from investment redemption to 2.1 billion, reflecting increased financial product redemptions[12] - The company's cash flow from financing activities showed a net outflow of 357.1 million, primarily due to increased cash dividends and share repurchases[12] - The cash flow from investment activities showed a net outflow of ¥377,903,948.50, worsening from a net outflow of ¥159,420,330.45 in the previous period[36] - The cash flow from financing activities resulted in a net outflow of ¥357,124,344.36, compared to a net outflow of ¥163,795,836.88 in the previous period[38] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 8,183, indicating a stable shareholder base[14] - As of September 30, 2025, the company repurchased 1,086,080 shares, accounting for 0.75% of the total shares[15] - The total number of restricted shares at the end of the period was 10,022,197, with 1,681,425 shares released from restrictions during the period[16] - The company adjusted the repurchase price of restricted shares from 7.90 RMB to 3.50 RMB, increasing the repurchase quantity from 47,400 to 66,360 shares[20] - The company intends to repurchase shares with a budget between 80 million and 160 million RMB, having already repurchased 1,086,080 shares, accounting for 0.7467% of the total share capital[25] Operational Developments - The company has fully streamlined its production system in Vietnam, with certification testing successfully completed, leading to a gradual increase in order volume from the Vietnam factory[18] - The company plans to further promote automation upgrades and improve supply chain support at its Vietnam factory[18] - The company has increased its investment in research and development to accelerate the layout of new product categories[18] - The company is actively expanding its customer base while optimizing its product structure to enhance global delivery capabilities[18] - The company plans to grant 238,700 restricted stock units to 83 eligible participants under the 2024 restricted stock incentive plan[23] - The company issued 3,979,384 convertible bonds, with a total value of approximately 39.79 million RMB, which will be listed on the Shenzhen Stock Exchange starting November 26, 2024[24] Other Income - Non-recurring gains and losses totaled CNY 4,090,495.37 for the quarter[6] - Other income increased by 107.66% year-on-year to 13.4 million, mainly due to increased government subsidies received[10] - The company reported other income of ¥13,417,986.07, an increase from ¥6,461,396.81 in the previous period, representing a growth of 107.5%[33]

Core Viewpoint - The company is successfully progressing with its overseas production capacity in Vietnam, with a planned capacity of 13.5 million units per year for the first phase and 28 million units for the second phase [1] Group 1 - The company responded to an investor inquiry regarding the total production capacity planned for Vietnam, indicating that the first phase is set at 13.5 million units per year [1] - The second phase of the project is planned to have a capacity of 28 million units [1] - The company will adhere to relevant information disclosure regulations and will provide updates through official announcements in the future [1]

Core Viewpoint - 嘉益股份 primarily engages in transactions with major clients using the FOB (Free on Board) trade model, where shipping costs and tariffs are mainly borne by the clients [2] Group 1 - 嘉益股份's trading model is predominantly based on FOB, indicating a specific structure in its logistics and cost management [2]

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 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 向不特定对象发行可转换公司债券 2025 年第二次临时受托管理事务报告 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 作为投资行为依据，投资者依据本报告所进行的任何作为或不作为，浙商证券不 承担任何责任 ...