| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-058 | | --- | --- | --- | | 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 通知债权人的公告 一、通知债权人的原由 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 3 月 27 日召 开第三届董事会第十三次会议和第三届监事会第十二次会议，并于 2025 年 4 月 23 日召开公司 2024 年度股东大会，分别审议通过了《关于回购注销部分限制性 股票的议案》。根据《公司 2022 年第二期限制性股票激励计划》的有关规定， 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；包括上述已故激励对象在内的 7 名首次授予激励对象和 1 名预留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。公司根据《上市公司股权激励管理办法》 等相关法律、法规及公司《2022 年第二期限制性股票激励计划》的有关规定， 因其他原因身故尚未解除限售的限制性股票回购价格为 7.90 ...

Group 1 - The core viewpoint of the news is that Jia Yi Co., Ltd. has experienced a significant decline in stock price, dropping 5.2% on August 28, with a total market value of 9.104 billion yuan and a cumulative decline of 5.08% over three consecutive days [1] - Jia Yi Co., Ltd. specializes in the research, design, production, and sales of various beverage and food containers, with a primary revenue composition of 94.56% from stainless steel containers [1] - The company is located in Jinhua City, Zhejiang Province, and was established on May 12, 2004, with its stock listed on June 25, 2021 [1] Group 2 - According to data, Guolian Fund has a significant holding in Jia Yi Co., Ltd., with its Guolian Jingyi 6-Month Holding Mixed A Fund holding 4,700 shares, accounting for 0.28% of the fund's net value [2] - The fund has incurred a floating loss of approximately 16,100 yuan today, with a total floating loss of 16,600 yuan during the three-day decline [2] - The Guolian Jingyi 6-Month Holding Mixed A Fund was established on January 27, 2021, with a current scale of 90.5237 million yuan and a year-to-date return of 0.98% [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In H1 2025, the company achieved total revenue of 1.4 billion yuan, a year-on-year increase of 20%, while net profit attributable to the parent company decreased by 4% to 305 million yuan [2][6] - In Q2 2025, total revenue was 680 million yuan, a year-on-year decrease of 7%, with net profit attributable to the parent company declining by 27% [2][6] - The decline in revenue is attributed to tariff disruptions affecting both volume and pricing, with domestic production facing cautious order placements from clients [12] - The company is actively advancing the production construction of its Vietnam subsidiary to enhance product diversification and strengthen supply chain collaboration with overseas clients [12] - R&D investment in H1 2025 reached 58.88 million yuan, a 62% increase year-on-year, indicating a focus on expanding product categories and enhancing competitiveness [12] - The company is experiencing a global sales trend and is expanding its production capacity overseas, which is expected to improve overall competitiveness and accelerate new customer acquisition [12] Financial Summary - The company forecasts net profits of 820 million yuan, 980 million yuan, and 1.18 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11, 9, and 8 [12] - The proposed cash dividend for the mid-2025 period is 145 million yuan, with a dividend payout ratio of 48% [12]

Core Viewpoint - The company is facing challenges in its operational performance due to a complex external environment, frequent adjustments in international trade policies, and the construction of overseas production bases [2]. Group 1: Financial Performance - As of September 4, 2025, the company's stock price closed at 63.05 yuan, with a slight increase of 0.62% and a turnover rate of 0.9%, resulting in a trading volume of 12,100 shares and a transaction amount of 75.57 million yuan [1]. - The company reported a decline in profits for the first half of the year, attributed to fixed asset amortization from the factory in Vietnam and the impact of tariffs [2]. Group 2: Operational Challenges - The company's operational performance is significantly influenced by multiple factors, including a complex external environment and frequent adjustments in international trade policies [2]. - The company is committed to strengthening its core business, maintaining stable operations, and enhancing its overseas supply chain capabilities to improve its overall competitiveness [2]. Group 3: Market Sentiment and Trading Activity - On September 4, 2025, there was a net outflow of 2.52 million yuan from institutional investors, while retail investors saw a net inflow of 5.06 million yuan [2].

Group 1 - The company announced the progress of its share repurchase plan on September 3, 2025, detailing important information related to the repurchase [1] - The repurchase plan was approved during the board meeting on April 15, 2025, and the first extraordinary general meeting of shareholders on May 6, 2025, with a budget of no less than 80 million yuan and no more than 160 million yuan for the repurchase [2] - The initial repurchase price was set at a maximum of 139.86 yuan per share, with the implementation period lasting 12 months from the approval date [2] Group 2 - Following the completion of the 2024 annual equity distribution on May 7, 2025, the maximum repurchase price was adjusted to 97.76 yuan per share [3] - The company is required to disclose the progress of the repurchase within the first three trading days of each month, although the latest announcement did not provide specific repurchase progress data [3] - The company emphasized adherence to relevant laws and regulations during the repurchase period and will implement the share repurchase based on market conditions while fulfilling information disclosure obligations [3]

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-056 | | --- | --- | --- | | 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 5 月 7 日，公司实施完成 2024 年度权益分派，回购价格由不超过人 民币 139.86 元/股调整为不超过人民币 97.76 元/股。具体内容详见公司于 2025 年 6 月 4 日披露于巨潮资讯网（www.cninfo.com.cn）的《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》（公告编号：2025-042）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，回购期间，公司应当在每个月的前三个交易日 内披露截至上月末的回购进展情况。现将公司截至上月末回购股份的进展情况公 告如下： 一、回购公司股份的进展情况 截至 2025 年 8 月 31 日，公司尚未实施回购。 二、其他说明 公司将严格按照相关法律、法规和规范性文件及公司回购股份方案，在回购 期限内根据市场情况择机做出回购决策并予以实施股份回购， ...

Core Viewpoint - The company reported a mixed performance in the first half of 2025, with revenue growth but a decline in net profit, primarily impacted by losses from its Vietnam operations and increased costs associated with a new production facility [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 1.4 billion yuan, a year-on-year increase of 20.25%, while net profit attributable to shareholders was 305 million yuan, a decrease of 3.99% [1]. - In Q2 2025, revenue was 680 million yuan, down 7.07% year-on-year, and net profit was 153 million yuan, down 27.17% [1]. - The gross profit margin for H1 2025 was 33.71%, a decrease of 5.97 percentage points year-on-year, while the net profit margin was 21.76%, down 5.49 percentage points [1]. Cost Structure - The increase in sales, management, R&D, and financial expense ratios was noted, with sales expenses rising due to stock incentive costs and export credit insurance [1]. - The management expense ratio increased due to higher employee compensation, IT spending, and environmental investments [1]. - Financial expenses rose due to increased interest expenses and reduced foreign exchange gains [1]. Production Capacity and Global Strategy - The company is expanding its global production capabilities, with a new facility in Vietnam expected to reach operational status by the end of December 2024 and commence production in 2025 [2]. - The Vietnam facility will cover the entire production chain, providing a competitive edge due to the scarcity of stainless steel vacuum cup production capacity outside China [2]. - The company plans to invest 28 million USD in a second plant in Vietnam, with the ability to establish production in other global regions within 1 to 1.5 years [2]. Future Outlook - The demand for vacuum cups remains strong, supported by a diverse product structure and capacity expansion [3]. - Revenue projections for 2025-2027 are 3.528 billion, 4.279 billion, and 5.017 billion yuan, with year-on-year growth rates of 24.4%, 21.3%, and 17.2% respectively [3]. - Net profit forecasts for the same period are 801 million, 1.007 billion, and 1.22 billion yuan, with corresponding growth rates of 9.3%, 25.7%, and 21.2% [3].

Group 1 - Huazhong Securities issued a report on August 31, giving a "buy" rating to Jiayi Co., Ltd. (301004.SZ, latest price: 65.58 yuan) [1] - The rating rationale includes the commencement of a new production base, which may pressure profit margins in the short term [1] - The company is strategically positioning itself for global production capabilities, with a high scarcity of capacity in Vietnam [1] Group 2 - Nvidia's stock price has seen a significant drop, resulting in a market value loss of 1.28 trillion yuan [1] - Investors expressed concerns over a perceived performance gap of 200 million USD, leading to market panic [1]

Core Viewpoint - The company has released its 2025 mid-year report, showing a revenue increase but a decline in net profit, primarily due to losses from its Vietnam operations and increased costs associated with a new production base [2][3]. Financial Performance - In H1 2025, the company achieved a revenue of 1.4 billion yuan, a year-on-year increase of 20.25%, while the net profit attributable to shareholders was 305 million yuan, a decrease of 3.99% [2]. - For Q2 2025, the revenue was 680 million yuan, down 7.07% year-on-year, and the net profit was 153 million yuan, down 27.17% year-on-year [2]. - The gross margin for H1 2025 was 33.71%, a decrease of 5.97 percentage points year-on-year, and the net profit margin was 21.76%, down 5.49 percentage points year-on-year [3]. Cost Structure - The company experienced an increase in various expense ratios: sales expenses at 1.02%, management expenses at 3.99%, R&D expenses at 4.21%, and financial expenses at -0.26%, with year-on-year increases in management and R&D expenses [3]. - The decline in gross margin is attributed to the new production base and increased sales costs, while rising sales and management expenses are linked to stock incentive costs, employee compensation, and environmental investments [3]. Production Capacity Expansion - The new production base in Vietnam is expected to reach operational status by the end of December 2024, with production starting in 2025. This facility will cover the entire production chain from raw materials to finished products [4]. - The company plans to invest 28 million USD in a second factory in Vietnam, which is still in the planning stage, indicating a strategic move to enhance global production capabilities [4]. Investment Outlook - The demand for vacuum insulated cups remains strong, supported by a diverse product structure and capacity expansion. Revenue projections for 2025-2027 are 3.528 billion, 4.279 billion, and 5.017 billion yuan, with respective year-on-year growth rates of 24.4%, 21.3%, and 17.2% [5]. - The net profit forecasts for the same period are 801 million, 1.007 billion, and 1.22 billion yuan, with growth rates of 9.3%, 25.7%, and 21.2% respectively [5].

Core Insights - 嘉益股份 reported a revenue increase but a decline in net profit for the first half of 2025, indicating a challenging financial environment [1] - The company's gross margin and net margin both decreased significantly compared to the previous year, reflecting rising costs or pricing pressures [1] Financial Performance - Total revenue for 2025 reached 1.4 billion yuan, a year-on-year increase of 20.25% [1] - Net profit attributable to shareholders was 305 million yuan, down 3.99% year-on-year [1] - The gross margin was 33.71%, a decrease of 15.04% compared to the previous year [1] - The net margin stood at 21.76%, down 20.16% year-on-year [1] - Operating cash flow per share increased significantly by 151.54% to 3.2 yuan [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 66.31 million yuan, representing 4.74% of revenue, an increase of 31.08% year-on-year [1] - The company's interest-bearing debt rose dramatically by 1075.02% to 378 million yuan [1] Shareholder Returns - The estimated dividend yield for the company is 4.05%, indicating a commitment to returning value to shareholders [3] Fund Holdings - The largest fund holding 嘉益股份 is 汇添富消费升级混合A, with 3 million shares and a recent net asset value increase of 1.19% [4] - Several funds have increased their holdings in 嘉益股份, reflecting positive sentiment among institutional investors [4]