Market Overview - The Shanghai Composite Index rose by 0.38% on May 20, with 27 out of the 28 sectors experiencing gains, led by the beauty and personal care sector, which increased by 2.50% [2] - The defense and military industry and coal sector were the only sectors to decline, with decreases of 0.50% and 0.33% respectively [2] Capital Flow Analysis - The main capital flow showed a net outflow of 1.037 billion yuan across the two markets, with 18 sectors seeing net inflows [2] - The electronics sector had the highest net inflow, amounting to 2.673 billion yuan, and it rose by 0.71% [2] - The pharmaceutical and biotechnology sector also performed well, with a daily increase of 1.64% and a net inflow of 1.555 billion yuan [2] Beauty and Personal Care Sector - The beauty and personal care sector saw a daily increase of 2.50%, with a net inflow of 268 million yuan [3] - Out of 31 stocks in this sector, 24 stocks rose, including 2 that hit the daily limit, while 6 stocks declined [3] - The top three stocks by net inflow were: - Reliable Co., with a net inflow of 115 million yuan and a price increase of 12.14% [3] - Yiyi Co., with a net inflow of 101 million yuan and a price increase of 10.02% [3] - Aimeike, with a net inflow of 78.9 million yuan and a price increase of 3.93% [3] Notable Stocks in Beauty and Personal Care Sector - The following stocks had significant capital flows: - Reliable Co. (12.14% increase, 31.85% turnover, 114.57 million yuan inflow) [4] - Yiyi Co. (10.02% increase, 17.90% turnover, 100.68 million yuan inflow) [4] - Aimeike (3.93% increase, 2.81% turnover, 78.90 million yuan inflow) [4] - Conversely, the stocks with the highest net outflows included: - Qingdao King (5.23% decrease, 27.12% turnover, 162.54 million yuan outflow) [4] - Qingsong Co. (1.50% decrease, 24.11% turnover, 54.19 million yuan outflow) [4] - Fulejia (10.77% increase, 16.50% turnover, 20.36 million yuan outflow) [4]

Group 1: Financial Performance - In 2024, the company's revenue slightly decreased by 0.27%, while net profit increased by 54.44% due to cost control and product structure optimization [6] - The gross profit margin improved by 3.14 percentage points to 20.79% [8] - The company reported a credit impairment loss of 3.1068 million and inventory impairment loss of 12.3583 million in 2024 [4] Group 2: Market Strategies - The company achieved an online GMV exceeding 70 million yuan in 2024, with a year-on-year growth of over 20% [1] - In the Shanghai region, sales growth reached 58% through targeted channel management [3] - The company’s offline special channel business revenue grew by 58% in 2024, primarily from hospital surrounding stores and long-term care insurance projects [4] Group 3: Product Development and Innovation - The "Absorbent Treasure 2.0" series received positive market feedback, with some items achieving monthly sales exceeding classic models by 50% [2] - The high-absorption composite core technology has been applied in the production of baby and adult diapers, enhancing product differentiation [4] - The company’s investment in smart manufacturing has led to significant improvements in logistics efficiency and production control [2] Group 4: R&D and Future Plans - R&D investments in 2024 focused on high-absorption composite core technology and other patented technologies [3] - The company plans to expand its ODM business, which saw a revenue decline of 21.8% in 2024, by acquiring new domestic and international clients [5] - The company has initiated a cross-border e-commerce strategy, with overseas sales expected to grow significantly [10] Group 5: Corporate Governance and Investor Relations - The management's high compensation is deemed reasonable compared to industry peers, with a commitment to long-term growth in the aging economy sector [6] - The company implemented a cash dividend policy, distributing 99.77% of 2023 net profit and planning to distribute 59.83% of 2024 net profit [11] - A share buyback plan was initiated in 2024, completing the repurchase of 5,435,800 shares, accounting for 2.00% of the total share capital [11]

证券代码：301009 证券简称：可靠股份 公告编号：2025-019 杭州可靠护理用品股份有限公司 关于参加 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。 为进一步加强与投资者的互动交流，杭州可靠护理用品股份有限公司（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 司董事长、总经理兼董事会秘书（代行）金利伟先生，副总经理兼财务总监李超 楠女士，独立董事肖炜麟先生，保荐代表人庞燎源先生将在线就公司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 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company is leveraging both its proprietary brand and ODM (Original Design Manufacturer) model to drive growth and expand into new markets and product categories [2] - The company is focusing on upgrading its product offerings, particularly in the adult incontinence segment, to cater to a broader demographic, including elderly and postpartum women [2] - The company aims to enhance its user engagement through a refined user operation system that integrates products and services, utilizing AI for customer support [3] - The financial forecasts have been adjusted, with expected revenues of 1.14 billion, 1.22 billion, and 1.35 billion for 2025, 2026, and 2027 respectively, alongside net profits of 0.34 billion, 0.37 billion, and 0.42 billion for the same years [4] Financial Performance Summary - In Q1 2025, the company reported revenue of 300 million, a decrease of 1% year-on-year, while net profit attributable to the parent company was 20 million, an increase of 1.4% [1] - For the year 2024, the company anticipates a revenue of 1.1 billion, a decrease of 0.3%, and a net profit of 30 million, an increase of 54% [1] - The breakdown of revenue by product for 2024 includes adult incontinence products at 560 million (down 1%), baby products at 400 million (up 7%), and pet hygiene products at 70 million (down 22%) [1] - The company’s gross margin for adult incontinence products is projected to be 19.4%, for baby products 21%, and for pet hygiene products 22% [1] Market and Product Strategy - The company is set to launch a new medical-grade cranberry probiotic absorbent pad by March 2025, aimed at addressing user pain points related to absorption and health [2] - The strategy includes developing welfare products tailored to specific user needs and enhancing product differentiation across various market segments [2] - The company is also focusing on building a valuable user operation system that enhances brand engagement through various outreach methods, including online platforms and community initiatives [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company is leveraging both its proprietary brand and ODM (Original Design Manufacturer) model to drive growth, focusing on expanding into new markets, products, and fields [2] - The company is upgrading its product offerings, particularly in the adult incontinence segment, to cater to a broader demographic, including elderly and postpartum women, with a new medical-grade cranberry probiotic absorbent pad set to launch in March 2025 [2] - The company is enhancing its user engagement through various channels, including offline promotions and community projects, to build a valuable user operation system [3] - The financial forecast has been adjusted, projecting revenues of 1.14 billion, 1.22 billion, and 1.35 billion for 2025, 2026, and 2027 respectively, with net profits expected to be 0.34 billion, 0.37 billion, and 0.42 billion [4] Financial Performance Summary - In Q1 2025, the company reported revenue of 300 million, a decrease of 1% year-on-year, while net profit attributable to the parent company was 20 million, an increase of 1.4% [1] - For 2024, the company anticipates revenue of 1.1 billion, a decrease of 0.3%, and net profit of 30 million, an increase of 54% [1] - The breakdown of revenue by product for 2024 shows adult incontinence products at 560 million (down 1%), baby products at 400 million (up 7%), and pet hygiene products at 70 million (down 22%) [1] - The company’s gross margin for adult incontinence products is projected to be 19.4%, baby products at 21%, and pet hygiene products at 22% [1] Market and Product Strategy - The company is focusing on product differentiation and brand strategy for adult incontinence care products, with plans for smart development in high-end products and optimization in mid-to-low-end products [2] - The company aims to educate users about welfare products through targeted marketing and community engagement [3]

Core Insights - The trend of license-out transactions involving Chinese pharmaceutical companies continues into 2025, with over 20 deals reported in Q1 alone, including significant agreements worth over $1 billion [2] - However, there is a concerning "return rate" of 40% for completed license-out transactions from 2020, indicating a growing trend of terminated collaborations [5] - The industry is experiencing a "clearing" phase after a surge in business development (BD) activities, with many companies facing challenges in maintaining partnerships [5][6] Group 1: Business Development Trends - In Q1 2025, notable transactions included Roche's $1 billion deal with Innovent Biologics and Lepu Biopharma's $1.2 billion collaboration with ArriVent [2] - Companies like InnoCare and Baillie Gifford have successfully capitalized on BD opportunities, with InnoCare's license-out deals exceeding $6 billion, contributing to its successful IPO [2] - The overall BD transaction volume is expected to reach new highs in 2025, driven by increased interest from global pharmaceutical companies in Chinese innovative drugs [2] Group 2: Challenges and Terminations - As of April 2025, 25 out of 62 completed license-out transactions from 2020 have been terminated, reflecting a 40% return rate [5] - Recent high-profile disputes include Novo Nordisk's $800 million claim against Henlius for alleged fraud and GAVI's termination of a pre-purchase agreement with Clover Biopharmaceuticals [6] - The primary reasons for these terminations include disappointing clinical data and strategic shifts by the buying companies, leading to increased competition and pressure on Chinese biotech firms [6][8] Group 3: Financial Implications - The milestone achievement rate for Chinese innovative drugs is only 22%, indicating that most companies only receive the initial payment, which typically constitutes 2%-5% of the total deal value [9][11] - The financial impact of terminated collaborations is significant, as companies lose potential milestone payments and face challenges in maintaining market confidence [9][12] - The NewCo model is emerging as a more favorable alternative, allowing for shared risk and deeper collaboration between Chinese firms and multinational corporations [13][14] Group 4: Future Outlook - The BD landscape is expected to see an increase in "return" events, as the market matures and companies face heightened scrutiny [15] - Successful future collaborations will require Chinese companies to demonstrate superior clinical data and competitive advantages in the global market [18][19] - The industry must balance the urgency of BD with long-term strategic planning to avoid reliance on potentially volatile partnerships [17][18]

证券代码：301009 证券简称：可靠股份 公告编号：2025-018 （一）股东大会届次：公司2024年度股东大会。 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。 1、现场会议召开时间：2025年5月30日（星期五）14:00。 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为:2025年5月30日（星期五）上午9:15—9:25，9:30—11:30 和下午13:00—15:00； 通过深交所互联网投票系统投票的具体时间为：2025年5月30日（星期五）上午 9:15至下午15:00期间的任意时间。 （二）股东大会的召集人：公司第五届董事会。 （三）会议召开的合法、合规性：公司于2025年4月24日召开了第五届董事 会第九次会议，审议通过了《关于召开2024年度股东大会通知的议案》。本次股 东大会会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程 的相关规定。 （四）会议召开的日期、时间： 根据杭州可靠护理用品股份有限公司（以下简称"公司"或"可靠护理"） 于2025年4月24日召开第五届董事会第九次会议的相关决议，公 ...

目 - 录 | 一、审计报告 ……………………………………………………………………………………… 第 1-6 页 | | --- | | 二、财务报表 ……………………………………………………………………………… 第 7-14 页 (一)合并资产负债表 …………………………………………………………… 第 7 页 | | --- | | (二)母公司资产负债表 …………………………………………………… 第8页 | | (三)合并利润表 … | | (四)母公司利润表 ……………………………………………………………………………………… 第 10 页 | | (五) 合并现金流量表 ……………………………………………………第 11 页 | | (六)母公司现金流量表 ………………………………………………………第 12 页 | | (七)合并所有者权益变动表 …………………………………………………第 13页 | | (八)母公司所有者权益变动表 ………………………………………第 14 页 | | 三、财务报表附注 … | | --- | 计 报 告 # 天健审〔2025〕 6758 号 杭州可靠护理用品股份有限公司全 ...

Group 1: Economic Indicators - In the first quarter, the total profit of industrial enterprises above designated size reached 150.936 billion yuan, a year-on-year increase of 0.8% [4] - The Ministry of Commerce and six other departments announced an optimization of the departure tax refund policy, raising the cash refund limit to 20,000 yuan [4][6] Group 2: Company Earnings - Gujing Gongjiu reported a net profit of 5.517 billion yuan for 2024, a year-on-year increase of 20.22%, and proposed a dividend of 50 yuan per 10 shares [8] - Gree Electric reported a net profit of 32.185 billion yuan for 2024, a year-on-year increase of 10.91%, and proposed a dividend of 20 yuan per 10 shares [8] - Luzhou Laojiao reported a net profit of 13.473 billion yuan for 2024, a year-on-year increase of 1.71%, and proposed a dividend of 45.92 yuan per 10 shares [8] - Yake Technology reported a net profit of 872 million yuan for 2024, a year-on-year increase of 50.41%, and proposed a dividend of 2.6 yuan per 10 shares [8] - Yunda Holdings reported a net profit of 1.914 billion yuan for 2024, a year-on-year increase of 17.77%, and proposed a dividend of 2 yuan per 10 shares [8] Group 3: Significant Corporate Announcements - National City Mining reported a net profit of 612 million yuan for the first quarter of 2025, a year-on-year increase of 18,279.65%, primarily due to increased investment income from the sale of subsidiaries [9] - Zhenghe Ecology signed a strategic cooperation agreement with Yanshan (Hebei) Cultural Tourism Development Group, planning a total investment of 2 billion yuan for a tourism integration project [9] - New Life Fortune announced plans to issue shares and pay cash to acquire 100% of Guangzhou Jinnan Magnetic Materials, which is expected to constitute a major asset restructuring [9] - Chengdi Xiangjiang announced that its subsidiary won a bid for a project with a contract value of 1.632 billion yuan, with a construction period of 92 days [10]

Core Viewpoint - Reliable Co., Ltd. disclosed its 2024 annual report and 2025 Q1 report, with significant dissent from board member Bao Jia regarding several proposals, highlighting concerns over related party transactions and management decisions [1][2][3] Group 1: 2024 Annual Report - The company reported a slight decline in revenue of 0.27% year-on-year, while net profit attributable to shareholders increased by 54.44% [1] - Board member Bao Jia opposed the annual report citing seven reasons, including violations of related party transaction regulations and concerns over management's decision-making [2][3] - Bao Jia specifically pointed out that transactions with Guangxi Hanggang Materials Technology Co., Ltd. exceeded the legal limit, amounting to 21.12 million yuan, far surpassing the regulatory threshold of 3 million yuan [2] Group 2: 2025 Q1 Report - For Q1 2025, the company reported revenue of 280 million yuan, a decrease of 0.98% year-on-year, while net profit attributable to shareholders was 18.59 million yuan, an increase of 1.41% [4] - Management expenses rose by 32.94%, sales expenses increased by 7.36%, and R&D expenses grew by 15.34% compared to the previous year [4][5] - Bao Jia raised objections to the Q1 report, reiterating concerns about ongoing operational declines and the management's ability to handle related party transactions [3][5]