Core Viewpoint - The company is experiencing growth in adult incontinence products driven by population aging and policy demand, while also participating in standard-setting to promote industry development [1]. Investment Highlights - The company has adjusted its profit expectations but maintains a "Buy" rating, forecasting EPS of 0.14/0.14/0.15 yuan for 2025-2027, with a target price of 16.84 yuan based on a 3.3x PB for 2025 [2]. - In the first half of 2025, the company's revenue reached 549 million yuan, a year-on-year increase of 5.39%, with net profit attributable to shareholders at 28 million yuan, up 21.81% [2]. - The revenue from adult incontinence products in the first half of 2025 was 287 million yuan, a year-on-year increase of 4.62% [2]. Industry Development - The company completed 20 research projects and participated in drafting four national and group standards, including the "Guidelines for Aging-Friendly Design of Household Products" [3]. - As of the first half of 2025, the company holds 207 valid patents, including 65 invention patents, 101 utility model patents, and 41 design patents [3]. - The company's net profit margin in Q2 2025 was 3.60%, an increase of 1.55 percentage points year-on-year, while the gross profit margin was 23.62%, a slight decrease of 0.15 percentage points [3].

Market Overview - The personal care products sector rose by 2.89% on September 4, with Jieya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Jieya Co., Ltd. (301108) closed at 34.40, up 13.16% with a trading volume of 72,700 shares and a turnover of 243 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 26.72, up 10.00% with a trading volume of 131,800 shares and a turnover of 342 million yuan [1] - Dengkang Oral Care (001328) closed at 43.55, up 7.40% with a trading volume of 53,000 shares and a turnover of 226 million yuan [1] - Other notable performers include Ziya Co., Ltd. (003006) up 5.13%, and Liangmian Needle (600249) up 3.29% [1] Capital Flow - The personal care products sector saw a net inflow of 56.24 million yuan from institutional investors, while retail investors experienced a net outflow of 6.89 million yuan [2] - The main capital inflow was observed in Yiyi Co., Ltd. with 64.76 million yuan, while the largest outflow was from Jieya Co., Ltd. with 22.08 million yuan [3] Individual Stock Analysis - Jieya Co., Ltd. had a main capital inflow of 3.69 million yuan, but retail investors showed a net outflow of 22.07 million yuan [3] - Dengkang Oral Care experienced a net outflow of 4.13 million yuan from main capital, while retail investors had a net inflow of 14.52 million yuan [3] - Ziya Co., Ltd. had a net inflow of 3.36 million yuan from main capital, with a slight outflow from retail investors [3]

Core Viewpoint - The article discusses the upcoming 2025 Shanghai Leading Industries and the 14th Pharmaceutical CEO Forum, highlighting the focus on innovation and global expansion of Chinese pharmaceutical companies [1]. Summary by Sections Event Overview - The event will take place on September 4-5, 2025, at the Mandarin Oriental Hotel in Pudong, Shanghai, featuring nearly a hundred executives from listed companies, including chairpersons, CEOs, and industry leaders [4]. Morning Sessions - The morning session on September 4 will include a keynote speech and several roundtable discussions focusing on topics such as the global expansion of Chinese pharmaceutical companies and the search for the next billion-dollar drug [4][5]. - Notable discussions will include: - "From Local Innovation to Global Leadership: The Era of Chinese Pharmaceutical Companies Going Abroad" [4]. - "The Birth of Big Drugs is the Future of Pharmaceuticals: Finding the Next Billion-Dollar Bomb" [4]. Afternoon Sessions - The afternoon will feature discussions on future disease areas and technologies worth exploring for pharmaceutical assets going abroad, as well as the new cycle of Chinese innovative drugs under global competition [5][6]. - Additional topics will cover advancements in drug development platforms and the emerging field of brain-machine interfaces [6]. TMT Forum - The TMT (Technology, Media, and Telecommunications) forum will also take place, discussing AI's impact on various industries, including gaming and healthcare [7][8]. - Key topics will include AI innovations in mobile internet ecosystems and the future of AI in healthcare [7]. Pharmaceutical Sub-Forum - The pharmaceutical sub-forum will address topics such as ADC technology exploration, probiotic delivery systems, and the future development paths of dual antibodies and XDC [8]. - Discussions will also focus on the integration of medical insurance and the innovative practices in building a multi-level medical security system in China [8].

Core Viewpoint - The company Reliable Co., Ltd. is facing governance issues related to compliance with related party transactions, highlighted by a warning letter from the Zhejiang Securities Regulatory Bureau [1][2]. Governance Issues - The second largest shareholder, Director Bao Jia, has consistently voted against various proposals, citing ongoing violations of related party transactions and calling for regulatory intervention [2][3]. - Bao Jia's dissent has escalated to broader governance disputes involving operational decisions, executive appointments, and profit distribution [3][4]. - Despite Bao Jia's objections, the board's decisions have not been significantly affected, maintaining a stable governance structure with a majority of non-independent directors [4]. Shareholder Structure Changes - Recent governance conflicts are closely tied to significant changes in the company's shareholding structure, particularly following the divorce between the actual controller Jin Liwei and Bao Jia [5][6]. - Following the divorce, Jin Liwei's direct shareholding dropped to 30.13%, while Bao Jia acquired a direct stake of 29.13%, leading to a near-equal distribution of shares [7]. - Despite the share distribution, Bao Jia voluntarily relinquished voting rights for 4% of her shares, allowing Jin Liwei to retain control over the company [7]. Financial Performance - For the first half of 2025, the company reported revenue of 549 million yuan, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of 28 million yuan, up 21.81% [11]. - The company's product revenue breakdown shows that adult incontinence products account for 51.72% of total revenue, while baby care products contribute 38.57% [11]. - The company operates with a production model where OEM (Original Equipment Manufacturer) business constitutes 53% of revenue, and self-owned brand business accounts for 45% [11]. ESG Rating - Reliable Co., Ltd. currently holds a BB ESG rating, placing it in the bottom 30% of its industry, primarily due to transparency issues and escalating governance conflicts [9]. - The company has faced criticism for its environmental management practices, despite having ISO 14001 certification, and has received warnings for improper disclosure of related party transactions [9].

Core Viewpoint - The company is facing governance issues, particularly regarding related party transactions, which have led to regulatory scrutiny and internal dissent among board members [3][6][17]. Governance Issues - The company received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to comply with the review and disclosure obligations related to a related party transaction with Guangxi Hanggang [3]. - The dissent was highlighted during a board meeting where the second-largest shareholder, Director Bao Jia, voted against the annual report and related party transaction proposals, citing ongoing violations and the need for regulatory intervention [3][6]. - Bao Jia has consistently opposed various board proposals, raising concerns about governance practices, executive qualifications, and the accuracy of financial disclosures [9][11]. Shareholder Dynamics - The governance conflict is exacerbated by a significant change in the company's shareholding structure following a divorce settlement between the actual controller Jin Liwei and Bao Jia, leading to a near-equal distribution of shares [14][15]. - Despite the share redistribution, Bao Jia voluntarily waived voting rights for 4% of her shares, allowing Jin Liwei to maintain control over the company [15]. Financial Performance - For the first half of 2025, the company reported revenue of 549 million, a year-on-year increase of 5.39%, and a net profit of 28 million, reflecting a 21.81% growth [21]. - The gross margins for major product categories have shown slight improvements [21]. ESG Rating - The company currently holds a BB rating in ESG, placing it in the bottom 30% of its industry, primarily due to governance conflicts and lack of transparency in ESG disclosures [17][19]. - The company has faced criticism for its environmental management practices, despite having ISO14001 certification, and has received warnings for improper use of IPO funds [19][21]. Market Position - The company operates in the adult incontinence products, baby care products, and pet hygiene products sectors, maintaining a leading market share in adult incontinence [22]. - As of 2024, adult incontinence products accounted for 51.72% of revenue, while baby care products made up 38.57% [22].

Core Viewpoint - Recent regulatory scrutiny has been directed at Reliable Co., Ltd. due to a violation involving related party transactions with Guangxi Hanggang Material Technology Co., Ltd., raising concerns among investors and the Zhejiang Securities Regulatory Bureau [1] Group 1: Regulatory Actions - Reliable Co. received a warning letter from the Zhejiang Securities Regulatory Bureau regarding its failure to timely disclose and review related party transactions amounting to 21.12 million yuan, which is 1.54% of the company's latest audited net assets [1] - The regulatory decision also holds the company's chairman and financial director accountable for the violations, leading to supervisory discussions being recorded in the securities market integrity archives [1] Group 2: Financial Performance Comparison - Reliable Co. has maintained annual revenues around 1.1 billion yuan from 2021 to 2024, while its net profit has not exceeded 50 million yuan during the same period [3] - In contrast, competitor HaoYue Care has reported significantly higher revenues ranging from 2.46 billion to 2.93 billion yuan and net profits between 363 million and 602 million yuan from 2020 to 2024 [3][6] Group 3: Strategic Developments - Reliable Co. is focusing on expanding production capacity and upstream raw material sourcing, which is crucial for the adult incontinence product sector [2][6] - The company has increased its procurement of long fiber fluff pulp from Guangxi Hanggang, leading to a gross margin improvement of 20.79% in 2024, up by 3.14 percentage points from the previous year [2] - Reliable Co. is also investing in a technology research and development center with a budget of 43.89 million yuan, aimed at enhancing its capabilities in raw material research and testing [6][7] Group 4: Market Position and Future Outlook - Reliable Co. has reported a revenue of 549 million yuan in the first half of 2025, reflecting a year-on-year growth of 5.39%, and a net profit of 28 million yuan, up 21.81% [10] - The company is actively pursuing domestic market opportunities amid global trade uncertainties, with plans for capacity expansion at its Guangxi Hanggang facility, which currently has an annual capacity of 100,000 tons [10]

值得注意的是， 2024年2月， 来源：读创财经 可靠股份时任董事长、总经理兼董事会秘书金利伟与财务总监、副总经理李超楠对上述行为负有责任， 上述行为违反了《上市公司信息披露管理办法》（证监会令第182号）第四条、第五十一条的规定。根 据《上市公司信息披露管理办法》（证监会令第182号）第五十二条的规定， 浙江证监局对可靠股份采取出具警示函的监督管理措施，并记入证券期货市场诚信档案。对时任董事 长、总经理兼董事会秘书金利伟与财务总监、副总经理李超楠采取监管谈话的监督管理措施，并记入证 券期货市场诚信档案。 目前正陷入创始人夫妻离婚后内斗漩涡的可靠股份，因关联交易披露违规事项遭监管警示。 9月1日，根据浙江证监局发布的公告，截至2025年4月17日，可靠股份（301009）与广西杭港材料科技 有限公司（以下简称广西杭港） 的2025年度关联交易成交金额达到2112.24万元，成交金额占公司最近 一期经审计净资产绝对值的1.54%，达到董事会审议及信息披露标准，但未按规定及时履行审议程序和 信息披露义务，直至2025年4月24日，可靠股份董事会才审议通过并披露2025年度公司与广西杭港的关 联交易事项。公司上述行 ...

Core Points - Reliable Co., Ltd. (301009.SZ) announced a share reduction plan by specific shareholders, including Wei Aino, Wei Aino No. 2, and Wei Aino No. 3, who collectively reduced their holdings by 2,664,200 shares from August 25 to August 29, 2025, representing 0.98% of the total share capital and 1.00% of the total share capital excluding repurchased shares [1] - Following this reduction, the controlling shareholder and actual controller, Mr. Jin Liwei, along with his concerted actors, saw their combined shareholding decrease from 34.25% to 33.27% of the total share capital, and from 34.95% to 33.95% of the total share capital excluding repurchased shares [1]

证券代码：301009 证券简称：可靠股份 公告编号：2025-036 杭州可靠护理用品股份有限公司 关于特定股东减持股份进展暨权益变动触及 1%的 公 告 公司股东杭州唯艾诺投资合伙企业（有限合伙）、杭州唯艾诺贰号企业 管理合伙企业（有限合伙）、杭州唯艾诺叁号企业管理合伙企业（有限合伙） 保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 杭州可靠护理用品股份有限公司（以下简称"公司"或"本公司"）于 2025 年 7 月 24 日披露了《关于特定股东减持股份预披露公告》（公告编号：2025-028）， 公司特定股东杭州唯艾诺投资合伙企业（有限合伙）（以下简称"唯艾诺"）、 杭州唯艾诺贰号企业管理合伙企业（有限合伙）（以下简称"唯艾诺贰号"）、 杭州唯艾诺叁号企业管理合伙企业（有限合伙）（以下简称"唯艾诺叁号"）自 上述公告披露之日起 15 个交易日后的 3 个月内（即从 2025 年 8 月 15 日至 2025 年 11 月 14 日）以集中竞价或大宗交易方式减持公司股份。其中，唯艾诺以集中 竞价或大宗 ...

Market Overview - The personal care products sector experienced a decline of 1.87% on September 1, with Haoyue Care leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Notable stock performances include: - Yiyi Co., Ltd. (001206) closed at 25.98, up 2.81% with a trading volume of 91,800 shares and a turnover of 238 million yuan [1] - Haoyue Care (605009) closed at 36.35, down 10.00% with a trading volume of 111,800 shares and a turnover of 408 million yuan [2] - Zhongshun Jierou (002511) closed at 8.64, down 1.48% with a trading volume of 186,900 shares and a turnover of 162 million yuan [2] Capital Flow - The personal care products sector saw a net outflow of 147 million yuan from institutional investors, while retail investors experienced a net inflow of 98.24 million yuan [2] - The capital flow for individual stocks shows: - Ziya Co., Ltd. (003006) had a net inflow of 6.03 million yuan from institutional investors [3] - Haoyue Care (605009) had a significant net outflow of 622.31 million yuan from institutional investors [3]