一、董事鲍佳女士《关于<2025 年第三季度报告>的议案》的反对理由及公 司说明 杭州可靠护理用品股份有限公司（以下简称"公司"）于 2025 年 10 月 24 日召开第五届董事会第十二次（临时）会议，董事鲍佳女士、独立董事景乃权先 生对《关于<2025 年第三季度报告>的议案》分别投反对、弃权票，并出具了相 关理由，现将相关事项说明如下： 董事长兼总经理金利伟不顾反对强行主导的代售杜迪品牌婴儿纸尿裤产品 业务继 2024 年度亏损后，2025 年 1-6 月亏损，2025 年 7-9 月亏损。 杭州可靠护理用品股份有限公司 关于部分董事对定期报告有异议的说明 1、原经营决策的重大失职 二、独立董事景乃权先生《关于<2025 年第三季度报告>的议案》的弃权理 由及公司说明 1、审计委员会调查事项真实性有待确认。 公司说明： 鲍佳董事本意见所指代售杜迪业务事项，已于 2024 年 4 月 26 日召开的第五 届董事会独立董事第一次专门委员会会议审议通过后，提交至公司第五届董事会 第三次会议审议通过，公司代售杜迪业务已经过独立董事审议通过，并经过董事 会集体决策，符合公司的治理制度规定。 该业务是基于扩大渠道协 ...

证券代码：301009 证券简称：可靠股份 公告编号：2025-041 杭州可靠护理用品股份有限公司 关于计提资产减值准备及确认其他权益工具投资公允 价值变动的公告 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。 杭州可靠护理用品股份有限公司（以下简称"公司"）根据《深圳证券交易 所创业板股票上市规则》《企业会计准则》等相关规定，将计提资产减值准备及 确认其他权益工具投资公允价值变动的具体情况公告如下： 一、计提资产减值准备及确认其他权益工具投资公允价值变动情况的概述 为真实反映公司财务状况和经营成果，根据《企业会计准则》及相关会计政 策等规定，公司对合并范围内截至 2025 年 9 月 30 日的各类资产进行全面清查， 并进行充分的评估和分析。基于谨慎性原则，经资产减值测试，公司认为部分资 产存在一定的减值迹象，对存在减值迹象的相关资产计提信用减值准备及资产减 值准备；同时依据公允价值计量要求对其他权益工具投资实施价值重估程序。 经公司及子公司对截至 2025 年 9 月 30 日存在可能发生减值迹象的资产进行 全面清查和资产减值测试后，计提信用减值准备及资 ...

一、监事会会议召开情况 杭州可靠护理用品股份有限公司（以下简称"公司"）第五届监事会第十一 次（临时）会议于 2025 年 10 月 24 日在杭州市余杭区向往街 1118 号英国中心 T6-28 层公司会议室以现场及网络会议相结合的方式召开。会议通知已于 2025 年 10 月 20 日以电话及电子邮件等方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人（其中监事张雅冬女士以网络方式在线参会并审议表决）。 会议由监事会主席任绍楠先生主持，会议召开符合有关法律、法规、规章和《公 司章程》的规定。 二、监事会会议审议情况 1、审议通过《关于<2025 年第三季度报告>的议案》 证券代码：301009 证券简称：可靠股份 公告编号：2025-039 杭州可靠护理用品股份有限公司 第五届监事会第十一次（临时）会议决议公告 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。 2025 年 10 月 28 日 1 经审议，监事会认为：公司《2025 年第三季度报告》的编制和审核程序符 合法律、行政法规和中国证监会的有关规定，报告内容真实、准确、完整地反映 了 ...

证券代码：301009 证券简称：可靠股份 公告编号：2025-038 杭州可靠护理用品股份有限公司 第五届董事会第十二次（临时）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。 二、董事会会议审议情况 1、审议通过《关于<2025 年第三季度报告>的议案》 《2025 年第三季度报告》具体内容详见公司同日披露在巨潮资讯网 （www.cninfo.com.cn）的相关公告。 本议案中的财务报告部分已经公司董事会审计委员会审议通过。 一、董事会会议召开情况 杭州可靠护理用品股份有限公司（以下简称"公司"）第五届董事会第十二 次（临时）会议于 2025 年 10 月 24 日在杭州市余杭区向往街 1118 号英国中心 T6-28 层公司会议室以现场及网络会议相结合的方式召开，会议通知已于 2025 年 10 月 20 日以电话及电子邮件等方式送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人（其中董事鲍佳女士、独立董事寿泓先生、独立董事肖炜 麟先生、独立董事景乃权先生以网络方式在线参会并审议表决），会议由董事长 金利伟先生主持，公司部分监事 ...

Financial Performance - The company's revenue for Q3 2025 was ¥280,534,838.99, representing a 4.59% increase year-over-year[5] - The net profit attributable to shareholders was -¥294,219.26, a decrease of 74.28% compared to the same period last year[5] - Total operating revenue for the current period reached ¥829,490,834.92, an increase of 5.4% compared to ¥789,105,083.96 in the previous period[26] - Net profit for the current period was ¥28,234,763.27, representing a 28.9% increase from ¥21,976,779.79 in the previous period[27] - The company's operating profit rose to ¥31,128,547.29, compared to ¥22,741,285.66, marking a significant increase of 37.5%[27] - The total comprehensive income attributable to the parent company was CNY 18,085,556.74, compared to CNY 22,073,000.56 in the previous period, reflecting a decrease of approximately 18%[28] - The total comprehensive income for the period was CNY 18,236,918.45, down from CNY 21,978,737.39 in the previous period, reflecting a decrease of approximately 17%[28] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date was ¥89,716,017.68, showing a significant increase of 136.29%[13] - The company reported a cash balance of ¥728,613,271.18 as of September 30, 2025, an increase from ¥613,695,304.72 at the beginning of the period, reflecting a growth of approximately 18.7%[21] - The total cash and cash equivalents at the end of the period reached CNY 712,929,871.81, compared to CNY 531,134,102.01 in the previous period, indicating an increase of approximately 34%[31] - Cash inflows from operating activities totaled CNY 979,904,796.40, compared to CNY 927,738,782.40 in the previous period, showing an increase of approximately 6%[30] - The net cash flow from operating activities increased to CNY 89,716,017.68, up from CNY 37,968,489.31, representing a growth of about 136%[30] - The net cash flow from investing activities was negative at CNY -32,375,553.85, an improvement from CNY -247,698,015.22 in the previous period[30] - The total cash outflow from financing activities was CNY 172,510,859.36, compared to CNY 53,614,705.32 in the previous period, indicating a rise of approximately 221%[30] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ¥2,150,851,067.60, reflecting a 2.93% increase from the end of the previous year[6] - Current liabilities totaled ¥691,734,484.93, an increase from ¥627,671,696.85, which is a rise of 10.2%[24] - Non-current liabilities decreased slightly to ¥47,496,944.24 from ¥50,386,438.76, a decline of 5.7%[24] - The company's equity attributable to shareholders decreased slightly by 0.04% to ¥1,333,510,388.01[6] - The total equity attributable to shareholders of the parent company was ¥1,333,510,388.01, a slight decrease from ¥1,334,074,525.27[24] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 17,604[15] - The top ten unrestricted shareholders include major stakeholders such as Jin Liwei, holding 20,477,321 shares, and Bao Jia, holding 19,797,671 shares[16] - The company has a repurchase account holding 5,435,800 shares, representing 2.00% of total shares[16] - A total of 2,664,200 shares were sold by specific shareholders from August 25 to August 29, 2025, accounting for 0.98% of the company's total share capital[20] - The company plans to reduce shares held by specific shareholders, with a maximum of 4,231,250 shares to be sold by one shareholder during the three-month period starting August 15, 2025[19] Investment and Expenses - The company reported a 959.95% increase in investment income, totaling ¥8,367,737.67 year-to-date[12] - The company reported an investment income of ¥8,367,737.67, compared to a loss of ¥973,044.01 in the previous period, indicating a significant turnaround[27] - Research and development expenses increased to ¥35,129,430.65, up from ¥32,856,479.39, indicating a growth of 6.9%[27] - The company experienced a 25.22% increase in taxes and surcharges, totaling ¥6,546,362.88 year-to-date[12] Accounts Receivable and Payable - Accounts receivable decreased to ¥177,645,177.51 from ¥202,398,244.10, representing a decline of approximately 12.2%[21] - The company’s accounts receivable financing increased to ¥20,526,279.27 from ¥16,353,004.10, showing a growth of approximately 25.9%[21] - The company’s prepayments rose to ¥28,694,630.14 from ¥26,009,895.98, reflecting an increase of about 10.3%[21] Borrowings - Short-term borrowings increased by 99.53% to ¥199,782,888.45, primarily due to an increase in bill discounting[11]

可靠股份公告，第三季度营收为2.81亿元，同比增长4.59%；净利润亏损29.42万元，下降74.28%。前三 季度营收为8.29亿元，同比增长5.12%；净利润为2798.44万元，同比增长26.79%。 ...

Market Overview - The personal care products sector experienced a decline of 0.34% on October 24, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with the following notable changes: - Baiya Co., Ltd. (003006) closed at 22.77, down 1.94% with a trading volume of 63,800 shares and a turnover of 146 million [1] - Yanjing Co., Ltd. (300658) closed at 8.46, down 1.40% with a trading volume of 168,400 shares and a turnover of 145 million [1] - Jeya Co., Ltd. (301108) closed at 35.76, down 0.91% with a trading volume of 49,800 shares and a turnover of 185 million [1] - Other stocks like Beijia Co. (603059) and Zhongshun Jierou (002511) also saw minor declines [1] Capital Flow - The personal care products sector saw a net inflow of 2.96 million from institutional investors and a net inflow of 4.80 million from retail investors, while retail investors experienced a net outflow of 7.76 million [3] - Notable capital flows for specific stocks include: - Wanjian Medical (300888) had a net inflow of over 9.34 million from institutional investors, but a net outflow of 11.91 million from retail investors [3] - Liangmian Needle (600249) saw a net inflow of 7.46 million from institutional investors, while retail investors had a net inflow of 1.39 million [3] - Baiya Co., Ltd. (003006) had a net inflow of 5.32 million from institutional investors but a significant net outflow of 4.30 million from retail investors [3]

Market Overview - The personal care products sector increased by 0.82% on October 23, with Baiya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Baiya Co., Ltd. (003006) closed at 23.22, up 2.74% with a trading volume of 73,700 shares and a turnover of 171 million yuan [1] - Beijia Co. (603059) closed at 34.56, up 1.98% with a trading volume of 38,800 shares and a turnover of 134 million yuan [1] - Dengkang Oral (001328) closed at 39.14, up 1.90% with a trading volume of 28,400 shares and a turnover of 112 million yuan [1] - Zhongshun Jiesang (002511) closed at 8.48, up 1.68% with a trading volume of 83,800 shares and a turnover of 70.46 million yuan [1] - Yanjing Co. (300658) closed at 8.58, up 1.30% with a trading volume of 175,500 shares and a turnover of 146 million yuan [1] - Other notable performances include Haoyue Nursing (605009) at 33.36, up 0.97%, and Runben Co. (603193) at 26.54, up 0.38% [1] Capital Flow - The personal care products sector saw a net inflow of 17.6 million yuan from institutional investors, while retail investors contributed a net inflow of 19.3 million yuan [2] - However, speculative funds experienced a net outflow of 36.9 million yuan [2] Detailed Capital Flow Analysis - Baiya Co., Ltd. had a net inflow of 19.28 million yuan from institutional investors, while it faced a net outflow of 11.41 million yuan from speculative funds [3] - Beijia Co. experienced a net inflow of 16.18 million yuan from institutional investors but a net outflow of 22.75 million yuan from speculative funds [3] - Dengkang Oral saw a net inflow of 4.54 million yuan from institutional investors, with minor outflows from other categories [3] - Zhongshun Jiesang had a net inflow of 1.60 million yuan from institutional investors, while speculative funds showed a net outflow [3]

Market Overview - The personal care products sector experienced a decline of 0.63% on October 22, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jieya Co., Ltd. increasing by 4.97% to a closing price of 36.95 [1] - Baiya Co., Ltd. closed at 22.60, down 1.95%, with a trading volume of 76,400 shares and a transaction value of 173 million yuan [2] - Other notable declines included Duncon Oral Care down 1.36% and Stable Medical down 0.86% [2] Capital Flow - The personal care products sector saw a net outflow of 26.09 million yuan from institutional investors, while retail investors had a net inflow of 21.82 million yuan [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [3] Individual Stock Capital Flow - For individual stocks, the net inflow for Jieya Co., Ltd. was 8.44 million yuan from institutional investors, while it faced a net outflow of 20.48 million yuan from retail investors [3] - Duncon Oral Care had a net inflow of 1.64 million yuan from institutional investors, but also saw outflows from retail investors [3]

Core Insights - The attitude of foreign capital towards Chinese medical assets has dramatically reversed within a year, shifting from a neutral to a positive outlook on the biotechnology sector in China [1][3][7] Group 1: Market Sentiment Shift - Morgan Stanley's report titled "China Biotech: Innovation Dawn" indicates that China's biotechnology sector is now viewed as a critical part of the global new drug supply chain, with projected pharmaceutical revenues reaching $34 billion by 2030 and $220 billion by 2040 [1][3] - The number of foreign institutions conducting research on Chinese biotech companies has surged, with notable firms like State Street Bank and BlackRock showing increased interest [1][2] - The collective buying actions of foreign investors, such as JPMorgan and Citigroup, reflect a significant shift in sentiment towards Chinese innovative drug companies [2][5] Group 2: Investment Dynamics - The efficiency of converting research interest into actual holdings is evident, as seen in the stock price surge of WuXi AppTec, which rose by 6.52% due to increased foreign investment [2] - Major foreign investors have increased their holdings in key Chinese biotech firms, indicating a trend of strategic accumulation among top foreign capital [5][6] - The report highlights that foreign capital is now viewing specific sectors in China as essential assets in the global technology race, with over 90% of U.S. investors expressing plans to increase exposure to Chinese stocks, particularly in biotechnology [6][7] Group 3: Industry Evolution - The narrative surrounding China's pharmaceutical industry has shifted from being cost-driven to innovation-driven, acknowledging the significant advancements in the sector [3][4] - Morgan Stanley and Goldman Sachs both emphasize the growing recognition of China's innovative capabilities in biotechnology, with expectations that several leading biotech firms will reach breakeven by 2025-2026 [4][8] - The report outlines that the Chinese biotech sector is becoming a key player in filling the revenue gaps created by patent expirations in multinational corporations (MNCs), with an estimated $115 billion revenue loss due to patent cliffs by 2035 [8][10] Group 4: Future Projections - By 2040, China's share of FDA-approved drugs is expected to rise from 5% to 35%, with a projected global sales figure exceeding $1.22 trillion even in the most pessimistic scenarios [25][27] - The report anticipates that the collaboration between MNCs and Chinese biotech firms will intensify, driven by the need to address revenue shortfalls from patent expirations [10][14] - The overall improvement in clinical trial data integrity and the increasing number of new molecular entities launched in China are contributing to a more favorable investment landscape [20][22]