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]

证券代码：301009 证券简称：可靠股份 公告编号：2025-018 一、召开会议的基本情况 （一）股东大会届次：公司2024年度股东大会。 （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： 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。 （五）会议的召开方式：本次会议采用现场表决与网络投票相结合的方式。 杭州可靠护理用品股份有限公司 关于召开 2024 年度股东大会通知的公告 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 ...

证券代码：301009 证券简称：可靠股份公告编号：2025-003 杭州可靠护理用品股份有限公司 第五届董事会第九次会议决议公告 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。 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"或"本公司"）第五届 董事会第九次会议于 2025 年 4 月 24 日在浙江省杭州市余杭区向往街 1118 号英 国中心 T6-28 层公司会议室以通讯及现场表决相结合的方式召开，会议通知已于 2025 年 4 月 14 日以专人送达、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（其中董事鲍佳女士以通讯方式审议表决），实际出席董事 7 人， 会议由董事长金利伟先生主持，公司监事及高级管理人员列席。会议召开符合有 关法律、法规、规章和《公司章程》的规定。 3、审议通过《关于<2024 年年度报告及其摘要>的议案》 《2024 年年度报告》及《2024 年年度报告摘要》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。 该议案财务报告部分已经公司董事会审计委员会 ...

证券代码：301009 证券简称：可靠股份 公告编号：2025-008 特别提示： 1、公司拟定2024年度利润分配方案为：以实施2024年度利润分配方案时股 权登记日的总股本扣除公司回购专用证券账户中已回购股份后的总股本（公司现 有总股本271,860,000股扣除公司回购专用证券账户中的股份5,435,800股后的总 股本为266,424,200股）为基数，向全体股东每10股派发现金红利人民币0.70元（含 税），合计派发现金红利人民币18,649,694元，不送红股，不以资本公积金转增 股本，剩余未分配利润结转以后年度分配。 2、公司现金分红方案不涉及《深圳证券交易所创业板股票上市规则》第9.4 条相关规定的可能被实施其他风险警示情形。 一、审议程序 1、杭州可靠护理用品股份有限公司（以下简称"公司"）于2025年4月24日 分别召开了第五届董事会第九次会议、第五届监事会第八次会议，审议通过了《关 于2024年度利润分配预案的议案》。 2、本次利润分配预案尚需提交公司2024年度股东大会审议。 杭州可靠护理用品股份有限公司 关于 2024 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容 ...