Core Viewpoint - The ongoing conflict between the actual controller of Reliable Shares, Jin Liwei, and his ex-wife, Bao Jia, continues to escalate, particularly regarding the appointment of a new secretary and issues related to corporate governance and compliance [1][4]. Group 1: Board Meeting and Voting - Bao Jia opposed three out of four proposals during the board meeting, specifically criticizing the appointment of Wang Xiangting as the new secretary due to concerns over his qualifications and potential risks [1][3]. - Despite Bao Jia's objections and the abstention votes from independent director Jing Naiquan, all related proposals were ultimately approved by the board [1][3]. Group 2: Background of New Secretary - Wang Xiangting was appointed as the new secretary after a series of frequent changes in this position, with the company having a history of rapid turnover in its secretarial roles since its A-share listing in June 2021 [2]. - Prior to joining Reliable Shares, Wang had experience as a secretary in other listed companies, but his recent departure from the industry raised concerns about his familiarity with current regulations [2][3]. Group 3: Concerns Over Qualifications and Performance - Bao Jia expressed doubts about Wang Xiangting's ability to perform effectively, citing his lack of recent experience in the securities field and errors in board documents [3][4]. - Independent director Jing Naiquan also raised concerns about Wang's attention to detail and professionalism, leading to his abstention vote [3]. Group 4: Related Party Transactions and Compliance Issues - Bao Jia highlighted potential violations regarding related party transactions that exceeded regulatory thresholds, which are currently under investigation by the Zhejiang Securities Regulatory Bureau [4][5]. - The company acknowledged the transactions but claimed they were not intentional violations, attributing the issues to misunderstandings regarding the timing of disclosures [5][6]. Group 5: Financial Performance and Governance Challenges - The performance of Reliable Shares has been a point of contention, with Bao Jia criticizing Jin Liwei for making poor investment decisions and the company's overall financial decline since its IPO [6]. - Reliable Shares experienced significant profit reductions post-listing, with a notable loss in 2022, although there has been some recovery in 2023 [6].

Core Viewpoint - The ongoing conflict between the controlling shareholder Jin Liwei and his ex-wife Bao Jia at Reliable Shares (301009.SZ) continues to escalate, particularly regarding the appointment of the new secretary and concerns over corporate governance and compliance issues [1][4]. Group 1: Board Meeting and Voting - On August 21, during the 11th meeting of the 5th board of directors, Bao Jia voted against three out of four proposals, including the appointment of Wang Xiangting as the new vice president and board secretary, citing concerns over his qualifications and potential risks [1][3]. - Despite Bao Jia's objections and the independent director Jing Naiquan abstaining from voting on some proposals, all relevant motions were ultimately passed [1][3]. Group 2: New Secretary's Background - Wang Xiangting was appointed as the new board secretary after a series of frequent changes in this position since the company's IPO in June 2021, with previous secretaries serving very short tenures [2]. - Prior to joining Reliable Shares, Wang had experience as a board secretary at other listed companies but had not worked in a securities role for several years [2][3]. Group 3: Concerns Over Wang Xiangting's Competence - Bao Jia criticized Wang's lack of familiarity with current securities regulations and his reliance on the securities department for completing tasks, leading to errors in board documents [3][4]. - There were complaints about Wang's attitude towards assisting employees with stock-related matters, which Bao Jia viewed as obstructive to the board's functioning [3][4]. Group 4: Related Party Transactions and Compliance Issues - Bao Jia raised alarms about potential violations regarding related party transactions, noting that transactions in Q1 2025 exceeded the regulatory threshold of 300,000 yuan and 0.5% of the company's audited net assets [5][6]. - The Zhejiang Securities Regulatory Bureau is currently investigating these transactions, which occurred shortly after Wang's appointment, raising questions about his accountability [5][6]. Group 5: Company Performance and Governance Issues - The performance of Reliable Shares has been a point of contention, with Bao Jia accusing Jin Liwei of making poor investment decisions, including investing in a loss-making company [7]. - Since its IPO, the company's profitability has significantly declined, with a notable loss in 2022, although there has been some recovery in 2023 [7].

证券代码：301009 证券简称：可靠股份 公告编号：2025-032 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 董事、监事、高级管理人员异议声明 ■ 董事、监事、高级管理人员异议声明的风险提示 董事鲍佳对公司2025年半年度报告及其摘要投反对票，请投资者特别关注。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司是否 ...

Group 1 - The board meeting of Hangzhou Reliable Nursing Products Co., Ltd. was held on August 21, 2025, with all 7 directors present, and the meeting complied with legal and regulatory requirements [1] - The financial report for the first half of 2025 was approved by the board's audit committee with a voting result of 6 in favor and 1 against [2] - The company appointed Mr. Wang Xiangting as the deputy general manager and board secretary, with the term lasting until the end of the current board's term [2][3] Group 2 - Independent director Mr. Jing Naiquan abstained from voting on the appointment of Mr. Wang, citing the need for more attention to detail and professionalism [3][4] - Director Ms. Bao Jia voted against the half-year report, raising concerns about a significant related party transaction that exceeded regulatory thresholds [5][10] - The company clarified that the related party transactions had been previously approved by the board and reported to regulatory authorities [13][18] Group 3 - The company emphasized that the appointment of Mr. Wang met all legal qualifications and was supported by a thorough background check [4][12] - Ms. Bao expressed concerns about Mr. Wang's lack of recent experience in securities affairs and questioned his professional capabilities [11][19] - The company defended its governance practices, stating that all high-level changes followed proper procedures and aimed to enhance operational efficiency [17][19]

Meeting Details - The fifth meeting of the supervisory board of Hangzhou Reliable Nursing Products Co., Ltd. was held on August 21, 2025, in Hangzhou, with all three supervisors present [1] - The meeting was chaired by Mr. Ren Shaonan and complied with relevant laws, regulations, and the company's articles of association [1] Supervisory Board Resolutions - The supervisory board approved the company's 2025 semi-annual report and its summary, confirming that the preparation and review processes met legal and regulatory requirements, and accurately reflected the company's operational status for the first half of 2025 [1][2] - The board voted unanimously in favor of the report, with 3 votes for, 0 against, and 0 abstentions [2] Fund Management - The supervisory board confirmed that the company adhered to relevant laws and regulations regarding the management and use of raised funds, with no instances of misappropriation or harm to shareholder interests [2] - The report on the storage and use of raised funds for the first half of 2025 was also deemed to be true, accurate, and complete, with no misleading statements or omissions [2]

Core Points - The company reported a revenue of approximately 548.96 million yuan for the first half of 2025, representing a 5.39% increase compared to the same period last year [1] - The net profit attributable to shareholders increased by 21.81% to approximately 28.28 million yuan [1] - The net cash flow from operating activities surged by 157.71% to approximately 41.38 million yuan [1] - Basic and diluted earnings per share rose by 23.52% to 0.1061 yuan [1] Financial Performance - Total assets at the end of the reporting period were approximately 2.10 billion yuan, a 0.57% increase from the previous year [2] - The net assets attributable to shareholders increased by 0.72% to approximately 1.34 billion yuan [2] - The weighted average return on net assets was 2.10%, up from 1.70% [2] Shareholder Information - The top shareholder, Jin Liwei, holds 30.13% of the shares, followed by Bao Jia with 29.13% [2][3] - The company has not experienced any changes in its controlling shareholder during the reporting period [3] - There are plans for specific shareholders to reduce their holdings within a designated trading period [3]

Core Insights - The company reported a revenue of 549 million yuan for the first half of 2025, marking a year-on-year increase of 5.39% [1] - The net profit attributable to shareholders reached 28.28 million yuan, reflecting a growth of 21.81% compared to the previous year [1] Revenue Breakdown - Adult incontinence products generated revenue of 287.10 million yuan, with a gross margin of 24.46% and a year-on-year growth of 4% [2] - Baby care products achieved revenue of 208.88 million yuan, with a gross margin of 21.98% and a year-on-year increase of 5% [2] - Pet hygiene products reported revenue of 33.69 million yuan, with a gross margin of 26.01%, showing a slight decline of 1% year-on-year [2] - Other products contributed 19.27 million yuan in revenue, with a gross margin of 34.48% and a significant year-on-year growth of 32% [2]

经公司董事长兼总经理金利伟先生提名，并经董事会提名委员会资格审核通过，董事会同意聘任王向亭 先生为公司副总经理、董事会秘书，任期自本次董事会审议通过之日起至第五届董事会届满为止。 8月24日，可靠股份发布公告称，聘任王向亭先生为公司副总经理、董事会秘书。 公告显示，于2025年8月21日召开了第五届董事会第十一次会议，审议通过了《关于聘任公司副总经理 的议案》及《关于聘任公司董事会秘书的议案》。 王向亭，男，1975年10月出生，中国国籍，无境外永久居住权，硕士研究生学历，经济师。历任广发证 券股份有限公司职员，横店集团有限公司投资部经理，2006年10月至2013年10月，任职于浙江万马电缆 股份有限公司，担任副总经理、董事会秘书。2013年11月至2021年7月，任职于浙江洁美电子科技股份 有限公司，担任副总经理、董事会秘书。2021年8月至2023年8月，任职于杭州奥默医药股份有限公司， 担任副总经理。2023年11月至2024年12月，任职于马丁科瑞半导体（浙江）有限公司。2024年12月至 今，担任公司资本运营总监。 ...

Investment Rating - The industry investment rating is "Hold" [1] Core Insights - The long-term care insurance (LTCI) system in Japan has diversified elderly care services, addressing the challenges posed by an aging population and declining birth rates. The LTCI was officially implemented in 2000, with a focus on providing comprehensive care for the elderly [3][24]. - The LTCI system in Japan is characterized by government leadership, diverse service providers, varied service offerings, and a well-integrated community care system. This has led to improved efficiency and sustainability in elderly care [4][25]. - The implementation of LTCI has spurred the growth of the elderly care service industry, increasing demand for professional caregivers and related products, significantly expanding the market size from 3.6 trillion yen in 2000 to 9.6 trillion yen by 2013 [34]. Summary by Sections Long-term Care Insurance Development - Japan's LTCI system was established to address the needs of an aging population, with mandatory participation for individuals aged 65 and older, and those aged 40-64 with specific health conditions [3][24]. - The system has evolved through three phases: initial establishment, service refinement, and diversification of care options [25]. Market Dynamics - The LTCI has led to a significant increase in private sector participation in elderly care services, enhancing service quality and efficiency through competition [5][30]. - In China, the LTCI pilot program began in 2016, expanding to 49 cities by 2024, with 180 million participants, indicating a growing demand for elderly care services [6][35]. Company Performance - Reliable Co., a leading company in medical care and disability care products, has shown steady growth, with domestic revenue accounting for 58.03% in 2024. The company is well-positioned to benefit from the increasing demand for high-quality elderly care supplies [8][38].

Core Insights - The adult incontinence care industry in China is experiencing growth driven by an aging population and the "silver economy" becoming a national strategy [1][7] - Reliable Co., Ltd. (301009.SZ) reported a resilient performance in its latest semi-annual report for 2025, with revenue of 549 million yuan, a year-on-year increase of 5.39%, and a net profit of 28 million yuan, up 21.81% [1][2] Financial Performance - In the first half of 2025, the company achieved a significant increase in operating cash flow, reaching 41 million yuan, a year-on-year growth of 157.71% [1] - The second quarter saw a revenue increase of 12.98% and a net profit surge of 98.42%, indicating improved profitability and operational quality [1] Business Growth Drivers - The adult incontinence care products generated revenue of 287 million yuan, with a gross margin of 24.46%, reflecting a 3.65 percentage point increase year-on-year [2] - The growth is attributed to both market expansion and the company's ongoing product structure upgrades, with a rising proportion of mid-to-high-end products [2] Market Expansion Strategy - The company employs a dual strategy of "own brand + ODM" to enhance its market penetration and channel control, focusing on both e-commerce and offline specialized channels [2][3] - Reliable Co. is actively innovating and building its brand around different user groups and scenarios, enhancing brand recognition and loyalty [3] Innovation and Technology - The adult incontinence care market in China has a penetration rate of less than 10%, indicating significant growth potential compared to mature markets [4] - The company is increasing R&D investments to develop innovative products that meet diverse consumer needs, establishing a technological barrier through differentiated product features [4] Strategic Positioning - Since its strategic shift in 2008, Reliable Co. has transformed from a baby diaper OEM to a provider of proprietary brands and professional solutions, demonstrating foresight in addressing aging trends and market gaps [5] - Despite competitive pressures, the company achieved a net profit growth of 21.81%, driven by innovative product development and effective cost control measures [5][6] Future Outlook - With over 300 million people aged 60 and above in China, the adult incontinence care sector is poised for substantial growth, potentially reaching a market size of hundreds of billions [7] - Reliable Co. aims to become a world-class leader in the health care industry, leveraging its brand strength, innovation capabilities, and robust supply chain management [7]