证券代码：301009 证券简称：可靠股份 公告编号：2025-051 杭州可靠护理用品股份有限公司 第五届董事会第十四次（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《关于修订<公司章程>及相关议事规则的议案》 根据《中华人民共和国公司法》《关于新<公司法>配套制度规则实施相关过 渡期安排》《上市公司章程指引（2025 年修订）》《深圳证券交易所创业板股 票上市规则（2025 年修订）》等法律法规和规范性文件的相关规定，结合公司 实际情况，公司将不再设置监事会并废止《监事会议事规则》，涉及监事会、监 事的相关规定将不再适用，监事会职权由董事会审计委员会行使。鉴于此，现对 《公司章程》及其附件《股东大会议事规则》（拟更名为《股东会议事规则》）、 《董事会议事规则》部分条款进行了修订。 为保证后续工作的顺利开展，公司董事会提请股东大会授权管理层办理本次 《公司章程》修订所涉及的工商变更登记、备案等相关事宜，以及根据市场监督 管理局的要求修改、补充《公司章程》条款。授权有效期限自公司股东大会审议 通过之日起至 ...

Market Overview - The personal care products sector increased by 0.23% on December 31, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 14.82, up 11.68% with a trading volume of 314,600 shares and a transaction value of 445 million yuan [1] - Other notable stocks include: - Dengkang Oral (001328) at 39.48, up 1.23% [1] - Zhongshun Jierou (002511) at 8.56, up 1.06% [1] - Beijia Clean (603059) at 30.08, up 0.37% [1] - Reliable Co., Ltd. (301009) at 12.68, up 0.32% [1] - Runben Co., Ltd. (603193) at 24.23, up 0.12% [1] - Haoyue Nursing (605009) at 30.90, up 0.03% [1] - Ziya Co., Ltd. (003006) at 21.84, down 0.46% [1] - Wanjian Medical (300888) at 37.84, down 0.58% [1] - Liangmian Needle (600249) at 5.75, down 1.71% [1] Capital Flow - The personal care products sector experienced a net outflow of 31.67 million yuan from institutional investors, while retail investors saw a net inflow of 26.33 million yuan [2] - The capital flow for individual stocks shows: - Yanjiang Co., Ltd. had a net inflow of 18.80 million yuan from institutional investors [3] - Dengkang Oral had a net inflow of 0.90 million yuan from retail investors [3] - Reliable Co., Ltd. had a net outflow of 3.37 million yuan from institutional investors [3] - Zhongshun Jierou had a net outflow of 7.21 million yuan from institutional investors [3] - Yiyi Co., Ltd. had a net outflow of 9.23 million yuan from institutional investors [3]

Market Overview - The personal care products sector experienced a slight decline of 0.1% on December 30, with Liangmian Needle leading the drop [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - Notable stock performances in the personal care sector included: - Zhiya Co., Ltd. (003006) rose by 3.69% to close at 21.94, with a trading volume of 80,900 shares and a turnover of 178 million yuan [1] - Jieya Co., Ltd. (301108) increased by 1.04% to 33.86, with a trading volume of 10,700 shares and a turnover of 36.07 million yuan [1] - Liangmian Needle (600249) fell by 1.52% to 5.85, with a trading volume of 99,500 shares and a turnover of 58.49 million yuan [2] Capital Flow - The personal care products sector saw a net inflow of 23.84 million yuan from institutional investors, while retail investors experienced a net outflow of 48.31 million yuan [2] - The capital flow for individual stocks showed: - Yanjiang Co., Ltd. (300658) had a net inflow of 33.52 million yuan from institutional investors [3] - Liangmian Needle (600249) had a net outflow of 3.21 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had significant capital movements: - Zhiya Co., Ltd. (003006) had a net inflow of 17.45 million yuan from institutional investors [3] - Jieya Co., Ltd. (301108) saw a net outflow of 0.87 million yuan from institutional investors [3] - Stable Medical (300888) had a net outflow of 3.61 million yuan from institutional investors [3]

Group 1 - The core investment theme for the pharmaceutical sector in 2026 is the innovation drug industry chain, with a clear trend towards international business development and accelerated commercialization of domestic products [2][3]. - The CXO sector is experiencing continuous improvement in performance and orders, supported by favorable financing conditions that benefit the industry's upward trajectory [3]. - The medical device sector is focusing on two main lines: international expansion and innovation [3]. Group 2 - The latest trends in medical insurance show a decline in total expenditure for the first ten months of 2025, amounting to 1,903.6 billion yuan, a year-on-year decrease of 1% [5][7]. - The total income of the medical insurance fund for the same period reached 2,352 billion yuan, with a year-on-year growth of 2%, indicating a slowdown in income growth [7][11]. - The number of medical insurance beneficiaries and hospitalization cases continues to grow, with 6.07 billion total beneficiaries in 2024, a year-on-year increase of 18% [11]. Group 3 - The average medical insurance cost per visit decreased in 2024, with the average cost for employees at 629 yuan (down 10%) and for residents at 351 yuan (down 12%) [15]. - The average hospitalization cost also saw a decline, with employees averaging 11,707 yuan (down 3.8%) and residents at 7,408 yuan (down 3.5%) [15]. Group 4 - The Chinese pharmaceutical industry is witnessing a significant increase in license-out transactions, with over 100 deals completed in 2025, totaling more than 110 billion USD [21][32]. - The number of license-out transactions involving upfront payments exceeding 100 million USD has also risen, indicating a growing interest from global pharmaceutical companies in Chinese innovations [21][32]. - The ADC (Antibody-Drug Conjugate) market is expanding rapidly, with a projected market size exceeding 16 billion USD in 2025, driven by several successful product launches [38]. Group 5 - The Chinese government is actively supporting the innovation drug sector through various policies aimed at enhancing accessibility and encouraging high-quality innovation [16][18]. - The proportion of medical insurance spending on innovative drugs is steadily increasing, with 149 innovative drugs included in the insurance coverage over the past seven years [90][94]. - The average price reduction for innovative drugs during negotiations with the national medical insurance has been around 60%, with some drugs seeing reductions as high as 94% [88][94].

Market Overview - The personal care products sector increased by 0.49% compared to the previous trading day, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Dengkang Oral (001328) closed at 38.95, up 2.04% with a trading volume of 19,000 shares and a transaction value of 73.72 million yuan [1] - Other notable performers include: - Yanjing Co. (300658) at 13.18, up 1.62% [1] - Stable Medical (300888) at 38.64, up 1.47% with a transaction value of 252 million yuan [1] - Zhongshun Jiesang (002511) at 8.45, up 1.32% with a transaction value of 191 million yuan [1] Capital Flow - The personal care products sector experienced a net outflow of 9.12 million yuan from institutional investors and 8.75 million yuan from retail investors, while retail investors saw a net inflow of 17.87 million yuan [2] - The capital flow for individual stocks shows: - Stable Medical had a net inflow of 18.89 million yuan from institutional investors [3] - Dengkang Oral saw a net outflow of 3.00 million yuan from institutional investors [3] - Yanjing Co. had a net inflow of 1.24 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had significant capital movements: - Dengkang Oral: Institutional net outflow of 3.00 million yuan, retail net inflow of 0.80 million yuan [3] - Stable Medical: Institutional net inflow of 18.89 million yuan, retail net outflow of 20.84 million yuan [3] - Zhongshun Jiesang: Institutional net outflow of 3.24 million yuan, retail net inflow of 4.70 million yuan [3]

Core Viewpoint - The A-share market in 2025 is experiencing a series of intense internal conflicts within listed companies, revealing deep governance issues that affect corporate vitality and market performance [1][2]. Group 1: Internal Conflicts - Since 2025, internal conflicts among A-share listed companies have erupted, covering various industries such as home textiles, healthcare, electronics, and manufacturing, with forms of conflict ranging from board voting confrontations to public accusations and legal disputes [2][3]. - Dream洁股份 is embroiled in a control dispute, with board member Chen Jie publicly accusing Chairman Jiang Tianwu of financial misconduct and decision-making issues, leading to a significant governance crisis [3][4]. - Reliable股份 faces ongoing internal strife stemming from the divorce of its controlling shareholder, resulting in a close shareholding battle between the former couple, which has escalated into public confrontations over company management [5][6]. -艾比森's founder voted against his own election as chairman, highlighting dissatisfaction with the company's governance structure and concentrated shareholding, which hinders long-term development [7][21]. -金鸿顺 has seen repeated attempts by its second-largest shareholder to remove the chairman due to absenteeism, linked to the controlling shareholder's debt crisis, leading to a power struggle [8][22]. - ST路通 has experienced a dramatic power struggle, with new shareholders attempting to oust the original management, resulting in legal disputes and governance chaos [9][23][24]. Group 2: Governance Issues - The internal conflicts reflect common governance issues such as imbalanced shareholding structures, ineffective governance mechanisms, and unequal distribution of interests, which have long been latent and erupted at specific points [11][25]. - The instability of shareholding structures is a key factor in internal conflicts, as seen in Dream洁股份's loss of a controlling shareholder and the close shareholding in Reliable股份, leading to ongoing confrontations [12][26]. - Governance mechanisms in some companies have become ineffective, with board operations being dominated by a few individuals, and independent directors failing to play their roles effectively, exacerbating internal conflicts [13][27]. - Unequal distribution of interests and lack of communication mechanisms have escalated minor disagreements into major conflicts, as seen in艾比森 and Reliable股份, where shareholder interests are not adequately represented [14][28]. Group 3: Path to Resolution - The surge of internal conflicts in 2025 serves as a warning for governance optimization in A-share listed companies, necessitating a collaborative effort from enterprises, regulators, and the market to strengthen governance foundations [15][29]. - Companies should solidify their shareholding structures and establish clear boundaries and exit mechanisms when introducing strategic investors to prevent future conflicts [29]. - Improving governance mechanisms is essential, including standardizing board and shareholder meeting operations, enhancing the independence and professionalism of independent directors, and ensuring compliance with disclosure requirements [29]. - Balancing interest distribution and establishing a compensation system linked to company performance and governance levels are crucial for maintaining harmony among stakeholders [29][30].

证券代码：301009 证券简称：可靠股份 公告编号：2025-050 杭州可靠护理用品股份有限公司 2025 年第一次临时股东大会决议公告 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。 1、本次股东大会存在否决议案的情形，被否决议案为议案 1《关于修订<公 司章程>及相关议事规则的议案》； 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召集人：杭州可靠护理用品股份有限公司（以下简称"公司"）董 事会 2、会议召开时间 （1）现场会议召开时间：2025 年 12 月 25 日（星期四）下午 14:00 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系 统进行网络投票的具体时间为：2025 年 12 月 25 日（星期四）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 12 月 25 日（星期四）上午 9:15 至下午 15:00 期间的任意时间。 3、会议召开地点：杭州市余杭区向往街 111 ...

北京市安理律师事务所 关于 杭州可靠护理用品股份有限公司 2025 年第一次临时股东大会的 法律意见书 安理法意[2025]字 1225 第 0001 号 北京市朝阳区东三环中路 5 号财富金融中心 35-36 层 电话：010-85879199 传真：010-85879198 北京市安理律师事务所 法律意见书 北京市安理律师事务所 关于 杭州可靠护理用品股份有限公司 2025 年第一次临时股东大会的 法律意见书 安理法意[2025]字 1225 第 0001 号 致：杭州可靠护理用品股份有限公司 北京市安理律师事务所（以下简称"本所"）接受杭州可靠护理用品股份有 限公司（以下简称"公司"）的委托，指派见证律师出席公司2025年第一次临时 股东大会（以下简称"本次股东大会"）进行法律见证，依据《中华人民共和国 公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、《上市公司股东会规则》（以下简称《股东会规则》）等法律、法规、 规章、规范性文件及现行有效的《杭州可靠护理用品股份有限公司章程》（以下 简称《公司章程》）的规定，就公司本次股东大会的召集、召开程序、出席会议 人员的资格、表 ...

Market Overview - The personal care products sector increased by 0.94% on December 25, with Zhongshun Jierou leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Stock Performance - Zhongshun Jierou (002511) closed at 8.22, up 4.18% with a trading volume of 308,300 shares and a transaction value of 251 million [1] - Other notable stocks include: - Jieya Co. (301108) at 33.92, up 1.83% [1] - Runben Co. (603193) at 24.72, up 1.39% [1] - Haoyue Nursing (600509) at 31.99, up 1.07% [1] - Baia Co. (003006) at 21.15, up 1.05% [1] Capital Flow - The personal care products sector experienced a net outflow of 34.64 million from institutional investors and 29.15 million from retail investors, while retail investors saw a net inflow of 63.79 million [2] - The capital flow for individual stocks shows: - Zhongshun Jierou had a net inflow of 2.63 million from institutional investors [3] - Two Mian Zhen (600249) had a net inflow of 201.73 thousand from institutional investors [3] - Jieya Co. (301108) had a net outflow of 64.45 thousand from institutional investors [3]

Core Insights - The A-share market has shown a fluctuating upward trend since 2025, with the pharmaceutical and biotechnology sector performing exceptionally well, dominating the top ten stock fund rankings in the first half of the year [2] - Jin Xiaofei, a representative mid-generation fund manager at Penghua Fund, has achieved remarkable performance with his managed funds, utilizing a unique "dual-line resonance" framework to navigate crowded sectors [2][3] Investment Performance - Jin Xiaofei has been with Penghua Fund since July 2012, accumulating a tenure of 9 years and 174 days, managing assets totaling 5.375 billion yuan, with a best-term return of 239.59% [3] - The Penghua Medical Technology Stock A fund, under Jin's management, has shown significant excess returns, with a total return of 74.19% since its inception on June 2, 2015, and a return of 73.03% this year [5] - The Penghua Innovation Upgrade Mixed A fund has also performed well, with a year-to-date return of 88.72% and a one-year return of 74.60% [15] Investment Strategy - Jin's investment strategy is centered on "fundamental trend investing," integrating a dual-dimensional analysis framework that focuses on both visible driving factors and market sentiment [3][4] - The "bright line" strategy emphasizes significant industry changes, while the "dark line" strategy identifies undervalued opportunities through reverse analysis of market emotions and capital flows [4] - Jin's approach includes a three-dimensional decision-making framework that considers long-term, mid-term, and short-term performance metrics to ensure robust investment logic [14][16] Stock Holdings and Performance - The fund has made strategic purchases in various stocks, including: - 1,126,260 shares of Nuocheng Jianhua, which saw a price increase of 213% during the holding period [7] - 217,760 shares of Dizhe Pharmaceutical, with a price increase of 90.49% [9] - 119,040 shares of Baijishenzhou, which appreciated by 257% [11] - 211,230 shares of Rongchang Bio, with a price increase of 121% [13] - The fund's holdings in stocks like Hailan Pharmaceutical and Zexing Pharmaceutical also demonstrated significant price increases during their respective holding periods [18][20] Market Outlook - Jin Xiaofei anticipates a new investment cycle in the pharmaceutical sector, with institutional holdings recovering from historical lows, and emphasizes the importance of beta opportunities in the current market [5][16] - The need for continuous optimization of risk control systems is highlighted, as the industry faces increasing competition and innovation [25]