Core Insights - The article highlights the launch of the Super CEO series by Zhito Finance for the ninth consecutive year, featuring various sub-lists that reflect the diverse driving forces behind China's economic growth, particularly in the healthcare sector [1] Industry Overview - The Chinese pharmaceutical manufacturing industry is experiencing a decline, with revenue of 1,227.52 billion yuan in the first half of 2025, down 1.2% year-on-year, and total profit of 176.69 billion yuan, down 2.8% year-on-year, indicating ongoing industry pressure and deepening segmentation [1] - Since 2025, numerous policies have been introduced to support high-quality development in innovative pharmaceuticals, including measures to enhance the clinical trial approval process and the introduction of a commercial insurance directory for innovative drugs [2] - The medical device export sector continues to grow, with a total import and export value of 41.09 billion USD in the first half of 2025, a 1.1% increase year-on-year, while imports decreased by 3.9%, indicating a shift towards domestic alternatives in high-end equipment [3] Investment Trends - The overseas business development (BD) orders for innovative pharmaceuticals have reached a record high, surpassing 60 billion USD, with significant transactions indicating a shift in China's role from a follower to a contributor in the global pharmaceutical landscape [4] - Capital preferences are improving, with the healthcare industry in China seeing a recovery in financing activities, particularly in medical devices and innovative pharmaceuticals, with significant investments in areas like cancer screening and AI healthcare [5] Future Outlook - The 15th Five-Year Plan emphasizes the importance of health in economic development, aiming to enhance public health and support the growth of innovative drugs and medical devices, which will shape the future of the healthcare industry in China [6] - The aging population, active policy support, and the internationalization of medical devices are driving demand and supply upgrades in the healthcare sector, presenting both opportunities and challenges for industry leaders [6] CEO Insights - The Super CEO list features 25 leaders whose companies have shown median revenue growth of 6.11% and net profit growth of 16.08%, with an average market capitalization of 86.1 billion yuan [9] - The list includes a notable representation of women leaders, with three female CEOs demonstrating strong strategic vision in high-barrier industries [10] - The majority of CEOs on the list have advanced degrees, reflecting the industry's demand for leaders with deep scientific understanding and business acumen [10] Company Highlights - Li Ge, CEO of WuXi AppTec, leads the list, showcasing strong performance with a revenue of 32.857 billion yuan in the first three quarters of 2025, a year-on-year increase of 18.61% [17] - Zhu Yi, CEO of BaiLi TianHeng, achieved significant revenue growth through strategic partnerships, emphasizing the importance of building a robust product pipeline [18] - Wu Hao, CEO of Mindray, reported a revenue of 36.726 billion yuan in 2024, with a focus on R&D and international expansion [19] - Zhong Huijuan, CEO of Hansoh Pharmaceutical, became the richest woman in China with a revenue of 12.261 billion yuan in 2024, driven by innovative drug sales [19] - Shi Yifeng, CEO of Aimeike, led the company to a revenue of 3.026 billion yuan in 2024, emphasizing shareholder value through high dividend payouts [20]

Market Overview - The personal care products sector increased by 0.04% on December 10, with Dengkang Oral leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Dengkang Oral closing at 37.30, up 2.47%, and other notable stocks including Runben Co. at 24.37, up 0.99%, and Zhongshun Jiesang at 8.04, up 0.63% [1] - Conversely, stocks like Beijia Clean and Reliable Co. experienced declines, with Beijia Clean down 0.53% and Reliable Co. down 0.71% [1] Capital Flow - The personal care products sector saw a net outflow of 26.81 million yuan from institutional investors, while retail investors contributed a net inflow of 14.96 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors showed interest [2] Detailed Capital Flow Analysis - Dengkang Oral had a significant net inflow from institutional investors of 33.86 million yuan, while other stocks like Yijia Co. and Beijia Clean faced net outflows [3] - Retail investors showed strong interest in stocks like Reliable Co. and Beijia Clean, with net inflows of 1.99 million yuan and 3.25 million yuan respectively [3]

一家中国老牌工厂的价值突围。 支撑如此突破性策略的，是这家中国工厂死磕产品价值、建立柔性生产供应链，并借力亚马逊全球用 户的完整覆盖建立合规机制、加速全球化，最终实现了第一年交易额突破数百万美元、跻身欧美细分 品类 TOP25 的亮眼成绩。 还有很多像可靠一样的中国工厂，正在亚马逊各个赛道实现突围，它们的胜利折射出中国制造业的出 海，正在从世界工厂向世界品牌大步跃迁。 文 丨 Leo 过去十年，中国工厂的出海叙事常被定义为 "产能过剩"：依靠极限的成本控制和大规模制造能力，在 国际市场通过价格优势取得一席之地，却往往被贴上 "平替" 和 "低价" 的标签。近年来，随着中国制 造业出海步入深水区，竞争的焦点正在发生转移，从单纯的成本效率，进阶至品牌价值与用户信任。 宏观数据也印证了这种模式变化。2024 年，中国跨境电商出口额达 2.15 万亿元，连续 9 年增长； 2025 年以来，中国卖家在亚马逊欧美市场的销售额增长超过 15%，在新兴市场增长超过 30%。 驱动这一增长的新势力，是那些沉淀了 10 年以上的中国工厂——凭借完备供应链、生产柔性与产品 理解力，它们正在实现 "第一年起量、第三年规模化" 的快 ...

Core Viewpoint - The company Reliable Co., Ltd. (301009.SZ) addressed objections raised by director Bao Jia regarding the company's Q3 2025 report, asserting that these objections do not align with principles of prudence and relevance [1] Group 1: Related Transactions and Regulatory Warnings - Director Bao Jia's objections pertain to previous related party transactions, which led to regulatory warnings for the company; these transactions occurred in the first half of the year and have since been rectified, thus not relevant to the Q3 report's accuracy [1] - The company clarified that there are no issues of the actual controller holding shares on behalf of suppliers, as confirmed by an audit committee report [1] Group 2: Bankruptcy Disclosure and Financial Reporting - The company denied any concealment regarding the bankruptcy situation of Haizheng Sulikang, stating that it was unaware of the bankruptcy restructuring application prior to the H1 2025 report, and only learned of it during the Q3 report preparation [2] - The objections regarding management fees, particularly legal consultation fees, were addressed by the company, which stated that the fees were not significant enough to warrant board review and were explained to Bao Jia prior to the board meeting [2] Group 3: Company Performance and Business Overview - Reliable Co., Ltd. specializes in the design, research, production, and sales of disposable hygiene products, including adult incontinence products, baby care products, women's hygiene products, and pet hygiene products [3] - For the first three quarters of the year, the company reported revenue of 829 million yuan, a year-on-year increase of 5.12%, and a net profit attributable to shareholders of 27.98 million yuan, reflecting a growth of 26.79% [3]

Core Viewpoint - Reliable Co., Ltd. has addressed concerns raised by board member Bao Jia regarding the company's third-quarter report for 2025, asserting that the objections lack relevance and have been clarified through additional disclosures [1][2]. Group 1: Board Meeting and Objections - The board meeting revealed that Bao Jia's objections pertained to previous related party transactions, which the company claims are unrelated to the accuracy of the third-quarter report [1]. - Reliable Co. stated that regulatory warnings regarding related party transaction approvals occurred in the first half of the year and have since been rectified [1]. - The company conducted an audit with the support of intermediaries, confirming that there is no evidence of the actual controller holding shares on behalf of suppliers or any benefit transfer to the actual controller [1][2]. Group 2: Financial Reporting and Management Fees - Reliable Co. clarified that there was no concealment regarding the bankruptcy situation of Haizheng Sulikang, as the information was not available prior to the publication of the 2025 semi-annual report [2]. - The company addressed concerns about abnormal changes in management fees, specifically legal consultation fees, stating that the amount of 233,100 yuan for legal fees from January to September 2025 does not constitute a significant transaction requiring board approval [2]. Group 3: Company Overview and Financial Performance - Reliable Co. specializes in the design, research and development, production, and sales of disposable hygiene products, including adult incontinence products, baby care products, women's hygiene products, and pet hygiene products [3]. - For the first three quarters of the year, Reliable Co. reported revenue of 829 million yuan, reflecting a year-on-year growth of 5.12%, and a net profit attributable to shareholders of 27.9844 million yuan, representing a year-on-year increase of 26.79% [3].

Core Viewpoint - The recent quarterly report of Reliable Co., Ltd. has faced strong opposition from its second-largest shareholder, Bao Jia, highlighting deep governance issues stemming from personal conflicts between her and the company's controlling shareholder, Jin Liwei [2][3]. Financial Performance - In Q3 2025, Reliable Co., Ltd. reported revenue of 280 million yuan, a year-on-year increase of 4.59%, while the net profit attributable to shareholders was a loss of 294,200 yuan, and the net profit after deducting non-recurring items was a loss of 1.6277 million yuan [5][6]. Governance Issues - Bao Jia has consistently opposed the company's reports, claiming that the board has deleted or altered her dissenting opinions, which raises concerns about transparency and compliance with disclosure regulations [6][10]. - The company has faced scrutiny for alleged violations related to related-party transactions and has received warnings from regulatory authorities regarding these issues [19][20]. Shareholder Disputes - The conflict between Bao Jia and Jin Liwei escalated after their divorce in February 2024, leading to a power struggle within the company's governance structure [17][18]. - Bao Jia has expressed concerns about the board's lack of independence, noting that five out of seven board members are closely associated with Jin Liwei, which undermines effective governance [21]. Investment Decisions - Reliable Co., Ltd. announced plans to acquire a 60% stake in Shanghai Hanhe Paper Industry Co., Ltd. for no more than 650 million yuan, a decision that Bao Jia claims she was not informed about prior to the announcement [20][21]. - The company’s strategic shift into the paper industry has been criticized as misaligned with its core focus on adult incontinence products, raising questions about the rationale behind such a significant investment [20][21].

杭州可靠护理用品股份有限公司内幕信息知情人登记管理制度 杭州可靠护理用品股份有限公司 内幕信息知情人登记管理制度 （2025年12月） 第一章 总则 第一条 为进一步规范杭州可靠护理用品股份有限公司（以下简称"公 司"）内幕信息管理行为，加强内幕信息保密工作，维护公司信息披露的公 开、公平、公正原则，根据《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》"）、《上市公司监 管指引第5号——上市公司内幕信息知情人登记管理制度》《上市公司信息披露管理 办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指引第2号--创业板上市公司规范运作》等有关法律、法规、规范性文件及《杭州可 靠护理用品股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制定本 制度。 第二条 本制度适用于公司、分公司、控股子公司及公司能够对其实施重大 影响的参股公司。 第三条 公司董事、高级管理人员及公司各部门、分支机构、控股子公司负 责人应当做好内幕信息的甄别及保密工作，积极配合董事会办公室做好内幕信息 知情人的登记、入档和报备工作，不得进行内幕交易或配合他人操 ...

杭州可靠护理用品股份有限公司董事、高级管理人员离职管理制度 杭州可靠护理用品股份有限公司 董事、高级管理人员离职管理制度 （2025 年 12 月） 第一章 总则 第一条 为规范杭州可靠护理用品股份有限公司（以下简称"公司"）董事、 高级管理人员离职管理，保障公司治理稳定性及股东合法权益，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等法律法规、规范性文件、证券交易所监管规则以及《杭州可靠护理用品股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，结合公司实际情况，特制 定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员的辞任、 任期届满、解任等离职情形。 第二章 离职情形与生效条件 第三条 董事、高级管理人员可以在任期届满以前提出辞任。董事、高级管 理人员辞任应向公司提交书面辞职报告。董事辞任的，自公司收到辞职报告之日 生效；高级管理人员辞任的，自董事会收到辞职报告之日生效。公司将在 2 个交 易日内披露有关情况。 第四条 除相关法律法规、规范性文件和深 ...

杭州可靠护理用品股份有限公司投资者关系管理制度 杭州可靠护理用品股份有限公司 投资者关系管理制度 （2025 年 12 月） 第一章 总则 第一条 为进一步完善杭州可靠护理用品股份有限公司（以下简称"公司"）治 理结构，规范公司投资者关系工作，加强公司与投资者和潜在投资者（以下统称"投 资者"）之间的沟通，加深投资者对公司的了解和认同，促进公司和投资者之间长 期、稳定的良好关系，根据《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》"）、中国证券监督管理委员 会（以下简称"中国证监会"）《上市公司投资者关系管理工作指引》《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号--创业 板上市公司规范运作》等法律、法规、规章、规范性文件及《公司章程》的规定， 结合公司实际情况，制定本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、互动交流 和诉求处理等工作，加强与投资者及潜在投资者之间的沟通，增进投资者对公司的 了解和认同，以提升公司治理水平和企业整体价值，实现尊重投资者、回报投资者、 保护投资者目的的相关活动。 第 ...

杭州可靠护理用品股份有限公司 累积投票制实施细则 （2025 年 12 月） 第一条 为了进一步完善公司法人治理结构，保证杭州可靠护理用品股份有 限公司（以下简称"公司"）所有股东充分行使权利，根据《中华人民共和国公 司法》(以下简称"《公司法》")、中国证监会《上市公司治理准则》、《杭州 可靠护理用品股份有限公司章程》（以下简称"《公司章程》"）及其他有关规 定，特制定本实施细则。 杭州可靠护理用品股份有限公司累积投票制实施细则 第二条 本实施细则所指的累积投票制，是指股东会在选举两名以上（含两 名）董事时采用的一种投票方式。即公司选举董事时，每位股东所持有的每一股 份都拥有与应选董事总人数相等的投票权，股东既可以用所有的投票权集中选举 一人，也可以分散选举数人，最后按得票多少依次决定董事人选。 第三条 本实施细则所称"董事"包括独立董事和非独立董事。由职工代表 担任的董事由公司职工民主选举产生或更换，不适用于本实施细则的相关规定。 第四条 股东会选举产生的董事人数及结构应符合《公司章程》的规定。 第五条 股东会对董事候选人进行表决前，大会主持人应明确告知与会股东 对候选董事实行累积投票方式，股东会工作人员 ...