Core Viewpoint - The internal conflict within Reliable Co., Ltd. (301009.SZ) has intensified following the divorce of its founders, leading to significant governance issues and operational challenges, as highlighted by the opposition from former owner Bao Jia during board meetings [2][3][19]. Financial Performance - In the first half of 2025, Reliable Co. achieved revenue of 549 million yuan, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of 28.28 million yuan, up 21.81% year-on-year, primarily due to increased sales and improved collections [2]. - The second quarter saw a significant decline in profit, with a 47.88% decrease compared to the previous quarter, attributed to promotional activities impacting profit margins [7][9]. - The company's core business segments, adult incontinence products and infant care products, reported revenues of 287 million yuan and 208 million yuan, respectively, with year-on-year growth rates of 4.62% and 5.6% [9]. Governance Issues - Bao Jia has raised serious concerns regarding the company's governance, citing issues such as internal management failures, improper related-party transactions, and the lack of experienced personnel in key positions [3][11]. - During a recent board meeting, Bao Jia opposed the appointment of the new secretary, questioning the qualifications and professional integrity of the candidate [11][13]. - The company has faced scrutiny over related-party transactions, with allegations of exceeding regulatory limits, prompting investigations by regulatory authorities [15][17]. Strategic Initiatives - To enhance profit margins, Reliable Co. has implemented a "premium pricing" strategy focused on high-margin adult care products, although the impact of this strategy has yet to be significantly reflected in financial results [9]. - The infant care product line, primarily based on OEM production, has been underperforming, with significant losses reported, raising concerns about the strategic direction of this segment [9][10].

证券代码：301009 证券简称：可靠股份 公告编号：2025-035 公司上述行为违反了《上市公司信息披露管理办法》（证监会令第 182 号） 第三条第一款的规定。根据《上市公司信息披露管理办法》（证监会令第 182 号）第五十二条的规定，我局决定对你公司采取出具警示函的监督管理措施，并 记入证券期货市场诚信档案。你公司应认真吸取教训，加强证券法律法规学习， 严格规范交易行为，杜绝此类违规行为再次发生，并于收到本决定书之日起 10 个工作日内向我局提交书面报告。 如果对本监督管理措施不服，可以在收到本决定书之日起 60 日内向中国证 券监督管理委员会提出行政复议申请，也可以在收到本决定书之日起 6 个月内向 有管辖权的人民法院提起诉讼。复议与诉讼期间，上述监督管理措施不停止执 行。" 二、《决定书》内容 杭州可靠护理用品股份有限公司 关于公司收到浙江证监局警示函及相关人员收到监管 谈话措施决定的公告 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"）及相关人员于 2025 年 8 月 26 日分别收到中国证券监督 ...

Core Viewpoint - The ongoing conflict between the actual controller of Kela Co., Ltd. (301009.SZ), Jin Liwei, and his ex-wife, Bao Jia, continues to impact the company's governance and decision-making processes, as evidenced by Bao's opposition to several board resolutions [2][10]. Group 1: Board Meeting Outcomes - At the recent board meeting, Bao Jia opposed three out of four resolutions, including the approval of the 2025 semi-annual report, citing ongoing investigations into related party transactions and management negligence [3][10]. - The voting results for the semi-annual report showed 6 votes in favor and 1 against, with no abstentions [3]. Group 2: Shareholding Structure - As of June 2025, Bao Jia holds 29.13% of Kela's shares, making her the second-largest shareholder, while Jin Liwei holds 30.13% [6]. - Following their divorce in February 2024, Jin Liwei transferred approximately 79 million shares (29.13% of total shares, valued at around 600 million yuan) to Bao Jia as part of the asset division [12]. Group 3: Management Changes and Criticism - The newly appointed Secretary of the Board, Wang Xiangting, faced immediate criticism from Bao Jia for his lack of familiarity with public company regulations and for errors in board documents [7][9]. - Bao Jia expressed concerns that Wang's actions were obstructing the board's ability to fulfill its duties and that he was prioritizing the chairman's personal needs over compliance and governance [9][10]. Group 4: Company Performance - Kela Co., Ltd. reported a revenue of 549 million yuan for the reporting period, reflecting a year-on-year growth of 5.39%, and a net profit attributable to shareholders of 28.28 million yuan, up 21.81% [13]. - The net cash flow from operating activities reached 41.38 million yuan, marking a significant increase of 157.71% compared to the previous year [13]. Group 5: Historical Context - Kela Co., Ltd. was established in 2001 and specializes in the design, research, production, and sales of disposable hygiene products, including baby care, adult incontinence, and pet hygiene products [11]. - The company has experienced significant turnover in its management, with nearly ten executives changing in two years, attributed to conflicts between short-term personal demands and long-term compliance needs [9][10].

Core Insights - The adult incontinence care industry leader, Reliable Co., has demonstrated strong resilience and growth potential, with a net profit increase of 21.81% year-on-year in the first half of 2025, and a remarkable 98.42% growth in the second quarter [1] - The company's operating cash flow surged by 157.71% year-on-year, reflecting excellent operational quality and management efficiency [1] - Founded by Jin Liwei, Reliable Co. has established a solid market leadership position and deep industry ecological barriers since its strategic transformation in 2008, evolving from a "product provider" to a "silver economy ecosystem builder" [1] Company History and Market Position - Reliable Co.'s rise is a testament to the development of China's silver economy, with Jin Liwei entering the adult diaper industry in 2001 and pivoting to focus on the domestic adult diaper market in 2008 [2] - The company achieved brand profitability after ten years of perseverance, maintaining the highest market share since 2012, with its "Reliable!" brand consistently ranking as the top seller in e-commerce platforms [2] - In 2025, the core user repurchase rate remained stable at over 70%, significantly higher than the industry average, indicating strong user loyalty and competitive barriers [2] User Insights and Product Innovation - Reliable Co. has successfully addressed the diverse and price-sensitive needs of the elderly population through deep user insights and a precise product matrix [3][4] - The high-end "Reliable" series targets severe incontinence users, while the "Absorption Treasure" series focuses on core absorption performance at competitive prices [3] - The "Anurse" series caters to long-term care insurance policies and rural market needs, exemplified by the success of the "One Night One Pad" product, which reduces care costs by 30% [4] Strategic Evolution - The company is transitioning from a product leader to an ecosystem builder in the silver economy, emphasizing the importance of ecosystem value creation [5] - Reliable Co. has formed strategic partnerships with leading care service companies to provide integrated solutions for users [5] - The company is actively empowering channel partners to reduce operational costs and enhance service quality, fostering a win-win ecosystem [5] Market Outlook - With China's elderly population exceeding 300 million, the incontinence care market is set to grow rapidly, moving towards a mature market penetration rate similar to Japan's 80% [7] - Reliable Co.'s impressive mid-year performance in 2025 underscores its forward-looking strategy, deep foundations, and exceptional execution capabilities [7] - The company is positioned to lead the silver economy into a new era of high-quality, ecological development, driven by innovation and a focus on core societal needs [7]

Core Viewpoint - The internal conflicts within Reliable Co., Ltd. have intensified, particularly following the divorce of its founders, leading to significant governance and operational issues that have raised concerns among shareholders and regulators [3][4][14]. Group 1: Internal Conflicts and Governance Issues - The board meetings of Reliable Co., Ltd. have been marked by intense disputes, particularly with the second-largest shareholder and former general manager, Bao Jia, frequently voting against key proposals and highlighting serious internal management problems [3][4]. - Bao Jia has raised concerns about excessive related-party transactions that have not been approved by the board, indicating that these issues are under regulatory investigation [3][4]. - Despite Bao Jia's requests for temporary shareholder meetings to address related-party transactions, these requests have been denied by the board [3][4]. Group 2: Financial Performance and Strategic Decisions - The company has faced significant financial challenges, with reported losses of 34.39 million yuan in 2024 and continued losses in the first half of the year [4]. - The decision to invest in a loss-making enterprise without buyback clauses has been criticized, with the company reporting a loss of 14.07 million yuan from a specific product line in 2024 [4]. - Following its IPO in 2021, the company experienced a dramatic decline in revenue and net profit, with a 27.44% drop in revenue and an 81.43% drop in net profit in the same year [17]. Group 3: Leadership and Management Changes - The appointment of Wang Xiangting as vice general manager and board secretary has been met with opposition from Bao Jia, who questions his qualifications and professional ethics [5][6]. - The company has seen frequent changes in its board secretary since its listing, indicating potential instability in management [5][6]. - The relationship between the founders has deteriorated post-divorce, impacting the company's governance and operational effectiveness [14]. Group 4: Company Background and Market Position - Reliable Co., Ltd. has been involved in the design, production, and sale of personal hygiene products since its establishment in 2001, initially focusing on OEM for major brands before shifting to its own brands [15]. - The company achieved significant revenue growth prior to its IPO, with a notable increase in net profit driven by a temporary mask production line during the pandemic [15][16]. - However, the inability to sustain this growth post-IPO has raised concerns about the company's long-term viability and strategic direction [17][18].

Group 1: Reliable Co. (Kexin Co.) - The second quarter profit decline is mainly attributed to the impact of the 618 shopping festival, with a sales expense ratio expected to improve compared to the same period last year [1] - The strategy of "selling adult products at higher prices" has not yet been significantly reflected, but sales of upgraded cranberry absorbent towels have increased [1] - The company plans to continue expanding its institutional and special channel business, with an annual production capacity of 100,000 tons at its Hong Kong factory, while facing slight cost pressure from fluff pulp [1] - The partnership with He Sheng Yuan has ended, and the company will start operating its own brand "Dudi" in the second quarter of 2024, while also expanding ODM business to new clients [1] - The proportion of self-owned brand in the baby care product business was less than 10% in the first half of the year, with a target for growth in the second half amid intense market competition [1] Group 2: Guoneng Rixin (Guoneng Rixin) - The revenue growth of the power prediction business is strong, with the number of newly added power prediction station users reaching 1,116, representing a 26% increase compared to the end of 2024 [2] - The release of "Four Available" management requirements for distributed photovoltaics is expected to drive growth in the power prediction business [2] - The company is closely following the provincial grid requirements for the renovation of existing distributed power stations and promoting its products [2] - The electricity trading business focuses on product development, strategy optimization, and market promotion, with the addition of "electricity trading custody services" [2] - The company invested 105 million yuan in Tibet Dongrun, holding a 25% stake, and is in the delivery phase [2] - The planning for the electricity sales business includes virtual power plant operations and load-side operations, with a decrease in expense ratio due to revenue growth and cost reduction measures [2]

Group 1: Galaxy Fund Research Insights - Galaxy Fund recently conducted research on six listed companies, focusing on their strategies to cope with market challenges and growth opportunities [1][2][3][4][5][6]. Group 2: Company-Specific Highlights - **Weixing New Materials (002372)**: The company is addressing industry demand pressure by enhancing product quality, accelerating business transformation, and implementing cost-saving measures. It has achieved channel penetration in Jiangsu, Zhejiang, and Shanghai, with plans for gradual expansion in other regions. The company anticipates a decline in product prices year-on-year in the first half of 2025, but a recovery in prices quarter-on-quarter is expected. The overall market demand remains weak, and the company aims for steady growth through new product combinations and a water ecosystem strategy [1]. - **Zhaoyi Innovation (603986)**: The company reported strong growth across its business lines in Q2 2024, with NOR Flash experiencing high single-digit growth and niche DRAM growing over 50%. The company expects significant revenue growth in niche DRAM in the second half of the year, driven by tight supply and rising contract prices. Overall gross margins are expected to remain stable, with a focus on customized storage technology and expanding into the automotive MCU market [2]. - **Tebao Bio**: The company is exploring combination therapies for hepatitis B treatment, focusing on optimizing drug strategies. It aims to enhance disease management through a comprehensive treatment network and is collaborating with Ligos for advanced solutions. New technologies like siRNA are entering clinical application stages, with a focus on optimizing combination therapy strategies [3]. - **Baili Tianheng**: The company is advancing its clinical trials for multiple cancer treatments in collaboration with BMS. It has submitted an IND application for its first nuclear medicine candidate and is progressing with several drug candidates in clinical trials. The company aims to become a leading player in oncology treatment within five years [4]. - **Stanley (002588)**: The company achieved steady growth in the first half of the year, with revenue reaching 6.391 billion yuan, a year-on-year increase of 12.66%. The compound fertilizer sales increased by 200,410 tons, up 9.68% year-on-year. Profit growth in Q2 was attributed to improved performance in new materials and better pricing strategies [5]. - **Reliable Co. (301009)**: The company experienced a decline in profits in Q2 due to promotional activities. It plans to expand its institutional and specialty channel business while launching its own brand. The company aims to increase its market share in baby care products despite facing intense competition [6].

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported good growth across its business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, and MCU close to 20% [1] - The company anticipates a sequential growth in Q3, with overall demand expected to rise throughout the year, particularly for niche DRAM, which is facing supply tightness [1] - The gross margin is expected to remain stable, with a slight increase in DRAM margins and moderate price increases for Flash products [1] Group 2: Weifeng Electronics - Weifeng Electronics achieved revenue of 340 million yuan in H1 2025, a year-on-year increase of 40.19%, and a net profit of 54.93 million yuan, up 16.52% [2] - The company is advancing its projects, with a new factory in Thailand expected to be operational by mid-2026 to enhance supply chain resilience [2] - The automotive connector segment saw significant growth, with revenue reaching 82.06 million yuan, a 55.85% increase year-on-year [2] Group 3: Kela Co., Ltd. - Kela Co., Ltd. experienced a decline in profits in Q2, primarily due to the impact of the 618 shopping festival, although sales expense ratios are improving [3] - The company plans to expand its institutional and specialty channel business, with a production capacity of 100,000 tons at its Hangzhou factory [3] - Kela is launching its own brand, Dudi, in Q2 2024, after ending its partnership with He Sheng Yuan [3]

Core Viewpoint - Reliable Co., the leading brand in adult incontinence care products, reported revenue growth in the first half of 2025, but faces challenges in returning to its peak performance due to internal conflicts and declining stock prices [1][2][9]. Financial Performance - In the first half of 2025, Reliable Co. achieved revenue of 549 million yuan, a year-on-year increase of over 5% [1][2]. - The net profit attributable to shareholders was 28.28 million yuan, up approximately 22% year-on-year [1][2]. - The company experienced a significant decline in revenue and net profit in 2023 and 2024, with the 2024 net profit only about 15% of the 2020 figure [1][9]. - The revenue breakdown for the first half of 2025 includes 287 million yuan from adult incontinence products (up 4.62%), 208 million yuan from baby care products (up 5.6%), and 33.69 million yuan from pet hygiene products (down 1.25%) [2]. Internal Conflicts - The company's actual controller, Jin Liwei, faced opposition from board member Bao Jia regarding the mid-year performance report and the appointment of a new secretary [1][3]. - Bao Jia has consistently voted against board proposals, citing issues with related party transactions and management decisions [3][8]. - The internal strife is compounded by the fact that Bao Jia is the ex-wife of Jin Liwei, adding a personal dimension to the corporate governance issues [4][5]. Market Performance - Reliable Co.'s stock price has significantly declined, with a peak of 38.22 yuan per share in June 2021, dropping to 15.89 yuan per share by August 2025, representing a decrease of 58.42% [1][12]. - The company has lost support from domestic funds, with no funds holding shares as of June 30, 2025, although foreign investment interest remains, as evidenced by Barclays Bank acquiring shares in the second quarter of 2025 [12][13]. Historical Context - The company reached its peak performance in 2020 with revenue of 1.635 billion yuan and a net profit of 214 million yuan, but has struggled since then, with significant declines in both revenue and profit in subsequent years [9][10]. - Research and development investments have decreased over the years, falling below 50 million yuan annually since 2022 [11].

Core Insights - Reliable Co., Ltd. reported a revenue of 549 million yuan for the first half of 2025, representing a year-on-year growth of 5.39% [1] - The company's net profit attributable to shareholders reached 28.28 million yuan, an increase of 21.81% compared to the previous year [1] - The net cash flow from operating activities was 41.38 million yuan, showing a significant growth of 157.71% year-on-year, attributed to increased sales and improved collections [1] Company Overview - Reliable Co., Ltd. aims to be a world-class leader in the health care industry, focusing on adult incontinence care products, particularly diapers [1] - The company has established itself as a leading player in the domestic adult incontinence care market, holding the number one market share for several consecutive years according to Euromonitor [1] - The company has shifted from OEM for global leaders in Japan and the USA to developing its own brand, enhancing its brand effect [1] Operational Strategy - The company employs an integrated business model covering research, production, supply, and sales, allowing for effective coordination across the entire industry chain [2] - Reliable Co., Ltd. has established the Zhejiang Reliable Nursing Innovation Research Institute, the first provincial-level research institute in the industry, which focuses on R&D in adult diapers and elderly care [2] - The company has participated in or led over 20 national and group standards and holds more than 200 authorized patents [2]