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].
可靠股份中期净利增22%难回巅峰 内斗未息实控人前妻“炮轰”新董秘