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]
净利大增21.81%，可靠股份2025中报领跑银发经济！二季度归母净利润同比激增98.42%！