哈尔斯：四十年磨一剑，OEM深度布局引领行业新航程

Core Insights - The letter from the chairman of Hars to investors highlights the company's 40-year journey and its evolution in the vacuum vessel industry, marking significant milestones such as its establishment in 1996 and becoming the first listed company in the Chinese cup and kettle industry in 2011 [1][3] Industry Overview - The Chinese cup and kettle industry has undergone a transformation from technology introduction to brand emergence and consumption upgrade, with Hars actively participating in this evolution [2] - The North American market has seen explosive growth in the cup and kettle sector driven by expanded consumption scenarios, product innovation, and brand rejuvenation strategies [2] - The outdoor activities market in Europe and America has transformed thermal cups from mere tools to essential items for outdoor activities, with brands like YETI and Stanley leading this trend [2] - In the first half of 2024, China's thermal cup exports reached $2.354 billion (approximately 17 billion RMB), a year-on-year increase of 582.7%, with Zhejiang Yongkang contributing about 70% of the total export volume [2] Company Performance - Hars reported a nearly 40% year-on-year increase in revenue for 2024, growing from 510 million RMB to 3.4 billion RMB over thirteen years, with cumulative dividends of 722 million RMB [3] - The company aims to enhance its research and development, products, branding, and channels, positioning each cup as a "super interface" for users' lifestyles [3] Market Challenges and Strategies - Despite rapid industry expansion, international market uncertainties have impacted Hars, particularly in the second quarter, where OEM revenue growth slowed due to unclear tariff policies [4] - The company has seen a slight increase in revenue concentration from its top five clients, indicating a structural adjustment in the foreign market [4] - Hars is accelerating the construction of its factory in Thailand to mitigate tariff disruptions, with the second phase of the factory reaching production capacity in the first half of the year [4] - The company has received positive feedback from core clients as it adapts to new regional expansion strategies and optimizes its supplier system [4]