洁雅股份分析师会议-20251027

Group 1: Research Basic Information - Research object: Jieya Co., Ltd. [16] - Industry: Textile and Apparel [16] - Reception time: October 27, 2025 [16] - Listed company reception staff: Deputy General Manager and Secretary of the Board Hu Nenghua, Securities Affairs Representative Xu Wenli [16] Group 2: Detailed Research Institutions - Zheshang Securities (Securities Company), related personnel: Shi Fanke, Cao Xinming, Chen Sinuo, Guo Zeyi, Shan Laijuan [17] - Huashang Fund (Fund Management Company), related personnel: Huang Can, Cui Zhipeng, Shang Jining [17] - China Life Pension (Life Insurance Company), related personnel: Cui Hengxu [17] - Huatai-PineBridge Fund (Fund Management Company), related personnel: Xu Yizhou, Yang Tao, Fang Xinyi [17] Group 3: Main Content Company Profile - Jieya Co., Ltd. was established in 1999, focusing on R & D, production and sales of wet wipes. It went public on the ChiNext of Shenzhen Stock Exchange on December 3, 2021, and its fundraising projects are advancing steadily. In the first three quarters of 2025, its operating income was 565 million yuan, and the net profit was 67.9031 million yuan [23]. Q&A - Overall business in 2025 and future performance outlook: In the first three quarters of 2025, the company achieved an operating income of 565 million yuan and a net profit of 67.9031 million yuan. The growth is due to increased orders from foreign customers, economies of scale, and continuous optimization of product structure [23]. - Core business drivers in the future: Rely on two engines: deepening cooperation with existing international brand customers to expand product categories and sales regions; new market space and local supply advantages brought by the completion and operation of the US factory [23]. - Progress in expanding new customers: Since the second quarter of 2025, the company's wet wipe business has sufficient orders, stable orders from existing customers, and has undertaken some new business of key customers in the European market. It is also actively expanding business in other regional markets of international brand customers [23][25]. - Cooperation stickiness with customers: The company's main customers are well - known global enterprises, with strong cooperation stability. These customers have high requirements for product quality and complex supplier certification systems, and rarely change certified suppliers [25]. - Price adjustment mechanism: The company has a corresponding price adjustment mechanism with customers, which will be triggered when raw material prices and exchange rates fluctuate [25]. - Advantages compared with the industry: Through years of development in the wet wipe market, the company has formed significant core competitive advantages in technology R & D, production technology, quality control, customer resources, and product variety [25]. - Progress and future planning of the US factory: The US factory is under construction, expected to be put into operation in 2026, and will focus on serving the North American market [25]. - Current capacity utilization and future capital expenditure plan: The current capacity utilization rate is maintained above 80%, and the construction period of new capacity is expected to be 3 - 6 months [26]. - Independent brand construction: The effect of the self - owned brand incubated through the fund in the early stage did not meet expectations. The company is still promoting it but has significantly reduced investment [26]. - Dividend policy in recent years: The company adheres to the principle of both rewarding shareholders and supporting development, and will formulate a reasonable dividend plan based on actual business conditions and future capital needs [26].