证券代码：605009 证券简称：豪悦护理 公告编号：2025-048 杭州豪悦护理用品股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 投资者可于 2025 年 9 月 12 日（星期五）至 9 月 18 日（星期四） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 admin@hz-haoyue.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 杭州豪悦护理用品股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 19 日（星期五）9:00-10:00 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半 会议召开时间：2025 年 9 月 19 日（星期五）9:00 ...

Market Overview - The personal care products sector experienced a decline of 0.39% on September 10, with Dengkang Oral Care leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable stock performances include: - Yanjing Co. (300658) rose by 7.47% to a closing price of 8.06, with a trading volume of 506,100 shares and a turnover of 412 million [1] - Jieya Co. (301108) increased by 2.01% to 32.98, with a trading volume of 25,700 shares and a turnover of 83.7 million [1] - Liangmian Needle (600249) saw a rise of 1.21% to 6.69, with a trading volume of 1,118,000 shares and a turnover of 745 million [1] - Dengkang Oral Care (001328) fell by 2.24% to 40.62, with a trading volume of 17,500 shares and a turnover of 71.3 million [2] Capital Flow - The personal care products sector saw a net outflow of 18.51 million from institutional investors, while retail investors contributed a net inflow of 33.14 million [2] - The capital flow for key stocks includes: - Liangmian Needle had a net inflow of 22.12 million from institutional investors, but a net outflow of 16.05 million from retail investors [3] - Yanjing Co. experienced a net inflow of 3.64 million from institutional investors and a net outflow of 14.09 million from retail investors [3] - Dengkang Oral Care had a net outflow of 1.05 million from institutional investors and a net outflow of 2.16 million from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's revenue for H1 2025 is 1.76 billion, with a year-on-year growth of 34%, while net profit attributable to the parent company is 148 million, showing a decline of 23% [2][6] - The second quarter of 2025 saw revenue of 849 million, a 26% increase year-on-year, but net profit decreased by 47% [2][6] - The company anticipates recovery in H2 2025, with orders from major clients like Da Wang and Procter & Gamble expected to contribute to growth [2][6] - The company is optimizing its product structure and focusing on cost control while enhancing its market share in the domestic market [2][6] Summary by Sections Financial Performance - H1 2025 revenue is 1.76 billion, with a 34% increase year-on-year; net profit attributable to the parent company is 148 million, down 23% [2][6] - Q2 2025 revenue is 849 million, a 26% increase year-on-year, while net profit decreased by 47% [2][6] - The company’s internal profit margin for H1 is approximately 10.3%, reflecting a decline due to price reductions and increased sales expenses [2][6] Business Development - The company plans to establish overseas production capacities in Peru and Tanzania, targeting emerging markets in Latin America and Africa [2][6] - The company is focusing on enhancing its market share in the domestic baby diaper market, with an estimated market share of 9.3% in 2024, up from 4.2% in 2019 [2][6] Product and Brand Strategy - The company is launching new products under the Jie Ting brand and optimizing channel operations to enhance brand performance [2][6] - The company is leveraging its strong product capabilities to maintain and expand partnerships with leading brands [2][6]

Market Overview - The personal care products sector increased by 0.05% compared to the previous trading day, with Yiyi Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Yiyi Co., Ltd. (001206) closed at 28.30, with a rise of 5.91% and a trading volume of 177,000 shares, amounting to a transaction value of 484 million [1] - Other notable performers include: - Stable Medical (300888) at 40.09, up 1.42% [1] - Yanjiang Co., Ltd. (300658) at 6.78, up 1.19% [1] - Runben Co., Ltd. (603193) at 29.48, up 1.13% [1] - Decliners included: - Two-Sided Needle (600249) at 5.95, down 0.17% [1] - Zhongshun Jiesang (002511) at 8.42, down 0.24% [1] Capital Flow - The personal care products sector experienced a net outflow of 9.0364 million from institutional investors, while retail investors saw a net inflow of 19.9164 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Detailed Capital Flow Analysis - Runben Co., Ltd. (603193) had a net inflow of 7.9295 million from institutional investors, but a net outflow of 4.5854 million from retail investors [3] - Yiyi Co., Ltd. (001206) saw a net inflow of 3.1487 million from institutional investors, with retail investors contributing a net inflow of 14.6032 million [3] - Conversely, other companies like Dekang Oral (001328) and Reliable Co., Ltd. (301009) faced net outflows from institutional investors [3]

Market Overview - The personal care products sector rose by 2.89% on September 4, with Jieya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Jieya Co., Ltd. (301108) closed at 34.40, up 13.16% with a trading volume of 72,700 shares and a turnover of 243 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 26.72, up 10.00% with a trading volume of 131,800 shares and a turnover of 342 million yuan [1] - Dengkang Oral Care (001328) closed at 43.55, up 7.40% with a trading volume of 53,000 shares and a turnover of 226 million yuan [1] - Other notable performers include Ziya Co., Ltd. (003006) up 5.13%, and Liangmian Needle (600249) up 3.29% [1] Capital Flow - The personal care products sector saw a net inflow of 56.24 million yuan from institutional investors, while retail investors experienced a net outflow of 6.89 million yuan [2] - The main capital inflow was observed in Yiyi Co., Ltd. with 64.76 million yuan, while the largest outflow was from Jieya Co., Ltd. with 22.08 million yuan [3] Individual Stock Analysis - Jieya Co., Ltd. had a main capital inflow of 3.69 million yuan, but retail investors showed a net outflow of 22.07 million yuan [3] - Dengkang Oral Care experienced a net outflow of 4.13 million yuan from main capital, while retail investors had a net inflow of 14.52 million yuan [3] - Ziya Co., Ltd. had a net inflow of 3.36 million yuan from main capital, with a slight outflow from retail investors [3]

Market Overview - The personal care products sector experienced a decline of 1.95% on September 3, with Yiyi Co. leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable stock performances in the personal care sector include: - Baiya Co. (003006) closed at 30.19, up 0.30% with a trading volume of 30,500 shares and a transaction value of 92.99 million yuan - Yiyi Co. (001206) closed at 24.29, down 4.45% with a trading volume of 48,800 shares and a transaction value of 12.2 million yuan [2] - Other companies such as Huayue Nursing (605009) and Beijia Clean (603059) also saw declines of 0.49% and 0.55% respectively [1][2] Capital Flow - The personal care products sector saw a net outflow of 68.64 million yuan from institutional investors and 6.99 million yuan from retail investors, while there was a net inflow of 75.63 million yuan from individual investors [2] - Detailed capital flow for specific stocks indicates: - Baiya Co. had a net inflow of 2.77 million yuan from institutional investors, while Yiyi Co. experienced a net outflow of 5.02 million yuan [3] - Other companies like Reliable Co. (301009) and Junan Co. (300658) also faced significant net outflows from institutional investors [3]

Core Viewpoint - Recent regulatory scrutiny has been directed at Reliable Co., Ltd. due to a violation involving related party transactions with Guangxi Hanggang Material Technology Co., Ltd., raising concerns among investors and the Zhejiang Securities Regulatory Bureau [1] Group 1: Regulatory Actions - Reliable Co. received a warning letter from the Zhejiang Securities Regulatory Bureau regarding its failure to timely disclose and review related party transactions amounting to 21.12 million yuan, which is 1.54% of the company's latest audited net assets [1] - The regulatory decision also holds the company's chairman and financial director accountable for the violations, leading to supervisory discussions being recorded in the securities market integrity archives [1] Group 2: Financial Performance Comparison - Reliable Co. has maintained annual revenues around 1.1 billion yuan from 2021 to 2024, while its net profit has not exceeded 50 million yuan during the same period [3] - In contrast, competitor HaoYue Care has reported significantly higher revenues ranging from 2.46 billion to 2.93 billion yuan and net profits between 363 million and 602 million yuan from 2020 to 2024 [3][6] Group 3: Strategic Developments - Reliable Co. is focusing on expanding production capacity and upstream raw material sourcing, which is crucial for the adult incontinence product sector [2][6] - The company has increased its procurement of long fiber fluff pulp from Guangxi Hanggang, leading to a gross margin improvement of 20.79% in 2024, up by 3.14 percentage points from the previous year [2] - Reliable Co. is also investing in a technology research and development center with a budget of 43.89 million yuan, aimed at enhancing its capabilities in raw material research and testing [6][7] Group 4: Market Position and Future Outlook - Reliable Co. has reported a revenue of 549 million yuan in the first half of 2025, reflecting a year-on-year growth of 5.39%, and a net profit of 28 million yuan, up 21.81% [10] - The company is actively pursuing domestic market opportunities amid global trade uncertainties, with plans for capacity expansion at its Guangxi Hanggang facility, which currently has an annual capacity of 100,000 tons [10]

Market Overview - The personal care products sector experienced a decline of 1.26% on September 2, with HaoNai Care leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable stock performances in the personal care sector included: - Zhongshun Jiesang: Closed at 8.67, up 0.35% with a trading volume of 178,000 shares and a turnover of 154 million yuan - Yanjing Co.: Closed at 6.66, up 0.30% with a trading volume of 80,100 shares and a turnover of 52.73 million yuan - HaoNai Care: Closed at 34.56, down 4.92% with a trading volume of 78,100 shares and a turnover of 274 million yuan [1][2] Capital Flow - The personal care products sector saw a net outflow of 108 million yuan from institutional investors, while retail investors contributed a net inflow of 1.03 billion yuan [2] - The capital flow for specific stocks showed: - Zhongshun Jiesang: Net inflow of 5.03 million yuan from retail investors, but a net outflow of 7.72 million yuan from institutional investors [3] - JieYa Co.: Experienced a significant net outflow of 7.11 million yuan from institutional investors, with a net inflow of 11.07 million yuan from retail investors [3]

Core Viewpoint - The article discusses the increasing activity of foreign capital in the A-share market, particularly in the second quarter, highlighting the sectors and companies that have attracted significant foreign investment [2][5]. Group 1: Foreign Capital Activity - Since April 27, the A-share market has entered a slow bull market, with foreign capital becoming increasingly active, as evidenced by the disclosure of second-quarter holdings [2]. - In the second quarter, foreign capital entered 1,123 companies as major shareholders through QFII, with a total holding value of 139.29 billion yuan, an increase of over 40 billion yuan compared to the first quarter [2][3]. - The electronic sector was the most favored by foreign investors, with a total holding value of 17.57 billion yuan, reflecting a significant increase of 5.55 billion yuan [3][4]. Group 2: Sector Performance - Excluding five banks with significant foreign ownership, the electronic sector saw a 25.65% average increase in stock prices since the end of the second quarter [3]. - Other sectors that attracted foreign investment include machinery equipment, non-ferrous metals, and automobiles, with respective holding values of 6.29 billion yuan, 5.44 billion yuan, and 5.08 billion yuan [3][4]. - The average increase in stock prices for the 126 companies with over 100 million yuan in foreign holdings reached 19.05%, with 15 companies experiencing gains of over 50% [5][11]. Group 3: Notable Companies - The top foreign-held stocks include Ningbo Bank and Nanjing Bank, with significant holdings by foreign institutions [5]. - A notable company in the electronic sector reported a total revenue of 12.68 billion yuan in the first half of the year, a year-on-year increase of 31.68%, and a net profit of 1.43 billion yuan, up 52.98% [5][6]. - Companies like Huafang Co. and Anji Food have been heavily targeted by multiple foreign investors, with significant stock price movements observed [11][12]. Group 4: Sovereign Wealth Funds - Sovereign wealth funds from the Middle East, such as the Abu Dhabi Investment Authority, have made substantial investments in A-shares, with a focus on long-term value [17][20]. - The Abu Dhabi Investment Authority's largest holding is Zijin Mining, with a market value of 3.38 billion yuan, reflecting a strategic investment approach [17][18]. - The Kuwait Investment Authority has also been active, holding significant stakes in 16 A-share companies, with a total market value of approximately 3.73 billion yuan [20][21].

Group 1 - The stock of Haoyue Care (605009) experienced a limit down today, with a turnover rate of 5.21% and a transaction amount of 408 million yuan, showing a fluctuation of 7.29% [2] - Institutional investors net sold 35.25 million yuan, while the Shanghai Stock Connect saw a net sell of 21.41 million yuan, with a total net buy from brokerage seats of 10.49 million yuan [2] - The stock was listed on the exchange due to a daily decline deviation of -10.46%, with significant net selling from institutional and Shanghai Stock Connect investors [2] Group 2 - For the first half of the year, Haoyue Care reported operating revenue of 1.76 billion yuan, a year-on-year increase of 34.03%, while net profit was 148 million yuan, a year-on-year decrease of 23.47% [3] - The top five trading departments accounted for a total transaction of 154 million yuan, with a buying amount of 53.86 million yuan and a selling amount of 100 million yuan, resulting in a net sell of 46.17 million yuan [2] - The main capital outflow for the stock today was 123 million yuan, with a significant outflow of 103 million yuan from large orders over the past five days [2]