新消费核心反弹可期，持续布局稳健复苏 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 06 月 22 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 | [Table_StockAndRank] 轻工制造 | | --- | | 投资评级 看好 | | 上次评级 看好 | | [Table_Author] 姜文镪 新消费行业首席分析师 | | 执业编号：S1500524120004 | | 邮箱：jiangwenqiang@cindasc.com | | 陆亚宁 新消费行业分析师 | | 执业编号：S1500525030003 | | 邮箱：luyaning@cindasc.com | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 新消费核心反弹可期，持续布局稳健复苏 [Table_ReportDate] 2025 年 06 月 22 日 本期内容提要: 请阅读最后一页免责声明及信息披露 http://www.c ...

Group 1 - Domestic airline ticket fuel surcharge will be reduced starting June 5, with routes under 800 kilometers exempt from the surcharge and those over 800 kilometers charged 10 yuan per passenger per segment [2] - The State Council Information Office will hold two press conferences on June 5, focusing on improving electricity service levels and promoting craftsmanship spirit for national development [2] - The Fourth Beijing International Aviation Safety Forum will take place from June 5 to 6, discussing global solutions for aviation safety and efficiency in the post-pandemic era [2] Group 2 - On June 5, 12 companies will have their restricted shares unlocked, totaling 63.18 million shares with a market value of 2.646 billion yuan, with significant unlocks from Meili Ecology and Huicheng Vacuum [3] - 63 companies disclosed stock repurchase progress on June 5, with one company proposing a repurchase exceeding 10 million yuan and four companies announcing new repurchase plans [4] - A total of 2,660 billion yuan in 7-day reverse repos will mature today, following a central bank operation on May 29 at an interest rate of 1.40% [4]

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 一、回购公司股份的进展情况 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召 开第三届董事会第十四次会议，于 2025 年 5 月 6 日召开 2025 年第一次临时股 东大会，分别审议通过了《关于以集中竞价交易方式回购公司部分股份方案的议 案》等相关议案，公司拟使用不低于人民币 8,000 万元（含），不超过人民币 16,000 万元（含）以集中竞价交易方式回购公司已发行的无限售条件的人民币普通股（A 股）股票，回购价格不超过人民币 139.86 元/股。回购股份的实施期限为自股东 大会审议通过回购股份方案之日起 12 个月内，具体回购股份的数量以回购实施 完成/回购期满时实际回购的股份数量为准。具体内容详见公司于 2025 年 4 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-042 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 关于 2024 年年度权益分派实施后 调整回购股份价格上限的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、调整前回购股份价格上限：不超过人民币 139.86 元/股。 公司于 2025 年 4 月 25 日披露了《2024 年年度权益分派实施公告》（公告 编号：2025-032），确定本次权益分派股权登记日为 2025 年 5 月 6 日，除权除 息日为 2025 年 5 月 7 日，截至本公告披露日，公司 2024 年年度权益分派已实施 完毕。 2、调整后回购股份价格上限：不超过人民币 97.76 元/股。 3、回购股份价格上限调整生效日期：2025 年 5 月 7 日（权益分派除权除息 日）。 一、回购方案概述 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日 召开第三届董事会第十四次 ...

Core Viewpoint - The report discusses the financial matters related to Zhejiang Hars Vacuum Vessel Co., Ltd. in response to the second round of inquiry from the Shenzhen Stock Exchange regarding its application for a specific stock issuance. Group 1: Financial Performance - The sales expenses for the reporting periods were 150.92 million, 178.18 million, and 178.18 million yuan, with a high expense ratio attributed to the significant share of domestic self-owned brand sales and high advertising and promotional costs [2] - The company’s main revenue source is from overseas OEM/ODM business, with stable major clients, but the sales expense ratio is significantly higher than comparable companies like Jiayi Co. and Ansheng Technology [2][6] - The company’s sales expenses for overseas and domestic markets were 118.08 million (41.61%) and 165.67 million (58.39%) yuan respectively, indicating a growth in sales expenses due to increased personnel costs and promotional expenses for self-owned brands [10][12] Group 2: Comparison with Peers - The company selected comparable companies based on business models, customer concentration, and sales channels, including Jiayi Co., Ansheng Technology, and others, to assess its market position [4][6] - The company’s sales expense rate is higher than the average of comparable companies, primarily due to differences in business models and customer concentration [13][16] - The company’s self-owned brand sales accounted for 19.39%, 25.66%, and 21.67% over the reporting periods, which is higher than peers like Jiayi Co. and Ansheng Technology, reflecting a strategic focus on enhancing brand presence [9][18] Group 3: Sales Strategy and Market Position - The company’s sales strategy includes a mix of OEM/ODM and self-owned brand models, with a significant portion of revenue coming from overseas sales [16][17] - The online sales ratio for the company was 5.04%, 6.71%, and 4.36% over the reporting periods, indicating a developing online sales strategy compared to peers with higher online sales ratios [8][19] - The company’s focus on building its self-owned brand has led to increased sales expenses, which is expected as the brand is still in its growth phase [20][21]

Investment Rating - The report maintains a positive outlook on the pet supplies sector, AI glasses, and the home improvement market, highlighting potential acquisition opportunities and new product launches [2][6][27]. Core Insights - The report emphasizes the resilience of essential consumer goods in the personal care sector, with a notable trend towards domestic brands, particularly during promotional events like the 618 sales [6][14]. - The pet supplies market is experiencing consolidation opportunities, with companies like Tianyuan Pet and Yiyi Co. being recommended for their strong market positions and growth potential [6][7]. - The AI glasses segment is expected to see significant product launches in the latter half of 2025, driven by collaborations between major tech companies [12][20]. - The report highlights the positive impact of government policies on the real estate market, which is anticipated to stabilize and boost related sectors, including home improvement [27][28]. Summary by Sections New Consumer Trends - The report identifies the pet supplies sector as a key area for mergers and acquisitions, recommending companies such as Tianyuan Pet and Yiyi Co. for their strong market presence and growth prospects [6][7]. - AI glasses are positioned for growth with new product launches expected from major players like Google and XREAL, indicating a robust market expansion [12][20]. Personal Care Sector - The personal care market shows resilience, with domestic brands gaining traction, particularly during promotional periods [14]. - Recommended companies in this sector include Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to benefit from the ongoing consumer trends [14][15]. Home Improvement and Real Estate - The report notes that government initiatives are likely to support the real estate market, leading to improved conditions for the home improvement sector [27][28]. - Companies like Sophia and Oppein Home are highlighted for their potential to benefit from the anticipated recovery in the housing market [23][27]. Paper Industry - The report mentions a price increase in the paper sector, with expectations for price stabilization due to supply adjustments [25]. - Recommended companies in this space include Sun Paper, which is noted for its integrated operations and cost advantages [25]. Export and Trade - The report discusses the impact of tariff changes on exports, particularly in the light industrial sector, with a focus on companies that have a strong competitive edge [6][20].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 MoM) and unbleached kraft pulp at $620 (down $30 MoM) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares for profit improvement [2] Exports - April export data shows a stable overall performance with a YoY increase of 8.1%, but regional disparities are evident [2] - Exports to the US decreased by 21%, while those to ASEAN increased by 20.8% [2] - Companies like Jiangyi Shares and Hars are recommended for short-term performance recovery [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands like Smoore International and China Tobacco Hong Kong [3] Home Furnishing - Stabilization in second-hand housing prices is noted, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares for their strong market positions [3] Consumer Goods - The pet brand sector shows strong growth, with Petty's sales during the 618 shopping festival exceeding 12 million [3] - 52TOYS has submitted an IPO application, indicating a growing trend in the collectible toy sector [3] Packaging - Yongxin Shares and Yutong Technology show stable operations with robust overseas orders [3] - The report anticipates a double-digit growth recovery in Q2 for these companies [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a significant YoY increase [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chaohongji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Laopuhuangjin and Chaohongji for their brand value [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs is anticipated, with G7 discussions on imposing tariffs on Chinese products [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with a notable increase in overseas store openings [4] Mother and Baby - The industry is transitioning towards a digital supply chain model, focusing on efficiency and flexibility [4] - Recommendations include leading companies like Kidswant and Goodbaby for their growth potential [4] E-commerce - Huitongda's self-branding strategy shows promising results, with significant growth in orders [5] - The report highlights the potential of AI-driven live commerce strategies [5] Electrical and Lighting - Bull Group continues to innovate with new products meeting national standards for charging stations [5] - Op Lighting is exploring new applications for LED technology in agriculture [5] Tools - The report notes a recovery in profit expectations for tool companies, despite weak global demand [5] - Recommendations include companies like Juxing Technology for their market positioning [5]

Core Viewpoint - The announcement details the completion of share reduction plans by directors Zhu Zhongping and Ma Jing of Zhejiang Jiayi Thermal Insulation Technology Co., Ltd, indicating a total reduction of 157,500 shares, which is within their planned limits [1][2][4]. Shareholder Reduction Situation - Director Zhu Zhongping reduced his shares by 122,500 at an average price of 75.58 yuan per share, representing 0.0842% of the total share capital [2][3]. - Director Ma Jing reduced his shares by 35,000, which accounts for 0.0241% of the total share capital [2][3]. - Following the reduction, Zhu Zhongping holds 367,500 shares, maintaining a 0.2527% stake, while Ma Jing holds 105,000 shares, representing 0.0722% of the total share capital [3]. Compliance and Impact - The share reduction plan complies with relevant laws and regulations, ensuring no violation of prior commitments [3][4]. - The implementation of the reduction plan will not lead to a change in the company's control or significantly impact its governance structure or ongoing operations [3][4].

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-041 | | --- | --- | --- | | 债券代码：123250 | 债券简称：嘉益转债 | | 浙江嘉益保温科技股份有限公司 关于实际控制人之一致行动人、董事股份 减持计划实施完成的公告 公司董事朱中萍、马靖保证向本公司提供的信息内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于 2025 年 2 月 5 日披 露了《关于实际控制人之一致行动人、董事减持股份的预披露公告》（公告编号： 2025-003）。公司董事、总经理暨实际控制人之一致行动人朱中萍先生拟通过集 中竞价交易或大宗交易等方式减持公司股份不超过 87,500 股，即不超过公司总 股本的 0.0842%；董事马靖先生拟通过集中竞价交易或大宗交易等方式减持公司 股份不超过 25,000 股，即不超过公司总股本的 0.0241%。公司于 2025 年 5 月 7 日实施完成 2024 年年度权益分派，以资本公积金向全体股东每 10 股 ...

Summary of Key Points Core Viewpoint - The company announced that two directors, Zhu Zhongping and Ma Jing, have reduced their shareholdings in the company through centralized bidding transactions, which complies with relevant laws and regulations and does not lead to a change in control of the company [1] Shareholding Reduction Details - Director Zhu Zhongping has cumulatively reduced his shareholding by 122,500 shares, accounting for 0.0842% of the total share capital [1] - Director Ma Jing has cumulatively reduced his shareholding by 35,000 shares, accounting for 0.0240% of the total share capital [1]