Financial Performance - The company's revenue for Q1 2025 reached ¥719,506,425.26, representing a 66.52% increase compared to ¥432,075,101.82 in the same period last year[5] - Net profit attributable to shareholders was ¥151,823,558.26, up 41.26% from ¥107,479,947.57 year-on-year[5] - Basic earnings per share rose to ¥1.48, a 39.62% increase from ¥1.06 in the same period last year[5] - Total operating revenue for the current period reached ¥719,506,425.26, a significant increase from ¥432,075,101.82 in the previous period, representing a growth of approximately 66.7%[25] - Net profit for the current period was ¥151,823,558.26, compared to ¥107,479,947.57 in the previous period, reflecting an increase of approximately 41.2%[26] - The total comprehensive income for the period reached ¥156,187,410.57, an increase of 46.5% compared to ¥106,628,338.13 in the previous period[27] Cash Flow - The net cash flow from operating activities increased by 95.51% to ¥179,128,336.46, compared to ¥91,620,000.35 in the previous year[5] - Cash inflow from operating activities totaled ¥894,721,566.87, a significant increase of 87.0% compared to ¥478,922,814.12[29] - Cash outflow for purchasing goods and services was ¥506,064,147.20, compared to ¥250,283,839.31, reflecting a rise of 102.2%[29] - Cash flow from investing activities generated a net inflow of ¥1,609,851.77, a turnaround from a net outflow of ¥70,874,388.23 in the previous period[29] - The company reported a net increase in cash and cash equivalents of ¥182,209,232.39, compared to an increase of ¥49,329,040.77 in the previous period[31] - The ending balance of cash and cash equivalents was ¥835,454,626.38, up from ¥651,520,369.10 at the end of the previous period[31] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,947,343,978.99, reflecting a 3.84% increase from ¥2,838,230,240.19 at the end of the previous year[5] - Current assets totaled ¥1,883,757,731.51, up from ¥1,823,460,607.51, which is an increase of approximately 3.3%[19] - Non-current assets rose to ¥1,063,586,247.48 from ¥1,014,769,632.68, representing a growth of about 4.8%[20] - The total liabilities decreased to ¥821,179,259.63 from ¥873,490,406.86, indicating a reduction of approximately 6.0%[21] - The company's equity attributable to shareholders increased to ¥2,126,164,719.36 from ¥1,964,739,833.33, reflecting a growth of about 8.2%[23] Research and Development - Research and development expenses surged by 111.09% to ¥29,350,439.45, compared to ¥13,904,173.46 in the same period last year, indicating a strong focus on innovation[11] - Research and development expenses for the current period were ¥29,350,439.45, compared to ¥13,904,173.46 in the previous period, showing an increase of approximately 111.5%[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 7,217[12] - The largest shareholder, Zhejiang Jiashao Yunhua Investment Management Co., holds 47.39% of shares, totaling 49,218,750 shares[12] - The second-largest shareholder, Wuyi Jiajin Investment Management Partnership, holds 9.03% of shares, totaling 9,375,000 shares[12] - The company has no preferred shareholders with restored voting rights[12] - The total number of restricted shares at the end of the period is 8,079,212 shares, with 91,125 shares released from restrictions during the period[15] - The company approved the release of 313,500 restricted shares for 26 eligible incentive recipients on April 10, 2025[16] - The total number of restricted shares held by executives and key personnel is 991,900 shares, which will be released in phases after 12 months[15] Operating Costs - The company experienced a 79.58% increase in operating costs, totaling ¥475,651,866.39, attributed to expanded sales and the establishment of a new production base in Vietnam[9] - Total operating costs amounted to ¥550,631,403.16, up from ¥303,799,741.68, indicating a rise of about 81.1%[25] Other Income and Financial Performance - The company reported a significant increase in other income, which rose by 614.50% to ¥4,609,899.26, primarily due to increased government subsidies[11] - The company reported a financial expense of ¥4,653,089.11, compared to a financial income of -¥3,610,388.26 in the previous period, indicating a significant shift in financial performance[26] Audit and Reporting - The company has not undergone an audit for the first quarter report[32] - The report was issued by the board of directors on April 29, 2025[33]

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-032 | | --- | --- | --- | | 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 2024 年年度权益分派实施公告 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"）2024 年年度权益分派方 案已获 2025 年 4 月 23 日召开的公司 2024 年度股东大会审议通过，现将权益分 派事宜公告如下： 一、股东大会审议通过权益分派方案情况 （一）公司 2024 年度股东大会审议通过了《关于 2024 年度利润分配及资本 公积金转增股本方案的议案》，具体方案如下：公司以现有总股本 103,869,300 股 为基数，向全体股东每 10 股派发现金红利 30 元（含税），合计派发现金红利 311,607,900 元（含税），本次分红占 2024 年合并报表归属于母公司所有者的净 利润的 42.51%；以资本公积金向全体股东每 10 股转增 4 股，不送红股，以此计 算增加股本 41, ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-033 | | --- | --- | --- | | 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 关于嘉益转债转股价格调整的公告 派送股票股利或转增股本：P1=P0/（1＋n）； 增发新股或配股：P1=（P0＋A×k）/（1＋k）； 上述两项同时进行：P1=（P0＋A×k）/（1＋n＋k）； 派发现金股利：P1=P0－D； 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： 债券代码：123250，债券简称：嘉益转债 调整前转股价格：116.05 元/股 调整后转股价格：80.75 元/股 本次转股价格调整生效日期：2025 年 5 月 7 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会《关于同意浙江嘉益保温科技股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可[2023]2740 号）同意注册， 公司向社会公众公开发行可转换公司债券 3,979,384 张，每张面值为人民币 100 元，发 ...

维持盈利预期 及"增持"评级。董事长提议回购彰显发展信心，我们维持公司盈利预测，预计2025-2027 年公司EPS 为8.79/10.84/12.89元。参考行业估值水平，考虑公司绑定核心品牌客户，爆款大单品动销趋 势保持向上，预计业绩增长有望超过行业平均，故给予公司估值溢价，给予公司2025 年15.0xPE，维持 目标价至131.87 元，维持"增持"评级。 董事长提议回购，彰显发展信心。为维护公司全体股东利益，增强投资者信心，稳定及提升公司价值， 基于对公司未来发展的信心，公司董事长戚兴华先生提议公司通过集中竞价交易方式回 购部分公司股 份，回购的股份将用于未来实施股权激励计划。回购股份的资金总额为人民币8000 万元-16000 万元， 价格上限不高于董事会审议通过回购股份方案决议前30 个交易日公司股票交易均价的150%。回购资金 来源为公司自有资金或银行贷款。回购股份的方式为通过深圳证券交易所交易系统集中竞价交易。 客户合作稳定，对冲关税不确定性。历史上看，保温杯产品并非加征关税的重点范畴，未来具体关税落 地情况仍待跟踪。保温杯因其开发周期长且工艺繁复，促使市场专业化分工在该领域迅速崛起，使得品 ...

Summary of Conference Call Notes Industry or Company Involved - Focus on the convertible bond market and its relation to various industries including pharmaceuticals, electronics, photovoltaic, and semiconductor sectors [1][2][3][4][6][7][10][11][12][13][17][18][19][20][21][22][24][25][26] Core Points and Arguments - **Tariff Uncertainty**: Increased uncertainty regarding tariffs is affecting the pharmaceutical and electronics industries, necessitating companies to monitor their exposure to the U.S. market and downstream demand [1][3][4] - **Market Sentiment**: Current equity market sentiment is optimistic, but convertible bond strategies should focus on defensive measures due to the risk of downward price fluctuations as valuations are no longer at historical lows [1][4][5] - **Photovoltaic Bonds**: Photovoltaic convertible bonds are facing heightened credit risk concerns, with market confidence in these bonds decreasing. Caution is advised regarding high-yield photovoltaic convertible bonds [1][6] - **Investment Strategies**: Recommended strategies include focusing on stable performance companies with policy or technological drivers, and emphasizing low-priced defensive positions [1][7][9][20] - **Key Recommendations**: Suggested sectors for investment include self-sufficiency (pharmaceuticals, semiconductors) and domestic demand recovery (consumption, infrastructure, real estate) [1][7][9][10] - **High Dividend Stocks**: Attention should be given to high dividend or income-oriented stocks, particularly new convertible bonds and bank stocks, as funds may shift from high-volatility assets to more stable investments [1][9][10] Other Important but Possibly Overlooked Content - **Sector-Specific Impacts**: - The electronics and textile industries have a high proportion of overseas business, making them more susceptible to tariff impacts [2][11][12] - The semiconductor industry is benefiting from domestic substitution logic, despite some exposure to tariffs [13] - Automotive parts suppliers have established overseas production to mitigate tariff impacts, maintaining competitive strength [14] - The mechanical industry has reduced its exposure to the U.S. market, thus facing less tariff impact [15][16] - **Performance Insights**: Companies with significant profit growth in Q1 2025 include a range of sectors, indicating potential investment opportunities [21][22][24][25][26] - **Market Trends**: The first quarter of 2025 is expected to show strong performance in sectors like non-ferrous metals, midstream manufacturing, and AI computing, which are worth monitoring for convertible bond investments [26]

金十数据4月15日讯，嘉益股份公告称，公司拟通过集中竞价交易方式回购部分股份，回购的股份将用 于未来实施股权激励计划。回购价格不超过139.86元/股，资金总额不低于8000万元，不超过1.6亿元。 嘉益股份：拟8000万元-1.6亿元回购股份 ...

证券研究报告 | 2025 年 04 月 14 日 晨会集萃 制作：产品中心 重点推荐 《策略|特朗普关税 2.0 冲击与海内外资产表现梳理》 特朗普政府的对等关税出台后，中方进行三次反制。当前中美对对方加征 的关税均为 125%，而 4 月 9 日的 90 日暂缓举措显示美方态度出现缓和迹 象；美国当地时间 4 月 11 日，美国宣布部分商品免征"对等关税"，表 明美方的态度继续出现缓和。2、本周海外仍然呈现出一定的流动性风险 特征，周中过后美债、美元受到抛售，美股出现弱企稳。VIX 指数进一步 冲高，于 4 月 8 日升至 52.3，随后震荡回落，美元信用受到关税影响， 危机模式下美债遭遇抛售，美债利率在流动性踩踏下进一步走高，10 年 期美债利率于 4 月 11 日升至 4.48%，期限利差快速走阔，收益率曲线陡 峭化，中债则延续 3 月中旬以来的下行趋势，回落至 1.6%水平，因而中美 利差快速走阔，人民币贬值。3、A 股超跌后企稳修复，4 月 7 日市场大 跌，创业板指跌 12.5%，创史上最大单日跌幅，沪指收跌跌 7.34%失守 3100 点，全市场超 2900 个股跌停。行业配置建议：赛点 2. ...

根据市场公开信息及4月11日披露的机构调研信息，知名私募弘尚资产近期对2家上市公司进行了调研， 相关名单如下： 1）嘉益股份 （弘尚资产参与公司电话会议） 调研纪要：嘉益股份表示，当前公司生产经营情况一切正常，生产订单有序发货，近期国际市场的关税 政策变动未对公司经营情况造成重大不利影响。公司与客户保持紧密合作，对未来政策变动持续观望。 2025年越南生产基地将完成产能布局，覆盖比例将结合客户需求和市场拓展综合判断。越南生产基地爬 坡顺利，公司推进供应链本土化，具备全流程生产能力，符合原产地认证要求。当前阶段公司主要客户 尚未发生终端价格调整，资本支出计划稳健，分红总额持续增加。下游客户动销情况良好，海外无规模 较大保温杯供应商。相同产品在越南和中国的售价保持一致，越南原材料价格受当地汇率波动影响。二 厂产能方案尚在规划中，拟投资2,800万美元，具备全球建厂能力。保温杯市场景气度从北美向全球蔓 延，消费属性增强。 2）澳华内镜 （弘尚资产参与公司业绩说明会） 调研纪要：2024年，澳华内镜公司执行新会计准则，导致毛利率下降；境外收入占比增高，境外收入为 1.61亿，仍处于早期阶段。公司重视基层市场，消化科内 ...

调研纪要：嘉益股份表示，当前公司生产经营情况一切正常，生产订单有序发货，近期国际市场的关税 政策变动未对公司经营情况造成重大不利影响。公司与客户保持紧密合作，对未来政策变动持续观望。 2025年越南生产基地将完成产能布局，覆盖比例将结合客户需求和市场拓展综合判断。越南生产基地爬 坡顺利，公司推进供应链本土化，具备全流程生产能力，符合原产地认证要求。当前阶段公司主要客户 尚未发生终端价格调整，资本支出计划稳健，分红总额持续增加。下游客户动销情况良好，海外无规模 较大保温杯供应商。相同产品在越南和中国的售价保持一致，越南原材料价格受当地汇率波动影响。二 厂产能方案尚在规划中，拟投资2,800万美元，具备全球建厂能力。保温杯市场景气度从北美向全球蔓 延，消费属性增强。 机构简介： 根据市场公开信息及4月11日披露的机构调研信息，知名私募同犇投资近期对1家上市公司进行了调研， 相关名单如下： 1）嘉益股份 （上海同犇投资参与公司电话会议） 同犇投资是一家有特色的阳光私募。公司成立于2014年1月，实缴资本1000万，2014年5月4日获得私募 投资基金管理人登记证书，是为数不多的由新财富最佳分析师创建的阳光私募，也是 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - The report emphasizes the importance of focusing on undervalued companies with strong fundamentals, particularly those driven by domestic demand, such as Sun Paper, Xianhe Co., Sophia, and others [2] - Recent buyback announcements from companies like Yutong Technology and Simoer International reflect confidence in their growth prospects, suggesting opportunities for investment in oversold stocks [2] - The report highlights the potential for Chinese companies to gain greater influence in the IP licensing space, particularly in the IP toy industry, as they scale up and improve their product offerings [2] Summary by Sections Weekly Market Performance - The light industry manufacturing sector underperformed the market, with a decline of 5.84% compared to a 2.87% drop in the CSI 300 index [16] - Sub-sectors such as home goods, paper, and entertainment products also showed significant declines [16] Home Furnishing - The report notes a narrowing decline in residential sales and construction, with a 1-2 month drop of 17.8% in residential completion and a 3.4% decrease in sales [35] - Companies like Oppein Home and others are highlighted as potential beneficiaries of improving industry dynamics [5] Paper and Packaging - Paper prices have shown mixed trends, with double glue paper at 5387.5 CNY/ton, down 37.5 CNY/ton, while corrugated paper prices increased slightly [5] - The report indicates a 1.9% year-on-year decline in revenue for the paper industry in the first two months of the year [70] Consumer Goods - The report suggests a focus on cultural and creative product leaders like Morning Glory, which are expected to benefit from a recovering domestic consumption environment [5] - Companies in the personal care sector are also recommended for their channel expansion and price increases [7] Export Chain - The report discusses the impact of U.S. tariffs on exports, noting that some countries have received a 90-day delay on tariffs, which benefits companies with established overseas production [7] - Companies like Zhejiang Natural and others are highlighted as potential investment opportunities in the export chain [7] New Tobacco Products - The report mentions Simoer International's stock buyback as a sign of confidence amid regulatory changes in the e-cigarette market [7] - The focus on compliance and harm reduction in the tobacco industry is emphasized as a growing trend [7] Textile and Apparel - The textile and apparel sector also underperformed, with a 5.72% decline in the index [25] - Companies like Hailan Home and others are recommended as potential investments due to their brand strength [7]