债券代码：123250 债券简称：嘉益转债 证券代码：301004 证券简称：嘉益股份 浙商证券股份有限公司 关于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 2025 年第三次临时受托管理事务报告 债券受托管理人： （浙江省杭州市五星路 201 号） 二〇二五年十一月 1 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《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之 受托管理协议》（以下简称"《受托管理协议》"）《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募集说明书》(以下简称"募集说明书") 等相关规定、公开信息披露文件以及浙江嘉益保温科技股份有限公司（以下简称 "公司"、"嘉益股份"或"发行人"）出具的相关说明文件以及提供的相关资料 等，由受托管理人浙商证券股份有限公司（以下简称"受托管理人"、"浙商证券"） 编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为浙商证券所作的承诺 或声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能 ...

Core Points - The company, Jiayi Co., announced the results of the first vesting period for its 2024 restricted stock incentive plan, with a total of 459,200 shares being vested, representing 0.32% of the company's total share capital [1] - A total of 202 individuals are involved in this vesting, with the shares being sourced from the company's directed issuance of A-share common stock to the incentive recipients [1] - The shares that have vested will be available for trading starting from November 20, 2025 [1]

Core Points - The company, Jia Yi Co., announced an adjustment to the conversion price of its convertible bonds following the issuance of "Jia Yi Convertible Bonds" [1] - The conversion price has been adjusted from 79.76 yuan per share to 79.61 yuan per share, effective from November 20, 2025 [1] Summary by Category Company Actions - Jia Yi Co. issued a notice regarding the adjustment of the conversion price of its convertible bonds due to corporate actions such as stock dividends, capital increases, and cash dividends [1] Financial Adjustments - The new conversion price reflects a decrease of 0.15 yuan per share from the original price, indicating a minor adjustment in the bond's terms [1]

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-089 | | --- | --- | --- | | 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年限制性股票激励计划首次授予部分 第一个归属期归属结果暨股份上市的公告 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、误导性陈述或者重大遗漏。 重要内容提示： 1、本次归属的限制性股票上市流通日：2025年11月20日，本次归属的限制性股 票不设限售期； 2、本次归属股票数量：45.92万股，占目前公司股本总额的0.32%； 3、本次归属人数：202人； 4、归属股票来源：公司向激励对象定向发行的公司A股普通股股票。 浙江嘉益保温科技股份有限公司（以下简称"公司"）于2025年11月5日召开第 三届董事会第十九次会议，审议通过了《关于2024年限制性股票激励计划首次授予部 分第一个归属期归属条件成就的议案》。 近日公司办理了《浙江嘉益保温科技股份有限公司2024年限制性股票激励计划 （草案）》（以下简称"本激励计划"）首次授予部分第一个归属期归属股份的登记 ...

| 证券代码：301004 | 证券简称：嘉益股份 | 公告编号：2025-090 | | --- | --- | --- | | 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 关于限制性股票归属增发股份调整可转债转股价格的公告 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。 重要内容提示： 1、债券简称：嘉益转债； 2、债券代码：123250； 3、本次调整前的转股价格：79.76 元/股； 5、转股价格调整生效日期：2025 年 11 月 20 日（本次归属的第二类限制性 股票上市流通日）； 6、可转换公司债券转股期：2024 年 11 月 7 日至 2030 年 11 月 6 日； 7、本次调整可转换公司债券转股价格不涉及暂停转股事项。 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 1 ...

Group 1: Global Asset Allocation Strategy - The global asset allocation environment is expected to transition from preemptive interest rate cuts by the Federal Reserve to a re-inflation cycle driven by both fiscal and monetary policy easing [2][8] - The focus for 2026 will be on the liquidity turning point's impact on asset rotation, with a gradual shift from liquidity-driven to fundamental trend-driven asset logic in domestic markets [8][11] - The report emphasizes the importance of monitoring inflation trends as a tactical timing cue for investment strategies, suggesting a balanced allocation between equities and bonds in the first quarter of 2026 [8][11] Group 2: Industry Investment Strategies - The defense and military industry is entering a new cycle driven by both domestic demand growth and external potential release, with a focus on modernization and technological advancements [2][15] - The young manufacturing industry is highlighted for its global supply chain opportunities, emphasizing the irreversible trend of globalization and the competitive landscape for Chinese enterprises [3][14] - The report identifies key sectors for investment, including defense, aerospace, and advanced manufacturing, driven by government policies and market demand [15][16] Group 3: Economic and Market Outlook - Economic demand is expected to stabilize and recover in 2026, with PPI bottoming out and turning positive, leading to a rotation in industry styles from technology growth to cyclical assets [10][11] - The report predicts that the overall market will see a recovery in corporate earnings, particularly in sectors benefiting from the recovery of industrial product inflation [11][12] - The analysis indicates that the current valuation of cyclical consumer assets remains below historical averages, suggesting potential for future appreciation [12][13]

Core Insights - The report indicates that China's defense equipment construction is entering a new cycle driven by both "steady growth in domestic demand" and "release of external potential" [15] - The global asset allocation environment is expected to transition from preventive interest rate cuts by the Federal Reserve to a re-inflation cycle driven by both fiscal and monetary policy easing [8][10] - The manufacturing industry is anticipated to experience a structural recovery, with a focus on cyclical assets as economic demand stabilizes and PPI (Producer Price Index) begins to rise [10][11] Group 1: Global Asset Allocation Strategy - The report outlines three major trading themes for 2025, including the breaking of the "American exceptionalism" narrative, the impact of a weak dollar, and the tightening of liquidity due to government shutdowns [8] - It emphasizes the importance of monitoring liquidity turning points and their effects on asset rotation, suggesting a shift from liquidity-driven to fundamental-driven asset logic in China [8][10] - Tactical strategies for 2026 include balancing equity and bond allocations initially, then shifting to an overweight position in equities as inflation and corporate earnings recover [8][10] Group 2: Industry-Specific Investment Strategies - The defense and military industry is highlighted as a key area for investment, with a focus on modernization and technological advancements in military equipment [15] - The report identifies opportunities in the light manufacturing sector, particularly in global supply chain shifts and the competitive advantages of leading companies [15][16] - It suggests that cyclical assets, particularly in sectors like power equipment, chemicals, and non-ferrous metals, will benefit from the anticipated recovery in PPI and economic demand [12][15] Group 3: Economic and Market Trends - The report predicts a stabilization in economic demand and a gradual recovery in PPI, which will influence market style factors and lead to a rotation from technology growth to cyclical assets [10][11] - It notes that the historical relationship between M1-M2 growth rates and A-share performance suggests a potential upturn in corporate profitability and stock market performance in 2026 [11][12] - The report also highlights the importance of government policies, such as the "Fifteen Five" plan, which emphasizes economic construction and modernization of industries [12][15]

Group 1 - The core viewpoint of the news is that 嘉益股份 (Jia Yi Co., Ltd.) has experienced fluctuations in its stock performance and financing activities, indicating a mixed market sentiment towards the company [1][2]. - On November 14, 嘉益股份 saw a stock price increase of 2.18% with a trading volume of 101 million yuan, while the financing buy-in amount was 9.10 million yuan, and the net financing buy-in was -1.11 million yuan [1]. - As of November 14, the total financing and securities lending balance for 嘉益股份 was 72.82 million yuan, with the financing balance accounting for 0.84% of the circulating market value, indicating a high level compared to the past year [1]. Group 2 - 嘉益股份 specializes in the research, design, production, and sales of various beverage and food containers, with its main products being stainless steel vacuum insulated containers [2]. - For the period from January to September 2025, 嘉益股份 reported a revenue of 1.829 billion yuan, a year-on-year decrease of 7.85%, and a net profit attributable to shareholders of 368 million yuan, down 30.79% year-on-year [2]. - The company has distributed a total of 818 million yuan in dividends since its A-share listing, with 768 million yuan distributed over the past three years [3]. Group 3 - As of September 30, 2025, 嘉益股份 had 8,183 shareholders, an increase of 10.49% from the previous period, while the average circulating shares per person decreased by 8.88% [2]. - The top ten circulating shareholders include various funds, with 永赢睿信混合A holding 2.2914 million shares, remaining unchanged from the previous period, while 汇添富消费升级混合A reduced its holdings by 799,900 shares [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.829 billion, 368 million, and 354 million yuan respectively in the first three quarters of 2025, representing year-on-year declines of 8%, 31%, and 33%. In Q3 2025, the figures were 430 million, 63 million, and 59 million yuan, showing year-on-year declines of 48%, 71%, and 72% [2][6]. - The decline in revenue and profit in Q3 was primarily due to the impact of tariffs leading to capacity switching. However, with the improvement in orders, profitability is expected to recover [2][11]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue decreased by 48% year-on-year, mainly due to the U.S. tariffs affecting capacity switching and adjustments in some customers' operational strategies. The current order volume from Vietnam is gradually increasing, and Q4 is expected to show improvement [11]. - The decline in revenue has pressured profitability, with Q3 gross margin dropping by 13.5 percentage points and net profit margins decreasing by 11.4 and 12.3 percentage points year-on-year. The main reason for the decline in gross margin was the weakened scale effect due to reduced revenue [11]. Competitive Advantages - The company has significant manufacturing advantages in the high-end thermos cup market, with a trend towards high-end products requiring better insulation performance, stability, and surface treatment technology. The company is well-positioned to meet these demands [11]. - The production capacity in Vietnam is fully operational, with a large scale and rapidly improving utilization and efficiency. The equipment and process levels in Vietnam are now comparable to those in China, and local procurement of raw materials has reached a high level [11]. Growth Drivers - Non-U.S. regions, new customers, and new product categories are expected to drive the company's growth. The trend of thermos cups is expanding in non-U.S. markets, and new customer reserves are anticipated to contribute to future growth [11]. - The company is actively developing new product categories, including high-altitude heating thermos cups and rapid cooling water cups, which are part of its key R&D projects [11]. Profit Forecast - The company is expected to maintain a high dividend payout ratio, with a mid-year dividend of 144 million yuan announced for 2025, corresponding to 47% of the net profit attributable to the parent for H1 2025. Forecasted net profits for 2025-2027 are 500 million, 680 million, and 830 million yuan, with corresponding P/E ratios of 17, 12, and 10 times [11].

Investment Rating - The report assigns a "Buy" rating for the company Hars (002615) [2] Core Insights - The report highlights the transformation of stainless steel thermal containers from "durable goods" to "consumer goods," driven by emotional branding and differentiated design, with the global market size reaching $12.491 billion in 2021 [2][24] - The report emphasizes the company's strong customer base and the expected increase in market share due to overseas production capacity expansion [3] - The company aims for a comprehensive brand optimization and has set ambitious goals for brand revenue to approach manufacturing by 2028 [4] Summary by Sections 1. Leading Brand in Thermal Containers - The company has evolved from an OEM model to establishing its own brand, creating a second growth curve [8] - The ownership structure is concentrated, with significant shareholding by management, indicating strong confidence in the company's future [16] 2. Accelerating Consumption Logic and Industry Expansion - The consumption scenarios for thermal containers are broadening, leading to market expansion [24] - The global market for stainless steel thermal containers is projected to grow, with China being a major production country [24][34] 3. Overseas Capacity Boosting Market Share - The company has established a solid customer base, with significant revenue from major clients [3] - The brand is undergoing comprehensive reforms, which are expected to contribute significantly to future growth [4] 4. Profit Forecast and Investment Rating - The report forecasts net profits for 2025-2027 to be 144 million, 298 million, and 385 million yuan respectively, with corresponding P/E ratios of 27.4X, 13.3X, and 10.3X [4][11]