生活用纸 2025 年 07 月 07 日 豪悦护理（605009.SH） 制造强者品牌启新章 投资要点： ➢ 吸收性卫生用品制造龙头，自主品牌加快布局。公司是国内个人卫生 护理用品领域领先的制造商，产品涵盖婴儿纸尿裤、成人纸尿裤、经期裤、 卫生巾、湿巾等一次性卫生用品。公司以 ODM 起家，多年沉淀研发制造优 势领先，成功绑定 Babycare 等优质客户，在婴儿纸尿裤领域较早研发新型 无木浆多维复合芯体、也是行业内较早实现经期裤规模化生产和销售的企 业。近年加快自主品牌布局，目前拥有纸尿裤、成人纸尿裤、湿巾自主品 牌，2024 年公告收购湖北丝宝集团、旗下拥有洁婷卫生巾品牌，正式进军 国内卫生巾自主品牌领域。2024 年，公司实现营收 29.29 亿元、同比+6.25%， 归母净利 3.88 亿元、同比-11.65%，25Q1 营收、归母净利分别同比+42.42%、 +5.67%。 ➢ 纸尿裤行业价升驱动为主，25 年公司主业经营有望回暖。据欧睿，2024 年中国纸尿裤行业零售规模约 411 亿元，同比-6.9%，其中销售量下滑 6.9%、 均价基本持平；欧睿预计未来 5 年中国纸尿裤行业 CAGR 约- ...

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-07-07 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 中宠股份(002891) 自主品牌高速增长，国内外业务双轮驱动 ⚫ 投资要点 618 预售反馈积极，多品牌系列驱动顽皮稳健增长。目前顽皮下 有经典系列、小金盾、精准喂养 3 个系列，细分系列对应不同客群、 卡位不同价格带。经典系列产品结构持续优化，占比进一步提升，小 金盾在年初设定为阶段性试水目标，但通过精准营销和促销活动、实 际表现超出预期，全年预期将贡献显著增量，得益于小金盾系列的亮 眼表现、配合高汤鲜肉等新品的线下推广，顽皮品牌全年营收预计实 现可观提升，整体规模稳步扩大。由于渠道结构原因（淘系自营占营 收比重较低）导致线上销售并未完全反应在报表中，今年 618 预售情 况仍反应出顽皮品牌有强劲增长。 渠道差异化策略，线上新业态与线下精细化并 ...

源飞宠物 20250701 摘要 元飞宠物早期通过咬胶产品起家，后拓展至宠物牵引用具，与国际零售 巨头建立合作，奠定海外业务基础。目前海外代工业务扎实，约 70%出 口订单面向美国，柬埔寨产能有效降低关税影响。 自 2023 年起，元飞宠物积极布局国内市场，推出皮卡普、哈乐威、传 奇精灵等自主品牌，并组建专业团队，优化供应链和品牌运营，加速品 牌化进程。2025 年 Q1 销售费用同比增近 100%，自主品牌投入决心 强烈。 全球宠物市场持续增长，中国市场规模 2024 年达 3,002 亿元，复合增 速超 10%，宠物食品规模约 1,500 亿元，同样保持高速增长。高端国 产品牌如弗列加特、蓝氏等在电商平台崭露头角，本土企业在渠道和营 销方面优势明显。 2025 年第一季度，元飞宠物毛利率增速放缓，利润下滑，主要受低毛 利率品类占比提升及国内业务费用前置影响。管理费用因品牌拓展人员 增加而上升，短期业绩承压。 Q&A 元飞宠物的发展历程是怎样的？ 元飞宠物成立于 2004 年，专注于宠物用品和零食的研发、生产和销售。公司 发展可以分为三个阶段：第一阶段（2004-2014 年），公司在浙江省温州市 平阳县成 ...

以"泰坦"一词为公司命名，寄托着一群志同道合青年的远大梦想。 "当时我们几个同学在大学里时常会思考，实验室究竟需要什么样的服务，如何才能让科研人员和科技 成果更好转化。"毕业于华东理工大学的张庆回忆道，"当时我们讨论的科技成果转化还是一个比较大的 概念，我们讨论后认为应该聚焦在所能提供的具体服务层面，例如试剂种类、仪器的可靠性以及实验室 的可靠性等，因此我们几个同学想成立一家公司来解决这个问题。" 穿梭的机器人、无人值守的生产线、暗灯运行的车间……2025年6月，湖北宜昌150亩土地上，一座"不 像化工厂"的工厂——泰坦科技耗资数亿元打造的智能生产基地正式投产。 "新工厂更像是一个美术馆，我们力图呈现出一个有别于传统工厂的新型制造基地。"泰坦科技联合创始 人、总裁张庆日前接受中国证券报记者专访时表示，这里将成为泰坦科技科研产品全国储运中心，高纯 国标溶剂最大生产基地，医药中间体与分子砌块试剂核心研发制造基地，为公司向科学服务行业领军企 业这一目标迈进打下坚实基础。 这一目标的背后折射出中国科学服务行业的深刻变局——曾经依赖进口试剂和设备的实验室，如今正迎 来本土力量的强势崛起。作为在科创板上市的科学服务企业， ...

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以下文章来源于妙投APP ，作者Eastland 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 作者｜Eastland 头图｜视觉中国 2025年2月9日晚，东风集团股份（ HK：00489 ）和长安汽车（ SZ：000625 ）同时发布公告，均 称"收到控股股东通知"、"正与其他国资央企筹划重组事项"，坊间猜测两大车企将会合并。 东风、长安最终实控人都是国资委，但东风是一级央企，长安是兵装集团下辖的二级央企。除行政级 别，东风汽车销量、产品结构、新能源转型及经济效益等方面都落在下风： 销量 2024年长安、东风销量分别为268.4万辆、189.6万辆（ 其中乘用车154.4万 ），长安领先41.6%； 营收、净利润 2024年长安、东风营收分别为1597亿、1062亿，长安领先50.4%； 2024年，长安扣非净利润25.9亿，东风扣非净亏损6.9亿； 新能源车业务 2024年，长安新能源车销量73.5万辆、占总销量的27.4%； 东风新能源车销量39.5万辆、占总销量20.8%； 根据行政级别让东风主导合并后的新公司不合情理。让两家"平起平坐"更糟——谁说 ...

Summary of Yuanfei Pet's Conference Call Company Overview - **Company**: Yuanfei Pet - **Industry**: Pet Food and Supplies - **Market Focus**: Primarily targeting the United States, Europe, Japan, and gradually entering the domestic market Key Points and Arguments Business Performance - **GMV Trend**: Yuanfei Pet's GMV shows a consistent month-on-month increase, with strong performance in both pet food and supplies [2][3] - **Sales Growth**: The company achieved several million yuan in sales in Q1 2025, with a focus on international brands and a successful launch of its own brand, Pikapoo dog snacks [2][10] Product Lines and Market Strategy - **Product Development**: The company operates in two main product lines: pet food and supplies, expanding from chew toys to meat snacks and various pet supplies [4][10] - **Market Entry Strategy**: The domestic market strategy involves three steps: starting with agency operations, launching its own brands, and improving the supply chain [11][12] Production Capacity - **Overseas Production**: Since 2018, Yuanfei Pet has shifted production overseas, with completed capacity in Cambodia. By 2026, food production capacity is expected to reach 1 billion yuan, and supplies capacity around 400 to 500 million yuan [6][8] Order Stability and Trade Impact - **Order Stability**: Despite tariff impacts, overseas orders remain stable, with U.S. orders accounting for approximately 60% to 70% of total orders [7][8] - **Tariff Impact**: The 10% tariff in Southeast Asia is borne by customers, minimizing direct impact on the company [7] Future Growth and Brand Development - **Self-Brand Goals**: Yuanfei aims to achieve a scale of approximately 100 million yuan for its own brands in 2025, with a long-term goal of reaching 300 to 500 million yuan within three years [14][40] - **Profitability Timeline**: The company anticipates reaching breakeven for its self-brands within three years, depending on market conditions and growth rates [15][41] Marketing and Customer Engagement - **Target Demographics**: The Pikapoo brand targets younger consumers, with plans to expand product offerings to drive growth [19][23] - **Online Sales Strategy**: The primary sales channel for self-brands is Douyin (TikTok), with plans to expand to other platforms in the future [16] Financial Metrics - **Gross Margin**: The gross margin for self-brands is stable at 40% to 50%, with a tolerance for short-term losses around 1 million yuan [25][34] - **Profitability of Agency Business**: The agency business maintains a gross margin of 4% to 5%, with a focus on profitable partnerships [29][30] Competitive Landscape - **Market Positioning**: Yuanfei Pet leverages over 20 years of industry experience, combining sales, production, and R&D capabilities to differentiate itself from smaller competitors [13][31] Future Outlook - **Growth Projections**: The company expects stable growth in the global pet industry, driven by customer expansion and product diversification [9][36] - **Investment Plans**: Future capital expenditures are projected to be around 100 million yuan for the Cambodian facility and product line expansion [38] Strategic Focus - **Short-term Strategy**: In the next three years, the company will prioritize agency operations while gradually shifting focus to self-brand development [39] This summary encapsulates the key insights from Yuanfei Pet's conference call, highlighting the company's strategic direction, market positioning, and financial outlook in the pet food and supplies industry.

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]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 英派斯(002899) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 英派斯：自主品牌延续高增，业务转型加速 [Table_ReportDate] 2025 年 05 月 04 日 报告内容摘要: 风险提示：产能爬坡不及预期、贸易摩擦加剧。 | [Table_Profit 重要财务指标 ] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 895 | 1,214 | 1,342 | 1,462 | 1,592 | | 增长率 YoY % | 8.6% | 35.6% | 10.5% | 9.0% | 8.9% | | 归属母公司净利润 | 88 | 109 | 12 ...

Core Insights - The company reported significant revenue and profit growth for 2024 and Q1 2025, with revenues of 4.47 billion and 1.1 billion yuan, respectively, representing year-on-year increases of 19.2% and 25.4% [1] - The net profit attributable to shareholders for 2024 and Q1 2025 was 390 million and 90 million yuan, respectively, showing year-on-year growth of 68.9% and 62.1% [1] Revenue Growth - The company's main grain product revenue surged by 92% in 2024, increasing its share of total revenue by 9 percentage points to 25% [2] - Domestic revenue reached 1.4 billion yuan in 2024, up 30% year-on-year, while overseas revenue was 3.1 billion yuan, reflecting a 15% increase [2] Profitability Improvement - The company's gross margin improved by 2 percentage points to 28% in 2024, further rising to 32% in Q1 2025, driven by optimized product structure and lower raw material prices [2] Brand Development and Market Expansion - The company has established a three-brand matrix for domestic market growth, with key products including the "Wanpi Xiaojin Dung" series, leading baked grain products, ZEAL dried food, and staple canned food [2] - The company is actively expanding its overseas presence, with products sold in 73 countries and significant growth in European customers; North American market demand is high, with expansions of factories in the U.S. and Canada expected to be completed in 2026 and the second half of 2025, respectively [2] Marketing Strategy - The company has a clear marketing strategy for its three main brands, utilizing diverse channels such as influencer marketing, social media, and partnerships with national media to enhance brand recognition [3] - Sales expense ratios for 2024 and Q1 2025 were 11.1% and 11.4%, respectively, reflecting increases of 0.8 percentage points and 1 percentage point year-on-year [3] Future Projections - Revenue projections for 2025-2027 are 5.34 billion, 6.458 billion, and 7.68 billion yuan, with net profits of 452 million, 595 million, and 710 million yuan, respectively, corresponding to P/E ratios of 37.74, 28.66, and 24.02 [3]