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【私募调研记录】中欧瑞博调研可靠股份
Zheng Quan Zhi Xing· 2025-05-22 00:05
Industry Overview - The adult incontinence products industry in China is at the end of the introduction phase and the beginning of the explosive growth phase, with a penetration rate of approximately 8%-10%, indicating significant growth potential compared to international markets [1] - Long-term care insurance policies are expected to accelerate market expansion, with projections suggesting that the penetration rate could reach 50% within the next decade [1] Company Insights - Reliable Co., the leading domestic brand in the adult incontinence market, is adjusting its channel strategy to strengthen B2B operations and online user engagement, while launching a new brand, "Anurse," to seize government procurement opportunities related to long-term care insurance [1] - The pricing landscape for adult diapers in China is chaotic, with the presence of ultra-low-end products; price increases will depend on the advancement of long-term care insurance and enhanced market regulation [1] - In contrast to the first brands in Europe, the U.S., and Japan, which hold over 50% market share, the concentration trend in the Chinese market is becoming more pronounced, with Reliable Co. positioned as the top local brand [1] - The company is optimizing costs through measures such as smart factories and raw material substitution, with future growth drivers identified as the implementation of long-term care insurance policies, brand recognition enhancement, and international expansion [1]
可靠股份分析师会议-20250521
Dong Jian Yan Bao· 2025-05-21 11:19
可靠股份分析师会议 调研日期:2025年05月20日 调研行业:美容护理 参与调研的机构:上海新传奇私募、华宝、平安资管、上海古曲 私募、上海亥鼎云天私募基金等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象:可靠股份 所属行业:美容护理 接待时间:2025-05-20 上市公 ...
可靠股份(301009) - 2025年5月20日投资者关系活动记录表
2025-05-21 02:22
Market Overview - The adult incontinence products industry in China is at the end of the introduction phase and the beginning of the explosive growth phase, with a penetration rate of approximately 8%-10% [1] - Compared to international markets, where penetration rates reach 60% in Europe and the US, and 80% in Japan, there is significant growth potential in China [1] - The primary user group currently consists of individuals with severe incontinence, but there is untapped potential among those with moderate and mild incontinence [1] Policy Impact - The introduction of long-term care insurance (TOG and TOC) is expected to accelerate market expansion, with a projected penetration rate of 50% within 10 years following nationwide promotion after 2024 [1][2] - Historical data from Japan shows that after the implementation of care insurance, the penetration rate of adult diapers increased from 10% in 1990 to 80% in 2005 [1] Product and Channel Strategy - The company has shifted its sales strategy from relying on distributors and physical stores to focusing on B2B business, targeting hospitals and elderly care institutions, with over 10,000 institutions engaged [2] - Online channels are increasingly important, with a new brand targeting cost-conscious consumers launched on platforms like Pinduoduo, showing promising sales growth [2] - The company is enhancing user engagement through improved service offerings and targeted marketing strategies [2] Pricing and Market Dynamics - The adult diaper market in China is fragmented into four price segments: high-end, mid-high, mid-low, and ultra-low, with the ultra-low segment facing quality issues [3] - Approximately 21 billion low-quality diapers, accounting for nearly 30% of the market, have been identified, indicating a need for regulatory improvements [3] - Price increases are anticipated due to the push for long-term care insurance and stricter market regulations [3] Competitive Landscape - In mature markets like the US and Japan, leading brands hold over 50% market share, while the leading domestic brand in China, Reliable, is positioned to compete internationally [4] - The industry is experiencing a trend towards increased concentration, with local brands expected to replicate the success of overseas leaders [4] Financial Performance and Growth Outlook - The company faces short-term challenges due to demographic shifts, including a declining birth rate and aging population [6] - Cost optimization measures, such as the use of smart factories and alternative raw materials, are being implemented to enhance profitability [6] - Future growth is anticipated from the rollout of long-term care insurance, increased brand recognition, and international expansion [6]
长护险全国落地新机遇,护理机器人、智能辅具站上风口|长护险扩围探路
Di Yi Cai Jing· 2025-05-19 12:46
Core Insights - Long-term care insurance (LTCI) is expected to stimulate demand for nursing services, medical equipment, and rehabilitation devices, thereby driving economic growth and creating new economic opportunities [1][2]. Group 1: Industry Development - The LTCI pilot program has covered 180 million people, with over 2.6 million disabled insured individuals receiving benefits, and total fund expenditures exceeding 80 billion yuan [1]. - The "home care + assistive device service" model is anticipated to be promoted nationwide following the implementation of LTCI, presenting new development opportunities for related industries [2]. - The establishment of the first LTCI industrial park in Nantong is attracting service institutions, insurance companies, and assistive device R&D organizations, forming a complete care service industry chain [7]. Group 2: Assistive Devices and Services - Assistive device rental has become a popular policy among insured individuals in LTCI pilot areas, significantly alleviating the financial burden on families of disabled individuals [3]. - In Nantong, individuals can rent a multifunctional nursing bed for only 0.45 yuan per day, with an annual limit of 8,000 yuan, shared between the fund and individuals at an 80:20 ratio [3][4]. - The LTCI program has introduced a range of assistive devices, including electric nursing beds and multifunctional wheelchairs, which have benefited over 2,000 disabled families in recent years [4][6]. Group 3: Technological Advancements - The LTCI's implementation is expected to enhance payment capabilities, directly driving the development of products related to the care of disabled and elderly individuals, such as electric wheelchairs and nursing beds [7]. - The introduction of smart assistive devices, including intelligent nursing robots and home care beds, is gaining traction, with increased interest from companies in developing these technologies [10][12]. - The international standard for elderly care robots, led by China, aims to provide benchmarks for the design, manufacturing, testing, and certification of various elderly care robot products [10].