【导读】可靠股份内斗升级，董事会解除景乃权独立董事职务 中国基金报记者 晨曦 罕见！上市公司独立董事，被解除职务！ 2月23日下午，可靠股份发布公告称，其董事会审议通过《关于解除景乃权先生独立董事职务的议案》，同意解除景乃权独立董事职务，并同意将该事项提 请公司股东会审议。 对于解除独董职务的原因，可靠股份表示，系因景乃权丧失独立性，未尽到勤勉尽责义务，也缺乏独立董事的职业操守。 可靠股份还指出，景乃权在上述会议中事先未按照规定审阅会议资料、在会议召开期间擅自离席、拒绝签署会议记录、拒绝参加独立董事专门会议，违反了 独立董事的勤勉尽责要求。 对于此次被可靠股份解除职务，景乃权本人表示：公司解除理由荒唐、肤浅且违法违规，是与大股东因工作事项产生不同意见而发起的解除，是对国内独董 制度的严重挑衅。 对此，可靠股份二股东、董事鲍佳及景乃权均对相关议案表示反对并给出理由，可靠股份则对反对理由逐条进行说明。双方"唇枪舌剑"的内容超过1万字。 不难看出，可靠股份的"内斗"仍在持续升级。 来看详情—— 可靠股份：独董丧失独立性 未尽到勤勉尽责义务 整体来看，此次各方的矛盾点，主要集中在关于董事鲍佳的薪酬问题讨论上。2025 ...

【导读】可靠股份内斗升级，董事会解除景乃权独立董事职务 中国基金报记者 晨曦罕见！上市公司独立董事，被解除职务！2月23日下午，可靠股份发布公告称，其 董事会审议通过《关于解除景乃权先生独立董事职务的议案》，同意解除景乃权独立董事职务，并同意 将该事项提请公司股东会审议。 对于解除独董职务的原因，可靠股份表示，系因景乃权丧失独立性，未尽到勤勉尽责义务，也缺乏独立 董事的职业操守。对此，可靠股份二股东、董事鲍佳及景乃权均对相关议案表示反对并给出理由，可靠 股份则对反对理由逐条进行说明。双方"唇枪舌剑"的内容超过1万字。不难看出，可靠股份的"内斗"仍 在持续升级。来看详情—— 可靠股份：独董丧失独立性 未尽到勤勉尽责义务 整体来看，此次各方的矛盾点，主要集中在关于董事鲍佳的薪酬问题讨论上。2025年12月23日，可靠股 份召开薪酬与考核委员会会议。相关汇报显示，鲍佳2024年度自公司取得的税前薪酬为243万元，现仍 按年薪120万元的标准发放薪酬，但未实际为公司提供劳动或者服务。公司认为，鲍佳不宜继续取得高 额报酬，希望对鲍佳的薪酬进行调整。可靠股份称，会上，独立董事景乃权以王石领取津贴为案例，提 出以董事津贴的 ...

Core Viewpoint - The company is positioned as a multinational health products firm focusing on rapidly developing emerging markets in Africa, Latin America, and Central Asia, specializing in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] Group 1: Market Position and Product Offerings - The company ranks first in Africa's baby diaper and sanitary napkin markets by volume, with market shares of 20.3% and 15.6% respectively for 2024 [1] - By revenue, the company holds the second position in Africa's baby diaper and sanitary napkin markets, with market shares of 17.2% and 11.9% respectively for 2024 [1] - The company focuses on creating differentiated products to meet diverse market demands, continuously iterating and upgrading its offerings [1] Group 2: Revenue Contribution and Growth - In the first four months of 2025, the revenue contributions from baby diapers, sanitary napkins, baby pull-ups, and wet wipes were $1.2 million, $0.3 million, $0.1 million, and $0.1 million respectively, accounting for 71.8%, 18.6%, 5.8%, and 3.9% of total revenue [2] - The compound annual growth rates (CAGR) for baby diapers, sanitary napkins, baby pull-ups, and wet wipes from 2022 to 2024 are projected at 16.8%, 34.1%, 8.6%, and 28.5% respectively [2] Group 3: Supply Chain and Production - The company has established a robust global supply chain with localized production to reduce costs, starting local production in Ghana in 2018 [3] - As of April 30, 2025, the company operates eight production facilities across eight African countries, with a total of 51 production lines for baby diapers, baby pull-ups, sanitary napkins, and wet wipes [3] - A new production facility in El Salvador is set to begin operations in August 2025, featuring a production line for baby diapers [3] Group 4: Distribution and Market Penetration - The company has built a wide distribution network, establishing 18 sales branches in 12 countries and a network of over 2,800 wholesalers, distributors, supermarkets, and other retailers [3] - The sales network covers over 80% of the local population in key operating countries, which is crucial for success in the baby and women's hygiene products industry in emerging markets [3] Group 5: Financial Forecast - Projected revenues for the company from 2025 to 2027 are $540 million, $640 million, and $740 million, representing year-on-year growth rates of 19%, 18%, and 16% respectively [4] - Expected net profits for the same period are $110 million, $140 million, and $170 million, with growth rates of 15%, 27%, and 18% respectively [4] - The company is rated as a premium leader in the hygiene products sector, with a favorable outlook for continued growth and expansion in products and markets [4]

Core Insights - The quality supervision results for adult diapers in Hainan Province for Q4 2025 indicate that all 14 batches tested were compliant with relevant standards [1] Group 1: Quality Inspection Results - The inspection was conducted by the Hainan Provincial Market Supervision Administration, adhering to standards such as GB/T 28004.2-2021 and GB 15979-2002 [1] - The tested parameters included permeability, absorption ratio/saturation absorption, pH value, total bacterial count, coliform group, total fungal count, pathogenic pyogenic bacteria, migratory fluorescent substances, and formaldehyde content [1] - No non-compliance issues were found in any of the tested items [1] Group 2: Product Details - The inspection covered various adult diaper products from different manufacturers, all of which met the quality standards [1][2] - Notable products included: - Reliable COCO® adult diapers, produced by Hangzhou Reliable Nursing Products Co., Ltd. [1] - Certainty Plus adult pads, produced by Zhongshan Ruide Hygiene Products Co., Ltd. [1] - An'er Kang adult diapers from Fujian Hengan Group Co., Ltd. [1] - Each product was tested for specific parameters and was found to be compliant, ensuring safety and quality for consumers [1][2]

Core Viewpoint - The quality supervision and inspection results for sanitary napkin products in Hainan Province for the fourth quarter of 2025 indicate that all 18 batches tested were compliant with relevant standards [2][3]. Group 1: Inspection Results - The inspection was conducted by the Hainan Provincial Market Supervision Administration, covering 18 batches of sanitary napkin products, all of which passed the quality tests [2]. - The inspection adhered to standards including GB 15979-2002, GB 15979-2024, and GB/T 8939-2018, evaluating parameters such as pH value, water absorption rate, absorption speed, formaldehyde content, migratory fluorescent substances, total bacterial count, coliforms, fungi, and pathogenic bacteria [2][3]. Group 2: Product Details - The inspected products included various brands and specifications, such as: - "荣耀女王少女系列卫生巾" (Honor Queen Girl Series) with a specification of 180MM [3]. - "淘淘氧棉®️天山白®️系列" (Taotao Oxygen Cotton Tianshan White Series) with a specification of 265mm + 355mm [3]. - "苏菲®️裸感S™日用卫生巾" (Sofy Naked Feel S Daily Sanitary Napkin) with a specification of 23cm [3]. - The inspection results showed that all listed products met the required standards, indicating a high level of product quality in the market [3][4].

Core Insights - The article emphasizes the importance of "softness" in sanitary napkins, highlighting that true softness should also consider the care for sensitive skin [1][2] - The key feature of the Kotex Island Cotton series is its use of rare island cotton, which constitutes only 0.3% of global production, providing a luxurious touch and significantly reducing skin friction [1][2] Product Features - The Kotex Island Cotton product is designed to reduce friction by approximately 35%, addressing the common issue of irritation during menstruation, where over 10,000 friction points can occur [1] - The product has a clinical test result showing near-zero sensitivity, maintaining the micro-ecological balance of the intimate area due to its mild acidic nature [1] Functional Design - The product features a three-dimensional leak-proof soft edge design to effectively prevent side leakage, while maintaining a thin profile with a six-layer absorption structure [2] - The six layers include a contact layer, anti-permeation layer, absorbent cotton, thickened water beads, leak-proof cotton, and a waterproof layer, ensuring comprehensive protection [2] Brand Overview - Kotex has over a century of history since inventing the first sanitary napkin in 1920 and is recognized as a leader in the industry according to data from Ween Consulting [2] - The brand is committed to product innovation and social responsibility, having donated over a million sanitary napkins and educated 3.45 million women across 29 provinces through menstrual health education [2] Target Audience - The Kotex Island Cotton product is particularly suitable for women with sensitive skin, offering comfort and safety during menstruation, backed by the brand's century-long experience and continuous innovation [2]

Core Viewpoint - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series, including the inclusion of LeShuShi (02698) in the Hang Seng Composite Index, effective March 9, 2026 [1] Company Overview - LeShuShi is a multinational hygiene products company focused on rapidly developing emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - The company operates under several brands, including Softcare, Veesper, Maya, Cuettie, and Clincleer, with product sales covering over 30 countries in West Africa, East Africa, and Central Africa [1] - A significant portion of the company's revenue during the historical period came from sales to African customers [1] Market Implications - The inclusion of LeShuShi in the Hang Seng Composite Index may lead to its potential addition to the Hong Kong Stock Connect, as it meets various criteria such as market capitalization, liquidity, and listing duration [1]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with LeShuShi (02698) being included in the Hang Seng Composite Index [1] - The changes will take effect after the market closes on March 6, 2026, and will be effective from March 9, 2026, with corresponding adjustments to the eligible stocks for the Hong Kong Stock Connect [1] - According to a report by CICC, LeShuShi is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - LeShuShi is a multinational hygiene products company focused on rapidly developing emerging markets in Africa, Latin America, and Central Asia, primarily engaged in the development, manufacturing, and sales of baby diapers, baby pull-ups, sanitary napkins, and wet wipes [1] - The company operates under brands such as Softcare, Veesper, Maya, Cuettie, and Clincleer, with product sales covering over 30 countries in West Africa, East Africa, and Central Africa [1] - During the historical performance period, the majority of the company's revenue was derived from sales to African customers [1]

Group 1: Market Overview - The Hong Kong stock market continued its rebound with all three major indices closing higher, with the Hang Seng Index up 0.31%, the Hang Seng China Enterprises Index up 0.28%, and the Hang Seng Tech Index up 0.9% [2] - Market activity has slowed significantly ahead of the Chinese New Year, with trading volume dropping to 217.2 billion HKD, and the short-selling ratio on the main board at 17.95% [2] - Southbound capital remained stable, with a net buy of 4.82 billion HKD, with Tencent Holdings, Meituan, and Pop Mart being the most actively bought stocks [2] Group 2: Sector Performance - The resources and cyclical sectors led the market, driven by a rebound in gold prices, with companies like Zijin Mining, Lingbao Gold, and Shandong Gold seeing significant gains [3] - The building materials and cement sector performed well, with companies like China National Building Material and Conch Cement recording considerable increases, supported by improved industry profitability expectations [3] - The automotive supply chain remained active, particularly with Tesla-related stocks, as the market anticipates advancements in autonomous driving and robotics [4] Group 3: Company Analysis - LeShuShi (2698.HK) - LeShuShi is a multinational hygiene products company focused on emerging markets, with a broad sales network across over 30 countries in Africa, Latin America, and Central Asia [7] - The company has established eight factories in Africa, making it the largest local manufacturer in the hygiene products sector, which enhances its supply chain efficiency [8] - Future growth for LeShuShi is expected to come from external factors like demographic growth in emerging markets and internal factors such as localized production and extensive sales channels [8] - The report gives a "Buy" rating with a target price of 38 HKD, forecasting revenues of 541 million USD, 627 million USD, and 711 million USD for 2025, 2026, and 2027 respectively, with net profits of 106 million USD, 129 million USD, and 147 million USD [8]

Group 1 - Postal Savings Bank of China successfully approved a "Technology Credit Loan" of 10 million yuan for Shandong Hengfa Hygiene Products Co., Ltd, significantly reducing financing costs through financial services [1][6] - Shandong Hengfa Hygiene Products Co., Ltd, founded in 2003, is the largest hygiene product manufacturer in Linqing City, with an annual sales revenue exceeding 700 million yuan and over 400 employees [3] - The company has expanded its production scale in recent years, facing challenges such as high financing costs and lack of qualified collateral [5] Group 2 - The bank's Linqing branch actively engaged with the company to understand its difficulties and introduced the "Technology Credit Loan" and related fiscal subsidy policies [6] - The loan addressed the company's financing needs, overcoming barriers related to high costs and lack of funding support despite having intellectual property [6] - The collaboration exemplifies the synergy between banks, government, and enterprises in supporting the real economy and lays a solid foundation for future cooperation [7]