证券代码： 001368 证券简称：通达创智 通达创智（厦门）股份有限公司投资者关系活动记录表 编号：2025-007 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及人 | 中国银河证券股份有限公司研究院： | | 员姓名 | 陈柏儒（轻工行业首席分析师） | | 时 间 | 2025 年 12 月 24 日 10:00-12:00 | | 地 点 | 厦门市海沧区东孚街道鼎山中路 89 号公司会议室 | | 上市公司 | 董事会秘书：陈雪峰 | | 接待人员姓名 | | | | 一、目前公司的客户群体介绍 | | | 公司与迪卡侬、宜家、Wagner、YETI 等全球领先跨国企业 | | | 建立长期、稳定的战略合作关系，公司形成显著的客户资源优势。 | | | 实力雄厚、经营规模大、品牌影响力强、销售渠道布局完善的优 | | | 质客户可为公司带来大量且稳定的订单和市场份额，同时也有利 | | | ...

围绕当地特色中药材产业设置的绿色标准化种植、中药材加工技艺等课程，成为本次培训的"热门选 项"。在培训中，讲师手把手教学，从种植技巧到病虫害防治逐一细致讲解，帮助农户提升专业能 力。"老师把中药材种植的关键技术都教给了我们，尤其是病虫害防治方法，学会这些，明年肯定能种 出优质当归。"清水镇大路村村民蒋建虎信心满满地说。 据了解，此次培训将全面覆盖全县18个乡镇的359个行政村。培训紧密围绕农户生产生活实际需求，精 准设置了电子商务、中药材绿色标准化种植、城乡居民养老保险政策解读等13门实用课程，供群众根据 自身需要自主选择。培训特邀行业专家、技术骨干组建讲师团队，采用"理论授课+实操演练+现场答 疑"的沉浸式教学模式，以"按需施教"的精准服务切实提升培训的针对性和实效性，助力农户掌握实用 技能、拓宽增收路径。 责任编辑：樊醒民 岷县：技能培训进农户 "定制课"赋能增收路 每日甘肃网12月24日讯 据定西日报岷县报道（新定西·定西日报通讯员王瑞梅）近日，岷县多部门联合 开展劳动技能培训进农户活动，将优质培训资源下沉一线，让农民在家门口就能学到真本领、掌握新技 能，为乡村振兴注入源源不断的内生动力。 在十里镇三十 ...

证券代码： 001368 证券简称：通达创智 通达创智（厦门）股份有限公司投资者关系活动记录表 编号：2025-006 | | □分析师会议 特定对象调研 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 活动类别 | 现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及人 | 上海明溪资产管理有限公司： | | 员姓名 | 李兴宇（投资经理）、陈心如（项目经理） | | 时 间 | 2025 年 12 月 16 日 15:30-17:30 | | 地 点 | 厦门市海沧区东孚街道鼎山中路 89 号公司会议室 | | 上市公司 接待人员姓名 | 董事会秘书：陈雪峰 | | | 一、公司情况详细介绍 | | | 公司简介： | | | 通达创智（厦门）股份有限公司是一家致力于研发、生产和 | | | 销售体育户外、家居生活、健康护理等行业消费品的国家级高新 | | | 技术企业。公司自 年成立以来，秉承同心多元化战略，以产 2016 | | | 品设计、精密模具设计开发、多工艺多制程整合及智能制造为核 | | ...

（文章来源：证券日报） 证券日报网讯 12月16日，通达创智在互动平台回答投资者提问时表示，通达创智（厦门）股份有限公 司是一家致力于研发、生产和销售体育户外、家居生活、健康护理等行业消费品的国家级高新技术企 业，主要产品包括体育用品、户外休闲用品、家用电动工具、室内家居用品、个人护理用品等。 ...

Company Overview - Tongda Chuangzhi (Xiamen) Co., Ltd. is a national high-tech enterprise focused on R&D, production, and sales of consumer goods in sports outdoor, home living, and health care sectors [2][3] - The company has established three production bases in Xiamen, Shishi, and Malaysia, and has formed long-term strategic partnerships with global leading companies such as Decathlon and IKEA [3][6] Key Achievements - As of mid-2025, the company has obtained 246 national authorized patents, including 8 invention patents [3] - The company’s products have received numerous authoritative certifications and are exported to approximately 30-40 countries and regions worldwide [3][11] Development Vision - The company aims to become a trusted and sustainable strategic partner for customers, focusing on deepening existing customer relationships and expanding into new markets [4] Business Philosophy - The company adheres to a philosophy of "independence, innovation, efficiency, integration, green, and win-win," continuously enhancing its smart manufacturing capabilities and promoting low-carbon development [5] Customer Base - The company has a significant customer resource advantage by establishing stable partnerships with major global enterprises, which provides a steady stream of orders and market share [6][8] - The company is a key supplier for Decathlon and YETI, and a priority partner for Wagner and IKEA, ensuring a high level of order predictability [8][10] Product Range - The main product categories include: - Sports outdoor: products like jump ropes, silicone water bottles, and skateboards [13] - Home living: electric tools and various indoor household items [13] - Health care: electric toothbrushes and other personal care products [13] International Expansion - The company has initiated overseas production base construction, with Malaysia being the first international site, which began operations in late 2023 [11][12] - An expansion project in Malaysia is approved with an investment of CNY 60 million, expected to add 6.8 million units of indoor home products capacity annually [12] Compliance and Governance - The company strictly adheres to legal regulations and governance standards since its A-share market debut in March 2023, maintaining a robust dividend policy to reward investors [3][14]

Core Viewpoint - The consumer sector remains a fertile ground for wealth creation, highlighted by significant acquisition activities in the industry, such as the acquisition of Kenvue by Kimberly-Clark for approximately $48 billion, marking one of the largest deals in the consumer goods sector [2][3][12]. Acquisition Details - Kimberly-Clark acquired a 60% stake in Starbucks China for $4 billion and is now acquiring Kenvue for $48 billion, which is seen as a strong cross-industry partnership [3][4]. - The acquisition is expected to be completed by the second half of 2026 and is viewed as a record-setting transaction in the daily consumer goods sector [3][4]. Company Profiles - Kimberly-Clark, established in 1872, is known for its long-standing brands such as Huggies and Kleenex, while Kenvue, which split from Johnson & Johnson in 2023, had a market capitalization exceeding $50 billion on its IPO day [5][6]. - Kenvue holds a dominant position in the adhesive bandage market with a 57% market share and 70-80% in the non-medicated segment [5][6]. Financial Aspects - The acquisition involves a cash and stock transaction, with Kenvue shareholders receiving $3.50 in cash and 0.14625 shares of Kimberly-Clark stock per share, valuing Kenvue at approximately $48.7 billion [6][9]. - The valuation multiples for the deal are 14.3 times EBITDA, which could drop to 8.8 times when considering synergies, indicating market confidence in Kenvue's profitability and growth potential [6][9]. Market Challenges - Kenvue faces declining sales, with Q3 2025 net sales at $3.76 billion, down 3.5% year-over-year, and organic sales down 4.4%, reflecting increased competition and changing consumer demands [9][10]. - Legal challenges, including lawsuits related to the safety of Kenvue's products, have negatively impacted its stock price, which fell from $24 to a low of $14, a 40% drop [10][11]. Industry Insights - The acquisition is seen as a strategic move to create a "super giant" in family health and personal care, leveraging Kimberly-Clark's distribution channels and Kenvue's strong health product portfolio [13][14]. - Historical successful mergers in the consumer goods sector, such as Procter & Gamble's acquisition of Gillette, demonstrate the potential for significant profit increases post-acquisition [14][15]. Wealth Creation in Consumer Sector - Despite the lack of "sexy" narratives like AI, the consumer sector continues to generate substantial wealth, as evidenced by the success of companies like Nongfu Spring and Haitian Flavoring, which have created billionaires through their everyday products [16][17]. - Kenvue's stock rose 12.32% on the announcement of the acquisition, while Kimberly-Clark's stock fell nearly 15%, reflecting the market's mixed sentiment regarding the deal [18].

Core Insights - Reliable Co., Ltd. reported a revenue of 829 million yuan for the first three quarters of 2025, representing a year-on-year growth of 5.12%, with a net profit of 27.98 million yuan, up 26.79% [1] - The company has established a clear business matrix focusing on self-owned brands in adult care and an ODM model for infant and pet health care, contributing to its steady growth [1] Financial Performance - For Q3 2025, the company achieved a revenue of 281 million yuan, reflecting a year-on-year increase of 4.59% [1] - Operating cash flow saw a significant increase of 136.29%, reaching 89.72 million yuan [1] Product Innovation - Reliable Co. focuses on user needs, particularly in the elderly care market, developing innovative products like the "reliable enhanced adult diaper" designed for overnight use, which reduces comprehensive care costs by 30% [2] - The company has launched products utilizing "liquid-blood dual-absorption technology" and upgraded versions of existing products to meet evolving consumer demands [2] Market Position and Strategy - The adult incontinence products market is projected to grow significantly, with the market size expected to increase from 8.86 billion yuan in 2020 to 16.8 billion yuan by 2031 [4] - Reliable Co. has maintained the number one market share in the domestic adult incontinence sector for several years, showcasing strong brand recognition [4] Sales Channels - The company has achieved comprehensive online and offline channel coverage, including flagship stores on major e-commerce platforms and expansion into new sales channels like live streaming and community group buying [3] Social Responsibility - Reliable Co. integrates social responsibility into its business model, focusing on the elderly community through initiatives like "Reliable Love Public Welfare," donating products to elderly individuals in need [4] Recognition and Awards - The company has received multiple accolades for its market performance and contributions to product innovation and ESG, including being named a "2025 (Autumn) Best-Selling Product" and recognized as an "Industry Leading Brand" by JD Supermarket [5]

Company Overview - Tongda Chuangzhi (Xiamen) Co., Ltd. is a national high-tech enterprise focused on R&D, production, and sales of consumer goods in sports outdoor, home living, and health care sectors [2][3]. - The company has established three production bases in Xiamen, Shishi, and Malaysia, and has formed long-term strategic partnerships with global leaders like Decathlon and IKEA [2][3]. Business Model and Clientele - The company operates a direct sales model, maintaining stable relationships with core clients, which include Decathlon, IKEA, Wagner, and YETI [8][16]. - Core clients contribute significantly to revenue, with Decathlon, IKEA, and Wagner being major European customers [10][16]. Financial Performance and Market Position - Since its A-share market debut in March 2023, the company has adhered to legal regulations and established a stable dividend policy to reward investors [3]. - The company has achieved a total of 246 national authorized patents, including 8 invention patents, and has received numerous quality certifications across various countries [3]. Strategic Development Goals - The company aims to become a trusted, sustainable strategic partner for clients, focusing on deepening existing client relationships and expanding into new markets [4][17]. - Plans include enhancing product offerings in three core areas: sports outdoor, home living, and health care, while also targeting new international and domestic brand clients [19][20]. Production and Technological Advantages - The company employs a multi-process production system, which is a key competitive advantage in meeting diverse client needs [12][13]. - It has implemented an intelligent manufacturing system, enhancing efficiency, quality, and cost control [13]. Risk Management and Adaptation Strategies - The company has taken proactive measures to mitigate risks associated with U.S. tariffs, focusing on expanding its production base in Malaysia to reduce dependency on single export markets [10][11]. - The company is also adjusting its investment plans to enhance production capacity in response to international client demands [11]. Industry Barriers and Competitive Landscape - The consumer goods industry is characterized by high market fragmentation, with many small to medium enterprises, while Tongda Chuangzhi stands out due to its strong R&D and production capabilities [14][20]. - Barriers to entry include customer loyalty, technological requirements, production processes, and certification standards, which pose challenges for new entrants [20][24]. Future Market Expansion Plans - The company plans to consolidate its existing customer base while exploring new product categories and expanding its reach to high-quality clients [18][19]. - It aims to leverage its core competencies to enhance market share and revenue growth in the evolving consumer goods landscape [15][19].

Core Viewpoint - Reliable Co. reported a net profit attributable to shareholders of 28 million in H1 2025, representing a 22% year-on-year increase, with Q2 net profit reaching 10 million, up 98% year-on-year [1] Company Performance - The company focuses on the healthcare industry, transitioning from OEM for leading global firms in Japan and the US to developing its own brand business, becoming a leader in the domestic adult incontinence care sector [1] - According to Euromonitor data, the company has maintained the number one market share in the domestic adult incontinence field for several consecutive years, demonstrating significant brand effect [1] Product Development - Continuous investment in R&D has allowed the company to establish a rich product lineup with excellent product structure and promising market prospects in its own brand sector [1] - The company is optimizing its product structure and increasing R&D and marketing efforts for mid-to-high-end products to meet the evolving consumer preferences [1] Market Strategy - The company is focusing on the mid-to-severe incontinence market while also addressing the rising consumer awareness among the mild incontinence demographic [1] - New products specifically designed for Asian women, such as invisible absorbent pads and travel pants for mild incontinence, as well as professional absorbent pads for men, have been launched to further expand the product range and drive the development of its own brand business [1] Investment Outlook - Based on the performance in H1 2025, and considering the company's ongoing expansion of its product matrix and optimization of product structure, profitability is steadily improving, maintaining a "buy" rating [1]

Core Insights - Reliable Co., Ltd. reported a revenue of 549 million yuan for the first half of 2025, representing a year-on-year growth of 5.39% [1] - The company's net profit attributable to shareholders reached 28.28 million yuan, an increase of 21.81% compared to the previous year [1] - The net cash flow from operating activities was 41.38 million yuan, showing a significant growth of 157.71% year-on-year, attributed to increased sales and improved collections [1] Company Overview - Reliable Co., Ltd. aims to be a world-class leader in the health care industry, focusing on adult incontinence care products, particularly diapers [1] - The company has established itself as a leading player in the domestic adult incontinence care market, holding the number one market share for several consecutive years according to Euromonitor [1] - The company has shifted from OEM for global leaders in Japan and the USA to developing its own brand, enhancing its brand effect [1] Operational Strategy - The company employs an integrated business model covering research, production, supply, and sales, allowing for effective coordination across the entire industry chain [2] - Reliable Co., Ltd. has established the Zhejiang Reliable Nursing Innovation Research Institute, the first provincial-level research institute in the industry, which focuses on R&D in adult diapers and elderly care [2] - The company has participated in or led over 20 national and group standards and holds more than 200 authorized patents [2]