Core Viewpoint - The ongoing conflict between the controlling shareholder Jin Liwei and his ex-wife Bao Jia at Reliable Shares (301009.SZ) continues to escalate, particularly regarding the appointment of the new secretary and concerns over corporate governance and compliance issues [1][4]. Group 1: Board Meeting and Voting - On August 21, during the 11th meeting of the 5th board of directors, Bao Jia voted against three out of four proposals, including the appointment of Wang Xiangting as the new vice president and board secretary, citing concerns over his qualifications and potential risks [1][3]. - Despite Bao Jia's objections and the independent director Jing Naiquan abstaining from voting on some proposals, all relevant motions were ultimately passed [1][3]. Group 2: New Secretary's Background - Wang Xiangting was appointed as the new board secretary after a series of frequent changes in this position since the company's IPO in June 2021, with previous secretaries serving very short tenures [2]. - Prior to joining Reliable Shares, Wang had experience as a board secretary at other listed companies but had not worked in a securities role for several years [2][3]. Group 3: Concerns Over Wang Xiangting's Competence - Bao Jia criticized Wang's lack of familiarity with current securities regulations and his reliance on the securities department for completing tasks, leading to errors in board documents [3][4]. - There were complaints about Wang's attitude towards assisting employees with stock-related matters, which Bao Jia viewed as obstructive to the board's functioning [3][4]. Group 4: Related Party Transactions and Compliance Issues - Bao Jia raised alarms about potential violations regarding related party transactions, noting that transactions in Q1 2025 exceeded the regulatory threshold of 300,000 yuan and 0.5% of the company's audited net assets [5][6]. - The Zhejiang Securities Regulatory Bureau is currently investigating these transactions, which occurred shortly after Wang's appointment, raising questions about his accountability [5][6]. Group 5: Company Performance and Governance Issues - The performance of Reliable Shares has been a point of contention, with Bao Jia accusing Jin Liwei of making poor investment decisions, including investing in a loss-making company [7]. - Since its IPO, the company's profitability has significantly declined, with a notable loss in 2022, although there has been some recovery in 2023 [7].

Core Insights - The company reported stable revenue of 11.808 billion RMB for the first half of 2025, with a net profit attributable to shareholders of 1.373 billion RMB, maintaining a stable interim dividend of 0.70 RMB per share [1] Group 1: Business Performance - The tissue business accounted for approximately 60.8% of total revenue, with sales increasing by about 3.2% year-on-year to 7.174 billion RMB [3] - The sales of wet wipes surged by 34.7% to 797 million RMB, contributing to 11.1% of the tissue business sales, becoming a significant growth driver [3] - The hygiene products segment, including sanitary napkins and diapers, saw a decline of about 14.4% to approximately 3.304 billion RMB, but showed a recovery with a 7.3% increase compared to the second half of the previous year [3] Group 2: E-commerce and New Retail - Sales from e-commerce and new retail channels grew by approximately 7.9% to 4.06 billion RMB, representing about 34.4% of total sales [4] - E-commerce and new retail channels contributed approximately 40.5% and 32.5% to the sales of tissue and hygiene products, respectively [4] Group 3: Safety and Standards - The safety of sanitary napkins has become a focal point, with the company emphasizing its commitment to exceeding national safety standards [5] - The CEO indicated that high gross margins are primarily used to support marketing expenses, which are crucial to avoid price competition [5] Group 4: Market Outlook - The chairman anticipates continued intense competition in the domestic hygiene products market, particularly in the sanitary napkin sector, with ongoing price promotions [6] - The implementation of the "Childcare Subsidy Implementation Plan" is expected to lower childcare costs and expand demand for diapers and related products [6] - The company plans to maintain stable pricing strategies and leverage brand value to capture market opportunities amid industry consolidation [6]

期内，归属股东净利润2827.8万元，同比增长21.81%；归属股东扣除非经营性损益的净利润为2484.6万元，同比增长15.39%。 | | 营业收入 | 营业成本 | 毛利率 | 营业收入比 年同期增 | | --- | --- | --- | --- | --- | | 分产品或服务 | | | | | | 成人失禁用品 | 287, 104, 617. 52 | 216, 871, 516. 38 | 24. 46% | 4. | | 婴儿护理用品 | 208, 881, 870. 12 | 162, 966, 840. 30 | 21. 98% | 5. | | 宠物卫生用品 | 33, 694, 803. 29 | 24, 931, 533. 04 | 26. 01% | -1. | | 其他 | 19, 274, 705. 00 | 12, 628, 884. 69 | 34. 48% | 32. | 8月24日，可靠股份发布2025年半年度报告。 报告显示，上半年公司实现营业收入5.49亿元，同比增长5.39%；其中，成人失禁用品实现营收2.87亿元。 ...

8月24日晚，可靠股份（301009）披露2025年半年报。报告期内，公司实现营业收入5.49亿元，同比增 长5.39%；实现归母净利润2827.86万元，同比增长21.81%；经营活动产生的现金流净额4137.55万元， 同比增长157.71%；基本每股收益0.11元。 总部位于浙江杭州的可靠股份，成立之初，公司通过与全球头部品牌合作，从婴儿纸尿裤、成人纸尿裤 的ODM业务起步，锻造了高效、高质的失禁护理产品研发、制造能力。2008年公司正式进行战略转 型，确立了打造成人失禁护理产品自主品牌的战略定位。 针对行业规模化、品牌化、品质化升级的趋势，报告期内，可靠股份围绕着用户痛点、细分场景和渠道 特性，进行了多项改革。包括：从"品类引入"到"品牌心智强化"；从"满足基本功能"到"追求极致性能 体验"；从"价格分层"到"场景适配"；从"中重度失禁"到"轻度失禁"。 可靠股份表示，随着老龄化社会程度的不断提升，再加上国家对老龄工作的重大部署，长护险在全国范 围内逐步推广实施，养老机构数量规模激增，以及医疗保障等社会福利政策的落地，为养老行业带来渠 道增量机遇的同时，也催化成人失禁用品市场扩张并提升了渗透率。与此同 ...

格隆汇8月24日丨可靠股份(301009.SZ)公布2025年半年度报告，报告期实现营业收入5.49亿元，同比增 长5.39%；归属于上市公司股东的净利润2827.86万元，同比增长21.81%；归属于上市公司股东的扣除非 经常性损益的净利润2484.6万元，同比增长15.39%；基本每股收益0.1061元。 ...

Core Viewpoint - The article emphasizes the untapped potential of the African market for baby diapers and sanitary products, highlighting the significant growth opportunities amidst intense competition in other regions like China and Europe [1][6]. Group 1: Market Potential - Africa is the youngest continent with a median age of only 20 years and the highest birth rate globally [2]. - The penetration rates for baby diapers and sanitary pads in Africa are approximately 20% and 30%, respectively, which are only one-third of those in developed markets [4]. - The market for baby diapers, pull-ups, and sanitary pads in Africa is projected to reach $5.6 billion by 2029, representing a 47% increase from five years ago [6]. Group 2: Company Overview - Leshushit Limited, a Chinese company, is rapidly capitalizing on this market potential and has filed for listing on the Hong Kong Stock Exchange [7]. - In 2024, Leshushit is expected to generate approximately $450 million in revenue, with over 40 billion baby diapers contributing to three-quarters of its revenue [8]. - Leshushit has achieved a market share of 20.3% in the African baby diaper market, surpassing established multinational companies like Procter & Gamble [9][32]. Group 3: Competitive Advantages - Leshushit has established a strong local presence, operating in over 30 countries with more than 14 years of experience in key markets [15]. - The company has built a complex distribution network to reach consumers effectively, which serves as a competitive barrier against new entrants [18]. - Leshushit has initiated local manufacturing in eight African countries, becoming the largest local manufacturer of hygiene products in the region [23]. Group 4: Growth Strategy and Challenges - The company plans to invest over $1.8 billion in expanding production capacity across 12 countries, including new factory construction and equipment procurement [24]. - However, Leshushit is experiencing a slowdown in growth, with revenue and net profit growth rates projected at 10.5% and 46.2% for 2024, down from 28.4% and 261% in 2023 [26]. - The company has adopted a low-price strategy, pricing its products at 40%-75% of international brands, which has contributed to its market share growth [29]. Group 5: Cost and Currency Risks - The cost of raw materials, which account for over 80% of total costs, is critical for maintaining the company's pricing strategy [34]. - Leshushit has not hedged against raw material costs, and a 5% increase in these costs could lead to a pre-tax profit decline of $12.6 million [38]. - The company has faced currency exchange losses amounting to $18.3 million from 2022 to 2024, representing 10% of its total net profit during that period [44].

Core Insights - Company reported a total operating revenue of 888 million yuan, an increase of 75.9 million yuan compared to the same period last year, marking a year-on-year growth of 9.34% [1] - Net profit attributable to shareholders reached 102 million yuan, up by 7.37% year-on-year, with an increase of 7.01 million yuan compared to the same period last year [1] - Operating cash flow net inflow was 190 million yuan, a significant increase of 186 million yuan year-on-year, reflecting a growth of 4763.93% [1] Financial Ratios - The latest debt-to-asset ratio stands at 15.67%, a decrease of 1.90 percentage points from the previous quarter [3] - Gross profit margin is reported at 18.97%, an increase of 0.12 percentage points from the previous quarter and 0.09 percentage points from the same period last year, achieving three consecutive years of growth [3] - Return on equity (ROE) is at 5.48%, an increase of 0.17 percentage points year-on-year [3] Earnings Per Share - Diluted earnings per share (EPS) is 0.55 yuan, an increase of 0.04 yuan compared to the same period last year, marking a year-on-year growth of 7.84% [3] Asset Management - Total asset turnover ratio is 0.40 times, while inventory turnover ratio is 3.95 times [4] Shareholder Structure - The number of shareholders is 21,600, with the top ten shareholders holding 111 million shares, accounting for 59.85% of the total share capital [4] - The largest shareholder, Gao Fuzhong I, holds 31.42% of the shares [4]

非洲婴儿纸尿裤/拉拉裤的渗透率仅约20%，卫生巾渗透率仅约30%，只有欧美等发达市场的三分之一。 强劲的经济增速，城镇化带来的消费升级，为行业注入了高成长的预期。 这里是全球最年轻的大陆，人口年龄中位数仅20岁，并拥有全球最高的人口出生率。 巨大的人口红利之上，是极具潜力的市场空白。 在中国与欧美的纸尿裤生意陷入红海竞争的当下，非洲仍然是亟待挖掘的一座富矿。 到2029年，非洲婴儿纸尿裤、拉拉裤、卫生巾市场规模将达到56亿美元，较比五年前增长47%。 这座富矿正被一家来自中国的企业加速开掘。 它就是已经交表港交所的乐舒适有限公司（以下简称：乐舒适），而中金公司、中信证券、广发证券 （香港）为此次联席保荐人。 2024年，乐舒适收入约4.5亿美元（约合人民币32亿元），超40亿片婴儿纸尿裤为其贡献了四分之三的 营收。 这一销售成绩甚至超过了老牌跨国企业宝洁，以20.3%的销量占有率在非洲市场排名第一。 这意味着，非洲每售出的5片婴儿纸尿裤就有1片来自乐舒适。 站稳非洲 乐舒适由森大集团的快消品业务板块分拆而来。 作为最早进入非洲市场的中资企业之一，森大集团业务涵盖海外工业制造、国际贸易与实业投资，已成 为非洲市 ...

集团抓紧消费渠道多元化的庞大机遇，持续加大力度发展电商业务及新零售市场，除了于传统大型电商 平台推广品牌，亦加强渗透其他新兴渠道。期内，集团的电商及新零售销售占比进一步上升至约34.4% (2024年上半年：31.8%)，销售收入同比增长约7.9%。另外，集团于期内亦持续促进传统渠道的销售及 发展其新的增长点，全渠道销售策略稳步推进。 同时，随着国内对个性化、具附加值及细分功能的升级卫生用品需求日增，集团积极研发新技术，推动 产品高端化并丰富产品组合，提升品牌形象，为长远发展注入新动力。各重点高端产品包括卫生巾系 列"天山绒棉"、"绒立方"纸巾系列等，高端纸尿裤"Q MO"系列于期内持续深受消费者青睐，保持强劲 的销售势头，加上本年新推出的"蔓越莓A+"有机纯棉卫生巾新品及"向野而生"高端系列纸巾，皆有助 持续提高高端产品在销售额中的占比，同时提升品牌形象及产品口碑。 回顾期内，尽管纸巾毛利有所改善，高端产品占比也持续上升，但由于卫生用品的销售下跌及其促销费 用的增加，加上原材料绒毛浆成本上涨，致集团整体毛利与去年同比略有下跌。2025年上半年，集团整 体毛利下跌约3.2%至约人民币38.12亿元(2024年 ...

Core Viewpoint - The company reported stable revenue performance in the first half of 2025, supported by growth in tissue sales and an increase in market share, despite intense price competition in the sanitary products sector [1] Group 1: Financial Performance - The company's overall revenue slightly decreased by 0.2% year-on-year to approximately RMB 11.808 billion [1] - Overall gross profit fell by about 3.2% to approximately RMB 3.812 billion, with a gross margin declining to around 32.3% [1] - Operating profit decreased by 7.3% to approximately RMB 1.757 billion [1] - Profit attributable to equity holders decreased by approximately 2.6% to around RMB 1.372 billion, with basic earnings per share at RMB 1.206 [1] - The board declared an interim dividend of RMB 0.70 per share [1] Group 2: Sales and Market Strategy - The steady increase in tissue sales is expected to support overall revenue stability in the second half of 2025, driven by multi-channel sales, product personalization, and stable pricing strategies [1] - The company is seizing opportunities in diversified consumer channels, increasing efforts in e-commerce and new retail markets, with e-commerce and new retail sales accounting for approximately 34.4% of total sales, showing a year-on-year growth of about 7.9% [1] - The company continues to promote sales through traditional channels and develop new growth points, with a steady advancement of its multi-channel sales strategy [1] Group 3: Product Development and Brand Enhancement - The company is actively developing new technologies to enhance product high-end features and diversify its product portfolio, responding to the growing demand for personalized and value-added sanitary products [2] - Key high-end products include the "Tianshan Velvet Cotton" sanitary napkin series and the "Q • MO" series of high-end diapers, which have maintained strong sales momentum [2] - New product launches, such as the "Cranberry A+" organic cotton sanitary napkin and the "Towards the Wild" high-end tissue series, are expected to increase the proportion of high-end products in sales and enhance brand image and product reputation [2]