股票代码：002615 股票简称：哈尔斯 3、问题：哈尔斯对合资公司会提供哪些资源支持？与哈尔斯内生 品牌发展是什么关系？ 回复：1）公司从 2021 年开始就明确提出"品牌+智造"双轮驱动 战略。本次合作，公司能够提供的资源包括：第一，强大的供应 链能力，无论是规模、品质交付还是快反能力，公司在杯壶行业 具有领先性；第二，全渠道资源线上线下都可以共享共用；第三， 多品类作为功能资源库，让产品创新和市场反应更加快捷；第四， 场景化设计能力，公司的产品、设计团队超过上百人，平均年龄 20 多岁，已经具备把杯壶商品做成快消品的能力，可以和小黄鸭 团队一起把杯壶品类做的更深更透。 浙江哈尔斯真空器皿股份有限公司投资者关系活动记录表 编号：2026-002 | 投资者关系活动类 | 特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 业绩说明会 | | | □新闻发布会 路演活动 | | | □现场参观 其他 | | 参与单位名称 | 进门财经线上参会的机构与个人，具体名单详见附件 | | 时间 | 年 月 日 2026 2 26 | | 地点 | 线上 | | 上市公司接待人 ...

格隆汇2月26日丨小黄鸭德盈(02250.HK)布，公司已于 2026 年 2 月 8日与全球杯壶行业深圳证券交易所 上市的 A 股公司浙江哈尔斯真空器皿股份有限公司("哈尔斯"，股票代码：002615)订立战略合作协议。 截至公告日期，哈尔斯间接持有公司 2702.7万股股份，约占公司已发行股本的 2.68%。 根据该协议，集团与哈尔斯建立全面战略合作伙伴关系，结合集团在知识产权("IP")运营方面的优势与 哈尔斯业界领先的生产制造能力、全産业链布局及成熟的渠道网络。作为该战略合作的核心内容，双方 将在中国内地成立一家合资公司，专注于以「B.Duck」家族品牌及其他国际潮流 IP 为特色的联名潮流 杯壶产品的设计、销售及品牌运营。 董事会相信，此战略合作将通过扩展集团在杯壶产品类别的布局、深化 IP 用户渗透，并创建可复制的 跨品类合作模式，共同构建一个覆盖多元生活场景的潮流消费生态，最终为集团在 IP 驱动的消费品市 场的长期增长及领导地位作出贡献。 此次合作代表哈尔斯的顶级制造及供应链与集团享负盛名的 B.Duck IP 矩阵及授权网络的优势互补。保 温杯行业正迎来前所未有的黄金发展期，市场规模与潮流属 ...

智通财经APP讯，小黄鸭德盈(02250)发布公告，公司已于2026年2月8日与全球杯壶行业深圳证券交易所 上市的A股公司浙江哈尔斯真空器皿股份有限公司(哈尔斯，股票代码：002615)订立战略合作协议。截 至本公告日期，哈尔斯间接持有本公司2702.7万股股份，约占本公司已发行股本的2.68%。哈尔斯及其 最终实益拥有人(如有)为独立于本公司及其关连人士的第三方。 根据该协议，集团与哈尔斯建立全面战略合作伙伴关系，结合集团在知识产权(IP)运营方面的优势与哈 尔斯业界领先的生产制造能力、全产业链布局及成熟的渠道网络。作为该战略合作的核心内容，双方将 在中国内地成立一家合资公司，专注于以"B.Duck"家族品牌及其他国际潮流 IP 为特色的联名潮流杯壶 产品的设计、销售及品牌运营。 此次合作代表哈尔斯的顶级制造及供应链与集团享负盛名的 B.Duck IP 矩阵及授权网络的优势互补。保 温杯行业正迎来前所未有的黄金发展期，市场规模与潮流属性双向爆发，成为兼具实用价值与社交属性 的核心潮流消费品类。双方将共同构建"潮流设计 + 柔性制造 + 全域营销"全链路协同体系，以杯壶及 杯壶周边产品为合作起点，借助双方的供 ...

此次合作代表哈尔斯的顶级制造及供应链与集团享负盛名的 B.Duck IP 矩阵及授权网络的优势互补。保 温杯行业正迎来前所未有的黄金发展期，市场规模与潮流属性双向爆发，成爲兼具实用价值与社交属性 的核心潮流消费品类。双方将共同构建「潮流设计 + 柔性制造 + 全域营销」全链路协同体系，以杯壶 及杯壶周边产品为合作起点，借助双方的供应链、设计研发和渠道优势，实现集团自营品类的扩张以及 哈尔斯进一步向「潮流品牌」的升维，加速双方在全球市场的销售拓展。该合作伙伴关系旨在推动行业 从价格竞争向价值创造升级。 董事会相信，此战略合作将通过扩展集团在杯壶产品类别的布局、深化 IP 用户渗透，并创建可复制的 跨品类合作模式，共同构建一个覆盖多元生活场景的潮流消费生态，最终为集团在 IP 驱动的消费品市 场的长期增长及领导地位作出贡献。 格隆汇2月26日丨小黄鸭德盈(02250.HK)布，公司已于 2026 年 2 月 8日与全球杯壶行业深圳证券交易所 上市的 A 股公司浙江哈尔斯真空器皿股份有限公司("哈尔斯"，股票代码：002615)订立战略合作协议。 截至公告日期，哈尔斯间接持有公司 2702.7万股股份，约占公司已发 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，幷明確表示概不就因本公告全部或 任何部分內容而産生或因倚賴該等內容而引致之任何損失承擔任何責任。 B.Duck Semk Holdings International Limited 小黃鴨德盈控股國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號︰2250） 自願性公告 ─ 戰略合作協議 本公告乃小黃鴨德盈控股國際有限公司（「本公司」，連同其附屬公司，「本集 團」）自願作出，以使其股東及潛在投資者了解本集團的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司已於 2026 年 2 月 8 日與全球杯壺行業深圳證券交易所上市的 A 股公司浙江哈爾斯真空器皿股份有 限公司（「哈爾斯」，股票代碼：002615）訂立戰略合作協議（「該協議」）。 截至本公告日期，哈爾斯間接持有本公司 27,027,000 股股份，約佔本公司已發行 股本的 2.68%。哈爾斯及其最終實益擁有人（如有）為獨立於本公司及其關連人 士（定義見香港聯合交易所有限公司證券上市規則）的第三方。 根據該協議，本集 ...

Core Insights - The brand marketing industry is at a crossroads, balancing the maturity of the traffic system and the awakening of brand assets, with a renewed focus on long-termism [1] - The 2024-2025 Annual Marketing Conference highlighted the need for brands to shift from short-term profit strategies to long-term brand value [1][2] - The essence of brand communication is shifting back to deeper connections with people and relationships, rather than just focusing on traffic [2] Group 1: Brand Value and Long-term Strategy - Brands are seen as the only irreplaceable asset for companies, with their uniqueness and deep accumulation being core competitive advantages [2] - The value of a brand is not just reflected in market share but also in its long-term impact on consumer perception [2] - Companies are encouraged to create emotional connections with consumers, moving beyond mere transactional relationships [2][5] Group 2: Evolving Marketing Strategies - The competition among brands is changing, with a focus on multi-touch collaboration and multi-scenario resonance as new growth engines [4] - LILY Business Fashion's marketing strategy exemplifies how to leverage functional value, aesthetic expression, and emotional storytelling to build a new brand premium system [4] - The importance of understanding consumer scenarios rather than just user demographics is emphasized for effective brand growth [4] Group 3: Integration of Technology and Brand Building - The podcast industry is emerging as a core hub for high-quality content, providing a unique emotional connection that AI cannot replicate [3] - AI is reshaping content production capabilities, and brands need to integrate deeply into AI content systems to ensure their values are understood [3] - The shift from "traffic" to "retention" is necessary, as the essence of brand-user connections remains unchanged despite technological advancements [3] Group 4: Cultural and Emotional Engagement - Brands are encouraged to create meaningful interactions that resonate emotionally with consumers, as seen in Natural堂's initiatives that blend traditional culture with new consumption trends [6] - 恒洁's approach to establishing lasting recognition through "beautiful spaces" reflects the importance of creating shareable moments for consumers [6] - The focus on cultural connections and emotional storytelling is becoming a critical aspect of brand value [6][9] Group 5: Cross-Industry Perspectives - A roundtable discussion highlighted the need for brands to anchor their assets vertically while capturing traffic sources horizontally for sustained growth [7] - The importance of maintaining core values and a strong internal culture is emphasized as essential for producing quality products [7] - The evolution of domestic brands in the new consumption wave showcases the significance of long-term strategies over short-term gains [7][8]

Core Insights - The brand marketing industry is at a new crossroads, balancing the maturity of the traffic system and the awakening of brand assets, with a focus on long-termism [1] - The 2024-2025 Annual Brand Marketing Conference aims to explore new growth methodologies amidst these changes [2] Group 1: Brand Value and Long-term Strategy - The traditional approach of relying on short-term gains to create hit products is becoming ineffective as media channels diversify and traffic costs rise [4] - Brands are recognized as the core competitive asset of a company, embodying emotional connections and trust with consumers, which cannot be achieved through fragmented communication [6][7] - The shift from "traffic" to "retention" is essential, emphasizing the need for deep connections between brands and users [13] Group 2: Evolving Consumer Engagement - The focus of brand competition is shifting from understanding users to understanding contexts, with multi-touchpoint collaboration becoming a new growth engine [15] - Brands like LILY are leveraging functional value, aesthetic expression, and emotional storytelling to build new brand premium systems [17] - The sports sector is highlighted as a key emotional engagement area, with brands like Jitu leveraging events for natural consumer interaction [19] Group 3: Cultural Integration and Emotional Connection - Brands are redefining their long-term assets by integrating cultural elements into their core values and product offerings [22][23] - Natural堂 emphasizes creating emotional connections through traditional culture and new consumer interactions, positioning itself as a bridge for emotional expression [25] - 恒洁 is establishing lasting recognition by extending its brand narrative into various consumer scenarios, enhancing its market presence [27] Group 4: Industry Perspectives and Future Directions - A roundtable discussion highlighted the importance of vertical brand asset anchoring and horizontal traffic sourcing for sustainable growth [29] - The core values of companies like 鲁南制药 and 华侨城 emphasize a commitment to quality and cultural integration as essential for brand longevity [29] - The 2025 brand competition landscape will focus on user relationships, cultural connections, and long-term trust rather than mere attention [40]

Core Insights - The company, Hars, is optimistic about the domestic cup and kettle market, noting that the current CR4 is below 20%, indicating significant brand landscape benefits [3] - Hars has received approval from the China Securities Regulatory Commission for a specific issuance of A-shares in 2023, planning to proceed based on market conditions [3] Group 1: Brand Strategy and Market Positioning - The collaboration with Tencent is a core brand strategy aimed at enhancing content co-creation, upgrading membership services, and driving business growth [2] - The company emphasizes the transformation from "traffic cooperation" to "value co-creation" to strengthen brand influence among Generation Z [2] Group 2: Operational Performance and Supply Chain - The company reported strong performance during this year's Double Eleven shopping festival, with continuous optimization of operational capabilities [3] - The Thai production base is in a ramp-up phase, but the company is confident in cost optimization due to local supply chain development and automation [3] Group 3: Growth Opportunities and Global Expansion - The OEM business is seeing steady growth in market share from leading clients, with non-U.S. markets (Europe, Japan, Middle East) emerging as new growth points [3] - The company aims to leverage scale and certification barriers to capture a larger share in the global supply chain restructuring [3] Group 4: Governance and Shareholder Returns - The company has established a modern corporate governance structure with clear responsibilities and stable core management [3] - A share buyback plan will be implemented based on market conditions, with specific progress to be announced monthly [3]

Group 1: AI Empowerment in Asset Allocation - The report discusses the performance of three representative AI asset management products: AIEQ, ProPicks, and QRFT, evaluating whether AI can provide excess returns to investors [8] - AIEQ, an actively managed ETF, has underperformed SPY due to high market sentiment volatility and cost erosion from high turnover rates [8] - ProPicks has shown strong returns during favorable tech periods but is highly sensitive to execution discipline and slippage, making actual replication challenging [8] - QRFT has closely tracked the S&P 500 over the long term, showing significant phase differentiation, indicating a focus on narrow enhancements rather than stable high alpha [8] Group 2: Pharmaceutical and Biotechnology Sector - The pharmaceutical sector underperformed the overall market, with a 4.32% decline in the A-share market, and the biopharmaceutical sector fell by 6.88% [10] - The report highlights the treatment options for Hidradenitis Suppurativa (HS), noting that the prevalence in Western populations is approximately 1%, with around 320,000 diagnosed patients in the U.S. [11] - First-line therapies for HS primarily involve antibiotics, while second-line biological treatments include Adalimumab and IL-17A inhibitors, which have gained market share due to their efficacy and safety [11] Group 3: Atour (ATAT.O) Financial Performance - Atour reported a 38% year-on-year revenue growth in Q3 2025, raising its full-year revenue growth guidance from 30% to 35% [13] - The company’s retail business saw a remarkable 76% revenue growth, significantly contributing to the overall performance [13] - The number of hotels in operation increased by 27% year-on-year, with a total of 1,948 hotels by the end of Q3 2025 [14] Group 4: Hars (002615.SZ) Industry Leadership - Hars is a leading company in the cup and kettle industry, with a projected revenue compound annual growth rate (CAGR) of 25% from 2021 to 2024, reaching 3.3 billion [17] - The company operates both OEM/ODM and proprietary brand businesses, maintaining stable partnerships with international brands like YETI and PMI [17] - The domestic market for insulated cups is expected to replicate overseas trends, with significant growth potential driven by IP collaborations and social media marketing [18]

Market Overview - In Q3 2025, the number of listed private placement projects in the A-share market reached 42, an increase of 5 projects quarter-on-quarter and 22 projects year-on-year, with total fundraising amounting to 773.71 billion yuan, a year-on-year increase of 256.70%[9] - The average absolute return of the 24 auction projects that were unlocked in Q3 2025 was 38.67%, with a winning rate of 87.50%, marking a new high since 2022[28] Auction Market Dynamics - The average benchmark discount rate for auction projects in Q3 2025 was 11.27%, a decrease of 0.82 percentage points quarter-on-quarter, indicating a low level not seen in nearly two years[13] - The average premium rate for auction projects increased to 10.31%, reflecting heightened investor interest and competition[25] Fundraising Trends - The fundraising success rate for auction projects reached 96.30%, a new high for 2024, with an average fundraising rate of 99.91%[9] - In Q3 2025, the number of newly added private placement projects was 144, with a total proposed fundraising amount of 970.77 billion yuan, marking a 1.34% increase quarter-on-quarter[42] Performance Analysis - The average absolute return for small-cap auction projects (market cap below 100 billion yuan) was significantly higher, with some projects achieving returns of 78.93%[29] - The average stock price increase for auction projects from issuance to unlocking was 23.25%, indicating strong market performance[32] Risk Considerations - Risks include slower-than-expected review progress for private placements, stock price volatility in the secondary market, and changes in the auction pricing environment[34]