12月10日，在2024-2025年度营响大会暨（第二十三届）杰出品牌营销年会上，哈尔斯（002615）总裁 吴子富发表主题演讲，分享了这家拥有40年历史的杯壶领军企业在新消费时代的品牌进化之路。 吴子富介绍，哈尔斯已连续三年实现全球杯壶销售额第一，从传统商超货架上的礼品选项，成长为覆盖 多元生活场景的时尚健康品牌。如今，哈尔斯的产品不仅在抖音直播间吸引近百万人次观望，更通过小 红书、微博等平台成为年轻人的潮流穿搭标签，还亮相巴黎奥运会舞台，推出哈尔滨联名等文化载体类 产品，实现了从工具到情感、从产品到生态的跨越。 借助第三方品牌服务商锦坤的需求洞察和品牌研究，哈尔斯提出了一个生动的品牌目标：让每个哈尔斯 用户拥有九只保温杯。这个数字并非随意设定，而是对应着九种不同的生活场景——办公室的泡茶杯、 健身房的运动杯、通勤时的手环杯、户外探险的专业杯、养生时的钛杯、日常搭配的马克杯，以及体现 环保理念的材质创新杯。在吴子富的构想中，保温杯正在从单一的饮水工具，进化为生活方式的载体。 在流量与品牌的平衡上，吴子富强调，流量可以买来一次性关注，却买不来持久信任，品牌才是穿越周 期的核心竞争力。哈尔斯的品牌基石是40年积 ...

Investment View - The company is a leading manufacturer and brand operator of thermal cups in China, driving industry innovation and high-quality development through strong partnerships with key clients like Yeti, Stanley, and Owala, supported by continuous R&D investment and overseas production capacity [1][4] - The first phase of the Thailand production base was fully operational in 2023, with the second phase expected to reach production capacity by the first half of 2025, rapidly increasing output [1][42] - The company is actively investing in channel development, product innovation, and IP collaborations to enhance its own brand, Hars, and strengthen governance through employee stock ownership and share buybacks [1][12] Investment Logic - The company is solidifying overseas customer loyalty through efficient R&D and overseas production, with Yeti's stable growth and focus on high-margin new products, Stanley's transition to steady growth, and Owala's innovative designs driving high growth [2][9] - The company is expanding its customer matrix by actively seeking high-potential emerging brands like Brumate and Takeya, smoothing out fluctuations caused by brand rotation [2][41] - The company is entering a harvest period for its self-owned brand investments, focusing on channel expansion and product innovation to enhance brand recognition [2][10] Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.437 billion yuan, a year-on-year increase of 2.94%, while net profit attributable to shareholders was 100 million yuan, down 55.49% due to short-term impacts from overseas capacity ramp-up and domestic brand investments [7] - Revenue from vacuum vessels, aluminum bottles, and other businesses in the first half of 2025 was 1.376 billion yuan, 165 million yuan, and 30 million yuan respectively, with year-on-year growth rates of 13.00%, 11.31%, and 13.54% [7] - The company's overseas revenue accounted for 86.91% of total revenue in the first half of 2025, with a year-on-year increase of 14.14% [7] Supply Chain and Production Capacity - The company is enhancing its supply chain advantages and production capacity, with the Thailand base's first phase producing approximately 5.5 million units annually and the second phase expected to reach 24.5 million units [42][43] - The company is implementing localized operations and optimizing logistics and procurement costs through a rapidly forming local supply chain in Thailand [42][43] - The company is advancing its smart manufacturing initiatives, aiming to replicate the lighthouse factory model to improve efficiency and reduce costs [46] Brand Development - The company is focusing on expanding its self-owned brand, Hars, and leveraging the Swiss brand SIGG to penetrate the European market [52][53] - The company is enhancing brand recognition through a multi-channel strategy, including online and offline retail, and has seen significant sales growth in platforms like Tmall and Douyin [55][57] - The company is integrating emotional value and product functionality into its branding strategy, collaborating with various IPs to attract younger consumers and enhance market penetration [59][63]

Core Viewpoint - The company is focusing on enhancing its brand strategy through collaboration with Tencent, targeting content co-creation, membership service upgrades, and business growth, particularly aimed at Gen Z consumers [2]. Group 1: Brand Strategy and Market Position - The partnership with Tencent aims to leverage digital resources to create a multi-touchpoint brand exposure system, enhancing customer engagement and loyalty [2]. - The domestic cup and kettle market shows low brand concentration, with the top four brands holding less than 20% market share, indicating significant growth potential for leading brands [3]. - The company is optimistic about the domestic market, noting that the cup and kettle category is evolving from durable goods to emotional carriers, which is expected to increase purchase frequency and market space [3]. Group 2: Cost Management and Production - The company is currently experiencing cost pressures due to the ramp-up phase of its Thailand facility, but expects cost improvements as local supply chains develop and production efficiency increases [4]. - The Thailand facility's automation and local supplier integration are anticipated to enhance long-term cost competitiveness [4]. Group 3: OEM Business and International Expansion - The OEM business is performing well, with an expanding share among top clients and growth in mid-tier clients, while also exploring new markets in North America, Europe, and Asia [5]. - The company is focusing on building localized supply chains overseas to strengthen strategic partnerships with clients, which is expected to enhance order concentration among leading brands [5]. - The company sees strong growth potential in the overseas insulated cup market, driven by diverse consumption scenarios and increasing purchase frequency [6]. Group 4: Financial Performance and Future Outlook - For the first three quarters of 2025, the company reported a revenue of 2.437 billion yuan, a year-on-year increase of 2.94%, but a net profit decline of 55.49% to 100 million yuan [9]. - The company has received approval for a specific issuance of A-shares, planning to proceed with the issuance based on market conditions and funding needs [7]. - The company maintains a stable governance structure with a clear division of responsibilities among the board and management, ensuring effective decision-making [8].

腰部客户快速放量；同时公司加速拓展新区域，积极配合 客户开发北美其他地区、欧洲、日本等非美业务，并积极 在中东、东南亚等差异化市场开发新业务，为公司业务发 展输入持续动能。与此同时，公司正加速打造海外本土化 供应链，与客户形成深度绑定、长期共赢的战略合作关系； 伴随海外产能稳定性与交付弹性的持续验证，头部品牌将 陆续启动供应商体系优化，订单资源有望向头部集中。作 为全球杯壶核心制造商，公司兼具规模、技术与认证壁垒， 这些优势都将助力公司在新一轮份额再分配中获取更高 比例，进一步巩固龙头地位。 回复：公司坚定看好国内杯壶赛道，当前国内市场有 几个突出的表现：1）国内市场品牌集中度较低，格局红 利仍在释放。当前杯壶行业 CR4 不足 20%，远低于家电、 美妆等成熟品类，低集中度为头部品牌提供足够的份额提 升空间，先发者有望通过品牌、设计与渠道获得增量。2） 需求升级打开行业天花板。杯壶正从耐用品进化为情绪载 体：颜值、IP、智能、健康、社交属性叠加，不仅将单品 溢价拉升，更把购买频次提升一个量级，市场空间随之跃 迁。公司持续深耕国内市场，运营能力持续提升，今年双 十一整体表现优秀。 3、问题：目前泰国处于产能爬 ...

簇簇椰叶在微风中摇曳，白色海浪拍打着沙滩，冬日的海南博鳌，依旧暖意融融，宛若春日。在这里，一场年度盛会——2025企业家博鳌论坛即将拉开帷 幕。 富光品牌将再度受邀出席，这是富光连续第三年在这一高端思想交流平台上，展现其深厚的品牌积淀与持续创新的活力。据悉，本次论坛期间，富光将 以"2025企业家博鳌论钛杯合作品牌"的身份精彩亮相，集中展示其在纯钛杯壶领域的最新研发成果。 当前，杯壶市场正经历从"实用耐用"到"品质健康"的消费跃迁，纯钛杯壶作为新兴的高潜力品类，市场前景广阔。富光此次以"2025企业家博鳌论坛钛杯合 作品牌"的身份亮相现场，是其抢占高端市场认知、引领品类风潮的关键举措。 富光方面表示，借助博鳌论坛这一国际化平台，希望与各界精英共同探讨消费新趋势、材料创新等议题，分享富光在推动杯壶行业技术进步与产品革新方面 的实践与思考，强化公众对富光品牌专业、严谨、责任、科技的形象。 本次论坛期间，富光将重点展示其精心打造的纯钛杯壶系列产品，并以此为核心，传递"严选材质 可靠安全"的品牌理念。 纯钛，作为一种被誉为"亲生物金属"的材质，以其轻便、坚固、耐腐蚀、无重金属析出等卓越特性，日益成为高端杯壶的首选材料 ...

本报讯 （记者吴文婧）2025年11月24日，中国杯壶头部品牌浙江哈尔斯真空器皿股份有限公司（以下 简称"哈尔斯"，002615.SZ）与腾讯控股有限公司（00700.HK）旗下的腾讯广告于深圳签署战略合作协 议。这是哈尔斯在第三季度经营分析会上提出国内业务"破局"后的首个重大举措。双方将以生意增长、 会员服务、内容共创三大切口，展开全链路深度合作。 在内容共创领域，哈尔斯将依托腾讯丰富的游戏、动漫、影视等IP资源，开展深度联名合作。腾讯广告 相关业务负责人表示，未来的IP合作将超越流量获取的初级阶段，转向价值共创的深度模式。双方计划 将IP形象与品牌内核融合，打造兼具情感共鸣与文化魅力的产品，持续焕发品牌生命力。 此次合作有望通过腾讯的流量与数字化工具提升哈尔斯在年轻消费群体中的品牌声量，驱动线上渠道增 长。长期而言，内容共创与会员生态的深化，将助力哈尔斯突破制造业的估值天花板，向"品牌+内容 +数字化"的高附加值模式转型。 （文章来源：证券日报） 哈尔斯总裁吴子富在签约仪式上表示，公司正致力于将产品从"功能领先"升级为"情感引领"，通过与腾 讯广告的合作，进一步提升品牌在年轻消费者中的情感共鸣。腾讯广告家 ...

Core Insights - The "Fuguang Inner and Outer Pure Titanium 2L Thermos" achieved record sales of over 1,000 units within the first 28 hours on JD.com during this year's "Double Eleven" shopping festival, setting a new sales record for the thermos category [1][3] Group 1: Product and Market Dynamics - Fuguang has successfully expanded the price range of titanium products from over 1,200 RMB to a range that now includes options from 100 RMB to 1,000 RMB, catering to diverse consumer needs [3][6] - The collaboration between Fuguang and JD.com has led to the development of nearly 20 exclusive products, including multiple titanium water containers, showcasing the effectiveness of their supply chain partnership [6][9] - The introduction of the 2L thermos at a price of 399 RMB is significantly lower than similar products on the market, making high-quality titanium products accessible to a broader audience [8][9] Group 2: Supply Chain and Innovation - JD.com's "super supply chain" model has enabled Fuguang to reduce production costs through large-scale procurement and exclusive sales agreements, enhancing efficiency and cost control [9][10] - The C2M (Customer to Manufacturer) model has been pivotal in driving product co-creation based on data insights, allowing Fuguang to better meet market demands [9][11] - The partnership has accelerated product development timelines, with new products being developed in as little as 45 days, compared to the industry standard of several months [10][11] Group 3: Consumer Trends and Strategic Focus - The collaboration has identified a target demographic of middle-class consumers aged 25-40, focusing on their needs in business and outdoor scenarios [7][8] - The strategy includes creating high-value products that address consumer pain points, moving away from traditional low-price competition to a model emphasizing quality and innovation [15][16] - The success of the "Double Eleven" event, with significant increases in user numbers and order volumes, indicates a shift towards a market that values high-quality, cost-effective products [16]

Core Insights - The company reported total assets of 3.792 billion yuan as of the end of Q3, reflecting a year-on-year growth of 12.31% [1] - The company achieved an operating income of 2.437 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 2.94% [4] - The company is transitioning from a "cup and kettle manufacturer" to a "lifestyle brand operator" to enhance long-term brand value and drive high-quality global market development [3] Financial Performance - Total assets reached 3.792 billion yuan, up 12.31% from the previous year [1] - Net profit attributable to shareholders was 100 million yuan [4] - Fixed assets increased by 41.31% since the beginning of the year, primarily due to the commissioning of overseas base construction projects [1] Strategic Initiatives - The company is enhancing its overseas production capacity, particularly in Thailand, to secure supply chain safety and facilitate brand internationalization [1] - Emphasis on smart manufacturing and digital factory transformation as key drivers for international business expansion [1] - The company is focusing on independent research and innovation, significantly increasing resource investment in new product development [2] Market Positioning - The company is capitalizing on the rising trend of domestic products, with the cup and kettle industry currently characterized by low concentration and high consumption frequency [2] - The company is actively developing a product matrix that resonates with younger consumers through stylish designs and smart features [2] - Marketing strategies include leveraging short video platforms and live e-commerce to enhance brand reach and consumer engagement [2]

Group 1 - The company Hars (SZ 002615) announced on October 10 that it has repurchased approximately 5.61 million shares, accounting for 1.2% of its total share capital, through a special securities account via centralized bidding [1] - The highest repurchase price was 8.41 CNY per share, while the lowest was 7.69 CNY per share, with a total expenditure of approximately 44.98 million CNY [1] - As of the report date, Hars has a market capitalization of 3.7 billion CNY [1] Group 2 - For the first half of 2025, Hars's revenue composition shows that cup and pot products accounted for 98.06%, while other businesses contributed 1.94% [1]

Core Insights - The 40th anniversary celebration of Hars was held in Yongkang, Zhejiang, where the company launched new projects and signed strategic cooperation agreements with various institutions, marking a new chapter in its development [1] - Hars is the first listed company in China's cup and kettle industry, known for its commitment to high-quality manufacturing and has established a five-value standard for its products [1] - The company aims to enhance its digital intelligent manufacturing capabilities and achieve its "three hundred" goals: "100 billion," "100 strong," and "100 years" [1] Group 1 - Hars has become a leading manufacturer of stainless steel vacuum thermal vessels, exporting products to over 80 countries and regions, and has achieved three consecutive years of global sales leadership in this category [1] - The unique corporate experience and development model of Hars over its 40 years provide significant industry reference value, which will be documented in a book by Xinhua Publishing House [2] - The collaboration between Xinhua Publishing House and Hars aims to create a co-branded series of cup and kettle products that integrate national cultural symbols, enhancing cultural confidence and societal relevance [4] Group 2 - The partnership with Xinhua Publishing House includes the issuance of a cultural cooperation development authorization, indicating a strategic move towards cultural branding [4][6] - Hars' future initiatives will focus on building the "Hars Future Intelligent Creation Park" and achieving the goal of becoming a "lighthouse factory" in the digital manufacturing space [1]