格隆汇9月22日｜天风证券研报指出，嘉益股份25H1归母净利3亿同减4%，25Q2归母净利1.5亿同减 27%。尽管全球经济仍存不确定性，但保温杯市场依托其日常消费属性及应用场景的不断拓展，仍保持 较强的发展韧性与增长潜力。公司产品主要销往欧美、日韩等发达国家和地区。尤其是北美，作为保温 杯的主要市场，在2020年后在全球市场需求萎缩的后时代，户外活动部分取代了原先的聚集性活动，使 得户外活动整体参与度变得更高。作为户外休闲活动常见的随身用品，不锈钢保温器皿的需求量相应提 升，不锈钢保温器皿行业随之迎来新一轮发展机遇。公司在与海外客户的合作过程中，持续学习并吸收 国际市场的先进设计理念、研发趋势及品牌运营策略，积累丰富的产品创新与市场营销经验。基于 25H1公司业绩表现，考虑关税政策变化的影响，调整盈利预测，调整盈利预测，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Viewpoints - The company reported a revenue of 700 million with a year-on-year decrease of 7% in Q2 2025, and a net profit attributable to the parent company of 150 million, down 27% year-on-year. For the first half of 2025, the revenue was 1.4 billion, an increase of 20% year-on-year, while the net profit attributable to the parent company was 300 million, down 4% year-on-year [1]. - Despite global economic uncertainties, the insulated cup market shows strong resilience and growth potential due to its daily consumption attributes and expanding application scenarios. The industry is transitioning from a manufacturing-driven model to a multi-faceted approach that includes brand-driven, design-driven, and global supply chain strategies [1][2]. - The demand for stainless steel insulated containers is increasing, particularly in North America, as outdoor activities gain popularity post-2020. This trend is driving a new wave of development opportunities in the insulated container industry [2]. - Consumer trends are shifting from quantity-driven to quality-driven, with a focus on personalized and high-end products. International brands are leveraging social media to enhance the cultural and artistic elements of high-end insulated cups, transforming them into fashionable consumer goods [3]. - The entry of emerging and cross-industry brands is enhancing the industry's prosperity, leading to higher demands on supply chains, including flexible production and global compliance standards. The company is learning from international market trends and enhancing its manufacturing and design capabilities to improve competitiveness [4]. Financial Summary - The company adjusted its profit forecast for 2025-2027, expecting revenues of 3.4 billion, 4 billion, and 4.8 billion respectively, with net profits of 790 million, 920 million, and 1.1 billion. The corresponding P/E ratios are projected to be 12x, 10x, and 8x [5][10].

Group 1 - The stock price of Jia Yi Co., Ltd. closed at 69.70 yuan on July 31, down 2.91% from the previous trading day [1] - The trading volume on that day was 9,819 hands, with a transaction amount of 0.69 hundred million yuan [1] - Jia Yi Co., Ltd. operates in the household light industry sector, focusing on the research, production, and sales of stainless steel thermal containers [1] Group 2 - The company aims to provide high-quality thermal products to global consumers and aspires to become a leading manufacturer of thermal cups worldwide [1] - On July 31, the net outflow of main funds for Jia Yi Co., Ltd. was 5.5092 million yuan [1]

证券日报网讯嘉益股份（301004）7月31日在互动平台回答投资者提问时表示，公司专注于不锈钢保温 器皿主业，致力于为全球消费者提供高品质保温产品，以打造成为全球领先的保温杯制造商为长期目 标。公司将坚持深耕主业，提升产品力和服务能力，增强在行业内的市场认知度与信任度。 ...

Core Viewpoint - Tongfu Co., Ltd. is attempting to go public on the Beijing Stock Exchange after three years of effort, focusing on its cross-border B2B e-commerce business, particularly in stainless steel insulated containers, which constitutes a significant portion of its revenue [2][8]. Group 1: Business Model and Revenue - The company heavily relies on OEM (Original Equipment Manufacturer) products, with OEM sales accounting for approximately 90% of its total revenue [8][10]. - Revenue is projected to grow from 1.973 billion yuan in 2022 to 2.760 billion yuan in 2024, reflecting a growth rate of 30.35%, primarily driven by increased sales of stainless steel containers [10][12]. - The company has diversified its product offerings, including plastic and glass containers, but the majority of its revenue still comes from stainless steel products, which account for 85.15% of total revenue [10]. Group 2: Financial Performance - The total assets of the company increased from approximately 1.365 billion yuan in 2022 to about 2.037 billion yuan in 2024, while shareholder equity rose from 812.93 million yuan to 1.177 billion yuan during the same period [11]. - The gross profit margin has declined from 25.86% in 2022 to 24.74% in 2024, which is below the industry average of 28.84% to 30.69% [13]. - Accounts receivable increased significantly, from 3.086 billion yuan in 2022 to 4.477 billion yuan in 2024, raising concerns about the company's credit policies and cash flow management [14][15]. Group 3: Strategic Challenges - The company exhibits a significant imbalance in its operational strategy, focusing more on marketing than on research and development, with R&D expenses constituting only 1.55% of revenue in 2024 [16][18]. - The reliance on external manufacturers for production is high, with about 65% of stainless steel containers produced by third parties, limiting the company's control over production quality and timelines [19]. - The company faces challenges in its path to IPO due to past legal issues involving its controlling shareholder, which may impact investor confidence [20]. Group 4: Market Dependency and Risks - Over 80% of the company's revenue comes from international sales, with significant exposure to the Americas and Europe, which accounted for over 74% of total sales [22][23]. - The company's heavy reliance on international markets poses risks related to trade policies, tariffs, and currency fluctuations, which could adversely affect profitability and growth [22][24]. - The transition from an OEM-focused model to a more self-sufficient production and branding strategy is crucial for the company's long-term sustainability and competitive advantage [24].

Core Viewpoint - The IPO acceptance rate has accelerated significantly in June, with a total of 34 companies accepted for IPOs across the Shanghai, Shenzhen, and Beijing exchanges, marking a new monthly high for the year and surpassing the same period last year [3][6]. Group 1: IPO Acceptance Trends - As of June 21, 2023, the total number of IPOs accepted in June has reached 34, accounting for 56% of the total accepted IPOs for the year [1][3]. - The acceptance of IPOs in June is traditionally high due to the financial data validity period of six months, leading to a rush of applications before the end of June [6][12]. - The Beijing Stock Exchange has the highest number of accepted IPOs in June, with 17 companies, representing half of the total accepted IPOs for the month [5][9]. Group 2: Financial Performance of Accepted IPOs - The newly accepted IPOs in June show strong profitability, with the average non-recurring net profit exceeding 100 million yuan for most exchanges, except for the Sci-Tech Innovation Board [7][8]. - The Shenzhen main board has the highest average non-recurring net profit among the newly accepted IPOs at 314 million yuan, with specific companies like Huikang Technology reporting 442 million yuan [7][8]. - The average non-recurring net profit for the Beijing Stock Exchange's newly accepted IPOs is 101 million yuan, with companies like Tongfu Co. reporting 233 million yuan [9]. Group 3: Policy Changes and Future Outlook - The China Securities Regulatory Commission announced the reintroduction of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board, which is expected to provide important references for future IPO applications [2][11]. - The introduction of new standards aims to support high-quality unprofitable technology companies in accessing capital markets, particularly in emerging sectors like artificial intelligence and commercial aerospace [11][12]. - Analysts predict that the remaining week of June will see additional IPO applications related to these new policies, which could significantly impact the IPO landscape in the second half of the year [10][12].

Group 1 - The core viewpoint of the announcements is that the management of Hars (002615) demonstrates confidence in the company's future development and long-term value through share buyback and shareholding increase plans [1][2] Group 2 - On April 8, Hars announced that its controlling shareholder's concerted actors plan to increase their shareholding by an amount not less than 6 million yuan and not exceeding 12 million yuan within six months [1] - The increase in shareholding is based on the confidence in the company's sustainable development and long-term investment value, aiming to enhance investor confidence and protect the interests of investors [1] - The increase plan does not set a fixed price range, indicating the flexibility of the shareholders in responding to market conditions and their firm belief in the company's value [1] Group 3 - On April 9, the chairman of Hars proposed a share buyback plan, with a total amount not less than 80 million yuan and not exceeding 160 million yuan, to be funded by the company's own or self-raised funds [2] - The buyback shares will be used for future equity incentive plans or employee stock ownership plans, with any unused shares to be canceled if not utilized within 36 months [2] - The chairman has committed to supporting the buyback plan and has not engaged in buying or selling company shares in the past six months, reflecting a strong commitment to the plan [2] Group 4 - For the first three quarters of 2024, Hars achieved operating revenue of 2.367 billion yuan, a year-on-year increase of 38.77%, and a net profit of 225 million yuan, a year-on-year increase of 47.03% [3] - According to Haitong Securities research, Hars' multi-brand strategy covers different customer groups, and with increased investment in its own brands, steady growth is expected for these brands [3]

Core Viewpoint - Zhejiang Jiayi Thermal Insulation Technology Co., Ltd. (Jiayi Co., stock code: 301004.SZ) reported a significant increase in revenue and net profit for the year 2024, indicating strong business performance and shareholder returns [2][6]. Financial Performance - The company achieved an operating income of 2.836 billion yuan, representing a year-on-year growth of 59.76% [2]. - The net profit attributable to shareholders was 733 million yuan, with a year-on-year increase of 55.27% [2]. - The cash dividend proposed is 30 yuan per 10 shares, totaling 312 million yuan, reflecting a cash dividend rate exceeding 40% [5][6]. Market Performance - On the day of the report, Jiayi Co.'s stock opened at 106.38 yuan per share, fluctuated, and closed at 104.50 yuan, marking a 3.58% increase [2][3]. Dividend and Capital Increase Plan - The company plans to increase its registered capital from 104 million yuan to 145 million yuan by converting capital reserves into shares, with a proposed increase of 41.55 million shares [5][6]. Product and Sales Performance - Revenue from stainless steel container products reached 2.682 billion yuan, accounting for 94.56% of total revenue, with a year-on-year growth of 57.64% [6]. - Overseas sales accounted for 94.85% of total revenue, amounting to 2.690 billion yuan, with a year-on-year growth of 59.39% [7]. - Domestic sales reached 146 million yuan, showing a year-on-year increase of 66.96% [7]. Strategic Insights - The company emphasizes strong R&D capabilities and product quality, continuously launching innovative products to meet diverse consumer needs, which aids in competitive positioning [7].