2025年11月18日，杯壶行业领先企业哈尔斯（股票代码：002615）发布了最新的投资者关系活动记录， 披露了其泰国生产基地当前订单符合预期，产能处于稳步爬坡阶段。公司表示，泰国基地以高度自动 化、智能化为核心，产能提升空间充足，并通过构建"1小时本地供应圈"，显著增强了供应链稳定性并 优化了成本。 调研信息显示，随着保温杯行业出海企业集聚泰国，当地配套供应链日趋完善。哈尔斯已在泰国构建 起"1小时本地供应圈"，核心原材料及外协厂商可在1小时车程内完成配套，这不仅有效降低了成本，也 显著提升了供应链的响应速度与稳定性。产业集聚效应的增强，正持续优化生产节拍与交付效率。目前 泰国生产基地的人员本地化率已达到约90%，并有望随着产能扩张继续提升。尽管保温杯生产工艺链 长、工序复杂，但工厂自建设之初即按照"全流程本地化"标准布局，目前已打通所有关键工序，实现整 链在泰国本地生产。 在国内市场，公司持续深化潮流IP战略，并积极拓展会员店、即时零售、潮玩精品店等新消费场景。据 介绍，在刚过去的"双十一"大促中，公司电商全平台销售额同比增长超过45%，并登上抖音餐饮具类目 单日销售额榜首。而本次调研活动则全面展示了哈尔 ...

每经AI快讯，信达证券11月13日发布研报称，给予哈尔斯（002615.SZ，最新价：8.51元）"买入"评 级。评级理由主要包括：1）行业：消费逻辑变革，潮流消费赋予保温杯新使命；2）客户基础牢固，海 外产能放量、份额有望持续攀升；3）品牌全方位优化改革，未来目标宏伟。风险提示：需求复苏不及 预期、原材料价格&汇率波动超预期、产能爬坡不及预期、全球贸易摩擦加剧风险、OBM业务发展不 及预期风险。 每经头条（nbdtoutiao）——"银行直供房，不计成本卖！"有的半价出售，众多刚需还不知道！银行用 过的房很抢手，有人加价100万元抢拍 （记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company achieved revenue, net profit attributable to the parent, and net profit excluding non-recurring items of 1.829 billion, 368 million, and 354 million yuan respectively in the first three quarters of 2025, representing year-on-year declines of 8%, 31%, and 33%. In Q3 2025, the figures were 430 million, 63 million, and 59 million yuan, showing year-on-year declines of 48%, 71%, and 72% [2][6]. - The decline in revenue and profit in Q3 was primarily due to the impact of tariffs leading to capacity switching. However, with the improvement in orders, profitability is expected to recover [2][11]. Summary by Sections Financial Performance - In Q3 2025, the company's revenue decreased by 48% year-on-year, mainly due to the U.S. tariffs affecting capacity switching and adjustments in some customers' operational strategies. The current order volume from Vietnam is gradually increasing, and Q4 is expected to show improvement [11]. - The decline in revenue has pressured profitability, with Q3 gross margin dropping by 13.5 percentage points and net profit margins decreasing by 11.4 and 12.3 percentage points year-on-year. The main reason for the decline in gross margin was the weakened scale effect due to reduced revenue [11]. Competitive Advantages - The company has significant manufacturing advantages in the high-end thermos cup market, with a trend towards high-end products requiring better insulation performance, stability, and surface treatment technology. The company is well-positioned to meet these demands [11]. - The production capacity in Vietnam is fully operational, with a large scale and rapidly improving utilization and efficiency. The equipment and process levels in Vietnam are now comparable to those in China, and local procurement of raw materials has reached a high level [11]. Growth Drivers - Non-U.S. regions, new customers, and new product categories are expected to drive the company's growth. The trend of thermos cups is expanding in non-U.S. markets, and new customer reserves are anticipated to contribute to future growth [11]. - The company is actively developing new product categories, including high-altitude heating thermos cups and rapid cooling water cups, which are part of its key R&D projects [11]. Profit Forecast - The company is expected to maintain a high dividend payout ratio, with a mid-year dividend of 144 million yuan announced for 2025, corresponding to 47% of the net profit attributable to the parent for H1 2025. Forecasted net profits for 2025-2027 are 500 million, 680 million, and 830 million yuan, with corresponding P/E ratios of 17, 12, and 10 times [11].

Investment Rating - The report assigns a "Buy" rating for the company Hars (002615) [2] Core Insights - The report highlights the transformation of stainless steel thermal containers from "durable goods" to "consumer goods," driven by emotional branding and differentiated design, with the global market size reaching $12.491 billion in 2021 [2][24] - The report emphasizes the company's strong customer base and the expected increase in market share due to overseas production capacity expansion [3] - The company aims for a comprehensive brand optimization and has set ambitious goals for brand revenue to approach manufacturing by 2028 [4] Summary by Sections 1. Leading Brand in Thermal Containers - The company has evolved from an OEM model to establishing its own brand, creating a second growth curve [8] - The ownership structure is concentrated, with significant shareholding by management, indicating strong confidence in the company's future [16] 2. Accelerating Consumption Logic and Industry Expansion - The consumption scenarios for thermal containers are broadening, leading to market expansion [24] - The global market for stainless steel thermal containers is projected to grow, with China being a major production country [24][34] 3. Overseas Capacity Boosting Market Share - The company has established a solid customer base, with significant revenue from major clients [3] - The brand is undergoing comprehensive reforms, which are expected to contribute significantly to future growth [4] 4. Profit Forecast and Investment Rating - The report forecasts net profits for 2025-2027 to be 144 million, 298 million, and 385 million yuan respectively, with corresponding P/E ratios of 27.4X, 13.3X, and 10.3X [4][11]

Group 1: Company Overview - The company is Zhejiang Jiayi Thermal Insulation Technology Co., Ltd., with stock code 301004 and bond code 123250 [1] - The investor relations activity was recorded on November 10, 2025, at the Jiayi Vietnam company meeting room [3] Group 2: Production and Supply Chain in Vietnam - The production efficiency at the Vietnam facility is improving steadily, with certifications for quality, social responsibility, safety, and environmental systems completed [3] - The localization rate of raw materials at the Vietnam base has reached a high level, with key materials like stainless steel and silicone sourced locally [3] - The Vietnam facility has comparable equipment and process levels to the Chinese base, with some processes previously outsourced now being self-manufactured [3] Group 3: Strategic Rationale for Overseas Expansion - Vietnam's cultural, geographical, and logistical similarities to China facilitate management and communication, making it an ideal location for overseas capacity [4] - The establishment of the Vietnam factory aligns with the company's strategic goals for internationalization and enhancing global market competitiveness [5] Group 4: Financial Planning and Future Outlook - The company plans to maintain a steady capital expenditure approach while focusing on improving the efficiency and management of the Vietnam factory [6] - A high dividend payout ratio has been maintained in recent years, with a commitment to sustainable shareholder returns [6] Group 5: Industry Trends - The thermal insulation cup manufacturing industry is undergoing a global supply chain restructuring, with a shift from cost-driven competition to a focus on manufacturing systems and local supply chain capabilities [7] - Companies with stable overseas production and quick customer response capabilities will be better positioned in the industry's trend towards high-end, diversified, and international development [8]

Core Viewpoint - The company reported significant declines in revenue and net profit for Q3 2025, primarily due to tariff impacts and a slowdown in growth in the U.S. market for Stanley products [1] Group 1: Q3 Performance - In Q3 2025, the company achieved revenue of 430 million, a year-on-year decrease of 47.7%, and a net profit attributable to shareholders of 63 million, down 70.6% year-on-year [1] - The adjusted net profit attributable to shareholders was 59 million, reflecting a year-on-year decline of 72.4% [1] Group 2: Market Dynamics - Tariff fluctuations have negatively impacted customer order enthusiasm, leading to low order levels during the de-inventory phase in Q2-Q3 2025 [2] - Despite the challenges, Stanley's performance remains stable, with sales on Amazon in the U.S. showing a mixed trend over the past five months, indicating a continuation of the insulated cup trend [2] Group 3: Profitability and Cost Structure - The company's gross margin for Q3 was 25.83%, a decrease of 13.51 percentage points year-on-year, attributed to the gradual transfer of orders to Vietnam and insufficient domestic capacity utilization [3] - The expense ratio for Q3 was 11.37%, an increase of 2.36 percentage points year-on-year, with sales expenses rising to 1.43% and management and R&D expenses at 8.94% [3] Group 4: Future Outlook and Earnings Forecast - The company has adjusted its earnings forecast downward due to tariff impacts, projecting revenues of 2.53 billion, 3.08 billion, and 3.65 billion for 2025-2027, with corresponding net profits of 470 million, 660 million, and 840 million [4] - The company maintains a "buy" rating despite the challenges, with projected P/E ratios of 12, 9, and 7 for the respective years [4]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company reported a decline in performance for Q3 2025, with revenue of 1.83 billion yuan, down 7.85% year-on-year, and a net profit of 368 million yuan, down 30.79% year-on-year. In Q3 alone, revenue was 430 million yuan, down 47.68% year-on-year, and net profit was 63 million yuan, down 70.56% year-on-year. The decline is attributed to delays in order delivery due to the transition of some customer orders to Vietnam and a conservative market outlook from major clients leading to reduced new orders [3][4][5] - The company's gross margin for the first three quarters of 2025 was 31.86%, a decrease of 7.68 percentage points year-on-year, while the net profit margin was 20.09%, down 6.66 percentage points year-on-year. In Q3, the gross margin was 25.83%, down 13.51 percentage points year-on-year, and the net profit margin was 14.64%, down 11.38 percentage points year-on-year [4] - The production system at the Vietnam factory has been fully streamlined, enhancing global delivery capabilities. The company is focusing on automation upgrades and supply chain improvements while expanding its customer base and increasing R&D investments [5] - The demand for thermos cups remains strong, and the company's diverse product structure and capacity expansion are expected to support future revenue growth. Revenue projections for 2025-2027 are 2.663 billion, 3.231 billion, and 3.789 billion yuan, with corresponding net profits of 540 million, 762 million, and 921 million yuan [6][8] Financial Summary - For the first three quarters of 2025, the company reported a gross margin of 31.86% and a net profit margin of 20.09%. The financial expenses increased primarily due to rising interest costs, while the net profit margin was affected by declining sales and rising period expenses [4][8] - The company’s revenue for 2024 is projected at 2.836 billion yuan, with a year-on-year growth of 59.8%. For 2025, revenue is expected to decline by 6.1% to 2.663 billion yuan, followed by a recovery with growth of 21.3% in 2026 and 17.3% in 2027 [8] - The earnings per share (EPS) are projected to be 7.20 yuan for 2024, decreasing to 3.71 yuan in 2025, and then increasing to 5.24 yuan in 2026 and 6.33 yuan in 2027 [8]

Core Points - The article discusses the health risks associated with using certain types of thermos cups, particularly those made from non-food grade stainless steel materials [1][3] - It emphasizes the importance of selecting thermos cups made from safe materials, specifically 304 and 316 stainless steel, which meet national safety standards [4][6] Group 1: Types of Stainless Steel - 201 stainless steel is not food-grade and is primarily used for industrial purposes, posing health risks due to high manganese content that can leach into beverages [3] - A study by the Beijing Consumer Association found that 19 out of 50 thermos cups tested were marked as "unqualified products" due to excessive heavy metal content, often linked to the use of 201 stainless steel [3] Group 2: Safe Materials - 304 stainless steel is recognized as food-grade, with low manganese content and good corrosion resistance, while 316 stainless steel offers even better corrosion resistance due to the addition of molybdenum [6] - The national standard GB 4806.9-2023 outlines the acceptable levels of heavy metals and migration limits for food contact metal materials [4] Group 3: Selection Guidelines - Consumers are advised to check labels for product information, including the type of stainless steel used, and ensure it is marked with "304" or "316" [6][7] - The thermos cup should be odor-free, with a uniform appearance and no visible defects, and should pass tests for thermal insulation and sealing performance [7] Group 4: Beverages to Avoid - Certain beverages like tea, milk, soy milk, carbonated drinks, fruit juices, and traditional Chinese medicine should not be stored in thermos cups due to potential health risks and chemical reactions with the metal [9][10][11][12] - For example, storing milk can lead to bacterial growth, while acidic beverages can corrode the metal and leach harmful substances [10][11] Group 5: Safety Precautions - It is recommended to fill thermos cups below the rim to prevent spills and burns, and to supervise children using thermos cups to avoid burns from hot liquids [14]

Core Insights - The article highlights potential health risks associated with using certain types of thermos cups, particularly those made from non-food grade stainless steel materials [1][6]. Material Safety - Thermos cups are primarily made from stainless steel, with common grades being 201, 304, and 316 [4]. - 201 stainless steel is not food-grade and is mainly used for industrial purposes, posing health risks due to high manganese content which can leach into beverages [7]. - 304 and 316 stainless steels are recommended as they meet safety standards, with 304 being recognized as food-grade and having low manganese content [9]. Beverage Recommendations - Certain beverages should not be stored in thermos cups due to health concerns: - Tea: Long-term high-temperature storage can degrade nutrients and alter flavor [11]. - Milk: Prolonged warmth can promote microbial growth, leading to spoilage and potential food poisoning [12]. - Soy Milk: Similar to milk, it can spoil when kept warm for extended periods [13]. - Carbonated Drinks: Acidic beverages can corrode stainless steel, especially in substandard cups, leading to metal leaching [14]. - Juice: Acidic nature can also cause metal leaching, and residual sugars can promote bacterial growth [15]. - Traditional Chinese Medicine: Acidic components in herbal decoctions can react with metal, affecting efficacy [16].

Core Insights - The consumption platform "What Worth Buying" reported strong performance in traditional categories such as mobile communication, home appliances, and furniture during the first phase of the "Double 11" shopping festival, indicating a sustained trend towards quality consumption [1] - The cold wave across many regions has led to a significant increase in demand for warm clothing and winter home goods, creating a new consumption pattern characterized by "temperature drop warming" and "home upgrade" [1] Group 1: Sales Performance - From October 15 to October 20, the GMV for overcoats, down jackets, and cotton jackets increased by 105.43%, 61.79%, and 36.01% year-on-year, respectively [2] - High-quality items such as goose down saw a GMV increase of 243.30%, while new thermal technology products like gold standard P cotton increased by 115.12% [2] - The demand for outdoor sports gear also rose, with yoga clothing GMV up by 43.84%, and climbing jackets and fleece jackets increasing by 80.95% and 100.99%, respectively [2] Group 2: Consumer Behavior - The cold weather has not dampened consumer enthusiasm for sports; instead, it has driven growth in related equipment, with keywords related to skiing seeing a 27.22% increase in popularity [2] - The GMV for ski clothing increased by 48.80%, and outdoor products like thermos cups grew by 70.42%, indicating a dual-line consumption trend of indoor and outdoor activities [2] - In contrast to the immediate consumption of clothing, home heating products showed a strong growth trend, with bedding GMV increasing by 169.44%, and winter bedding specifically rising by 258.17% [3] Group 3: Consumer Decision-Making - The purchasing pattern reflects a rational decision-making process where consumers first seek immediate warmth through clothing and then plan for long-term heating solutions based on personal home needs [3] - Products like water heating blankets and electric blankets saw GMV increases of 221.80% and 110.90%, respectively, due to their convenience and immediate effectiveness [3]