行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

智通财经APP获悉，国泰海通发布研报称，保温杯行业规模稳增，中国仍占主导供应链地位，越南、泰 国凭借更低的制造成本和更优的贸易条件，成为承接中低端产能转移的核心目的地。全球保温杯品牌进 入新一轮产品生命周期，供应链迎来新的重大增长机遇，推荐前瞻布局海外产能的全球供应链龙头嘉益 股份(301004.SZ)、哈尔斯(002615.SZ)。 国泰海通主要观点如下： 保温杯行业：规模稳增，中国仍占主导供应链地位，东南亚产能转移已启动 Owala爆火做对了什么：差异化产品设计与营销思路 1)产品端，以用户为中心的产品设计思路，满足消费者细分使用需求。区别于Stanley优先考虑耐用性与 大容量，Owala更侧重用户体验。Owala的成功源于三大关键产品设计创新，使其在竞争中脱颖而出， 具体包括双模式饮用、便携性与防漏结构的功能设计、丰富的色彩定制方案。 2)定价端：亲民定价带，打开用户触达面营销端：从零售端价格分布来看，Stanley与Owala明显处于不 同价格带。Stanley产品价格带集中在$42–46区间，占总收入的42%;Owala产品定位为可亲民的奢华产 品，其中39%的产品价格为$37，且总收入中有97% ...

三湘都市报2月21日讯（全媒体记者 吴忠强 通讯员 张家星 刘怡欣）湘遇光影，福满星城。正月初 五，"跟着电影逛市集"主会场活动在长沙悦方·潭州市集火热开展，"五路财神"从银幕走进现实，为市 民游客送福、送财、送好运。当光影艺术邂逅传统年俗，长沙的年味不仅"有戏"，更有了触手可及的温 度。 长沙市电影业协会秘书长焦先觉，天心区坡子街街道工委副书记、办事处主任左罗出席活动，上台敲响 吉祥锣鼓。 财神送福，互动点燃新春热 作为"跟着电影逛市集"的重要组成环节，本场活动将传统"迎财神"仪式转化为全民参与的电影互动嘉年 华。电影答题赢奖、现金红包派送、财神市集巡游等环节轮番上演，吸引大批观众驻足参与。"本来只 是来看电影，没想到还能领到'财神'发的红包，寓意特别好！"长沙市民王先生带着孩子连答两题，喜 笑颜开。 "这几天人流量明显大了，有看完电影顺道来的，也有专门冲着财神活动来的。"一位售卖非遗文创的商 户笑着说，"人多了，年味也更浓了。"从一张票根激活的消费链条，到一张消费券撬动的光影热情，湖 南以"电影+"为抓手，正让文化消费与民生需求在同一个节拍里共振。 全省联动，一城一景皆是春 长沙悦方·潭州市集的热闹并非孤 ...

Group 1 - The event titled "Winter Warmth Delivery for Express Delivery Youth" was organized by the Youth League Committee and the Youth Federation of Qinghai Province in collaboration with the Industrial and Commercial Bank of China Qinghai Branch and the Provincial Postal Administration [1] - The initiative aimed to provide care and support to frontline express delivery workers, distributing emergency kits, winter clothing, and toiletries to 40 representatives of delivery personnel [1] - The event included face-to-face interactions with delivery workers to understand their thoughts, work, and living conditions, emphasizing safety and warmth during winter [1] Group 2 - The initiative also involved visits to "Kuaiji Station" and food delivery sites, where 200 delivery workers and riders received warm items such as thermos cups, winter clothing, and couplets [1] - The program highlighted the dedication and hard work of delivery personnel, encouraging them to demonstrate youth responsibility in their roles [1]

Investment Rating - The report assigns an "Accumulate" rating for the durable consumer goods industry, specifically for the thermos cup sector [1]. Core Insights - The downstream brands are entering a new product lifecycle, which is expected to improve the outlook for the midstream supply chain [2]. - Emerging brands are experiencing significant sales growth, with Owala's online sales on Amazon in North America showing year-on-year increases of +147% in November 2025, +321% in December 2025, and +449% in January 2026, countering the sales decline of Stanley [3]. - The report recommends proactive investment in overseas bases and highlights the potential for profit flexibility in 2026 for companies like Jiayi Co. and Hars [3]. Summary by Sections Downstream Brand Performance - Owala's differentiated product upgrades and marketing strategies are expected to replicate Stanley's success, with a focus on community engagement and affordable pricing [3]. - The sales of Owala have been steadily increasing since the second half of 2024, driven by innovative product designs and targeted marketing [3]. Manufacturing and Cost Efficiency - Hars has reported smooth capacity ramp-up at its Thailand factory, with expectations that costs will align with domestic levels by the end of 2026 due to improved labor efficiency and economies of scale [3]. - Jiayi Co. is also seeing continuous profit improvement as its Vietnam factory ramps up production, with anticipated growth in market share for key clients like Stanley and Owala [3]. Financial Projections - Hars is projected to achieve revenue growth rates of 24%, 16%, and 17% from 2026 to 2028, with profit growth rates of 471%, 24%, and 17% respectively, corresponding to a current market PE of 11, 9, and 8 times [3]. - Jiayi Co. is actively expanding its customer base outside the U.S., with new orders expected to contribute to revenue growth, alongside cost reductions from operational efficiencies [3].

Summary of Conference Call Notes Company and Industry - The conference call discusses **Hars** in the **textile and manufacturing industry**, specifically focusing on the **thermal cup manufacturing** sector. Core Points and Arguments - **Employee Stock Ownership Plan**: The company announced a plan to transfer up to **2.689 million shares** (0.58% of total shares) to a maximum of **50 directors, executives, and core employees** at a price of **4.46 CNY per share**, with a total cap of **11.9927 million CNY** sourced from share buybacks [1] - **Performance Assessment Standards**: The performance targets for 2026 are set based on the average revenue of **2.87 billion CNY** and net profit excluding non-recurring items of **250 million CNY** for 2023 and 2024. The growth targets are as follows: - 2026: Revenue/net profit growth targets of **≥55%/45%** and trigger values of **≥45%/30%** - 2027: Revenue/net profit growth targets of **≥80%/80%** and trigger values of **≥70%/60%** - 2028: Revenue/net profit growth targets of **≥110%/110%** and trigger values of **≥100%/100%** [1][2] - **Earnings Forecast**: Based on the stock incentive targets, the net profit attributable to the parent company is projected to be **360 million CNY**, **450 million CNY**, and **520 million CNY** for 2026, 2027, and 2028 respectively, corresponding to price-to-earnings ratios of **12X, 9X, and 8X** [2] - **High Demand for OEM Orders**: The company is experiencing high demand for thermal cup OEM orders, with significant improvements in profitability. Key clients such as **Yeti** are expected to see inventory replenishment, while **Stanley** is anticipated to increase its strategic cooperation share. Other brands like **Owala** and **Brumate** are showing rapid growth [2] - **Operational Improvements**: The Thailand facility has seen effective improvements in production costs, labor efficiency, and production yield after **25 years** of supply chain development and team building. The scale effect is expected to accelerate in 2026 [2] - **Brand Strategy Growth**: The company’s own brand strategy is showing continuous benefits, with accelerated internal brand growth and expansion into diverse online and offline channels. In 2026, the company plans to increase collaborations in areas like trendy toys, indicating promising brand growth potential [3] - **Market Outlook**: The company has established a bottom line in operations in 2025, with expectations for a positive upward trend in both OEM and brand growth in 2026. Active monitoring of the company is recommended [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a stock incentive and employee shareholding plan, targeting revenue and net profit for 2026 at 4.45 billion and 360 million respectively, with growth expected to continue through 2028 [1][2] - The company is experiencing a clear increase in customer orders, driven by overseas expansion and brand development, leading to significant revenue growth [1][2] - The brand strategy is evolving, with collaborations with well-known IPs and a focus on enhancing brand value, which is expected to accelerate growth [3] Financial Summary - Total revenue is projected to grow from 3.28 billion in 2025 to 5.08 billion in 2027, with a year-on-year growth rate of 23.3% [4] - The net profit attributable to the parent company is expected to recover from 71 million in 2025 to 417 million in 2027, reflecting a significant increase [4] - The company's gross margin is projected to stabilize around 28.1% by 2027, with a return on equity (ROE) expected to reach 19.2% [4][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has announced a stock incentive and employee shareholding plan, targeting revenue and net profit for 2026-2028 that exceeds expectations. The revenue targets are set at 4.45 billion, 5.17 billion, and 6.03 billion yuan, with net profits of 360 million, 450 million, and 520 million yuan respectively [1] - The company is experiencing a significant increase in revenue driven by customer order growth, expansion of overseas bases, and accelerated growth of its own brand [1][2] - The company is focusing on enhancing brand power through collaborations with well-known IPs and strategic partnerships, aiming for a substantial increase in OBM (Own Brand Manufacturing) business [3] Financial Summary - The total revenue for 2023 is reported at 2.407 billion yuan, with projections of 3.332 billion yuan for 2024, 3.278 billion yuan for 2025, 4.123 billion yuan for 2026, and 5.084 billion yuan for 2027, reflecting a YoY growth rate of -0.9%, 38.4%, -1.6%, 25.8%, and 23.3% respectively [4] - The net profit attributable to the parent company is expected to be 250 million yuan in 2023, 287 million yuan in 2024, 71 million yuan in 2025, 299 million yuan in 2026, and 417 million yuan in 2027, with YoY growth rates of 21.3%, 14.7%, -75.3%, 322.4%, and 39.6% respectively [4] - The projected EPS (Earnings Per Share) for 2025, 2026, and 2027 are 0.15 yuan, 0.64 yuan, and 0.90 yuan respectively, with corresponding P/E ratios of 58.68, 13.89, and 9.95 [4][3]

（来源：上观新闻） 如今再谈旅行文学，像是打捞一份已失落的意义。在移动互联网时代，旅行是一种解绑，解除如肢体器 官一般的"互联"，宣告特定时间段内的暂缓，不必再对"延后"感到抱歉，宣告一部分自我，这份喘息让 置身其中的吸引力远高于阅读他方。因而旅行文学在近15年间，从鼎盛到平缓，再到如今向着带有社科 属性的饱满写作或在地书写落定，这是一条健康的发展曲线，毕竟，人类还是要在一切"新"和他方里， 寻找旧有的、自我的答案，这是线性时间遗落的规则，今日之疑问，只能向前走，只能回头看、往深处 看。 当然，文学本身即旅程，无论对于书写者还是阅读者，我们都在借助文学跳离地心，前往内心所持的理 想之地。本期邀请译者钟娜、青年作家孔孔以及青年学者叶怡雯，谈一谈她们视角下的旅行与文学，也 借此留下一份希冀："当你出发，前往伊萨卡，愿你的道路漫长。" ——主持人：杨爽（理想国华语文学馆主编） 视觉中国 图 也不太敢细想。世界是个巨大的消化系统，被主人遗弃的事物，只能独自面对自己的命运。那个我中意 的保温杯，我只是不小心松了手，它就骨碌碌滚下长凳，扑通一声落入大沼泽。水质清澈，水草茂密， 阳光下只能看见绞缠的深色阴影。就在几分钟前， ...

Summary of the Conference Call for Ersi Company Industry Overview - The global insulated cup market is transitioning from functional value to emotional value, with consumers increasingly seeking psychological satisfaction and social experiences, leading to a willingness to pay a premium for design [2][9] - The market is expected to reach approximately 70 billion RMB by 2026-2027, with North America, Asia, and Europe each accounting for about one-third of the market share [4][12] Company Overview - Ersi Company has established deep partnerships with top international brands such as Yeti, Stanley, and Osprey, enhancing its overseas production capacity [2][6] - The company acquired SIGG, a high-end Swiss brand, to strengthen its presence in non-English speaking European markets [2][7] Key Points Revenue Growth - Projected revenue for Ersi Company is expected to reach 4.276 billion RMB in 2026, a year-on-year increase of 23.42%, and 5.175 billion RMB in 2027, with a growth rate of 21.01% [3][4] - Expected net profit for 2026 is between 280 million to 290 million RMB, with a forecast of 400 million RMB for 2027 [3][4] Domestic Market Strategy - The company aims to expand its young customer base through collaborations with popular IPs, launching new hit products quarterly, especially during shopping festivals [2][5] - Ersi is focusing on the gift market by enhancing traditional craftsmanship and product quality, targeting adult gifting scenarios [2][5] International Market Performance - Ersi's export business is performing well, with Yeti maintaining over 50% of order share, and Stanley's share expected to increase from 20% to 35% [6][16][17] - Osprey has shown rapid growth, with quarterly increases exceeding 100% [6] Brand Development - The company is consolidating resources into its main brand and developing a product matrix to capture niche markets [7][8] - Ersi's management team has extensive experience, which is driving the company's stable growth [8] Market Trends - The North American market is a mature segment of the insulated cup market, with potential for replication of its growth model in Europe, China, Japan, and South Korea [11] - The trend towards emotional consumption is driving up product prices and sales volumes, with consumers increasingly desiring multiple cups for personal use and gifting [10][13] Online and New Media Influence - The shift towards online sales and new media marketing is expected to contribute to industry growth, aligning with Ersi's strategic direction [15][24] Customer Contributions - Key customers include Bloomage and Taitia, with expected revenues of 245 million RMB and 77.53 million RMB respectively in 2024, indicating potential growth points for Ersi [20] Future Outlook - Overall, Ersi Company is projected to achieve total revenues of 4.276 billion RMB and 5.175 billion RMB in 2026 and 2027 respectively, with net profits of 280 million RMB and close to 400 million RMB [25]