证券研究报告 | 首次覆盖报告 gszqdatemark 2025 12 09 年 月 日 哈尔斯（002615.SZ ） 保温杯制造龙头，制造+客户壁垒深厚，盈利水平有望逐渐恢复 ➢ 公司介绍：保温杯制造龙头，外销代工为主，自主品牌同步发力 公司创立于 1985 年，专注于不锈钢真空保温器皿（收入占比 80%+）、 玻璃杯壶、铝瓶、塑杯的研发、设计、制造与销售，公司销售模式包括 OEM （为主）和自主品牌销售，自主品牌主要包含国内自主品牌"哈尔斯"、 2016 年收购的瑞士杯壶品牌"SIGG"等，收入以外销为主（24 年收入占 比 87%），产品远销全球 80 多个国家和地区。公司收入持续增长，利润 因海外生产基地爬坡、关税扰动等因素短期有所承压。 ➢ 保温杯行业：结构升级、稳定增长，中国供给处于核心地位 2025 年全球杯壶市场规模有望达 48 亿美元，呈现稳健增长的态势。随着 消费者对情绪价值的追求，杯壶产品已逐渐由传统的耐用品向快消品、时 尚品、收藏品以及生活方式的象征转变，这些趋势不仅成为产品高溢价的 重要因素，更拓宽了行业的市场边界。从区域分布来看，北美、欧洲和亚 太地区是全球杯壶市场的主要消费区 ...

Core Insights - Zhejiang Hars Vacuum Vessel Co., Ltd. (referred to as "Hars") reported a revenue of 1.571 billion yuan for the first half of 2025, representing a year-on-year growth of 12.83% [1] - The net profit attributable to shareholders was 91.35 million yuan, indicating steady growth amid intensified industry competition [1] - Hars' overseas market revenue reached 1.366 billion yuan, up 14.14% year-on-year, which is a key driver for the company's growth [1] - Domestic market revenue was 206 million yuan, reflecting a growth of 4.81%, showcasing the increasing brand influence [1] Brand Strategy - Hars continues to promote a dual-brand development strategy with "Hars" and "SIGG," positioning itself as a "global leader in Chinese cup and kettle expertise" [1] - The brand emphasizes "good materials, good craftsmanship, good quality, good aesthetics, and good reputation," focusing on lightweight, health-conscious, and durable products [1] - In the first half of the year, Hars accelerated the launch of new products, introducing over 40 new items [1] Marketing and Sales Channels - The company has implemented a "Brand Friend" lightweight cooperation model to rapidly increase traffic and enhance market penetration [1] - Hars employs a multi-channel marketing strategy that includes offline, online, instant retail, and private domain sales [1] - The introduction of an "ROI evaluation model" aims to optimize marketing effectiveness [1] International Expansion and Production - The SIGG brand has expanded its influence in the sports and fashion markets through collaborations with luxury brands and top sporting events [2] - SIGG's sales network in Europe has been further improved, enhancing both brand and product strength, contributing to new growth points for the company [2] - Hars' Thailand base phase II has been fully operational, creating a global supply chain synergy that reduces trade uncertainties and ensures stable delivery for core customers [2] Innovation and Technology - The company continues to innovate in materials and processes, focusing on breakthroughs in ceramic paint spraying and nano sand texture paint [2] - Hars is also advancing the functionality of smart thermal cups, indicating a commitment to product innovation [2]