Company Overview - HaoYue Nursing Products Co., Ltd. is located in Linping Economic and Technological Development Zone, Hangzhou, Zhejiang Province, and was established on March 11, 2008. The company was listed on September 11, 2020. Its main business involves the research, manufacturing, and sales of hygiene products for women, infants, and adults [1][2]. Financial Performance - For the period from January to September 2025, HaoYue achieved operating revenue of 2.718 billion yuan, representing a year-on-year growth of 33.18%. However, the net profit attributable to the parent company was 203 million yuan, which reflects a year-on-year decrease of 30.94% [2]. - Since its A-share listing, the company has distributed a total of 979 million yuan in dividends, with 717 million yuan distributed over the past three years [3]. Stock Performance - As of November 20, the stock price of HaoYue Nursing fell by 2.01% to 34.15 yuan per share, with a total market capitalization of 7.345 billion yuan. The stock has increased by 21.91% year-to-date, with a 1.46% increase over the last five trading days, but a decline of 18.07% over the last 60 days [1]. - The company has seen a net outflow of main funds amounting to 1.498 million yuan, with large single purchases totaling 4.575 million yuan (11.09% of total transactions) and sales totaling 6.073 million yuan (14.72% of total transactions) [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for HaoYue was 23,400, an increase of 33.50% from the previous period. The average number of circulating shares per person decreased by 25.24% to 9,184 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 2.0901 million shares, a decrease of 2.5255 million shares from the previous period. The Southern CSI 1000 ETF is the seventh largest, holding 786,000 shares, a decrease of 11,300 shares [3].

Group 1 - The core viewpoint of the news is that Haoyue Nursing has seen a stock price increase of 5.07%, reaching 34.41 CNY per share, with a total market capitalization of 7.4 billion CNY [1] - Haoyue Nursing, established on March 11, 2008, and listed on September 11, 2020, specializes in the research, manufacturing, and sales of hygiene products for women, infants, and adults [1] - The revenue composition of Haoyue Nursing includes 52.90% from infant hygiene products, 36.30% from adult hygiene products, and 10.80% from other products [1] Group 2 - Among the top circulating shareholders of Haoyue Nursing, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 11,300 shares in the third quarter [2] - The Southern CSI 1000 ETF (512100) has a current scale of 76.63 billion CNY and has achieved a year-to-date return of 26.51%, ranking 1845 out of 4208 in its category [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 7 years and 14 days, with a total asset scale of 122.76 billion CNY [3]

豪悦护理今年以来股价涨22.59%，近5个交易日涨5.99%，近20日涨3.50%，近60日跌16.24%。 今年以来豪悦护理已经1次登上龙虎榜，最近一次登上龙虎榜为9月1日，当日龙虎榜净买入-4616.51万 元；买入总计5385.66万元 ，占总成交额比13.20%；卖出总计1.00亿元 ，占总成交额比24.51%。 豪悦护理所属申万行业为：美容护理-个护用品-生活用纸。所属概念板块包括：宠物经济、多胎概念、 送转填权、小盘、医疗器械等。 11月14日，豪悦护理盘中上涨2.02%，截至09:36，报34.34元/股，成交2049.58万元，换手率0.28%，总 市值73.85亿元。 截至9月30日，豪悦护理股东户数2.34万，较上期增加33.50%；人均流通股9184股，较上期减少 25.24%。2025年1月-9月，豪悦护理实现营业收入27.18亿元，同比增长33.18%；归母净利润2.03亿元， 同比减少30.94%。 资金流向方面，主力资金净流入261.65万元，特大单买入131.51万元，占比6.42%，卖出0.00元，占比 0.00%；大单买入378.80万元，占比18.48%，卖出248.66 ...

Core Viewpoint - The stock of Haoyue Nursing has shown fluctuations with a year-to-date increase of 18.05%, but has experienced a significant decline of 19.38% over the past 60 days, indicating volatility in its performance [1][2]. Financial Performance - For the period from January to September 2025, Haoyue Nursing achieved a revenue of 2.718 billion yuan, representing a year-on-year growth of 33.18%. However, the net profit attributable to shareholders decreased by 30.94% to 203 million yuan [2]. - The company has distributed a total of 979 million yuan in dividends since its A-share listing, with 717 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 10, Haoyue Nursing's stock price was 33.07 yuan per share, with a market capitalization of 7.112 billion yuan. The stock has seen a trading volume of 39.2596 million yuan and a turnover rate of 0.56% [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on September 1, where it recorded a net buy of -46.1651 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Haoyue Nursing increased by 33.50% to 23,400, while the average circulating shares per person decreased by 25.24% to 9,184 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 2.0901 million shares, a decrease of 2.5255 million shares from the previous period [3].

Summary of the Conference Call for HaoYue Care Company Overview - **Company**: HaoYue Care - **Industry**: Baby and adult hygiene products Key Points Financial Performance - In the first half of 2025, HaoYue Care achieved revenue of 3.3 billion yuan, a year-on-year increase of 3.13%, but net profit significantly declined due to high sales expenses, with a sales expense ratio reaching 43% [2][4] - For Q2 2025, revenue was 8.5 billion yuan, a year-on-year growth of 26.07%, but net profit fell by 46% to 580 million yuan [3] - The gross margin for Q2 was 31.36%, an increase of 1.05 percentage points year-on-year, while the net margin was 6.82%, a decrease of approximately 9 percentage points [3] Product and Market Strategy - HaoYue Care is focusing on promoting new products with higher unit prices and gross margins to enhance overall profitability [2][3] - The company has launched several new products, leading to increased sales expenses, particularly in online marketing [6] - The company’s own brands, such as Thailand's Sunny Baby and domestic wet wipes, have achieved double-digit growth, but face challenges from changes in TikTok platform rules and intensified competition [2][12] International Expansion - HaoYue Care is investing in overseas markets, specifically in Peru and Tanzania, to leverage geographical advantages and cost benefits [5] - The Peru project aims to serve the entire Latin American market, while the Tanzania project targets the rapidly growing East African market [5] - The construction period for these projects is expected to be around two years, with some production lines potentially starting earlier [7] ODM and Competitive Landscape - The ODM business for diapers saw double-digit growth in Q1 2025, but faced a decline in Q2 due to negative events affecting a key client [18] - The company has adjusted pricing strategies to maintain good relationships with downstream clients amid rising logistics costs [14] Future Outlook - The company anticipates that the recent government policies promoting childbirth will eventually lead to an increase in newborn birth rates, positively impacting the baby hygiene products market [19] - Future sales strategies will focus on balancing revenue growth with profitability, especially during the upcoming consumer goods sales peak season [6][8] Challenges and Adjustments - The company is facing increased sales expenses due to the need for higher marketing investments to maintain market presence [14] - Adjustments in sales strategies are planned to respond to competitive pressures and changes in market dynamics [13] Dividend and Buyback Plans - HaoYue Care has maintained a high dividend payout rate but did not declare a dividend for mid-2025 due to ongoing overseas investment plans [20] - Future dividend and buyback decisions will depend on profitability in the upcoming quarters [20]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 61.06 CNY, maintaining the rating [5][12]. Core Views - The company reported a revenue of 2.929 billion CNY for 2024, a year-on-year increase of 6.25%, while the net profit attributable to shareholders was 388 million CNY, a decrease of 11.65% [1]. - The acquisition of Hubei Sibao is expected to enhance the brand value and market share of the company's products, particularly the "Jieting" brand [3]. - The company is focusing on expanding its overseas market presence, particularly in Thailand, through a multi-channel strategy [3]. Financial Performance - In 2024, the company achieved revenues of 2.060 billion CNY from baby hygiene products, 0.552 billion CNY from adult hygiene products, and 0.232 billion CNY from other products, with respective year-on-year growth rates of 4.3%, -0.5%, and 57.6% [2]. - The gross margin for 2024 was 27.91%, an increase of 0.97 percentage points year-on-year, while the net margin was 13.23%, a decrease of 2.68 percentage points [11]. - The company expects revenues to grow to 3.921 billion CNY in 2025, representing a year-on-year growth of 33.84% [12]. Market Strategy - The company plans to leverage its production bases across China to enhance production efficiency and reduce logistics costs [3]. - The strategy includes deepening the local market presence in Thailand and expanding into surrounding countries [3]. Future Projections - The projected net profit for 2025 is 496 million CNY, with a year-on-year growth of 27.95% [12]. - The company anticipates a steady increase in revenue and profit over the next few years, with expected revenues of 4.392 billion CNY in 2026 and 4.969 billion CNY in 2027 [12].