天风证券研报指出，豪悦护理25年上半年归母净利1.5亿，同减23%，Q2归母净利0.6亿，同减47%。公 司将聚焦资源持续加大线上推广投入，促进自主品牌发展，优化产品结构，研发迭代新产品，持续与大 客户开展深度合作，以婴儿护理用品、成人护理用品等产品为重点，拓宽合作区域。同时，公司及时抓 住消费新需求，新增湿巾类系列产品品类，加大自有品牌推广投入，提升销售量。通过对消费者需求的 敏锐了解、研发结构和功能创新的产品，经过大量消费者试用和严谨论证，稳步推进易穿脱经期裤和婴 儿拉拉裤、差异化轻度失禁成人拉拉裤等新产品；陆续推进新型在线压花复合材料、超透气新型材料、 超细旦氨纶等材料应用于婴儿、成人尿裤及经期裤、卫生巾等产品。公司合作的客户既有尤妮佳、花王 等全球著名跨国公司，也有BabyCare、孩子王、亲宝宝等电商新兴渠道的国内母婴知名品牌商。考虑市 场竞争背景下公司加大自有品牌电商投入，基于25H1公司业绩表现，调整盈利预测，维持"买入"评 级。 ...

公司报告 | 半年报点评 25Q2 营收 8 亿，同增 26%，归母净利 0.6 亿，同减 47%，扣非后归母 净利 0.6 亿，同减 48%。 25H1 公司营收 18 亿，同增 34%，归母净利 1.5 亿，同减 23%，扣非后 归母净利 1.5 亿，同减 24%。公司营收增长系湖北丝宝纳入合并范围。 25H1 公司婴儿卫生用品收入 9.31 亿，占总营收 52.9%；成人卫生用品 6.39 亿，占总营收 36.31%；其他产品 1.90 亿，占总营收 10.79%。 聚焦主业，持续提升经营质效 公司将聚焦资源持续加大线上推广投入，促进自主品牌发展，优化产品结 构，研发迭代新产品，持续与大客户开展深度合作，以婴儿护理用品、成 人护理用品等产品为重点，拓宽合作区域。 豪悦护理（605009） 证券研究报告 逐步深化洁婷整合 公司发布半年报 公司依托对市场深入了解及工艺技术创新，为消费者增加新产品选择，研 发的结构完全创新的易穿脱经期裤、超透气新型材料等产品，已经推向市 场。同时，公司及时抓住消费新需求，新增湿巾类系列产品品类，加大自 有品牌推广投入，提升销售量。 持续迭代产品能力及客户资源优势突出 通过对消 ...

Core Viewpoint - The company is experiencing growth in adult incontinence products driven by population aging and policy demand, while also participating in standard-setting to promote industry development [1]. Investment Highlights - The company has adjusted its profit expectations but maintains a "Buy" rating, forecasting EPS of 0.14/0.14/0.15 yuan for 2025-2027, with a target price of 16.84 yuan based on a 3.3x PB for 2025 [2]. - In the first half of 2025, the company's revenue reached 549 million yuan, a year-on-year increase of 5.39%, with net profit attributable to shareholders at 28 million yuan, up 21.81% [2]. - The revenue from adult incontinence products in the first half of 2025 was 287 million yuan, a year-on-year increase of 4.62% [2]. Industry Development - The company completed 20 research projects and participated in drafting four national and group standards, including the "Guidelines for Aging-Friendly Design of Household Products" [3]. - As of the first half of 2025, the company holds 207 valid patents, including 65 invention patents, 101 utility model patents, and 41 design patents [3]. - The company's net profit margin in Q2 2025 was 3.60%, an increase of 1.55 percentage points year-on-year, while the gross profit margin was 23.62%, a slight decrease of 0.15 percentage points [3].

Core Viewpoint - The company Reliable Co., Ltd. is facing governance issues related to compliance with related party transactions, highlighted by a warning letter from the Zhejiang Securities Regulatory Bureau [1][2]. Governance Issues - The second largest shareholder, Director Bao Jia, has consistently voted against various proposals, citing ongoing violations of related party transactions and calling for regulatory intervention [2][3]. - Bao Jia's dissent has escalated to broader governance disputes involving operational decisions, executive appointments, and profit distribution [3][4]. - Despite Bao Jia's objections, the board's decisions have not been significantly affected, maintaining a stable governance structure with a majority of non-independent directors [4]. Shareholder Structure Changes - Recent governance conflicts are closely tied to significant changes in the company's shareholding structure, particularly following the divorce between the actual controller Jin Liwei and Bao Jia [5][6]. - Following the divorce, Jin Liwei's direct shareholding dropped to 30.13%, while Bao Jia acquired a direct stake of 29.13%, leading to a near-equal distribution of shares [7]. - Despite the share distribution, Bao Jia voluntarily relinquished voting rights for 4% of her shares, allowing Jin Liwei to retain control over the company [7]. Financial Performance - For the first half of 2025, the company reported revenue of 549 million yuan, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of 28 million yuan, up 21.81% [11]. - The company's product revenue breakdown shows that adult incontinence products account for 51.72% of total revenue, while baby care products contribute 38.57% [11]. - The company operates with a production model where OEM (Original Equipment Manufacturer) business constitutes 53% of revenue, and self-owned brand business accounts for 45% [11]. ESG Rating - Reliable Co., Ltd. currently holds a BB ESG rating, placing it in the bottom 30% of its industry, primarily due to transparency issues and escalating governance conflicts [9]. - The company has faced criticism for its environmental management practices, despite having ISO 14001 certification, and has received warnings for improper disclosure of related party transactions [9].

Core Viewpoint - The company is facing governance issues, particularly regarding related party transactions, which have led to regulatory scrutiny and internal dissent among board members [3][6][17]. Governance Issues - The company received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to comply with the review and disclosure obligations related to a related party transaction with Guangxi Hanggang [3]. - The dissent was highlighted during a board meeting where the second-largest shareholder, Director Bao Jia, voted against the annual report and related party transaction proposals, citing ongoing violations and the need for regulatory intervention [3][6]. - Bao Jia has consistently opposed various board proposals, raising concerns about governance practices, executive qualifications, and the accuracy of financial disclosures [9][11]. Shareholder Dynamics - The governance conflict is exacerbated by a significant change in the company's shareholding structure following a divorce settlement between the actual controller Jin Liwei and Bao Jia, leading to a near-equal distribution of shares [14][15]. - Despite the share redistribution, Bao Jia voluntarily waived voting rights for 4% of her shares, allowing Jin Liwei to maintain control over the company [15]. Financial Performance - For the first half of 2025, the company reported revenue of 549 million, a year-on-year increase of 5.39%, and a net profit of 28 million, reflecting a 21.81% growth [21]. - The gross margins for major product categories have shown slight improvements [21]. ESG Rating - The company currently holds a BB rating in ESG, placing it in the bottom 30% of its industry, primarily due to governance conflicts and lack of transparency in ESG disclosures [17][19]. - The company has faced criticism for its environmental management practices, despite having ISO14001 certification, and has received warnings for improper use of IPO funds [19][21]. Market Position - The company operates in the adult incontinence products, baby care products, and pet hygiene products sectors, maintaining a leading market share in adult incontinence [22]. - As of 2024, adult incontinence products accounted for 51.72% of revenue, while baby care products made up 38.57% [22].

Core Viewpoint - Recent regulatory scrutiny has been directed at Reliable Co., Ltd. due to a violation involving related party transactions with Guangxi Hanggang Material Technology Co., Ltd., raising concerns among investors and the Zhejiang Securities Regulatory Bureau [1] Group 1: Regulatory Actions - Reliable Co. received a warning letter from the Zhejiang Securities Regulatory Bureau regarding its failure to timely disclose and review related party transactions amounting to 21.12 million yuan, which is 1.54% of the company's latest audited net assets [1] - The regulatory decision also holds the company's chairman and financial director accountable for the violations, leading to supervisory discussions being recorded in the securities market integrity archives [1] Group 2: Financial Performance Comparison - Reliable Co. has maintained annual revenues around 1.1 billion yuan from 2021 to 2024, while its net profit has not exceeded 50 million yuan during the same period [3] - In contrast, competitor HaoYue Care has reported significantly higher revenues ranging from 2.46 billion to 2.93 billion yuan and net profits between 363 million and 602 million yuan from 2020 to 2024 [3][6] Group 3: Strategic Developments - Reliable Co. is focusing on expanding production capacity and upstream raw material sourcing, which is crucial for the adult incontinence product sector [2][6] - The company has increased its procurement of long fiber fluff pulp from Guangxi Hanggang, leading to a gross margin improvement of 20.79% in 2024, up by 3.14 percentage points from the previous year [2] - Reliable Co. is also investing in a technology research and development center with a budget of 43.89 million yuan, aimed at enhancing its capabilities in raw material research and testing [6][7] Group 4: Market Position and Future Outlook - Reliable Co. has reported a revenue of 549 million yuan in the first half of 2025, reflecting a year-on-year growth of 5.39%, and a net profit of 28 million yuan, up 21.81% [10] - The company is actively pursuing domestic market opportunities amid global trade uncertainties, with plans for capacity expansion at its Guangxi Hanggang facility, which currently has an annual capacity of 100,000 tons [10]

Group 1 - The stock price of Reliable Co. is reported at 15.09 yuan as of August 27, 2025, down 4.79% from the previous trading day [1] - The company opened at 15.61 yuan, reached a high of 15.70 yuan, and a low of 15.08 yuan, with a trading volume of 137,100 lots and a transaction value of 211 million yuan [1] - Reliable Co. specializes in adult incontinence products, baby care products, and pet hygiene products, owning brands such as Reliable and Absorbent Treasure [1] Group 2 - The company has faced internal disputes within its board of directors, attracting market attention [1] - On August 25, the company disclosed its semi-annual report and board resolution announcement, with three proposals opposed by director Bao Jia, who is also the ex-wife of the actual controller and the second-largest shareholder [1] - Bao Jia has publicly criticized the investment decisions and management capabilities of chairman Jin Liwei, as well as the professional competence of the newly appointed secretary Wang Xiangting [1] Group 3 - The company received a warning letter from the Zhejiang Securities Regulatory Bureau on August 26 due to violations in the disclosure of related party transactions [1] - As of August 27, the net outflow of main funds from Reliable Co. was 17.85 million yuan, with a cumulative net outflow of 58.56 million yuan over the past five days [1]

Core Viewpoint - The internal conflict within Reliable Co., Ltd. has intensified, highlighted by the opposition from the founder's ex-wife, Bao Jia, against several board resolutions, raising concerns about the company's management and governance [2][3][10]. Group 1: Board Meeting and Resolutions - On August 21, Reliable Co. held a board meeting where four resolutions were voted on, all of which passed despite Bao Jia's dissent on three of them, particularly regarding the appointment of Wang Xiangting as the new Secretary of the Board and Deputy General Manager [3][4]. - Bao Jia criticized Wang's lack of experience in listed companies and questioned his professional capabilities, suggesting he is more suited for the role of Chairman's Secretary rather than Secretary of the Board [3][4]. Group 2: Regulatory Issues - On August 26, Reliable Co. received a warning letter from the Zhejiang Securities Regulatory Bureau due to violations in disclosing related party transactions, which led to regulatory discussions with founder Jin Liwei and CFO Li Chaonan [7][9]. - The company was found to have failed to timely fulfill the necessary review procedures and disclosure obligations regarding related party transactions amounting to 21.12 million yuan, which constituted 1.54% of the company's latest audited net assets [9]. Group 3: Financial Performance - For the first half of the year, Reliable Co. reported a revenue increase of 5.39% to 549 million yuan and a net profit growth of 21.81% to 28.28 million yuan, with specific segments like adult incontinence products and baby care products showing positive growth [14]. - Despite the recent revenue growth, the company's overall performance has been declining since its listing, with revenues dropping from 1.174 billion yuan in 2019 to 1.079 billion yuan in 2024, and net profits fluctuating significantly, including a loss in 2021 [14]. Group 4: Management Criticism - Bao Jia has publicly criticized Jin Liwei's management decisions, particularly regarding investments in loss-making companies and the handling of the Du Di brand's sales, which have resulted in significant financial losses [10][12]. - Reliable Co. defended its investment strategy as a long-term approach and claimed that the losses from the Du Di brand were part of a broader strategy to enhance channel collaboration and improve operational efficiency [12][14]. Group 5: Market Reaction - Following the news of internal conflicts and regulatory issues, Reliable Co.'s stock closed at 15.85 yuan, down 0.25% on August 26 [17].

Core Viewpoint - The ongoing conflict between the actual controller of Kela Co., Ltd. (301009.SZ), Jin Liwei, and his ex-wife, Bao Jia, continues to impact the company's governance and decision-making processes, as evidenced by Bao's opposition to several board resolutions [2][10]. Group 1: Board Meeting Outcomes - At the recent board meeting, Bao Jia opposed three out of four resolutions, including the approval of the 2025 semi-annual report, citing ongoing investigations into related party transactions and management negligence [3][10]. - The voting results for the semi-annual report showed 6 votes in favor and 1 against, with no abstentions [3]. Group 2: Shareholding Structure - As of June 2025, Bao Jia holds 29.13% of Kela's shares, making her the second-largest shareholder, while Jin Liwei holds 30.13% [6]. - Following their divorce in February 2024, Jin Liwei transferred approximately 79 million shares (29.13% of total shares, valued at around 600 million yuan) to Bao Jia as part of the asset division [12]. Group 3: Management Changes and Criticism - The newly appointed Secretary of the Board, Wang Xiangting, faced immediate criticism from Bao Jia for his lack of familiarity with public company regulations and for errors in board documents [7][9]. - Bao Jia expressed concerns that Wang's actions were obstructing the board's ability to fulfill its duties and that he was prioritizing the chairman's personal needs over compliance and governance [9][10]. Group 4: Company Performance - Kela Co., Ltd. reported a revenue of 549 million yuan for the reporting period, reflecting a year-on-year growth of 5.39%, and a net profit attributable to shareholders of 28.28 million yuan, up 21.81% [13]. - The net cash flow from operating activities reached 41.38 million yuan, marking a significant increase of 157.71% compared to the previous year [13]. Group 5: Historical Context - Kela Co., Ltd. was established in 2001 and specializes in the design, research, production, and sales of disposable hygiene products, including baby care, adult incontinence, and pet hygiene products [11]. - The company has experienced significant turnover in its management, with nearly ten executives changing in two years, attributed to conflicts between short-term personal demands and long-term compliance needs [9][10].

Group 1: Galaxy Fund Research Insights - Galaxy Fund recently conducted research on six listed companies, focusing on their strategies to cope with market challenges and growth opportunities [1][2][3][4][5][6]. Group 2: Company-Specific Highlights - **Weixing New Materials (002372)**: The company is addressing industry demand pressure by enhancing product quality, accelerating business transformation, and implementing cost-saving measures. It has achieved channel penetration in Jiangsu, Zhejiang, and Shanghai, with plans for gradual expansion in other regions. The company anticipates a decline in product prices year-on-year in the first half of 2025, but a recovery in prices quarter-on-quarter is expected. The overall market demand remains weak, and the company aims for steady growth through new product combinations and a water ecosystem strategy [1]. - **Zhaoyi Innovation (603986)**: The company reported strong growth across its business lines in Q2 2024, with NOR Flash experiencing high single-digit growth and niche DRAM growing over 50%. The company expects significant revenue growth in niche DRAM in the second half of the year, driven by tight supply and rising contract prices. Overall gross margins are expected to remain stable, with a focus on customized storage technology and expanding into the automotive MCU market [2]. - **Tebao Bio**: The company is exploring combination therapies for hepatitis B treatment, focusing on optimizing drug strategies. It aims to enhance disease management through a comprehensive treatment network and is collaborating with Ligos for advanced solutions. New technologies like siRNA are entering clinical application stages, with a focus on optimizing combination therapy strategies [3]. - **Baili Tianheng**: The company is advancing its clinical trials for multiple cancer treatments in collaboration with BMS. It has submitted an IND application for its first nuclear medicine candidate and is progressing with several drug candidates in clinical trials. The company aims to become a leading player in oncology treatment within five years [4]. - **Stanley (002588)**: The company achieved steady growth in the first half of the year, with revenue reaching 6.391 billion yuan, a year-on-year increase of 12.66%. The compound fertilizer sales increased by 200,410 tons, up 9.68% year-on-year. Profit growth in Q2 was attributed to improved performance in new materials and better pricing strategies [5]. - **Reliable Co. (301009)**: The company experienced a decline in profits in Q2 due to promotional activities. It plans to expand its institutional and specialty channel business while launching its own brand. The company aims to increase its market share in baby care products despite facing intense competition [6].