浙江杭州一A股个护上市企业被传内斗再激化。8月25日，可靠股份（301009.SZ）发布的公告显示，在公司近日召开的董事会会 议上，该公司创始人兼董事长金利伟的前妻鲍佳对多份议案投反对票，并指出金利伟随意投资亏损企业、强行主导的业务持续亏 损、公司拟聘任的副总经理兼董秘专业能力存疑等。 不过，针对鲍佳的观点，可靠股份均在公告中予以说明，并最终通过上述议案。在社交平台上，网友对此称"前妻手撕新董秘""炮 轰可靠股份不可靠"等，8月26日，南都湾财社记者发送采访邮件至可靠股份官方及董秘处，截至发稿前未得到回应。同日，记者 多次致电可靠股份，电话未能接通。 值得注意的是，8月26日晚间，可靠股份发布公告称，因关联交易信息披露违规，该司于当日收到浙江证监局出具的警示函，创 始人金利伟及财务总监李超楠被监管谈话。 新副总经理兼董秘专业性存疑？ 创始人前妻称他更适合当董事长秘书 杭州可靠护理用品股份有限公司（下称"可靠股份"）成立于2001年，专注婴儿护理用品、成人失禁用品和宠物卫生用品等，拥有 可靠、吸收宝等多个品牌。 8月25日，可靠股份发布公告称，该公司于8月21日召开了董事会会议表决4份议案，会议由金利伟主持，7 ...

8月24日晚间，可靠股份发布公告，8月21日举行的公司第五届董事会第十一次会议上，担 任董事的鲍佳对本次会议四项议案中的三项投了反对票。 具体来看，对于《关于2025年半年度报告及其摘要》的议案，表决结果为同意6票，反对1 票，弃权0票。鲍佳对该议案投反对票，理由是关联交易违规已进入调查阶段、阻碍股东履 行权力已进入调查阶段、原经营决策的失职。 其他议案中，关于《关于聘任公司副总经理的议案》和《关于聘任公司董事会秘书的议 案》，分别有1票反对和1票弃权，均由董事鲍佳反对，独立董事景乃权弃权。 离婚超一年，可靠股份（301009.SZ)实控人金利伟和前妻鲍佳间的斗争还在持续。 鲍佳 图片来源：可靠股份微信公众号 新董秘上任即遭"炮轰" 公开资料显示，鲍佳是可靠股份董事长兼总经理金利伟的前妻。两人于2024年2月离婚 后，鲍佳卸任上市公司总经理但仍保留董事席位，截至2025年6月末，她直接持有可靠股 份29.13%的股份，位列公司第二大股东。同期，第一大股东金利伟的直接持股比例为 30.13%。 在王向亭之前，俞文斌、王万元、谢丽红先后担任过公司董秘，履职时间最短的仅半年左 右，其间，身为公司董事长的金利伟多次代 ...

期内，归属股东净利润2827.8万元，同比增长21.81%；归属股东扣除非经营性损益的净利润为2484.6万元，同比增长15.39%。 | | 营业收入 | 营业成本 | 毛利率 | 营业收入比 年同期增 | | --- | --- | --- | --- | --- | | 分产品或服务 | | | | | | 成人失禁用品 | 287, 104, 617. 52 | 216, 871, 516. 38 | 24. 46% | 4. | | 婴儿护理用品 | 208, 881, 870. 12 | 162, 966, 840. 30 | 21. 98% | 5. | | 宠物卫生用品 | 33, 694, 803. 29 | 24, 931, 533. 04 | 26. 01% | -1. | | 其他 | 19, 274, 705. 00 | 12, 628, 884. 69 | 34. 48% | 32. | 8月24日，可靠股份发布2025年半年度报告。 报告显示，上半年公司实现营业收入5.49亿元，同比增长5.39%；其中，成人失禁用品实现营收2.87亿元。 ...

8月24日晚，可靠股份（301009）披露2025年半年报。报告期内，公司实现营业收入5.49亿元，同比增 长5.39%；实现归母净利润2827.86万元，同比增长21.81%；经营活动产生的现金流净额4137.55万元， 同比增长157.71%；基本每股收益0.11元。 总部位于浙江杭州的可靠股份，成立之初，公司通过与全球头部品牌合作，从婴儿纸尿裤、成人纸尿裤 的ODM业务起步，锻造了高效、高质的失禁护理产品研发、制造能力。2008年公司正式进行战略转 型，确立了打造成人失禁护理产品自主品牌的战略定位。 针对行业规模化、品牌化、品质化升级的趋势，报告期内，可靠股份围绕着用户痛点、细分场景和渠道 特性，进行了多项改革。包括：从"品类引入"到"品牌心智强化"；从"满足基本功能"到"追求极致性能 体验"；从"价格分层"到"场景适配"；从"中重度失禁"到"轻度失禁"。 可靠股份表示，随着老龄化社会程度的不断提升，再加上国家对老龄工作的重大部署，长护险在全国范 围内逐步推广实施，养老机构数量规模激增，以及医疗保障等社会福利政策的落地，为养老行业带来渠 道增量机遇的同时，也催化成人失禁用品市场扩张并提升了渗透率。与此同 ...

Core Viewpoint - The ongoing conflict between the former couple, Jin Liwei and Bao Jia, over the management and operations of Reliable Co., Ltd. has intensified following their divorce, with Bao Jia frequently opposing board decisions and raising concerns about related party transactions [2][3][7]. Group 1: Shareholding and Management Changes - In February 2024, Bao Jia received approximately 29.13% of Reliable Co.'s shares, valued at around 1.3 billion yuan, after the divorce, while Jin Liwei regained management control as the general manager [2][6]. - Following the divorce, Jin Liwei became the sole controlling shareholder, holding 30.13% directly and an additional 3.38% indirectly, while Bao Jia held 29.13% directly and 0.74% indirectly [6][7]. Group 2: Board Disputes and Related Party Transactions - Bao Jia has voted against or abstained on at least 10 board resolutions since the divorce, raising issues such as imprudent investments and violations of related party transaction regulations [2][7]. - In April 2024, Bao Jia opposed a proposal regarding related party transactions with Hanggang Company, citing that the transaction amount exceeded regulatory thresholds without board approval [4][7]. - On June 6, 2024, Bao Jia's request to convene a temporary shareholders' meeting to discuss related party transactions was rejected by the board, with only her voting in favor [3][4]. Group 3: Financial Performance - In the first quarter of 2024, Reliable Co. reported revenues of approximately 280 million yuan, a decrease of 0.98% year-on-year, and a net profit attributable to shareholders of about 18.59 million yuan, a slight increase of 1.41% [8].

Core Viewpoint - The beauty and personal care sector is experiencing significant stock price increases, with companies like Lafang Jiahua reaching new highs, reflecting strong investor sentiment and competitive dynamics within the industry [2][3]. Company Overview - Lafang Jiahua primarily engages in the research, production, and sales of hair care, skin care, and makeup products, with key brands including "Lafang," "Yujie," and "Meiduosi" [4]. - In 2024, Lafang Jiahua reported total revenue of 88,871.66 million yuan, a year-on-year increase of 3.36%, while net profit decreased by 36.84% to 4,136.66 million yuan [4][5]. - The company's revenue from its main brands, "Lafang" and "Yujie," accounted for 88.57% of total revenue, with "Lafang" achieving a sales revenue of 64,161.92 million yuan, up 9.11% year-on-year [4]. Sales Channels - Lafang Jiahua's primary sales channel is still through distributors, generating 62,312.30 million yuan, which is 70.11% of total revenue, while e-commerce and other channels contributed 26,487.69 million yuan, or 29.80% [4]. - The company has implemented an omnichannel strategy, enhancing both online and offline sales efforts to boost brand visibility and market share [6]. Market Dynamics - The beauty and personal care industry is facing increased competition, with companies adapting to changing consumer preferences and market conditions [8]. - Lafang Jiahua noted that the industry is transitioning towards a consumer-centric model, emphasizing brand quality and consumer insights [8]. Recent Developments - Lafang Jiahua has partnered with the national diving team to enhance brand presence and product sales through live streaming events, resulting in significant sales growth [7]. - The company is focusing on upgrading its "Lafang" brand and launching new products that incorporate innovative technologies and local ingredients [7]. Competitor Insights - Other companies in the beauty and personal care sector, such as Jiega and Kelaibao, are also experiencing stock price increases and adapting their strategies to capture market share [2][10]. - Jiega's wet wipes segment accounted for approximately 90% of its revenue, while Kelaibao's adult incontinence products represented 51.72% of its total revenue [9][10].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 16.1 CNY per share [2][8]. Core Views - The company has optimized its cost structure and accelerated the cultivation of its own brand, leading to significant profit growth. In 2024, the company achieved revenue of 1.08 billion CNY, a slight decrease of 0.3% year-on-year, while the net profit attributable to the parent company increased by 54.4% to 30 million CNY [2][4]. - The first quarter of 2025 showed a revenue of 280 million CNY, a decrease of 1.0% year-on-year, but the net profit attributable to the parent company increased by 1.4% to 20 million CNY [2][4]. Financial Summary - **2024 Financial Performance**: - Total revenue: 1,079 million CNY - Net profit attributable to the parent: 31 million CNY - Earnings per share: 0.11 CNY - Gross margin: 20.8%, up 3.1% year-on-year [4][9]. - **2025-2027 Projections**: - Expected revenue growth: 1,152 million CNY in 2025, 1,256 million CNY in 2026, and 1,393 million CNY in 2027, with year-on-year growth rates of 6.8%, 9.0%, and 10.9% respectively [4][9]. - Projected net profit attributable to the parent: 32 million CNY in 2025, 51 million CNY in 2026, and 68 million CNY in 2027, with growth rates of 3.5%, 59.6%, and 32.1% respectively [4][9]. - **Cost Structure**: - The company has improved its gross margin through increased procurement from joint ventures, leading to a gross margin of 24.3% in Q1 2025, up 3.9 percentage points year-on-year [2][4]. Product Performance - In 2024, the company’s product segments showed varied performance: - Adult incontinence products: Revenue of 558 million CNY, down 1.33% year-on-year - Baby care products: Revenue of 416 million CNY, up 6.82% year-on-year - Pet hygiene products: Revenue of 69 million CNY, down 22.48% year-on-year [2][8]. - The company launched several new products in 2024, generating nearly 40 million CNY in sales, indicating a focus on expanding its product matrix [2][8].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 16.1 yuan per share [2][8]. Core Insights - The company reported a revenue of 1.08 billion yuan and a net profit attributable to shareholders of 30 million yuan for 2024, showing a slight revenue decline of 0.3% year-on-year but a significant net profit increase of 54.4% [2][4]. - In Q1 2025, the company achieved a revenue of 280 million yuan, with a net profit of 20 million yuan, reflecting a 1.0% decline in revenue but a 1.4% increase in net profit year-on-year [2][4]. - The company continues to optimize its cost structure and accelerate the cultivation of its own brand, with a focus on adult incontinence products, baby care, and pet hygiene products [2][8]. Financial Performance Summary - For 2024, the total revenue is projected to be 1,079 million yuan, with a year-on-year growth rate of -0.3%. The net profit is expected to reach 31 million yuan, with a growth rate of 54.4% [4][9]. - The company anticipates revenue growth of 6.8% in 2025, reaching 1,152 million yuan, and a net profit of 32 million yuan, with a growth rate of 3.5% [4][9]. - The gross margin for 2024 is reported at 20.8%, an increase of 3.1 percentage points year-on-year, attributed to improved cost structure [8][9]. Product and Market Development - The company has developed a range of new products, including specialized series for institutions and seasonal products, with new product sales expected to approach 40 million yuan in 2024 [8]. - During the Double Eleven shopping festival, the company's own brand adult diapers achieved an online GMV exceeding 70 million yuan, with a year-on-year growth of over 20% [8]. Future Projections - The company is expected to achieve net profits of 32 million yuan in 2025, 51 million yuan in 2026, and 68 million yuan in 2027, with corresponding P/E ratios of 127, 80, and 60 [8][9].

Group 1 - The company maintains a dual-driven strategy focusing on both domestic and international markets for growth [1][2] - In the overseas market, the company plans to develop new international markets and customer resources through bidding, participation in pet exhibitions, and referrals from existing clients, targeting regions like Europe, Southeast Asia, and South America [1] - The European market is a key focus area due to its high pet ownership penetration and scientific pet care awareness, with the company leveraging its core advantages in pet hygiene product R&D and production through ODM/OEM partnerships with major retailers and e-commerce platforms [1] Group 2 - The domestic market is expected to see rapid growth in demand for pet hygiene products, driven by the flourishing pet industry and increasing awareness of pet health care among owners [2] - The company has increased investment in promoting its own brand domestically, optimizing its sales team, and enhancing new product promotion and advertising to gradually increase market share [2]