[Table_IndNameRptType] 轻工纺服 行业周报 长护险推动养老服务多元化，带动产业发展 行业[Table_IndRank] 评级：增 持 报告日期： 2025-08-24 [行业指数与沪深 Table_Chart] 300 走势比较 -15% -10% -5% 0% 5% 10% 15% 20% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_Report] 相关报告 《行业周报：AI 赋能 Keep,引领健身 智能化变革_20250817》 主要观点： ⚫[Table_Summary] 周专题：长护险推动养老服务多元化，带动产业发展 日本推行介护保险，应对老龄少子养老困境。日本于 1997 年正式通 过《介护保险法》，并在 2000 年 4 月将长期护理保险列入社会保险 体系，实行强制性全民护理保险制度，即 "介护保险"。这一制度 的推出并非偶然，彼时 ...

Core Viewpoint - The company is facing significant pressure on its performance due to fluctuations in raw material prices, which have severely squeezed profit margins despite a steady expansion in the market for consumer paper products in China [1][3]. Financial Performance - In 2024, the company reported total revenue of 8.151 billion yuan, a year-on-year decrease of 16.84%, and a net profit of 77.18 million yuan, down 76.8% year-on-year [3]. - This marks the fourth consecutive year of declining net profits for the company, with net profits decreasing by 35.85%, 39.77%, and 4.92% in the years 2021 to 2023 respectively [3]. - The impact of raw material price fluctuations has been a significant factor in the company's poor performance, with previous statements indicating that rising raw material costs and increasing market competition have created substantial operational pressures [3][4]. Strategic Initiatives - In response to the cost pressures from raw material price volatility, the company has been attempting diversification through the introduction of new product lines, such as the sanitary napkin brand "Duo Lei Mi" launched in 2019, which is seen as a future growth driver [4]. - The company has also expanded into adult incontinence products and home cleaning products, including laundry pods and liquids, and has ventured into skincare with the launch of a hand cream named "Yue Ji Rou" in September 2024 [4]. - Despite these diversification efforts, the main business of consumer paper products still accounts for over 90% of revenue, with other business lines contributing less than 10% [4]. Competitive Landscape - The company's declining performance is attributed not only to rising raw material costs but also to intensified competition within the consumer paper industry, with competitors like Hengan International and Vinda International impacting market share and sales performance [5].