数据显示，博时基金旗下1只基金位居可靠股份十大流通股东。博时第三产业成长混合（050008）三季 度新进十大流通股东，持有股数76.15万股，占流通股的比例为0.5%。根据测算，今日浮亏损失约58.64 万元。 博时第三产业成长混合（050008）成立日期2007年4月12日，最新规模7.54亿。今年以来收益13.51%， 同类排名5119/8136；近一年收益14.07%，同类排名4845/8055；成立以来收益22.15%。 博时第三产业成长混合（050008）基金经理为于玥。 11月20日，可靠股份跌5.15%，截至发稿，报14.17元/股，成交1.22亿元，换手率5.60%，总市值38.52亿 元。 资料显示，杭州可靠护理用品股份有限公司位于浙江省杭州市临安区锦城街道(城西工业园)花桥路2 号，成立日期2001年8月7日，上市日期2021年6月17日，公司主营业务涉及一次性卫生用品的设计、研 发、生产和销售。主营业务收入构成为：成人失禁用品52.30%，婴儿护理产品38.05%，宠物卫生用品 6.14%，其他3.51%。 从可靠股份十大流通股东角度 截至发稿，于玥累计任职时间7年148天，现任基金资产 ...

Group 1 - The core point of the news is that Reliable Co., Ltd. experienced a stock price increase of 5.03%, reaching 14.63 CNY per share, with a total market capitalization of 3.977 billion CNY [1] - Reliable Co., Ltd. specializes in the design, development, production, and sales of disposable hygiene products, with its main revenue sources being adult incontinence products (52.30%), baby care products (38.05%), pet hygiene products (6.14%), and others (3.51%) [1] Group 2 - Among the top ten circulating shareholders of Reliable Co., Ltd., a fund under Bosera Fund ranks as a new entrant, holding 761,500 shares, which is 0.5% of the circulating shares [2] - The Bosera Third Industry Growth Mixed Fund (050008) has achieved a year-to-date return of 15.65% and a one-year return of 9.69%, ranking 5094 out of 8147 and 5298 out of 8056 in its category, respectively [2] Group 3 - The fund manager of Bosera Third Industry Growth Mixed Fund is Yu Yue, who has been in the position for 7 years and 140 days, with the fund's total asset size being 754 million CNY [3] - During Yu Yue's tenure, the best fund return was 85.32%, while the worst return was -23.9% [3]

Core Viewpoint - The recent quarterly report of Reliable Care Products Co., Ltd. (referred to as "Reliable Co."), reveals significant internal conflicts among the board members, particularly between board member Bao Jia and Chairman Jin Liwei, regarding the management decisions and financial performance of the company [1][2][8]. Financial Performance - Reliable Co. reported a revenue of 2.81 billion yuan for Q3 2025, a year-on-year increase of 4.59%, with a gross profit margin up by 2.1 percentage points [3]. - For the first three quarters of 2025, the company achieved a total revenue of 8.29 billion yuan, reflecting a 5.12% year-on-year growth, and a net profit of 279.84 million yuan, which is a 26.79% increase compared to the previous year [3]. - Despite the revenue growth, the company faced a net loss of 294,200 yuan in Q3 2025, although this was an improvement from a net loss of 1.14 million yuan in the same period last year, marking a 74.28% year-on-year improvement [3]. Management Disputes - Board member Bao Jia has consistently opposed management decisions, particularly criticizing the loss-making Dudi brand diaper business led by Chairman Jin Liwei, which has incurred losses in both 2024 and 2025 [2][3]. - The internal conflicts have escalated since Bao Jia's divorce from Jin Liwei, leading to multiple instances of dissent during board meetings and proposals for temporary shareholder meetings [8][9]. Business Strategy - Reliable Co. aims to focus on the adult care segment while positioning the infant care business to support the growth of adult products, indicating a strategic shift in its business model [7]. - The company plans to enhance its operational efficiency through the adoption of smart factories and cost-reduction strategies, while also expanding its global customer base for its ODM business [7]. Regulatory Issues - Reliable Co. received a warning letter from the Zhejiang Securities Regulatory Bureau for violations related to information disclosure concerning related party transactions [10]. - The company has faced scrutiny for not adhering to proper procedures in its related party transactions, which has raised concerns about governance and compliance [10].

Market Overview - A-shares experienced a strong rebound this week, with the Shanghai Composite Index rising by 2.88% to close at 3950.31 points, the Shenzhen Component Index increasing by 4.73%, and the ChiNext Index surging by 8.05% [1] - As of October 24, 120 listed companies disclosed investor research summaries, with 9 companies receiving over 100 institutional investors [1] - Over 70% of the companies that were researched by institutions achieved positive returns this week, with notable gains from companies like New Strong Link (up over 28%) and Boying Special Welding (up over 23%) [1] New Strong Link - New Strong Link received two batches of institutional investor research, with a total of 189 institutions participating, driven by significant growth in Q3 performance [2] - The company reported Q3 revenue of 1.408 billion yuan, a year-on-year increase of 55.13%, and a net profit attributable to shareholders of 264 million yuan, up 308.57% year-on-year [2] - Growth was attributed to the recovery in wind power demand and high capacity utilization, with plans to further enhance production capacity through equipment upgrades and process optimization [2] Multi-Fluorine - Multi-Fluorine conducted an online survey with 183 institutions, reporting a total revenue of 6.729 billion yuan and a net profit of 78.05 million yuan for the first three quarters, reflecting a year-on-year increase of 407.74% [3] - The price of lithium hexafluorophosphate has risen significantly due to increased demand from the renewable energy and storage sectors, with a tight supply expected to persist until 2026 [3] - The company plans to produce approximately 50,000 tons of lithium hexafluorophosphate this year, with an expected output of 60,000 to 70,000 tons by 2026 [3] Baiya Co., Ltd. - Baiya Co., Ltd. received 153 institutional investors this week, focusing on its performance in Q3 2025, channel expansion, product strategy, and e-commerce platform strategies [4] - The company reported Q3 2025 revenue of 2.62 billion yuan, a year-on-year increase of 12.8%, and a net profit of 240 million yuan, up 2.5% year-on-year [4] - Baiya highlighted significant growth in instant retail channels, which are becoming increasingly important, and plans to invest more resources in this emerging channel [5]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [4]. Core Views - The company is positioned as a regional leader in personal care products, with significant growth in e-commerce and expansion into peripheral provinces. It has shown a robust revenue increase, with a projected revenue of 3.25 billion yuan in 2024, reflecting a year-on-year growth of 51.8% [1][4]. - The report highlights the trend of "self-consumption" leading to the premiumization of the female hygiene products industry, with domestic brands expected to gain market share as consumer preferences shift towards quality and brand recognition [2][4]. Summary by Sections 1. National Expansion and Market Position - The company, founded in 2010, specializes in personal hygiene products, primarily sanitary napkins, which accounted for 93.6% of its revenue in 2024. It has established a strong market presence in the Sichuan-Chongqing region and is rapidly expanding into e-commerce and other provinces [1][10]. - The company has a diverse product matrix with well-defined brand positioning, including "Free Point," "Good," and "Danning," targeting different market segments [13][24]. 2. Industry Trends and Growth Drivers - The female hygiene products market in China is projected to reach approximately 1050.5 billion yuan in 2024, with a year-on-year growth of 2.9%. The market has transitioned from volume-driven growth to price-driven growth, with an average price increase of 4.5% for female hygiene products from 2019 to 2024 [2][47]. - Key growth drivers identified include the introduction of high-end products, increasing online sales, regulatory changes, and the rise of domestic brands as they capture market share from established players [2][4]. 3. Financial Projections and Valuation - The company is expected to achieve net profits of 3.6 billion yuan, 4.8 billion yuan, and 6.1 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 31X, 23X, and 18X [4][5]. - The report anticipates a continuous improvement in profitability alongside revenue growth, driven by the expansion of high-margin product lines and effective marketing strategies [4][32]. 4. Marketing and Sales Strategy - The company has adapted its marketing strategy to focus on e-commerce platforms, particularly Douyin, which has seen a significant increase in transaction volume. The e-commerce revenue has grown at a compound annual growth rate (CAGR) of 60.7% from 2016 to 2024 [7][26]. - The company employs a multi-channel marketing approach, leveraging both online and offline strategies to enhance brand visibility and sales performance [7][26]. 5. Product Development and Innovation - The company is committed to rapid product innovation, with a focus on high-end health products that have contributed to an increase in average selling prices and gross margins [7][35]. - The introduction of new product lines, such as the FREEMORE health series, has been instrumental in driving growth and improving profitability [7][35].

Core Viewpoint - The recent announcement by Baiya Co., Ltd. regarding shareholder reduction of shares highlights the impact of public sentiment on the company's online sales, despite its stock price performing strongly and reaching historical highs [1][6]. Company Performance - Baiya Co., Ltd. specializes in the research, production, and sales of disposable personal hygiene products, including sanitary napkins, baby diapers, and adult incontinence products [3]. - The company has shown a significant revenue growth from 1.251 billion yuan in 2020 to 3.254 billion yuan in 2024, while net profit increased from 183 million yuan to 288 million yuan during the same period [3]. - The company's gross margin improved from 42.66% to 53.19% from 2020 to 2024, while net margin declined from 14.56% to 8.84% [3]. Recent Financial Results - In the first half of 2025, Baiya Co., Ltd. reported a revenue of 1.764 billion yuan, a year-on-year increase of 15.12%, and a net profit of 188 million yuan, up 4.64% [5]. - The second quarter of 2025 saw a significant slowdown, with revenue growth of only 0.18% and a net profit decline of 25.50% [4]. Sales Channels and Market Impact - The company's e-commerce channel faced a 9.4% decline in revenue, amounting to approximately 592 million yuan, largely due to negative public sentiment following a scandal involving a competitor [4][6]. - Despite challenges in online sales, Baiya Co., Ltd. experienced a 39.8% increase in offline sales, generating 1.133 billion yuan in the first half of 2025 [6]. Shareholder Actions - Baiya Co., Ltd. announced that its major shareholders plan to reduce their holdings by up to 2%, primarily due to personal financial needs [1][8]. - The shareholders involved hold approximately 8.15% of the company's total shares, and the potential cashing out could exceed 222 million yuan based on the current share price [8][9].

Core Viewpoint - The recent announcement by Baiya Co., Ltd. regarding shareholder reduction of shares highlights the impact of public sentiment on the company's online sales, which have seen a decline, while the stock price remains strong, reaching historical highs [2][3][7]. Group 1: Company Performance - Baiya Co., Ltd. specializes in the research, production, and sales of disposable personal hygiene products, including sanitary napkins and baby diapers, with a strong brand presence [3]. - The company's net profit decreased by 17.83% in 2022 due to factors like the pandemic and rising raw material costs, but revenue still grew by 10.19% [3]. - From 2020 to 2024, Baiya's revenue is projected to grow from 1.251 billion to 3.254 billion yuan, while net profit is expected to rise from 183 million to 288 million yuan [3]. - The gross margin increased from 42.66% to 53.19% from 2020 to 2024, while the net margin decreased from 14.56% to 8.84% during the same period [3]. Group 2: Recent Financial Results - In the first half of 2025, Baiya achieved revenue of 1.764 billion yuan, a year-on-year increase of 15.12%, with net profit reaching 188 million yuan, up 4.64% [5]. - The e-commerce channel revenue was approximately 592 million yuan, down 9.4% year-on-year, significantly impacted by public sentiment [4][5]. - The company expects to return to normal growth rates in the e-commerce channel by the fourth quarter of 2025 [6]. Group 3: Stock Performance and Shareholder Actions - Baiya's stock price has shown strong performance, reaching a high of 34.99 yuan in May 2025, representing an increase of over 400% from its low of 6.95 yuan in October 2022 [7]. - The company announced that its major shareholders plan to reduce their holdings by up to 2%, primarily due to personal financial needs [8]. - As of September 26, 2025, Baiya's stock price was 25.85 yuan, with a market capitalization of 11.11 billion yuan [12].

Core Viewpoint - The company Baiya Co., Ltd. is facing significant challenges following a scandal involving the alleged recycling of defective sanitary products, which has impacted its sales and investor confidence [1][2][5]. Group 1: Shareholder Actions - Baiya Co., Ltd. announced that three employee shareholding platforms plan to reduce their holdings by up to 2% of the company's total shares, equating to a maximum of 8.593 million shares [1]. - The reduction is attributed to the personal financial needs of the employees and will occur within three months after the announcement [1]. Group 2: Company Performance - Baiya Co., Ltd. reported a revenue of 3.254 billion yuan for 2024, a 51.8% increase year-on-year, and a net profit of 288 million yuan, up 20.7% from the previous year [1]. - Despite the growth, the company experienced a 92.92% decrease in net cash flow from operating activities in Q1 2025, amounting to 6.9107 million yuan [3]. - The company's revenue for the first half of the year was 1.764 billion yuan, a 15.12% increase year-on-year, with a net profit of 188 million yuan, up 4.64% [3][4]. Group 3: Impact of Scandal - The "recycling sanitary napkin" scandal led to a significant decline in the company's e-commerce channel revenue, which fell by 9.44% to 592 million yuan in the first half of the year [4]. - The gross margin for the e-commerce channel also decreased by 5.22 percentage points, resulting in a gross margin of 50.71%, the lowest among all channels [4]. - The company has increased its marketing expenses to 642 million yuan, an 18.76% rise, with promotional expenses alone reaching 464 million yuan, up 26.1% [4]. Group 4: Regulatory Response - Following the scandal, the Shenzhen Stock Exchange issued a letter of concern to Baiya Co., Ltd., requesting a self-examination and clarification regarding the procurement of substandard materials [2]. - Baiya Co., Ltd. responded by stating that it does not procure substandard raw materials and has ceased cooperation with waste disposal entities following the scandal [2].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 16.84 CNY [6][13]. Core Viewpoints - The company is experiencing significant improvement in operations, particularly in the adult incontinence products segment, driven by population aging and product innovation [2][13]. - The company has adjusted its profit expectations for 2025-2027, forecasting EPS of 0.14 CNY for 2025, 0.14 CNY for 2026, and 0.15 CNY for 2027, reflecting a robust growth trajectory in its proprietary brand business [13][14]. - The company has actively participated in the formulation of industry standards, completing 20 research projects and contributing to four national and group standards [13]. Financial Summary - Total revenue for 2025 is projected at 1.136 billion CNY, with a year-on-year growth of 5.3% [4]. - The net profit attributable to the parent company is expected to reach 38 million CNY in 2025, reflecting a growth of 20.5% [4]. - The gross profit margin for Q2 2025 is reported at 23.62%, with a net profit margin of 3.60% [13]. Product Performance - In the first half of 2025, revenue from adult incontinence products was 287 million CNY, up 4.62% year-on-year, while revenue from baby care products was 209 million CNY, up 5.60% [13]. - The company has seen a significant increase in net profit for Q2 2025, with a year-on-year growth of 98.42% [13]. Market Position - The company has a total market capitalization of 3.763 billion CNY and a current price range of 6.91 to 16.98 CNY over the past 52 weeks [7][8]. - The company maintains a strong balance sheet with a net asset return rate of 2.7% projected for 2025 [4][14].

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].