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可靠股份:上半年净利润同比增长21.81% 经营性现金流净额显著改善
Zhong Zheng Wang· 2025-08-25 04:55
在采购领域,公司以销定产,建立了完善的采购管理制度,根据销售计划、生产计划等下单采购;同 时,公司投资参股核心原材料的上游企业,形成稳固的产业链,以打造总成本领先优势。在生产领域, 公司在智能制造方面加大投入,实现工厂数字化、信息化、智能化。在公司自有品牌的销售上,公司实 现了线上线下(300959)全渠道覆盖,线上公司在天猫、京东、拼多多等电商平台上开设官方旗舰店或 专营店,同时积极拓展直播带货、社区团购、抖音、快手以及其他垂直平台等新兴渠道;线下在传统经 销商、直营KA之外,大力拓展长护险和养老机构、医院周边店等新渠道。 公司表示,以"做世界级健康护理行业领导者"为企业愿景,自2001年成立之初,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。通过对国内外人口结构、经济发展、用户习惯、品牌竞争等发展趋势的充分研判,结合日本成人 纸尿裤成熟市场与国内渗透率几乎为零的状况进行对标分析,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。 公司指出,采取"研、产、供、销"一体化的经营模式,覆盖从产品研发设计、原材 ...
可靠股份多路径深耕银发经济 上半年净利增长21.81%
Zheng Quan Shi Bao Wang· 2025-08-24 09:08
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 ...
低欲望时代,这八大行业将赚得盆满钵满
创业家· 2025-08-21 10:16
Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Emerging Opportunities - The concept of a "low-desire society" does not equate to a lack of opportunities; instead, it presents new avenues for business growth [4]. - Consumer behavior is shifting towards second-hand markets, with significant growth in platforms like Xianyu and Zhuanzhuan, indicating a rising demand for second-hand goods [6][9]. - The pet economy is booming, with brands like Guobao and Zhongchong seeing strong sales as consumers prioritize spending on pets over traditional family structures [11][12][15]. - The adult care market is expanding, particularly in China, where products like adult diapers are expected to see significant growth due to an aging population [16][18]. - The beauty and wellness sectors are thriving, with products like collagen supplements and at-home beauty devices gaining popularity, reflecting a continued consumer focus on aesthetics [23]. - Outdoor and leisure activities are on the rise, with brands in camping and outdoor gear experiencing increased sales as consumers seek experiences over material possessions [24][30]. - The emotional economy is gaining traction, with products that provide comfort and joy, such as low-alcohol beverages, becoming increasingly popular [25][26]. - The "lazy economy" is emerging, driven by younger generations who prefer convenience, leading to growth in frozen food and smart home appliances [29][31]. Group 2: Market Trends and Strategies - The article suggests that the current economic climate, often viewed as a "winter," actually presents opportunities for those willing to invest in counter-cyclical sectors [33]. - The upcoming event, "Black Horse Consumption Rise," aims to provide insights into how Japanese and Chinese companies can thrive in a stock market era through product innovation and brand expansion [34][39]. - The importance of understanding consumer needs and market segmentation is highlighted, with successful companies focusing on niche markets and innovative product offerings [42]. - The article discusses the significance of global branding and the need for Chinese companies to build trust in international markets through effective storytelling and cultural adaptation [43][49].
经济越来越差,这八大行业越赚爆!
创业家· 2025-07-28 10:05
Core Viewpoint - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight sectors that present significant business opportunities in a low-desire society [3]. Group 1: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer behavior is shifting towards different spending patterns [4]. - The phenomenon of consumption upgrading and demand migration is identified as the largest business opportunity [5]. Group 2: Key Industries - **Second-hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a significant revenue increase. In China, platforms like Hongbulin and Panghu are experiencing similar growth [6][7]. - **Pet Economy**: Despite declining birth rates, spending on pets is increasing, with brands like Inaba in Japan and Guobao in China seeing strong sales [10][11]. The pet healthcare sector is also expanding rapidly [12][13]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating a substantial growth potential for similar products in China [14][15][16]. - **Health Food and Beverages**: Changes in population structure and rising health awareness are driving the growth of sugar-free beverages and functional foods in both Japan and China [19][20]. - **Beauty Economy**: The demand for beauty products, such as collagen supplements and home beauty devices, remains strong, indicating that beauty is both an economic and therapeutic necessity [22]. - **Outdoor and Leisure**: The outdoor equipment market is thriving, with brands in China experiencing rapid sales growth, reflecting a desire for leisure activities despite economic constraints [22]. - **Emotional Economy**: Products that provide emotional comfort, such as low-alcohol beverages and unique consumer goods, are gaining popularity [23][24]. - **Convenience Economy**: The demand for convenience foods and smart home appliances is rising as younger generations seek to save time in cooking and household chores [27][28]. Group 3: Market Outlook - The article suggests that while many perceive the current market as a "cold winter," the true winners are those who can identify and invest in counter-cyclical opportunities [31].
整个社会都在喊没钱了,为什么这些公司反而年赚百亿?
创业家· 2025-07-20 10:35
Core Viewpoint - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth [6][7][9]. - **Pet Economy**: Despite declining birth rates, spending on pets is increasing, with brands like Inaba in Japan and Guobao in China seeing strong sales. The pet healthcare sector is also expanding significantly [10][11][13][14]. - **Adult Care**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing potential for similar products in China, driven by an aging population [15][16][17]. - **Health Food and Beverages**: Changes in population structure and rising health awareness have led to the success of sugar-free products and functional beverages in both Japan and China [20][21]. - **Beauty Economy**: The demand for beauty products remains strong, with companies like Jinbo Bio achieving high market valuations through collagen products, indicating a persistent consumer interest in beauty [23]. - **Outdoor and Leisure**: The outdoor equipment market is thriving, with brands in China experiencing rapid sales growth, reflecting a desire for leisure activities despite economic constraints [24]. - **Emotional Economy**: Brands like Labubu and Rio are capitalizing on the need for emotional comfort, showing that consumers are willing to spend on experiences that provide joy [24][25]. - **Lazy Economy**: The trend towards convenience is evident in the growth of frozen food brands and smart home appliances, which cater to a generation with less time for cooking [28][29][30]. Group 2: Market Insights - The article emphasizes that even in a low-desire economy, there are significant opportunities for those willing to invest in counter-cyclical sectors. It encourages stakeholders to recognize and act on these emerging trends [32].
山东打出“组合拳” 推动外贸企业“精准出海”
Zhong Guo Xin Wen Wang· 2025-07-14 21:25
Group 1 - Shandong Hengfa Hygiene Products Co., Ltd. participated in 7 trade shows this year, achieving a transaction of approximately $100,000 for adult diapers at the International Medical Equipment Exhibition in June [1] - The city of Linqing is actively promoting foreign trade development through a three-tiered mechanism involving government, associations, and enterprises, and has established an overseas warehouse in Djibouti to support over 50 local companies [1] - Shandong's export value is projected to exceed 2 trillion yuan in 2024, with a 7.6% year-on-year growth in imports and exports in the first four months of this year [1] Group 2 - Jianzhen Special Vehicle Manufacturing Co., Ltd. has secured orders exceeding 70 million yuan for the first quarter of 2025, with products being exported to Kazakhstan and Uzbekistan [2] - The economic development zone in Yuncheng provides targeted support for enterprises, facilitating customs clearance and financing to help them navigate international markets [2] - Anqiu City has developed a real-time query platform for international agricultural product standards, covering 53 countries and over 1,300 standards, aiding local companies in exporting to emerging markets [2][3] Group 3 - Huihai Food Company has successfully exported products like ginger and cabbage to Japan, generating over 30 million yuan in annual revenue, thanks to a platform that helps navigate technical trade barriers [3] - The city of Jiyuan has organized participation in international trade fairs to enhance brand visibility and has cultivated over 100 foreign trade enterprises across various sectors [4] - Shandong Huaze Electric Co., Ltd. focuses on high-end precision processing and exports around 200,000 vacuum cleaners annually to markets in Europe, America, and Australia [5][6]
豪悦护理(605009):制造强者品牌启新章
Huafu Securities· 2025-07-07 11:19
Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [60]. Core Viewpoints - The company is a leading manufacturer in the personal hygiene care products sector in China, with a focus on disposable hygiene products such as baby diapers, adult diapers, menstrual pants, sanitary napkins, and wet wipes. It has accelerated its layout of proprietary brands and is expanding into the sanitary napkin market through the acquisition of Hubei Sibao Group [1][13]. - The diaper industry is expected to recover in 2025, driven by price increases, despite a projected decline in retail scale for 2024. The company is well-positioned to benefit from the recovery in newborn numbers and the expansion of production capacity [2][29]. - The sanitary napkin market is experiencing growth, with the company leveraging its newly acquired brand, Jieting, to drive sales through e-commerce channels and new product launches [3][47]. Summary by Sections Company Overview - The company has established itself as a leader in the manufacturing of personal hygiene products, with a strong focus on research and development. It has successfully partnered with high-quality clients and is expanding its proprietary brand portfolio [1][13]. Diaper Industry Outlook - The Chinese diaper market is projected to have a retail scale of approximately 41.1 billion yuan in 2024, with a decline in sales volume but stable average prices. The company is expected to benefit from a recovery in newborn numbers and the expansion of its production capacity [2][29]. Sanitary Napkin Market Dynamics - The sanitary napkin market is projected to grow, with a retail scale of about 99.5 billion yuan in 2024. The company is focusing on e-commerce and new product launches to enhance its market position [3][43]. Financial Forecast and Investment Recommendations - The company is expected to achieve a net profit of 4.6 billion yuan in 2025, with growth rates of 17.5%, 18.5%, and 20.0% for the following years. The current stock price reflects a lower PE ratio compared to peers, indicating potential for valuation improvement [4][60].
王永春:老年用品市场突破五万亿,成为银发经济的重要支撑
Xin Jing Bao· 2025-05-29 01:46
Core Insights - The report released by Wang Yongchun highlights the significant growth of China's elderly products market, which is projected to expand from 2.6 trillion yuan in 2014 to 5.4 trillion yuan by 2024, reflecting a compound annual growth rate of 7.3% [2][3] Market Overview - The elderly products industry is defined as manufacturing products aimed at elderly individuals, including clothing, daily assistance products, elderly care products, rehabilitation aids, and home environment improvements [3] - The number of products included in the Ministry of Industry and Information Technology's promotion directory has rapidly increased, from 216 in 2022 to 324 in 2023, and further to 354 in 2024, marking a cumulative growth of 63.9% over three years [3] Product Category Performance - Key growth drivers in the elderly products market include care assistance products, which saw a 290% increase, health products with a 175% increase, and mobility aids with a 125% increase, indicating a strong demand driven by an aging population [3][6] Regional Distribution - The development of the elderly products industry is highly concentrated in four provinces: Guangdong, Shandong, Jiangsu, and Zhejiang, which together account for 53% of the total projects nationwide, with Guangdong leading at 19.5% [4] Emerging Trends - The report identifies emerging potential products such as service robots and new lighting products, which align with the trend towards smart elderly care and may represent future growth points [6] - In the adult incontinence products sector, factory sales are expected to reach 15.63 billion yuan in 2024, with a year-on-year growth of 7.2%, while the assistive devices industry is projected to achieve total sales revenue of 25.88 billion yuan, growing by 8.46% [6] Future Outlook - The elderly products market is transitioning from basic needs to a focus on technology and specialization, with rehabilitation aids and smart wearable devices likely to become key growth drivers in the next phase [7] - Companies are advised to focus on high-growth areas such as care assistance and health technology, while government policies should support standardization and provide tax incentives for niche product development [7]
【私募调研记录】中欧瑞博调研可靠股份
Zheng Quan Zhi Xing· 2025-05-22 00:05
Industry Overview - The adult incontinence products industry in China is at the end of the introduction phase and the beginning of the explosive growth phase, with a penetration rate of approximately 8%-10%, indicating significant growth potential compared to international markets [1] - Long-term care insurance policies are expected to accelerate market expansion, with projections suggesting that the penetration rate could reach 50% within the next decade [1] Company Insights - Reliable Co., the leading domestic brand in the adult incontinence market, is adjusting its channel strategy to strengthen B2B operations and online user engagement, while launching a new brand, "Anurse," to seize government procurement opportunities related to long-term care insurance [1] - The pricing landscape for adult diapers in China is chaotic, with the presence of ultra-low-end products; price increases will depend on the advancement of long-term care insurance and enhanced market regulation [1] - In contrast to the first brands in Europe, the U.S., and Japan, which hold over 50% market share, the concentration trend in the Chinese market is becoming more pronounced, with Reliable Co. positioned as the top local brand [1] - The company is optimizing costs through measures such as smart factories and raw material substitution, with future growth drivers identified as the implementation of long-term care insurance policies, brand recognition enhancement, and international expansion [1]
可靠股份(301009) - 2025年5月20日投资者关系活动记录表
2025-05-21 02:22
Market Overview - The adult incontinence products industry in China is at the end of the introduction phase and the beginning of the explosive growth phase, with a penetration rate of approximately 8%-10% [1] - Compared to international markets, where penetration rates reach 60% in Europe and the US, and 80% in Japan, there is significant growth potential in China [1] - The primary user group currently consists of individuals with severe incontinence, but there is untapped potential among those with moderate and mild incontinence [1] Policy Impact - The introduction of long-term care insurance (TOG and TOC) is expected to accelerate market expansion, with a projected penetration rate of 50% within 10 years following nationwide promotion after 2024 [1][2] - Historical data from Japan shows that after the implementation of care insurance, the penetration rate of adult diapers increased from 10% in 1990 to 80% in 2005 [1] Product and Channel Strategy - The company has shifted its sales strategy from relying on distributors and physical stores to focusing on B2B business, targeting hospitals and elderly care institutions, with over 10,000 institutions engaged [2] - Online channels are increasingly important, with a new brand targeting cost-conscious consumers launched on platforms like Pinduoduo, showing promising sales growth [2] - The company is enhancing user engagement through improved service offerings and targeted marketing strategies [2] Pricing and Market Dynamics - The adult diaper market in China is fragmented into four price segments: high-end, mid-high, mid-low, and ultra-low, with the ultra-low segment facing quality issues [3] - Approximately 21 billion low-quality diapers, accounting for nearly 30% of the market, have been identified, indicating a need for regulatory improvements [3] - Price increases are anticipated due to the push for long-term care insurance and stricter market regulations [3] Competitive Landscape - In mature markets like the US and Japan, leading brands hold over 50% market share, while the leading domestic brand in China, Reliable, is positioned to compete internationally [4] - The industry is experiencing a trend towards increased concentration, with local brands expected to replicate the success of overseas leaders [4] Financial Performance and Growth Outlook - The company faces short-term challenges due to demographic shifts, including a declining birth rate and aging population [6] - Cost optimization measures, such as the use of smart factories and alternative raw materials, are being implemented to enhance profitability [6] - Future growth is anticipated from the rollout of long-term care insurance, increased brand recognition, and international expansion [6]