Core Viewpoint - The board of Reliable Co., Ltd. has proposed to dismiss independent director Jing Naiquan, which has sparked controversy and dissent among board members, particularly from director Bao Jia, who views the dismissal as retaliation for Jing's independent stance [1][2]. Group 1: Board Decisions and Controversies - The board meeting on February 12, 2026, resulted in a vote to dismiss Jing Naiquan, with 5 votes in favor and 2 against, highlighting internal conflicts within the board [1]. - Bao Jia criticized the dismissal as a retaliatory act against Jing for his independent performance, arguing that the company's claims of Jing's bias are unfounded [1][2]. - Jing Naiquan contended that the reasons for his dismissal are illegal and stem from work disagreements, asserting his commitment to minority shareholders [1][2]. Group 2: Company Financial Performance - Reliable Co., Ltd. reported a revenue of 829 million yuan for Q3 2025, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 27.98 million yuan, up 26.8% [2]. - The company’s operating cash flow for the same period was 89.72 million yuan, reflecting a significant year-on-year growth of 136.3% [2]. - As of the end of Q3 2025, the total assets of the company stood at 2.151 billion yuan, a 2.9% increase from the previous year, while the net assets attributable to shareholders slightly decreased by 0.04% to 1.334 billion yuan [2]. Group 3: Historical Context and Company Background - Reliable Co., Ltd. was established in 2001 and went public on the ChiNext board in June 2021, focusing on the design, development, production, and sales of disposable hygiene products [4]. - The company’s product range includes baby care products, adult incontinence products, and pet hygiene products, with well-known brands such as Kelao and Absorb [4]. - Bao Jia, a significant shareholder and former CEO, has consistently opposed various board proposals, indicating ongoing governance challenges within the company [3][4].

Core Viewpoint - Ongoing internal conflicts within Reliable Co., Ltd. have not been resolved, highlighted by the recent board meeting where board member Bao Jia voted against two proposed related party transactions, leading to a public dispute with the current chairman and general manager Jin Liwei [1][17]. Group 1: Related Party Transactions - The board approved a related party transaction with Qiaozhi Company, allowing its subsidiary Hangzhou Kexin Meideng Material Technology Co., Ltd. to lease property from Qiaozhi for an estimated amount not exceeding 1.68 million yuan for 2026 [5][10]. - Bao Jia opposed this transaction, arguing that it contradicts Jin Liwei's prior commitment to avoid related party transactions unless unavoidable, and criticized the lack of transparency regarding the fairness of the rental price and the existence of vacant properties [5][6][8]. - Reliable Co. defended the necessity of the lease, stating that the subsidiary's scale does not justify purchasing land for a factory, and that maintaining the current lease is crucial for operational continuity [7][8]. Group 2: Procurement from Hanggang Company - The board also approved a related party transaction with Hanggang Company for raw material procurement, with an estimated amount not exceeding 60 million yuan for 2026 [10][12]. - Bao Jia raised concerns about the declining procurement amounts, questioning the company's claims of cost advantages and strategic significance, as the actual procurement amounts have decreased over the years [11][12]. - Reliable Co. responded by emphasizing that the transaction is a result of balancing production capacity and supplier structure, and that the procurement decisions are made independently by both parties [14][15]. Group 3: Internal Conflicts and Governance - Bao Jia, who is also the ex-wife of Jin Liwei, has consistently voted against various proposals, indicating ongoing personal and professional conflicts within the company [16][18]. - The company has faced regulatory scrutiny in the past due to related party transactions, which has led to a warning from the regulatory authority, prompting the company to implement corrective measures [15][12]. - Reliable Co. has committed to enhancing board training to ensure compliance with governance standards and improve decision-making processes in the future [15].

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].

Core Viewpoint - Reliable Co., Ltd. (301009.SZ) faced internal disagreements during the board meeting on October 24, leading to a contentious vote regarding the company's operational decisions and financial performance [1] Group 1: Board Meeting Outcomes - The board meeting resulted in a vote of 5 in favor, 1 against, and 1 abstention regarding the discussed proposal [1] - Board member Ms. Bao Jia voted against the proposal, citing concerns over the management of the Dudi brand baby diaper business and its projected losses [1] - Independent director Mr. Jing Naiquan abstained from voting due to uncertainties regarding the authenticity of the audit committee's investigation [1] Group 2: Financial Performance and Concerns - Ms. Bao expressed dissatisfaction with the company's third-quarter losses and highlighted a significant increase in management, financial, and consulting fees starting in 2024, while revenue growth remains weak [1] - The company reported a third-quarter revenue of 281 million yuan, a year-on-year increase of 4.59%, with a gross margin improvement of 2.1 percentage points [1] - The net profit attributable to the parent company for the third quarter was -294,200 yuan, an improvement of 74.28% compared to -1.144 million yuan in the same period last year, primarily affected by foreign exchange losses [1] Group 3: Business Strategy and Compliance - The company defended its decision to sell the Dudi brand, stating that it was a collective decision made in compliance with regulations, and reported a 61% year-on-year revenue growth for this business in the first three quarters of 2025 [1] - The company emphasized that the audit committee's investigation is not directly related to the third-quarter report [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].

Group 1 - The board meeting of Hangzhou Reliable Nursing Products Co., Ltd. was held on August 21, 2025, with all 7 directors present, and the meeting complied with legal and regulatory requirements [1] - The financial report for the first half of 2025 was approved by the board's audit committee with a voting result of 6 in favor and 1 against [2] - The company appointed Mr. Wang Xiangting as the deputy general manager and board secretary, with the term lasting until the end of the current board's term [2][3] Group 2 - Independent director Mr. Jing Naiquan abstained from voting on the appointment of Mr. Wang, citing the need for more attention to detail and professionalism [3][4] - Director Ms. Bao Jia voted against the half-year report, raising concerns about a significant related party transaction that exceeded regulatory thresholds [5][10] - The company clarified that the related party transactions had been previously approved by the board and reported to regulatory authorities [13][18] Group 3 - The company emphasized that the appointment of Mr. Wang met all legal qualifications and was supported by a thorough background check [4][12] - Ms. Bao expressed concerns about Mr. Wang's lack of recent experience in securities affairs and questioned his professional capabilities [11][19] - The company defended its governance practices, stating that all high-level changes followed proper procedures and aimed to enhance operational efficiency [17][19]

Core Viewpoint - Reliable Co., Ltd. disclosed its 2024 annual report and 2025 Q1 report, with significant dissent from board member Bao Jia regarding several proposals, highlighting concerns over related party transactions and management decisions [1][2][3] Group 1: 2024 Annual Report - The company reported a slight decline in revenue of 0.27% year-on-year, while net profit attributable to shareholders increased by 54.44% [1] - Board member Bao Jia opposed the annual report citing seven reasons, including violations of related party transaction regulations and concerns over management's decision-making [2][3] - Bao Jia specifically pointed out that transactions with Guangxi Hanggang Materials Technology Co., Ltd. exceeded the legal limit, amounting to 21.12 million yuan, far surpassing the regulatory threshold of 3 million yuan [2] Group 2: 2025 Q1 Report - For Q1 2025, the company reported revenue of 280 million yuan, a decrease of 0.98% year-on-year, while net profit attributable to shareholders was 18.59 million yuan, an increase of 1.41% [4] - Management expenses rose by 32.94%, sales expenses increased by 7.36%, and R&D expenses grew by 15.34% compared to the previous year [4][5] - Bao Jia raised objections to the Q1 report, reiterating concerns about ongoing operational declines and the management's ability to handle related party transactions [3][5]