公司于2025年4月20日召开第六届董事会第十五次会议，审议通过了《关于回购部分社会公众股份的方 案》，同意公司使用自有资金及股票回购专项贷款，通过深圳证券交易所交易系统以集中竞价交易或其 他法律法规允许的方式回购公司部分社会公众股份，回购资金总金额不低于人民币8,000万元（含）且 不超过人民币16,000万元（含），回购价格不超过人民币11.00元/股（含），回购股份用于未来实施股 权激励计划或员工持股计划，回购股份实施期限为自公司董事会审议通过回购股份方案之日起12个月 内。具体内容详见公司于2025年4月22日、4月24日、4月26日分别刊登于《证券时报》《证券日报》 《上海证券报》以及巨潮资讯网（www.cninfo.com.cn）的《关于回购部分社会公众股份的方案公告》 （公告编号：2025-037）、《关于取得金融机构股票回购专项贷款承诺函的公告》（公告编号：2025- 042）以及《回购报告书》（公告编号：2025-044）。 2025年5月21日，公司披露了《关于调整股份回购价格上限的公告》（公告编号：2025-050），公司实 施2024年度权益分派后，公司回购股份价格上限由11.00元/ ...

Group 1 - The company Zhejiang Hars Vacuum Vessel Co., Ltd. announced that the share repurchase ratio has reached 1% as of September 27, 2025 [1] - The company plans to use its own funds and a special loan for stock repurchase, with a total repurchase amount between 80 million yuan (approximately 11.2 million USD) and 160 million yuan (approximately 22.4 million USD) [2] - The maximum repurchase price was adjusted from 11.00 yuan (approximately 1.54 USD) per share to 10.85 yuan (approximately 1.52 USD) due to the implementation of the 2024 annual equity distribution [2] Group 2 - The company has repurchased shares from September 2, 2025, to September 26, 2025, amounting to approximately 1% of the total share capital [3] - The company confirmed that the share repurchase complies with the relevant regulations of the Shenzhen Stock Exchange, ensuring that the repurchase does not occur during significant events that could impact trading prices [4] - The company will continue to implement the repurchase plan within the designated period and fulfill its information disclosure obligations [4]

Group 1: Financial Performance - In Q2 2025, the company's revenue reached 870 million, a year-on-year increase of 6%, while net profit attributable to the parent company was 50 million, down 49% year-on-year [1] - For H1 2025, the company reported a total revenue of 1.57 billion, up 13% year-on-year, and a net profit of 90 million, down 29% year-on-year [1] - The overall gross margin for H1 2025 was 28.7%, a decrease of 1 percentage point year-on-year, with specific margins for vacuum vessels and aluminum bottles at 27.4% and 40.3%, respectively [1] Group 2: Revenue Breakdown - The revenue from vacuum vessels was 1.38 billion, accounting for 87.5% of total revenue, with a year-on-year growth of 13% [1] - Revenue from aluminum bottles and other businesses was 170 million, representing 10.5% of total revenue, with a year-on-year increase of 11% [1] - Domestic revenue was 210 million, up 5% year-on-year, while overseas revenue was 1.37 billion, up 14% year-on-year, making up 87% of total revenue [1] Group 3: Cost and Expenses - The company experienced an increase in expense ratios across sales, management, R&D, and financial costs, with financial costs rising significantly due to fluctuations in the USD exchange rate [1] - The net profit margin for H1 2025 was 5.8%, down 3.5 percentage points year-on-year [1] Group 4: Business Strategy - The company is focusing on expanding its OEM business, particularly in overseas markets, and has established close partnerships with globally recognized brands [2] - The company has made progress in building its own brand, with the Harls brand center undergoing a dual upgrade and establishing a complete end-to-end operational team [2] - The SIGG brand is enhancing its sales network in Europe and collaborating with high-end brands like LV and Bentley to strengthen its market presence [2] Group 5: Future Outlook - The company has adjusted its revenue and profit forecasts for 2025-2027, expecting revenues of 3.8 billion, 4.4 billion, and 5.1 billion, and net profits of 270 million, 330 million, and 410 million, respectively [3] - The expected EPS for the same period is 0.6, 0.7, and 0.9, with corresponding PE ratios of 14, 11, and 9 [3]

公司报告 | 半年报点评 哈尔斯（002615） 证券研究报告 期待海外产能布局释放利润 公司发布 25H1 半年报 25Q2 公司营收 8.7 亿，同比+6%，归母净利 0.5 亿，同比-49%；25H1 公司 营收 15.7 亿，同比+13%，归母净利 0.9 亿，同比-29%。 公司海外业务驱动增长。收入结构看，公司真空器皿营收 13.8 亿，同比 +13%，占比 87.5%，铝瓶及其他业务收入 1.7 亿，同比+11%，占比 10.5%， 其他业务收入 0.3 亿，同比+14%。分地区看，境内营收 2.1 亿，同比+5%， 境外营收 13.7 亿，同比+14%，占总收入 87%，境外收入增速快于境内，从 而带动公司整体营收规模增长。 毛利率略有承压，产能爬坡或影响短期盈利表现。25H1 公司实现整体毛 利率 28.7%，同比-1pct，其中真空器皿/铝瓶及其他业务分别实现毛利率 27.4%/40.3% ， 分 别 同 比 -1pct/-0.04pct ； 境 内 / 境 外 毛 利 率 分 别 为 30.2%/28.5%，分别同比+6pct/-2pct； 费用端看，销售、管理、研发、财务费用率分别同比 ...

Group 1 - The core point of the article is that the company has received approval from the China Securities Regulatory Commission (CSRC) for its application to issue stocks to specific investors [1] Group 2 - The company is Zhejiang Harsco Vacuum Vessel Co., Ltd. (哈尔斯) [1] - The approval allows the company to proceed with a targeted stock issuance [1]

Group 1 - The company has approved a share repurchase plan using its own funds and a special loan, with a total repurchase amount between RMB 80 million and RMB 160 million, and a maximum repurchase price of RMB 11.00 per share [2] - The maximum repurchase price was adjusted to RMB 10.85 per share after the annual equity distribution for 2024 [3] - As of August 31, 2025, the company had not yet purchased any shares, but on September 2, 2025, it repurchased 370,000 shares at a price range of RMB 8.03 to RMB 8.14 per share, totaling approximately RMB 2.99 million [4] Group 2 - The company has complied with relevant regulations regarding the timing and pricing of the share repurchase, ensuring no repurchase occurred during significant events that could affect stock prices [5][6] - The repurchase was conducted in accordance with the rules set by the Shenzhen Stock Exchange, including restrictions on trading during specific periods [7]

Group 1 - The company has approved a share repurchase plan using its own funds and a special loan, with a total repurchase amount between RMB 80 million and RMB 160 million, and a maximum repurchase price of RMB 11.00 per share [1] - The repurchased shares will be used for future employee stock ownership plans or equity incentive plans, with a repurchase period of 12 months from the board's approval date [1] - After the annual equity distribution for 2024, the maximum repurchase price was adjusted to RMB 10.85 per share [1] Group 2 - As of August 31, 2025, the company has not yet purchased any shares, with a total of 370,000 shares repurchased at a maximum price of RMB 8.14 per share and a minimum price of RMB 8.03 per share, totaling RMB 2,990,991 [2] - The repurchase activities comply with relevant laws and regulations, as well as the company's repurchase plan [2] - The company will continue to implement the repurchase plan based on market conditions and will fulfill its information disclosure obligations in a timely manner [2]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 11.11 CNY [5][11]. Core Insights - The report indicates that both domestic and overseas markets have achieved steady growth in the first half of the year, with expectations for accelerated performance in the second half as overseas bases ramp up production [2]. - The company has adjusted its profit expectations downward due to uncertainties in the foreign trade environment, projecting EPS for 2025-2027 to be 0.62, 0.75, and 0.94 CNY respectively [11]. - The company's OEM (Original Equipment Manufacturer) and OBM (Own Brand Manufacturer) strategies are progressing smoothly, with revenue from various product categories showing positive growth [11]. Financial Summary - Total revenue is projected to grow from 2,407 million CNY in 2023 to 5,542 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.4% [4]. - Net profit attributable to the parent company is expected to increase from 250 million CNY in 2023 to 440 million CNY in 2027, with a notable growth rate of 25.3% in 2027 [4]. - The company's net profit margin is projected to decline slightly from 10.3% in 2023 to 7.9% in 2027, indicating a focus on maintaining profitability amid growth [12]. Operational Performance - In the first half of 2025, the company achieved revenue of 1.366 billion CNY from overseas markets, a year-on-year increase of 14.14%, while domestic revenue reached 206 million CNY, up 4.81% [11]. - The gross profit margin for Q2 2025 was reported at 28.76%, down 2.62 percentage points year-on-year, primarily due to increased costs associated with ramping up overseas production capacity [11]. - The company has successfully completed the construction and ramp-up of its second phase in Thailand, enhancing its production capabilities and receiving positive feedback from core customers [11].

Core Viewpoint - The company is experiencing steady growth in both domestic and overseas markets, with expectations for accelerated performance in the second half of the year as overseas production ramps up [1] Investment Highlights - The company has adjusted its profit expectations, maintaining a "Buy" rating. The revised EPS forecasts for 2025-2027 are 0.62, 0.75, and 0.94 yuan, down from previous estimates of 0.76, 0.92, and 1.08 yuan. The target price is adjusted to 11.11 yuan based on an 18x PE for 2025, reflecting the valuation premium from the company's proprietary brand [2] - Both domestic and international sales are showing robust growth, with the OEM and OBM strategies being implemented effectively. In H1 2025, revenue from vacuum vessels and aluminum bottles reached 1.376 billion and 165 million yuan, respectively, representing year-on-year increases of 13.00% and 11.31%. Revenue from overseas and domestic markets was 1.366 billion and 206 million yuan, with year-on-year growth of 14.14% and 4.81% [2] - The company is enhancing its strategic partnerships with core, key, and potential customers to improve customer loyalty and accelerate localized marketing efforts in key regions. The proprietary Hars brand center has undergone a dual upgrade in organizational restructuring and capability enhancement, establishing a complete end-to-end team for market insights, product definition, and shelf placement [2] Profitability and Cost Management - In Q2 2025, the company's gross profit margin was 28.76%, down 2.62 percentage points year-on-year, while the net profit margin was 5.57%, down 5.99 percentage points year-on-year. The decline in profitability is primarily due to increased costs associated with ramping up overseas production capacity [3] - The company's sales, management, R&D, and financial expense ratios were 8.76%, 7.43%, 4.27%, and -0.13%, respectively, with year-on-year increases of 0.47, 1.17, 0.30, and 1.82 percentage points. The increase in financial expenses is mainly due to reduced foreign exchange gains [3] Production Capacity and Future Focus - The company has successfully completed the construction and ramp-up of its second phase in Thailand, accelerating the transfer of new product molds, raw material reserves, and personnel training to mitigate uncertainties in overseas production capacity and ensure high-quality, timely delivery [3] - The company will continue to focus on core supply chain elements, enhancing control over delivery times, costs, and quality while improving production capacity at the Thailand base [5] Industry Position - As the first company in the industry to establish an overseas presence, the company has received positive feedback from several core customers [4]

Core Viewpoint - The company addressed the decline in gross margin during an online investor communication, attributing it primarily to the impact of the international trade environment and various cost increases associated with its OEM business expansion in Thailand [1] Group 1: Financial Performance - The fluctuation in gross margin is mainly influenced by the international trade environment [1] - The company's operating costs have risen significantly due to various factors, including the acceleration of production capacity in Thailand and the immature overseas supply chain [1] Group 2: Operational Challenges - The company is experiencing increased costs and expenses across various segments due to the expansion of its OEM business [1] - Additional losses are attributed to the transitional phase of ramping up production, which has not yet stabilized [1]