证券代码：301009 证券简称：可靠股份 杭州可靠护理用品股份有限公司投资者关系活动记录表 编号：2025-005 投资者关系活 动类别 □特定对象调研 □分析师会议 媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他（电话会议） 参与单位名称 及人员姓名 天风证券：张彤、孙海洋；国联基金：陈方园；上海五聚资管：王鑫； 银河基金：杨琪；建信养老金管理：李平祝；北京鑫翰资管：敖飞；华 宝基金：张金涛；上海运舟私募基金：王岩；汇泉基金：王达；博道基 金：王晓莹；附加值投资：杨禹琦；北京市星石投资：王荣亮；信泰人 寿保险：齐津；万家基金：王琴；创金合信基金：梁雪；广东正圆投资： 亓辰；阳光资管：吴彬 时间 2025年8月24日20:00-20:40 地点 电话会议 上市公司接待 人员姓名 副总经理兼财务总监：李超楠 副总经理兼董事会秘书：王向亭 投资者关系活 动主要内容介 绍 问题一、公司二季度利润环比一季度下降的主要原因是什么？是季 节性因素还是经营利润确实下滑？ 答：公司二季度利润环比变化主要与线上渠道的促销节点有关。二 季度有 618 大促，公司秉承以质取胜、传递价值的理念，但在大环境裹 挟 ...

每孩每年3600元，补贴直至年满3周岁，预计惠及超2000万育儿家庭……近期，旨在用"真金白 银"缓解家庭养育压力的国家育儿补贴政策发布。然而，有新手父母反映，奶粉、纸尿裤等母婴用品近 期"悄悄涨价"，部分产品涨幅"甚至不小"。另一边，有商家称仅少数品类价格略有波动，且涨价与育儿 补贴政策出台并无关联。 消费者、商家围绕涨价与否各执一词，真实情况如何？新华每日电讯记者就此展开走访调查，看政 策红利是否被无序的市场行为"稀释"。 补贴未至，涨价先行？ 近期发布的《育儿补贴制度实施方案》明确，2025年起对符合条件的3周岁以下婴幼儿发放补贴， 直至年满3周岁。补贴按年度发放，当前标准为每孩每年3600元，各地将于8月下旬陆续开放申领。然 而，就在补贴即将兑现之际，众多新手父母发现，奶粉、纸尿裤等母婴用品价格"涨声响起"，不少知名 品牌因此陷入"借机牟利"的舆论漩涡。 "金领冠900克装的菁护和珍护，这两款我家娃和小侄子一直在喝，近两个月都涨了价。珍护从每罐 200元涨到260元，菁护从每罐145元涨到190元。"湖北武汉的韩女士告诉记者，她近日在小区附近一家 母婴店选购奶粉，上午付款时，商家承诺次日调货到位，结果 ...

每经记者｜黄婉银 每经实习记者｜李旭馗 每经编辑｜张海妮 在发布会现场，恒安国际执行董事兼财务总监李伟梁介绍道，今年上半年纸巾业务板块增长主要靠提升销量与产品价格。其中，湿巾业务表现突出，销售额 同比大幅增长23.5%，湿巾业务收入占纸巾业务整体收入的比例已超过11%。 许清流在回应记者提问时表示，他在公司2024年年度业绩发布会上曾提及"行业价格战卷到快卷不动"，今年上半年纸巾业务销售额增长但销量基本持平的表 现印证了这一行业趋势。"我们是真的卷不动了，只能靠轻微提价来实现增长。" 上半年，恒安国际卫生用品业务收入下滑主要受行业新品牌入局、传统渠道客流减少及电商平台促销竞争影响。不过，卫生用品业务较2024年下半年环比回 升7.3%，呈复苏势头。 李伟梁提到，上半年国内卫生用品行业竞争激烈，公司卫生巾和纸尿裤业务均受价格战影响而出现下滑。但受惠于成人失禁用品市场规模日益壮大，公司成 人纸尿裤业务在上半年实现了约1%的增长。高端系列同样表现亮眼，卫生巾"天山绒棉"系列销售额达2.9亿元，同比增长26.4%；纸尿裤"Q·MO"系列销售额 达3.4亿元，按年增长6.6%；其他业务收入同比增加约2亿元，李伟梁解释道 ...

Core Viewpoint - The article highlights the entrepreneurial journey of Cheng Gang, who successfully established Youpai, a company specializing in pet care products, by identifying and capitalizing on a niche market in pet hygiene products, leading to significant growth and market presence in both domestic and international markets [1][3][7]. Group 1: Company Overview - Youpai's revenue reached approximately 1.02 billion yuan in 2024, with a net profit of about 59 million yuan, and over 60% of its revenue coming from overseas markets [3][31]. - The company operates across three main segments: pet care, adult care, and personal care, with pet care products contributing over 70% of total revenue [5][6]. - The brand Honeycare has become a best-seller on Amazon in the pet category, with one product selling 136,000 units in a month and maintaining a top position in the Dog Diapers category [20][24]. Group 2: Market Strategy - Youpai has adopted a dual-brand strategy, launching Honeycare for high-end markets and Cocoyo for cost-effective domestic markets, allowing it to capture a broad customer base [7][26]. - The company has established a robust online and offline sales channel ecosystem, with nearly 70% of its revenue generated from online sales [12][13]. - Youpai's pricing strategy in overseas markets directly competes with high-end brands, resulting in a gross margin of 35.65% for overseas revenue in the first eight months of 2024 [16][30]. Group 3: Competitive Landscape - Youpai faces competition from larger players in the market, including Unicharm, which poses both a partnership and competitive threat as it expands into pet care [29]. - The company maintains a higher gross margin compared to competitors, with a gross margin of 32.10% in 2024, indicating effective cost management and pricing strategies [30]. - The global pet supplies market is projected to grow significantly, with the U.S. market expected to reach $32.05 billion by 2027, presenting opportunities for Youpai [31][32]. Group 4: Future Outlook - Youpai's focus on the pet care segment, which is often overlooked, positions it well for future growth as the market continues to expand [33]. - The company has invested in local manufacturing and supply chain capabilities, enhancing its competitiveness and reducing reliance on exports [12][26]. - However, the potential for price wars and competition from larger brands remains a concern, necessitating continuous innovation and brand differentiation [29].

Core Insights - The company Leshu Shi, founded by entrepreneurs Shen Yanchang and Yang Yanjuan, is making strides towards an IPO in Hong Kong, focusing on the African maternal and infant market with its sanitary napkin and diaper products [1][3] - Leshu Shi has established itself as a leader in the African market, achieving significant sales and revenue growth, with 2024 sales volume reaching 5.757 billion units and revenue of $454 million (approximately 3.2 billion RMB) [3][4] - The founders have maintained control over the company without relying on external capital, which is a rare approach in the current investment climate [3][4] Financial Performance - Leshu Shi's revenue figures for 2022, 2023, and 2024 are $320 million, $411 million, and $454 million respectively, with corresponding net profits of $18.39 million, $64.68 million, and $95.11 million [3][4] - Despite a slowdown in revenue growth in 2024, the company has successfully increased its net profit, indicating effective management of profit margins [3][4] Challenges and Strategy - The company faces challenges due to raw material costs, which account for over 80% of total sales costs, making it vulnerable to price fluctuations [4] - Leshu Shi has a relatively small R&D team of only four employees and a modest R&D expenditure of $500,000 in 2024, focusing primarily on maintaining low prices and high quality [4] - The founders aim to position Leshu Shi as the "Chinese version of Procter & Gamble," seeking to expand globally post-IPO [4]

Core Viewpoint - The expected peak in birth rates during the Year of the Dragon did not materialize, yet the company Aiyingshi reported strong performance in the first half of 2025, achieving revenue growth despite demographic challenges [1] Financial Performance - Aiyingshi achieved operating revenue of 1.835 billion yuan, a year-on-year increase of 8.31% - The net profit attributable to shareholders was 47 million yuan, up 10.17% - The net profit excluding non-recurring items reached 37 million yuan, reflecting a growth of 20.65% [1] Market Strategy - The company capitalized on the trend of increased spending per child among parents born in the 1980s and 1990s, focusing on premium products and services [1] - Aiyingshi's growth was attributed to a dual-channel strategy, expanding offline stores while enhancing online presence through new media platforms [1][2] Store Expansion - Aiyingshi focused on expanding its direct-operated stores in East, Central, and South China, ending the reporting period with a total of 487 stores [2] - The company opened 20 new stores in East China, 6 in South China, and 9 in Central China during the reporting period [2] Revenue Structure - Revenue from various business segments included: - Store sales: 1.28 billion yuan (up 5.76%) - E-commerce: 760 million yuan (down 14.87%) - Maternal and infant services: 200 million yuan (up 13.44%) - Supply chain management: 365 million yuan (up 31.04%) [2][3] Supply Chain Optimization - Aiyingshi's revenue growth was significantly driven by its maternal and infant health supply chain management business [2] - The company implemented a supply chain network optimization strategy, enhancing market penetration and operational efficiency [4] O2O Integration - The company developed an O2O (Online to Offline) instant fulfillment network, partnering with platforms like Meituan and Ele.me to improve delivery efficiency [5] - O2O channel revenue accounted for 18% of total revenue, with a gross margin 3.2 percentage points higher than traditional e-commerce [5] Private Label Strategy - Aiyingshi's private label products now account for 35% of its offerings, allowing for better cost control and product differentiation [5] - The integration of supply chain management with product development has led to a 70% success rate for new product launches [5]

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company reported a revenue of 1.764 billion RMB for the first half of 2025, representing a year-on-year increase of 15.1%. The net profit attributable to the parent company was 188 million RMB, up 4.6% year-on-year. The second quarter revenue was 768 million RMB, with a slight increase of 0.2% year-on-year, while net profit decreased by 25.5% due to short-term public sentiment affecting online channel revenue and operating profit [1][2]. - The company is focusing on optimizing its online channel operations, which are expected to return to a growth trajectory starting in the third quarter. Offline performance remains robust, with a steady national expansion and improving profitability [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company's revenue from sanitary napkins was 1.687 billion RMB, a year-on-year increase of 20.5%. The product structure is continuously optimized, with health series products expected to account for over 50% of revenue, up more than 8 percentage points year-on-year. Revenue from diapers and ODM decreased by 34.0% and 43.1% respectively [2]. - Offline revenue increased by 39.8% in the first half of 2025, with significant growth in regions such as Sichuan, Chongqing, and surrounding provinces [2]. Profitability and Cost Management - The company's gross margin for the first half of 2025 was 53.2%, a decrease of 1.2 percentage points year-on-year, primarily due to logistics and packaging costs being included in the e-commerce channel. The operating expense ratio was 40.7%, up 0.5 percentage points year-on-year, with sales expenses increasing due to heightened marketing efforts in response to public sentiment [3]. - The net profit margin for the first half of 2025 was 10.7%, down 1.0 percentage points year-on-year. However, with a lower base for net profit margin in the second half of the year, a faster growth in net profit is anticipated [3]. Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 372 million RMB, 487 million RMB, and 657 million RMB, with year-on-year growth rates of 29%, 31%, and 35% respectively. The corresponding EPS estimates are 0.87 RMB, 1.13 RMB, and 1.53 RMB [4]. - The target price is set at 34.80 RMB, based on a 40 times PE ratio for 2025, reflecting the company's strong competitive advantage in offline channels and the expected recovery of online sales [4].

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - E-commerce sales for personal care products showed improvement in July, with notable growth in brands like Princess Nais and All Cotton Era, leading to continued recommendations for companies like Steady Medical and Haoyue Care [2][4] - The approval of double-glue paper futures and the current low prices of pulp and paper suggest a potential price recovery, with a focus on leading companies like Sun Paper [2][4] - The US-China tariff suspension for 90 days is expected to alleviate pressure on the domestic export chain, with a focus on companies with overseas supply chain layouts [2][4] Summary by Sections E-commerce and Personal Care - In July, e-commerce platform sales for sanitary napkins, toothpaste, diapers, and tissue paper showed month-on-month recovery, with growth rates of +5% for sanitary napkins and +24% for toothpaste [4][5] - Brands such as Princess Nais (+53%), All Cotton Era (+34%), and Jieting (+25%) maintained high growth, with recommendations for Steady Medical and Haoyue Care [4][5] Paper Industry - As of August 15, 2025, prices for various paper types were reported: double-glue paper at 4950 CNY/ton (-43.75 CNY), copper plate paper at 5150 CNY/ton (-170 CNY), and box board paper at 3484.2 CNY/ton (+20.8 CNY) [4][5] - The report highlights the potential for price recovery in the paper industry due to supply-demand imbalances and recommends companies like Sun Paper and Huawang Technology [4][5] Home Furnishing - In July, retail sales of furniture increased by +20.6% year-on-year, while building materials saw a decline of -0.5% [4][5] - Recommendations include leading custom furniture companies such as Oppein Home and Sofia, as well as soft furniture leaders like Mousse and Joyous [4][5] Export Chain - The US-China tariff suspension is expected to ease export pressures, with a focus on companies like Zhongxin and Jiangxin Home [4][5] - The report notes that shipping costs are gradually decreasing, with the CCFI and SCFI indices down by -0.6% and -2.0% respectively [4][5] Packaging - Meiyingsen reported a revenue of 1.949 billion CNY in H1 2025, with a year-on-year increase of +5.46% [4][5] - Recommendations include companies in biodegradable packaging and metal packaging sectors, highlighting the stable operations and dividend value of leading packaging firms [4][5] New Tobacco Products - The report suggests monitoring new tobacco products as international leaders launch HNB products, with a focus on companies like Simoer International [4][5] Textile and Apparel - The textile and apparel sector showed a decline, with a focus on leading brands like Hailan Home and Anta [4][5] - The report indicates a need for attention on outdoor economy trends and companies like Zhejiang Nature and Mugaodi [4][5]

Core Insights - The concept of "dimensionality reduction" is gaining traction in business competition, exemplified by Transsion Holdings' success in the African market, and now, Leshu Shih is aiming to replicate this success with its IPO in Hong Kong [1][3] - Leshu Shih has emerged as a leading brand in the African baby diaper and sanitary napkin market, surpassing international giants like Procter & Gamble and Kimberly-Clark, with a revenue of $454 million in 2024 and significantly higher gross and net profit margins compared to domestic competitors [1][3][4] Company Overview - Leshu Shih originated from Sen Da Group, founded by Shen Yanchang, who identified the potential of the African market while working in Nigeria and established the company in 1999 [1][3] - The company expanded into daily consumer goods, launching affordable products to cater to the needs of African rural women, which led to rapid market acceptance [3] Market Position - Leshu Shih holds a market share of 20.3% in baby diapers and 15.6% in sanitary napkins in Africa, making it the sales champion in these categories [3] - Despite being slightly behind Procter & Gamble in revenue market share, Leshu Shih's competitive advantage lies in its cost-effective pricing strategy, resulting in superior gross and net profit margins compared to domestic peers [3] IPO and Future Plans - Leshu Shih's IPO journey has faced challenges, with its initial application to the Hong Kong Stock Exchange expiring after six months, but it has recently refiled its prospectus [3][4] - The funds raised from the IPO will be primarily allocated to expanding production capacity, upgrading production lines, marketing in emerging markets, and supplementing working capital [4] - The company plans to leverage the high birth rate and growth potential in Africa to further solidify its market position and expand into other emerging markets [4]

Core Viewpoint - Babycare has partnered with Shanghai United Family Hospital to establish a "Pee-Pee Research Center" focusing on infant skin health and care, aiming to translate clinical cases and treatment experiences into family solutions [1] Group 1: Company Initiatives - The collaboration aims to address skin barrier issues in infants, particularly diaper dermatitis [1] - Babycare is one of the first brands to offer a "red buttock money-back guarantee" service [1] Group 2: Industry Insights - Diaper dermatitis affects nearly 50% of newborns, with over 2 million discussions on "red buttock" on the Xiaohongshu social platform [1] - Clinical manifestations of diaper dermatitis include redness, rashes, and in severe cases, ulceration and fluid leakage [1] - Contributing factors to diaper dermatitis include excessive moisture, friction, pH issues, and external bacteria [1] - Recommendations for care include using soft fabric diapers, ensuring good absorbency, changing diapers every 2-3 hours, and applying barrier creams like petroleum jelly [1]