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]
可靠股份(301009) - 2025年5月20日投资者关系活动记录表