HAERS(SZ:002615)2026-02-12 11:44Group 1: Market Insights - The company is optimistic about the long-term growth potential of the domestic cup and kettle market, citing a moderately low market concentration that allows leading brands to capture more market share [3] - The transition of cup and kettle products from functional durable goods to emotional consumer goods is reshaping market demand, driven by aesthetic economy and social media platforms [3] - Recent product launches, such as the titanium cup, have achieved top sales rankings on e-commerce platforms, validating the company's ability to respond quickly to consumer trends [3] Group 2: Consumer Mindset Development - The company is advancing consumer mindset establishment through five dimensions: high aesthetic design, integrated functional innovation, brand voice enhancement, category expansion into fashion, and gamified purchasing experiences [4] - Strategies include leveraging social media for brand visibility and creating emotional connections through collaborations and innovative product features [4] Group 3: Channel Strategy - The company employs an omnichannel strategy for its own brand, covering major e-commerce platforms and transitioning traditional retail channels to membership-based models [4] - The focus is on developing a comprehensive channel system that addresses daily consumption, immediate needs, and gifting scenarios [4] Group 4: Intellectual Property Protection - The company has established a three-tier brand protection system focusing on defense, monitoring, and enforcement to combat counterfeiting [4] - Continuous investment in R&D and rapid product iteration are seen as fundamental barriers against imitation [4] Group 5: OEM Business and Production Capacity - The company maintains stable strategic partnerships with key clients, with core customer relationships lasting over ten years [5] - Recent fluctuations in international conditions have temporarily affected order volumes, but a recovery is anticipated as inventory levels normalize [5] - The Thai production facility is progressing as planned, with expectations to meet capacity targets by the end of 2026 [5] Group 6: Cost Management - Current costs at the Thai factory are higher than domestic levels due to initial investments and capacity ramp-up, but costs are expected to align with domestic levels as local supply chains mature [5] - Long-term, the Thai facility is projected to benefit from lower labor costs and higher automation, enhancing cost competitiveness [5]