HAERS(SZ:002615)2026-02-13 03:00Summary of Conference Call Notes Company and Industry - The conference call discusses Hars in the textile and manufacturing industry, specifically focusing on the thermal cup manufacturing sector. Core Points and Arguments - Employee Stock Ownership Plan: The company announced a plan to transfer up to 2.689 million shares (0.58% of total shares) to a maximum of 50 directors, executives, and core employees at a price of 4.46 CNY per share, with a total cap of 11.9927 million CNY sourced from share buybacks [1] - Performance Assessment Standards: The performance targets for 2026 are set based on the average revenue of 2.87 billion CNY and net profit excluding non-recurring items of 250 million CNY for 2023 and 2024. The growth targets are as follows: - 2026: Revenue/net profit growth targets of ≥55%/45% and trigger values of ≥45%/30% - 2027: Revenue/net profit growth targets of ≥80%/80% and trigger values of ≥70%/60% - 2028: Revenue/net profit growth targets of ≥110%/110% and trigger values of ≥100%/100% [1][2] - Earnings Forecast: Based on the stock incentive targets, the net profit attributable to the parent company is projected to be 360 million CNY, 450 million CNY, and 520 million CNY for 2026, 2027, and 2028 respectively, corresponding to price-to-earnings ratios of 12X, 9X, and 8X [2] - High Demand for OEM Orders: The company is experiencing high demand for thermal cup OEM orders, with significant improvements in profitability. Key clients such as Yeti are expected to see inventory replenishment, while Stanley is anticipated to increase its strategic cooperation share. Other brands like Owala and Brumate are showing rapid growth [2] - Operational Improvements: The Thailand facility has seen effective improvements in production costs, labor efficiency, and production yield after 25 years of supply chain development and team building. The scale effect is expected to accelerate in 2026 [2] - Brand Strategy Growth: The company’s own brand strategy is showing continuous benefits, with accelerated internal brand growth and expansion into diverse online and offline channels. In 2026, the company plans to increase collaborations in areas like trendy toys, indicating promising brand growth potential [3] - Market Outlook: The company has established a bottom line in operations in 2025, with expectations for a positive upward trend in both OEM and brand growth in 2026. Active monitoring of the company is recommended [3]