Group 1 - The company Hars (002615) announced its earnings forecast for 2025, expecting a net profit attributable to shareholders of 54.8 million to 81.6 million yuan, representing a year-on-year decline of 71.52% to 80.88% [4] - The forecasted net profit excluding non-recurring items is estimated to be between 56.3 million and 83.1 million yuan, indicating a year-on-year decrease of 70.37% to 79.93% [4] - The basic earnings per share is projected to be between 0.12 yuan and 0.18 yuan [4] Group 2 - As of January 29, the company's price-to-earnings ratio (TTM) is approximately 46.57 to 69.34 times, with a price-to-book ratio (LF) of about 2.27 times and a price-to-sales ratio (TTM) of around 1.12 times [4] - The company specializes in the production and sales of stainless steel insulated containers [15] - The decline in performance is attributed to external pressures from a complex international trade environment and short-term adjustments in customer product structures, leading to revenue and gross profit pressure [15] Group 3 - The company is making strategic investments to support its global expansion, including the construction and production of a manufacturing base in Thailand, which incurs significant initial costs due to supply chain setup and localization efforts [15] - The appreciation of the RMB against the USD has put pressure on the company's gross margin and foreign exchange gains and losses, as its export products are primarily settled in USD [16]

南财智讯1月29日电，哈尔斯发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为5480 万元—8160万元，同比预减71.52%—80.88%；预计2025年全年归属于上市公司股东的扣除非经常性损 益的净利润为5630万元—8310万元，同比预减70.37%—79.93%。业绩变动原因说明：1、外部环境压 力：受国际贸易环境趋复杂及客户短期产品结构调整影响，公司收入与毛利阶段性承压；自有品牌处于 快速成长期，尚需一定量的品牌投入，致短期利润受影响。2、战略性投入的成本体现：公司为持续推 进全球化战略布局、夯实长期竞争力，正按计划建设并投产泰国生产基地。运营初期，因供应链搭建、 本地化团队建设等一次性投入较多，叠加产能仍处于快速爬升阶段，固定资产折旧等刚性成本尚未被充 分摊薄，导致短期内成本费用增幅显著。3、汇率波动影响：公司外销产品主要以美元结算，人民币兑 美元汇率升值，对毛利率和汇兑损益带来一定压力。 ...

证券代码：002615 证券简称：哈尔斯 公告编号：2026-003 浙江哈尔斯真空器皿股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间 2025 年 1 月 1 日—2025 年 12 月 31 日 （二）业绩预告情况 预计净利润为正值且属于下列情形之一： 扭亏为盈 同向上升 同向下降 | 项 目 | 本报告期 | | | 上年同期 | | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：5,480 | 万元-8,160 | 万元 | 盈利：28,654.49 | | 万元 | | | 比上年同期下降：71.52%-80.88% | | | | | | | 扣除非经常性损 益后的净利润 | 盈利：5,630 | 万元-8,310 | 万元 | 盈利：28,046.47 | | 万元 | | | 比上年同期下降：70.37%-79.93% | | | | | | | 基本每股收益 | 盈利：0.1 ...

Core Viewpoint - Under the backdrop of accelerating global trade friction, the company has maintained stable revenue through increased market share with existing clients and the acquisition of new clients, although profit growth is constrained by factors such as ramping up overseas production capacity and domestic brand investments [1] Group 1: Financial Performance - The company is expected to see a steady recovery in profitability in 2026, supported by the advantages of its production capacity in Thailand and the gradual maturity of overseas supply chains [1] - The trend of downstream production transfer is expected to continue, leading to a further concentration of supply share [1] Group 2: Strategic Developments - In 2025, the company plans to undergo a dual upgrade of its brand center organization and capabilities, establishing an independent team for research, production, and sales to achieve an end-to-end closed loop from market insight to product definition and shelf placement [1] - The company has set ambitious goals, aiming for brand revenue to approach manufacturing revenue by 2028, with expectations for high growth in its OBM (Original Brand Manufacturer) business [1] Group 3: Investment Rating - The company maintains a "Buy" rating based on its growth prospects and strategic initiatives [1]

Group 1: Export Performance - In December 2025, China's thermos cup export value reached 360 million USD, a year-on-year decrease of 15.5%, while the volume was 117 million units, showing a year-on-year increase of 7.4% [1] - For the entire year, export value and volume experienced year-on-year changes of -4.5% and +9.3% respectively [1] - The increase in export volume is attributed to domestic suppliers offering discounts due to U.S. tariff disruptions, despite slight pressure on export prices [1] Group 2: Brand Dynamics - New brands are emerging strongly, with YETI's sales in major countries increasing by 0.3% year-on-year, while Stanley's sales grew by 5.2% [2] - Owala and Brumate saw significant sales increases of 81.9% and 14.7% respectively, while SimpleModern experienced a decline of 23.8% [2] - The rise of new brands like Owala is seen as enhancing the industry's ceiling, while established brands maintain solid performance through value binding with their respective customer bases [2] Group 3: Manufacturing Insights - The global supply share is expected to continue concentrating, with the company Halos seeing revenue growth of 2.9% but a profit decline of 55.5% in Q1-Q3 2025 [3] - Despite challenges from overseas capacity ramp-up and domestic brand investments, Halos maintains steady revenue through existing customer share increases and new client acquisitions [3] - The company's production capacity in Thailand is expected to enhance profitability, with a continued trend of supply share concentration [3] Group 4: Brand Strategy - The company is undergoing a significant brand center reorganization and capability upgrade, establishing a full-chain team for market insights, product definition, and end-to-end shelf placement [4] - The product strategy includes accelerating the launch of new products, with 40 new items introduced in the first half of 2025 [4] - Marketing innovations include a lightweight collaboration model with celebrities to maximize traffic while minimizing long-term binding risks [4] Group 5: Financial Projections - The company aims for brand revenue to approach manufacturing by 2028, with expectations for high growth in OBM business [5] - Projected net profits for 2025, 2026, and 2027 are 110 million, 260 million, and 390 million CNY respectively, with corresponding PE ratios of 36.9X, 15.5X, and 10.5X [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The report highlights that the export volume of thermal cups in December 2025 continued to grow, with an export scale of 360 million USD (down 15.5% year-on-year) and a sales volume of 117 million units (up 7.4% year-on-year) [3] - The overall export amount and sales volume for the year showed a year-on-year change of -4.5% and +9.3%, respectively [3] - The report indicates that despite pressure on export prices due to U.S. tariffs, the export volume has been steadily increasing, with Amazon sales data showing a cumulative year-on-year growth of over 30.9% for the top 100 thermal cups in the U.S. market [2] - New brands are emerging strongly while mainstream brands are performing steadily, with YETI and Stanley showing modest growth in key markets [2] - The company has established a robust brand presence through value binding with specific customer segments, indicating that the rise of new brands is likely to elevate the industry's ceiling [2] Manufacturing Insights - The global supply share is expected to continue concentrating, with the company having entered the supply chain of well-known overseas brands years ago [3] - Revenue and profit growth for the company in Q1-Q3 2025 were +2.9% and -55.5%, respectively, indicating stable revenue but suppressed profit growth due to factors like increased overseas capacity and domestic brand investments [3] - The company's production capacity in Thailand is expected to enhance profitability, with a continued trend of downstream production transfer [3] Brand Development - The company aims to enhance its brand power through a comprehensive upgrade of its brand center, which includes independent teams for research, production, and sales [4] - The product strategy has shifted to a more aggressive launch schedule, with 40 new products introduced in the first half of 2025 [4] - Marketing strategies include innovative collaborations with popular IPs and a multi-channel distribution network [4] - The company has set ambitious goals, projecting that by 2028, brand revenue will approach that of manufacturing, with high growth expected in OBM (Original Brand Manufacturing) business [4] Financial Forecast - The projected net profits for the company from 2025 to 2027 are estimated at 110 million, 261 million, and 388 million CNY, respectively, with corresponding P/E ratios of 36.9X, 15.5X, and 10.5X [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The report highlights that the export volume of thermal cups in December 2025 continued to grow, with an export scale of 360 million USD (down 15.5% year-on-year) and a sales volume of 117 million units (up 7.4% year-on-year) [3] - The overall export amount and sales volume for the year showed a year-on-year change of -4.5% and +9.3%, respectively [3] - The report indicates that despite pressure on export prices due to U.S. tariffs, the export volume has been steadily increasing, with Amazon sales data showing a cumulative year-on-year growth of over 30.9% for the top 100 thermal cups in the U.S. market [2] - New brands are emerging strongly while mainstream brands are performing steadily, with YETI and Stanley showing slight growth in key markets [2] - The company has established a robust brand presence through value binding with specific customer segments, indicating that the rise of new brands is likely to elevate the industry's ceiling [2] Manufacturing Insights - The global supply share is expected to continue concentrating, with the company having entered the supply chain of well-known overseas brands years ago [3] - Revenue and profit growth for the company in Q1-Q3 of 2025 were +2.9% and -55.5%, respectively, indicating stable revenue but profit pressure due to increased overseas capacity and domestic brand investments [3] - The company is expected to see a steady recovery in profitability in 2026 as its production capacity in Thailand becomes more advantageous [3] Brand Development - The company aims to enhance its brand power through a comprehensive upgrade of its brand center and capabilities, establishing a full-chain team for market insights, product definition, and end-to-end shelf placement [4] - The product strategy includes a rapid iteration of new products, with 40 new products launched in the first half of 2025 [4] - The marketing strategy involves innovative collaborations with popular IPs and strategic partnerships, aiming for significant brand revenue growth by 2028 [4] - Profit forecasts indicate that the company's net profit attributable to the parent company for 2025-2027 will be 110 million, 261 million, and 388 million RMB, respectively, with corresponding P/E ratios of 36.9X, 15.5X, and 10.5X [4]

Core Viewpoint - The A-share market saw a strong performance in the sports industry stocks, driven by the U23 national football team's historic victory over Vietnam, which led to their first-ever advancement to the Asian Cup finals [1] Group 1: Market Performance - Jinling Sports surged over 14%, while Palm Holdings and Shuhua Sports hit the daily limit of 10% [1] - Other notable performers included Gongchuang Turf and Sanbai Shuo, both rising over 7%, and Zhongti Industry, which increased nearly 7% [1] - Zhujiang Shares and Tongda Chuangzhi also saw gains of over 4% [1] Group 2: National Team Achievement - The U23 national team defeated Uzbekistan in a penalty shootout in the quarter-finals and won against Vietnam 3-0 in the semi-finals, maintaining a clean sheet throughout the tournament [1] - The final match will be against Japan's U23 team, which narrowly defeated South Korea 1-0 in the other semi-final [1] - Coach Antonio highlighted the tactical changes made during the match and acknowledged the strength of the Japanese team, expressing determination to compete fiercely [1]

Market News - China will release December import and export data on January 14, with exports expected to grow by 3.0% year-on-year, down from 5.9% in November, while imports are anticipated to decline by 2.9% [3] - The trade balance for December 2025 will also be published on January 14, with total goods trade from January to November 2025 reaching 41.21 trillion yuan, a year-on-year increase of 3.6% [3] Commodity Futures - The Shanghai Futures Exchange will adjust the price limit for platinum and palladium futures contracts to 16% starting from January 13, 2026, with the trading margin standard set at 18% [4] Energy Outlook - The U.S. Energy Information Administration (EIA) will release its Short-Term Energy Outlook report on January 13, maintaining the WTI crude oil price forecast for 2025 at slightly below $69 per barrel [5] U.S. Economic Data - The U.S. will release December CPI data on January 13, with core CPI expected to rebound significantly, predicted at 0.36% by Morgan Stanley and 0.38% by Bloomberg, both higher than the average of 0.08% in October and November [6] - Key economic indicators including October and November PPI and November retail sales will also be released, with expectations of moderate PPI growth and a 0.7% rebound in retail sales for November [6] Federal Reserve - The Federal Reserve will publish its latest Beige Book on January 14, indicating that government shutdowns and AI applications have weakened the job market, while rising tariffs and healthcare costs have increased business expenses [7] Earnings Season - The earnings season for Q4 2025 will commence this week, with major banks including JPMorgan, Citigroup, and Goldman Sachs set to report [8] Sector Events - The second China eVTOL Innovation Development Conference is scheduled for January 15-16, 2026, in Shanghai, focusing on the new commercial era of eVTOL [10] - The fourth Data Center Liquid Cooling & AI Chip Thermal Management Supply Chain Conference will be held on January 14-15, 2026, in Shenzhen [10] - China's first comprehensive law in the nuclear energy sector, the Atomic Energy Law, will take effect on January 15, 2026 [11] Individual Company News - Hangyu Technology announced on January 11 that it has repurchased 752,800 shares, with plans to sell them within six months [13] - Huadong Medicine's subsidiary has developed a breakthrough treatment for severe hypertriglyceridemia, which has been included in the list of breakthrough therapies by the National Medical Products Administration [13] - Jingfeng Mingyuan plans to acquire 100% of Sichuan Yichong Technology Co., with a key review meeting scheduled for January 16, 2026 [13] - TSMC has commenced research on its next-generation 1.4nm process, with risk trial production expected to start in 2027 [13] Lock-up Expiration - From January 12 to January 16, 2026, 23 companies will have lock-up shares released, totaling 2.434 billion shares with a market value of approximately 48.56 billion yuan [16] - The highest market value of lock-up shares released on January 12 is from Tianxin Pharmaceutical at 7.84 billion yuan [17] New Stock Calendar - Two new stocks are set to be issued this week, with a total issuance of approximately 34 million shares and expected fundraising of 1.909 billion yuan [19] Market Outlook - The current market enthusiasm is driven by concentrated inflows from previously cautious funds, with expectations for continued momentum in thematic and small-cap stocks until after the Two Sessions [22] - Guojin Securities suggests that the spring market is likely to perform well, with a focus on AI investments and the recovery of domestic manufacturing [23] - Everbright Securities anticipates sustained market heat but warns of potential cooling as the Lunar New Year approaches, recommending attention to sectors like electronics and power equipment [24]

Core Viewpoint - The "Love with More Warmth - Hars 2026 Public Welfare Activity" was launched in Harbin, focusing on providing support to ice sculptors during the winter season, highlighting the company's commitment to social responsibility and community care [1][3]. Group 1: Company Initiatives - Zhejiang Hars Vacuum Vessel Co., Ltd. initiated the 2026 public welfare activity, emphasizing the concept of "empowering life with warmth" and a strong sense of social responsibility [3]. - The public welfare activity aims to provide "accompanying care beyond material donations" specifically targeting the ice sculptor community, showcasing a deepened collaboration with Xinhua Net in the public welfare sector [3]. Group 2: Community Impact - Ice sculptors, who work in harsh winter conditions, are being supported through customized thermos cups that provide warmth, symbolizing the company's care for these artists [5]. - The initiative includes various forms of media, such as short videos, to highlight the dedication and efforts of ice sculptors, aiming to raise awareness of their contributions [5]. - The public welfare action is designed to create a "mutual warmth bond" between the protectors and those being protected, offering tangible support to creators in the cold while enriching the winter landscape of Harbin [5].