浙江哈尔斯真空器皿股份有限公司 董事、高级管理人员薪酬管理制度 浙江哈尔斯真空器皿股份有限公司 （2025 年 12 月） 第一章 总 则 第一条 为进一步完善浙江哈尔斯真空器皿股份有限公司（以下简称"公司"） 董事、高级管理人员的薪酬管理，建立科学有效的激励与约束机制，有效调动公 司董事、高级管理人员的工作积极性，提高公司的经营管理效益，根据《中华人 民共和国公司法》《上市公司治理准则》等有关法律、法规及《浙江哈尔斯真空 器皿股份有限公司章程》（以下简称"《公司章程》"）的有关规定，并结合公 司实际情况，制定本制度。 第二条 本制度适用于公司董事及高级管理人员。高级管理人员指公司的总 裁、副总裁、董事会秘书、首席财务官和《公司章程》认定的其他高级管理人员。 第三条 公司董事、高级管理人员的薪酬以公司经营与综合管理情况为基础， 根据经营计划完成情况、分管工作职责及工作目标完成情况、个人履职及发展情 况相结合进行综合考核确定薪酬。 第四条 公司薪酬制度遵循以下原则： （一）绩效导向原则。薪酬水平与行业薪酬水平、公司经营效益、业绩考核 结果相挂钩，董事及高级管理人员的绩效薪酬与中长期收入的确定和支付应当以 绩效评 ...

证券代码：002615 证券简称：哈尔斯 公告编号：2025-099 浙江哈尔斯真空器皿股份有限公司 第六届董事会第二十次会议决议公告 （一）审议通过《关于 2020 年限制性股票激励计划预留授予部分第三个解 除限售期解除限售条件成就的议案》 表决结果：6 票同意、0 票反对、0 票弃权，关联董事吴子富先生、吴汝来 先生回避表决。 鉴于公司《2020 年限制性股票激励计划（草案修订稿）》激励对象预留授 予部分第三个解除限售期解除限售条件已成就，董事会同意为 12 名符合解除限 售条件的激励对象办理获授股份解锁，预留授予部分第三个解锁期合计申请解除 限售并上市流通的限制性股票数量为 65.2 万股。 相关具体情况详见与本公告同日刊载于公司指定信息披露媒体《证券时报》 《证券日报》《上海证券报》以及巨潮资讯网（www.cninfo.com.cn）的《关于 2020 年限制性股票激励计划预留授予部分第三个解除限售期解除限售条件成就 的公告》《北京德恒（杭州）律师事务所关于浙江哈尔斯真空器皿股份有限公司 2020 年限制性股票激励计划预留授予部分第三个解除限售期解锁相关事项的法 律意见》。 本议案已经董事会薪酬与考核 ...

Core Insights - Hars has achieved the top global sales in cup and kettle products for three consecutive years, evolving from a traditional gift option to a fashionable health brand that covers diverse lifestyle scenarios [1] - The company aims for each user to own nine thermos cups tailored to different life situations, indicating a shift from a mere drinking tool to a lifestyle carrier [1][2] Brand Strategy - Hars emphasizes that while traffic can generate temporary attention, lasting trust is built on brand strength, which is rooted in 40 years of reliable quality and participation in over 40 national industry standards [2] - The brand's mission is to upgrade from functional thermos products to emotionally resonant companion brands, focusing on a dual-driven model of "brand + intelligent manufacturing" [2][3] User Engagement - Hars has formed a strategic partnership with Tencent Advertising to create a deep user connection system, leveraging digital tools to transform single transactions into long-term emotional relationships [3] - The integration of AI technology throughout the product lifecycle enhances quality and efficiency while maintaining a focus on human stories and values [3] Long-term Vision - The company advocates for a long-term approach to building an international brand, emphasizing that the journey requires time and stability rather than immediate results [3][4] - Hars believes that the key to narrowing the gap with international brands lies in upholding values and fostering innovation [3][4] Brand and Traffic Relationship - Hars views brand economy and traffic economy as complementary, with brand value as the main melody and traffic operations as harmony, stressing the importance of maintaining core brand values [4]

Investment View - The company is a leading manufacturer and brand operator of thermal cups in China, driving industry innovation and high-quality development through strong partnerships with key clients like Yeti, Stanley, and Owala, supported by continuous R&D investment and overseas production capacity [1][4] - The first phase of the Thailand production base was fully operational in 2023, with the second phase expected to reach production capacity by the first half of 2025, rapidly increasing output [1][42] - The company is actively investing in channel development, product innovation, and IP collaborations to enhance its own brand, Hars, and strengthen governance through employee stock ownership and share buybacks [1][12] Investment Logic - The company is solidifying overseas customer loyalty through efficient R&D and overseas production, with Yeti's stable growth and focus on high-margin new products, Stanley's transition to steady growth, and Owala's innovative designs driving high growth [2][9] - The company is expanding its customer matrix by actively seeking high-potential emerging brands like Brumate and Takeya, smoothing out fluctuations caused by brand rotation [2][41] - The company is entering a harvest period for its self-owned brand investments, focusing on channel expansion and product innovation to enhance brand recognition [2][10] Financial Performance - For the first three quarters of 2025, the company reported revenue of 2.437 billion yuan, a year-on-year increase of 2.94%, while net profit attributable to shareholders was 100 million yuan, down 55.49% due to short-term impacts from overseas capacity ramp-up and domestic brand investments [7] - Revenue from vacuum vessels, aluminum bottles, and other businesses in the first half of 2025 was 1.376 billion yuan, 165 million yuan, and 30 million yuan respectively, with year-on-year growth rates of 13.00%, 11.31%, and 13.54% [7] - The company's overseas revenue accounted for 86.91% of total revenue in the first half of 2025, with a year-on-year increase of 14.14% [7] Supply Chain and Production Capacity - The company is enhancing its supply chain advantages and production capacity, with the Thailand base's first phase producing approximately 5.5 million units annually and the second phase expected to reach 24.5 million units [42][43] - The company is implementing localized operations and optimizing logistics and procurement costs through a rapidly forming local supply chain in Thailand [42][43] - The company is advancing its smart manufacturing initiatives, aiming to replicate the lighthouse factory model to improve efficiency and reduce costs [46] Brand Development - The company is focusing on expanding its self-owned brand, Hars, and leveraging the Swiss brand SIGG to penetrate the European market [52][53] - The company is enhancing brand recognition through a multi-channel strategy, including online and offline retail, and has seen significant sales growth in platforms like Tmall and Douyin [55][57] - The company is integrating emotional value and product functionality into its branding strategy, collaborating with various IPs to attract younger consumers and enhance market penetration [59][63]

从获买入评级个股所属Wind行业来看，食品、饮料与烟草、制药、生物科技与生命科学、材料Ⅱ买入 评级个股数量最多，分别有3只、2只、1只。 每经AI快讯，Wind数据显示，12月12日，共有12只个股获券商买入评级，其中1只个股公布了目标价 格。按最高目标价计算，哈尔斯目标涨幅排名居前，涨幅达25.93%。 从评级调整方向来看，9只个股评级维持不变，3只个股为首次评级。 （文章来源：每日经济新闻） ...

Group 1 - A total of 12 stocks received buy ratings from brokerages on December 12, with one stock announcing a target price [1] - The stock with the highest target price, Hars, has a projected increase of 25.93% [1] - Among the rated stocks, 9 maintained their ratings while 3 received ratings for the first time [1] Group 2 - The sectors with the most stocks receiving buy ratings include Food, Beverage & Tobacco (3 stocks), Pharmaceuticals (2 stocks), and Biotechnology & Life Sciences and Materials II (1 stock each) [1]

Core Viewpoint - The company, as a leading player in the domestic cup and kettle industry, emphasizes brand building and communication to enhance brand influence [1] Group 1: Brand Strategy - The company focuses on product marketing to maintain visibility and voice within the industry, thereby shaping and enhancing brand influence [1] - The company is implementing organizational restructuring and capability upgrades to achieve an end-to-end closed loop from market insight to product placement [1] - The company aims to build a "hit product matrix" under its own brand through innovations in marketing and distribution channels, enhancing brand value and market share [1] Group 2: Product Development - The company identifies "trendy products" as a key direction for product development, planning to explore various design trends such as intangible cultural heritage, traditional painting, and trendy IP [1] - The company is committed to developing more culturally rich and aesthetically appealing trendy products that resonate with young consumers [1]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Kingsoft Office, Jiuzhou Pharmaceutical, and Zhongding股份 [1][2] - Kingsoft Office received a target price increase of 42.77%, with a highest target price of 432.90 yuan, rated as "Strong Buy" by Huachuang Securities [2][3] - Jiuzhou Pharmaceutical's target price increased by 33.88%, with a highest target price of 24.50 yuan, rated as "Buy" by Tianfeng Securities [2][3] - Zhongding股份 saw a target price increase of 33.27%, with a highest target price of 29.00 yuan, rated as "Buy" by CITIC Securities [2][3] Group 2 - On December 9, a total of 10 listed companies received recommendations from securities firms, including China Tianying and Hars, each receiving one recommendation [2] - Four companies received initial coverage on December 9, including China Tianying rated "Increase" by Guotai Junan Securities, Hars rated "Buy" by Guosheng Securities, Jiuzhou Pharmaceutical rated "Buy" by Tianfeng Securities, and Igor rated "Buy" by Zheshang Securities [3][4] - The industries represented among the newly covered companies include environmental governance, household goods, medical services, and other electronics [4]

Group 1: Fixed Income Strategy - The report predicts that the 10-year government bond yield may drop to 1.6-1.7% in 2026, based on various economic indicators and trends [3][4] - Factors influencing this prediction include economic growth, inflation, and the trend of interest rates, with a potential decline in financing costs by 10 basis points [3] - The report suggests a strategic allocation towards long-term bonds, particularly in the first quarter of 2026, while noting potential uncertainties in policy and market conditions thereafter [4] Group 2: Light Industry Manufacturing - Hars (002615.SZ) - Hars is identified as a leading manufacturer of thermal cups, focusing on both OEM and its own brand development, with a strong competitive position in the market [5] - The company is expected to see a gradual recovery in profitability, with projected net profits of 142 million, 292 million, and 371 million yuan for 2025-2027, reflecting a year-on-year change of -50.6%, +106.0%, and +27.3% respectively [5] - The report assigns a "buy" rating with a target P/E of 16x for 2025, indicating confidence in the company's ability to navigate cost pressures and enhance profitability as its overseas operations ramp up [5] Group 3: Food and Beverage - Three Squirrels - The report discusses the opening of the first flagship store of Three Squirrels, which aims to create a community retail space with a focus on a diverse product range including fresh and prepared foods [6][9] - The store features a selection of 1,500 SKUs, with a pricing strategy that offers better value compared to competitors, indicating a strong market demand as evidenced by initial sales exceeding 1.26 million yuan within three days of opening [9] - This new store format is a strategic move towards a "full category + hard discount" approach, aiming to expand the company's market presence and optimize its supply chain [9] Group 4: Real Estate Sector Insights - The political bureau meeting emphasized a stable economic approach for 2026, with a focus on expanding domestic demand and implementing proactive fiscal and monetary policies [10][11] - The report suggests that the real estate sector remains a key economic indicator, with potential for policy-driven recovery, particularly in first and second-tier cities [11] - Investment recommendations include focusing on leading real estate companies and local state-owned enterprises, as well as property management firms that are likely to benefit from the anticipated policy shifts [11]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading manufacturer of thermal cups, primarily engaged in OEM production while simultaneously developing its own brands [1][13] - The global cup market is expected to reach USD 4.8 billion by 2025, indicating stable growth driven by consumer trends towards emotional value and lifestyle products [2] - The company has established strong partnerships with major clients and is expanding its overseas production capacity to mitigate tariff risks and enhance order fulfillment [3] Company Overview - The company was founded in 1985 and specializes in stainless steel vacuum thermal vessels, glass cups, aluminum bottles, and plastic cups, with over 80% of its revenue coming from thermal cups [1][13] - The sales model includes both OEM and self-branded products, with the latter including the domestic brand "Haers" and the Swiss brand "SIGG" acquired in 2016 [1][13] Industry Analysis - The thermal cup industry is experiencing structural upgrades and stable growth, with China being a core supplier [2] - The market is characterized by a shift from traditional durable goods to fast-moving consumer goods and fashion items, broadening the market boundaries [2] Competitive Advantage - The company has a well-established supply chain both domestically and internationally, benefiting from deep partnerships with leading brands like YETI and PMI [3] - The overseas production facilities in Thailand are in a rapid ramp-up phase, which is expected to alleviate cost pressures and enhance delivery stability to key clients [3] - The company is focusing on dual-brand development and multi-channel growth strategies, with significant upgrades to the Haers brand and successful operations of SIGG [3] Financial Forecast and Valuation - The company is projected to achieve net profits of CNY 142 million, CNY 292 million, and CNY 371 million for the years 2025, 2026, and 2027, respectively, with corresponding EPS of CNY 0.30, CNY 0.63, and CNY 0.80 [4] - The report assigns a target price of CNY 10.01 based on a P/E ratio of 16x for 2025, reflecting the company's strong manufacturing capabilities and customer barriers [4]