杭州可靠护理用品股份有限公司2025年年度报告摘要深度解读

一、核心要点与投资者需关注事项

• 公司业绩稳步增长：2025年公司营业收入达11.50亿元，同比增长6.65%，归属于上市公司股东净利润3,612万元，同比增长15.87%。扣非净利润2,817万元，同比增长17.06%。经营活动产生的现金流净额1.27亿元，同比大幅增长141.71%。
• 利润分配方案：公司拟每10股派发现金红利1.20元（含税），不送红股也不以资本公积金转增股本。投资者需关注红利发放带来的现金回报。
• 董事存在异议：董事鲍佳对2025年年报及其摘要投反对票，理由详见董事会相关决议公告。公司未说明异议具体内容，投资者需重点关注该事项背后潜在风险。
• 主要股东结构变化：杭州唯艾诺贰号企业管理合伙企业变更登记，涉及执行事务合伙人变更；三家员工持股平台（上市前特定股东）因员工资金需求合计减持6,998,100股，实际控制人金利伟未参与减持。
• 收购计划：公司拟以现金收购上海汉合纸业有限公司不低于60%股权，若收购成功将实现对汉合纸业控股。该事项仍需审计评估及正式协议，或对公司业务布局产生影响。
• 公司为子公司提供担保：为全资子公司可靠福祉和可睿护理分别提供不超过1亿元和5,000万元的授信担保，强化子公司资金支持，显示拓展战略。
• 主营业务与市场地位：公司专注一次性卫生用品，产品覆盖成人失禁用品、婴儿护理、女性卫生及宠物卫生等，采取“自主品牌+ODM”模式，深耕成人失禁用品，自主品牌“可靠”“吸收宝”“安护士”等市占率和品牌认知不断提升。ODM业务与国内外知名品牌客户合作稳步推进。

二、详细财务与运营数据

三、资本结构与股东变动

• 公司总股本为 271,860,000 股，回购股份为 5,435,800 股，报告期末普通股东16,620户。
• 前十大股东持股：
  • 金利伟持股30.13%，鲍佳29.13%，两大股东合计持股近六成。
  • 杭州唯艾诺投资、唯艾诺贰号为一致行动人，前十股东中多家机构和自然人持股，境外法人如PACKWOOD ENTERPRISES和BARCLAYS BANK PLC亦列前十。
• 公司无优先股，无表决权差异安排。

四、风险及潜在股价影响因素

• 董事异议：董事鲍佳对年报投反对票，虽未披露详细理由，但可能反映公司治理或重大事项分歧，对投资者信心构成潜在影响。
• 特定股东减持：员工持股平台大额减持，虽控股股东未参与，但可能带来市场流动性短期压力。
• 收购汉合纸业：如收购落地，有望补强公司产业链与市场，但短期内存在收购整合与业绩不确定性。
• 现金分红：稳定现金分红显示公司盈利能力和股东回报意愿，或对市场形成利好预期。
• 公司经营稳健：主营业务增长明显，现金流大幅改善，显示经营质量提升，有望支撑长期价值。

五、结论

杭州可靠护理用品股份有限公司2025年年报显示公司业绩稳步提升，现金流强劲，积极进行产业并购并向子公司提供资金支持，市场地位稳定。需关注董事会分歧及员工持股平台减持对后续影响。收购汉合纸业的推进及后续整合值得投资者持续关注。整体来看，公司稳健经营与积极扩张并举，具备中长期价值，但需对短期不确定性保持审慎。

免责声明：本文基于公司公开信息整理，不构成任何投资建议。投资有风险，决策请审慎。

English Version

Hangzhou Coco Healthcare Products 2025 Annual Report In-Depth Interpretation

I. Key Points & Investor Focus

• Steady Performance Growth: For 2025, revenue reached CNY 1.15 billion (up 6.65%), net profit attributable to shareholders was CNY 36.12 million (up 15.87%), and net profit excluding non-recurring items was CNY 28.18 million (up 17.06%). Operating cash flow netted CNY 127 million, a significant increase of 141.71% year-on-year.
• Dividend Plan: The company plans to distribute a cash dividend of CNY 1.20 (tax included) per 10 shares, with no bonus shares or capital reserve transfers. This is a positive return for shareholders.
• Director’s Dissent: Director Bao Jia voted against the 2025 annual report and its summary. The specific reasons are not disclosed here but are available in the board meeting resolution. Investors should pay attention to potential risks behind this dissent.
• Changes in Major Shareholders: Hangzhou Weinno No.2 Enterprise Management Partnership completed a change in executive partner registration. Three employee shareholding platforms (pre-IPO specific shareholders) cumulatively reduced 6,998,100 shares due to personal funding needs. The controlling shareholder, Jin Liwei, did not participate in the reduction.
• Acquisition Plan: The company intends to acquire no less than 60% of Shanghai Hanhe Paper Co., Ltd. in cash to obtain control. The transaction awaits audit and a formal agreement, which may impact business layout.
• Guarantees for Subsidiaries: The company provided credit guarantees of up to CNY 100 million and CNY 50 million to its wholly-owned subsidiaries, strengthening financial support and expansion.
• Core Business & Market Position: Focusing on disposable hygiene products, covering adult incontinence, baby care, female hygiene, and pet hygiene, employing a “self-owned brand + ODM” model. The “Reliable,” “Absorba,” and “Annurse” brands have rising recognition and market share, while the ODM business maintains stable cooperation with major domestic and international brands.

II. Detailed Financial and Operational Data

III. Capital Structure & Shareholder Changes

• Total shares: 271,860,000; repurchased shares: 5,435,800; 16,620 ordinary shareholders at period end.
• Top Ten Shareholders:
  • Jin Liwei holds 30.13%, Bao Jia 29.13%, totaling nearly 60%.
  • Hangzhou Weinno Investment and Weinno No.2 are acting in concert. Multiple institutions and individual investors are among the top ten, including international entities.
• No preferred shares, no differential voting arrangements.

IV. Risks & Potential Share Price Catalysts

• Director Dissent: Bao Jia’s dissent on the annual report, with undisclosed reasons, could signal governance issues or significant disagreements, affecting investor confidence.
• Employee Shareholding Reductions: Large-scale reduction by employee platforms may create short-term market liquidity pressure.
• Hanhe Paper Acquisition: If completed, this could strengthen the company’s value chain and market position, but integration and short-term earnings uncertainty remain.
• Stable Cash Dividend: Indicates stable profitability and return to shareholders, likely to support investor sentiment.
• Solid Operations: Main business growth and robust cash flow reflect improved operating quality, supporting long-term value.

V. Conclusion

Hangzhou Coco Healthcare Products’ 2025 annual report demonstrates steady improvement in performance and cash flow, active industry M&A, and financial support for subsidiaries, with a stable market position. Investors should closely watch the board disagreement and employee share reductions. The Hanhe Paper acquisition and its integration will be critical for the company’s future. Overall, the company combines steady operations with expansion potential, offering mid- to long-term value, though short-term uncertainties warrant caution.

Disclaimer: This article is based on publicly available company information and does not constitute investment advice. Investment involves risks; please make decisions with caution.

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