Guotai Haitong: Insulated cup industry enjoys stable growth, supply chain encounters new significant opportunities for growth.

Guotai Haitong released a research report stating that the scale of the thermos cup industry is steadily increasing, with China still holding the dominant position in the supply chain. Vietnam and Thailand have become core destinations for absorbing the transfer of middle and low-end production capacity due to lower manufacturing costs and better trade conditions. Global thermos cup brands are entering a new round of product lifecycle, and the supply chain is facing new significant growth opportunities. Guotai Haitong recommends Zhejiang Cayi Vacuum Container (301004.SZ) and Zhejiang Haers Vacuum Containers (002615.SZ), the global leaders in supply chain, to proactively expand their overseas production capacity. The main points of Guotai Haitong are as follows: Thermos cup industry: steady growth, China still dominates the supply chain position, Southeast Asian production capacity transfer has begun By 2024, the import of thermos cups by the U.S. from Vietnam and Thailand surged, with a year-on-year increase of 163.5% and 230.6% respectively. From January to November 2025, the proportion of thermos cups imported by the U.S. from China decreased to 89.7%, while the proportions from Vietnam and Thailand increased to around 3.6% and 4.5% respectively. Against the backdrop of fluctuations in the international trade environment, Vietnam and Thailand have become core destinations for absorbing the transfer of middle and low-end production capacity due to lower manufacturing costs and better trade conditions. Zhejiang Haers Vacuum Containers has a design capacity of 30 million in Thailand; Zhejiang Cayi Vacuum Container produces 13.5 million stainless steel vacuum thermos cups annually in Vietnam. Stanley's reenactment: Century-old brand breaking boundaries, becoming a benchmark in trends Stanley was founded in 1913 by William Stanley Jr., who invented the steel vacuum bottle in 1913. The brand's initial target audience was workers and outdoor enthusiasts who camp and hike, with a design focus on simplicity and minimalism. In 2017, social media platforms helped Stanley gain popularity and helped the brand identify its target audience. Stanley subsequently brought in key executives to develop products and sales strategies for their key customer groups. Through collaborations, Drop Sales, and social media seeding, they opened a new path, leading the product from durable consumer goods to fashionable fast consumer goods. In November 2024, a natural marketing event on TikTok further boosted Stanley's brand popularity. What did Owala do right to become popular: Differentiated product design and marketing strategy 1) On the product end, Owala focuses on user-centered product design to meet the specific usage needs of consumers. In contrast to Stanley's emphasis on durability and large capacity, Owala places more emphasis on user experience. Owala's success comes from three key product design innovations that set it apart from the competition, including dual-mode drinking, portable and leak-proof structural design, and a range of customizable color options. 2) On the pricing end: Owala offers affordable pricing, expanding the reach to users. From the retail price distribution, Stanley and Owala are clearly in different price ranges. Stanley's products are priced in the $42-46 range, accounting for 42% of total revenue; Owala's positioning as affordable luxury products, with 39% of products priced at $37, and 97% of total revenue coming from the $30-33 range. For the same capacity of Stanley and Owala water cups, Owala's prices are significantly lower than Stanley. 3) On the marketing end, Owala uses more down-to-earth social media marketing tactics to strengthen user stickiness. In terms of collaboration strategy, Owala tends to establish long-term relationships with creators and small-scale internet celebrities, emphasizing authentic expression and community attributes, rather than relying on celebrity endorsements. This strategy helps build a more credible and affable brand image among young consumer groups. In recent years, Stanley has been intensively collaborating with top celebrities, sports IP, and trendy brands to break boundaries, such as collaborations with JENNIE, Messi, and inviting Zhao Lusi to promote and ignite excitement. Risk warning: Significant fluctuations in raw material prices, changes in international trade patterns, etc.