A research report from Guotai Haitong Securities indicates that the insulated container industry is experiencing steady growth in scale, with China maintaining its dominant position in the supply chain. Vietnam and Thailand, leveraging lower manufacturing costs and more favorable trade conditions, have become primary destinations for the transfer of mid- to low-end production capacity. Global insulated container brands are entering a new product lifecycle phase, presenting significant new growth opportunities for the supply chain. The report recommends focusing on leading global supply chain players with forward-looking overseas production capacity layouts, such as Jiayi Co., Ltd. (301004.SZ) and Haers (002615.SZ). The main viewpoints from Guotai Haitong are as follows:

The insulated container industry is characterized by steady growth in scale, with China retaining its dominant supply chain position, while the transfer of production capacity to Southeast Asia has already commenced. In 2024, the growth rate of US imports of insulated containers from Vietnam and Thailand surged unexpectedly, increasing by 163.5% and 230.6% year-on-year, respectively. From January to November 2025, the proportion of US insulated container imports from China declined to 89.7%, while the shares from Vietnam and Thailand expanded to approximately 3.6% and 4.5%, respectively. Against a backdrop of fluctuating foreign trade conditions, Vietnam and Thailand have become core destinations for relocating mid- to low-end production capacity due to their lower manufacturing costs and superior trade terms. Specifically, Haers has a designed production capacity of 30 million units in Thailand, while Jiayi Co., Ltd. possesses an annual production capacity of 13.5 million stainless steel vacuum insulated containers in Vietnam.

A review of the Stanley brand reveals a century-old company breaking into new markets and becoming a trendsetter. Founded in 1913 when William Stanley Jr. invented the steel vacuum bottle, the brand initially targeted workers and outdoor enthusiasts engaged in camping and hiking, with a focus on simple, minimalist designs. In 2017, social media platforms contributed to Stanley's first wave of major popularity and helped the brand clarify its user profile. Subsequently, Stanley brought in key executives and initiated product development and sales strategies tailored to crucial customer segments. Through collaborations, drop sales, and social media marketing, the brand successfully shifted its products from durable goods to fashion-oriented fast-moving consumer goods. In November 2024, an organic marketing event on TikTok propelled the Stanley brand to widespread popularity beyond its traditional market.

An analysis of Owala's success highlights its differentiated product design and marketing approach. On the product side, Owala employs a user-centric design philosophy that addresses specific consumer usage needs. Unlike Stanley, which prioritizes durability and large capacity, Owala places greater emphasis on the user experience. Owala's success stems from three key product design innovations that distinguish it from competitors: a dual-mode drinking feature, functional designs focusing on portability and leak-proof structures, and a wide range of color customization options. Regarding pricing, Owala adopts an accessible price point, broadening its user reach. In terms of marketing, Owala's strategy involves more grassroots social media tactics that strengthen user engagement. In its partnership approach, Owala prefers building long-term relationships with creators and micro-influencers, emphasizing authentic expression and community, rather than relying on celebrity endorsements. This strategy helps build a more credible and relatable brand image among younger consumers. In contrast, Stanley has recently intensified collaborations with top celebrities, sports IPs, and trendy brands, using high-impact partnerships to break into new circles, such as collaborations with JENNIE and Lionel Messi, and domestic promotions featuring actress Zhao Lusi to generate significant buzz.

Potential risks include substantial fluctuations in raw material prices and changes in the international trade landscape.