Group 1 - Guangzhou Laiseng Investment Development Co., Ltd. has been established, with a legal representative named Leng Zhigang [1] - The company's business scope includes retail and wholesale of cosmetics, enterprise management, property management, investment activities with self-owned funds, and cosmetics production [1] - The company is jointly held by Guangzhou Bawi Biotechnology Co., Ltd., a wholly-owned subsidiary of Bawi Co., Ltd., among others [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is positioned as a leading player in the ODM (Original Design Manufacturer) sector for skincare products, with significant growth potential driven by R&D and testing capabilities, as well as expanding overseas markets [1][4] - The company has demonstrated strong revenue growth, with a 48.27% year-on-year increase in revenue for 2024 and a 40.15% increase in Q1 2025 [3][4] - The company is focusing on a "big client, big product" strategy to enhance service quality and product value, which is expected to drive market share growth domestically and internationally [4] Financial Performance Summary - In 2024, the company achieved revenue of 6.95 billion yuan, a 48.27% increase year-on-year, and a net profit of 453.9 million yuan, a 10.28% increase [3] - For Q1 2025, the company reported revenue of 1.62 billion yuan, a 40.15% increase year-on-year, and a net profit of 8.62 million yuan, an 8.81% increase [3] - The company’s revenue projections for 2025, 2026, and 2027 are 9.66 billion yuan, 11.21 billion yuan, and 12.85 billion yuan respectively, with year-on-year growth rates of 39.0%, 16.1%, and 14.6% [5] - The projected net profit for 2025, 2026, and 2027 is 610 million yuan, 800 million yuan, and 1.01 billion yuan respectively, with corresponding EPS of 0.54, 0.72, and 0.91 yuan per share [5] Product and Market Insights - The company’s main product categories, including skincare (excluding masks), masks, and hair care, have shown significant revenue growth, with skincare revenue increasing by 49.56% year-on-year [4] - The company has successfully registered new raw materials with the National Medical Products Administration, which is expected to enhance its product offerings [4] - The overseas revenue for 2024 reached 526.29 million yuan, a remarkable 361.52% increase year-on-year, indicating strong international market potential [4]

Core Insights - Bawei Co., Ltd. reported a significant increase in both revenue and net profit for the year 2024, with total revenue reaching approximately 695 million yuan, a year-on-year increase of 48.27%, and a net profit attributable to shareholders of 45.39 million yuan, reflecting a growth of 10.28% [3] Executive Compensation - Among the disclosed executive compensations, the company secretary, Dan Nan, experienced a salary decrease to 649,200 yuan, down by 77,700 yuan from the previous year, making it one of the lowest among the management team [3] - In contrast, the chairman, Leng Qunying, saw his compensation rise to 1.637 million yuan, an increase of 557,000 yuan; the vice president, Leng Zhigang, received 1.038 million yuan, up by 316,500 yuan; and another vice president, Chen Biao, earned 1.434 million yuan, an increase of 514,000 yuan [3] Company Structure - Bawei Co., Ltd. is characterized as a typical family-run enterprise, with significant family ties among the executive team. The chairman, Leng Qunying, previously worked as a middle school teacher for nearly eight years, and his spouse, Liu Ruixue, currently serves as a director and holds 10.8 million shares [3][4] - The company secretary, Dan Nan, is the son-in-law of Leng Qunying and Liu Ruixue, holding 2.116 million shares [4]

Summary of Key Points - The total number of shares to be released from restrictions is 19,086,563 shares, accounting for 17.11% of the company's total share capital, with the trading date set for June 13, 2025 [1][2] - The total share capital of the company after the rights distribution is 111,540,000 shares, with 63,632,896 shares (57.05%) being unrestricted and 47,907,104 shares (42.95%) being restricted [3] - The reasons for the release of restrictions include annual releases for directors, supervisors, and senior management, as well as releases for departing personnel [2][4] - There are no outstanding commitments from the shareholders applying for the release of restrictions, and there are no non-operational fund occupations or violations that could harm the company's interests [6]

证券代码：837023 证券简称：芭薇股份 公告编号：2025-044 广东芭薇生物科技股份有限公司 股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、本次股票解除限售数量总额为 19,086,563 股，占公司总股本 17.11%，可交 易时间为 2025 年 6 月 13 日。 二、本次股票解除限售的明细情况及原因 单位：股 | | | 是否为控 | 董事、监 | | | 本次解 除限售 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东姓名 | 股股东、 | 事、高级 | 本次解 | 本次解除限 | 股数占 | 尚未解除 | | 序号 | | 实际控制 | | 限售原 | 售登记股票 | | 限售的股 | | | 或名称 | 人或其一 | 管理人员 | 因 | 数量 | 公司总 | 票数量 | | | | 致行动人 | 任职情况 | | | 股本比 | | | | | | | | | 例 | | | 1 | ...

Core Viewpoint - The stock of Bavi Co., Ltd. (837023) experienced a 2.43% increase today, with a turnover rate of 24.56% and a trading volume of 243 million yuan, despite a net sell-off of 6.31 million yuan by brokerage firms [2] Trading Activity Summary - The stock was listed on the North Exchange's daily turnover list due to its turnover rate of 24.56%, with brokerage firms collectively net selling 6.31 million yuan [2] - The top five brokerage firms involved in trading accounted for a total transaction volume of 50.08 million yuan, with buying amounting to 21.88 million yuan and selling at 28.19 million yuan, resulting in a net sell-off of 6.31 million yuan [2] - The largest buying brokerage was Wanhe Securities Co., Ltd. Taizhou Branch, with a purchase amount of 5.11 million yuan, while the largest selling brokerage was GF Securities Co., Ltd. Guangzhou Avenue South Branch, with a selling amount of 10.44 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the daily turnover list 15 times, with an average price drop of 2.24% the day after being listed and an average decline of 4.62% over the following five days [2]

证券代码：837023 证券简称：芭薇股份 公告编号：2025-043 广东芭薇生物科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 广东芭薇生物科技股份有限公司 2024 年年度权益分派方案已获 2025 年 5 月 15 日召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间 未超过两个月。 现将权益分派事宜公告如下： 本次权益分派基准日合并报表归属于母公司的未分配利润为 104,766,551.98 元，母公司未分配利润为 90,587,305.28 元，母公司资本公积为 198,953,314.33 元（其中股票发行溢价形成的资本公积为 187,644,584.73 元，其他资本公积为 11,308,729.60 元）。本次权益分派共计转增 25,740,000 股，派发现金红利 25,740,000.00 元。 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司现有总股本 85,800,000 股为基数，向全体股东 ...

Group 1 - The stock of Bawi Co., Ltd. (837023) fell by 3.22% today, with a turnover rate of 39.32% and a trading volume of 399 million yuan, showing a fluctuation of 12.88% [2] - The stock was listed on the龙虎榜 due to its high turnover rate, with a net selling amount of 11.405 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction amount of 67.6126 million yuan, with a buying amount of 28.1038 million yuan and a selling amount of 39.5087 million yuan, resulting in a net selling of 11.405 million yuan [2] Group 2 - The largest buying brokerage was Dongfang Caifu Securities, with a purchase amount of 5.8209 million yuan, while the largest selling brokerage was Guoxin Securities, with a selling amount of 6.0004 million yuan [2] - Over the past six months, the stock has appeared on the龙虎榜 13 times, with an average price drop of 2.39% the day after being listed and an average drop of 2.82% in the following five days [2]

湖南启元律师事务所 关于 广东芭薇生物科技股份有限公司 2024年年度股东会的 法律意见书 二○二五年五月 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 邮编：410000 电话：0731-82953778 传真：0731-82953779 网站：www.qiyuan.com 1 致：广东芭薇生物科技股份有限公司 湖南启元律师事务所（以下简称"本所"）接受广东芭薇生物科技股份有限 公司（以下简称"公司"）的委托，指派本所律师出席了公司 2024 年年度股东 会（以下简称"本次股东会"），对本次股东会的召集和召开程序、出席会议人 员及召集人的资格、表决程序和表决结果的合法有效性进行律师见证，并发表本 法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等我国现行法律、法规、规范性文件以及《广 东芭薇生物科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定 出具本法律意见书。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务 ...

证券代码：837023 证券简称：芭薇股份 公告编号：2025-042 广东芭薇生物科技股份有限公司 2024 年年度股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 5 月 15 日 2.会议召开地点：芭薇股份创新中心 1 楼会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长冷群英女士 公司全体高级管理人员列席会议。 6.召开情况合法合规的说明： 会议的召集、召开、议案审议程序符合《公司法》等有关法律、法规和《公 司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 17 人，持有表决权的股份总数 44,735,115 股，占公司有表决权股份总数的 54.80%。 其中通过网络投票参与本次股东会的股东共 1 人，持有表决权的股份总数 38,000 股，占公司有表决权股份总数的 0.05%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 1 ...