证券代码：837023 证券简称：芭薇股份 公告编号：2025-050 广东芭薇生物科技股份有限公司 第四届董事会第六次会议决议公告 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 8 月 7 日 5.会议主持人：董事长冷群英女士 6.会议列席人员：公司监事及高级管理人员 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开符合《公司法》等法律法规和《公司章程》的相关规 定，所作决议合法合规。 （二）会议出席情况 2.会议召开地点：芭薇股份创新中心 8 楼会议室 3.会议召开方式：现场和网络视频会议 4.发出董事会会议通知的时间和方式：2025 年 8 月 6 日以电话方式发出 本议案已经第四届董事会第三次独立董事专门会议审议通过，同意提交董事 会审议。 3.回避表决情况： 本议案无需回避表决。 4.提交股东会表决情况： 会议应出席董事 7 人，出席和授权出席董事 7 人。 二、议案审议情况 （一）审议通过《关于补选公司 ...

证券代码：837023 证券简称：芭薇股份 公告编号：2025-051 广东芭薇生物科技股份有限公司 持股 5%以上股东拟减持股份的预披露公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | 广州云美 | | （股） | （%） | | | 产业投资 | 持股 5%以 | | | 北京证券交易所上 | | 合伙企业 | | 7,054,966 | 6.33% | | | | 上股东 | | | 市前取得 | | （有限合 | | | | | | 伙） | | | | | 一、 减持主体的基本情况 二、 本次减持计划的主要内容 | | | 计划减 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 计划减持数 | 持数量 | | | | 拟减持 | 拟减 | | 股东名 | 量 | 占总股 | 减持 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The full implementation of the cosmetic safety assessment system is expected to enhance the company's market share [1] - The new assessment system increases the product registration cycle and costs, which may accelerate industry consolidation [7] - The company is proactively establishing testing centers and enhancing raw material R&D to strengthen its supply chain [7] - The company is expected to see significant growth in revenue and net profit over the next few years, with projected net profits of 69 million, 91 million, and 115 million for 2025, 2026, and 2027 respectively [6][11] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,009 million in 2025 to 1,230 million in 2027, with a compound annual growth rate (CAGR) of approximately 7.4% [6][11] - The net profit attributable to the parent company is expected to increase from 69 million in 2025 to 115 million in 2027, reflecting a growth rate of 26.8% in 2027 [6][11] - The company's earnings per share (EPS) is forecasted to rise from 0.62 in 2025 to 1.03 in 2027 [6][11] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 31, 24, and 19 respectively [7] Industry Context - The full safety assessment system, implemented on May 1, 2025, has led to a significant decline in the number of cosmetic registrations, with a 30.5% decrease in ordinary cosmetic filings and a 46.7% drop in special cosmetic registrations from May to July 2025 [4] - The new assessment requirements are expected to raise the bar for contract manufacturers in terms of raw material management, R&D capabilities, and supply chain collaboration [7]

Core Insights - The cosmetics sector experienced a decline of 1.56% on July 31, with LaFang JiaHua leading the drop [1][2] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Market Performance - The following companies showed notable price movements: - Shuiyang Co., Ltd. (300740) closed at 16.87, up 1.08% with a trading volume of 176,700 shares and a turnover of 299 million yuan [1] - LaFang JiaHua (603630) closed at 22.10, down 4.08% with a trading volume of 65,600 shares and a turnover of 147 million yuan [2] - Other companies like Qingdao King (002094) and Huaye Fragrance (300886) also saw declines of 0.34% and 0.46% respectively [1][2] Capital Flow - The cosmetics sector saw a net outflow of 162 million yuan from institutional investors, while retail investors contributed a net inflow of 154 million yuan [2][3] - Specific stock capital flows included: - Shuiyang Co., Ltd. had a net inflow of 13.29 million yuan from institutional investors [3] - LaFang JiaHua experienced a significant net outflow of 17.62 million yuan from institutional investors [3]

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]