北交所策略专题报告 2025 年 12 月 15 日 北交所研究团队 坚持内需主导，关注政策催化北证消费新机遇 ——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 坚持内需主导，建设强大国内市场，深入实施提振消费专项行动 2025 年 12 月 10-11 日召开的中央经济工作会议将内需放在首位，2026 年经济增 长将更多依靠内需发力。2021-2024 年内需对经济增长的贡献率达 86%，其中最 终消费平均贡献率 56%，是中国经济的"主动力和稳定锚"。为进一步激活内需， 会议推出系统性举措：消费端实施提振消费专项行动，制定居民增收计划，清理 不合理限制措施；投资端推动止跌回稳，增加中央预算内投资，优化"两重"项 目与专项债管理，激发民间投资活力，推进城市更新等。12 月 9-10 日的全国零 售业创新发展大会明确"十五五"时期行业转向品质与服务驱动，提出推广胖东 来经验、深耕下沉市场、推动线上线下深度融合等举措。2025 年"双 12"多平 台覆盖跨年节点，从价格竞争转向价值竞争与场景化覆盖，"双 11"中家用电器、 手机数码、服装位列 ...

Market Overview - On December 1, the cosmetics sector rose by 0.26% compared to the previous trading day, with BAWI leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - BAWI shares closed at 15.93, up 2.38% with a trading volume of 16,900 lots and a transaction value of 26.70 million yuan [1] - Shanghai Jahwa closed at 23.61, up 1.77% with a trading volume of 49,400 lots and a transaction value of 116 million yuan [1] - Huachun Color closed at 28.22, up 1.00% with a trading volume of 16,000 lots and a transaction value of 45.40 million yuan [1] - Betaini closed at 41.52, up 0.56% with a trading volume of 27,900 lots and a transaction value of 116 million yuan [1] - Kohn shares closed at 16.44, up 0.55% with a trading volume of 161,900 lots and a transaction value of 263 million yuan [1] - Proya closed at 70.61, up 0.37% with a trading volume of 23,200 lots and a transaction value of 163 million yuan [1] - Qingdao King closed at 7.38, up 0.27% with a trading volume of 85,100 lots and a transaction value of 6.28 million yuan [1] - Marubi closed at 35.47, up 0.11% with a trading volume of 29,300 lots and a transaction value of 103 million yuan [1] - Lafang closed at 20.95, unchanged with a trading volume of 23,000 lots and a transaction value of 4.81 million yuan [1] - Qingsong shares closed at 7.53, down 0.13% with a trading volume of 129,100 lots and a transaction value of 96.89 million yuan [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 49.52 million yuan from institutional funds, while retail investors saw a net inflow of 51.08 million yuan [2] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are increasing their positions [2] Detailed Fund Flow by Stock - Jiahen Home's main funds saw a net inflow of 7.25 million yuan, while retail funds had a net outflow of 19.70 million yuan [3] - Shanghai Jahwa experienced a net inflow of 3.64 million yuan from main funds, with retail investors contributing a net inflow of 348.90 million yuan [3] - Kohn shares had a net inflow of 3.35 million yuan from main funds, but retail investors saw a net outflow [3] - BAWI experienced a net outflow of 0.50 million yuan from main funds, while retail investors had a net inflow of 164.42 million yuan [3] - Qingdao King saw a net outflow of 0.83 million yuan from main funds, but retail investors contributed a net inflow of 238.25 million yuan [3]

Market Overview - The cosmetics sector experienced a decline of 2.85% on November 20, with Bavi Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Jiahen Home Cosmetics (300955) closed at 38.29, up 1.48% with a trading volume of 27,300 shares and a turnover of 103 million yuan [1] - Bavi Co. (920123) saw a significant drop of 9.28%, closing at 17.89 with a trading volume of 88,500 shares and a turnover of 163 million yuan [2] - Qingdao Kingway (002094) closed at 7.69, down 2.16%, with a trading volume of 214,700 shares and a turnover of 166 million yuan [1][2] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 377 million yuan from institutional investors, while retail investors saw a net inflow of 323 million yuan [2] - The main capital inflow and outflow for various stocks indicate a mixed sentiment, with some stocks like Jiahen Home Cosmetics seeing a net inflow of 9.93 million yuan from institutional investors [3] Notable Stock Movements - Fuleida (600223) had a net outflow of 25.36 million yuan from institutional investors, but a net inflow of 9.99 million yuan from retail investors [3] - Kesheng Co. (300856) experienced a net outflow of 29.14 million yuan from institutional investors, while retail investors contributed a net inflow of 12.29 million yuan [3]

Investment Rating - The report indicates a cautious outlook on the industry, suggesting a focus on structural opportunities despite recent adjustments in the new energy sector [4]. Core Insights - The market is experiencing a significant structural divergence, with new stocks and specialized sectors showing resilience, while traditional sectors like new energy are under pressure [4]. - The North Exchange is positioned as a key platform for innovative small and medium enterprises, benefiting from ongoing policy support and regional industrial advantages [4]. - Short-term index adjustments are primarily driven by heavyweight sectors, but long-term prospects remain positive for niche leaders with technological barriers [4]. Summary by Sections Market Review - On November 18, the North Exchange A-share trading volume reached 201.0 billion, an increase of 4.2 billion from the previous trading day, with the North 50 Index closing at 1481.82, down 2.92% [2][9]. - Among 283 companies listed, 31 saw gains, 4 remained flat, and 248 experienced declines, with the top gainers being Beikang Detection (295.5%), Meideng Technology (22.8%), and others [2][18]. - The top decliners included Lingge Technology (-9.8%), Luqiao Information (-9.5%), and others [2][19]. Important News - Arm and NVIDIA are collaborating to promote NVLink, aiming to establish industry standards for AI chip interconnectivity [3][20]. - Huawei is set to unveil the Mate 80 series and the new Kirin 9030 chip on November 25 [3][21]. Key Company Announcements - Hanxin Technology received a patent for a digital twin-based optimization method [3][22]. - Ruihua Technology also announced a patent for a dehydration reaction method in BDO refining [3][24].

Market Overview - The cosmetics sector increased by 0.24% on November 12, with Jiaheng Jiahua leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Jiaheng Jiahua (300955) closed at 39.79, up 6.82% with a trading volume of 110,800 shares and a turnover of 429 million yuan [1] - Huaye Fragrance (300886) closed at 30.72, up 1.96% with a trading volume of 32,700 shares and a turnover of 99.64 million yuan [1] - Shanghai Jahwa (600315) closed at 24.60, up 0.78% with a trading volume of 62,900 shares and a turnover of 15.5 million yuan [1] - Other notable stocks include Bawei Co. (920123) at 18.31, up 0.72%, and Kesheng Co. (300856) at 14.00, up 0.50% [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 66.86 million yuan from institutional investors, while retail investors saw a net inflow of 2.95 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are entering the market [2] Detailed Capital Flow by Stock - Qing Song Co. (300132) had a net inflow of 5.60 million yuan from institutional investors, while it faced a net outflow of 7.23 million yuan from speculative funds [3] - Shanghai Jahwa (600315) saw a net inflow of 5.19 million yuan from institutional investors but a net outflow of 8.56 million yuan from retail investors [3] - Other stocks like Huaye Fragrance (300886) and Kesheng Co. (300856) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

证券代码：920123 证券简称：芭薇股份 公告编号：2025-105 广东芭薇生物科技股份有限公司 关于完成工商变更及公司章程备案并取得营业执照的公告 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、基本情况 二、工商变更登记情况 近日，公司已完成相关变更登记及修订后《公司章程》备案手续，并取得广 州市市场监督管理局换发的营业执照。本次工商变更完成后，公司工商登记信息 如下： 名称：广东芭薇生物科技股份有限公司 统一社会信用代码：91440101786096533H 类型：股份有限公司（上市、自然人投资或控股） 法定代表人：冷群英 注册资本：壹亿壹仟壹佰伍拾肆万元（人民币） 成立日期：2006 年 04 月 30 日 住所：广州市白云区新贝路 5 号 经营范围：自然科学研究和试验发展；技术服务、技术开发、技术咨询、技 术交流、技术转让、技术推广；工程和技术研究和试验发展；生物化工产品技术 研发；化妆品批发；化妆品零售；个人卫生用品销售；卫生用品和一次性使用医 疗用品销售；日用化学产品制造；日用化学 ...

Investment Rating - The investment rating for the company is "Outperform" (previously "Buy") [2][8] Core Insights - The company reported a revenue of 607 million yuan for the first three quarters of 2025, representing a year-on-year increase of 28.8%. However, the net profit attributable to the parent company was 29 million yuan, a slight increase of 1.3%, while the non-recurring net profit decreased by 7.3% [5][8] - In Q3 2025, the company achieved a revenue of 236 million yuan, up 15.1% year-on-year, but the net profit decreased by 12.8% [5][8] - The company is expected to benefit from new high-quality customers starting from 2026, which will drive revenue growth [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 924 million yuan, with a year-on-year growth rate of 32.9%. The net profit forecast for 2025 is 56 million yuan, with a growth rate of 22.8% [7][10] - The gross profit margin is projected to be 23.3% for 2025, down from 26.7% in 2024 [7][10] - The company has adjusted its profit forecast downwards due to intense industry competition and lower-than-expected Q3 profits [8] Revenue and Profitability Analysis - The company has added new "disinfection products" production capacity, enhancing its one-stop service capability, with an expected annual output of 100 million units [8] - The company is participating in the establishment of a private equity fund to explore potential acquisition targets, which may provide additional growth avenues [8] Market Comparison - The company's market capitalization as of October 28, 2025, corresponds to a PE ratio of 35 for 2025, 26 for 2026, and 21 for 2027, compared to a comparable company PE average of 28 for 2026 [8]

证券代码：920123 证券简称：芭薇股份 公告编号：2025-104 广东芭薇生物科技股份有限公司 第四届董事会第九次会议决议公告 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 10 月 27 日 2.会议召开地点：芭薇股份创新中心 8 楼会议室 4.发出董事会会议通知的时间和方式：2025 年 10 月 22 日以电子邮件及电话 方式发出 5.会议主持人：董事长冷群英女士 6.会议列席人员：公司高级管理人员 7.召开情况合法合规的说明： 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 会议应出席董事 8 人，出席和授权出席董事 8 人。 二、议案审议情况 （一）审议通过《关于公司 2025 年三季度报告的议案》 1.议案内容： 具体详见公司于 2025 年 10 月 28 日在北京证券交易所指定信息披露平台 （www.bse.cn）披露的《广东芭薇生物科技股份 ...

证券代码：920123 证券简称：芭薇股份 公告编号：2025-102 广东芭薇生物科技股份有限公司 关于与私募基金合作投资暨关联交易的进展公告 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、与私募基金合作投资暨关联交易的概况 广东芭薇生物科技股份有限公司（以下简称"公司"、"芭薇股份"）分别于 2025 年 9 月 11 日、2025 年 9 月 29 日召开第四届董事会第八次会议和 2025 年第 三次临时股东会，审议通过了《关于与私募基金合作投资暨关联交易的议案》， 同意公司以自有资金 2000 万元作为有限合伙人参与投资设立基金。具体内容详 见公司在北京证券交易所指定信息披露平台（www.bse.cn）披露的《与私募基金 合作投资暨关联交易的公告》（公告编号：2025-093）和《2025 年第三次临时股 东会决议公告》（公告编号：2025-101）。 二、与私募基金合作投资暨关联交易的进展 近日，公司与广州产投私募基金管理有限公司（以下简称"产投私募"）、广 州市白云投资基金管理有限公司 ...

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Views - The company is a technology-driven beauty manufacturing enterprise, firmly implementing a "major clients, major products" strategy. The Chinese cosmetics market is continuously expanding, driving growth in the cosmetics OEM industry. The company has established a good reputation in the industry and has built strong relationships with numerous brand clients [6][10]. Summary by Sections 1. Market Growth - The Chinese cosmetics market is projected to reach CNY 579.1 billion by 2025, with a year-on-year growth of 6.1%. The skincare market is expected to grow to CNY 318.6 billion, with a year-on-year increase of 5.7%. The OEM industry has seen a compound annual growth rate of 15.1% from CNY 21.41 billion in 2017 to CNY 49.76 billion in 2023 [6][21][22]. 2. Company Performance - In the first half of 2025, the company achieved revenue of CNY 371 million, a year-on-year increase of 39.3%, and a net profit of CNY 16.94 million, up 14.95% year-on-year. The company is expanding its market share despite a decline in gross margin due to changes in client and product structure [41][44]. 3. R&D and Market Expansion - The company holds 138 patents, including 120 invention patents, and has participated in drafting 7 national standards. It focuses on new raw material applications and formula development to support both new and existing brand clients. The company aims to penetrate overseas markets through participation in international exhibitions [48][55]. 4. Financial Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are CNY 54 million, CNY 65 million, and CNY 74 million, respectively. The corresponding price-to-earnings ratios are 36.5, 30.6, and 26.8 times. The report compares the company with peers, noting an average PE of 38.1 times for comparable companies in 2025 [8][41].