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].