股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 霸王國際(集團)控股有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01338 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | ...

(「本公司」) 定義 薪酬委員會的職權範圍 霸王國際（集團）控股有限公司 "股東" 指本公司的股東 "聯交所" 指香港聯合交易所有限公司 1. 就本職權範圍（「職權範圍 」）而言： "董事會" 指本公司的董事會 "企業管治守則" 指在上市規則附錄 C1 的《企業管治守則》 (不時修定) "公司秘書" 指本公司不時委任的公司秘書 "董事" 指本公司的董事 "财务总监" 指由董事會不時委任的負責公司財務管理的高級職員 "集團" 指本公司及其不時的附屬公司和關聯公司，或若文意另有 所指，於本公司成為其現時附屬公司和關聯公司的控股公 司前的有關期內，本公司現時的附屬公司和關聯公司，或 其現時附屬公司和關聯公司或其前身（視情況而定）所營 運的業務 "上市規則" 指聯交所不時修訂的上市規則 "薪酬" 指包括但不僅限於一切薪金、紅利、津貼、福利（現金或 實物）、 退休金安排、付還款項、補償款項（包括就任何 損失或終止聘用或委任而應付的補償）、獎勵金及購股權 "薪酬委員會" 指董事會根據本公司的組織章程第 117（1）條及本職權範 圍第 2 條通過的決議而不時設立的薪酬委員會 1 / 6 "高級管理人員" 指主席、首席執行官 ...

審核及風險管理委員會的職權範圍 霸王國際（集團）控股有限公司 (「本公司」) (股份代號：01338) 定義 1. 就本職權範圍（「職權範圍 」）而言： | "審核委員會" | 指董事會根據本公司的組織章程第 117（1）條及本 | | --- | --- | | | 職權範圍第 2 條通過的決議而不時設立的審核及風 | | | 險管理委員會 | "公司秘書" 指本公司不時委任的公司秘書 "聯交所" 指香港聯合交易所有限公司 組成 2. 董事會謹此議決在董事會下設立一個名為審核及風險管理委員會的董事會委員會。 成員 "董事" 指本公司的董事 "財務總監" 指由董事會委任的負責公司財務管理的高級職員 "集團" 指本公司及其不時的附屬公司和關聯公司 "上市規則" 指香港聯合交易所有限公司不時修訂的上市規則 "高級管理人員" 指主席、首席執行官、副首席執行官、首席財務 官、公司秘書及董事會不時委任的本公司其他管理 人員 3. 董事會將在本公司的非執行董事中不時委任審核委員會的成員, 審核委員會的成員數目將不少於三 名，大部份成員須為獨立非執行董事，而其中最少一位成員須為按上市規則的要求，具備適當專 業資格、或具備會 ...

提名委員會的職權範圍 定義 1. 對於引用（這些條款的目的條款）： | "董事會" | 指本公司董事會 | | --- | --- | | "企業管治守則" | 指在上市規則附錄C1的《企業管治守則》 (不時修定) | | "公司秘書" | 指本公司不時委任的公司秘書 | | "董事" | 指本公司的董事 | | "財務總監" | 指由董事會不時委任的負責公司財務管理的高級職員 | | "集團" | 指本公司及其不時的附屬公司和關聯公司，或若文意另 | | | 有所指，於本公司成為其現時附屬公司和關聯公司的控 | | | 股公司前的有關期內，本公司現時的附屬公司和關聯公 | | | 司，或其現時附屬公司和關聯公司或其前身（視情況而 | | | 定）所營運的業務 | 1 / 5 "上市規則" 指聯交所不時修訂的上市規則 "提名委員會" 指董事會根據本公司的組織章程第 117（1）條及本職權 範圍第 2 條通過的決議而設立的提名委員會 "高級管理人員" 指主席、首席執行官、副首席執行官、首席財務官、公 司秘書及董事會不時委任的本公司其他管理人員、本公 司任何其他管理人員(其薪酬福利條件比或將比董事會 委任的其他管 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 霸王國際(集團)控股有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01338 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 ...

Core Insights - The Guangzhou Market Supervision Administration announced the results of the 2024 special inspection of cosmetics, revealing a compliance rate of 98.1% with 40 out of 2066 samples failing to meet standards [1] Group 1: Inspection Results - A total of 2066 batches of cosmetics were inspected, with 2026 passing and 40 failing, resulting in a compliance rate of 98.1% [1] - The main issues with non-compliant samples were related to ingredient mislabeling, microbial contamination, and excessive or unauthorized additives [1] Group 2: Specific Brand Issues - The brand "霸王" had two products tested; one passed while the "霸王黑芝麻柔亮洗发露" failed due to excessive levels of methylisothiazolinone and methylchloroisothiazolinone [2] - The maximum allowable concentration for these preservatives in cosmetics is 0.0015%, and they are only permitted in rinse-off products [2][3] - This is not the first instance of "霸王" being flagged for similar issues, as a previous product was penalized for non-compliance in 2022 [3] Group 3: Children's Products - The children's brand "兔头妈妈" was found to have a product with microbial counts exceeding the limit by 48 times, with a total count of 2.4×10⁴ CFU/g compared to the allowable ≤500 CFU/g [4] - The brand claims that the non-compliant batch was never released to the market and emphasizes adherence to quality standards in future batches [4]

Core Insights - The article discusses the declining performance of traditional Chinese hair care brands, specifically Lafang, Mingchen Health, and Bawang Group, which have seen significant drops in revenue and profit despite a growing market for hair care products [1][2][3]. Group 1: Market Overview - The hair care market is projected to reach 899.95 billion yuan in 2024, with a year-on-year growth of 59.32%, indicating a positive outlook for the industry overall [1]. - Despite the optimistic market growth, traditional brands are struggling to maintain their market share and profitability [2]. Group 2: Revenue Performance - Lafang's revenue peaked at 1.101 billion yuan in 2021 but has since declined, reaching 860 million yuan in 2023, with a slight projected increase to 889 million yuan in 2024 [6]. - Mingchen Health has shown a more favorable trend, with revenue increasing from 681 million yuan in 2020 to 1.638 billion yuan in 2023, although it is expected to drop by 15.71% in 2024 [6]. - Bawang Group has consistently lagged behind, with revenue hovering around 250 million yuan, experiencing a decline from 2021 to 2023, but showing a potential recovery with a 9.33% increase in the first half of 2025 [6]. Group 3: Profitability Challenges - Lafang's net profit fluctuated significantly, peaking at 117 million yuan in 2020 but dropping to 41 million yuan in 2024, with a 77.01% decrease in the first three quarters of 2025 [10][11]. - Mingchen Health's net profit has been volatile, with a peak of 102 million yuan in 2020, followed by a drop to 25 million yuan in 2022, and a rebound to 70 million yuan in 2023, but again declining to 47 million yuan in 2024 [10][11]. - Bawang Group has faced continuous losses, with net profit of 14 million yuan in 2023, but falling to 7 million yuan in 2024, and a loss of 3 million yuan in the first half of 2025 [12]. Group 4: Gross Margin Trends - Lafang's gross margin has shown volatility, decreasing from 48.37% in 2020 to 47.18% in 2022, then recovering to 48.49% in the first three quarters of 2025 [15]. - Mingchen Health's gross margin peaked at 60.27% in 2023 but fell to 52.50% in 2024 due to rising raw material costs [16]. - Bawang Group's gross margin has been low, ranging from 36.20% to 39.17% from 2020 to 2022, but increased to 50.38% in 2023 before dropping to 43.95% in the first half of 2025 [16]. Group 5: R&D Investment - Mingchen Health has led in R&D investment, peaking at 99 million yuan in 2021 but dropping to 40 million yuan in the first three quarters of 2025 [20][21]. - Lafang's R&D investment has remained stable around 30-40 million yuan, but decreased to 23 million yuan in 2025 due to revenue decline [20][21]. - Bawang Group's R&D investment has been the lowest, consistently below 15 million yuan, indicating a lack of innovation [20][21]. Group 6: Brand Strategy and Market Position - Lafang's main brand continues to dominate, accounting for 80.41% of total revenue in the first half of 2025, but other brands have not made significant contributions [26]. - Mingchen Health's focus on gaming has led to a delay in updating its hair care brands, resulting in marginalization of its traditional products [26]. - Bawang Group's reliance on traditional products has left it vulnerable to competition from both established and emerging brands [26]. Group 7: Industry Challenges - The article identifies four main challenges for these traditional brands: product iteration lag, lack of user engagement, pressure from domestic and international brands, and quality compliance issues [27][31][35]. - The emergence of new brands and changing consumer preferences have intensified competition, particularly on platforms like Douyin [28][31].

Group 1 - The general manager of Kaige Precision Machinery, Deng Di, is under bail for suspected dangerous driving, which may lead to administrative detention or additional penalties [2][3] - Deng Di has a long history with the company, having served in various roles since 2006, and was appointed as general manager just one month before his legal issues arose [3] - The company plans to enhance the legal awareness of its board members and employees, ensuring compliance with laws and regulations [3] Group 2 - Kaige Precision Machinery specializes in the research, production, sales, and technical support of automated precision equipment [4] - For the first three quarters of 2025, the company reported a revenue of 775 million yuan, a year-on-year increase of 34.21%, and a net profit attributable to shareholders of 121 million yuan, up 175.35% [4][5] - As of November 12, the company's stock price was 60.88 yuan per share, with a market capitalization of 6.478 billion yuan, reflecting a decline of 1.17% [5]

Core Viewpoint - The company BaWang has faced multiple product quality issues, including recent non-compliance in a special inspection by the Guangzhou Market Supervision Administration, raising concerns about its product safety and regulatory adherence [1][2]. Group 1: Recent Inspection Results - BaWang's products were part of a special inspection involving 2066 batches of cosmetics, with 40 batches failing to meet regulations, including BaWang's "Black Sesame Softening Shampoo" due to excessive levels of preservatives [1]. - The specific non-compliance was related to the mixture of Methylchloroisothiazolinone and Methylisothiazolinone, which exceeded the allowed limit of 0.0015% [1]. Group 2: Historical Compliance Issues - This is not the first instance of BaWang facing product non-compliance; in 2022, the "Zunyan Clean Fragrance Shampoo" was penalized for not meeting the required active ingredient ratio, resulting in fines totaling 96,000 yuan [2]. - In 2010, BaWang was penalized for misleading advertising regarding its hair growth products, violating cosmetic regulations [2]. Group 3: Financial Performance - BaWang reported a net profit of 13.63 million yuan in 2023, but this figure is expected to drop by over 51% to approximately 6.6 million yuan in 2024 [3]. - For the first half of 2025, BaWang's revenue increased by 9.3% to 120.1 million yuan, yet the net profit plummeted by 328.93% to a loss of 2.77 million yuan, indicating ongoing challenges in profitability despite revenue growth [3].

Core Insights - The recent inspection results revealed that both Bawang and Rabbit Mom brands have products that failed quality checks, raising concerns about their compliance with safety standards [2][4] Group 1: Inspection Results - The Guangzhou Market Supervision Administration conducted a special inspection of cosmetics, completing 2066 batches, with 2026 passing and 40 failing [2] - Bawang's product, "Black Sesame Softening Shampoo," was found to have a methylisothiazolinone content of 0.0089% (w/w), exceeding the allowable limit of 0.0015% (w/w) [2] - Rabbit Mom's "Silk Nourishing Shampoo" showed a total bacterial count of 2.4×10⁴ CFU/g, surpassing the limit of 500 CFU/g [3][4] Group 2: Company Responses - Bawang's official customer service stated that the non-compliant products were not sold in their flagship store and that their products are legally compliant with safety assessments [4] - Rabbit Mom's customer service indicated that the reported non-compliant products were from an April 2024 inspection and had not been released to the market [4]