Group 1 - The beauty and personal care sector has experienced a significant surge, with stocks such as Two-faced Needle (600249) hitting the daily limit up [1] - Other companies in the sector, including Jiaheng Home Care (300955), Lafang Home Care (603630), Huaye Fragrance (300886), Furida (600223), and Shuiyang Co. (300740), have also seen notable increases in their stock prices [1] - There is a noticeable influx of dark pool capital into these stocks, indicating strong investor interest [1]

沪指5月14日上涨0.86%，申万所属行业中，今日上涨的有24个，涨幅居前的行业为非银金融、交通运 输，涨幅分别为3.99%、1.79%。跌幅居前的行业为国防军工、美容护理，跌幅分别为0.74%、0.39%。 美容护理行业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流入45.92亿元，今日有13个行业主力资金净流入，非银金融行业主 力资金净流入规模居首，该行业今日上涨3.99%，全天净流入资金87.55亿元，其次是交通运输行业，日 涨幅为1.79%，净流入资金为25.32亿元。 主力资金净流出的行业有18个，电力设备行业主力资金净流出规模居首，全天净流出资金28.94亿元， 其次是电子行业，净流出资金为20.89亿元，净流出资金较多的还有国防军工、机械设备、汽车等行 业。 美容护理行业今日下跌0.39%，全天主力资金净流出3124.46万元，该行业所属的个股共31只，今日上涨 的有7只，涨停的有1只；下跌的有22只。以资金流向数据进行统计，该行业资金净流入的个股有12只， 净流入资金居首的是青岛金王，今日净流入资金7105.64万元，紧随其后的是珀莱雅、两面针，净流入 资金分别为1788.39万元、7 ...

本报讯(记者黄泽文许海燕)"今早刚和美国客户开完视频会议，前阵子积压的150万美元库存终于松动， 即将发货。此外，客户还追加了200多万美元的新订单。订单翻倍，生产线火力全开，争取在90天内赶 出6个月的货发到美国。"5月13日，《中美日内瓦经贸会谈联合声明》发布的第二天一早，江苏三笑集 团执行总经理王敏就迫不及待地向记者分享这个好消息。 面对"关税战"的风云变幻，三笑集团拓市场与修内功并行：不断摸透客户需求、与国际接轨，在牙刷包 装的可再生、可降解方面进行针对性研发；凭借自主品牌的加持和产品创新，如今集团既拥有亲民 的"大众线"，也走上了科技赋能的"高端路"。 政府真金白银的支持，也为企业渡过难关增强了信心。令王敏印象深刻的是，今年广交会上国外客商更 多了，摊位费减免一半，也给企业实实在在减负。 杭集镇另一家龙头企业两面针（600249）(江苏)实业有限公司主营酒店用品和口腔个护产品，去年仅小 牙膏的产量就达到近20亿只，是全球最大的小牙膏生产基地。 "关税摩擦对外贸企业来说是不可控风险，但我们仍要将确定性握在手中。"两面针(江苏)实业有限公司 外贸总监陈远兴对未来充满信心。他表示，公司正在扩建智能化工厂， ...

Core Viewpoint - The financial performance of Two Faced Needle in Q1 2025 shows a significant decline in net profit despite a year-on-year revenue increase, primarily influenced by fluctuations in the fair value of financial assets rather than core business operations [1][5][8] Financial Performance Summary - In Q1 2025, Two Faced Needle achieved revenue of 240 million yuan, a year-on-year increase of 15.49%, but the net profit attributable to shareholders was a loss of 14.17 million yuan, widening from a loss of 12.75 million yuan in the same period last year [2][5] - The net profit decreased by 133.48% compared to Q4 2024, where it was 42.29 million yuan [2][5] - The revenue from household toothpaste was 35.56 million yuan, up 8.48% year-on-year, while travel toothpaste revenue was 29.90 million yuan, up 13.89% year-on-year [2][3] Product Performance Summary - Household toothpaste production was 937.02 thousand units with sales of 816.53 thousand units, while travel toothpaste production was 29,819.21 thousand units with sales of 33,390.24 thousand units [3] - The average selling price of household toothpaste decreased by 0.86% year-on-year, while travel toothpaste's average selling price increased by 4.76% [4] Profitability Analysis - The gross margin for the daily chemical segment was only 13.84%, significantly lower than industry leaders like Yunnan Baiyao, which has a gross margin of 65.93% [4][6] - The company's financial performance is heavily reliant on the fluctuations in the fair value of financial assets, which has led to inconsistent profit results [5][8] Strategic Insights - The chairman indicated that future profit growth will depend on the development of both daily chemical and pharmaceutical businesses, as well as leveraging the health industry fund for resource acquisition and market synergy [7] - However, there is a noticeable imbalance in the performance of the daily chemical and pharmaceutical segments, with daily chemical revenue being nine times that of pharmaceuticals, which are experiencing a continuous decline [7][8]

Core Viewpoint - The company reported a revenue of 240 million yuan in Q1 2025, reflecting a year-on-year growth of 15.49%, but it also faced a significant net loss of 14.17 million yuan, indicating underlying operational challenges [1][2]. Revenue and Profitability - The revenue growth of 240 million yuan is overshadowed by an expanded net loss of 14.17 million yuan, highlighting deep-seated risks in the company's operations [2]. - The core daily chemical segment, which contributes the majority of revenue, has a low gross margin significantly below that of leading brands like Yunnan Baiyao, indicating a lack of competitiveness in the high-end market [2]. - The main driver of revenue growth is the expansion into hotel supplies, which has limited profit margins and cannot support long-term profitability [2]. - The deterioration in net profit is closely linked to the disappearance of non-recurring income, which was 87.74 million yuan in the same period of 2024 but has nearly vanished in Q1 2025 [2]. Strategic Focus and Risks - The dual business strategy of "daily chemicals + pharmaceuticals" has shown signs of imbalance, with the daily chemical segment losing its competitive edge [3]. - The company's previous identity as a "traditional Chinese medicine toothpaste" brand has been overshadowed by competitors, leading to a perception of being an ordinary daily chemical brand [3]. - Efforts to differentiate through green products have been hampered by high pricing, resulting in low market acceptance [3]. - The pharmaceutical segment is experiencing strategic uncertainty, with its core product failing to break regional market limitations and insufficient R&D investment [3]. - The establishment of a 500 million yuan health industry fund has not yielded substantial projects, instead increasing management costs and negatively impacting profits [3]. Conclusion and Strategic Recommendations - The company's predicament reflects a typical struggle of traditional brands amidst consumer upgrades and industry transformations, where revenue growth does not compensate for declining profitability [4]. - To navigate out of this crisis, the company must decisively focus on its daily chemical core business, enhancing product quality and restructuring distribution channels [4]. - Additionally, the company should consider divesting inefficient assets and shutting down redundant capacities to reduce fixed costs [4]. - Continuing to pursue vague concepts like "big health" without clear direction may lead to further market share erosion [4].

Core Viewpoint - The company has announced its first quarter report for 2025, detailing financial data and decisions made during the board meeting, including the establishment of a wholly-owned subsidiary and the provision of loan guarantees for a subsidiary [6][23][27]. Financial Data - The first quarter financial statements are unaudited, and the company assures the accuracy and completeness of the financial information presented [3][27]. - The company plans to apply for loans totaling up to RMB 500 million to support its operations and those of its subsidiaries [8][10]. Shareholder Information - The board meeting was attended by all eight directors, and resolutions were passed unanimously regarding the first quarter report and other significant decisions [6][7]. Subsidiary Establishment - The company intends to establish a wholly-owned subsidiary named "Liuzhou Two-Sided Needle Supply Chain Co., Ltd." with a registered capital of RMB 2 million, aimed at improving sales operations and resource integration [23][25]. Loan Guarantee - The company will provide a credit guarantee of up to RMB 50 million for its subsidiary, Guangxi Two-Sided Needle Yikang Pharmaceutical Co., Ltd., to secure necessary funding for its operations [10][12][19]. - The total amount of external guarantees provided by the company is RMB 25 million, which is 1.14% of the company's latest audited net assets [20].

证券代码：600249 证券简称：两面针 公告编号：临2025-023 柳州两面针股份有限公司 关于设立全资子公司的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 柳州两面针股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第八届董事会第二十七次会议，审议通过了《关于设立全资子 公司的议案》。本次投资事项不构成关联交易，不构成《上市公司重 大资产重组管理办法》规定的重大资产重组，也无需经股东大会审议 通过。现将有关情况公告如下： 一、拟设立全资子公司的基本情况 1. 公司名称：柳州两面针供应链有限公司（暂定） 7. 拟从事的经营范围：化妆品 、日用品、纸制品、个人卫生用品、 消毒剂、第一类医疗器械的销售。 当前公司销售体系管理较为分散，公司需整合资源统一规划和协 调运作。成立该子公司将有利于构建高效协作销售体系，推动公司销 售专业化运作，拓展上下游业务，开拓销售渠道，进一步推动销售业 1 2. 注册资本：200 万元人民币 3. 注册地址：广西柳州市东环路 151 号 4. 法定代表人：熊剑峰 ...

证券代码：600249 证券简称：两面针 公告编号：临2025-024 柳州两面针股份有限公司 关于为子公司提供银行贷款担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 重要内容提示 ● 被担保人名称：广西两面针亿康药业股份有限公司。 ● 本次担保金额及已实际为其提供的担保余额：不超过人民币 5,000 万元（含 5,000 万元），为上述公司已实际提供的担保余额 2,500 万元。 ● 对外担保累计金额：截至公告日，公司实际对外担保累计金额 2,500 万元，担保对象均为公司控股子公司。 一、担保情况概述 根据企业经营发展需要，柳州两面针股份有限公司（以下简称"公 司"）拟为广西两面针亿康药业股份有限公司（以下简称"亿康药业"） 向国内商业银行贷款提供信用担保。 公司持有亿康药业 90.1%的股权，公司拟自董事会审议通过本议案 之日起一年内为亿康药业向国内商业银行累计申请总额不超过人民币 5,000 万元（含 5,000 万元）贷款，按照公司持有亿康药业 90.1%的股 权比例提供信用担保，担保期限为一年。并 ...

二、 主要产品的价格变动情况 | 主要产品 | 月 2025 | 年 1-3 | 年 2024 | 月 1-3 | 同比变动 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/万支） | | 平均售价（元/万支） | | 比率（%） | 比率（%） | | 家用牙膏 | | 43,544.62 | | 43,921.16 | -0.86 | -10.23 | | 旅游牙膏 | | 895.39 | | 854.73 | 4.76 | 8.71 | 证券代码：600249 证券简称：两面针 公告编号：临2025-022 柳州两面针股份有限公司 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 柳州两面针股份有限公司（以下简称"公司"）根据上海证券交 易所《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第 十三号——化工》的要求，现将 2025 年第一季度主要经营数据披露如 下： 一、 主要产品的产 ...

证券代码：600249 证券简称：两面针 公告编号：临2025-021 柳州两面针股份有限公司 第八届董事会第二十七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 柳州两面针股份有限公司（以下简称"公司"）第八届董事会第 二十七次会议于 2025 年 4 月 24 日以通讯方式召开，会议通知于 2025 年 4 月 18 日以专人送达、传真和电子邮件方式发出。本次会议应表决 董事八名，实际表决董事八名，分别为：周云祥先生、龚慧泉先生、 王为民先生、孙雪东先生、唐鹏先生、张重义先生、余兵先生、魏佳 先生。会议召开符合《公司法》《公司章程》和《公司董事会议事规 则》的有关规定。 会议经审议并以记名投票方式表决，形成决议如下： 一、审议通过了《2025 年第一季度报告》； 详见公司同期披露的《2025 年第一季度报告》。 本议案已经董事会审计委员会审议通过，同意提交董事会审议。 同意本议案的 8 票，反对本议案的 0 票，弃权 0 票。 二、审议通过了《关于设立全资子公司的议案》； 详见公司同期披露的《两面针关 ...