Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its financial disclosures and operational performance [1][4]. Financial Performance - The company reported a total revenue of 1.053 billion yuan for 2024, with the daily chemical products segment contributing approximately 929 million yuan, accounting for about 88.22% of total revenue [6][14]. - The gross profit margin for the main daily chemical products was 13.84%, which remained relatively stable year-on-year [4][14]. - The company has faced continuous net profit losses or minimal profits since 2004, indicating ongoing challenges in achieving sustainable profitability [4][6]. Cash and Borrowing Situation - The company held a significant cash balance of 1.142 billion yuan, with short-term borrowings increasing by 55.17% year-on-year to 90 million yuan [1][2]. - The average interest income from cash holdings was reported at 40.72 million yuan, with an average annual interest rate of 3.26% [3][4]. - The company justified its decision to increase short-term borrowings despite having substantial cash reserves, citing favorable borrowing rates and the need to maintain good relationships with financial institutions for future financing needs [3][4]. Industry Context - The daily chemical industry is experiencing steady growth, driven by increasing consumer awareness of oral health and rising disposable incomes, which are expected to enhance spending in this sector [6][8]. - The hotel supplies segment, operated by the subsidiary, is benefiting from the booming tourism industry, although it faces challenges such as rising costs and intense market competition [8][14]. - The company’s main products include household toothpaste and hotel consumables, with the household toothpaste segment being the largest contributor to revenue [6][14]. Competitive Landscape - The company’s gross profit margin is lower than that of competitors like Dongkang Oral Care, which has a higher market share and profitability in the oral care segment [15][16]. - The company plans to enhance its market position by focusing on product innovation, brand building, and expanding its sales channels both online and offline [16][17]. - The competitive environment in the daily chemical industry is intensifying, with new entrants and evolving consumer preferences posing additional challenges [17].

对柳州两面针股份有限公司 2024 年年报问询函的回复 上海证券交易所： 柳州两面针股份有限公司（以下简称"两面针"或"公司"）收到了贵所于 2025 年 5 月 27 日下发的《关于柳州两面针股份有限公司 2024 年年度报告的信息披露监管问询 函》(上证公函【2025】0656 号，以下简称"《问询函》")，两面针将问询函转给了本所， 本所对问询函中由年审会计师发表核查意见之部分进行了认真研究和落实，现就问询函 中由年审会计师发表核查意见之部分说明如下： 1、关于货币资金。年报披露，报告期末公司货币资金 12.73 亿元，占总资产比重 46.78%，短期借款 0.90 亿元，同比增加 55.17%。公司在持有大额现金的同时新增短期 借款。 请公司：（1）补充披露主要货币资金存放情况，包括存放机构、金额、账户性质、 利率等；（2）结合月度日均货币资金规模、利率水平，分析说明利息收入和货币资金 规模的匹配性；（3）结合短期借款规模变动情况、利率水平等，说明公司在货币资金 较多的情况下对外新增借款的原因及合理性；（4）自查并说明货币资金是否存在其他 潜在限制性安排，是否存在质押货币资金或存单为控股股东或其他关联 ...

证券代码：600249 证券简称：两面针 公告编号：临2025-026 柳州两面针股份有限公司 关于 2024 年年度报告的信息披露监管 问询函的回复公告 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"）于近日收到上海证券交易所 向公司发送的《关于柳州两面针股份有限公司 2024 年年度报告的信息披露监管问 询函》（上证公函【2025】0656 号）（以下简称"《问询函》"），公司及中喜 会计师事务所（特殊普通合伙）（以下简称"年审会计师"）就《问询函》关注 的问题逐项进行认真核查，现就《问询函》相关问题回复如下： 1、关于货币资金。年报披露，报告期末公司货币资金 12.73 亿元，占总资产 比重 46.78%，短期借款 0.90 亿元，同比增加 55.17%。公司在持有大额现金的同 时新增短期借款。 请公司：（1）补充披露主要货币资金存放情况，包括存放机构、金额、账户 性质、利率等；（2）结合月度日均货币资金规模、利率水平，分析说明利息收入 和货币资金规模的匹配性；（3）结合短 ...

证券代码：600249 证券简称：两面针 公告编号：2025-025 柳州两面针股份有限公司 关于召开2024年年度股东大会的通知 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法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 至2025 年 6 月 26 日 股东大会召开日期：2025年6月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网 络投票系统 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投 票相结合的方式 (四) 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程 序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通 投资者的投票，应按照《上海证券 ...

沪指5月22日下跌0.22%，申万所属行业中，今日上涨的有3个，涨幅居前的行业为银行、传媒、家用电 器，涨幅分别为1.00%、0.12%、0.04%。跌幅居前的行业为美容护理、社会服务，跌幅分别为2.03%、 1.80%。美容护理行业位居今日跌幅榜首位。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002094 | 青岛金王 | 6.60 | 38.89 | 49250.10 | | 600249 | 两面针 | 4.83 | 22.21 | 16705.65 | | 001328 | 登康口腔 | 2.73 | 14.01 | 2803.29 | | 688363 | 华熙生物 | -1.01 | 1.08 | 1449.76 | | 002511 | 中顺洁柔 | -0.14 | 1.34 | 1289.38 | | 300886 | 华业香料 | -5.41 | 21.25 | 262.17 | | 300955 | 嘉亨家化 | 3.58 | 24.50 | 122.21 | | 30 ...

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].