近日，两面针发布2025年第一季度财报。相比起2024年全年营收利润双增长的业绩表现，两面针2025年 第一季度的表现不尽人意。 南都·湾财社记者通过对比两面针2024年年报和2025年一季度财报发现，无论是营利双增的2024年财 报，还是净利润出现亏损的一季度财报，其业绩的变动很大程度上并非受到核心主业的影响，其业 绩"变脸"的核心更多是指向了金融资产公允值的波动。 两面针归母净利润环比大降 此外，从两面针的产品毛利率来看，两面针贡献主要营收的日化板块毛利率仅为13.84%，较行业龙头 存在显著差距。对比来看，云南白药工业销售毛利率达65.93%，舒克牙膏母公司薇美姿2020年毛利率 亦超60%。 对于业绩的异常表现，两面针不仅对2025年一季度的财报中解释称，主要是因为所持有的股票公允价值 变动损益较去年同期下降所致，两面针此前在2024年年度财报中也提到，业绩的增长，更多的也是受到 公司持有的交易性金融资产公允价值变动上升影响。 业绩大幅度受金融资产变动影响 2025年一季度，两面针实现营收2.40亿元，同比增长15.49%，但归母净利润亏损同比扩大至1416.95万 元，去年同期为亏损1274.52万 ...

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].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600249 证券简称：两面针 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 ● 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 ● 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 ● 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 (一)普通股股东总数和表决权恢复的优先股股东数量及前十名股东持股情况表 单位：股 ■ ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目， ...

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 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 239,980,888.70, representing a 15.49% increase compared to CNY 207,794,818.22 in the same period last year[2] - The net profit attributable to shareholders was a loss of CNY 14,169,477.46, compared to a loss of CNY 1,274,521.77 in the previous year, indicating a significant decline[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 4,941,137.52, down 5.44% from CNY 5,225,506.29 year-on-year[2] - The basic earnings per share for the period was -CNY 0.0258, compared to -CNY 0.0023 in the same period last year, reflecting a decrease due to changes in fair value of held stocks[3] - The weighted average return on equity was -0.65%, a decrease of 0.59 percentage points compared to the previous year[3] - The net profit for the first quarter of 2025 was -13,841,032.92 RMB, compared to -1,174,490.56 RMB in the same period of 2024, indicating a significant decline in profitability[15] - The total comprehensive income attributable to the parent company was -14,169,477.46 RMB in Q1 2025, compared to -1,274,521.77 RMB in Q1 2024, indicating a worsening financial position[16] - The total revenue from operating activities in Q1 2025 was 264,588,003.61 RMB, down from 276,576,630.46 RMB in Q1 2024, reflecting a decrease of approximately 4.3%[18] Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,685,995,731.10, down 1.28% from CNY 2,720,923,571.60 at the end of the previous year[3] - As of March 31, 2025, total current assets amounted to RMB 1,950,251,228.20, a decrease from RMB 1,986,779,830.53 at the end of 2024[10] - Total assets as of March 31, 2025, were RMB 2,685,995,731.10, down from RMB 2,720,923,571.60 at the end of 2024[12] - Total liabilities as of March 31, 2025, were RMB 517,568,600.75, a decrease from RMB 538,655,408.33 at the end of 2024[12] - The company’s non-current liabilities totaled RMB 69,072,477.55 as of March 31, 2025, down from RMB 76,483,638.22 at the end of 2024[12] - The company’s short-term borrowings increased to RMB 100,000,000.00 as of March 31, 2025, from RMB 90,000,000.00 at the end of 2024[11] Cash Flow - The net cash flow from operating activities was CNY 12,490,316.54, a significant improvement from -CNY 14,258,810.76 in the same period last year[6] - The company’s financing activities generated a net cash inflow of 9,266,758.48 RMB in Q1 2025, contrasting with a net outflow of -9,422,081.92 RMB in Q1 2024[19] - The cash and cash equivalents at the end of Q1 2025 stood at 1,274,886,031.77 RMB, compared to 1,245,949,790.26 RMB at the end of Q1 2024, showing a slight increase[19] Operating Costs and Expenses - Total operating costs for Q1 2025 were RMB 234,140,078.32, up from RMB 203,364,791.88 in Q1 2024, reflecting a year-over-year increase of 15.1%[14] - Operating costs included RMB 197,959,882.42 in operating expenses for Q1 2025, compared to RMB 169,292,098.94 in Q1 2024, indicating a rise of 16.9%[14] - The company reported a significant increase in research and development expenses, which rose to 4,774,536.75 RMB in Q1 2025 from 3,814,130.22 RMB in Q1 2024, marking an increase of approximately 25.2%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,194, with the largest shareholder holding 33.4% of the shares[7] Government Subsidies and Non-Recurring Items - The company received government subsidies amounting to CNY 1,848,762.02, which are closely related to its normal business operations[4] - The company reported a total non-recurring loss of CNY 19,110,614.98 after accounting for various non-operating income and expenses[5] - The company incurred a loss from fair value changes amounting to -26,459,057.62 RMB in Q1 2025, compared to -11,620,830.30 RMB in Q1 2024, indicating increased volatility in asset valuations[15]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0258 | -0.0023 | -1021.74 | 0.0083 | | 每股净资产（元） | 0 | 3.85 | -100 | 3.82 | | 每股公积金(元) | 2.15 | 2.15 | 0 | 2.15 | | 每股未分配利润(元) | 0.35 | 0.27 | 29.63 | 0.24 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 2.4 | 2.08 | 15.38 | 1.88 | | 净利润(亿元) | -0.14 | -0.01 | -1300 | 0.05 | | 净资产收益率(%) | -0.65 | -0.06 | -983.33 | 0.22 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 22878.38万股，累计占流通股比： 41.6%，较上期变化： -511.92 万股 ...

两面针(600249)今日下跌2.45%，全天换手率31.06%，成交额12.75亿元，振幅12.87%。龙虎榜数据显 示，营业部席位合计净卖出5778.43万元。 上交所公开信息显示，当日该股因日换手率达31.06%上榜，营业部席位合计净卖出5778.43万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.36亿元，其中，买入成交额为8912.71 万元，卖出成交额为1.47亿元，合计净卖出5778.43万元。 具体来看，今日上榜营业部中，第一大买入营业部为中银国际证券股份有限公司上海欧阳路证券营业 部，买入金额为2116.99万元，第一大卖出营业部为中信建投证券股份有限公司长沙车站北路证券营业 部，卖出金额为3855.15万元。 近半年该股累计上榜龙虎榜6次，上榜次日股价平均涨0.74%，上榜后5日平均涨7.18%。 资金流向方面，今日该股主力资金净流出1.51亿元，其中，特大单净流出3174.05万元，大单资金净流出 1.19亿元。近5日主力资金净流出6048.01万元。 3月28日公司发布的2024年报数据显示，2024年公司共实现营业收入10.53亿元，同比增长5.82%，实现 净利 ...