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 ...

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]

Financial Performance - The company reported a basic earnings per share of -0.0258 yuan for Q1 2025, a significant decrease of 1021.74% compared to -0.0023 yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.14 billion yuan, reflecting a drastic decline of 1300% from -0.01 billion yuan in Q1 2024 [1] - Operating revenue increased to 2.4 billion yuan in Q1 2025, up 15.38% from 2.08 billion yuan in Q1 2024 [1] - The return on equity was -0.65% in Q1 2025, a sharp drop of 983.33% compared to -0.06% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 22,878.38 million shares, accounting for 41.6% of the circulating shares, with a decrease of 511.92 million shares from the previous period [1] - Guangxi Liuzhou Industrial Investment Development Group Co., Ltd. remains the largest shareholder with 18,336.07 million shares, representing 33.34% of total share capital, unchanged from the previous report [2] - Liucheng Investment Co., Ltd. reduced its holdings by 1,397.47 million shares, now holding 1,645.92 million shares, which is 2.99% of total share capital [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Core Viewpoint - The stock of Two-Mouth Needle (600249) experienced a decline of 2.45% with a trading volume of 1.275 billion yuan and a turnover rate of 31.06% on the day, indicating significant trading activity and net selling by institutional investors [2][3]. Trading Activity - The stock was listed on the Shanghai Stock Exchange's "Dragon and Tiger List" due to its high turnover rate, with a total net selling amount of 57.7843 million yuan from brokerage seats [2]. - The top five brokerage seats accounted for a total transaction volume of 236 million yuan, with buying transactions amounting to 89.1271 million yuan and selling transactions totaling 147 million yuan [2][3]. - The largest buying brokerage was Zhongyin International Securities, which purchased 21.1699 million yuan, while the largest selling brokerage was CITIC Securities, which sold 38.5515 million yuan [2][3]. Fund Flow - The stock saw a net outflow of 151 million yuan in main funds today, with large orders contributing to a net outflow of 31.7405 million yuan and big orders contributing to a net outflow of 119 million yuan [3]. - Over the past five days, the main funds experienced a net outflow of 60.4801 million yuan [3]. Financial Performance - According to the company's 2024 annual report released on March 28, the company achieved a total revenue of 1.053 billion yuan, representing a year-on-year growth of 5.82%, and a net profit of 81.0988 million yuan, reflecting a significant year-on-year increase of 255.59% [3].