证券代码：603193 证券简称：润本股份 公告编号：2026-002 润本生物技术股份有限公司 关于部分募投项目延期的公告 任。 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 重要内容提示： ● 拟实施延期项目的名称及情况：基于募集资金投资项目实际建设情况，润 本生物技术股份有限公司（以下简称"公司""润本股份"）拟将首次公开发行募 集资金投资项目"黄埔工厂研发及产业化项目"达到预定可使用状态日期延期至 2027 年 3 月。 ● 本次延期事项已经公司第二届董事会第十一次会议审议通过，无须提交公 司股东会审议。 公司于 2026 年 3 月 30 日召开了第二届董事会第十一次会议，审议通过了《关 于部分募投项目延期的议案》，基于公司募集资金投资项目实际建设情况和公司实 际经营情况，同意将"黄埔工厂研发及产业化项目"达到预定可使用状态日期由 2026 年 3 月延期至 2027 年 3 月。具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意润本生物技术股份有限公司首次 公开发行股票注册的批复》（证监许 ...

证券代码：603193 证券简称：润本股份 公告编号：2026-003 润本生物技术股份有限公司 第二届董事会第十一次会议决议公告 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法律责任。 一、董事会会议召开情况 润本生物技术股份有限公司（以下简称"公司"）第二届董事会第十一次会 议于 2026 年 3 月 30 日在公司会议室以现场的方式召开。会议通知已于 2026 年 3 月 25 日通过书面文件、电子邮件的方式送达各位董事。本次会议应出席董事 6 人，实际出席董事 6 人。董事长赵贵钦先生为会议主持人，公司高级管理人员列 席会议。本次会议的召集、召开和表决程序符合《公司法》等有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 经与会董事认真审议，会议形成了如下决议： （一）审议通过《关于部分募投项目延期的议案》 在募投项目黄埔工厂研发及产业化项目推进过程中，为融入行业最新技术 标准与更先进的智能化生产方案，公司对部分工艺环节进行了优化论证与设计 迭代，以增强项目的长期竞争力。为满足公司长期发展 ...

申万宏源证券承销保荐有限责任公司 关于润本生物技术股份有限公司 部分募投项目延期的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐人"）作为润本生物技术股份有限公司（以下简称"润本股份"、"公司"）持续 督导工作的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所 上市公司自律监管指引第 11 号——持续督导》《上市公司募集资金监管规则》《上 海证券交易所股票上市规则》以及《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等规定，对润本股份首次公开发行股票部分募投项目延期的情 况进行了核查，具体如下： 一、募集资金基本情况 经中国证券监督管理委员会出具的《关于同意润本生物技术股份有限公司首 次公开发行股票注册的批复》（证监许可[2023]1631 号），公司于 2023 年 9 月 27 日首次公开发行人民币普通股（A 股）60,690,000 股，发行价格为人民币 17.38 元/股，募集资金总额为人民币 1,054,792,200.00 元，扣除不含税的发行费用人民 币 83,563,748.31 元，实际募集资金净额为人民币 971,228,451. ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the launch of JD's cross-border e-commerce platform Joybuy in six European countries, marking a shift to comprehensive retail operations and emphasizing a self-operated model to enhance competitive differentiation [25][27] - The report suggests focusing on high-quality companies in sectors benefiting from emotional consumption themes, including gold jewelry, offline retail, cosmetics, and medical aesthetics [7][30][31] Industry Overview - The retail and social service indices reported a decline of 4.55% and 4.00% respectively during the week of March 16-20, 2026, with the retail index down 12.57% year-to-date [6][15] - The hotel and restaurant sector showed the smallest decline this week, while it has the highest growth year-to-date at 3.19% [18][20] Company-Specific Insights - Joybuy's self-operated model is expected to create a competitive edge through quality control and service reliability, with over 60 logistics warehouses established in Europe [27][28] - The report recommends several companies based on their growth potential: - **Old Puhuang**: Expected net profit growth of 226%-233% in 2025, driven by channel expansion and brand enhancement [32][41] - **Chao Hong Ji**: Anticipated net profit growth of 125%-175% in 2025, supported by differentiated product strength and multi-channel marketing [35] - **Mao Ge Ping**: Expected revenue growth of 31.3% in H1 2025, benefiting from its position as a high-end domestic cosmetics brand [35] - **Meili Tianyuan Medical Health**: Projected net profit growth of 34% in 2025, leveraging strong market positioning in high-end beauty [35] Market Dynamics - The report emphasizes the importance of adapting to consumer trends, with a focus on emotional value and innovative product safety in cosmetics and personal care [30][31] - Companies are encouraged to explore opportunities in the evolving landscape of cross-border e-commerce, particularly those with strong brand and supply chain capabilities [27][30]

Investment Rating - The report indicates a positive investment outlook for the beauty industry, with a projected retail sales growth of 5.1% in 2025, outperforming the overall retail market by 1.4 percentage points [7]. Core Insights - The beauty market is experiencing a recovery, with significant growth expected in the second half of 2025, particularly in online sales channels like Tmall and Douyin, despite a slowdown in Douyin's growth rate [6][7]. - The report highlights a shift in consumer preferences towards premium and specialized products, with categories like color cosmetics and personal care showing stronger growth compared to skincare [12]. - The competitive landscape is evolving, with domestic brands accelerating their multi-brand strategies, leading to an anticipated increase in industry concentration [19]. Summary by Sections Beauty Market Overview - The beauty market is projected to achieve a retail sales figure of 465.3 billion yuan in 2025, with a year-on-year growth of 5.1% [7]. - Online platforms such as Tmall and Douyin are expected to see varying growth rates, with Tmall recovering due to instant retail dynamics, while Douyin's growth is stabilizing [6]. Category Trends - Color cosmetics and personal care categories are expected to grow faster than skincare, with online sales across multiple platforms reaching 487.1 billion yuan, a year-on-year increase of 8.7% [12]. - New brands in personal care are emerging successfully, with notable growth rates for brands like Canban and OFF&RELAX [12]. Promotional Events - The Double Eleven shopping festival in 2025 is projected to generate a gross merchandise volume (GMV) of 1.695 trillion yuan, reflecting a 14% increase from 2024 [15]. - E-commerce platforms are focusing on instant retail to drive growth, with stable performance across various beauty categories during promotional periods [15]. Company Trends - Leading companies are rapidly developing multi-brand matrices, enhancing their operational capabilities and market presence [19]. - Companies like Shiseido and L'Oréal are showing signs of recovery in the high-end segment, while domestic brands are experiencing varied growth rates [31]. Medical Aesthetics - The medical aesthetics sector is seeing increased penetration, but competitive pressures are leading to price reductions [22]. - The report notes a shift from single-product offerings to more comprehensive product combinations in response to market demands [27]. Competitive Landscape - The beauty market is experiencing a K-shaped recovery, with high-end brands rebounding while mid-range brands face challenges [34]. - The report emphasizes the importance of brand strength and cost-effectiveness as key competitive factors in the current market environment [38].

Group 1 - The beauty and personal care sector has shown a slight decline of 0.4% since the beginning of 2026, with significant stock performance variation among key players, ranging from -27.3% to 35.6% [4][12] - The cosmetics market is characterized by intense competition, with domestic brands making significant advancements in R&D and distribution, while international brands are adapting with localized products and flexible marketing strategies [4][20] - The medical beauty sector is witnessing a surge in new products and innovations, with a focus on affordable and specialized offerings, positioning domestic companies to compete effectively against foreign counterparts [4][48] Group 2 - The e-commerce operation segment is undergoing a transformation, with companies like RuYuchen and YiWangYiChuang leveraging self-owned brands and AI to create new growth trajectories [4][43] - Key recommendations for investment include brands with strong channel and product matrices such as MaoGePing and ShangMei, as well as companies like AiMeiKe and LangZi in the medical beauty space [4][45] - The report emphasizes the importance of promotional events like 618 and Double 11, which are critical for brand visibility and sales growth in the competitive online landscape [4][37] Group 3 - The skincare and makeup market is expected to enter a consolidation phase, with strong brands likely to thrive while weaker ones may struggle, particularly in segments like fragrance and hair care [20][21] - Domestic brands are increasingly capturing market share from international brands, with a notable decline in the latter's market presence over recent years [22][27] - The report highlights the strategic importance of product innovation and family series development, as seen with brands like Peiliya, which successfully extend their product lines to enhance sales [28][30]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The report highlights the strong performance of domestic brands during the 38 promotional event, with significant sales figures and consumer demand for effective skincare products [23][25] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors [6][30][31] Summary by Sections Retail and Social Services Market Review - The retail and social services indices reported declines of 3.91% and 3.63% respectively during the week of March 2 to March 6, 2026 [5][15] - Year-to-date, the retail index has decreased by 6.82%, while the social services index has increased by 3.01% [15][16] Industry Dynamics - Domestic brands performed well during the 38 promotional event, with leading brands like Proya achieving significant sales [23] - The report notes that the skincare product category is seeing strong demand, particularly for effective and functional products [23][25] Investment Recommendations - Investment focus areas include: - **Gold and Jewelry**: Recommend brands with differentiated product offerings such as Laopuhuang and Chaohongji [6][30] - **Offline Retail**: Highlight companies adapting to trends like Yonghui Supermarket and Aiyingshi [6][30] - **Cosmetics**: Focus on brands that meet emotional value and safety innovation, recommending brands like Maogeping and Proya [6][31] - **Medical Aesthetics**: Suggest companies with differentiated products and expanding chains, such as Meilitiantian Medical Health and Aimeike [6][31] Company Performance Highlights - **Shangmei Co.**: Expected revenue of 9.1-9.2 billion yuan for 2025, with a year-on-year growth of 34.0%-35.4% [27] - **Zhou Dafu**: Achieved a retail value increase of 17.8% year-on-year in Q3 2026 [32] - **Yonghui Supermarket**: Anticipated revenue decline but undergoing significant operational adjustments [32]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The report highlights the strong performance of domestic brands during the 38 promotional event, with significant sales figures and consumer demand for effective skincare products [23][25] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors [6][30][31] Summary by Sections Retail and Social Services Market Review - The retail and social services indices reported declines of 3.91% and 3.63% respectively during the week of March 2 to March 6, 2026, ranking 25th and 23rd among 31 primary industries [5][15] - Year-to-date, the retail index has decreased by 6.82%, while the social services index has increased by 3.01% [12][15] Industry Dynamics - The 38 promotional event saw domestic brands excel, with significant sales figures reported from live streaming platforms [23][25] - Key brands such as Pechoin and Betainy led in product selection and sales performance during the promotional period [23][24] Investment Recommendations - Investment focus areas include: - Gold and jewelry brands with differentiated product offerings, recommending companies like Laopuhuangjin and Chaohongji [6][30] - Offline retail companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][30] - Domestic beauty brands that emphasize emotional value and innovative ingredients, recommending Maogeping and Shangmei [6][31] - Medical aesthetics firms with differentiated products, recommending Meilitiantian and Aimeike [6][31] Company Performance Highlights - Shangmei Co. is projected to achieve revenues of 9.1-9.2 billion yuan, a year-on-year increase of 34.0%-35.4%, with net profits expected to reach 1.14-1.16 billion yuan, up 41.9%-44.4% [27][29] - Zhou Dafu reported a retail value increase of 17.8% year-on-year for FY2026Q3, driven by product structure optimization [32]

Group 1 - The core viewpoint of the report is that Dongguan Securities has given Runben Co., Ltd. (603193.SH) a "buy" rating based on its focused product categories, stable performance, and strong growth potential in a broad industry space [1] - The report highlights that Runben Co., Ltd. has a long-term competitive advantage due to its integrated research, production, and sales model [1] Group 2 - The report emphasizes the certainty of growth in the industry, indicating a favorable outlook for Runben Co., Ltd. [1]

Investment Rating - The report assigns a "Buy" rating for Runben Co., Ltd. (603193) as a new benchmark in the maternal and infant care sector [1]. Core Insights - Runben Co., Ltd. has shown steady performance with a focus on the baby mosquito repellent market, gradually expanding into baby care and plant essential oils, forming a multi-category daily chemical ecosystem. The core categories of mosquito repellent and baby care account for over 85% of revenue, driving continuous growth in revenue and profit [7][24]. - The global and Chinese markets for mosquito repellent and baby care products are expected to grow steadily, with the children's mosquito repellent market projected to reach 1.795 billion yuan by 2024, and the baby care market expected to reach 32.9 billion yuan in the same year [7][40]. - Runben's integrated research, production, and sales model creates long-term competitive barriers, with plans to invest 700 million yuan in smart factories and 600 million yuan to expand R&D and production bases [7][24]. Summary by Sections 1. Business Growth and Performance - Runben Co., Ltd. has transitioned from a single-category brand focused on mosquito repellent to a multi-scenario daily chemical enterprise, leveraging user assets and integrated operations [16]. - The company has achieved a compound annual growth rate (CAGR) of 31.32% in revenue from 582 million yuan in 2021 to 1.318 billion yuan in 2024, with net profit increasing from 121 million yuan to 300 million yuan in the same period [7][24]. - The revenue structure is concentrated, with the baby care segment's share increasing from 37.22% in 2021 to 52.36% in 2024, while the mosquito repellent segment stabilized between 31% and 33% [22]. 2. Industry Landscape and Trends - The global children's mosquito repellent market is expected to grow at a CAGR of 4.26% from 2023 to 2027, while the Chinese market is projected to grow at approximately 6.1% during the same period [7][33]. - The baby care market in China is anticipated to reach 32.9 billion yuan by 2024, with a CAGR of 7.97% from 2023 to 2027, indicating strong growth potential [40][42]. - The competitive landscape in the mosquito repellent market shows a concentration of top brands, with the top 10 brands holding significant market shares, reflecting a strong competitive environment [34]. 3. Competitive Advantages - Runben Co., Ltd. maintains a high sales net profit margin, with figures ranging from 18.69% to 22.77% from 2021 to 2025, indicating strong operational control and market positioning [54]. - The company has a superior inventory turnover efficiency, with inventory turnover days decreasing to 66.29 days in 2025, showcasing effective supply chain management [57]. - The accounts receivable turnover days are also favorable, with a notable efficiency in cash collection, primarily due to the online direct sales model [58].