润本生物技术股份有限公司 2025 年第二次临时股东大会会议资料 润本生物技术股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 8 月 28 日 1 润本生物技术股份有限公司 2025 年第二次临时股东大会会议资料 目 录 | 2025 年第二次临时股东大会须知……………………………………………….…3 | | --- | | 2025 年第二次临时股东大会议程……………………………………………….…5 | | 议案一：关于<2025 年半年度利润分配方案>的议案…………….………….… 7 | | 议案二：《关于取消监事会暨修订<公司章程>的议案》……….………….… 8 | | 议案三：《关于修订<股东大会议事规则>的议案》……….………….……… 9 | | 议案四：《关于修订<董事会议事规则>的议案》……….………….….… 10 | | 议案五：《关于修订<独立董事工作制度>的议案》……….………….… 11 | | 议案六：《关于修订<对外担保管理制度>的议案》……….………….… 12 | | 议案七：《关于修订<对外投资管理制度>的议案》……….………….… 13 | | ...

Core Viewpoint - The company is holding its second extraordinary general meeting of shareholders in 2025 to discuss various proposals aimed at improving corporate governance and financial distribution to shareholders [1][4]. Proposal Summaries Proposal 1: Profit Distribution Plan - The company proposes a cash dividend of 2.00 RMB per 10 shares (including tax) to all shareholders, based on the total share capital as of the dividend record date. This distribution represents a certain percentage of the company's net profit attributable to shareholders for the first half of 2025 [5]. Proposal 2: Cancellation of Supervisory Board - The company plans to cancel the supervisory board and amend its articles of association to enhance governance structure, in compliance with relevant laws and regulations. The board seeks authorization to handle necessary registration and amendments [6]. Proposal 3: Revision of Shareholders' Meeting Rules - The company proposes to revise the rules governing shareholders' meetings to improve operational standards and governance structure, aligning with current legal requirements [7]. Proposal 4: Revision of Board Meeting Rules - The company intends to amend the rules for board meetings to enhance governance and operational efficiency, following legal and regulatory updates [7]. Proposal 5: Revision of Independent Director Work System - The company aims to revise the independent director work system to improve governance and operational standards, in line with legal requirements [7]. Proposal 6: Revision of External Guarantee Management System - The company proposes to amend the external guarantee management system to enhance governance and compliance with legal standards [9]. Proposal 7: Revision of External Investment Management System - The company seeks to revise the external investment management system to improve governance and align with legal regulations [12]. Proposal 8: Revision of Related Party Transaction Management System - The company plans to amend the related party transaction management system to enhance governance and comply with legal standards [12]. Proposal 9: Revision of Accountant Firm Selection System - The company proposes to revise the accountant firm selection system to improve governance and align with legal requirements [13]. Proposal 10: Revision of Controlling Shareholder and Actual Controller Behavior Norms - The company intends to amend the norms governing the behavior of controlling shareholders and actual controllers to enhance governance [13]. Proposal 11: Revision of Cumulative Voting Implementation Rules - The company seeks to revise the implementation rules for cumulative voting to improve governance and operational standards [14]. Proposal 12: Revision of Fundraising Management System - The company proposes to amend the fundraising management system to enhance governance and comply with legal standards [15].

Core Points - The stock price of Runben Co., Ltd. (603193) closed at 30.59 yuan on August 25, 2025, down 1.77% with a turnover rate of 7.73% and a trading volume of 79,900 lots, amounting to 245 million yuan [1] - The company experienced a net outflow of main funds amounting to 58.92 million yuan, accounting for 24.08% of the total transaction amount, with significant outflows from large orders [1] - Runben's latest financial results show total operating revenue of 895 million yuan, a year-on-year increase of 20.31%, and a net profit attributable to shareholders of 188 million yuan, up 4.16% year-on-year [1] Financial Metrics - The company's non-deductible net profit reached 177 million yuan, reflecting a year-on-year growth of 0.86% [1] - Current ratio stands at 10.497, quick ratio at 9.660, and debt-to-asset ratio at 6.98% [1] Company Overview - Runben Biotechnology Co., Ltd. was established in 2013 and is located in Guangzhou, primarily engaged in the manufacturing of chemical raw materials and products [2] - The company has a registered capital of 4,045.93314 million yuan and the same amount in paid-in capital [1] - The legal representative of the company is Zhao Guiqin [1] Investment and Intellectual Property - Runben has made investments in 8 enterprises and participated in 13 bidding projects [2] - The company holds 106 trademark registrations and 109 patents, along with 64 administrative licenses [2]

Group 1 - From August 18 to August 24, brokers issued a total of 463 target prices for listed companies, with the highest target price increases for Hengmingda at 63.83%, Jiangsu Shentong at 62.24%, and Dongfang Caifu at 60.29%, belonging to the consumer electronics, general equipment, and securities industries respectively [1] - A total of 559 listed companies received broker recommendations during the same period, with Beixin Building Materials receiving 22 recommendations, Yanghe Co. receiving 21, and Runben Co. receiving 20 [1] - During this period, brokers upgraded ratings for 9 companies, including Dongbei Securities upgrading Changhai Co. from "Hold" to "Buy", and Pacific Securities upgrading Chuanjinno from "Hold" to "Buy" [1] Group 2 - Brokers downgraded ratings for 11 companies, including Minsheng Securities downgrading Taoli Bread from "Recommended" to "Cautious Recommendation", and Zhongyin International Securities downgrading Southern Airlines from "Hold" to "Increase" [1] - From August 18 to August 24, brokers provided 97 instances of initial coverage, with Southern Airlines receiving an "Increase" rating from Zhongyin International Securities, and Cuihua Jewelry receiving a "Buy" rating from Tianfeng Securities [2] - Other companies receiving initial coverage include Feiyada with a "Buy" rating from Dongbei Securities, Lihua Co. with an "Increase" rating from Huaxi Securities, and Sanhuan Group with a "Buy" rating from Huayuan Securities [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a recovery, with high growth in premium and fashionable segments, particularly in gold jewelry and beauty care [23][27] - The report emphasizes the importance of emotional consumption themes driving growth in high-quality companies within the sector [30] Summary by Sections Retail Market Review - The retail industry index rose by 4.21% during the week of August 18-22, 2025, outperforming the Shanghai Composite Index by 2.20 percentage points [12][20] - The internet e-commerce sector showed the highest growth, with a weekly increase of 7.71% [13][17] - Year-to-date, the jewelry sector has led with a 33.74% increase [13][17] Retail Insights: Mid-Year Reports - Gold jewelry companies like Laopuhuang and Chaohongji reported significant revenue growth, with Laopuhuang achieving a revenue of 12.354 billion yuan (+251.0%) and a net profit of 2.268 billion yuan (+285.8%) [23][35] - Beauty care brands such as Shanghai Jahwa and Runben also showed positive performance, with Shanghai Jahwa reporting a net profit of 266 million yuan (+11.7%) [27][38] Focus on High-Quality Companies - Investment focus includes: - Gold jewelry brands with differentiated product offerings, recommending Laopuhuang and Chaohongji [30][32] - Offline retail companies adapting to trends, recommending Yonghui Supermarket and Aiyingshi [30][32] - High-quality domestic beauty brands, recommending Maogeping and Pola [30][32] - Medical beauty product manufacturers, recommending Aimeike and Kedi-B [30][32] Company-Specific Highlights - Laopuhuang: Achieved a revenue of 12.354 billion yuan (+250.9%) and a net profit of 2.268 billion yuan (+285.8%) in H1 2025, with strong brand expansion and channel upgrades [35][36] - Runben: Reported a revenue of 895 million yuan (+20.3%) and a net profit of 188 million yuan (+4.2%) in H1 2025, focusing on expanding its product matrix [38][40] - Aiyingshi: Achieved a revenue of 1.835 billion yuan (+8.3%) and a net profit of 46.74 million yuan (+10.2%) in H1 2025, with steady store expansion [42]

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

Market Overview - The personal care products sector increased by 0.74% on August 21, with Jieya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Jieya Co., Ltd. (301108) closed at 30.18, up 10.23% with a trading volume of 73,200 shares and a turnover of 219 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 27.01, up 3.17% with a trading volume of 99,000 shares and a turnover of 265 million yuan [1] - Zhongshun Jierou (002511) closed at 8.91, up 2.65% with a trading volume of 450,700 shares and a turnover of 403 million yuan [1] - Other notable performances include: - Liangmian Needle (600249) up 1.36% - Beijia Clean (603059) up 1.13% - Wanjian Medical (300888) up 0.62% [1] Capital Flow - The personal care products sector experienced a net outflow of 42.6484 million yuan from institutional investors, while retail investors saw a net inflow of 67.9388 million yuan [2] - The detailed capital flow for key stocks shows: - Wanjian Medical had a net inflow of 23.3464 million yuan from institutional investors [3] - Jieya Co., Ltd. had a net inflow of 9.9211 million yuan from institutional investors [3] - Zhongshun Jierou had a net inflow of 1.121 million yuan from retail investors [3]

Core Viewpoint - The company reported a revenue increase of 20.3% year-on-year for H1 2025, with net profit rising by 4.2%, indicating solid growth despite competitive pressures [1] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 895 million yuan and a net profit of 188 million yuan [1] - For Q2 2025, revenue was 655 million yuan, reflecting a 13.5% increase, while net profit slightly decreased by 0.9% to 143 million yuan [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, with a payout ratio of 43.15% [1] Group 2: Business Segments - Revenue contributions from the baby care segment increased significantly, with H1 2025 revenues of 405 million yuan, up 38.7%, while mosquito repellent and essential oil segments saw revenues of 375 million yuan (+13.4%) and 92 million yuan (-14.6%) respectively [2] - The baby care segment accounted for 45.3% of total revenue, indicating strong demand [2] - Price adjustments in Q2 2025 showed baby care products increasing by 6.9%, while mosquito repellent and essential oils decreased by 0.8% and 11.4% respectively [2] Group 3: Product and Channel Expansion - The company is expanding its product range, launching over 40 new items in H1 2025, including children's sunscreen products and safety-enhanced items [3] - The company is enhancing its distribution channels, partnering with Sam's Club and developing relationships with key accounts like Yonghui and Watsons, while maintaining a strong presence on e-commerce platforms [3] - Online and offline revenues for H1 2025 were 643 million yuan and 251 million yuan, reflecting increases of 20.0% and 21.2% respectively [2]

Group 1 - The core viewpoint of the report is a "buy" rating for Runben Co., Ltd. (603193.SH) with a latest price of 30.77 yuan, based on projected revenue growth and profit increase [2] - The report forecasts a 20.3% year-on-year increase in revenue for the first half of 2025, along with a 4.2% year-on-year increase in net profit attributable to the parent company [2] - The revenue contribution from the baby care series is expected to rise, supported by a slight increase in sales investment [2]

Core Viewpoint - The performance of Runben Co., a company specializing in mosquito repellent products, was below expectations in Q2, despite a seasonal peak for such products and the emergence of the Chikungunya virus in mainland China [1][3]. Group 1: Financial Performance - In Q2, Runben's revenue from mosquito repellent products grew by 14% year-on-year to 332 million yuan, while total revenue and net profit attributable to shareholders increased by 13.46% and decreased by 0.85%, respectively, significantly lower than Q1's growth rates of 44.00% and 24.60% [1][3]. - The overall revenue and net profit growth for the first half of 2025 were notably lower than previous years [1]. Group 2: Business Segments - Runben's baby care segment outperformed its mosquito repellent business, achieving a growth rate of 23% in Q2, surpassing the mosquito repellent segment [3]. - The baby care business has become the largest segment for Runben since 2022, with revenue growth rates of 80%, 34%, 32%, and 39% from 2022 to the first half of 2025, projecting a potential revenue close to 1 billion yuan for the full year of 2025 [5][3]. Group 3: Market Strategy - Runben's strategy focuses on capturing niche demands and light innovation, similar to its initial approach in the mosquito repellent market, allowing it to identify and create smaller market needs [7][8]. - The company has introduced over 40 new products in the first half of 2025, with a total of 223 product links available on its Tmall flagship store, significantly more than competitors [10]. Group 4: Marketing and Sales - Runben's marketing expenses increased by 43% to 183 million yuan in the first half of 2025, leading to a sales expense growth of 38.23%, which exceeded revenue growth [11]. - The company primarily relies on online marketing, with over 70% of its revenue coming from online sales, utilizing social media and short video content for promotion [11].