Group 1 - The company, Runben Co., announced a cash dividend distribution plan for the first half of 2025, with a cash dividend of 0.20 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for September 17, 2025, while the ex-dividend date and the date of cash dividend payment are both scheduled for September 18, 2025 [2]

证券代码：603193 证券简称：润本股份 公告编号：2025-038 润本生物技术股份有限公司 2025年半年度权益分派实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.20元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/17 | － | 2025/9/18 | 2025/9/18 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 9 月 3 日的2025年第二次临时股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本404,593,314股为基数，向全体股东每股派发现 金红利0.20元（ ...

Market Overview - The personal care products sector increased by 0.76% on September 11, with Yanjiang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - Yanjiang Co., Ltd. (300658) closed at 8.61, with a rise of 6.82% and a trading volume of 412,000 shares, amounting to a transaction value of 353 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 28.25, up 4.28%, with a trading volume of 77,700 shares and a transaction value of 215 million yuan [1] - Beijia Co., Ltd. (603059) closed at 32.58, up 2.45%, with a trading volume of 62,400 shares and a transaction value of 203 million yuan [1] - Other notable performances include Reliable Co., Ltd. (301009) at 13.96 (+1.82%), and Zhongshun Jiesang (002511) at 8.58 (+1.06%) [1] Capital Flow Analysis - The personal care products sector experienced a net outflow of 43.97 million yuan from institutional investors and 22.16 million yuan from speculative funds, while retail investors saw a net inflow of 66.14 million yuan [2] - The detailed capital flow for individual stocks shows that Yiyi Co., Ltd. had a net inflow of 11.10 million yuan from institutional investors, while Reliable Co., Ltd. had a net inflow of 4.75 million yuan [3] - Conversely, companies like Two-Sided Needle (600249) and Dengkang Oral Care (001328) experienced significant net outflows from institutional and speculative funds [3]

Market Overview - The personal care products sector experienced a decline of 0.39% on September 10, with Dengkang Oral Care leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable stock performances include: - Yanjing Co. (300658) rose by 7.47% to a closing price of 8.06, with a trading volume of 506,100 shares and a turnover of 412 million [1] - Jieya Co. (301108) increased by 2.01% to 32.98, with a trading volume of 25,700 shares and a turnover of 83.7 million [1] - Liangmian Needle (600249) saw a rise of 1.21% to 6.69, with a trading volume of 1,118,000 shares and a turnover of 745 million [1] - Dengkang Oral Care (001328) fell by 2.24% to 40.62, with a trading volume of 17,500 shares and a turnover of 71.3 million [2] Capital Flow - The personal care products sector saw a net outflow of 18.51 million from institutional investors, while retail investors contributed a net inflow of 33.14 million [2] - The capital flow for key stocks includes: - Liangmian Needle had a net inflow of 22.12 million from institutional investors, but a net outflow of 16.05 million from retail investors [3] - Yanjing Co. experienced a net inflow of 3.64 million from institutional investors and a net outflow of 14.09 million from retail investors [3] - Dengkang Oral Care had a net outflow of 1.05 million from institutional investors and a net outflow of 2.16 million from retail investors [3]

Core Viewpoint - The company reported a stable performance in the first half of 2025, with significant growth in the baby care segment and effective product expansion strategies [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 895 million yuan, net profit attributable to shareholders of 188 million yuan, and net profit excluding non-recurring items of 177 million yuan, representing year-on-year growth of 20.31%, 4.16%, and 0.86% respectively [1]. - In Q2 2025, the company recorded revenue of 655 million yuan, net profit attributable to shareholders of 143 million yuan, and net profit excluding non-recurring items of 138 million yuan, with year-on-year changes of +13.46%, -0.85%, and -3.94% respectively [1]. Product Performance - The company’s product categories showed varied performance: mosquito repellent products generated 375 million yuan in revenue (+13.4% YoY), baby care products reached 405 million yuan (+38.7% YoY), while essential oils saw a decline to 92 million yuan (-14.6% YoY) [2]. - The company maintained a strong market share across major e-commerce platforms and expanded offline channels, including a new partnership with Sam's Club, leading to rapid growth in non-platform distribution [2]. Profitability and Cost Structure - The company’s gross margin stood at 58.0%, a decrease of 0.6 percentage points year-on-year. The sales, management, R&D, and financial expense ratios were 30.3%, 1.81%, 1.83%, and -0.4% respectively, with year-on-year changes of +1.5, -0.1, -0.2, and +2.4 percentage points [2]. - The decline in net profit margin to 20.9% represented a year-on-year decrease of 3.2 percentage points, attributed to increased marketing expenditures and changes in channel structure [2]. Strategic Initiatives - The company continues to enhance its product matrix, launching over 40 new or upgraded products in H1 2025, while focusing on core categories like baby care and mosquito repellent, and entering new segments such as children's sunscreen and youth skincare [3]. - Significant capital investments are being made in the "Runben Biotechnology R&D Production Base Project" and the "Runben Intelligent Manufacturing Future Factory Project," strengthening the integrated R&D and production capabilities for long-term growth [3]. Investment Outlook - As a leading player in the domestic mosquito repellent and baby care sectors, the company is expected to benefit from its strong brand recognition and integrated model, which creates a competitive edge [3]. - Despite short-term pressure on profit margins due to increased marketing investments, the company’s multi-category and all-channel strategy is anticipated to enhance market share and provide clear growth pathways [3]. - The profit forecast for 2025-2027 has been slightly adjusted to 330 million yuan, 420 million yuan, and 530 million yuan respectively, with corresponding PE ratios of 37, 28, and 23 times [3].

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, highlighting strong growth potential and investment opportunities in the industry [14][19]. Core Insights - The cosmetics and medical beauty sector has shown resilience, outperforming the market during the week of August 29 to September 5, 2025, with the Shenwan Beauty Care Index declining only 0.8% [3][4]. - The transition to autumn skincare marks the beginning of a consumption peak for the sector, with significant sales events such as the Autumn Beauty Consumption Festival and Double 11 approaching, creating new investment opportunities [9][10]. - Major companies in the sector are optimistic about their performance in the second half of 2025, as indicated by a recent conference involving over ten beauty care companies [9]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index remained stable, outperforming the Shenwan A Index by 1.4 percentage points, while the Shenwan Personal Care Index fell by 1.8%, underperforming the Shenwan A Index by 0.3 percentage points [3][4]. Key Company Reviews - **Mao Geping (1318HK)**: Reported a revenue of 2.59 billion yuan for H1 2025, a year-on-year increase of 31%, with a net profit of 670 million yuan, up 36%. The color cosmetics segment saw a revenue of 1.42 billion yuan, while skincare generated 1.09 billion yuan, reflecting strong brand momentum [10][11]. - **Shangmei Co. (02145HK)**: Achieved a revenue of 4.108 billion yuan in H1 2025, a 17.3% increase, with a net profit of 556 million yuan, up 34.7%. The main brand, Han Shu, contributed significantly to growth, with a revenue of 3.344 billion yuan [16][17]. Investment Recommendations - Recommended companies include Shangmei Co., Porlaia, and Shanghai Jahwa, which have strong brand matrices and relatively low PE multiples. Other notable mentions are Marubi Biological and Mao Geping, which are positioned well to benefit from the rise of domestic beauty brands [10][19]. - The report suggests focusing on companies with strong R&D capabilities and product pipelines, particularly in the upstream medical beauty segment, with a recommendation for Aimeike [10][19]. Market Trends - The report notes a significant increase in online sales, with H1 2025 online revenue for Mao Geping reaching 1.297 billion yuan, a 39% year-on-year increase, marking a shift in consumer purchasing behavior towards online platforms [12][18]. - The overall cosmetics retail market showed a 4.5% growth in July 2025, indicating a robust recovery in consumer spending [23][26]. Strategic Developments - Porlaia's investment in Huazhi Xiao reflects a strategic move to enhance its multi-brand strategy and capitalize on the influence of Gen Z consumers [28]. - The report highlights the competitive landscape, noting that domestic brands are increasingly capturing market share, with a notable shift in consumer perception from "value for money" to "quality choice" [32].

Market Overview - The personal care products sector rose by 2.89% on September 4, with Jieya Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Jieya Co., Ltd. (301108) closed at 34.40, up 13.16% with a trading volume of 72,700 shares and a turnover of 243 million yuan [1] - Yiyi Co., Ltd. (001206) closed at 26.72, up 10.00% with a trading volume of 131,800 shares and a turnover of 342 million yuan [1] - Dengkang Oral Care (001328) closed at 43.55, up 7.40% with a trading volume of 53,000 shares and a turnover of 226 million yuan [1] - Other notable performers include Ziya Co., Ltd. (003006) up 5.13%, and Liangmian Needle (600249) up 3.29% [1] Capital Flow - The personal care products sector saw a net inflow of 56.24 million yuan from institutional investors, while retail investors experienced a net outflow of 6.89 million yuan [2] - The main capital inflow was observed in Yiyi Co., Ltd. with 64.76 million yuan, while the largest outflow was from Jieya Co., Ltd. with 22.08 million yuan [3] Individual Stock Analysis - Jieya Co., Ltd. had a main capital inflow of 3.69 million yuan, but retail investors showed a net outflow of 22.07 million yuan [3] - Dengkang Oral Care experienced a net outflow of 4.13 million yuan from main capital, while retail investors had a net inflow of 14.52 million yuan [3] - Ziya Co., Ltd. had a net inflow of 3.36 million yuan from main capital, with a slight outflow from retail investors [3]

Meeting Overview - The second extraordinary general meeting of shareholders was held on September 3, 2025, at the company's conference room in Guangzhou, Guangdong Province [2][3] - The meeting was chaired by the company's chairman, Zhao Guiqin, and utilized a combination of on-site and online voting methods, complying with the Company Law and the company's articles of association [2][3] Attendance - All 5 current directors attended the meeting, including 2 independent directors [3] - All 3 current supervisors and the board secretary, Wu Weibin, were also present [3] Resolutions Passed - The following proposals were approved during the meeting: 1. Proposal on the 2025 semi-annual profit distribution plan [3] 2. Proposal to cancel the supervisory board and amend the articles of association [3] 3. Proposal to amend the rules of procedure for shareholder meetings [4] 4. Proposal to amend the rules of procedure for board meetings [4] 5. Proposal to amend the independent director work system [4] 6. Proposal to amend the external guarantee management system [4] 7. Proposal to amend the external investment management system [4] 8. Proposal to amend the related party transaction management system [4] 9. Proposal to amend the selection system for accounting firms [4] 10. Proposal to amend the behavior norms for controlling shareholders and actual controllers [5] 11. Proposal to amend the implementation details of the cumulative voting system [5] 12. Proposal to amend the management system for raised funds [5] Legal Verification - The meeting was witnessed by Guangdong Guangxin Junda Law Firm, with lawyers Zhang Wei and Ma Xiaoxi confirming that the meeting's procedures, attendance qualifications, and voting results were in compliance with legal regulations and the company's articles of association [5]

Group 1 - The company Runben Co., Ltd. announced the convening of its second extraordinary general meeting of shareholders for 2025 on September 3, 2025 [2] - The meeting approved multiple proposals, including the "Proposal on" [2]

Meeting Overview - The shareholders' meeting of Runben Biotechnology Co., Ltd. was held on September 3, 2025, in Guangzhou, Guangdong Province [1] - The meeting was attended by shareholders representing 78.2848% of the total shares [1] - The meeting was conducted in accordance with the Company Law and the Articles of Association, combining on-site and online voting methods [1] Voting Results - All non-cumulative voting proposals were approved with high support from shareholders, with the following voting results: - Proposal 1: 316,208,366 votes in favor (99.8336%), 422,696 votes against (0.1334%), 104,100 abstentions (0.0330%) [1] - Proposal 2: 316,179,666 votes in favor (99.8246%), 444,296 votes against (0.1402%), 111,200 abstentions (0.0352%) [1] - Proposal 3: 316,185,666 votes in favor (99.8265%), 442,596 votes against (0.1397%), 106,900 abstentions (0.0338%) [1] - Proposal 4: 316,195,062 votes in favor (99.8294%), 436,800 votes against (0.1379%), 103,300 abstentions (0.0327%) [3] Legal Confirmation - The meeting and its proceedings were confirmed to be legal and valid by the attending lawyers, ensuring compliance with legal regulations and the company's articles [4]