Investment Rating - The investment rating for Runben Co., Ltd. (603193) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Views - The company is expected to benefit from the upcoming summer season with new product launches, including mosquito repellent and skincare products targeted at children and teenagers [1][2]. - The company has established a significant user base through its product lines focused on mosquito repellent, children's products, and youth skincare, which is anticipated to drive sustained high growth [2]. - The sales performance of new products, such as the sunscreen gel launched in February and the upcoming youth skincare line, is expected to contribute positively to revenue growth [2]. Financial Summary - The total revenue for Runben Co., Ltd. is projected to grow from 1,033 million in 2023 to 2,178 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 27% [3]. - The net profit attributable to the parent company is expected to increase from 226 million in 2023 to 518 million in 2026, with growth rates of 41.2% in 2023 and 28.7% in 2026 [3]. - The gross profit margin is forecasted to improve from 56.3% in 2023 to 59.3% in 2026, indicating enhanced profitability [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 62.87 in 2023 to 27.46 in 2026, suggesting a more attractive valuation over time [3].

Summary of Runben Co., Ltd. Conference Call Company Overview - The conference call discusses Runben Co., Ltd., a company specializing in personal care products, particularly in the baby and youth skincare segments. Key Points and Arguments Sales Performance - In Q1 2025, Runben's sales data showed remarkable performance across multiple channels, with Douyin's monthly GMV growing nearly 100% year-over-year in January and exceeding 160% in February, indicating strong growth momentum [3][4] - Tmall's sales from January to February increased by approximately 38% year-over-year, reflecting a robust growth trend [4] New Product Launches - The newly launched sunscreen gel in January 2025 achieved nearly 10 million yuan in sales within two months, with GMV reaching 4.5 million yuan during the March 8th festival, outperforming competitors [4][5] - The sunscreen gel is priced at 49.9 yuan for 50ml, significantly lower than a competitor's similar product priced at 79 yuan for the same volume, showcasing Runben's competitive pricing strategy [5] Innovation and Growth in Product Lines - In 2024, Runben introduced innovative products like the timed mosquito repellent, leading to a year-over-year sales increase of over 117 times, contributing significantly to the company's performance [4][6] - The company is expanding its product line in the baby skincare category, leveraging competitive advantages through ingredient quality, collaborations, and cost-effectiveness [4][7] Market Expansion Strategies - Runben plans to enter the youth skincare market, which has significant potential due to insufficient supply. The company aims to develop age-specific products and independent brands to capture this market [4][8] - The youth skincare market is currently underserved, with a penetration rate of less than 3%, indicating substantial growth opportunities as consumer education and product offerings improve [8][9] Competitive Landscape - The youth skincare market features three main types of brands: those extending from baby care, brands targeting specific age groups, and entirely independent brands focused on youth [9][10] - The market remains unregulated and lacks clear definitions, but it is expected to grow as supply increases and concepts are better promoted [10] Innovations in Mosquito Repellent Products - Runben has established a strong online presence since 2010, leading the mosquito repellent segment. Recent innovations include smart Bluetooth mosquito repellent and timed electric mosquito repellent [11] - The company has also upgraded product ingredients, incorporating effective components like DEET in outdoor products [11] R&D and Market Insights - Runben possesses strong consumer insight capabilities, efficient R&D, and robust channel management, enabling rapid product launches and market penetration [12] - The management team is attuned to consumer habits and preferences, enhancing the company's competitive edge [12] Future Market Outlook - Despite declining birth rates, the overall baby care market is expected to grow due to the increasing focus on refined parenting concepts. The market for children aged 0-9 is substantial, with significant spending potential [13] - The market share of leading brands in China is relatively low compared to international standards, indicating room for growth in both leading brands and niche segments [13] Product and Channel Strategy for 2025 - Runben plans to launch new products in the mosquito repellent segment, including a child-lock electric mosquito repellent and various baby care items, while also expanding its offline distribution network [14] - The company aims to stabilize online growth while enhancing offline presence to mitigate risks associated with declining profits from Douyin channels [14] Profit Forecast - Projected net profits for Runben from 2024 to 2026 are 309 million, 387 million, and 480 million yuan, representing year-over-year growth rates of 36.7%, 25.3%, and 24% respectively [15] - The company is expected to continue expanding its SKU count and achieving higher growth through successful new product launches and existing product performance [15]

Investment Rating - The report recommends a "buy" rating for the cosmetics and medical beauty sectors, highlighting a favorable outlook for 2025 due to improved consumer expectations and policy support [4][6]. Core Insights - The report emphasizes that the cosmetics sector will focus on three key elements: domestic brands, segmentation, and cost-effectiveness, with a projected steady growth in demand for 2025 [4][6]. - The medical beauty industry is expected to benefit from improved income expectations, with domestic companies poised to become major competitors in the light medical beauty segment [4][6]. - E-commerce is identified as a growth area, with new consumption models and brands emerging to drive development [4][6]. Summary by Sections 1. Industry Performance Review - The beauty and personal care sector has not achieved excess returns in 2025 due to trading disruptions, but is expected to rebound with policy support [7][8]. - The SW beauty index has seen a growth of 0.6% since the beginning of 2025, underperforming compared to the broader A-share index [8][10]. 2. Cosmetics Sector - The report forecasts a recovery in the cosmetics demand in 2025, with a focus on high cost-performance brands benefiting from consumer preferences [15][18]. - Domestic brands are gaining market share, with significant growth in the skincare market, where domestic brands now occupy four out of the top ten positions [18][19]. - The report highlights the success of domestic brands in e-commerce platforms, particularly during promotional events, indicating a strong competitive position against international brands [21][22]. 3. Medical Beauty Sector - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expanding their product lines and research pipelines [4][6]. - Key recommendations include focusing on companies with strong product pipelines and high profitability, such as Ai Meike [4][6]. 4. E-commerce Sector - The report suggests that the e-commerce sector will continue to thrive with the rise of new consumption models and brands, particularly benefiting from the growth of domestic brands [4][6]. 5. Key Company Recommendations - The report recommends several companies based on their brand matrix and growth potential, including Shangmei Co., Pulaile, and others in the cosmetics sector [4][6]. - In the medical beauty sector, Ai Meike is highlighted as a key player, with a focus on companies with strong product offerings and research capabilities [4][6].

Summary of Runben Co., Ltd. Conference Call Company Overview - The conference call pertains to Runben Co., Ltd., a company focused on personal care and mosquito repellent products. Key Points and Arguments 2025 Financial Goals - Runben aims for a "double 30" target in 2025, with both revenue and net profit expected to grow by 30% [3] - Revenue growth for Q1 2025 is projected at 40%-50% year-on-year, with specific category growth expectations: - Sports care: 30%-40% - Mosquito repellent products: 25%-30% - Essential oils: 10%-15% [3][4] Revenue Channel Breakdown - Revenue channel distribution for 2024: - Douyin: 23% - Tmall: 28% - Non-platform distributors: 26% - JD.com: 13% [5] - Profitability varies significantly across platforms: - Douyin: Net profit margin of approximately 6% - Tmall: 22%-23% - JD.com: Around 27% - Non-platform distributors: About 35% [5] Strategic Initiatives - Increased investment in Douyin, with new product launches targeting youth skincare, acne treatment, and shampoos, with promotional expenses expected to be 6%-7% of revenue [3][7] - Collaboration with Li Jiaqi's livestreaming and increased short video advertising on Tmall to enhance visibility [7] - Plans to expand offline channels and support them financially [3] Cost Management and Profitability - Douyin's net profit margin is relatively low but is expected to improve through operational efficiency and complementary effects with higher-margin platforms [6] - The company has implemented a restrained advertising strategy, maintaining a sales expense ratio of 29.2% for the year [9] Non-Platform Distributor Business - Non-platform distributor business accounts for 27% of total revenue and has a high net profit margin [10] - Expected growth of approximately 40% in non-platform distribution for 2025, driven by increased orders from top distributors and expansion into more offline channels [11] Product Innovations and Market Positioning - New product launches include a mosquito repellent with a timer and child lock features, and a portable mosquito repellent spray [4][18] - The company is focusing on children's sunscreen products to compete with established brands, with several new SKUs planned for 2025 [15] Production Capacity and Future Plans - Current production capacity utilization rates are 60% for Huapu factory and 80% for Yiwu factory, supporting sales of up to 3 billion [20] - A new factory is planned, expected to take three to four years to complete, with a capacity exceeding the current two factories combined [20] International Expansion - The company has begun testing international sales through platforms like Shopee and Amazon, focusing on baby care products [22] Shareholder and Investment Plans - High Lin's share reduction plan has been completed, with no current plans to introduce strategic investors or implement stock incentive plans, although employee stock options may be considered in the future [23] Additional Important Information - The company is committed to maintaining high cost-performance ratios while innovating to meet market demands [16] - The focus on high-quality, affordable products is a key strategy to capture market share [15]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 02 27 年 月 日 润本股份（603193.SH） 深耕细分品类打造质价比，优质国货品牌成长可期 公司深耕驱蚊、婴童护理等细分品类，战略明确，业绩增长亮眼。公司成 立于 2006 年，以驱蚊产品切入口并持续丰富品类，坚持"大品牌、小品 类"的研产销一体化战略，目前已形成驱蚊产品、婴童护理产品、精油产 品三大核心产品系列。业绩增长亮眼，2019-2023 年营收/归母净利润 CAGR 分别为 38.8%/58.6%，2024Q1-3 实现营收 10.38 亿元（yoy+26%）， 归母净利润为 2.61 亿元（yoy+44%）。公司股权结构较集中，管理架构高 效，核心团队人员稳定且人效较高。 驱蚊市场稳健，婴童护理市场空间广阔，优质国货品牌大有可为。公司业 务从驱蚊逐步拓展至重点发力婴童护理，其中驱蚊市场为利基市场，公司 聚焦细分品类、通过电热蚊香液等大单品稳步夯实在细分领域的地位，并 持续推出差异化新品维持竞争优势；婴童护理市场规模较大，品类众多， 且消费者愈发注重产品质价比，未来发展空间广阔。公司通过拓展客群年 龄层和功效等维度持续丰富 ...

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][10] Core Views - The company is expected to achieve a net profit attributable to the parent company of approximately 300 million to 310 million yuan in 2024, representing a year-on-year increase of 32.73% to 37.15% [6] - The company has a strong product pipeline and is expanding its product matrix, which is expected to drive significant growth [6][7] - The company has established a comprehensive online and offline sales network, achieving notable market recognition in the maternal and infant care product segment [6][7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.349 billion, 1.716 billion, and 2.147 billion yuan respectively, with year-on-year growth rates of 30.64%, 27.18%, and 25.11% [7] - Net profit projections for the same years are 304.45 million, 382.81 million, and 470.12 million yuan, with corresponding growth rates of 34.70%, 25.74%, and 22.81% [7] - Earnings per share (EPS) are projected to be 0.75, 0.95, and 1.16 yuan for 2024, 2025, and 2026 respectively [7] Market Position and Strategy - The company is positioned as a leading player in the domestic infant care sector, focusing on meeting diverse consumer needs through continuous innovation and differentiated product offerings [6][7] - The company has successfully launched new products in the mosquito repellent and infant care categories, enhancing its market competitiveness [6][7] - The company is actively expanding its offline distribution channels, collaborating with major retailers to enhance market presence [6][7]

证券代码：603193 证券简称：润本股份 公告编号：2025-003 重要内容提示： 润本生物技术股份有限公司持股 5%以上股东 减持股份结果公告 大股东的基本情况 本公司董事会、全体董事及相关股东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。 本次减持计划实施前，润本生物技术股份有限公司（以下简称"公司"）持 股 5%以上股东 JNRY VIII HK Holdings Limited（以下简称"JNRY VIII"）持有公 司股份 34,390,332 股，占公司总股本的 8.50%。上述股份来源为公司 IPO 前取得 的股份，上述 IPO 前取得的股份已于 2024 年 10 月 17 日解除限售并上市流通。 一、减持主体减持前基本情况 股东名称 股东身份 持股数量 （股） 持股比例 当前持股股份来源 JNRY VIII HK Holdings Limited 5%以上非第 一大股东 34,390,332 8.50% IPO 前取得： 34,390,332 股 | 股东名称 | 减持数量 | 减持比 | 减持期间 | 减持方 | 减持价格 ...

Summary of the Conference Call for Runben Co., Ltd. Company Overview - **Company**: Runben Co., Ltd. - **Industry**: Consumer Goods, specifically in personal care and insect repellent products Key Financial Insights - **2024 Net Profit Forecast**: Expected to be between 300 million to 310 million CNY, representing a growth of over 30% despite being slightly below expectations due to increased costs from government subsidies and new product launches [2][6] - **Revenue Growth**: Overall revenue growth is anticipated to be between 20% to 30% for the year [4] Channel Performance - **Channel Revenue Breakdown for 2024**: - **Douyin**: 23%-24% of total revenue, with a growth rate of approximately 55% and a net profit margin slightly above 6% [5][7] - **Non-Brand Distribution**: 26%-27% of total revenue, with a growth rate of about 40% and a net profit margin of 35% [5][7] - **Tmall**: 28%-29% of total revenue, with a growth rate of around 10% and a net profit margin of 22%-23% [5][7] - **JD.com**: 13%-14% of total revenue, with a growth rate of about 20% and a net profit margin of 24%-25% [5][7] Marketing and Promotion Strategies - **Douyin Strategy**: Focus on content-driven marketing through short videos and live streaming, with self-broadcasting accounting for 30%-40% and short video promotion nearly 50% of the strategy [8] - **Tmall Strategy**: Shift from traditional e-commerce to increased homepage displays and short video promotions, collaborating with influencers like Li Jiaqi to boost sales [9] Product Development and Launch Plans - **2025 Performance Goals**: Targeting a 30% growth in both revenue and net profit, with specific channel growth targets set for Douyin (50%), non-brand distribution (40%), JD.com (15%-20%), and Tmall (10%-15%) [12] - **New Product Launches**: Plans to introduce a range of new products including youth acne treatment and skincare series in April 2025, alongside seasonal products like insect repellents and sunscreens [10][30] Offline Channel Expansion - **Offline Strategy**: Actively expanding into offline channels, including partnerships with Sam's Club and other supermarkets, with an expected growth of 40% in offline business by 2025 [13][14] Pricing and Cost Management - **Pricing Strategy**: Adopts a cost-plus pricing strategy, focusing on high-quality raw materials to enhance product value. Future price increases will be based on improved product efficacy or higher quality ingredients [21] - **Sales Expense Management**: Aiming to keep sales expenses below 30%, with actual expenses in 2024 around 29% [16] Market Trends and Competitive Landscape - **Outdoor Mosquito Repellent Market**: Rapid growth expected, with a projected 60% increase in outdoor repellent products in 2025, driven by rising outdoor activities [25][26] - **Competitive Positioning**: Differentiation from competitors like Jia Hua's Six God mosquito repellent through unique formulations and packaging [27] Conclusion and Future Outlook - **Overall Strategy**: The company remains committed to achieving its dual 30% growth targets for revenue and net profit, while continuing to innovate and expand its market presence [34]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned in the differentiated mosquito repellent and baby care market, focusing on high-quality domestic brands. It has established a comprehensive product matrix that includes mosquito repellent, baby care, and essential oil products [6][10] - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 38.76% from 2020 to 2023, and a significant increase in net profit [22] - The report forecasts continued growth in revenue and profit, with expected revenues of 13.41 billion yuan in 2024, 17.05 billion yuan in 2025, and 21.33 billion yuan in 2026 [87] Company Overview - The company, "Runben," was founded in 2006 and listed on the main board in 2023. It focuses on the research, production, and sales of personal care and mosquito repellent products [6][10] - The company operates two major production bases in Guangzhou Huangpu and Zhejiang Yiwu, continuously expanding its product matrix to meet consumer needs [6][10] Industry Analysis - The mosquito repellent market is projected to reach 10.17 billion yuan by 2027, driven by diverse consumer needs and technological advancements [30] - The baby care market is expected to exceed 50 billion yuan by 2027, benefiting from the rise of refined parenting concepts and the rapid expansion of online sales channels [43][44] - The essential oil market is in its early development stage, with significant growth potential as consumer demand for natural and healthy products increases [50][51] Competitive Analysis - The company has established a strong market presence in the mosquito repellent sector, with a market share of approximately 5% overall and about 19.9% in the online market [52] - The brand has received recognition as a leading brand in the baby care segment, with a market share of 1.9% overall and 4.2% online [52] - The company's strategy of focusing on small product categories under a strong brand has created a competitive advantage [55] Financial Performance - The company has experienced a steady increase in gross margin, which rose from 52.53% in 2020 to 56.35% in 2023, driven by a higher proportion of high-margin products [77] - The net profit margin has remained stable around 22%, with a slight increase in recent quarters [77] Revenue Forecast - The company anticipates revenue growth across its main product lines, with mosquito repellent products expected to generate 4.25 billion yuan in 2024, 5.54 billion yuan in 2025, and 6.97 billion yuan in 2026 [83] - The baby care segment is projected to achieve revenues of 7.12 billion yuan in 2024, 9.28 billion yuan in 2025, and 11.9 billion yuan in 2026 [85] Investment Recommendation - The report suggests a target price of 27.3 to 31.85 yuan based on a price-to-earnings (P/E) ratio of 30-35 for 2025, maintaining a "Buy" rating due to the company's strong growth potential and market positioning [87]