Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a Q3 2025 revenue of 342 million yuan, a year-on-year increase of 16.7%, while the net profit attributable to shareholders was 79 million yuan, a decrease of 2.89% year-on-year [1] - The sales of mosquito repellent products showed significant growth, driven by consumer demand due to the chikungunya virus, with Q3 revenue reaching 132 million yuan, up 48.54% year-on-year [2] - The company is actively expanding its youth skincare product line, which is expected to become a new growth driver [3] Financial Performance - The overall gross margin for Q3 2025 was 58.96%, an increase of 1.39 percentage points year-on-year [3] - The company’s net profit margin for Q3 2025 was 22.93%, a decrease of 4.62 percentage points year-on-year [3] - The projected net profits for 2025, 2026, and 2027 are 324 million, 398 million, and 491 million yuan, respectively, with year-on-year growth rates of 7.8%, 22.9%, and 23.4% [4][5] Business Segments - In Q3 2025, the mosquito repellent segment accounted for 41.25% of total revenue, while the baby care segment contributed 45.05%, and essential oils made up 13.25% [2] - The average selling price of mosquito repellent products increased by 12.04% year-on-year to 6.14 yuan, attributed to product structure optimization [2] - The company is focusing on enhancing its marketing efforts for youth skincare products and new sunscreen lines [3]

信达证券研报指出，润本股份25Q3实现收入3.42亿元（+16.67%），归母净利润0.79亿元（-2.89%）， 扣非归母净利润0.74亿元（-7.58%）。盈利承压主要在于婴童市场竞争加剧，预计投流费用增加，且单 季财务收益减少超600+万元；此外，2025年10月活动，预计Q3已前置部分费用投放。后期主要关注行 业格局变化、公司线下渠道拓展以及品类扩张（青少年系列）等。分产品来看，驱蚊量价齐升，秋冬类 婴童产品竞争激烈。线上环境竞争激烈，公司质价比逻辑短期内或受到一定冲击，核心在于公司本身较 低定价限制了投流能力；同时公司核心收入来源为线上渠道，线上线下联动能力尚需提升；预计该状态 短期内难以改变，但长期来看其质价比逻辑依然有望受益于庞大用户群体复购能力的提升。 ...

丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 证券研究报告 美容护理 | 个护用品 非金融|公司点评报告 hyzqdatemark 2025 年 10 月 22 日 证券分析师 资料来源：公司公告，华源证券研究所预测 请务必仔细阅读正文之后的评级说明和重要声明 事件：公司 25Q1-Q3 实现总营业收入 12.38 亿元，同比增长 19.28%；利润总额达 到 3.14 亿元，同比增长 3.3%；实现归母净利润 2.66 亿元，同比增长 1.98%。 联系人 产品方面，驱蚊品类增速较快。25Q3 驱蚊/婴童护理/精油三大品类分别贡献营收 1.32/1.46/0.43 亿元，同比分别+48.54%/-2.76%/-7.02%，驱蚊产品销售受登革热 驱动高增，婴童产品营收下滑原因我们分析或为市场竞争加剧叠加天气影响。 市场表现： 渠道方面，25H1 渠道新增与山姆渠道合作。公司产品在天猫、京东、抖音、拼多多 等电商平台保持较高的市场占有率，其产品及店铺在多个平台获得奖项，持续扩大 品牌影响力。此外，公司通过非 ...

Core Viewpoint - The pension funds have actively invested in the secondary market, appearing in the top ten circulating shareholders of nine stocks by the end of the third quarter, with six new entries and two increased holdings [1][2]. Group 1: Pension Fund Holdings - By the end of the third quarter, pension accounts held a total of 103 million shares across nine stocks, with a combined market value of 3.281 billion yuan [1]. - The largest holding was in Haiyou Development, with pension funds holding 65.3843 million shares, making them the ninth and fourth largest shareholders [1]. - The second largest holding was in Guoyao Shares, with 20.318 million shares held by pension funds, ranking as the fourth largest shareholder [1]. Group 2: Stock Performance and Changes - Among the stocks held by pension funds, four had a market value exceeding 100 million yuan, including Chuncheng Power, Guoyao Shares, and Haiyou Development [1]. - The stock with the highest net profit growth in the third quarter was Dingtong Technology, achieving a net profit of 176.572 million yuan, a year-on-year increase of 125.39% [3]. - The pension fund's longest-held stock is Chuncheng Power, which has appeared in the top ten shareholders for 14 consecutive reporting periods, maintaining a holding of 7.9514 million shares [2]. Group 3: Sector Distribution - The pension fund's holdings are distributed across different boards, with five stocks on the main board, one on the Sci-Tech Innovation Board, and three on the Growth Enterprise Market [3]. - The pension fund's holdings include stocks from various industries, such as oil and petrochemicals, pharmaceuticals, automotive, basic chemicals, telecommunications, electronics, mechanical equipment, beauty care, and construction decoration [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in its mosquito repellent business, with a significant performance expected during the Double 11 shopping festival [1][8] - The company maintains a leading position in the "mosquito repellent and baby care" sectors, supported by a high cost-performance strategy that aligns with mainstream consumer trends [6] - The company’s operational efficiency and supply chain advantages create competitive barriers, with continuous product innovation expected to drive sustained growth [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 1.238 billion yuan, a year-on-year increase of 19.3%, and a net profit attributable to the parent company of 266 million yuan, up 2.0% [6] - In Q3 2025, revenue reached 342 million yuan, reflecting a 16.7% year-on-year growth, while net profit was 79 million yuan, down 2.9% [6] - The average selling prices for mosquito repellent products increased by 12.0% year-on-year, while baby care products rose by 7.9% [7] Product and Market Insights - The company’s mosquito repellent and baby care products have seen significant sales growth, with Q3 2025 revenues of 132 million yuan and 146 million yuan respectively, marking increases of 48.5% and a slight decline of 2.8% [7] - The company’s top-selling products include a natural lip balm for children and a specialized cream for infants, both ranking highly on major e-commerce platforms [8] Sales and Marketing Performance - The company’s sales on platforms like Douyin, Tmall, and JD.com have shown impressive growth, with a year-on-year increase of 41.2% on Douyin [7][8] - The sales expense ratio increased due to intensified competition, impacting net profit margins [7] Financial Projections - The company’s projected net profits for 2025-2027 are 332 million yuan, 424 million yuan, and 534 million yuan respectively, with corresponding EPS of 0.82, 1.05, and 1.32 yuan [6][10] - The current price-to-earnings (P/E) ratios are projected at 32.8, 25.7, and 20.4 for the years 2025, 2026, and 2027 respectively [6][10]

上次评级 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 润本股份(603193) 投资评级 无评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 润本股份：婴童产品竞争加剧，加大平台投 流影响短期利润 [Table_ReportDate] 2025 年 10 月 21 日 报告内容摘要: [Table_S 事件：公司发布 ummary] 2025Q3 业绩报告。25Q3 公司实现收入 3.42 亿元 （+16.67%），归母净利润 0.79 亿元（-2.89%），扣非归母净利润 0.74 亿 元（-7.58%）。 点评：盈利承压主要在于婴童市场竞争加剧，我们预计投流费用增加，且单 季财务收益减少超 600+万元；此外，2025 年 10 月活动，我们预计 Q3 已 前置部分费用投放。后期主要关注行业格局变化、公司线下渠道拓展以及品 类扩张（青少年系列）等。 分产品来看：驱蚊量价齐升，秋冬类婴童产品竞争激烈。 驱蚊系列：25Q3 收 ...

Core Viewpoint - Dongwu Securities report indicates that Runben Co., Ltd. achieved a net profit attributable to shareholders of 266 million yuan in Q1-Q3 2025, representing a year-on-year increase of 1.98%. However, in Q3 alone, the net profit was 79 million yuan, showing a year-on-year decrease of 2.89% [1] Group 1: Financial Performance - The company has a strong focus on the mosquito repellent and infant care segments, positioning its products as "high quality and competitively priced" [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been revised down from 330 million/420 million/520 million yuan to 310 million/390 million/480 million yuan, with respective year-on-year growth rates of 3.9%/25.2%/23.7% [1] - The latest closing price corresponds to price-to-earnings ratios of 36/29/24 times for the years 2025-2027 [1] Group 2: Market Strategy - The company employs a strategy of operating with large brands in niche categories, leveraging extreme cost-performance advantages [1] - Despite the impact of weather and other uncontrollable factors on sales of infant care products, the company remains optimistic about the future launch of new infant care products to regain high growth in performance [1]

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook compared to the market performance [6]. Core Insights - The company reported Q3 2025 earnings that fell short of expectations, with revenue of 342 million yuan, a year-on-year increase of 16.67%, and a net profit of 79 million yuan, a decrease of 2.89% due to intensified industry competition, seasonal factors, and cost fluctuations [6]. - For the first three quarters of 2025, revenue reached 1.238 billion yuan, reflecting a year-on-year growth of 19.28%, while net profit was 266 million yuan, up 1.98% [6]. - The sales gross margin for Q3 2025 was 58.27%, slightly improved year-on-year, attributed to product structure upgrades, with average selling prices for mosquito repellent products and baby care products increasing by 12.04% and 7.86%, respectively [6]. - The company is expanding its offline channels and enhancing brand presence through partnerships with major retail chains, including Sam's Club, Walmart, and various convenience stores [6]. - New product launches targeting the youth demographic are part of the company's strategy to capture market demand and drive growth [6]. Financial Summary - Total revenue projections for 2025 are estimated at 1.571 billion yuan, with a year-on-year growth rate of 19.2% [5]. - The forecasted net profit for 2025 is 315 million yuan, reflecting a growth rate of 4.8% [5]. - The company's gross margin is expected to remain stable, with a slight decrease to 57.7% in 2025 [5]. - The return on equity (ROE) is projected to be 13.7% in 2025, with a gradual increase in subsequent years [5].

每经AI快讯，东吴证券10月20日发布研报称，给予润本股份（603193.SH）"买入"评级。评级理由主要 包括：1）公司2025Q3营收+16.67%；2）毛利率有所波动，财务费用率、销售费用率有所上升；3） 25Q3期内驱蚊产品实现高增。风险提示：行业竞争加剧，新品推广进展不及预期，宏观经济波动。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——展望"十五五"|专访财政部原副部长朱光耀：未来几年中国经济增速有望保 持4.5%~5%，可再生能源、人工智能等领域将成重要推动力 （记者 王瀚黎） ...

Investment Rating - The report assigns a rating of "Outperform" to the company, indicating a slight downgrade from previous expectations [2][7]. Core Insights - The company reported Q3 2025 earnings that fell below expectations, with revenue of 342 million yuan, a year-on-year increase of 16.67%, and a net profit of 79 million yuan, a year-on-year decrease of 2.89% due to intensified industry competition, seasonal factors, and cost fluctuations [7]. - The sales expense ratio increased significantly due to investments in the Douyin platform, leading to a decline in net profit margin [7]. - The company is expanding its offline channels and deepening partnerships with major retailers, enhancing brand presence and consumer reach [7]. - New product launches targeting youth demographics are being introduced, including a children's sunscreen and an oil-control acne series, aimed at broadening the consumer base [7]. - The company is focused on the domestic personal care market, leveraging its core product categories to drive growth across both online and offline channels [7]. Financial Summary - Total revenue projections for 2025 are estimated at 1,571 million yuan, with a year-on-year growth rate of 19.2% [6]. - The net profit for 2025 is projected to be 315 million yuan, reflecting a growth rate of 4.8% [6]. - The company’s gross margin is expected to remain stable at around 57.7% for 2025, with a return on equity (ROE) of 13.7% [6].