Core Viewpoint - Runben Co., Ltd. (603193.SH) reported strong financial performance for 2024 and Q1 2025, with significant revenue and profit growth, but faces concerns regarding its marketing-heavy strategy and rising inventory levels [1][4][14]. Financial Performance - In 2024, the company achieved revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% [1][2]. - For Q1 2025, revenue reached 240 million yuan, reflecting a 44% year-on-year growth, while net profit was 44.2 million yuan, a 24.6% increase [1][2]. Revenue Breakdown - The revenue from the mosquito repellent series was 439 million yuan, up 35.39%, accounting for 33.3% of total revenue; the baby care series generated 690 million yuan, a 32.42% increase, making up 52.4%; and the essential oil series brought in 158 million yuan, growing by 7.88%, representing 11.9% [4][9]. Marketing and R&D Expenditure - The company has spent significantly on marketing, with promotional expenses totaling nearly 6 billion yuan from 2020 to 2023, while R&D expenses were only 71 million yuan during the same period [14][15]. - In 2024, sales expenses reached 380 million yuan, a 41.25% increase, with 321 million yuan allocated for promotional activities [14][15]. Inventory Concerns - As of the end of 2024, the company's inventory value was 119 million yuan, a 28% increase year-on-year, marking the highest level since 2020 [12][10]. - The production volumes exceeded sales volumes across all product lines, leading to inventory accumulation, with mosquito repellent, baby care, and essential oil series having respective unsold stock increases of 14.25%, 12.93%, and 39.82% [12][13]. Future Plans - The company plans to invest 6 billion yuan in a new R&D base in Guangzhou, aimed at enhancing its production and research capabilities in personal care, cosmetics, and medical devices [18][19].

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Summary of Conference Call Records Industry Overview - The beauty and personal care industry in China is experiencing significant growth, driven by domestic consumption and the expansion of domestic brands [1][2]. Key Company Insights Shangmei Co., Ltd. (上美股份) - **Sales Growth**: - Tmall sales increased by 30% - JD.com sales grew nearly 70% - Kuaishou and Pinduoduo saw growth between 150% to 200% [1] - **NewPage Performance**: - Q1 revenue reached 160 million, with a 100% growth rate - Expected profit margin improvement for the year [1] - **Product Launches**: - NanBeauty plans to launch mid-to-high-end cosmetics in the second half of the year - Jifang Hair Care is set to expand after obtaining necessary certifications [1] - **Douyin Growth**: - Sales recovery began in April, with an increase in self-broadcasting and improved profit margins [1] - **Marketing Strategy**: - X Peptide aims for a GMV of 1 billion, with new endorsements to enhance marketing effectiveness [1] - Increased brand promotion and collaborations with influencers, including Ding Yuxi as the global ambassador for Han Shu [1] Runben Co., Ltd. (润本股份) - **Revenue Growth**: - Overall revenue increased by approximately 30% in April, with online sales up by about 10% - Significant growth in offline non-platform distribution (toB business) exceeding 50%, particularly in the Sam's Club channel [2] - **Sales Performance**: - Sales in Sam's Club reached over 20 million in April, up from approximately 12 million in March [2] - **Future Projections**: - Anticipates a revenue growth of over 20% in Q2, maintaining a target of 30% growth for both revenue and profit for the first half of the year [2] Marubi Biotechnology Co., Ltd. (丸美生物) - **Q1 Performance**: - Revenue growth of 28% with a net profit increase of 22% [2] - **Annual Targets**: - Aiming for a 32% growth in net profit for the year, referencing the previous year's performance [2] - **Product Sales Forecast**: - Xiaohongbi Eye Cream projected to achieve over 500 million in sales for 2024, representing a 146% growth - Xiaojin Needle expected to reach 350 million in online sales, with a 96% increase, alongside a doubling of offline sales [2] Additional Insights - The emphasis on high-quality ingredients and effective products is becoming a key profitability driver for companies in the beauty sector [3]

Investment Rating - The investment rating for the retail industry is "Positive" (maintained) [1] Core Insights - The retail industry is experiencing a slow recovery in social consumption, with overall business pressure on retail enterprises. The report emphasizes the importance of emotional consumption and suggests focusing on high-quality companies in high-growth segments [4][27] - The report identifies key segments within the retail industry, including traditional retail, gold and jewelry, cosmetics, and medical aesthetics, each with unique dynamics and investment opportunities [4][27] Summary by Sections Retail Market Overview - The retail industry index rose by 0.88% during the week of May 6 to May 9, 2025, underperforming the Shanghai Composite Index, which increased by 1.92% [6][15] - The brand cosmetics sector showed the highest growth, with a weekly increase of 2.89% and a year-to-date increase of 15.91% [18][21] Investment Strategy - The report recommends focusing on high-quality companies in segments driven by emotional consumption, including: 1. **Gold and Jewelry**: Emphasizing brands with differentiated products and consumer insights, recommending companies like Laopuhuangjin, Chaohongji, and Zhou Dasheng [7][48] 2. **Offline Retail**: Highlighting companies that are actively transforming and exploring new models, recommending Yonghui Supermarket and Aiyingshi [7][48] 3. **Cosmetics**: Focusing on domestic brands with strong growth potential, recommending brands like Pola, Shangmei, and Juzi Biological [7][49] 4. **Medical Aesthetics**: Suggesting attention to differentiated product manufacturers and leading medical aesthetic institutions, recommending Aimeike and Kedi-B [7][49] Segment Analysis - **Traditional Retail**: The report notes that offline retail must leverage its strengths in customer service and emotional satisfaction to attract consumers back from online channels [4][28] - **Gold and Jewelry**: The industry is shifting from supply-driven to demand-driven, with emotional consumption becoming a key factor. High-end and fashionable gold segments are emerging as significant opportunities [4][36] - **Cosmetics**: The industry is stable in the short term, with a long-term trend favoring domestic brands. Emotional consumption is spreading across various cosmetic categories [4][41] - **Medical Aesthetics**: The industry is experiencing accelerated differentiation, with high-end products showing resilience due to their safety and scarcity [4][44]

Investment Rating - The report maintains an "Overweight" rating for the cosmetics and medical beauty sector, with specific recommendations for various companies based on their market positions and growth potential [5][12][17]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.7% from April 30 to May 9, 2025, which is lower than the Shenwan A Index by 0.6 percentage points [5][6]. - The "Jumeili Conference" held in Shanghai highlighted the industry's development direction amidst a challenging environment, emphasizing the importance of technology-driven beauty, refined operations, and AI assistance [5][12]. - Domestic brands are gaining traction, while international brands are also experiencing growth, with Estee Lauder reporting a return to positive growth in key brands in China during Q1 2025 [5][12][28]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector's performance has been below market expectations, with the Shenwan Cosmetics Index increasing by 2.8%, outperforming the Shenwan A Index by 0.5 percentage points [5][6]. - The report notes a competitive landscape where domestic brands are aggressively entering the market, prompting international brands to rebound [5][12]. Company Analysis - Shanghai Jahwa's Q1 2025 results showed a revenue of 1.704 billion yuan, down 10.59% year-on-year, with a net profit of 217 million yuan, down 15.25% [5][13]. - Estee Lauder's Q3 2025 results indicated a net sales figure of 3.55 billion USD (approximately 25.8 billion yuan), a 10% decline year-on-year, but with a notable increase in gross margin [5][28]. - The report highlights the employee stock ownership plan at Shanghai Jahwa, aimed at binding key personnel and setting profit recovery targets for 2025 [5][17]. Market Trends - The report indicates that the retail sales of cosmetics in Q1 2025 reached 114.9 billion yuan, with a year-on-year growth of 3.2% [22][26]. - The domestic skincare market is projected to continue growing, with local brands capturing a significant market share, reflecting a shift in consumer preferences towards domestic products [36][38]. E-commerce Insights - The report provides data on the performance of domestic brands on e-commerce platforms, with notable growth in GMV for brands like Proya and Marubi [20][19]. - The overall e-commerce landscape for cosmetics is evolving, with brands leveraging social media platforms to enhance visibility and sales [5][12].

Market Overview - The Shanghai Composite Index fell by 0.30% on May 9, with seven industries experiencing gains, led by the beauty and personal care sector, which rose by 1.41% [1] - The electronic and computer sectors faced the largest declines, with drops of 2.07% and 1.96% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 47.4 billion yuan, with only four industries seeing net inflows [1] - The textile and apparel industry had the highest net inflow, amounting to 226 million yuan, while the coal industry saw a modest increase of 0.10% with a net inflow of 18.6 million yuan [1] Beauty and Personal Care Sector - The beauty and personal care industry saw a rise of 1.41%, despite a net outflow of 32.3 million yuan in main capital [2] - Out of 31 stocks in this sector, 18 experienced gains, including one stock that hit the daily limit [2] - The top three stocks with net inflows were Beitaini (35.1 million yuan), Proya (23.1 million yuan), and Shuiyang (13.7 million yuan) [2][3] Notable Stocks in Beauty and Personal Care - Qingdao Kingking had the largest net outflow at 40.9 million yuan, followed by Runben (8.7 million yuan) and Kesi (8.4 million yuan) [2] - Other notable stocks with significant net outflows included Marubi (8.0 million yuan) and Aimeike (7.5 million yuan) [2] - The stock performance varied, with some stocks like Beitaini and Shuiyang showing strong gains, while others faced significant outflows [2][3]

Core Viewpoint - Runben Co., Ltd. plans to invest 600 million yuan in a new R&D and production base in Guangzhou to enhance its research and production capabilities, expand its business scope, and solidify its market position as it continues to experience revenue growth [2][4]. Group 1: Financial Performance - In 2024, Runben achieved a revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.80%, both reaching historical highs [2][8]. - The company has maintained a revenue growth rate exceeding 20% for five consecutive years since 2020 [3][8]. - Revenue for 2022 and 2023 was 856 million yuan and 1.033 billion yuan, reflecting year-on-year growth of 47.06% and 20.66%, respectively [8]. Group 2: Investment and Expansion Plans - Runben plans to build a new R&D base in the Guangzhou Knowledge City, with an investment of 600 million yuan, aimed at meeting the growing demand for production and research [2][4]. - The new base will include office, R&D, living, and manufacturing areas, supporting the development of personal care, cosmetics, and medical products [4][5]. Group 3: Product Performance - In 2024, the mosquito repellent series generated 439 million yuan in revenue, up 35.39%, while the infant care series reached 690 million yuan, increasing by 32.42% [8]. - The company introduced several new products in 2024, enhancing its product matrix and brand value [8]. Group 4: Research and Development - Runben's R&D expenses increased from 19.51 million yuan in 2022 to 35.07 million yuan in 2024, indicating a steady rise in investment in innovation [10]. - As of the end of 2024, the company employed 151 R&D personnel, accounting for 16.4% of its total workforce [11]. Group 5: Profitability Metrics - The gross profit margins for Runben from 2022 to 2024 were 54.19%, 56.35%, and 58.17%, showing a consistent upward trend [9]. - In Q1 2025, the gross profit margin reached 57.67%, compared to 55.69% in the same period the previous year [12].

润本生物技术股份有限公司 2024 年年度股东大会会议资料 润本生物技术股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 7 日 1 润本生物技术股份有限公司 2024 年年度股东大会会议资料 目 录 | 2024 | | 年年度股东大会须知………………………………………………………….3 | | | | --- | --- | --- | --- | --- | | 2024 | | 年年度股东大会议程………………………………………………………….5 | | | | 议案一：关于《2024 | | 年年度报告及摘要》的议案…………….………………….7 | | | | 议案二：关于《2024 | | 年度利润分配方案》的议案……………… …………….8 | | | | 议案三：关于《2024 | | 年度董事会工作报告》的议案………………..…..………..9 | | | | 议案四：关于《2024 | | 年度监事会工作报告》的议案………………..…………..16 | | | | 议案五：关于公司董事、高级管理人员 | | 年度薪酬发放情况及 年度薪 2024 | | 2025 | ...

Core Insights - The report emphasizes the emergence of "emotional consumption" as a significant trend in the retail industry, particularly benefiting brands that resonate with consumers' emotional needs [2][3][28] - The retail sector is experiencing a slow recovery, with varying performance across different segments, highlighting the resilience of brands linked to emotional value [3][10][39] Industry Review - In Q1 2025, social consumption showed a slow recovery, with retail businesses facing overall pressure. However, segments related to "emotional value" consumption, particularly leading brands, performed significantly better than the industry average [3][10][39] - The jewelry sector is under pressure due to high gold prices, while cross-border e-commerce remains stable but with profit pressures. The medical beauty and cosmetics sectors are facing intense competition, and offline retail is still exploring transformative models [3][6][39] Segment Analysis Jewelry - The jewelry industry is experiencing a shift in brand competition, with traditional brands facing challenges from differentiated product brands that are rapidly emerging and achieving high growth [6][39] - In Q1 2025, the jewelry sector's revenue was 431.6 billion yuan, down 25.9% year-on-year, with net profit also declining [39][64] Cosmetics - The cosmetics sector is benefiting from the rise of emotional consumption, with a focus on high-demand segments such as high-end beauty and differentiated personal care brands [5][39][64] - Brands like Mao Ge Ping and Proya are highlighted for their strong performance in this evolving market [5][39] Medical Beauty - The medical beauty sector is expected to recover as domestic demand increases, with a focus on differentiated product lines [5][39] - Companies like Ai Meike and Kedi-B are recommended for their unique offerings [5][39] Offline Retail - Offline retail is leveraging emotional consumption to regain market share, with companies like Yonghui Supermarket and Aiyingshi being recommended for their proactive transformation efforts [5][39] - The report notes that the shift towards a direct-to-consumer (DTC) model is crucial for offline retailers to enhance customer experience and emotional satisfaction [69] Investment Recommendations - For the jewelry sector, brands with differentiated product capabilities and deep consumer insights are recommended, including Lao Pu Gold and Chao Hong Ji [5][66] - In the cosmetics space, the report suggests focusing on high-demand segments and brands that can continuously innovate [5][66] - The medical beauty sector is advised to consider companies with unique product lines, such as Ai Meike and Kedi-B [5][66] - The report highlights the importance of emotional value in driving consumer preferences, suggesting that brands that can effectively tap into this trend will outperform their peers [5][66]

润本股份 20250506 摘要 在品类方面，我们对运动护理给予较高的测试预期，目标为 30%到 40%的增 长；驱蚊产品按照往年的正常增速目标设定为 20%到 25%；精油类产品更新 • 山姆渠道从 3 月初开始上架，3 月份销售收入约为 1,200 万元，4 月份超 过 2000 万元，已达到当前阶段性的收入预期，净利率约为 28%，基本没 有投放费用。 • 公司通过组合销售日常护肤品与防晒产品提升单品销量，新面霜和洗护类 产品未来可能会继续提价，产品品类结构变化对售价影响显著，整体客单 价从原来的 30 元左右提升至接近 40 元。 预期较低，大概是 10%到 15%。核心品类仍然是护理和驱蚊。在渠道方面， 本地渠道预计有 50%到 60%的增长；天猫渠道大概 15%；京东约 20%；飞 亚达经销商则保持在 40%左右。 润本股份在 2024 年取得了超预期的成绩，请问主要做了哪些工作？ 2024 年我们在新品和渠道两方面进行了重点投入。在新品方面，我们推出了 室内电热蚊香液加定时功能，以及户外便携装驱蚊喷雾，这两个产品销售情况 良好。在渠道方面，我们首次在抖音平台重点推广驱蚊产品，并取得了市占率 第一 ...