Market Overview - The personal care products sector experienced a decline of 0.45% on September 26, with Beijiajie leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jeya Co. rising by 2.20% to a closing price of 31.18, while Beijiajie fell by 3.31% to 34.21 [1][2] - Other notable performances include: - Dengkang Oral at 39.28, up 1.42% - Yanjing Co. at 8.23, up 0.61% - Stable Medical at 37.65, down 0.50% [1][2] Capital Flow - The personal care products sector saw a net outflow of 14.44 million yuan from institutional investors and 12.17 million yuan from retail investors, while individual investors contributed a net inflow of 26.61 million yuan [2] - Detailed capital flow for specific stocks indicates: - Yanjing Co. had a net outflow of 6.26 million yuan from institutional investors [3] - Reliable Co. saw a net inflow of 6.14 million yuan from institutional investors [3] - Dengkang Oral experienced a net inflow of 5.26 million yuan from institutional investors [3]

Market Overview - The personal care products sector experienced a decline of 0.77% on September 24, with Baiya Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the personal care sector included: - Yiyi Co., Ltd. (依依股份) with a closing price of 29.81, up 6.12% [1] - Zhongshun Jiesang (中顺洁桑) at 8.29, up 2.09% [1] - Liangmian Needle (两面针) at 5.99, up 1.70% [1] - Conversely, Baiya Co., Ltd. (百亚股份) saw a decline of 2.61%, closing at 26.90 [2] Trading Volume and Capital Flow - The personal care products sector had a net outflow of 15.49 million yuan from institutional investors and 16.54 million yuan from retail investors, while there was a net inflow of 32.04 million yuan from individual investors [2] - The trading volume for Yiyi Co., Ltd. reached 73,000 hands with a transaction value of 214 million yuan [1] Capital Flow Analysis - Key capital flow insights include: - Yiyi Co., Ltd. had a net inflow of 6.27 million yuan from institutional investors, while retail investors saw a net outflow of 9.08 million yuan [3] - Reliable Co., Ltd. (可靠股份) experienced a net inflow of 6.14 million yuan from institutional investors but a net outflow of 4.62 million yuan from retail investors [3] - Zhongshun Jiesang faced a significant net outflow of 7.42 million yuan from institutional investors, while individual investors contributed a net inflow of 18.98 million yuan [3]

Core Insights - Runben Co., Ltd. experienced a stock price increase of 2.84% on September 23, with a trading volume of 199 million yuan [1] - The company reported a financing net purchase of 19.41 million yuan on the same day, indicating strong investor interest [1][2] - As of June 30, 2025, Runben's revenue reached 895 million yuan, reflecting a year-on-year growth of 20.31% [2] Financing and Margin Trading - On September 23, Runben's financing buy amounted to 40.59 million yuan, with a total financing balance of 333 million yuan, representing 10.97% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1] - The company also reported a margin trading situation with a short selling amount of 2.94 million yuan and a remaining short selling balance of 249,500 yuan [1] Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders increased by 60.52% to 16,600, while the average number of circulating shares per person decreased by 37.70% to 6,211 shares [2] - Runben has distributed a total of 316 million yuan in dividends since its A-share listing [3] - New institutional shareholders include Hong Kong Central Clearing Limited and Guotai Consumer Preferred Stock, among others, indicating growing institutional interest [3]

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting the resilience of domestic brands and the impact of new consumption trends [2]. Core Insights - The beauty and personal care sector experienced a robust recovery in H1 2025, with a retail sales growth of 2.9%, reversing the previous decline due to favorable consumption policies and improved income expectations [5][6]. - Domestic brands are gaining market share, with top local brands now competing closely with international counterparts, indicating a significant shift in consumer preferences [10][11]. - The report categorizes companies into three groups based on performance: those with strong brand matrices benefiting from multi-brand strategies, those capitalizing on consumer trends like domestic brands and collagen products, and those showing signs of strategic improvement [20][23]. Summary by Sections Industry Overview - The beauty market is projected to grow steadily, with a forecasted retail sales decline of 1.1% in 2024, followed by a recovery in H2 2025 [5][6]. - The domestic market share is expected to increase, with local brands achieving significant breakthroughs in both skincare and makeup segments [10][11]. Company Performance - **Cosmetics Sector**: - Major companies like Up Beauty and Proya reported revenue growth of 17.3% and 7.2% respectively in H1 2025, with net profits increasing by 30.6% and 13.8% [20][21]. - Other notable performers include Marubi and Water Sheep, with revenue growth of 30.8% and 9.0% respectively [21][22]. - **Personal Care Sector**: - Companies like Ruibin and Zhenjia showed remarkable growth, with Ruibin's revenue increasing by 67.6% and Zhenjia's by 157.11% in H1 2025 [5][20]. - **Medical Aesthetics Sector**: - Companies like Aimeike and Langzi reported mixed results, with Aimeike's revenue declining by 21.6% while Langzi's net profit surged by 64.1% [20][24]. Investment Recommendations - The report recommends investing in companies with strong brand matrices and low PE multiples, such as Up Beauty and Proya, as well as those benefiting from the Douyin traffic boost like Marubi and Water Sheep [20][24]. - It also suggests focusing on high-value segments and innovative products from brands like Ruibin and Furuida, and highlights opportunities in the maternal and infant sector with companies like Shengbeila and Haiziwang [20][24].

Investment Rating - The report initiates coverage with a "Buy" rating for the company Water Sheep Co., Ltd. [14] Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 2.5% from September 12 to September 19, 2025 [3][4] - The upcoming Double 11 shopping festival is expected to drive significant growth for domestic brands, with recommendations to focus on strong alpha stocks [9][10] - Water Sheep Co., Ltd. is highlighted for its dual business model of proprietary and CP brands, with stable revenue projections of 4-5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024 [10][11] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices declining [3][4] - The Shenwan Cosmetics Index fell by 2.6%, while the Shenwan Personal Care Index decreased by 0.6% [4][6] Upcoming Events - The Double 11 shopping festival preparations are in full swing, with domestic brands like Up Beauty and Proya launching new products to capture market share [9] - Key influencers are negotiating promotional strategies to enhance sales during the festival [9] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. is positioned as a leading tech-driven beauty company with a stable revenue forecast and improving profit margins [10][11] - The company has a well-structured brand matrix and is expanding its high-end product lines, with significant growth in its proprietary brands [11][12] - Expected net profits for Water Sheep Co., Ltd. are projected to be 258 million, 331 million, and 398 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth [14] Market Trends - The Chinese beauty market is witnessing a shift towards domestic brands, with significant market share gains for local players [27] - The overall retail sales of cosmetics showed a growth of 5.1% in August 2025, indicating a recovery in consumer spending [18][21] International Recognition - Chinese beauty brands performed notably at the IFSCC conference, showcasing their advancements in cosmetic science and securing significant awards [22][24]

Market Overview - The personal care products sector increased by 0.82% on September 19, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Beijia (603059) closed at 34.19, up 2.46% with a trading volume of 70,200 shares and a turnover of 239 million yuan [1] - Baiya Co. (003006) closed at 28.83, up 2.13% with a trading volume of 29,500 shares and a turnover of 85.02 million yuan [1] - Zhongshun Jierou (002511) closed at 8.52, up 1.79% with a trading volume of 164,400 shares and a turnover of 140 million yuan [1] - Liangmian Needle (600249) closed at 6.19, up 1.14% with a trading volume of 241,200 shares and a turnover of 148 million yuan [1] - Other notable stocks include Dengkang Oral (001328) at 39.11, up 0.51%, and Yiyi Co. (001206) at 28.89, up 0.45% [1] Capital Flow - The personal care products sector experienced a net outflow of 31.20 million yuan from institutional investors, while retail investors saw a net inflow of 22.65 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Liangmian Needle (600249) had a net inflow of 11.98 million yuan from institutional investors, while retail investors had a net outflow of 16.54 million yuan [3] - Beijia (603059) saw a net inflow of 1.61 million yuan from institutional investors, with retail investors experiencing a net outflow of 7.37 million yuan [3] - Zhongshun Jierou (002511) had a net outflow of 2.91 million yuan from institutional investors, while retail investors had a net inflow of 3.65 million yuan [3]

Group 1 - The core point of the article is that Runben Co., Ltd. announced the election of Xu Huiying as the employee representative director of the company's second board of directors during a recent employee representative meeting [2]

截至本公告披露日，许慧颖女士未持有公司股份，与公司其他董事、高级管理 人员、控股股东、实际控制人、持股 5%以上股东不存在任何关联关系。许慧颖女 士任职资格符合相关法律法规、规范性文件对董事任职资格的要求，不存在《公司 法》《公司章程》等规定不得担任公司董事的情形，也不存在被中国证券监督管理 委员会处以证券市场禁入措施且期限尚未届满的情况，或被证券交易所公开认定为 不适合担任上市公司董事且期限尚未届满的情形，亦不是失信被执行人。公司第二 届董事会中兼任公司高级管理人员以及由职工代表担任的董事人数未超过公司董事 总数的二分之一，符合相关法律法规及公司章程的规定。 特此公告。 证券代码：603193 证券简称：润本股份 公告编号 2025-039 润本生物技术股份有限公司 关于选举产生职工代表董事的公告 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。 润本生物技术股份有限公司（以下简称"公司"）于 2025 年 9 月 3 日召开 2025 年第二次临时股东大会，审议通过《关于取消监事会暨修订<公司章程>的议 案》。本次《公司章程 ...

Market Overview - The personal care products sector experienced a significant increase of 28.19% on September 17, with Beijia leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Beijia (603059) closed at 32.96, with a rise of 2.33% and a trading volume of 52,600 shares, resulting in a transaction value of 173 million yuan [1] - Baiya Co. (003006) closed at 29.20, up 1.81%, with a trading volume of 30,300 shares and a transaction value of 88.45 million yuan [1] - Dengkang Oral (001328) closed at 40.62, increasing by 1.32%, with a trading volume of 23,600 shares and a transaction value of 96.33 million yuan [1] - Zhongshun Jierou (002511) closed at 8.48, up 0.71%, with a trading volume of 136,300 shares and a transaction value of 115 million yuan [1] - Stable Medical (300888) closed at 39.74, with a slight increase of 0.23%, trading 78,700 shares for a total value of 316 million yuan [1] Capital Flow - The personal care products sector saw a net outflow of 8.42 million yuan from institutional investors and 13.61 million yuan from speculative funds, while retail investors contributed a net inflow of 22.03 million yuan [2] - The capital flow data indicates that the sector is experiencing mixed investor sentiment, with institutional and speculative funds withdrawing while retail investors are increasing their positions [2][3] Individual Stock Capital Flow - For Yanjing Co. (300658), there was a net inflow of 27.24 million yuan from institutional investors, while speculative funds saw a net outflow of 14.17 million yuan [3] - Beijia (603059) had a net inflow of 4.35 million yuan from institutional investors, with speculative funds contributing a net inflow of 10.65 million yuan [3] - Dengkang Oral (001328) experienced a net inflow of 1.30 million yuan from institutional investors, while retail investors contributed a net inflow of 2.24 million yuan [3]

Market Overview - The personal care products sector experienced a decline of 0.66% on September 15, with Runben Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Key stocks in the personal care sector showed varied performance, with Jieya Co. rising by 3.95% to a closing price of 35.01 [1] - Other notable performers included Yiyi Co. with a 1.58% increase and Stable Medical with a 0.92% increase [1] - Conversely, Runben Co. fell by 2.62% to a closing price of 28.25, marking the largest decline in the sector [2] Trading Volume and Capital Flow - The personal care products sector saw a net outflow of 64.90 million yuan from institutional investors, while retail investors contributed a net inflow of 75.99 million yuan [2][3] - The trading volume for Jieya Co. reached 39,500 shares, with a transaction value of approximately 134 million yuan [1] Individual Stock Analysis - Jieya Co. had a net inflow of 6.89 million yuan from institutional investors, while retail investors showed a net outflow of 1.39 million yuan [3] - Stable Medical also experienced a net inflow of 22.62 million yuan from institutional investors, despite a net outflow from retail investors [3] - Runben Co. faced a significant net outflow of 9.70 million yuan from institutional investors, indicating weaker institutional interest [3]